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. 

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Equity Bottom-Up

<ul><li>Exports Outlook: Exports emerged as a key cushion to the subdued domestic growth in Q2FY26 for Maruti, achieving 42% YoY growth at 110k vehicles.</li><li>Maruti Suzuki commanded nearly 45.4% share of India's total passenger vehicle exports in Q2FY26.</li><li>The company is confident of exceeding its guidance of 400,000 units in exports for FY26, having achieved an all-time high half-yearly export of 207,459 units in H1FY26.</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.

Exports Outlook: Exports emerged as a key cushion to the subdued domestic growth in Q2FY26 for Maruti, achieving 42% YoY growth at 110k vehicles.Maruti Suzuki commanded nearly 45.4% share of India's total passenger vehicle exports in Q2FY26.The company is confident of exceeding its guidance of 400,000 units in exports for FY26, having achieved an all-time high half-yearly export of 207,459 units in H1FY26.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-Led Growth Aids Performance

Thematic (Sector/Industry)

<ul><li>Over Apr’26-Jul’26, cumulative 2W domestic sales grew by 19% YoY to 48.7 Lc units, supported by strong performances from Eicher Motor (+33%), HMSI (+21%) and Hero (+16%). Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.</li><li>The domestic PV industry posted a ~27% YoY growth to ~17.3 Lc units, driven by strong performance from Tata Motors (+49%), Maruti Suzuki (+33%), Kia India (+17%), M&amp;M (+16%), Toyota Kirloskar (+15%), JSW MG Motor (+13%) and Hyundai (+10%).</li><li>Domestic CV volumes increased 20% YTD to 2.77 Lc units, reflecting strong performance supported by an early replacement cycle and positive freight demand.</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-Jul’26, cumulative 2W domestic sales grew by 19% YoY to 48.7 Lc units, supported by strong performances from Eicher Motor (+33%), HMSI (+21%) and Hero (+16%). Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.The domestic PV industry posted a ~27% YoY growth to ~17.3 Lc units, driven by strong performance from Tata Motors (+49%), Maruti Suzuki (+33%), Kia India (+17%), M&amp;M (+16%), Toyota Kirloskar (+15%), JSW MG Motor (+13%) and Hyundai (+10%).Domestic CV volumes increased 20% YTD to 2.77 Lc units, reflecting strong performance supported by an early replacement cycle and positive freight demand.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 Auto Demand Remains Strong; Global Uncertainty Warrants Caution

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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Read Business Not Stock Prices

<ul>
<li>After a difficult Q1 FY27, Hyundai delivered 219,072 wholesale units in July–September 2026, up 23.0% sequentially, including a company-record 77,916 units in September.</li>
<li>The rebound reflects normalized production and healthier domestic momentum after supplier fire caused a loss of approximately 13,900 units of June production. Nevertheless, Q2 sales disclosures establish volumes, not profitability.</li>
<li>Short-Term execution risk has diminished, but investment conviction depends on margins recovering toward FY27 guidance and on tangible delivery against the company's FY2030 SUV, alternative-powertrain, localisation and revenue targets.</li>
</ul>


After a difficult Q1 FY27, Hyundai delivered 219,072 wholesale units in July–September 2026, up 23.0% sequentially, including a company-record 77,916 units in September.
The rebound reflects normalized production and healthier domestic momentum after supplier fire caused a loss of approximately 13,900 units of June production. Nevertheless, Q2 sales disclosures establish volumes, not profitability.
Short-Term execution risk has diminished, but investment conviction depends on margins recovering toward FY27 guidance and on tangible delivery against the company's FY2030 SUV, alternative-powertrain, localisation and revenue targets.


Hyundai Motor India: From a Disrupted Q1 to Record Q2 Volumes — Can the 2030 Roadmap Rebuild Growth?

<ul><li>Over Apr’26-Jun’26, cumulative 2W domestic sales grew by 22% YoY to 33.6 Lc units, supported by strong performances from Eicher Motors (+32%) and Hero (+21%).</li><li>Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.</li><li>On a YTD basis, 3W domestic wholesales rose to 1.55 Lc units, led by M&amp;M (+76%).</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-Jun’26, cumulative 2W domestic sales grew by 22% YoY to 33.6 Lc units, supported by strong performances from Eicher Motors (+32%) and Hero (+21%).Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.On a YTD basis, 3W domestic wholesales rose to 1.55 Lc units, led by M&amp;M (+76%).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.

<ul><li>Strong Q4FY26 Outperformance Across Auto OEMs: Revenue/EBITDA in Q4FY26 grew by 27.6%/32.7% YoY, respectively, against our expectations of ~24.8%/28.6% YoY for Auto OEMs under our coverage.</li><li>Revenue growth was largely driven by mid-single-digit industry growth across 2Ws/PVs/CVs and mid-teens volume growth in the tractor industry, along with the premiumization trend.</li><li>Revenue/EBITDA both increased by 5.8% and 7.9% QoQ against our estimates of 3.4%/4.7% QoQ, respectively. </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 Q4FY26 Outperformance Across Auto OEMs: Revenue/EBITDA in Q4FY26 grew by 27.6%/32.7% YoY, respectively, against our expectations of ~24.8%/28.6% YoY for Auto OEMs under our coverage.Revenue growth was largely driven by mid-single-digit industry growth across 2Ws/PVs/CVs and mid-teens volume growth in the tractor industry, along with the premiumization trend.Revenue/EBITDA both increased by 5.8% and 7.9% QoQ against our estimates of 3.4%/4.7% QoQ, respectively. 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.

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)

Maruti Suzuki Ltd - Export-Led Growth Aids Performance

Exports Outlook: Exports emerged as a key cushion to the subdued domestic growth in Q2FY26 for Maruti, achieving 42% YoY growth at 110k vehicles.

Axis Direct

Domestic Auto Demand Remains Strong; Global Uncertainty Warrants Caution

In the long term, we prefer Eicher Motors in 2W, M&M (non-coverage) as a play in the PV/LCV/Tractor segment, followed by Maruti in PVs.

Axis Direct

Hyundai Motor India: From a Disrupted Q1 to Record Q2 Volumes — Can the 2030 Roadmap Rebuild Growth?

Hyundai: Whether SUV-led product renewal, multi-fuel diversification and technology integration can turn that recovery into durable earnings growth?

Nimish Maheshwari

Auto Monthly Sales Volume - July 2026

Over Apr’26-Jun’26, cumulative 2W domestic sales grew by 22% YoY to 33.6 Lc units, supported by strong performances from Eicher Motors (+32%) and...

Axis Direct

Top Conviction Ideas - “Automobile”

Revenue/EBITDA in Q4FY26 grew by 27.6%/32.7% YoY, respectively, against our expectations of ~24.8%/28.6% YoY for Auto OEMs under our coverage.

Axis Direct

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