External broker reports(aggregated public sources), HDFC Securities

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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>While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see it play out meaningfully from Q3FY25</li><li>The shortage of truck trailers for vehicle transport has led to deferment of some wholesales from September to October, thus capping the wholesale volumes in Q2FY25</li><li>The key auto ancillary companies continue to face global headwinds on softer demand, partial tariff-related cost absorption.</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.

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see it play out meaningfully from Q3FY25The shortage of truck trailers for vehicle transport has led to deferment of some wholesales from September to October, thus capping the wholesale volumes in Q2FY25The key auto ancillary companies continue to face global headwinds on softer demand, partial tariff-related cost absorption.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.

Autos (Q2FY26 Results Preview): Indian market well-poised amid global softness

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

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<ul>
<li>The Indian automobile industry experienced a significant boost in sales in September 2025, driven by delayed purchases and the positive effects of GST reductions.</li>
<li>The increase in retail sales highlights a strong recovery in the sector, which is expected to continue into October as the full impact of the GST cuts becomes clear.</li>
<li>The sector’s strong performance and high consumer demand suggest a positive outlook for the coming months, with several key OEMs set for sustained growth.</li>
</ul>


The Indian automobile industry experienced a significant boost in sales in September 2025, driven by delayed purchases and the positive effects of GST reductions.
The increase in retail sales highlights a strong recovery in the sector, which is expected to continue into October as the full impact of the GST cuts becomes clear.
The sector’s strong performance and high consumer demand suggest a positive outlook for the coming months, with several key OEMs set for sustained growth.


The Beat Ideas: Indian Auto Industry: GST Cuts Power Record Festive Sales Surge

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Over Apr–Sep’26, cumulative 2W domestic sales grew by 1% YoY to 97.87 Lc units, as declines at Hero (-2%) and Bajaj (-8%) offset strong performances from TVS (+15%) and RE (+27%).</li><li>In contrast, 2W exports surged 24% YoY to 22.40 Lc units, reflecting improved traction in global markets, especially Africa and Latin America.</li><li>On a YTD basis, 3W domestic wholesales rose 12% YoY to 4.02 Lc units, led by M&amp;M (+32%), TVS (+43%), while Bajaj remained flat.</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–Sep’26, cumulative 2W domestic sales grew by 1% YoY to 97.87 Lc units, as declines at Hero (-2%) and Bajaj (-8%) offset strong performances from TVS (+15%) and RE (+27%).In contrast, 2W exports surged 24% YoY to 22.40 Lc units, reflecting improved traction in global markets, especially Africa and Latin America.On a YTD basis, 3W domestic wholesales rose 12% YoY to 4.02 Lc units, led by M&amp;M (+32%), TVS (+43%), while Bajaj remained flat.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.

Auto Monthly Sales Volume - September 2025

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>The Indian automobile sector is at a critical juncture, with recent GST rate rationalization and the imminent 8th Pay Commission for government employees converging to create a powerful demand stimulus.</li>
<li>These policy-driven catalysts are directly addressing long-standing affordability issues, particularly in the entry-level passenger vehicle and two-wheeler segments, positioning the industry for a multi-year cyclical upswing.</li>
<li>While challenges remain, the clear legislative support and improving macroeconomic environment suggest a significant demand revival, making a fresh look at India's auto OEMs a necessity for investors.</li>
</ul>


The Indian automobile sector is at a critical juncture, with recent GST rate rationalization and the imminent 8th Pay Commission for government employees converging to create a powerful demand stimulus.
These policy-driven catalysts are directly addressing long-standing affordability issues, particularly in the entry-level passenger vehicle and two-wheeler segments, positioning the industry for a multi-year cyclical upswing.
While challenges remain, the clear legislative support and improving macroeconomic environment suggest a significant demand revival, making a fresh look at India's auto OEMs a necessity for investors.


Thematic Report on India’s Auto Boom: Is Policy the New Fuel Igniting a Cyclical Revival?

<ul><li>Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an increased cost of the vehicle</li><li>The salary/wage of the consumer has not risen in line with vehicle cost inflation, thus increasing the affordability gap</li><li>We believe that there are customers who have been waiting on the sidelines to purchase a vehicle as and when it becomes affordable to them</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.

Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an increased cost of the vehicleThe salary/wage of the consumer has not risen in line with vehicle cost inflation, thus increasing the affordability gapWe believe that there are customers who have been waiting on the sidelines to purchase a vehicle as and when it becomes affordable to themContent 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.

Autos: GST Rate Cuts to Revive the Entry-Level Segment

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)

Autos (Q2FY26 Results Preview): Indian market well-poised amid global softness

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see...

HDFC Securities

The Beat Ideas: Indian Auto Industry: GST Cuts Power Record Festive Sales Surge

Indian auto industry sees surge in September 2025 sales due to delayed purchases and GST reductions, with strong recovery expected to continue...

Sudarshan Bhandari

Auto Monthly Sales Volume - September 2025

Over Apr–Sep’26, cumulative 2W domestic sales grew by 1% YoY to 97.87 Lc units, as declines at Hero (-2%) and Bajaj (-8%) offset strong...

Axis Direct

Thematic Report on India’s Auto Boom: Is Policy the New Fuel Igniting a Cyclical Revival?

Recent policy changes in India, including GST rate rationalization and the 8th Pay Commission, are expected to boost demand in the automobile...

Nimish Maheshwari

Autos: GST Rate Cuts to Revive the Entry-Level Segment

Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an...

HDFC Securities

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52-week Range

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Autos (Q2FY26 Results Preview): Indian market well-poised amid global softness

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see...

HDFC Securities

The Beat Ideas: Indian Auto Industry: GST Cuts Power Record Festive Sales Surge

​Indian auto industry sees surge in September 2025 sales due to delayed purchases and GST reductions, with strong recovery expected to continue...

Sudarshan Bhandari

Auto Monthly Sales Volume - September 2025

Over Apr–Sep’26, cumulative 2W domestic sales grew by 1% YoY to 97.87 Lc units, as declines at Hero (-2%) and Bajaj (-8%) offset strong...

Axis Direct

Thematic Report on India’s Auto Boom: Is Policy the New Fuel Igniting a Cyclical Revival?

​Recent policy changes in India, including GST rate rationalization and the 8th Pay Commission, are expected to boost demand in the automobile...

Nimish Maheshwari

Autos: GST Rate Cuts to Revive the Entry-Level Segment

Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an...

HDFC Securities

Indian auto industry sees surge in September 2025 sales due to delayed purchases and GST reductions, with strong recovery expected to continue...

Recent policy changes in India, including GST rate rationalization and the 8th Pay Commission, are expected to boost demand in the automobile...