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

Equity Bottom-Up

Tata Investment Corporation / Equity Bottom-Up

Tata Investment Corporation (TATAINVE IN)

<ul>
<li>This insight details about the monthly changes in the holding company discount in India.</li>
<li>We track the reasons for change in the holdco discount if any and where the most action is happening.</li>
<li>While this note captures 4 holding companies, we intend to add <a href="https://www.smartkarma.com/entities/bombay-burmah-trading-corp-ltd" target="_blank" data-smartkarma-citation="entities:20010:1" rel="noopener">Bombay Burmah Trading Corporation (BBTC IN)</a> to our coverage in coming days.</li>
</ul>


This insight details about the monthly changes in the holding company discount in India.
We track the reasons for change in the holdco discount if any and where the most action is happening.
While this note captures 4 holding companies, we intend to add Bombay Burmah Trading Corporation (BBTC IN) to our coverage in coming days.


HoldCo Monthly (September 2026): Where’s the Discount?

Rubber News Specialist, Helixtap

Vinod Nedumudy

Rubber News Specialist

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

<ul><li>Tire makers see profit pressure despite revenue gains  </li><li>JK Tyre eyes double-digit growth, expands global footprint  </li><li> CEAT eyes expanding Chennai plant at US$51 million spend  </li></ul>

Tire makers see profit pressure despite revenue gains  JK Tyre eyes double-digit growth, expands global footprint   CEAT eyes expanding Chennai plant at US$51 million spend  

GST Cut Lifts Outlook As Indian Tire Majors Navigate Weak Q1

<ul>
<li>This insight details about the weekly changes in the holding company discount in India.</li>
<li>We track the reasons for change in the holdco discount if any.</li>
<li>While this note captures 4 holding companies, we intend to add more names in coming weeks.</li>
</ul>


This insight details about the weekly changes in the holding company discount in India.
We track the reasons for change in the holdco discount if any.
While this note captures 4 holding companies, we intend to add more names in coming weeks.


HoldCo Weekly (18 Sep): Where’s the Discount?

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>India’s tyre market is expected to grow at 6–7% volume CAGR, yet raw material volatility like the 33% rubber price spike in FY24 has squeezed margins across the board.</li>
<li>Managements acknowledge EBITDA margin pressure, but cite strategic inventory, revised capex, and sourcing shifts to mitigate further contraction.</li>
<li>Looking ahead, leaders remain cautiously optimistic, expecting stable RM costs in Q1FY26, export growth at 10–11% CAGR, and EV-related demand to accelerate medium-term recovery.</li>
</ul>


India’s tyre market is expected to grow at 6–7% volume CAGR, yet raw material volatility like the 33% rubber price spike in FY24 has squeezed margins across the board.
Managements acknowledge EBITDA margin pressure, but cite strategic inventory, revised capex, and sourcing shifts to mitigate further contraction.
Looking ahead, leaders remain cautiously optimistic, expecting stable RM costs in Q1FY26, export growth at 10–11% CAGR, and EV-related demand to accelerate medium-term recovery.


Thematic Report: Tyre Industry ~ What's Next For India’s Struggling Giants?

<ul><li>MRF stages recovery in margin in Q4, others suffer  </li><li>CEAT breaches US$1.51 billion for the first time in revenue in FY25  </li><li>High raw material costs eat into profits of majors</li></ul>

MRF stages recovery in margin in Q4, others suffer  CEAT breaches US$1.51 billion for the first time in revenue in FY25  High raw material costs eat into profits of majors

FY 2025 Marks Shrinking Margins For Indian Tire Majors

India

JK Tyre & Industries Limited is an Indian multinational tire manufacturer and a leading provider of comprehensive mobility solutions. The company develops, manufactures, markets, and distributes automotive tires, tubes, flaps, and ancillary services for passenger vehicles, commercial vehicles, farming, off-the-road (OTR), and two and three-wheelers. Headquartered in New Delhi, India, the company was founded in 1951.

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JK Tyre & Industries (JKI IN)

HoldCo Monthly (September 2026): Where’s the Discount?

Insight details about the monthly changes in the holding company discount in India - Reasons for change in the discount if any and where the most...

Sreemant Dudhoria

GST Cut Lifts Outlook As Indian Tire Majors Navigate Weak Q1

The Indian tire sector sports a bullish outlook for FY 2025-26 (April 1 2025 to March 31 2026) riding on the GST cut effected by the Indian...

Helixtap

HoldCo Weekly (18 Sep): Where’s the Discount?

This insight details about the weekly changes in the holding company discount in India and where do we see near term triggers.

Sreemant Dudhoria

Thematic Report: Tyre Industry ~ What's Next For India’s Struggling Giants?

India's tyre market faces margin squeeze from raw material volatility, but management strategies aim to mitigate contraction and drive growth...

Nimish Maheshwari

FY 2025 Marks Shrinking Margins For Indian Tire Majors

India’s top tire manufacturers closed FY 2024–25 (April 2024-March 2025) on a mixed note, as solid replacement demand and operational...

Helixtap

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HoldCo Monthly (September 2026): Where’s the Discount?

Insight details about the monthly changes in the holding company discount in India - Reasons for change in the discount if any and where the most...

Sreemant Dudhoria

GST Cut Lifts Outlook As Indian Tire Majors Navigate Weak Q1

​​​​​​​The Indian tire sector sports a bullish outlook for FY 2025-26 (April 1 2025 to March 31 2026) riding on the GST cut effected by the Indian...

Helixtap

HoldCo Weekly (18 Sep): Where’s the Discount?

This insight details about the weekly changes in the holding company discount in India and where do we see near term triggers.

Sreemant Dudhoria

Thematic Report: Tyre Industry ~ What's Next For India’s Struggling Giants?

​India's tyre market faces margin squeeze from raw material volatility, but management strategies aim to mitigate contraction and drive growth...

Nimish Maheshwari

FY 2025 Marks Shrinking Margins For Indian Tire Majors

​​​​​​​India’s top tire manufacturers closed FY 2024–25 (April 2024-March 2025) on a mixed note, as solid replacement demand and operational...

Helixtap

The Indian tire sector sports a bullish outlook for FY 2025-26 (April 1 2025 to March 31 2026) riding on the GST cut effected by the Indian...

India's tyre market faces margin squeeze from raw material volatility, but management strategies aim to mitigate contraction and drive growth...

India’s top tire manufacturers closed FY 2024–25 (April 2024-March 2025) on a mixed note, as solid replacement demand and operational...