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>Near-Term Production Disruptions: Ongoing gas supply constraints could impact automotive paint shops and forging operations that rely heavily on gas-based heating processes, potentially leading to near-term production constraints across the auto manufacturing ecosystem.</li><li>Some OEMs have already begun witnessing minor disruptions, which could intensify if industrial gas allocations are curtailed further.</li><li>However, the overall impact is expected to remain manageable in the near term, as most OEMs currently maintain 3–5 weeks of channel inventory, which can partially cushion temporary supply disruptions. </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.

Near-Term Production Disruptions: Ongoing gas supply constraints could impact automotive paint shops and forging operations that rely heavily on gas-based heating processes, potentially leading to near-term production constraints across the auto manufacturing ecosystem.Some OEMs have already begun witnessing minor disruptions, which could intensify if industrial gas allocations are curtailed further.However, the overall impact is expected to remain manageable in the near term, as most OEMs currently maintain 3–5 weeks of channel inventory, which can partially cushion temporary supply disruptions. 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.

Automobile Sector: Energy Supply Tightness & Geopolitical Risks

<ul><li>Over Apr’25–Feb’26, cumulative 2W domestic sales grew by 10% YoY to 1.8 Cr units, supported by strong performances from TVS (+20%), RE (+24%), and Hero (+8%).</li><li>In contrast, 2W exports reflected improved traction across global markets.</li><li>On a YTD basis, 3W domestic wholesales rose 21% YoY to 7.7 Lc units, led by TVS (+65%), followed by M&amp;M (+30%) and Bajaj (+7%). </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’25–Feb’26, cumulative 2W domestic sales grew by 10% YoY to 1.8 Cr units, supported by strong performances from TVS (+20%), RE (+24%), and Hero (+8%).In contrast, 2W exports reflected improved traction across global markets.On a YTD basis, 3W domestic wholesales rose 21% YoY to 7.7 Lc units, led by TVS (+65%), followed by M&amp;M (+30%) and Bajaj (+7%). 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 - February 2026

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>The aggregate performance of the Q3FY26 earnings season was robust as YoY PAT growth steadily improved to reach low double-digit level building up on the recovery witnessed in previous two quarters</li><li>Aggregate revenue/PAT grew by 9%/13% YoY and 6%/8% QoQ respectively across the HSIE coverage (~257 stocks)</li><li>Also, revenue and PAT grew by 7.1%/10.1% respectively in 9MFY26</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.

The aggregate performance of the Q3FY26 earnings season was robust as YoY PAT growth steadily improved to reach low double-digit level building up on the recovery witnessed in previous two quartersAggregate revenue/PAT grew by 9%/13% YoY and 6%/8% QoQ respectively across the HSIE coverage (~257 stocks)Also, revenue and PAT grew by 7.1%/10.1% respectively in 9MFY26Content 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.

Quarterly Flipbook: Poised to inch up to double-digit earnings growth in FY26

<ul><li>Strong Q3FY26 Outperformance Across Auto OEMs: Revenue/EBITDA in Q3FY26 grew by 25.5%/21.3% YoY, respectively, in line with our expectations of ~26% for revenue, while our estimated EBITDA growth of 30% YoY was missed 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 tractors, and the ongoing premiumization trend.</li><li>Revenue/EBITDA grew by 11.2%/8.8% QoQ against our estimates of 11.5%/16%, 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 Q3FY26 Outperformance Across Auto OEMs: Revenue/EBITDA in Q3FY26 grew by 25.5%/21.3% YoY, respectively, in line with our expectations of ~26% for revenue, while our estimated EBITDA growth of 30% YoY was missed 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 tractors, and the ongoing premiumization trend.Revenue/EBITDA grew by 11.2%/8.8% QoQ against our estimates of 11.5%/16%, 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.

Top Conviction Ideas - “Auto & Auto Ancillaries”

<ul><li>With the key festive season behind, demand is normalizing, though it is higher than the pre-GST rate rationalization period</li><li>From the Q3 earnings perspective, there could be a positive surprise on realization and margin via better variant mix, due to the up-trading trend</li><li>Macros are favourable: lower interest rates, benign inflation, lower income tax rate, good kharif harvest, and higher rabi sowing, all of which augur well for sustained demand in Q4FY26.</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.

With the key festive season behind, demand is normalizing, though it is higher than the pre-GST rate rationalization periodFrom the Q3 earnings perspective, there could be a positive surprise on realization and margin via better variant mix, due to the up-trading trendMacros are favourable: lower interest rates, benign inflation, lower income tax rate, good kharif harvest, and higher rabi sowing, all of which augur well for sustained demand in Q4FY26.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 (Q3FY26 Results Preview): Operating Leverage and Up-Trading to Aid Margin

India

Ashok Leyland is an Indian multinational automotive manufacturer and a flagship company of the Hinduja Group. It is the second-largest manufacturer of commercial vehicles in India and the fourth-largest manufacturer of buses globally, offering a comprehensive range of trucks, buses, light commercial vehicles, power solution systems, and defense vehicles. The company was founded in 1948 and is headquartered in Chennai, Tamil Nadu, India.

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Ashok Leyland (AL IN)

Automobile Sector: Energy Supply Tightness & Geopolitical Risks

Ongoing gas supply constraints could impact automotive paint shops and forging operations that rely heavily on gas-based heating processes...

Axis Direct

Auto Monthly Sales Volume - February 2026

Over Apr’25–Feb’26, cumulative 2W domestic sales grew by 10% YoY to 1.8 Cr units, supported by strong performances from TVS (+20%), RE (+24%), and...

Axis Direct

Quarterly Flipbook: Poised to inch up to double-digit earnings growth in FY26

The aggregate performance of the Q3FY26 earnings season was robust as YoY PAT growth steadily improved to reach low double-digit level building up...

HDFC Securities

Top Conviction Ideas - “Auto & Auto Ancillaries”

Revenue growth was largely driven by mid-single-digit industry growth across 2Ws/PVs/CVs and mid-teens volume growth in the tractors, and the...

Axis Direct

Autos (Q3FY26 Results Preview): Operating Leverage and Up-Trading to Aid Margin

From the Q3 earnings perspective, there could be a positive surprise on realization and margin via better variant mix, due to the up-trading trend

HDFC Securities

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