External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Over Apr’26-Aug’26, cumulative 2W domestic sales grew by 18% YoY to 91.15 Lc units, supported by strong performances from Eicher Motors (+28%), TVS Motors (+27%), Hero (+17%), HMSI (+14%), and Bajaj Auto (+12%).</li><li>Exports showed improved traction across global markets, led by Bajaj Auto, TVS Motors, HMSI &amp; Hero MotoCorp.</li><li>The domestic PV industry posted a ~28% YoY growth to ~21.6 Lc units, driven by strong performance from Tata Motors (+51%), Maruti Suzuki (+32%), Kia India (+23%), M&amp;M (+22%), Hyundai (+13%), JSW MG Motor (+13%) and Toyota Kirloskar (+12%). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Over Apr’26-Aug’26, cumulative 2W domestic sales grew by 18% YoY to 91.15 Lc units, supported by strong performances from Eicher Motors (+28%), TVS Motors (+27%), Hero (+17%), HMSI (+14%), and Bajaj Auto (+12%).Exports showed improved traction across global markets, led by Bajaj Auto, TVS Motors, HMSI &amp; Hero MotoCorp.The domestic PV industry posted a ~28% YoY growth to ~21.6 Lc units, driven by strong performance from Tata Motors (+51%), Maruti Suzuki (+32%), Kia India (+23%), M&amp;M (+22%), Hyundai (+13%), JSW MG Motor (+13%) and Toyota Kirloskar (+12%). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Bottom-Up

<ul><li>Domestic Market Share &amp; Profitability Outlook: Domestic demand witnessed a sharp inflection in Q3FY26 following the government’s landmark GST reduction, which catalysed industry growth to ~20.5% YoY versus a decline of ~0.4% in H1FY26.</li><li>MSIL outperformed the industry with domestic volume growth of ~22%, supported by strong traction across small cars and SUVs.</li><li>Management highlighted a revival in the small car segment, which transitioned from a “red zone” of negative growth to healthy expansion, aided by improved affordability and a 7% rise in first-time buyers, particularly upgrades from two-wheelers. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Domestic Market Share &amp; Profitability Outlook: Domestic demand witnessed a sharp inflection in Q3FY26 following the government’s landmark GST reduction, which catalysed industry growth to ~20.5% YoY versus a decline of ~0.4% in H1FY26.MSIL outperformed the industry with domestic volume growth of ~22%, supported by strong traction across small cars and SUVs.Management highlighted a revival in the small car segment, which transitioned from a “red zone” of negative growth to healthy expansion, aided by improved affordability and a 7% rise in first-time buyers, particularly upgrades from two-wheelers. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maruti Suzuki Ltd - Export Momentum Supports Growth; Domestic Competition Remains Intense

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

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

<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)</a> reported steady Q3 FY2026 performance, excluding the one-offs.</li>
<li>It is entering a phase where demand momentum, sharply lower channel inventory and a visible capacity ramp-up are aligning.</li>
<li>In this insight, we present various points to why it is right time to load up this name and finally on valuation.</li>
</ul>



Maruti Suzuki India (MSIL IN) reported steady Q3 FY2026 performance, excluding the one-offs.
It is entering a phase where demand momentum, sharply lower channel inventory and a visible capacity ramp-up are aligning.
In this insight, we present various points to why it is right time to load up this name and finally on valuation.


Maruti Suzuki – Right Time to Load; All‑time Low Channel Inventory; Operating Leverage Kick In

<ul><li>Strong Q1FY27 Performance Across Auto OEMs: Revenue/EBITDA in Q1FY27 grew by 33.3%/22.4% YoY, respectively, versus our expectations of ~31%/35% YoY for Auto OEMs under our coverage.</li><li>Revenue growth was largely driven by mid-single-digit industry growth across 2Ws/PVs/CVs, mid-teens volume growth in the tractor industry, and continued premiumization.</li><li>Revenue and EBITDA declined by 1.2%/16.1% QoQ, respectively, versus our estimates of -2.7%/-7.6%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Q1FY27 Performance Across Auto OEMs: Revenue/EBITDA in Q1FY27 grew by 33.3%/22.4% YoY, respectively, versus our expectations of ~31%/35% YoY for Auto OEMs under our coverage.Revenue growth was largely driven by mid-single-digit industry growth across 2Ws/PVs/CVs, mid-teens volume growth in the tractor industry, and continued premiumization.Revenue and EBITDA declined by 1.2%/16.1% QoQ, respectively, versus our estimates of -2.7%/-7.6%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

High Conviction Ideas:Auto and Auto Ancillaries

<ul><li>Management reiterated its long-term strategic focus on achieving a 50% domestic market share, underscoring that customer-centricity remains the cornerstone of sustained success.</li><li>In alignment with Suzuki Motor Corporation’s global aspiration, Maruti Suzuki continues to adhere to a profitability guardrail of maintaining a 10% EBIT margin alongside its market share objective.</li><li>The launch of the Victorius strengthened the company's position in the high-growth SUV segment, garnering over 30,000 bookings shortly after launch.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Management reiterated its long-term strategic focus on achieving a 50% domestic market share, underscoring that customer-centricity remains the cornerstone of sustained success.In alignment with Suzuki Motor Corporation’s global aspiration, Maruti Suzuki continues to adhere to a profitability guardrail of maintaining a 10% EBIT margin alongside its market share objective.The launch of the Victorius strengthened the company's position in the high-growth SUV segment, garnering over 30,000 bookings shortly after launch.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: Maruti Suzuki India Ltd - 13th December, 2025

India

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

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Maruti Suzuki India (MSIL IN)

Auto Monthly Sales Volume - August 2026

Over Apr’26-Aug’26, cumulative 2W domestic sales grew by 18% YoY to 91.15 Lc units, supported by strong performances from Eicher Motors (+28%), TVS...

Axis Direct

Maruti Suzuki Ltd - Export Momentum Supports Growth; Domestic Competition Remains Intense

Domestic demand witnessed a sharp inflection in Q3FY26 following the government’s landmark GST reduction, which catalysed industry growth to ~20.5%...

Axis Direct

Maruti Suzuki – Right Time to Load; All‑time Low Channel Inventory; Operating Leverage Kick In

Maruti Suzuki India (MSIL IN) posts steady Q3 FY2026 results, poised for growth with demand momentum, lower inventory, and capacity expansion....

Sreemant Dudhoria

High Conviction Ideas:Auto and Auto Ancillaries

Revenue/EBITDA in Q1FY27 grew by 33.3%/22.4% YoY, respectively, versus our expectations of ~31%/35% YoY for Auto OEMs under our coverage.

Axis Direct

Pick of the Week: Maruti Suzuki India Ltd - 13th December, 2025

Management reiterated its long-term strategic focus on achieving a 50% domestic market share, underscoring that customer-centricity remains the...

Axis Direct

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Auto Monthly Sales Volume - August 2026

Over Apr’26-Aug’26, cumulative 2W domestic sales grew by 18% YoY to 91.15 Lc units, supported by strong performances from Eicher Motors (+28%), TVS...

Axis Direct

Maruti Suzuki Ltd - Export Momentum Supports Growth; Domestic Competition Remains Intense

Domestic demand witnessed a sharp inflection in Q3FY26 following the government’s landmark GST reduction, which catalysed industry growth to ~20.5%...

Axis Direct

Maruti Suzuki – Right Time to Load; All‑time Low Channel Inventory; Operating Leverage Kick In

​Maruti Suzuki India (MSIL IN) posts steady Q3 FY2026 results, poised for growth with demand momentum, lower inventory, and capacity expansion....

Sreemant Dudhoria

High Conviction Ideas:Auto and Auto Ancillaries

Revenue/EBITDA in Q1FY27 grew by 33.3%/22.4% YoY, respectively, versus our expectations of ~31%/35% YoY for Auto OEMs under our coverage.

Axis Direct

Pick of the Week: Maruti Suzuki India Ltd - 13th December, 2025

Management reiterated its long-term strategic focus on achieving a 50% domestic market share, underscoring that customer-centricity remains the...

Axis Direct

Maruti Suzuki India (MSIL IN) posts steady Q3 FY2026 results, poised for growth with demand momentum, lower inventory, and capacity expansion....