Andrei Stetsenko from Gymkhana Partners explores the investment case for Indian holdcos in general and Maharashtra Scooters in particular. Andrei outlines why he isn't just looking for a discount to NAV; he talks about how he breaks down the underlying NAV and incentives of the key players when assessing an Indian holdco, and how he believes the control of the Bajaj Group can create long term value.
Gymkhana Partners website: www.gymkhanapartners.com
Gymkhana's Q3 letter: https://www.gymkhanapartners.com/investor-letters/gymkhana-partners-q3-2025-quarterly-letter
Post on financialization of Indian savings: https://www.gymkhanapartners.com/dispatches/the-equitization-of-indian-savings
Doug's Alphasense webinar: ______________________________________________________________________
[00:00:00] Podcast and guest introduction
[00:02:57] Indian holdcos and Bajaj group
[00:05:47] Maharashtra Scooter NAV breakdown
[00:06:45] Growth prospects in Bajaj firms
[00:09:03] Insurance and lending discipline
[00:12:45] Risks of investing abroad
[00:15:25] India research and diligence
[00:17:03] India-dedicated fund strategy
[00:19:08] India’s economic transformation
[00:22:20] Attractive Indian holdcos overview
[00:25:36] Holdco incentive and structure
[00:28:50] SEBI reforms and catalysts
[00:29:41] Parallels with Japan’s reforms
[00:32:58] Professionalization and buyback signs
[00:33:46] Shareholder alignment and liquidity
[00:36:48] Family dynamics and governance
[00:39:23] NAV reliability and fundamentals
[00:42:03] Buybacks, dividends, and hurdles
[00:43:59] Governance: India vs US
[00:47:06] Potential unlock mechanisms
[00:49:56] Past performance and future growth
[00:52:33] Closing thoughts and blog posts
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