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

Equity Bottom-Up

Tata Motors Passenger Vehicles / Equity Bottom-Up

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors (TTMT IN)</a></strong>subsidiary Jaguar Land Rover's volumes, revenue, EBIT margins and FCF all plateaued in FY25.</li>
<li>
<strong>US Tariffs &amp; China Slowdown Undermine FY26 Outlook:</strong> The tariffs on UK car imports and collapsing China JV performance together threaten JLR’s two most profitable regions.</li>
<li>Company expects JLR EBIT margin to crash to the 5–7% range (vs 8.5% in FY25) and FCF to fall to zero vs GBP 1.5 billion in FY25.</li>
</ul>



Tata Motors (TTMT IN)subsidiary Jaguar Land Rover's volumes, revenue, EBIT margins and FCF all plateaued in FY25.

US Tariffs &amp; China Slowdown Undermine FY26 Outlook: The tariffs on UK car imports and collapsing China JV performance together threaten JLR’s two most profitable regions.
Company expects JLR EBIT margin to crash to the 5–7% range (vs 8.5% in FY25) and FCF to fall to zero vs GBP 1.5 billion in FY25.


Short Tata Motors – JLR Investor Day – All About Tariffs, China & BEV. Guidance Slashed for FY26.

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Tata Motors</li>
<li>US Treasury yields rose 3-5 bps across the curve on Friday, as the surge in oil prices amid the Iran-Israel conflict stoked renewed inflation concerns. The yield on the 2Y UST rose 4 bps to 3.95%, while the yield on the 10Y UST climbed 4 bps to 4.40%.</li>
<li>Equities retreated, with tech- and travel-related stocks declining, while energy producers and defence stocks rose. The S&amp;P 500 fell 1.1% to 5,977, while the Nasdaq Composite declined 1.3% to 19,407.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Tata Motors
US Treasury yields rose 3-5 bps across the curve on Friday, as the surge in oil prices amid the Iran-Israel conflict stoked renewed inflation concerns. The yield on the 2Y UST rose 4 bps to 3.95%, while the yield on the 10Y UST climbed 4 bps to 4.40%.
Equities retreated, with tech- and travel-related stocks declining, while energy producers and defence stocks rose. The S&amp;P 500 fell 1.1% to 5,977, while the Nasdaq Composite declined 1.3% to 19,407.


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 automotive sector is facing a new external risk: China’s recent tightening of rare earth element (REE) export restrictions.</li>
<li>While the short-term impact appears contained, particularly for ICE 2Ws/3Ws, passenger vehicles—both ICE and EV—are the most exposed</li>
<li>Indian OEMs are actively engaging with Chinese authorities and India’s Ministry of External Affairs to seek interim solutions, and a resolution is expected within 2–3 weeks.</li>
</ul>


India’s automotive sector is facing a new external risk: China’s recent tightening of rare earth element (REE) export restrictions.
While the short-term impact appears contained, particularly for ICE 2Ws/3Ws, passenger vehicles—both ICE and EV—are the most exposed
Indian OEMs are actively engaging with Chinese authorities and India’s Ministry of External Affairs to seek interim solutions, and a resolution is expected within 2–3 weeks.


Rare Earth Export Curbs from China: Assessing the Risk for India’s Auto Industry

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Donald Trump claims India proposed a zero-tariff trade deal with the US amid ongoing negotiations during tariff suspension.</li>
<li>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> files fresh Supreme Court plea seeking Rs 30,000 crore waiver on AGR dues amid financial and sector concerns.</li>
<li>Aditya Birla Real Estate plans Rs 14,000 crore launches in FY26, entering Mumbai redevelopment amid cautious, location-focused business development strategy.</li>
</ul>


Donald Trump claims India proposed a zero-tariff trade deal with the US amid ongoing negotiations during tariff suspension.

Vodafone Idea (IDEA IN) files fresh Supreme Court plea seeking Rs 30,000 crore waiver on AGR dues amid financial and sector concerns.
Aditya Birla Real Estate plans Rs 14,000 crore launches in FY26, entering Mumbai redevelopment amid cautious, location-focused business development strategy.


#148 India Insight: Trump Claims India Deal, Vi Seeks AGR 30k Cr Waiver, Birla Plans FY26 Launch

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/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> is looking to raise US$940m via selling its remaining stake in <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>.</li>
<li>DENSO last sold some of its stake nearly a year ago and hence, this deal is well flagged.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Denso Corp (6902 JP) is looking to raise US$940m via selling its remaining stake in Renesas Electronics (6723 JP).
DENSO last sold some of its stake nearly a year ago and hence, this deal is well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.


Renesas Electronics Block - Well Flagged, Clean up but Momentum Isn’t Great

India

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tata Motors ADR (TTM US)

Short Tata Motors – JLR Investor Day – All About Tariffs, China & BEV. Guidance Slashed for FY26.

Tata Motors subsidiary Jaguar Land Rover faces plateaued volumes and revenue in FY25, with FY26 outlook undermined by US tariffs and China...

Sreemant Dudhoria,CFA

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Tata Motors

Lucror Analytics

Rare Earth Export Curbs from China: Assessing the Risk for India’s Auto Industry

India's automotive sector faces risk from China's rare earth element export restrictions, with passenger vehicles most exposed.

Nimish Maheshwari

#148 India Insight: Trump Claims India Deal, Vi Seeks AGR 30k Cr Waiver, Birla Plans FY26 Launch

Trump claims India proposed zero-tariff trade deal, Vodafone Idea seeks Rs 30,000 crore waiver on AGR dues, Aditya Birla Real Estate plans Rs...

Sudarshan Bhandari

Renesas Electronics Block - Well Flagged, Clean up but Momentum Isn’t Great

Denso Corp (6902 JP) is looking to raise US$940m via selling its remaining stake in Renesas Electronics (6723 JP). This is a well-flagged deal.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Short Tata Motors – JLR Investor Day – All About Tariffs, China & BEV. Guidance Slashed for FY26.

​Tata Motors subsidiary Jaguar Land Rover faces plateaued volumes and revenue in FY25, with FY26 outlook undermined by US tariffs and China...

Sreemant Dudhoria,CFA

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Tata Motors

Lucror Analytics

Rare Earth Export Curbs from China: Assessing the Risk for India’s Auto Industry

​India's automotive sector faces risk from China's rare earth element export restrictions, with passenger vehicles most exposed.

Nimish Maheshwari

#148 India Insight: Trump Claims India Deal, Vi Seeks AGR 30k Cr Waiver, Birla Plans FY26 Launch

​Trump claims India proposed zero-tariff trade deal, Vodafone Idea seeks Rs 30,000 crore waiver on AGR dues, Aditya Birla Real Estate plans Rs...

Sudarshan Bhandari

Renesas Electronics Block - Well Flagged, Clean up but Momentum Isn’t Great

Denso Corp (6902 JP) is looking to raise US$940m via selling its remaining stake in Renesas Electronics (6723 JP). This is a well-flagged deal.

Sumeet Singh

Tata Motors subsidiary Jaguar Land Rover faces plateaued volumes and revenue in FY25, with FY26 outlook undermined by US tariffs and China...

India's automotive sector faces risk from China's rare earth element export restrictions, with passenger vehicles most exposed.

Trump claims India proposed zero-tariff trade deal, Vodafone Idea seeks Rs 30,000 crore waiver on AGR dues, Aditya Birla Real Estate plans Rs...