Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Hero Motors Limited / Equity Capital Markets

<ul>
<li>Hero Motors is launching India IPO to raise nearly INR 10B. Hero is an automotive technology company engaged in designing, developing, manufacturing and supplying highly engineered powertrain solutions.</li>
<li>The company intends to use the proceeds for repayment/ prepayment of certain outstanding borrowings, for capacity expansion and for funding inorganic growth through unidentified acquisitions, and general corporate purposes.</li>
<li>Hero Motors has ample operational capabilities, diversified product offerings, strong market presence alongside a positive demand outlook, but the issue seems overpriced given the fundamentals.</li>
</ul>


Hero Motors is launching India IPO to raise nearly INR 10B. Hero is an automotive technology company engaged in designing, developing, manufacturing and supplying highly engineered powertrain solutions.
The company intends to use the proceeds for repayment/ prepayment of certain outstanding borrowings, for capacity expansion and for funding inorganic growth through unidentified acquisitions, and general corporate purposes.
Hero Motors has ample operational capabilities, diversified product offerings, strong market presence alongside a positive demand outlook, but the issue seems overpriced given the fundamentals.


Hero Motors IPO: Not Enough Grease For Investors To Gear Up and Power Ahead

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

Thematic (Sector/Industry)

<ul>
<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> leads the 2W EV market with 26.14% share, followed by <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> at 19.56%, as legacy players overtakes early startups in late 2025. </li>
<li>TVS bets on reliability, Bajaj on metal heritage, Ather on tech maturity, Hero on rural distribution, and Ola on vertical cell manufacturing.</li>
<li>We <strong>expect market consolidation as operational efficiency</strong> and robust service networks favor established giants, while capital intensive rivals face significant quality and scalability hurdles.</li>
</ul>



TVS Motor (TVSL IN) leads the 2W EV market with 26.14% share, followed by Bajaj Auto Ltd (BJAUT IN) at 19.56%, as legacy players overtakes early startups in late 2025. 
TVS bets on reliability, Bajaj on metal heritage, Ather on tech maturity, Hero on rural distribution, and Ola on vertical cell manufacturing.
We expect market consolidation as operational efficiency and robust service networks favor established giants, while capital intensive rivals face significant quality and scalability hurdles.


EV(E2W) Market Share War: Who Will Gain From the Consolidating Market?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Several Indian sectors have demonstrated a robust recovery in operating margins on a Year-over-Year (YoY) basis as of March 2025 (Q4 FY25)</li>
<li>This broad-based improvement is primarily attributed to a confluence of industry-wide factors, predominantly the easing of input costs driven by moderating inflation.</li>
<li>Sectors like Telecom, Metals, Cement, Consumer Durables, Capital Goods, Automobile, Healthcare, EMS are seeing uptick in margins</li>
</ul>


Several Indian sectors have demonstrated a robust recovery in operating margins on a Year-over-Year (YoY) basis as of March 2025 (Q4 FY25)
This broad-based improvement is primarily attributed to a confluence of industry-wide factors, predominantly the easing of input costs driven by moderating inflation.
Sectors like Telecom, Metals, Cement, Consumer Durables, Capital Goods, Automobile, Healthcare, EMS are seeing uptick in margins


Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

Forensic Accounting

<ul>
<li>Ola Electric saw a sharp sales collapse, lost its E2W leadership to TVS Motor, and witnessed founder Bhavish Aggarwal selling 1.54% stake worth INR 234 crore across two sessions.</li>
<li>The combination of a ~50–70% sales decline, market share erosion, guidance cuts, and promoter stake sales raises concerns around demand sustainability, execution gaps, and balance-sheet stress at the promoter level.</li>
<li>Despite selective operational improvements, Ola Electric’s weakening sales momentum and promoter de-risking signal a shift from aggressive growth to damage control, warranting a cautious stance until demand visibility stabilises.</li>
</ul>


Ola Electric saw a sharp sales collapse, lost its E2W leadership to TVS Motor, and witnessed founder Bhavish Aggarwal selling 1.54% stake worth INR 234 crore across two sessions.
The combination of a ~50–70% sales decline, market share erosion, guidance cuts, and promoter stake sales raises concerns around demand sustainability, execution gaps, and balance-sheet stress at the promoter level.
Despite selective operational improvements, Ola Electric’s weakening sales momentum and promoter de-risking signal a shift from aggressive growth to damage control, warranting a cautious stance until demand visibility stabilises.


Ola Electric's Margin-Led Promoter Selling and Operational Sales Collapse Raise Governance Concern

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener">Vikram Solar (0490158D IN)</a> raised about US$238m in its India IPO.</li>
<li>Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Vikram Solar (0490158D IN) raised about US$238m in its India IPO.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

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Hero Motors Limited (2313904Z IN)

Hero Motors IPO: Not Enough Grease For Investors To Gear Up and Power Ahead

Hero Motors is launching India IPO to raise nearly INR 10B for for debt repayment, capacity expansion and acquisition. Despite the positives, the...

Tina Banerjee

Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Sudarshan Bhandari

Ola Electric's Margin-Led Promoter Selling and Operational Sales Collapse Raise Governance Concern

Ola Electric faces sales collapse, loses E2W leadership, and founder sells stake, raising concerns about demand sustainability and balance-sheet...

Nimish Maheshwari

Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Vikram Solar raised about US$238m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hero Motors IPO: Not Enough Grease For Investors To Gear Up and Power Ahead

Hero Motors is launching India IPO to raise nearly INR 10B for for debt repayment, capacity expansion and acquisition. Despite the positives, the...

Tina Banerjee

EV(E2W) Market Share War: Who Will Gain From the Consolidating Market?

​TVS Motor leads 2W EV market, followed by Bajaj Auto, as legacy players overtake startups in late 2025. Expect market consolidation favoring...

Nimish Maheshwari

Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

​Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Sudarshan Bhandari

Ola Electric's Margin-Led Promoter Selling and Operational Sales Collapse Raise Governance Concern

​Ola Electric faces sales collapse, loses E2W leadership, and founder sells stake, raising concerns about demand sustainability and balance-sheet...

Nimish Maheshwari

Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Vikram Solar raised about US$238m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

TVS Motor leads 2W EV market, followed by Bajaj Auto, as legacy players overtake startups in late 2025. Expect market consolidation favoring...

Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Ola Electric faces sales collapse, loses E2W leadership, and founder sells stake, raising concerns about demand sustainability and balance-sheet...