Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Pranav Bhavsar & the team at India Independent Insight (Iii), provide research on consumer companies operating or have exposure to in India. The research methodology focuses on carrying out on-the-ground channel surveillance/checks that include supplier/distributor/customer interactions, access to industry experts, and bespoke primary data sources that aid in providing unique insights and counter consensus ideas.  

Leveraging the team's forensic analysis along with channel surveillance, the team at Iii also aids investors in early identification of changing consumer trends, identification and quantification of accounting/governance risks, and the associated impact on the business model of the company.

Pranav has over 15 years of experience in the Indian equity market, and has worked with some of the global activists, long only and PE funds for their India projects. Prior roles also include building and leading an institutional sell-side desk. In his free time, Pranav is a traveler, biker, and a young Indian contributing to the country’s social and economic development.

Consumer Analyst / Channel Surveillance Specialist

Havells India (HAVL IN) | The Lost Summer

India Internet & Consumer Weekly | Bigbasket, Samsung, Whatsapp Pay, India's AC Ban

India Internet & Consumer Weekly | Xiaomi, Zomato, Swiggy, BurgerKing and Flipkart

Havells | Is Lloyd Turning Out to Be a Bad Apple?

Beyond the Street | Demand Drivers for Electronic Consumer Durables Insights from the Ground

Havells India | Takeaways from Distributor and Retailer Visits

The Fragile Urban Consumer | Rajasthan Checks Indicate an Emerging Urban Consumption Problem

India Consumer | How Long Will It Last? Q4 Takeaways and Channel Check Preview

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

Equity Bottom-Up

<p>In spite of trading at a lower average forward P/E multiple both on a 1 Year (1Y) and 3 Years (3Y) basis, we expect the underperformance of <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> to continue. With no certainty in recovery on the broader economic environment and consumer sentiment, the near term outlook for HAVL appears to be weak. </p>
<p>We expect no change in Lloyd's position in the disrupted LED TV business, the season for ACs likely to remain competitive and may not change the margin profile in spite of a change in the supply chain for Lloyd. Industrial product portfolio may remain weak and market share in core categories like Cables and Wires could be vulnerable.  </p>
<div class="content-highlight">
<p><em>This Insight is labelled bearish as we expect HAVL to underperform the Index in the near term and the stock appears expensive considering the growth outlook.</em></p>
</div>

In spite of trading at a lower average forward P/E multiple both on a 1 Year (1Y) and 3 Years (3Y) basis, we expect the underperformance of Havells India (HAVL IN) to continue. With no certainty in recovery on the broader economic environment and consumer sentiment, the near term outlook for HAVL appears to be weak. 
We expect no change in Lloyd's position in the disrupted LED TV business, the season for ACs likely to remain competitive and may not change the margin profile in spite of a change in the supply chain for Lloyd. Industrial product portfolio may remain weak and market share in core categories like Cables and Wires could be vulnerable.  

This Insight is labelled bearish as we expect HAVL to underperform the Index in the near term and the stock appears expensive considering the growth outlook.


Havells India (HAVL IN) | Lost Ground Unlikely to Be Recovered; Underperformance to Continue