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>The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.</li>
<li>These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.</li>
<li>Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.</li>
</ul>


The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.
These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.
Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.


A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

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

Thematic (Sector/Industry)

<ul>
<li>VAHAN data till May 2026 shows a sharp decline from the January peak across the 2W segment, with May volumes weak for most OEMs.</li>
<li>The trend shows clear divergence: TVS and Bajaj are holding share, Royal Enfield is losing rank, Ola Electric is recovering, and luxury 2Ws are weakening.</li>
<li>EV 2W penetration is only 2.89%, but 45.5% growth from January to April shows faster base-building. The 3xAther-Ola gap is the key EV signal.</li>
</ul>


VAHAN data till May 2026 shows a sharp decline from the January peak across the 2W segment, with May volumes weak for most OEMs.
The trend shows clear divergence: TVS and Bajaj are holding share, Royal Enfield is losing rank, Ola Electric is recovering, and luxury 2Ws are weakening.
EV 2W penetration is only 2.89%, but 45.5% growth from January to April shows faster base-building. The 3xAther-Ola gap is the key EV signal.


Auto Tracker: VAHAN Dashboard Points to a Softer Cycle in India

<ul>
<li>Indian two-wheeler OEMs have lined up roughly 11,000 crore of capex across ICE, EV, scooters, exports and premium capacity.</li>
<li>This is a demand-confidence signal after FY26 domestic two-wheeler sales rose 10.7% to 2.17 crore units.</li>
<li>The capex cycle favors disciplined scale, localization and mix improvement, but utilization and pricing power will decide returns.</li>
</ul>


Indian two-wheeler OEMs have lined up roughly 11,000 crore of capex across ICE, EV, scooters, exports and premium capacity.
This is a demand-confidence signal after FY26 domestic two-wheeler sales rose 10.7% to 2.17 crore units.
The capex cycle favors disciplined scale, localization and mix improvement, but utilization and pricing power will decide returns.


India’s 2W Industry Expansion: ₹11,000 Crore Capex- Who Is Doing What?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India’s top five auto OEMs- Maruti Suzuki, Hyundai, Tata Motors, M&amp;M, and Hero MotoCorp, plan to invest nearly INR 40,000 crore in FY27, marking a record capex push.</li>
<li>This capex cycle is not just about adding capacity. It also focuses on EVs, software-led vehicles, premium models, and changing customer preferences.</li>
<li>The Capex wave looks structural, not cyclical. However, investors should track commodity risks, demand trends, valuations, and the larger opportunity in auto ancillary companies.</li>
</ul>


India’s top five auto OEMs- Maruti Suzuki, Hyundai, Tata Motors, M&amp;M, and Hero MotoCorp, plan to invest nearly INR 40,000 crore in FY27, marking a record capex push.
This capex cycle is not just about adding capacity. It also focuses on EVs, software-led vehicles, premium models, and changing customer preferences.
The Capex wave looks structural, not cyclical. However, investors should track commodity risks, demand trends, valuations, and the larger opportunity in auto ancillary companies.


Thematic Report- India Auto: The Great Capex Reset

<ul>
<li>Delhi has drafted EV Policy 2026–2030, replacing the 2020 framework, pivoting to scrappage-linked incentives, capping subsidies to mass-market vehicles below Rs 25 lakh, and targeting 36,000 charging points by 2030.</li>
<li>With 90 lakh registered vehicles and India's most polluted urban air, Delhi's demand signal carries outsized influence on OEM product roadmaps, capex cycles, and localization timelines through 2030.</li>
<li>Legacy OEMs with established service networks (TVS, Bajaj, Hero, Tata Motors, Ashok Leyland) stand to capture disproportionate benefits; pure-play EV startups without scale face a harder road ahead.</li>
</ul>


Delhi has drafted EV Policy 2026–2030, replacing the 2020 framework, pivoting to scrappage-linked incentives, capping subsidies to mass-market vehicles below Rs 25 lakh, and targeting 36,000 charging points by 2030.
With 90 lakh registered vehicles and India's most polluted urban air, Delhi's demand signal carries outsized influence on OEM product roadmaps, capex cycles, and localization timelines through 2030.
Legacy OEMs with established service networks (TVS, Bajaj, Hero, Tata Motors, Ashok Leyland) stand to capture disproportionate benefits; pure-play EV startups without scale face a harder road ahead.


Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030?

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)

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

Auto Tracker: VAHAN Dashboard Points to a Softer Cycle in India

VAHAN data reveals declining 2W segment volumes in May 2026, with TVS and Bajaj holding share while Royal Enfield loses rank. EV 2W penetration at...

Sudarshan Bhandari

India’s 2W Industry Expansion: ₹11,000 Crore Capex- Who Is Doing What?

Indian two-wheeler OEMs are investing heavily in capex across various segments to meet growing demand, with a focus on scale, localization, and...

Sudarshan Bhandari

Thematic Report- India Auto: The Great Capex Reset

India's top auto OEMs set to invest INR 40,000 crore in FY27, focusing on EVs, software-led vehicles, and premium models. Investors should monitor...

Nimish Maheshwari

Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030?

Delhi's new EV Policy 2026-2030 focuses on scrappage incentives, subsidies for mass-market vehicles under Rs 25 lakh, and aims for 36,000 charging...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

​The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

Auto Tracker: VAHAN Dashboard Points to a Softer Cycle in India

​VAHAN data reveals declining 2W segment volumes in May 2026, with TVS and Bajaj holding share while Royal Enfield loses rank. EV 2W penetration at...

Sudarshan Bhandari

India’s 2W Industry Expansion: ₹11,000 Crore Capex- Who Is Doing What?

​Indian two-wheeler OEMs are investing heavily in capex across various segments to meet growing demand, with a focus on scale, localization, and...

Sudarshan Bhandari

Thematic Report- India Auto: The Great Capex Reset

​India's top auto OEMs set to invest INR 40,000 crore in FY27, focusing on EVs, software-led vehicles, and premium models. Investors should monitor...

Nimish Maheshwari

Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030?

​Delhi's new EV Policy 2026-2030 focuses on scrappage incentives, subsidies for mass-market vehicles under Rs 25 lakh, and aims for 36,000 charging...

Sudarshan Bhandari

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

VAHAN data reveals declining 2W segment volumes in May 2026, with TVS and Bajaj holding share while Royal Enfield loses rank. EV 2W penetration at...

Indian two-wheeler OEMs are investing heavily in capex across various segments to meet growing demand, with a focus on scale, localization, and...

India's top auto OEMs set to invest INR 40,000 crore in FY27, focusing on EVs, software-led vehicles, and premium models. Investors should monitor...

Delhi's new EV Policy 2026-2030 focuses on scrappage incentives, subsidies for mass-market vehicles under Rs 25 lakh, and aims for 36,000 charging...