India Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

India 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

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)'s </a> Q4 FY25 results missed estimates, with revenue up 6.4% YoY but PAT down 4.3% YoY, impacted by higher costs from new launches and EV investments.</li>
<li>Management guides for 1–2% industry growth in FY26 but expects to outperform, led by new SUV launches and strong export growth (+20% targeted).</li>
<li>Valuation at ~25x trailing EPS appears fair relative to historical average; near-term upside looks capped given muted demand and margin pressures.</li>
</ul>



Maruti Suzuki India (MSIL IN)'s  Q4 FY25 results missed estimates, with revenue up 6.4% YoY but PAT down 4.3% YoY, impacted by higher costs from new launches and EV investments.
Management guides for 1–2% industry growth in FY26 but expects to outperform, led by new SUV launches and strong export growth (+20% targeted).
Valuation at ~25x trailing EPS appears fair relative to historical average; near-term upside looks capped given muted demand and margin pressures.


Maruti Suzuki India (MSIL) - Top 5 Takeaways from Q4FY25 Results

Thematic (Sector/Industry)

<ul>
<li>Promoters of multiple large-cap Indian firms made significant insider purchases in March 2025.</li>
<li>Sectors with notable activity include financials, real estate, and specialty chemicals.</li>
<li>Many of these stocks have already rallied post-purchase, with gains reaching up to 30%.</li>
</ul>


Promoters of multiple large-cap Indian firms made significant insider purchases in March 2025.
Sectors with notable activity include financials, real estate, and specialty chemicals.
Many of these stocks have already rallied post-purchase, with gains reaching up to 30%.


Insider Buying Trends in Indian Equities (Market Cap > USD 1 Billion) – March 2025

Cross Asset Strategy

<ul>
<li>March 2025 was a great month for electric two wheeler sales. However mid month April registration numbers show steep decline in volumes.</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> and <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> witness steep decline in volume versus March 2025.</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> leads the table with the highest registration.</li>
</ul>


March 2025 was a great month for electric two wheeler sales. However mid month April registration numbers show steep decline in volumes.

Bajaj Auto Ltd (BJAUT IN) and TVS Motor (TVSL IN) witness steep decline in volume versus March 2025.

Ola Electric (OLAELEC IN) leads the table with the highest registration.


Mid-Month Electric Two-Wheeler Update: Bajaj Auto and TVS Motor Witness Steep Decline

<ul>
<li>March recorded the highest electric two-wheeler sales since the last festive season. But will this momentum sustain, or is it just a year-end sales push?</li>
<li>EV penetration in two-wheeler sales has reached its highest level in the financial year 2025.</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>,<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> are the top picks in the electric two wheeler category.<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>has been the most inconsistent player despite having major volumes.</li>
</ul>


March recorded the highest electric two-wheeler sales since the last festive season. But will this momentum sustain, or is it just a year-end sales push?
EV penetration in two-wheeler sales has reached its highest level in the financial year 2025.

Bajaj Auto Ltd (BJAUT IN),TVS Motor (TVSL IN) are the top picks in the electric two wheeler category.Ola Electric (OLAELEC IN)has been the most inconsistent player despite having major volumes.


Electrifying 2W Sales in March – Bajaj Auto Takes the Lead

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.

<ul>
<li>
<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>growth has been an outlier in the intensely competitive Indian passenger car industry.We share insights on how this trend has evolved over the past several months.</li>
<li>This insight provides detailed analysis of sales performance of key players-<a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL 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>,<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> &amp; <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HYUNDAI IN)</a> </li>
<li>Various initiatives introduced in the recent Union Budget are expected to boost demand for passenger cars in the medium term.</li>
</ul>



Mahindra &amp; Mahindra (MM IN)growth has been an outlier in the intensely competitive Indian passenger car industry.We share insights on how this trend has evolved over the past several months.
This insight provides detailed analysis of sales performance of key players-Maruti Suzuki India (MSIL IN) ,Mahindra &amp; Mahindra (MM IN),Tata Motors Ltd (TTMT IN) &amp; Hyundai Motor India (HYUNDAI IN) 
Various initiatives introduced in the recent Union Budget are expected to boost demand for passenger cars in the medium term.


It's M&M Vs. The Rest – Passenger Car Market Update

Sreemant Dudhoria is a CFA Charterholder with 15 years of experience in equity research and information technology. He is also a SEBI-registered Research Analyst (Registration Number: INH000016861). His focus is on analyzing companies where promoters buy their own shares. Previously, he has worked with Unifi Capital and Infosys Technologies Limited.

Sreemant Dudhoria
India Equity Analyst - Fundamental & Thematic
• Sree Capital

Maruti Suzuki India (MSIL) - Top 5 Takeaways from Q4FY25 Results

Maruti Suzuki India's Q4FY25 results disappoint. Management expects to outperform industry growth in FY26.Valuation at 25x P/E trailing EPS seems...

Sreemant Dudhoria

Insider Buying Trends in Indian Equities (Market Cap > USD 1 Billion) – March 2025

Promoters increased stakes in key large-cap Indian stocks in March'25, signaling strong conviction. Focus on financials, real estate, and chemicals...

Sreemant Dudhoria

Mid-Month Electric Two-Wheeler Update: Bajaj Auto and TVS Motor Witness Steep Decline

March'25 saw surge in EV 2W sales, but mid-April registrations show a significant decline in volumes, with Bajaj Auto and TVS Motor experiencing...

Sreemant Dudhoria

Electrifying 2W Sales in March – Bajaj Auto Takes the Lead

March saw a surge in electric two-wheeler sales. Bajaj Auto Ltd and TVS Motor are top picks in the category. Ola Electric, despite high volumes,...

Sreemant Dudhoria

It's M&M Vs. The Rest – Passenger Car Market Update

Insights on Mahindra & Mahindra's exceptional growth in the Indian passenger car industry, with detailed analysis of key players and potential...

Sreemant Dudhoria

Maruti Suzuki India (MSIL) - Top 5 Takeaways from Q4FY25 Results

​Maruti Suzuki India's Q4FY25 results disappoint. Management expects to outperform industry growth in FY26.Valuation at 25x P/E trailing EPS seems...

Sreemant Dudhoria

Insider Buying Trends in Indian Equities (Market Cap > USD 1 Billion) – March 2025

Promoters increased stakes in key large-cap Indian stocks in March'25, signaling strong conviction. Focus on financials, real estate, and chemicals...

Sreemant Dudhoria

Mid-Month Electric Two-Wheeler Update: Bajaj Auto and TVS Motor Witness Steep Decline

​March'25 saw surge in EV 2W sales, but mid-April registrations show a significant decline in volumes, with Bajaj Auto and TVS Motor experiencing...

Sreemant Dudhoria

Electrifying 2W Sales in March – Bajaj Auto Takes the Lead

​March saw a surge in electric two-wheeler sales. Bajaj Auto Ltd and TVS Motor are top picks in the category. Ola Electric, despite high volumes,...

Sreemant Dudhoria

It's M&M Vs. The Rest – Passenger Car Market Update

​Insights on Mahindra & Mahindra's exceptional growth in the Indian passenger car industry, with detailed analysis of key players and potential...

Sreemant Dudhoria

Maruti Suzuki India's Q4FY25 results disappoint. Management expects to outperform industry growth in FY26.Valuation at 25x P/E trailing EPS seems...

March'25 saw surge in EV 2W sales, but mid-April registrations show a significant decline in volumes, with Bajaj Auto and TVS Motor experiencing...

March saw a surge in electric two-wheeler sales. Bajaj Auto Ltd and TVS Motor are top picks in the category. Ola Electric, despite high volumes,...

Insights on Mahindra & Mahindra's exceptional growth in the Indian passenger car industry, with detailed analysis of key players and potential...