While 2025-26 (FY26) may remain challenging, management is confident about long-term prospects, and Khemka believes the business downturn is close to bottoming out. He recommends existing investors hold the stock but does not advise fresh buying at current levels, stressing the need for patience.
On Ola, Khemka maintains a clear “stay away” stance amid uncertainty following the promoter’s stake sale. He said that while the electric two-wheeler business is the core growth driver and the brand and product are strong, the company still needs to scale meaningfully. The lack of clarity on the future growth roadmap is the key concern, and until there is better visibility, he believes investors are better off looking elsewhere. He pointed to TVS Motor
as a preferred alternative in the two-wheeler space, citing its leadership in electric vehicles.
Also Read: Rohit Srivastava recommends shifting from gold to equities, bets on autos and metals
For Shriram Finance, Khemka remains constructive despite the stock’s sharp 48% rally over the past year. He said a potential entry of a strategic investor such as Mitsubishi UFJ would be a major positive, aiding growth, improving credit ratings and lowering the cost of funds. He also highlighted the company’s efforts to diversify beyond pure-play auto financing into new commercial vehicles and gold loans. Based on valuations of about 2–2.2 times 2026-27 (FY27) price-to-book and return on assets of over 3%, he sees another 15–20% upside and advises investors to use any price correction as a buying opportunity.
For the entire interview, watch the accompanying video
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