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

<ul>
<li>This note examines <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>s market share trajectory in the context of broader two-wheeler industry trends.</li>
<li>It also highlights internal leadership churn and execution issues post split from <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> </li>
<li>Finally, this note reviews the strategic outlook and key challenges ahead for the company, despite its discounted valuation compared to peers.</li>
</ul>


This note examines Hero Motocorp (HMCL IN)'s market share trajectory in the context of broader two-wheeler industry trends.
It also highlights internal leadership churn and execution issues post split from Honda Motor (7267 JP) 
Finally, this note reviews the strategic outlook and key challenges ahead for the company, despite its discounted valuation compared to peers.


Can the India's Largest Motorcycle Manufacturer Maintain Its Dominance?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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 Electric Two-Wheeler (E2W) market is expected to surge from 5.1% penetration in FY2024 to 35-40% by FY2031, growing at a CAGR of 41-44%.</li>
<li>The E2W sector's growth is driven by government support, rising fuel costs, air pollution concerns, and a young, tech-savvy population, making it a key player in India’s sustainable mobility transition.</li>
<li>E2Ws are set to dominate India’s two-wheeler market, offering consumers cost-effective, eco-friendly alternatives, reshaping mobility and providing new investment opportunities in the automotive and energy sectors.</li>
</ul>


India's Electric Two-Wheeler (E2W) market is expected to surge from 5.1% penetration in FY2024 to 35-40% by FY2031, growing at a CAGR of 41-44%.
The E2W sector's growth is driven by government support, rising fuel costs, air pollution concerns, and a young, tech-savvy population, making it a key player in India’s sustainable mobility transition.
E2Ws are set to dominate India’s two-wheeler market, offering consumers cost-effective, eco-friendly alternatives, reshaping mobility and providing new investment opportunities in the automotive and energy sectors.


Thematic Report: Electric Two-Wheeler Market in India

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a> raised around US$350m in its India IPO.</li>
<li>Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.</li>
<li>In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.</li>
</ul>



Ather Energy (1207922D IN) raised around US$350m in its India IPO.
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.


Ather Energy IPO Trading - Running Out of Charge

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a> lists on Indian stock exchanges today with expectations of a subdued debut.</li>
<li>Following its IPO, and early VC investors gradually reducing their stakes, the ownership and influence dynamics may begin to tilt more toward <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> that now owns 30%.</li>
<li>Is this shift a threat to Ather’s innovation-driven DNA, or should investors support a stronger collaboration with Hero Motocorp to unlock accelerated growth and take on competition from ICE incumbents?</li>
</ul>



Ather Energy (1207922D IN) lists on Indian stock exchanges today with expectations of a subdued debut.
Following its IPO, and early VC investors gradually reducing their stakes, the ownership and influence dynamics may begin to tilt more toward Hero Motocorp (HMCL IN) that now owns 30%.
Is this shift a threat to Ather’s innovation-driven DNA, or should investors support a stronger collaboration with Hero Motocorp to unlock accelerated growth and take on competition from ICE incumbents?


Ather Energy IPO: Likely Muted Debut.  Promoter Dynamics Shift—Potential Upside or Risk?

<ul>
<li>
<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>’s April Slump: Operational, Not Structural Temporary plant shutdowns dragged volumes; normalization expected. <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> : Domestic Drag, Exports Hold Up.</li>
<li>
<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> : Momentum + Execution = Strong across domestic, exports, and EVs. Growth outperformance could justify its valuation premium — but how long can it hold?</li>
<li>
Demand Tailwinds Strengthen into May : Favorable marriage seasonality, recovering rural sentiment, and lean channel inventory suggest a stronger May — key for stocks at current levels.</li>
</ul>



Hero Motocorp (HMCL IN)’s April Slump: Operational, Not Structural Temporary plant shutdowns dragged volumes; normalization expected. Bajaj Auto Ltd (BJAUT IN) : Domestic Drag, Exports Hold Up.

TVS Motor (TVSL IN) : Momentum + Execution = Strong across domestic, exports, and EVs. Growth outperformance could justify its valuation premium — but how long can it hold?

Demand Tailwinds Strengthen into May : Favorable marriage seasonality, recovering rural sentiment, and lean channel inventory suggest a stronger May — key for stocks at current levels.


Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways

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)

Can the India's Largest Motorcycle Manufacturer Maintain Its Dominance?

Analysis of Hero Motocorp's market share, leadership changes, and its strategic challenges in the two-wheeler industry.

Sreemant Dudhoria,CFA

Thematic Report: Electric Two-Wheeler Market in India

India's Electric Two-Wheeler market poised for explosive growth, set to dominate with eco-friendly options and new investment opportunities in...

Sudarshan Bhandari

Ather Energy IPO Trading - Running Out of Charge

Ather Energy raised around US$350m in its India IPO. We have looked at its past performance in our earlier notes. In this note, we talk about the...

Sumeet Singh

Ather Energy IPO: Likely Muted Debut. Promoter Dynamics Shift—Potential Upside or Risk?

If Hero MotoCorp (HMCL IN), that holds 30% stake as co-promoter, takes a more active role, Ather could scale faster and compete more effectively...

Devi Subhakesan

Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways

Hero Motocorp's April slump due to temporary plant shutdowns, while TVS Motor shows strong momentum and execution. Demand tailwinds expected to...

Sreemant Dudhoria,CFA

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Can the India's Largest Motorcycle Manufacturer Maintain Its Dominance?

​Analysis of Hero Motocorp's market share, leadership changes, and its strategic challenges in the two-wheeler industry.

Sreemant Dudhoria,CFA

Thematic Report: Electric Two-Wheeler Market in India

​India's Electric Two-Wheeler market poised for explosive growth, set to dominate with eco-friendly options and new investment opportunities in...

Sudarshan Bhandari

Ather Energy IPO Trading - Running Out of Charge

Ather Energy raised around US$350m in its India IPO. We have looked at its past performance in our earlier notes. In this note, we talk about the...

Sumeet Singh

Ather Energy IPO: Likely Muted Debut. Promoter Dynamics Shift—Potential Upside or Risk?

If Hero MotoCorp (HMCL IN), that holds 30% stake as co-promoter, takes a more active role, Ather could scale faster and compete more effectively...

Devi Subhakesan

Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways

​Hero Motocorp's April slump due to temporary plant shutdowns, while TVS Motor shows strong momentum and execution. Demand tailwinds expected to...

Sreemant Dudhoria,CFA

Analysis of Hero Motocorp's market share, leadership changes, and its strategic challenges in the two-wheeler industry.

India's Electric Two-Wheeler market poised for explosive growth, set to dominate with eco-friendly options and new investment opportunities in...

Hero Motocorp's April slump due to temporary plant shutdowns, while TVS Motor shows strong momentum and execution. Demand tailwinds expected to...