The incentive to write reviews is disproportionately tilted towards those who have negative reviews. Most positive reviews tend to be fake. Negative ones oversampled.
Best thing to do is talk to real employee on LinkedIn. Gives more wholistic picture and 360 degree view.
Found this interesting small-cap auto ancillary co. called Gabriel India which can be a good proxy to the Electric 2-wheeler play in India.
Gabriel India is the sole supplier of Shock absorbers to Ola Electric, Ather Energy, Hero Electric & Okinawa. Its order book looks solid.
Would love to hear everyoneās views.
@sahil_vi
@Tar similar play to Fiem Industries which you were researching.
What is the difference between a electric scooter shock absorber vs a normal scooter shock absorber?
Not OP but electric vehicles are usually heavier than the ICE counterparts. Perhaps that bring different design constraints for the same body volume(?). Also, check out regenerative shock absorberā¦
Most probably this is a volume game. If the volume increases, usual suspects will enter the field. What is stopping them from making another type of shock absorber?
Otherwise they must be the sole specialists of shock-absorber for whole range of vehicles.
As far I know, the design of Shockabsorber is done based on load carrying capacity of the vehicle i.e weight of Rider & Pillion. So imo, there is no major difference in shockabsorber of EV & normal vehicle.
Gabriel was supplying shockabsorber to 2 & 3WH since from 1980 to Bajaj Auto.
One important difference in electric vehicle and other types is the starting torque of the vehicle. In case of electric vehicles, the torque goes from 0 to 100 (imaginary no.) in one go while for other vehicles the increase is in steps (doesnt take long but not in the same instant).
I work in a tire company and our R&D team showed us this graph. So even tires can be different for electric vehicles. But are the tires different for electric vehicles, depends on Manufacturer and Market. Customer hardly notices the difference and wear and tear is not very different. But it matters to OE companies, especially in developed world.
Should be applicable to the other parts as well. But to make such a product, you need pretty good R&D.
Reason for question: I am trying to understand why this 1 company seems to be supplying shock absorber to so many EV companies.
If they do concalls and investor presentation I will look into it. Current financials are not very encouraging though. Seems sort of cyclical unless there is some one off which is affecting financials.
Hi Sahil, any changes in the portfolio or any new companies that you are currently studying?
Invested in indoco remedies. Apart from that no other change.
Studying mstc.
Studied fiem, HCG. Studying shri jagdamba polymers.
Have you looked at either Clean Science or Sona Comstar. Both recent IPOs, (both somewhat overvalued right now, and thus afaik, doesnāt fit with your usual thesis of undervalued situations). But in case you have, any opinions? Businesswise they look like very good businesses.
Tatva chintan is a strictly better investment than clean science.
Sona comstar makes me bleed through the nose. Looking at IPOs in a bull market is like going to the mall and window shopping Luis vuitton bags. Itās fun, but not very useful.
Hello Sahil, Do you see any impact of Energy Crisis in Europe on RACL geartech. Industry might be asked by government to go slow
Consider starting a thread on Tatva Chintan. Going by your twitter thread, you have done the hard work already,.
By the way I kept my word https://twitter.com/RajPanda/status/1431964773512409091?s=20
This is not how investing works. If we track the news flow and try to link it to each and every company, we will end up with spurious relations which dont have much to do with reality.
Unless they mention something about this in their concall, I would not consider it to be a factor.
There are always 1000 reasons not to own a stock. But that doesnāt mean that those reasons are probable. Thereās a difference between probable and possible.
A thread has already been created on tatva by chins. Itās a wonderful thread. Everything I have said on twitter is a strict subset of whatever is already said on the thread of course in different language/terms. No value would be added by me repeating same things again.
Thanks for the kind words. The necessary condition for me to do a deeper dive and post extensive research either on vp or twitter is if I think there is an investment case. I donāt create content unless I think there is an investment case. Fiem has most things going for it. Except Industry tailwinds. 2w industry has been quite poor growth since last decade or so. Check hero volume growth as an example. Without growth, auto ancs remain value traps. Racl due to its size & focus on luxury manages to get away from that game. Fiem is a market leader with 30% market share in lighting and value migration from halogen to led lighting specially benefitting from the EV push. I am tracking it closely. If I think industry tailwinds are there again, Iāll create a thread if valuations support at that point. Creating content takes lot of effort. I donāt want to spend it unless there is an investment case 
Hi Sahil,
I researched Jagdamba an year back and read the Vijay Malik analysis and stayed back. Since then it has grown multifold. There is private company owned by his son bigger than this and they do split the contracts. Most Investors discount the factor and ride the momentum. I have seen this in multiple companies, recent exampleJubliant Ingrevia had EC issues but discounted. I think its worth to look at the analysis and have our own risk/reward trade off to go on in investing in it. please do update on this
Apologies but I have almost never found his analyses useful. Not even once. Have more useful uses for my time. 
All concerns are known. And need to be discounted. But imo itās worth studying a company from fundamentals & business analysis pov. Some very interesting things happening here if one wants to study.
Hi Sahil,
I got it, I learned the hard lesson and missed some good stocks. I will follow the company thread for your updates.
Hi Sahil,
By any chance have you had a look at CarTrade. The valuation has come down quite a bit. Is a profitable Fintech platform(rare commodity) and is in a sector where there is truly a lot of market share to gain from unorganized sector.
I have read your take on SustaSundarā¦seems like a similar story here. Other players (like Cars24) have higher valuations but CarTrade seems to have its eye on the ball with a viable business model, good organic growth and is lowering its costs. Would love to know your views. Thanks.
