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 Capital Markets

Urban Company operates a technology-driven, full-stack online services marketplace for quality driven services and solutions across various home and beauty categories. Our platform enables consumers to easily order services, including cleaning, pest control, plumbing, carpentry, appliance servicing and repair, painting, skincare, hair grooming and massage therapy. These services are delivered by trained and independent service professionals at the consumers’ convenience. We are focused on enabling delivery of a quality driven, standardized and reliable service experience.

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<li>
<a href="https://www.smartkarma.com/entities/urban-company" target="_blank" data-smartkarma-citation="entities:33475:1" rel="noopener">Urban Company (UCL IN)</a> reported profits in FY25 after years of losses, but the improvement is largely due to temporary cost compression and one-off accounting adjustments.</li>
<li>Revenue growth remains robust (INR11,445m in FY25 vs INR 6,366m in FY23), but profitability sustainability is questionable given competition and structural risks.</li>
<li>Deferred tax credits (INR 2112m in FY25) inflated net profit to INR 2,398m despite thin operating profit (Adj. EBITDA only ₹121m, 1.06% margin).</li>
</ul>



Urban Company (UCL IN) reported profits in FY25 after years of losses, but the improvement is largely due to temporary cost compression and one-off accounting adjustments.
Revenue growth remains robust (INR11,445m in FY25 vs INR 6,366m in FY23), but profitability sustainability is questionable given competition and structural risks.
Deferred tax credits (INR 2112m in FY25) inflated net profit to INR 2,398m despite thin operating profit (Adj. EBITDA only ₹121m, 1.06% margin).


Urban Company IPO – Profitability Just Before the IPO Appears to Be a Mirage

Equity Bottom-Up

Jindal Steel Limited manufactures steel products. The Company offers steel rails, parallel flange beams and columns, angles and channels, plates, and coils, as well as engages in the power, mining, manufacturing, and infrastructure construction businesses. Jindal Steel serves customers worldwide.

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<li>Despite the broad-based weakness in Indian equity market, insider buying in November 2025 was strong and broad-based.</li>
<li>We highlight large and small cap companies that experienced significant insider buying during November 2025, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
</ul>


Despite the broad-based weakness in Indian equity market, insider buying in November 2025 was strong and broad-based.
We highlight large and small cap companies that experienced significant insider buying during November 2025, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.


Insider Activity: Who Bought Their Own Stock in November?

ICICI Prudential AMC / Equity Capital Markets

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<li>
<strong>A Business So Perfect, It’s Almost Boring</strong> : Industry Tailwinds, Leader and extra ordinary return on equity makes <a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC (570643Z IN)</a> an attractive long term investment.</li>
<li>In this insight, we also present reasons why the near term listing gains may not be so attractive.</li>
<li>Business and industry insights, valuation comparison and our view on this IPO are presented in this insight</li>
</ul>



A Business So Perfect, It’s Almost Boring : Industry Tailwinds, Leader and extra ordinary return on equity makes ICICI Prudential AMC (570643Z IN) an attractive long term investment.
In this insight, we also present reasons why the near term listing gains may not be so attractive.
Business and industry insights, valuation comparison and our view on this IPO are presented in this insight


ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

Meesho Limited operates as an online retailer. The Company retails apparels, jewelries, personal care, home and kitchen, footwear, bags, kids essentials, and electronics items at lower prices for resellers and consumers. Meesho serves customers in India.

<ul>
<li>In this insight, we highlight why <a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN)</a> is a data science workhorse masquerading as an E-Commerce Platform</li>
<li>We discuss about the various advancements made by the company towards AL/ML models which are difficult to replicate.</li>
<li>Finally, we discuss our view on future prospects and valuation of the company.</li>
</ul>


In this insight, we highlight why Meesho (1546271D IN) is a data science workhorse masquerading as an E-Commerce Platform
We discuss about the various advancements made by the company towards AL/ML models which are difficult to replicate.
Finally, we discuss our view on future prospects and valuation of the company.


Meesho:Data Science Workhorse;Fast Evolving—Venturing into Financial Services & Other AI Investments

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles, including buses, tractors, dumpsters, haulage trucks, fire engines, and defense sector vehicles. The Company also manufactures industrial & marine engines, ferrous castings and spare parts for automobiles. Ashok Leyland sells its products in India and abroad.

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<li>
<a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a> enters 2026 with strong momentum. This insight discusses the various factors that benefit the company and what will drive the margins ahead.</li>
<li>Also discussed in this note are details about company's R&amp;D initiatives to reduce cyclicality and strengthen earnings quality. </li>
<li>Finally, we discuss about valuation and the potential upside from its core business and soon to be listed - Hinduja Leyland Finance.</li>
</ul>



Ashok Leyland (AL IN) enters 2026 with strong momentum. This insight discusses the various factors that benefit the company and what will drive the margins ahead.
Also discussed in this note are details about company's R&amp;D initiatives to reduce cyclicality and strengthen earnings quality. 
Finally, we discuss about valuation and the potential upside from its core business and soon to be listed - Hinduja Leyland Finance.


2026 High Conviction: Ashok Leyland- Ready with Right Masala: Upcycle, Margin Uptick, R&D &Strong MD

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 with bottom-up specific triggers. Previously, he has worked with Unifi Capital and Infosys Technologies Limited.

Sreemant Dudhoria,CFA
Equity Analyst - Fundamental & Thematic
• Sree Capital

Urban Company IPO – Profitability Just Before the IPO Appears to Be a Mirage

Urban company’s second lock-in opens today. We continue to believe the company remains in an evolutionary phase, with the path to profitability...

Sreemant Dudhoria,CFA

Insider Activity: Who Bought Their Own Stock in November?

Despite overall market weakness, insider buying in Indian equities was strong and widespread in November 2025, with significant activity in both...

Sreemant Dudhoria,CFA

ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

ICICI Prudential AMC is a boringly perfect business with strong industry tailwinds and exceptional RoE, making it an attractive long-term...

Sreemant Dudhoria,CFA

Meesho:Data Science Workhorse;Fast Evolving—Venturing into Financial Services & Other AI Investments

We expect a strong listing for Meesho shares today. The IPO saw robust demand, with overall subscription reaching 79x, led by institutional...

Sreemant Dudhoria,CFA

2026 High Conviction: Ashok Leyland- Ready with Right Masala: Upcycle, Margin Uptick, R&D &Strong MD

Ashok Leyland (AL IN) poised for success in 2026 with strong earnings momentum, driven by multiple factors.Valuation and potential upside from...

Sreemant Dudhoria,CFA

Urban Company IPO – Profitability Just Before the IPO Appears to Be a Mirage

Urban company’s second lock-in opens today. We continue to believe the company remains in an evolutionary phase, with the path to profitability...

Sreemant Dudhoria,CFA

Insider Activity: Who Bought Their Own Stock in November?

​Despite overall market weakness, insider buying in Indian equities was strong and widespread in November 2025, with significant activity in both...

Sreemant Dudhoria,CFA

ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

​ICICI Prudential AMC is a boringly perfect business with strong industry tailwinds and exceptional RoE, making it an attractive long-term...

Sreemant Dudhoria,CFA

Meesho:Data Science Workhorse;Fast Evolving—Venturing into Financial Services & Other AI Investments

We expect a strong listing for Meesho shares today. The IPO saw robust demand, with overall subscription reaching 79x, led by institutional...

Sreemant Dudhoria,CFA

2026 High Conviction: Ashok Leyland- Ready with Right Masala: Upcycle, Margin Uptick, R&D &Strong MD

​Ashok Leyland (AL IN) poised for success in 2026 with strong earnings momentum, driven by multiple factors.Valuation and potential upside from...

Sreemant Dudhoria,CFA

Despite overall market weakness, insider buying in Indian equities was strong and widespread in November 2025, with significant activity in both...

ICICI Prudential AMC is a boringly perfect business with strong industry tailwinds and exceptional RoE, making it an attractive long-term...

Ashok Leyland (AL IN) poised for success in 2026 with strong earnings momentum, driven by multiple factors.Valuation and potential upside from...