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>Continuing the trend from December'24, wholesale volume growth in Jan'2025 remained strong in the passenger vehicle segment. This was driven by channel filling, and strong rural demand.</li>
<li>
<a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a>,holding approximately 43% market share, reported growth in both the utility vehicle (UV) and compact SUV segments. <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> reported 18% YoY growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HYUNDAI IN)</a> &amp; <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> reported decline in volume growth. Tax initiatives introduced in recent Union Budget are expected to increase demand in medium term.</li>
</ul>


Continuing the trend from December'24, wholesale volume growth in Jan'2025 remained strong in the passenger vehicle segment. This was driven by channel filling, and strong rural demand.

Maruti Suzuki India (MSIL IN),holding approximately 43% market share, reported growth in both the utility vehicle (UV) and compact SUV segments. Mahindra &amp; Mahindra (MM IN) reported 18% YoY growth.

Hyundai Motor India (HYUNDAI IN) &amp; Tata Motors Ltd (TTMT IN) reported decline in volume growth. Tax initiatives introduced in recent Union Budget are expected to increase demand in medium term.


Monthly Sales Overview of Listed Indian Passenger Vehicle Companies (January 2025)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

<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> raised around US$734m in its India IPO in August 2024. The lockup for its pre-IPO investors is set to expire soon.</li>
<li>Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Ola Electric (OLAELEC IN) raised around US$734m in its India IPO in August 2024. The lockup for its pre-IPO investors is set to expire soon.
Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells
In this note, we will talk about the lockup dynamics and possible placement.


Ola Electric IPO Lockup - US$1.6bn+ Lockup Release

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a> is looking to raise about US$536m in its upcoming India IPO.</li>
<li>Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Ather Energy is looking to raise about US$536m in its upcoming India IPO.
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In this note, we talk about the not-so-positive aspects of the deal.


Ather Energy Pre-IPO - The Negatives - Outpaced by Rivals

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a> is looking to raise about US$536m in its upcoming India IPO. </li>
<li>Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Ather Energy is looking to raise about US$536m in its upcoming India IPO. 
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In this note, we talk about the positive aspects of the deal.


Ather Energy Pre-IPO - The Positives - One of the E2W Pioneers

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sanil-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:43687:1" rel="noopener">Sanil Electric (062040 KS)</a> listed in Korea on 29th July 2024 after raising US$193m. Its six-month lockup will expire on 29th Jan 2025.</li>
<li>Sanil Electric is a specialized company that manufactures and sells reactors, transformers, railway vehicle parts, and switchboards. As an industrial transformer manufacturer, the company mainly manufactures power and distribution transformers.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Sanil Electric (062040 KS) listed in Korea on 29th July 2024 after raising US$193m. Its six-month lockup will expire on 29th Jan 2025.
Sanil Electric is a specialized company that manufactures and sells reactors, transformers, railway vehicle parts, and switchboards. As an industrial transformer manufacturer, the company mainly manufactures power and distribution transformers.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Sanil Electric US$1.1bn Lockup Expiry - Tempting to Book 2x Gains in Six Months

South Korea

Hyundai Motor India Limited (HMIL) designs and manufactures automobiles. The Company offers cars, vans, sedans, and sport utility vehicles along with financing, leasing, and maintenance services. HMIL serves customers globally.

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Hyundai Motor India (HYUNDAI IN)

Monthly Sales Overview of Listed Indian Passenger Vehicle Companies (January 2025)

Passenger Vehicle Retail Sales Update: The Federation of Automobile Dealers Associations(FADA)’s January 2025 update shows a strong 15.53% YoY and...

Sreemant Dudhoria,CFA

Ola Electric IPO Lockup - US$1.6bn+ Lockup Release

Ola Electric (OLAELEC IN) raised around US$734m in its India IPO in August 2024. The lockup for its pre-IPO investors is set to expire soon.

Sumeet Singh

Ather Energy Pre-IPO - The Negatives - Outpaced by Rivals

Ather Energy is looking to raise about US$536m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Ather Energy Pre-IPO - The Positives - One of the E2W Pioneers

Ather Energy is looking to raise about US$536m in its upcoming India IPO. In this note, we will talk about the positive aspects of the deal.

Sumeet Singh

Sanil Electric US$1.1bn Lockup Expiry - Tempting to Book 2x Gains in Six Months

Sanil Electric (062040 KS) listed in Korea on 29th July 2024 after raising US$193m. Its six-month lockup will expire on 29th Jan 2025.

Clarence Chu

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52-week Range

Market Cap (USDm)

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