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

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>
Strong Core Performance:<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> delivered robust growth in Auto &amp;Farm segments in Q4FY25,with SUV volumes up 20% &amp;tractor volumes up 12%,alongside market share gains in both segments.</li>
<li>
Strategic Expansion &amp; Capital Allocation: The company outlined a clear roadmap for scaling EV and ICE capacities to 85K/month by FY27.</li>
<li>
Valuation Upside from Growth Platforms:With scalable and emerging "growth gems" across real estate, hospitality,renewables, and EVs, M&amp;M's Sum-of-the-Parts (SOTP) valuation pegs fair value at INR 3,437/share, including the EV business.</li>
</ul>



Strong Core Performance:Mahindra &amp; Mahindra (MM IN) delivered robust growth in Auto &amp;Farm segments in Q4FY25,with SUV volumes up 20% &amp;tractor volumes up 12%,alongside market share gains in both segments.

Strategic Expansion &amp; Capital Allocation: The company outlined a clear roadmap for scaling EV and ICE capacities to 85K/month by FY27.

Valuation Upside from Growth Platforms:With scalable and emerging "growth gems" across real estate, hospitality,renewables, and EVs, M&amp;M's Sum-of-the-Parts (SOTP) valuation pegs fair value at INR 3,437/share, including the EV business.


Mahindra & Mahindra (MM IN)  - Top 5 Takeaways from Q4FY25 Results

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a>’s April Slump: Operational, Not Structural Temporary plant shutdowns dragged volumes; normalization expected. <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> : Domestic Drag, Exports Hold Up.</li>
<li>
<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> : Momentum + Execution = Strong across domestic, exports, and EVs. Growth outperformance could justify its valuation premium — but how long can it hold?</li>
<li>
Demand Tailwinds Strengthen into May : Favorable marriage seasonality, recovering rural sentiment, and lean channel inventory suggest a stronger May — key for stocks at current levels.</li>
</ul>



Hero Motocorp (HMCL IN)’s April Slump: Operational, Not Structural Temporary plant shutdowns dragged volumes; normalization expected. Bajaj Auto Ltd (BJAUT IN) : Domestic Drag, Exports Hold Up.

TVS Motor (TVSL IN) : Momentum + Execution = Strong across domestic, exports, and EVs. Growth outperformance could justify its valuation premium — but how long can it hold?

Demand Tailwinds Strengthen into May : Favorable marriage seasonality, recovering rural sentiment, and lean channel inventory suggest a stronger May — key for stocks at current levels.


Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways

<ul>
<li>
EV 2W Sales Slide 30% in April: Post-March correction driven by subsidy cuts and seasonal softening; YoY momentum still +39%.</li>
<li>
Subsidy Cuts Reset the Playing Field: PM e-Drive scheme slashes EV support, testing price elasticity and OEM pricing strategy.</li>
<li>
OEMs at a Crossroads: With volume volatility rising, the next few months will reveal who can defend share—and who can’t.</li>
</ul>



EV 2W Sales Slide 30% in April: Post-March correction driven by subsidy cuts and seasonal softening; YoY momentum still +39%.

Subsidy Cuts Reset the Playing Field: PM e-Drive scheme slashes EV support, testing price elasticity and OEM pricing strategy.

OEMs at a Crossroads: With volume volatility rising, the next few months will reveal who can defend share—and who can’t.


India Two-Wheeler OEMs – April EV Sales Dip Post-Policy Shift; Near-Term Trends Under Watch

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in India.

<ul>
<li>
Robust Operating Performance:<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> reported 17% YoY revenue growth in Q4FY25 with EBITDA margins at 12.5% (ex-PLI) — stable despite input cost pressures. </li>
<li>
EV Momentum &amp; Premium Product Strength: EV sales rose 54% YoY, and TVS continued to gain traction in the premium segment through its Apache and Ntorq models.</li>
<li>
Valuation Demands Flawless Execution:At 58x P/E TTM EPS,TVS commands a steep premium over peers.Justifying this requires sustained outperformance in EV adoption, export monetization, and premium product cycles without margin erosion.</li>
</ul>



Robust Operating Performance:TVS Motor (TVSL IN) reported 17% YoY revenue growth in Q4FY25 with EBITDA margins at 12.5% (ex-PLI) — stable despite input cost pressures. 

EV Momentum &amp; Premium Product Strength: EV sales rose 54% YoY, and TVS continued to gain traction in the premium segment through its Apache and Ntorq models.

Valuation Demands Flawless Execution:At 58x P/E TTM EPS,TVS commands a steep premium over peers.Justifying this requires sustained outperformance in EV adoption, export monetization, and premium product cycles without margin erosion.


TVS Motor Q4FY25 Review: Premium Valuation Backed by Strategic Execution or Investor Over-Optimism?

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

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

Mahindra & Mahindra (MM IN) - Top 5 Takeaways from Q4FY25 Results

Mahindra & Mahindra (MM IN) sees strong core performance with robust growth in Auto & Farm segments, strategic expansion in EV and ICE capacities,...

Sreemant Dudhoria

Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways

Hero Motocorp's April slump due to temporary plant shutdowns, while TVS Motor shows strong momentum and execution. Demand tailwinds expected to...

Sreemant Dudhoria

India Two-Wheeler OEMs – April EV Sales Dip Post-Policy Shift; Near-Term Trends Under Watch

Electric two-wheeler sales dropped 30% in April due to subsidy cuts and seasonal trends. The next few months would be crucial for determining...

Sreemant Dudhoria

TVS Motor Q4FY25 Review: Premium Valuation Backed by Strategic Execution or Investor Over-Optimism?

TVS Motor reported strong revenue growth and stable margins in Q4FY25, driven by EV sales and premium product strength. Valuation demands flawless...

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

Mahindra & Mahindra (MM IN) - Top 5 Takeaways from Q4FY25 Results

​Mahindra & Mahindra (MM IN) sees strong core performance with robust growth in Auto & Farm segments, strategic expansion in EV and ICE capacities,...

Sreemant Dudhoria

Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways

​Hero Motocorp's April slump due to temporary plant shutdowns, while TVS Motor shows strong momentum and execution. Demand tailwinds expected to...

Sreemant Dudhoria

India Two-Wheeler OEMs – April EV Sales Dip Post-Policy Shift; Near-Term Trends Under Watch

​Electric two-wheeler sales dropped 30% in April due to subsidy cuts and seasonal trends. The next few months would be crucial for determining...

Sreemant Dudhoria

TVS Motor Q4FY25 Review: Premium Valuation Backed by Strategic Execution or Investor Over-Optimism?

​TVS Motor reported strong revenue growth and stable margins in Q4FY25, driven by EV sales and premium product strength. Valuation demands flawless...

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

Mahindra & Mahindra (MM IN) sees strong core performance with robust growth in Auto & Farm segments, strategic expansion in EV and ICE capacities,...

Hero Motocorp's April slump due to temporary plant shutdowns, while TVS Motor shows strong momentum and execution. Demand tailwinds expected to...

Electric two-wheeler sales dropped 30% in April due to subsidy cuts and seasonal trends. The next few months would be crucial for determining...

TVS Motor reported strong revenue growth and stable margins in Q4FY25, driven by EV sales and premium product strength. Valuation demands flawless...

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