Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>In this Insight, we review our hits and misses across the key Asian geographies of China, Japan and India</li>
<li>We review the our top performing ideas in each geography and key reasons for the stock price movement.</li>
<li>Similarly we review the underperformers in each geography and present the likely reasons for the same.</li>
</ul>


In this Insight, we review our hits and misses across the key Asian geographies of China, Japan and India
We review the our top performing ideas in each geography and key reasons for the stock price movement.
Similarly we review the underperformers in each geography and present the likely reasons for the same.


2025: A Review of Our Hits and Misses Across Japan, China and India

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Niva Bupa Health Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/niva-bupa-health-insurance" target="_blank" data-smartkarma-citation="entities:43716:1" rel="noopener">Niva Bupa Health Insurance (1226871D IN)</a> (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Niva Bupa Health Insurance (1226871D IN) (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

Escorts Kubota Limited / Equity Bottom-Up

<ul>
<li>
 Domestic Tractor Volume Underperformance: <a href="https://www.smartkarma.com/entities/escorts-kubota-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Kubota Limited (ESCORTS IN)</a>'s domestic tractor volume growth lagged the industry in Q4 FY25, impacted by an adverse geographical mix &amp; increased competitive intensity.</li>
<li>
 Construction Equipment Faces Near-Term Pressure:The CE segment saw a 12.2% YoY volume decline, impacted by weak demand and cost inflation from BS-V emission norms; management expects recovery in H2 FY26.</li>
<li>
 Valuation Remains Elevated: Despite a stable operating profile and long-term growth potential, the stock trades at a forward P/E of ~30x, limiting near-term upside amid execution and demand uncertainties.</li>
</ul>



 Domestic Tractor Volume Underperformance: Escorts Kubota Limited (ESCORTS IN)'s domestic tractor volume growth lagged the industry in Q4 FY25, impacted by an adverse geographical mix &amp; increased competitive intensity.

 Construction Equipment Faces Near-Term Pressure:The CE segment saw a 12.2% YoY volume decline, impacted by weak demand and cost inflation from BS-V emission norms; management expects recovery in H2 FY26.

 Valuation Remains Elevated: Despite a stable operating profile and long-term growth potential, the stock trades at a forward P/E of ~30x, limiting near-term upside amid execution and demand uncertainties.


Escorts Kubota: Constrained by Rich Valuation

<ul>
<li>Tractor volume continued to be strong in Feb’25.Favorable reservoir level,strong sowing for the Rabi season and government support are expected to drive good demand for tractors in the medium term.</li>
<li>We summarize the sales volume published by listed players <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> and <a href="https://www.smartkarma.com/entities/escorts-kubota-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Kubota Limited (ESCORTS IN)</a> in February 2025.</li>
<li>Positive management commentary augurs well for uptick in tractor OEM stocks and related auto ancillary companies like <a href="https://www.smartkarma.com/entities/gna-axles-ltd" target="_blank" data-smartkarma-citation="entities:28070:1" rel="noopener">GNA Axles Ltd (GNA IN)</a> in medium term.</li>
</ul>


Tractor volume continued to be strong in Feb’25.Favorable reservoir level,strong sowing for the Rabi season and government support are expected to drive good demand for tractors in the medium term.
We summarize the sales volume published by listed players Mahindra &amp; Mahindra (MM IN) and Escorts Kubota Limited (ESCORTS IN) in February 2025.
Positive management commentary augurs well for uptick in tractor OEM stocks and related auto ancillary companies like GNA Axles Ltd (GNA IN) in medium term.


Monthly Sales Overview of Indian Listed Tractor Firms – February 2025; Strong Show Continues

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>In this Insight, we discuss agricultural income trends and challenges focusing on income growth and farming dynamics.</li>
<li>Declining cultivable land and rising input costs are affecting farmer incomes and crop yields.</li>
<li>Tractor OEMs remain optimistic about growth despite challenges, driven by positive macroeconomic factors and increased financing access.</li>
</ul>


In this Insight, we discuss agricultural income trends and challenges focusing on income growth and farming dynamics.
Declining cultivable land and rising input costs are affecting farmer incomes and crop yields.
Tractor OEMs remain optimistic about growth despite challenges, driven by positive macroeconomic factors and increased financing access.


India Rural Incomes | The Tide Has Yet to Turn

India

Escorts Kubota Limited is among India's leading engineering conglomerates, operating in the high growth sectors of Agri Machinery, Material Handling, Construction Equipment and Railway Equipment. The Group has earned the trust of over 5 million customers by way of product and process innovations over seven decades.

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Escorts Kubota Limited (ESCORTS IN)

2025: A Review of Our Hits and Misses Across Japan, China and India

Indian auto stocks such as Maruti Suzuki and M&M have corrected meaningfully in recent weeks.Like last year,these stocks are now offering...

Sreemant Dudhoria

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

Escorts Kubota: Constrained by Rich Valuation

Escorts Kubota Limited's domestic tractor volume growth lags industry in Q4 FY25; Construction Equipment segment faces pressure due to regulatory...

Sreemant Dudhoria

Monthly Sales Overview of Indian Listed Tractor Firms – February 2025; Strong Show Continues

Strong tractor sales in Feb’25 driven by favorable factors like reservoir levels, sowing season, and government support. Positive outlook for...

Sreemant Dudhoria

India Rural Incomes | The Tide Has Yet to Turn

Agricultural income trends face challenges from declining land and rising costs, but tractor OEMs remain optimistic about growth due to positive...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2025: A Review of Our Hits and Misses Across Japan, China and India

Indian auto stocks such as Maruti Suzuki and M&M have corrected meaningfully in recent weeks.Like last year,these stocks are now offering...

Sreemant Dudhoria

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

Escorts Kubota: Constrained by Rich Valuation

​Escorts Kubota Limited's domestic tractor volume growth lags industry in Q4 FY25; Construction Equipment segment faces pressure due to regulatory...

Sreemant Dudhoria

Monthly Sales Overview of Indian Listed Tractor Firms – February 2025; Strong Show Continues

​Strong tractor sales in Feb’25 driven by favorable factors like reservoir levels, sowing season, and government support. Positive outlook for...

Sreemant Dudhoria

India Rural Incomes | The Tide Has Yet to Turn

​Agricultural income trends face challenges from declining land and rising costs, but tractor OEMs remain optimistic about growth due to positive...

Pranav Bhavsar

Escorts Kubota Limited's domestic tractor volume growth lags industry in Q4 FY25; Construction Equipment segment faces pressure due to regulatory...

Strong tractor sales in Feb’25 driven by favorable factors like reservoir levels, sowing season, and government support. Positive outlook for...

Agricultural income trends face challenges from declining land and rising costs, but tractor OEMs remain optimistic about growth due to positive...