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)

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<a href="https://www.smartkarma.com/entities/beiqi-foton-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:4732:1" rel="noopener">Beiqi Foton Motor Co Ltd A (600166 CH)</a>, via Energy In Motion, marks <a href="https://www.smartkarma.com/entities/baic-motor-corp-ltd-h" target="_blank" data-smartkarma-citation="entities:90:1" rel="noopener">Baic Motor Corp Ltd H (1958 HK)</a>’s electric truck entry in India targeting heavy-duty logistics.</li>
<li>In this insight we attempt to identify implications on existing players like <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a>, <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> , <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> and others.</li>
<li>Ravindra Energy's INR 180 crore equity raise appears to have been a strategic precursor, providing funding to support infrastructure and operational rollout of electric commercial vehicles in partnership with Foton.</li>
</ul>



Beiqi Foton Motor Co Ltd A (600166 CH), via Energy In Motion, marks Baic Motor Corp Ltd H (1958 HK)’s electric truck entry in India targeting heavy-duty logistics.
In this insight we attempt to identify implications on existing players like Ashok Leyland (AL IN), Tata Motors Ltd (TTMT IN) , Mahindra &amp; Mahindra (MM IN) and others.
Ravindra Energy's INR 180 crore equity raise appears to have been a strategic precursor, providing funding to support infrastructure and operational rollout of electric commercial vehicles in partnership with Foton.


BAIC Enters Indian Commercial Vehicle Market - Implications

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.

Equity Capital Markets

Belrise Industries / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> raised about US$252m in its India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Belrise Industries (9156339Z IN) raised about US$252m in its India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

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<li>Our selection of Indian Auto companies is based on these characteristics: value, near term growth triggers, margin of safety and management commentary post Q4FY25 Results.</li>
<li>We present our list of stocks in the BUY, SELL(short) and HOLD category in this insight.</li>
<li>We will review our note on these names post their monthly sales volume performance and outlook in medium term.</li>
</ul>


Our selection of Indian Auto companies is based on these characteristics: value, near term growth triggers, margin of safety and management commentary post Q4FY25 Results.
We present our list of stocks in the BUY, SELL(short) and HOLD category in this insight.
We will review our note on these names post their monthly sales volume performance and outlook in medium term.


Shortlist Of High Conviction Long and Short Ideas in Indian Auto:Growth Outlook & Valuation-May 2025

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<li>
<a href="https://www.smartkarma.com/entities/sagility-india" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (2058883D IN)</a> (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Sagility India (2058883D IN) (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Schloss Bangalore Ltd / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN) </a>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

India

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

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Mahindra & Mahindra (MM IN)

BAIC Enters Indian Commercial Vehicle Market - Implications

The stock is looking to close another 17% up today post the 20% upper freeze on the day of announcement. The company has released a business update...

Sreemant Dudhoria,CFA

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Shortlist Of High Conviction Long and Short Ideas in Indian Auto:Growth Outlook & Valuation-May 2025

Highlights Indian Auto companies based on value, growth triggers and management commentary post Q4FY25 results. Stocks categorized as BUY, SELL...

Sreemant Dudhoria,CFA

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BAIC Enters Indian Commercial Vehicle Market - Implications

The stock is looking to close another 17% up today post the 20% upper freeze on the day of announcement. The company has released a business update...

Sreemant Dudhoria,CFA

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Shortlist Of High Conviction Long and Short Ideas in Indian Auto:Growth Outlook & Valuation-May 2025

​Highlights Indian Auto companies based on value, growth triggers and management commentary post Q4FY25 results. Stocks categorized as BUY, SELL...

Sreemant Dudhoria,CFA

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Highlights Indian Auto companies based on value, growth triggers and management commentary post Q4FY25 results. Stocks categorized as BUY, SELL...