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

<ul>
<li>In this insight we discuss why <a href="https://www.smartkarma.com/entities/kalyani-investment-co-ltd" target="_blank" data-smartkarma-citation="entities:6128:1" rel="noopener">Kalyani Investment (KALY IN)</a> has among the highest holding company discounts in India.</li>
<li>What are the key problem areas with the company which makes minority investors unhappy about the company.</li>
<li>Finally, we present the long term holdco discount range and present our conclusion.</li>
</ul>


In this insight we discuss why Kalyani Investment (KALY IN) has among the highest holding company discounts in India.
What are the key problem areas with the company which makes minority investors unhappy about the company.
Finally, we present the long term holdco discount range and present our conclusion.


HoldCo Series: Kalyani Investment Company Ltd - What Not to Do as a HoldCo

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?

<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 and upcoming triggers for these companies.</li>
<li>While this note captures 5 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 and upcoming triggers for these companies.
While this note captures 5 holding companies, we intend to add more names in coming weeks.


HoldCo Weekly (14 Aug): Where’s the Discount?

<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 and upcoming triggers for these companies.</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 and upcoming triggers for these companies.
While this note captures 4 holding companies, we intend to add more names in coming weeks.


HoldCo Weekly (24 Jul): Where's the Discount?

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<p>Since India’s demonetization, the government has lowered GDP forecasts, the Reserve Bank of India has signaled a less accommodative stance, and the proposed recapitazliation of ailing public sector banks is being curtailed. Perhaps there will be less flow-through on the budget in execution, timing and magnitude? High non-performing loans and cratering loan growth was a feature of India’s banks before all of the above, and we believe these will remain front and center still.  We include several…</p>

Since India’s demonetization, the government has lowered GDP forecasts, the Reserve Bank of India has signaled a less accommodative stance, and the proposed recapitazliation of ailing public sector banks is being curtailed. Perhaps there will be less flow-through on the budget in execution, timing and magnitude? High non-performing loans and cratering loan growth was a feature of India’s banks before all of the above, and we believe these will remain front and center still.  We include several…

Anecdotes from India Mirror Poor Optimism: Bank Risk Remains

India

Kalyani Investment Company Limited operates as an investment company. The Company provides financial, infrastructural, and knowledge support for forging, steel, power generation, chemicals, and banking sectors. Kalyani Investment serves customers in India.

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Kalyani Investment (KALY IN)

HoldCo Series: Kalyani Investment Company Ltd - What Not to Do as a HoldCo

Insight into why Kalyani Investment has one of the highest holding company discounts in India, exploring key problem areas for minority investors...

Sreemant Dudhoria

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

HoldCo Weekly (14 Aug): Where’s the Discount?

Insight details about the weekly changes in the holding company discount in India and upcoming triggers for these companies.

Sreemant Dudhoria

HoldCo Weekly (24 Jul): Where's the Discount?

This insight analyzes weekly changes in holding company discounts in India, tracking reasons for changes and upcoming triggers for select...

Sreemant Dudhoria

Anecdotes from India Mirror Poor Optimism: Bank Risk Remains

Since India’s demonetization, the government has lowered GDP forecasts, the Reserve Bank of India has signaled a less accommodative stance, and the...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HoldCo Series: Kalyani Investment Company Ltd - What Not to Do as a HoldCo

​Insight into why Kalyani Investment has one of the highest holding company discounts in India, exploring key problem areas for minority investors...

Sreemant Dudhoria

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

HoldCo Weekly (14 Aug): Where’s the Discount?

Insight details about the weekly changes in the holding company discount in India and upcoming triggers for these companies.

Sreemant Dudhoria

HoldCo Weekly (24 Jul): Where's the Discount?

​This insight analyzes weekly changes in holding company discounts in India, tracking reasons for changes and upcoming triggers for select...

Sreemant Dudhoria

Anecdotes from India Mirror Poor Optimism: Bank Risk Remains

Since India’s demonetization, the government has lowered GDP forecasts, the Reserve Bank of India has signaled a less accommodative stance, and the...

Daniel Tabbush

Insight into why Kalyani Investment has one of the highest holding company discounts in India, exploring key problem areas for minority investors...

This insight analyzes weekly changes in holding company discounts in India, tracking reasons for changes and upcoming triggers for select...