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 about the history and holdco structure of <a href="https://www.smartkarma.com/entities/tvs-holdings-limited" target="_blank" data-smartkarma-citation="entities:16591:1" rel="noopener">TVS Holdings (TVSHLTD IN)</a> </li>
<li>Further, discuss about the recent amalgamation of group's NBFC companies and its implications.</li>
<li>Finally, we highlight how the company is an attractive play on India's fastest growing automotive company.</li>
</ul>


In this insight, we discuss about the history and holdco structure of TVS Holdings (TVSHLTD IN) 
Further, discuss about the recent amalgamation of group's NBFC companies and its implications.
Finally, we highlight how the company is an attractive play on India's fastest growing automotive company.


HoldCo Series: TVS Holdings Ltd–Play on the Fastest-Growing Auto Company; NBFC Amalgamation Underway

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?

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan, China &amp; India based on bottom-up triggers in each company.</li>
<li>This is a mid-quarter update on companies as most companies will be announcing their September quarter results in next 45 days.</li>
<li>Based on these new results and guidance, we will update the list of top ideas accordingly.</li>
</ul>


We compile our selection of companies across Japan, China &amp; India based on bottom-up triggers in each company.
This is a mid-quarter update on companies as most companies will be announcing their September quarter results in next 45 days.
Based on these new results and guidance, we will update the list of top ideas accordingly.


Shortlist of High-Conviction Ideas Across Japan, China & India – September 2026

<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?

<ul>
<li>We compile our selection of companies across Japan,China &amp;India based on bottom-up triggers in each company post their recent quarterly/half yearly results and their guidance for remaining of the year.</li>
<li>In Japan its <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a>,<a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a> &amp; <a href="https://www.smartkarma.com/entities/mazda-motor-corp" target="_blank" data-smartkarma-citation="entities:20528:1" rel="noopener">Mazda Motor (7261 JP)</a>. In China its <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group-limited" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> &amp; <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a>.</li>
<li>In India its a mix of recently listed - <a href="https://www.smartkarma.com/entities/milky-mist-dairy-food-limited" target="_blank" data-smartkarma-citation="entities:45604:1" rel="noopener">Milky Mist Dairy Food (1231D IN)</a>, <a href="https://www.smartkarma.com/entities/lalithaa-jewellery-mart-limited" target="_blank" data-smartkarma-citation="entities:56011:1" rel="noopener">Lalithaa Jewellery (LALITHAA IN)</a> , Holdco - <a href="https://www.smartkarma.com/entities/tvs-holdings-limited" target="_blank" data-smartkarma-citation="entities:16591:1" rel="noopener">TVS (TVSHLTD IN)</a> and select Auto OEs</li>
</ul>


We compile our selection of companies across Japan,China &amp;India based on bottom-up triggers in each company post their recent quarterly/half yearly results and their guidance for remaining of the year.
In Japan its ROHM Co Ltd (6963 JP),Suzuki Motor (7269 JP) &amp; Mazda Motor (7261 JP). In China its Chow Tai Fook Jewellery (1929 HK) &amp; Midea Group (300 HK).
In India its a mix of recently listed - Milky Mist Dairy Food (1231D IN), Lalithaa Jewellery (LALITHAA IN) , Holdco - TVS (TVSHLTD IN) and select Auto OEs


Shortlist of High-Conviction Ideas Across Japan, China & India – August 2026 (Post-Results)

India

TVS Holdings Limited is an Indian conglomerate holding company engaged in strategic investments across the automotive and financial services sectors. It manages a diversified portfolio through its subsidiaries, including automotive manufacturing (two-wheelers and three-wheelers), retail finance, and real estate. The company is headquartered in Chennai, Tamil Nadu, India, and was founded in 1962.

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

TVS (TVSHLTD IN)

HoldCo Series: TVS Holdings Ltd–Play on the Fastest-Growing Auto Company; NBFC Amalgamation Underway

Insight into TVS Holdings' history, holdco structure, recent NBFC amalgamation, and its potential as a play on India's fastest automotive company.

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

Shortlist of High-Conviction Ideas Across Japan, China & India – September 2026

Strong Sales Volume for Maruti Suzuki in the month of September'26 - 236,013 units vs 189,665 units (24% YoY); Similarly for Ashok Leyland its 28%...

Sreemant Dudhoria

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

Shortlist of High-Conviction Ideas Across Japan, China & India – August 2026 (Post-Results)

Among the companies mentioned here, Milky Mist reported out of the court results for Q1. The stock is up 20% in last two days post results. Also...

Sreemant Dudhoria

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HoldCo Series: TVS Holdings Ltd–Play on the Fastest-Growing Auto Company; NBFC Amalgamation Underway

​Insight into TVS Holdings' history, holdco structure, recent NBFC amalgamation, and its potential as a play on India's fastest automotive company.

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

Shortlist of High-Conviction Ideas Across Japan, China & India – September 2026

Strong Sales Volume for Maruti Suzuki in the month of September'26 - 236,013 units vs 189,665 units (24% YoY); Similarly for Ashok Leyland its 28%...

Sreemant Dudhoria

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

Shortlist of High-Conviction Ideas Across Japan, China & India – August 2026 (Post-Results)

Among the companies mentioned here, Milky Mist reported out of the court results for Q1. The stock is up 20% in last two days post results. Also...

Sreemant Dudhoria

Insight into TVS Holdings' history, holdco structure, recent NBFC amalgamation, and its potential as a play on India's fastest automotive company.