Yet Another Value Podcast Gymkhana Partners' Andrei Stetsenko on Maharashtra Scooters and Indian Holdcos
Nov 3, 2025
In this conversation with Andrei Stetsenko, founder of Gymkhana Partners and an expert on Indian investments, listeners explore the intriguing world of Indian holding companies, particularly Maharashtra Scooters. Andrei discusses how he evaluates the value of holdcos beyond just asset discounts, highlighting the growth potential of Bajaj Group's financial services. He also shares insights on the evolution of India's economic landscape, management professionalization, and how regulatory reforms may unlock value in these investments, shedding light on the dynamics of family governance.
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Holdcos As Family Trusts
- Indian listed holding companies often function as multi-generation family trusts rather than active capital allocators.
- Gymkhana views Bajaj-backed holdcos as ways to buy high-quality operating businesses at a potential discount.
Simple, Large NAV Base
- Maharashtra Scooters has about $4 billion of listed Bajaj shares and a market cap near $2 billion with no debt.
- That large, simple asset base makes NAV analysis tractable and meaningful.
Financials Are Long-Run Growth Engines
- Bajaj's finance and insurance businesses are early in a massive domestic growth cycle and can compound earnings materially.
- Gymkhana expects long-term high single to double-digit compound growth driven by penetration expansion.