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

Mahindra & Mahindra – Found On Road Dead

M&M: Q3FY21 Earnings Update - Capital Allocation Assessment and Restructuring Almost Complete

India Auto | Turnaround for Tractors? Takeaways from Dealer Visits

Farm Loan Waiver: Tractors an Anonymous Beneficiary

Farm Loan WaiversTo Dampen Credit Growth Cycle

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>The Farm Equipment Sector (FES) business continues to be an important segment for <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> 's a standalone business. Our recent channel checks with dealers in North (Rajasthan) and West (Gujarat) as highlighted in <a href="https://www.smartkarma.com/insights/india-auto-turnaround-for-tractors-takeaways-from-dealer-visits" target="_blank" data-smartkarma-citation="insights:30194" rel="noopener">India Auto | Turnaround for Tractors? Takeaways from Dealer Visits</a> indicate MM's volume guidance of 5% for this year and 8% to 9% in the medium term is most likely to be met.</p>
<p>On a consolidated basis, At the last close price of INR 618, M&amp;M trades at 13.4x FY2021 consensus. EPS estimate of 42.91 The 3 years of average multiple for M&amp;M has been 16.6x. The current weakness in the stock could offer a potentially attractive entry point. </p>

The Farm Equipment Sector (FES) business continues to be an important segment for Mahindra &amp; Mahindra (MM IN) 's a standalone business. Our recent channel checks with dealers in North (Rajasthan) and West (Gujarat) as highlighted in India Auto | Turnaround for Tractors? Takeaways from Dealer Visits indicate MM's volume guidance of 5% for this year and 8% to 9% in the medium term is most likely to be met.
On a consolidated basis, At the last close price of INR 618, M&amp;M trades at 13.4x FY2021 consensus. EPS estimate of 42.91 The 3 years of average multiple for M&amp;M has been 16.6x. The current weakness in the stock could offer a potentially attractive entry point. 

M&M (MM IN) | Farm Equipment Sector (FES) Guidance Should Be Maintained