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/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> since its IPO has been under scanner. The management presented a very optimistic narrative in Q1FY26, hoping to turn tides, increase volumes, along with better profitability.</li>
<li>As things stand, volumes continue to hit new lows, market share continues to tumble and the new narrative of Auto EBITDA positive could possibly be an eye wash.</li>
<li>The company’s strategic mismanagement is unmasked and and with internal controls disappearing . Ultimately, the promoter sell off could be a final nail in the coffin.</li>
</ul>



Ola Electric (OLAELEC IN) since its IPO has been under scanner. The management presented a very optimistic narrative in Q1FY26, hoping to turn tides, increase volumes, along with better profitability.
As things stand, volumes continue to hit new lows, market share continues to tumble and the new narrative of Auto EBITDA positive could possibly be an eye wash.
The company’s strategic mismanagement is unmasked and and with internal controls disappearing . Ultimately, the promoter sell off could be a final nail in the coffin.


2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

APAC IPOs & Placements, Aequitas Research

Troy Wong

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

Greaves Electric Mobility Ltd (GEML) / Equity Capital Markets

<ul>
<li>Greaves Electric Mobility Ltd (GEML) is looking to raise about US$120m in its upcoming India IPO.</li>
<li>GEML is a manufacturer of electric vehicles in India, specializing in E-2Ws and 3Ws to a lesser extent. It’s focusing on shifting towards higher ASP High Speed E-2Ws.</li>
<li>Historically, demand has been sensitive to whether government subsidies are available and had impacted margins before.</li>
</ul>


Greaves Electric Mobility Ltd (GEML) is looking to raise about US$120m in its upcoming India IPO.
GEML is a manufacturer of electric vehicles in India, specializing in E-2Ws and 3Ws to a lesser extent. It’s focusing on shifting towards higher ASP High Speed E-2Ws.
Historically, demand has been sensitive to whether government subsidies are available and had impacted margins before.


Greaves Electric Mobility Ltd Pre-IPO - Battles Market Share Erosion and Reliance on Subsidies

Rosita Fernandes

<ul>
<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> is looking to raise about US$120m in its upcoming India IPO. The bookrunners for the deal are Motilal Oswal, IIFL, JM fin.</li>
<li>GEML is a manufacturer of electric vehicles in India, specializing in electric two-wheelers and three-wheelers.</li>
<li>The company is recognized as one of the pioneers in India's electric vehicle (EV) market, playing a significant role in driving EV adoption in the country, as per CRISIL Report.</li>
</ul>



Greaves Electric Mobility Ltd (GEML) (1295040D IN) is looking to raise about US$120m in its upcoming India IPO. The bookrunners for the deal are Motilal Oswal, IIFL, JM fin.
GEML is a manufacturer of electric vehicles in India, specializing in electric two-wheelers and three-wheelers.
The company is recognized as one of the pioneers in India's electric vehicle (EV) market, playing a significant role in driving EV adoption in the country, as per CRISIL Report.


Greaves Electric Mobility Ltd Pre-IPO Tearsheet

<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.


Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

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

Thematic (Sector/Industry)

<ul>
<li>EV sales rose 9% MoM in May, showing early signs of recovery post-April dip; YoY growth strong at 29%.</li>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> ’s market share slipped to 19%, while <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> and <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> remained steady; market concentration continues.</li>
<li>Affordability challenges remain, as lower subsidies pressure entry-level demand; OEM pricing and rollout strategies in focus.</li>
</ul>


EV sales rose 9% MoM in May, showing early signs of recovery post-April dip; YoY growth strong at 29%.

Ola Electric (OLAELEC IN) ’s market share slipped to 19%, while TVS Motor (TVSL IN) and Bajaj Auto Ltd (BJAUT IN) remained steady; market concentration continues.
Affordability challenges remain, as lower subsidies pressure entry-level demand; OEM pricing and rollout strategies in focus.


Bajaj, TVS Overtake Ola as EV 2W Market Consolidates

India

Greaves Electric Mobility Limited designs and manufactures electric vehicles. The Company offers battery operated electric two and three wheelers, cars, and custom built vehicles. Greaves Electric Mobility s serves customers in India.

Greaves Electric Mobility Ltd (GEML) (1295040D IN)

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Greaves Electric Mobility Ltd (GEML) (1295040D IN)

2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...

Nitin Mangal

Greaves Electric Mobility Ltd Pre-IPO Tearsheet

Greaves Electric Mobility Ltd (GEML) is set to raise US$120m in its India IPO, known for its electric two-wheelers and three-wheelers, playing a...

Rosita Fernandes

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

Bajaj, TVS Overtake Ola as EV 2W Market Consolidates

Indian EV industry is concerned with China’s ban on the export of high-rare-earth (HRE) magnets to Indian auto makers. Many auto OEMs including...

Sreemant Dudhoria,CFA

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52-week Range

Market Cap (USDm)

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2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

​Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...

Nitin Mangal

Greaves Electric Mobility Ltd Pre-IPO - Battles Market Share Erosion and Reliance on Subsidies

​Greaves Electric Mobility Ltd plans to raise US$120m in India IPO, focusing on high ASP High Speed E-2Ws amid sensitivity to government subsidies.

Troy Wong

Greaves Electric Mobility Ltd Pre-IPO Tearsheet

​Greaves Electric Mobility Ltd (GEML) is set to raise US$120m in its India IPO, known for its electric two-wheelers and three-wheelers, playing a...

Rosita Fernandes

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

Bajaj, TVS Overtake Ola as EV 2W Market Consolidates

Indian EV industry is concerned with China’s ban on the export of high-rare-earth (HRE) magnets to Indian auto makers. Many auto OEMs including...

Sreemant Dudhoria,CFA

Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...

Greaves Electric Mobility Ltd plans to raise US$120m in India IPO, focusing on high ASP High Speed E-2Ws amid sensitivity to government subsidies.

Greaves Electric Mobility Ltd (GEML) is set to raise US$120m in its India IPO, known for its electric two-wheelers and three-wheelers, playing a...

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