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

Equity Bottom-Up

<ul>
<li>Our flash checks across a couple of dealers indicate pressure on margins across the industry. <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> is trying hard to gain market share.</li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/pnb-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:23613:1" rel="noopener">PNB Housing Finance Ltd (PNBHOUSI IN)</a>, <a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN)</a> and <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/varun-beverages-ltd" target="_blank" data-smartkarma-citation="entities:23653:1" rel="noopener">Varun Beverages (VBL IN)</a> and <a href="https://www.smartkarma.com/entities/schaeffler-india-ltd" target="_blank" data-smartkarma-citation="entities:6434:1" rel="noopener">Schaeffler India (SCHFL IN)</a> show up as interesting ARs to read. </li>
</ul>


Our flash checks across a couple of dealers indicate pressure on margins across the industry. Voltas Ltd (VOLT IN) is trying hard to gain market share.
Other names discussed include PNB Housing Finance Ltd (PNBHOUSI IN), Vedant Fashions (MANYAVAR IN) and Bandhan Bank Ltd (BANDHAN IN). 

Varun Beverages (VBL IN) and Schaeffler India (SCHFL IN) show up as interesting ARs to read. 


[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support growth for consumer durables in Q4</li><li>Stable commodity prices and improving op-lev will enable sequential improvement in margins</li><li>We expect our consumer durable universe to register a revenue/EBITDA/PAT growth of 22/12/18% YoY (13/9/8% five-year CAGR)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support growth for consumer durables in Q4Stable commodity prices and improving op-lev will enable sequential improvement in marginsWe expect our consumer durable universe to register a revenue/EBITDA/PAT growth of 22/12/18% YoY (13/9/8% five-year CAGR)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Durables & EMS (Q4FY24 Results Preview): Summer portfolio to shine

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Waaree Renewable Technologies / Equity Bottom-Up

<ul>
<li>Prime Minister Modi unveils the Pradhanmantri Suryoday Yojana, a groundbreaking initiative aiming to install rooftop solar panels on one crore households, aligning with India's renewable energy targets.</li>
<li>The Suryodaya Yojana addresses challenges in the rooftop solar landscape, focusing on household installations, affordability, income generation, and energy self-reliance.</li>
<li>Despite challenges in implementation, the scheme, led by REC, holds the potential to significantly boost rooftop solar capacity, supporting India's commitment to cleaner energy and a sustainable future.</li>
</ul>


Prime Minister Modi unveils the Pradhanmantri Suryoday Yojana, a groundbreaking initiative aiming to install rooftop solar panels on one crore households, aligning with India's renewable energy targets.
The Suryodaya Yojana addresses challenges in the rooftop solar landscape, focusing on household installations, affordability, income generation, and energy self-reliance.
Despite challenges in implementation, the scheme, led by REC, holds the potential to significantly boost rooftop solar capacity, supporting India's commitment to cleaner energy and a sustainable future.


Pradhanmantri Suryoday Yojana: Revolutionizing India's Solar Landscape

<ul><li>Havells reported a weak Q3 print as feeble consumer sentiment and sustained investment in strategic initiatives (branding, distribution, capability) more than offset the robust momentum seen in the B2B portfolio</li><li>While urban demand has remained steady, demand from Class B/C towns has been sluggish</li><li>However, with early signs of demand recovery visible (supported by abating inflation) and the expectation of a good upcoming summer season (on a low base), we expect improvement both in revenue and profitability from here</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Havells reported a weak Q3 print as feeble consumer sentiment and sustained investment in strategic initiatives (branding, distribution, capability) more than offset the robust momentum seen in the B2B portfolioWhile urban demand has remained steady, demand from Class B/C towns has been sluggishHowever, with early signs of demand recovery visible (supported by abating inflation) and the expectation of a good upcoming summer season (on a low base), we expect improvement both in revenue and profitability from hereContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Havells India (Q3FY24): Near-Term Blip an Opportunity to ADD

<ul><li>Most consumer durable categories (excl Wires &amp; Cables) have endured a rather difficult 12-18 months on the back of inflation-led pressure on demand and margin</li><li>However, notwithstanding near-term pressures and with most headwinds now seemingly behind, we expect consumer durables demand to revive and remain constructive on the sector over the medium-long term, given (1) the long runway for growth (GDP multiplier benefits and under penetration), (2) resilient housing/home improvement theme, (3) rising consumer aspiration backed premiumization trend, and (4) product basket diversification opportunities</li><li>Moreover, the government’s thrust on “Atmabirbhar Bharat” and “Make in India for the World” is likely to open up avenues to the largely untapped global opportunities for certain categories (W&amp;C, RAC, EMS, etc.).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Most consumer durable categories (excl Wires &amp; Cables) have endured a rather difficult 12-18 months on the back of inflation-led pressure on demand and marginHowever, notwithstanding near-term pressures and with most headwinds now seemingly behind, we expect consumer durables demand to revive and remain constructive on the sector over the medium-long term, given (1) the long runway for growth (GDP multiplier benefits and under penetration), (2) resilient housing/home improvement theme, (3) rising consumer aspiration backed premiumization trend, and (4) product basket diversification opportunitiesMoreover, the government’s thrust on “Atmabirbhar Bharat” and “Make in India for the World” is likely to open up avenues to the largely untapped global opportunities for certain categories (W&amp;C, RAC, EMS, etc.).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Havells India Limited manufactures electrical products. The Company's products include building circuit protection equipment, industrial switchgears, energy meters, cables & wires, modular switches, fans and lighting products.

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Havells India (HAVL IN)

[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Pranav Bhavsar

Consumer Durables & EMS (Q4FY24 Results Preview): Summer portfolio to shine

With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support...

HDFC Securities

Pradhanmantri Suryoday Yojana: Revolutionizing India's Solar Landscape

Indian Prime Minister Modi launches the Pradhanmantri Suryoday Yojana, a game-changing initiative to install rooftop solar panels on one crore...

Nimish Maheshwari

Havells India (Q3FY24): Near-Term Blip an Opportunity to ADD

We cut our FY24/25 EPS by 5/2% to reflect Q3 performance while retaining our FY26 EPS and we value the stock at 50x Dec25 EPS to arrive at a target...

HDFC Securities

Consumer Durables: Revival on the Cards?

Most consumer durable categories (excl Wires & Cables) have endured a rather difficult 12-18 months on the back of inflation-led pressure on demand...

HDFC Securities

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

​Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Pranav Bhavsar

Consumer Durables & EMS (Q4FY24 Results Preview): Summer portfolio to shine

With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support...

HDFC Securities

Pradhanmantri Suryoday Yojana: Revolutionizing India's Solar Landscape

​Indian Prime Minister Modi launches the Pradhanmantri Suryoday Yojana, a game-changing initiative to install rooftop solar panels on one crore...

Nimish Maheshwari

Havells India (Q3FY24): Near-Term Blip an Opportunity to ADD

We cut our FY24/25 EPS by 5/2% to reflect Q3 performance while retaining our FY26 EPS and we value the stock at 50x Dec25 EPS to arrive at a target...

HDFC Securities

Consumer Durables: Revival on the Cards?

Most consumer durable categories (excl Wires & Cables) have endured a rather difficult 12-18 months on the back of inflation-led pressure on demand...

HDFC Securities

Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Indian Prime Minister Modi launches the Pradhanmantri Suryoday Yojana, a game-changing initiative to install rooftop solar panels on one crore...