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)

<ul>
<li>The Indian two-wheeler industry experienced subdued performance in February 2025, with listed companies reporting modest domestic sales figures. Exports were the only bright spot.</li>
<li>This insight provides a detailed analysis of sales performance of key players- <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a>,<a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> , <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> and <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a>.</li>
<li>Although companies have indicated an improvement in the domestic market following the festival of Holi, it remains to be seen how the demand scenario unfolds.</li>
</ul>


The Indian two-wheeler industry experienced subdued performance in February 2025, with listed companies reporting modest domestic sales figures. Exports were the only bright spot.
This insight provides a detailed analysis of sales performance of key players- Hero Motocorp (HMCL IN),Bajaj Auto Ltd (BJAUT IN) , TVS Motor (TVSL IN) and Eicher Motors (EIM IN).
Although companies have indicated an improvement in the domestic market following the festival of Holi, it remains to be seen how the demand scenario unfolds.


Weak Domestic Consumer Sentiment Impacts Two-Wheeler Sales in India

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Feb’25 Wholesale Volumes: Domestic PV industry sales grew by 2% YoY, driven by strong volumes from Toyota, M&amp;M, and Kia while Hyundai/Tata Motors witnessed declines.</li><li>The domestic CV industry saw a decline of 3% YoY and 1% MoM. The 3W segment posted a 5% YoY and 2% QoQ increase in wholesales.</li><li>The domestic tractor industry registered 12% YoY volume growth, led by 19% and 10% YoY growth in M&amp;M and Escorts, respectively. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Feb’25 Wholesale Volumes: Domestic PV industry sales grew by 2% YoY, driven by strong volumes from Toyota, M&amp;M, and Kia while Hyundai/Tata Motors witnessed declines.The domestic CV industry saw a decline of 3% YoY and 1% MoM. The 3W segment posted a 5% YoY and 2% QoQ increase in wholesales.The domestic tractor industry registered 12% YoY volume growth, led by 19% and 10% YoY growth in M&amp;M and Escorts, respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto Monthly Sales Volume - February 2025

<ul>
<li>India's E-2W market witnessed a major shakeup in Feb-2025.<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a>'s sales nosedived,causing the company to fall from the No. 1 position in January to No. 4 in February.</li>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> led the market with 21,335 units, followed by <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> at 18,743 units and <a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a> at 11,788 units.</li>
<li>Market continues to be highly competitive,with top three players vying for leadership. Increasing consumer adoption,new product launches, and potential IPOs from key companies indicate dynamic year ahead for E-2W industry.</li>
</ul>


India's E-2W market witnessed a major shakeup in Feb-2025.Ola Electric (OLAELEC IN)'s sales nosedived,causing the company to fall from the No. 1 position in January to No. 4 in February.

Bajaj Auto Ltd (BJAUT IN) led the market with 21,335 units, followed by TVS Motor (TVSL IN) at 18,743 units and Ather Energy (1207922D IN) at 11,788 units.
Market continues to be highly competitive,with top three players vying for leadership. Increasing consumer adoption,new product launches, and potential IPOs from key companies indicate dynamic year ahead for E-2W industry.


Cards Flip: Ola’s Market Share Falls; India Electric Two-Wheeler Sales Trend – February 2025

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis, led by energy, auto, and cement sectors.</li><li>Aggregate revenue/PAT grew by 5%/8% YoY and 5%/6% QoQ across the HSIE coverage (~234 stocks).</li><li>Earnings of mid/small-cap stocks grew slower at 3.8% in this quarter as compared to 8.7% registered by the large cap segment</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis, led by energy, auto, and cement sectors.Aggregate revenue/PAT grew by 5%/8% YoY and 5%/6% QoQ across the HSIE coverage (~234 stocks).Earnings of mid/small-cap stocks grew slower at 3.8% in this quarter as compared to 8.7% registered by the large cap segmentContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Quarterly Flipbook: Diminishing growth, downgrades intensify across sectors

<ul>
<li>India's E-2W witnessed strong performance in January'2025,with registrations reaching 97,680 units. While this marked a recovery from the dip in December'2024,it remained lower than peak months of March and October'2024.</li>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> led the market,closely followed by <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)&amp;</a><a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a>.<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a>,<a href="https://www.smartkarma.com/entities/greaves-electric-mobility-ltd-geml" target="_blank" data-smartkarma-citation="entities:44227:1" rel="noopener">Greaves Electric Mobility Ltd (GEML) (1295040D IN) </a>also showed steady growth.</li>
<li>Market continues to be highly competitive,with top three players vying for leadership. Increasing consumer adoption,new product launches, and potential IPOs from key companies indicate dynamic year ahead for E-2W industry.</li>
</ul>


India's E-2W witnessed strong performance in January'2025,with registrations reaching 97,680 units. While this marked a recovery from the dip in December'2024,it remained lower than peak months of March and October'2024.

Ola Electric (OLAELEC IN) led the market,closely followed by TVS Motor (TVSL IN)&amp;Bajaj Auto Ltd (BJAUT IN).Ather Energy (1207922D IN),Greaves Electric Mobility Ltd (GEML) (1295040D IN) also showed steady growth.
Market continues to be highly competitive,with top three players vying for leadership. Increasing consumer adoption,new product launches, and potential IPOs from key companies indicate dynamic year ahead for E-2W industry.


India –Electric Two-Wheeler Sales Trend – January 2025

India

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in India.

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TVS Motor (TVSL IN)

Weak Domestic Consumer Sentiment Impacts Two-Wheeler Sales in India

Indian two-wheeler industry sees subdued performance in Feb 2025, with exports shining. Detailed analysis of key players' sales provided. Domestic...

Sreemant Dudhoria,CFA

Auto Monthly Sales Volume - February 2025

Feb’25 Wholesale Volumes: Domestic PV industry sales grew by 2% YoY, driven by strong volumes from Toyota, M&M, and Kia while Hyundai/Tata Motors...

Axis Direct

Quarterly Flipbook: Diminishing growth, downgrades intensify across sectors

The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis,...

HDFC Securities

India –Electric Two-Wheeler Sales Trend – January 2025

India's E-2W market saw strong performance in Jan'25, led by Ola Electric,TVS Motor & Bajaj Auto. Competition remains fierce with potential IPOs &...

Sreemant Dudhoria,CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weak Domestic Consumer Sentiment Impacts Two-Wheeler Sales in India

​Indian two-wheeler industry sees subdued performance in Feb 2025, with exports shining. Detailed analysis of key players' sales provided. Domestic...

Sreemant Dudhoria,CFA

Auto Monthly Sales Volume - February 2025

Feb’25 Wholesale Volumes: Domestic PV industry sales grew by 2% YoY, driven by strong volumes from Toyota, M&M, and Kia while Hyundai/Tata Motors...

Axis Direct

Cards Flip: Ola’s Market Share Falls; India Electric Two-Wheeler Sales Trend – February 2025

​India's E-2W market saw a major shift in Feb-2025 as Ola Electric's sales plummeted. Top players compete for leadership in a dynamic industry with...

Sreemant Dudhoria,CFA

Quarterly Flipbook: Diminishing growth, downgrades intensify across sectors

The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis,...

HDFC Securities

India –Electric Two-Wheeler Sales Trend – January 2025

​India's E-2W market saw strong performance in Jan'25, led by Ola Electric,TVS Motor & Bajaj Auto. Competition remains fierce with potential IPOs &...

Sreemant Dudhoria,CFA

Indian two-wheeler industry sees subdued performance in Feb 2025, with exports shining. Detailed analysis of key players' sales provided. Domestic...

India's E-2W market saw a major shift in Feb-2025 as Ola Electric's sales plummeted. Top players compete for leadership in a dynamic industry with...

India's E-2W market saw strong performance in Jan'25, led by Ola Electric,TVS Motor & Bajaj Auto. Competition remains fierce with potential IPOs &...