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

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a>’s April Slump: Operational, Not Structural Temporary plant shutdowns dragged volumes; normalization expected. <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> : Domestic Drag, Exports Hold Up.</li>
<li>
<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> : Momentum + Execution = Strong across domestic, exports, and EVs. Growth outperformance could justify its valuation premium — but how long can it hold?</li>
<li>
Demand Tailwinds Strengthen into May : Favorable marriage seasonality, recovering rural sentiment, and lean channel inventory suggest a stronger May — key for stocks at current levels.</li>
</ul>



Hero Motocorp (HMCL IN)’s April Slump: Operational, Not Structural Temporary plant shutdowns dragged volumes; normalization expected. Bajaj Auto Ltd (BJAUT IN) : Domestic Drag, Exports Hold Up.

TVS Motor (TVSL IN) : Momentum + Execution = Strong across domestic, exports, and EVs. Growth outperformance could justify its valuation premium — but how long can it hold?

Demand Tailwinds Strengthen into May : Favorable marriage seasonality, recovering rural sentiment, and lean channel inventory suggest a stronger May — key for stocks at current levels.


Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways

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

<ul>
<li>The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.</li>
<li>With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.</li>
<li>India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.</li>
</ul>


The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.
With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.
India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.


External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>President Donald Trump and the White House revealed a list of U.S. “reciprocal tariff” rates that more than 180 countries and territories are set to face.</li><li>A 10% baseline tax will be applied to all imports, while countries with significant trade surplus with the US will face higher tariffs.</li><li>Higher tariffs have been announced for certain countries. These stand as follows: India 26%, China 34%, EU 20%, South Korea 25%, Vietnam 46%, Taiwan 32%, and Japan 24%. </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.

President Donald Trump and the White House revealed a list of U.S. “reciprocal tariff” rates that more than 180 countries and territories are set to face.A 10% baseline tax will be applied to all imports, while countries with significant trade surplus with the US will face higher tariffs.Higher tariffs have been announced for certain countries. These stand as follows: India 26%, China 34%, EU 20%, South Korea 25%, Vietnam 46%, Taiwan 32%, and Japan 24%. 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.

Trump Tariffs - Possible Impact on Our Market

<ul><li>Mar’25 Wholesale Volumes: Domestic PV industry sales grew by 5% YoY, approximately, driven by strong volumes from Toyota, M&amp;M, and Kia, while Hyundai/Maruti witnessed declines.</li><li>The domestic CV industry saw a growth of 2%/23% YoY/MoM. The domestic tractor industry registered 32% YoY volume growth, led by 34% and 15% YoY growth in M&amp;M and Escorts, respectively.</li><li>In the 2W segment, TVS and Eicher reported YoY growth of 15% and 33%, respectively, while Bajaj/Hero/Honda numbers are awaited.</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.

Mar’25 Wholesale Volumes: Domestic PV industry sales grew by 5% YoY, approximately, driven by strong volumes from Toyota, M&amp;M, and Kia, while Hyundai/Maruti witnessed declines.The domestic CV industry saw a growth of 2%/23% YoY/MoM. The domestic tractor industry registered 32% YoY volume growth, led by 34% and 15% YoY growth in M&amp;M and Escorts, respectively.In the 2W segment, TVS and Eicher reported YoY growth of 15% and 33%, respectively, while Bajaj/Hero/Honda numbers are awaited.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.

Monthly Volume Update - Strong 2W/Tractor Volumes; CVs/ PV a Mixed Bag

<ul><li>The Axis Top Picks Basket delivered an excellent return of 8.9% in Mar’25 against the 6.3% return posted by the Nifty 50, thereby beating the benchmark by a wide margin of 2.6%.</li><li>Over the last one year, the basket has gained 9.5%. Moreover, it gives us immense joy to share with you that our Top Picks Basket has delivered an impressive return of 298% since its inception (May’20), which stands well above the 154% return delivered by the NIFTY 50 index over the same period.</li><li>In light of this, we continue to believe in our thematic approach to Top Picks selection.</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.

The Axis Top Picks Basket delivered an excellent return of 8.9% in Mar’25 against the 6.3% return posted by the Nifty 50, thereby beating the benchmark by a wide margin of 2.6%.Over the last one year, the basket has gained 9.5%. Moreover, it gives us immense joy to share with you that our Top Picks Basket has delivered an impressive return of 298% since its inception (May’20), which stands well above the 154% return delivered by the NIFTY 50 index over the same period.In light of this, we continue to believe in our thematic approach to Top Picks selection.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.

Axis Top Picks for the month of April 2025

India

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

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Hero Motocorp (HMCL IN)

Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways

Hero Motocorp's April slump due to temporary plant shutdowns, while TVS Motor shows strong momentum and execution. Demand tailwinds expected to...

Sreemant Dudhoria

RBI Forward-Looking Survey Analysis

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

Trump Tariffs - Possible Impact on Our Market

President Donald Trump and the White House revealed a list of U.S. “reciprocal tariff” rates that more than 180 countries and territories are set...

Axis Direct

Monthly Volume Update - Strong 2W/Tractor Volumes; CVs/ PV a Mixed Bag

Mar’25 Wholesale Volumes: Domestic PV industry sales grew by 5% YoY, approximately, driven by strong volumes from Toyota, M&M, and Kia, while...

Axis Direct

Axis Top Picks for the month of April 2025

The Axis Top Picks Basket delivered an excellent return of 8.9% in Mar’25 against the 6.3% return posted by the Nifty 50, thereby beating the...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways

​Hero Motocorp's April slump due to temporary plant shutdowns, while TVS Motor shows strong momentum and execution. Demand tailwinds expected to...

Sreemant Dudhoria

RBI Forward-Looking Survey Analysis

​RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

Trump Tariffs - Possible Impact on Our Market

President Donald Trump and the White House revealed a list of U.S. “reciprocal tariff” rates that more than 180 countries and territories are set...

Axis Direct

Monthly Volume Update - Strong 2W/Tractor Volumes; CVs/ PV a Mixed Bag

Mar’25 Wholesale Volumes: Domestic PV industry sales grew by 5% YoY, approximately, driven by strong volumes from Toyota, M&M, and Kia, while...

Axis Direct

Axis Top Picks for the month of April 2025

The Axis Top Picks Basket delivered an excellent return of 8.9% in Mar’25 against the 6.3% return posted by the Nifty 50, thereby beating the...

Axis Direct

Hero Motocorp's April slump due to temporary plant shutdowns, while TVS Motor shows strong momentum and execution. Demand tailwinds expected to...

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...