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

Equity Bottom-Up

<ul>
<li>MSIL decisively shifted to UVs, reaching a 41% segment share in FY25 via key launches (Brezza, Grand Vitara), fundamentally reversing market share losses to become a full-range powerhouse.</li>
<li>The revised GST flat rate of 40% for SUVs reduces prices and boosts affordability, creating a powerful dual catalyst with the festive season for significant volume and market share growth.</li>
<li>Strong exports grew by 17.5%, establishing MSIL as the parent's global EV hub and mitigating local risks, while high EBITDA margins (~13%) ensure profitable and sustainable growth.</li>
</ul>


MSIL decisively shifted to UVs, reaching a 41% segment share in FY25 via key launches (Brezza, Grand Vitara), fundamentally reversing market share losses to become a full-range powerhouse.
The revised GST flat rate of 40% for SUVs reduces prices and boosts affordability, creating a powerful dual catalyst with the festive season for significant volume and market share growth.
Strong exports grew by 17.5%, establishing MSIL as the parent's global EV hub and mitigating local risks, while high EBITDA margins (~13%) ensure profitable and sustainable growth.


Maruti Suzuki's Resurgence: Winning with SUVs and a Timely Tax Break

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Event-Driven

<ul>
<li>Prime Minister Modi kick‑started production and global dispatch of Maruti Suzuki’s e‑Vitara EV with a “Make in India, Make for the World” pitch.</li>
<li>It marks India’s ascent as a global EV manufacturing hub while bolstering local EV infrastructure and Japan‑India industrial synergy.</li>
<li>Suzuki is investing INR 70,000 crore (~US$8 billion) over 5–6 years and targeting 50k to 1L units of EV exports each year. </li>
</ul>


Prime Minister Modi kick‑started production and global dispatch of Maruti Suzuki’s e‑Vitara EV with a “Make in India, Make for the World” pitch.
It marks India’s ascent as a global EV manufacturing hub while bolstering local EV infrastructure and Japan‑India industrial synergy.
Suzuki is investing INR 70,000 crore (~US$8 billion) over 5–6 years and targeting 50k to 1L units of EV exports each year. 


Maruti E‑Vitara Launch: Make in India, Make for the World...

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

<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

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.</li>
<li>These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.</li>
<li>Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.</li>
</ul>


The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.
These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.
Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.


A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & Thoughts on Valuation

India

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

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Maruti Suzuki India (MSIL IN)

Maruti Suzuki's Resurgence: Winning with SUVs and a Timely Tax Break

MSIL dominates UV segment with 41% share, boosted by key launches and revised GST rates, driving volume and market share growth with strong...

Sudarshan Bhandari

Maruti E‑Vitara Launch: Make in India, Make for the World...

PM Modi launches Maruti Suzuki's e-Vitara EV production, emphasizing "Make in India, Make for the World" to boost India's EV manufacturing and...

Nimish Maheshwari

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,CFA

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Maruti Suzuki's Resurgence: Winning with SUVs and a Timely Tax Break

​MSIL dominates UV segment with 41% share, boosted by key launches and revised GST rates, driving volume and market share growth with strong...

Sudarshan Bhandari

Maruti E‑Vitara Launch: Make in India, Make for the World...

​PM Modi launches Maruti Suzuki's e-Vitara EV production, emphasizing "Make in India, Make for the World" to boost India's EV manufacturing and...

Nimish Maheshwari

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,CFA

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

​The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

MSIL dominates UV segment with 41% share, boosted by key launches and revised GST rates, driving volume and market share growth with strong...

PM Modi launches Maruti Suzuki's e-Vitara EV production, emphasizing "Make in India, Make for the World" to boost India's EV manufacturing and...

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

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...