Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/greaves-cotton-ltd" target="_blank" data-smartkarma-citation="entities:11664:1" rel="noopener">Greaves Cotton (GRV IN)</a> has evolved from a traditional diesel engine manufacturer into a comprehensive fuel-agnostic mobility and engineering solutions provider.  </li>
<li>
<a href="https://www.smartkarma.com/entities/greaves-electric-mobility-ltd-geml" target="_blank" data-smartkarma-citation="entities:44227:1" rel="noopener">Greaves Electric Mobility Ltd (GEML) (1295040D IN)</a> its subsidiary (known by its flagship brand ‘Ampere’) plans to come out with an IPO of INR 10 bn and an offer-for-sale.</li>
<li>Regarding forensics, we draw comfort from the Management’s ability to diversify its businesses and make value-accretive acquisitions. However, frequent churn in management warrants attention.</li>
</ul>



Greaves Cotton (GRV IN) has evolved from a traditional diesel engine manufacturer into a comprehensive fuel-agnostic mobility and engineering solutions provider.  

Greaves Electric Mobility Ltd (GEML) (1295040D IN) its subsidiary (known by its flagship brand ‘Ampere’) plans to come out with an IPO of INR 10 bn and an offer-for-sale.
Regarding forensics, we draw comfort from the Management’s ability to diversify its businesses and make value-accretive acquisitions. However, frequent churn in management warrants attention.


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/greaves-cotton-ltd" target="_blank" data-smartkarma-citation="entities:11664:1" rel="noopener">Greaves Cotton (GRV IN)</a> reported impressive Q4 and FY25 results, marking a 93% YoY increase in EBITDA and strong revenue growth across key sectors, especially electric mobility.</li>
<li>The company’s transformation through diversification into high-margin segments, including EVs and non-auto applications, has improved profitability, solidifying its position for long-term growth.</li>
<li>With strong leadership, technological advancements, and a clear 2030 growth vision, Greaves Cotton is well-poised to thrive in emerging markets, especially EV and CNG segments.</li>
</ul>



Greaves Cotton (GRV IN) reported impressive Q4 and FY25 results, marking a 93% YoY increase in EBITDA and strong revenue growth across key sectors, especially electric mobility.
The company’s transformation through diversification into high-margin segments, including EVs and non-auto applications, has improved profitability, solidifying its position for long-term growth.
With strong leadership, technological advancements, and a clear 2030 growth vision, Greaves Cotton is well-poised to thrive in emerging markets, especially EV and CNG segments.


Greaves Cotton Q4 FY25 Update: Diversification Strategy Drives Strong Performance & Profitability

<ul>
<li>
<a href="https://www.smartkarma.com/entities/greaves-cotton-ltd" target="_blank" data-smartkarma-citation="entities:11664:1" rel="noopener">Greaves Cotton (GRV IN)</a> is raising funds by separately listing its mobility arm, enabling better focus and execution for the segment.</li>
<li>Company is guiding for 30,000Cr topline by 2030  with 13-15% margins excluding mobility segment.</li>
<li>The company's core business remains profitable and on a growth path. New funds will improve the mobility arm's operations and support current business growth would be from ongoing capex investments.</li>
</ul>



Greaves Cotton (GRV IN) is raising funds by separately listing its mobility arm, enabling better focus and execution for the segment.
Company is guiding for 30,000Cr topline by 2030  with 13-15% margins excluding mobility segment.
The company's core business remains profitable and on a growth path. New funds will improve the mobility arm's operations and support current business growth would be from ongoing capex investments.


The Beat Ideas: Greaves Cotton- Demerging The Cash Cow From Mobility Business

Thematic (Sector/Industry)

<ul>
<li>The influx of prominent companies like Tata Capital and Greaves Electric Mobility entering the public market signals robust investor confidence and a burgeoning appetite for growth-oriented businesses.</li>
<li>
<a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum Corp (BPCL IN)</a> commitment to a new refinery project signifies a strategic push towards bolstering production capacity and capitalizing on India's increasing demand for petrochemical products.</li>
<li>
<a href="https://www.smartkarma.com/entities/gulf-oil-lubricants-india-ltd" target="_blank" data-smartkarma-citation="entities:13734:1" rel="noopener">Gulf Oil Lubricants India (GOLI IN)</a> broadens its reach by collaborating with Nayara Energy to distribute automotive products across 6,500 fuel outlets.</li>
</ul>


The influx of prominent companies like Tata Capital and Greaves Electric Mobility entering the public market signals robust investor confidence and a burgeoning appetite for growth-oriented businesses.

Bharat Petroleum Corp (BPCL IN) commitment to a new refinery project signifies a strategic push towards bolstering production capacity and capitalizing on India's increasing demand for petrochemical products.

Gulf Oil Lubricants India (GOLI IN) broadens its reach by collaborating with Nayara Energy to distribute automotive products across 6,500 fuel outlets.


# 74 India Insight: Tata Capital IPO, BPCL 6100 Cr Refinery Project, Greaves Cotton's EV Momentum

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>Electric 2-wheeler capacity in India is set to multiply manifold as growing demand is changing the face of the country's nascent EV sector.</li>
<li>Attractive Government incentives and subsidies, supportive policy framework have helped sector growth. However, the lack of key component supply systems locally and charging infrastructure are bottlenecks.</li>
<li>New entrants dominate the segment while incumbent 2-wheeler players are yet to create a meaningful presence. In the listed space,  Greaves Cotton (GRV IN) offers exposure via Ampere.</li>
</ul>


Electric 2-wheeler capacity in India is set to multiply manifold as growing demand is changing the face of the country's nascent EV sector.
Attractive Government incentives and subsidies, supportive policy framework have helped sector growth. However, the lack of key component supply systems locally and charging infrastructure are bottlenecks.
New entrants dominate the segment while incumbent 2-wheeler players are yet to create a meaningful presence. In the listed space,  Greaves Cotton (GRV IN) offers exposure via Ampere.


India EV Sector: Electric 2-Wheelers Are the Early Riders - Know the What, Why & Who

India

Greaves Cotton Limited manufactures internal combustion engines, power generation equipment and power transmission systems. The Company also manufactures mining, oilfield, construction and materials handling equipment, integrated systems and electronics. The Company's other products include 3-wheeler auto-rickshaws, polymers and resins.

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Greaves Cotton (GRV IN)

Greaves Cotton Limited- Revving Up

GCL has diversified its businesses, has strong cash flows and good acquisition track record. GEML's IPO looks exciting and further unlock value....

Nitin Mangal

Greaves Cotton Q4 FY25 Update: Diversification Strategy Drives Strong Performance & Profitability

Greaves Cotton (GRV IN) posts strong Q4 and FY25 results with 93% YoY EBITDA growth, driven by revenue surge in electric mobility and...

Sudarshan Bhandari

The Beat Ideas: Greaves Cotton- Demerging The Cash Cow From Mobility Business

Greaves Cotton is raising funds by separately listing its mobility arm to enhance focus and execution, aiming for a 30,000Cr topline by 2030 with...

Sudarshan Bhandari

# 74 India Insight: Tata Capital IPO, BPCL 6100 Cr Refinery Project, Greaves Cotton's EV Momentum

Prominent companies like Tata Capital and Greaves Electric Mobility enter the public market, while BPCL and Gulf Oil Lubricants India expand...

Sudarshan Bhandari

India EV Sector: Electric 2-Wheelers Are the Early Riders - Know the What, Why & Who

A quick primer on India's rapidly growing electric two wheeler (scooters) segment including factors driving accelerated growth and the key players...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Greaves Cotton Limited- Revving Up

​GCL has diversified its businesses, has strong cash flows and good acquisition track record. GEML's IPO looks exciting and further unlock value....

Nitin Mangal

Greaves Cotton Q4 FY25 Update: Diversification Strategy Drives Strong Performance & Profitability

​Greaves Cotton (GRV IN) posts strong Q4 and FY25 results with 93% YoY EBITDA growth, driven by revenue surge in electric mobility and...

Sudarshan Bhandari

The Beat Ideas: Greaves Cotton- Demerging The Cash Cow From Mobility Business

​Greaves Cotton is raising funds by separately listing its mobility arm to enhance focus and execution, aiming for a 30,000Cr topline by 2030 with...

Sudarshan Bhandari

# 74 India Insight: Tata Capital IPO, BPCL 6100 Cr Refinery Project, Greaves Cotton's EV Momentum

Prominent companies like Tata Capital and Greaves Electric Mobility enter the public market, while BPCL and Gulf Oil Lubricants India expand...

Sudarshan Bhandari

India EV Sector: Electric 2-Wheelers Are the Early Riders - Know the What, Why & Who

A quick primer on India's rapidly growing electric two wheeler (scooters) segment including factors driving accelerated growth and the key players...

Devi Subhakesan

GCL has diversified its businesses, has strong cash flows and good acquisition track record. GEML's IPO looks exciting and further unlock value....

Greaves Cotton (GRV IN) posts strong Q4 and FY25 results with 93% YoY EBITDA growth, driven by revenue surge in electric mobility and...

Greaves Cotton is raising funds by separately listing its mobility arm to enhance focus and execution, aiming for a 30,000Cr topline by 2030 with...