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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Thematic (Sector/Industry)

<ul>
<li>FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost of ownership</li>
<li>In Mar’22, wholesale volumes for the PV industry remained flat but it continued its sequential recovery (up 6% MoM), led by improvement in chip availability</li>
<li>The 2W and tractor segments declined by 21% and 10% respectively on a YoY basis on account of muted demand and the high base of the last year</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.


FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost of ownership
In Mar’22, wholesale volumes for the PV industry remained flat but it continued its sequential recovery (up 6% MoM), led by improvement in chip availability
The 2W and tractor segments declined by 21% and 10% respectively on a YoY basis on account of muted demand and the high base of the last year

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 Volume Update - Mar 2022 - Easing Supply Chain Issues Improve PV & CV Traction

Equity Bottom-Up

<ul><li>Ashok Leyland Ltd is one of India’s leading commercial vehicle manufacturers, offering a full range of trucks, buses, light vehicles, and defence mobility solutions.</li><li>With a strong focus on innovation and technology, the company designs and manufactures reliable, efficient, and sustainable mobility solutions catering to both domestic and international markets</li><li>The company introduced the Intelligent Vehicle Acceleration Control (I-VAC) system to boost fuel efficiency in AC trucks and plans multiple launches in FY26 — including high-horsepower MHCV tippers and tractor trailers (280, 320, 360 HP), LNG-powered trucks, upgraded 13.5-meter buses, a new 15-meter bus with unique value propositions, and bi-fuel LCVs targeting metro 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.

Ashok Leyland Ltd is one of India’s leading commercial vehicle manufacturers, offering a full range of trucks, buses, light vehicles, and defence mobility solutions.With a strong focus on innovation and technology, the company designs and manufactures reliable, efficient, and sustainable mobility solutions catering to both domestic and international marketsThe company introduced the Intelligent Vehicle Acceleration Control (I-VAC) system to boost fuel efficiency in AC trucks and plans multiple launches in FY26 — including high-horsepower MHCV tippers and tractor trailers (280, 320, 360 HP), LNG-powered trucks, upgraded 13.5-meter buses, a new 15-meter bus with unique value propositions, and bi-fuel LCVs targeting metro 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.

Pick of the Week: Ashok Leyland - 11th October, 2025

<ul><li>Product Innovation &amp; New Launches – Strengthening Portfolio: The company introduced the Intelligent Vehicle Acceleration Control (I-VAC) system to boost fuel efficiency in AC trucks and plans multiple launches in FY26 — including high-horsepower MHCV tippers and tractor trailers (280, 320, 360 HP), LNG-powered trucks, upgraded 13.5-meter buses, a new 15-meter bus with unique value propositions, and bi-fuel LCVs targeting metro demand.</li><li>E-trucks on BOSS and AVTR platforms are gaining traction domestically and internationally, reinforcing Ashok Leyland’s technological edge</li><li>Defence &amp; Power Solutions: Despite Q1FY26 defence revenue of Rs 120 Cr vs Rs 400 Cr last year, management remains bullish, backed by a Rs 1,000 Cr order book and Rs 2,000 Cr in tenders won. </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.

Product Innovation &amp; New Launches – Strengthening Portfolio: The company introduced the Intelligent Vehicle Acceleration Control (I-VAC) system to boost fuel efficiency in AC trucks and plans multiple launches in FY26 — including high-horsepower MHCV tippers and tractor trailers (280, 320, 360 HP), LNG-powered trucks, upgraded 13.5-meter buses, a new 15-meter bus with unique value propositions, and bi-fuel LCVs targeting metro demand.E-trucks on BOSS and AVTR platforms are gaining traction domestically and internationally, reinforcing Ashok Leyland’s technological edgeDefence &amp; Power Solutions: Despite Q1FY26 defence revenue of Rs 120 Cr vs Rs 400 Cr last year, management remains bullish, backed by a Rs 1,000 Cr order book and Rs 2,000 Cr in tenders won. 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.

Ashok Leyland Ltd - Operational Outperformance & Market Share Gains

<ul><li>Domestic CV Industry: Ashok Leyland expects a positive FY26 for the CV industry, aided by favourable macroeconomic indicators such as robust monsoon forecasts, core sector expansion, and renewed government capex.</li><li>While Q1FY26 may remain subdued due to high base effects, growth is expected to pick up meaningfully from Q2 onwards.</li><li>The company anticipates low single-digit volume growth in FY26, in line with industry peers.</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 CV Industry: Ashok Leyland expects a positive FY26 for the CV industry, aided by favourable macroeconomic indicators such as robust monsoon forecasts, core sector expansion, and renewed government capex.While Q1FY26 may remain subdued due to high base effects, growth is expected to pick up meaningfully from Q2 onwards.The company anticipates low single-digit volume growth in FY26, in line with industry peers.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.

Ashok Leyland - Operational Outperformance and Market Share Gains

<ul><li>Company Growth Outlook: Ashok Leyland is advancing toward its medium-term targets, including mid-teen EBITDA margins, 35% MHCV market share, non-MHCV business expansion, alternate fuel leadership, and value unlocking from subsidiaries.</li><li>The company is seeing growth in tippers, multi-axle products, and has a strong order book for electric vehicles under Switch.</li><li>Non-CV businesses such as engines and spare parts have seen 3.5%/14% YoY growth, 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.

Company Growth Outlook: Ashok Leyland is advancing toward its medium-term targets, including mid-teen EBITDA margins, 35% MHCV market share, non-MHCV business expansion, alternate fuel leadership, and value unlocking from subsidiaries.The company is seeing growth in tippers, multi-axle products, and has a strong order book for electric vehicles under Switch.Non-CV businesses such as engines and spare parts have seen 3.5%/14% YoY growth, 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.

Ashok Leyland Ltd - Results Beat Estimates; Product Diversification to Improve Margins Further

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)

Auto Monthly Volume Update - Mar 2022 - Easing Supply Chain Issues Improve PV & CV Traction

FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost...

Axis Direct

Pick of the Week: Ashok Leyland - 11th October, 2025

Ashok Leyland Ltd is one of India’s leading commercial vehicle manufacturers, offering a full range of trucks, buses, light vehicles, and defence...

Axis Direct

Ashok Leyland Ltd - Results Beat Estimates; Product Diversification to Improve Margins Further

Ashok Leyland is advancing toward its medium-term targets, including mid-teen EBITDA margins, 35% MHCV market share, non-MHCV business expansion

Axis Direct

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Auto Monthly Volume Update - Mar 2022 - Easing Supply Chain Issues Improve PV & CV Traction

FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost...

Axis Direct

Pick of the Week: Ashok Leyland - 11th October, 2025

Ashok Leyland Ltd is one of India’s leading commercial vehicle manufacturers, offering a full range of trucks, buses, light vehicles, and defence...

Axis Direct

Ashok Leyland Ltd - Operational Outperformance & Market Share Gains

The company introduced the Intelligent Vehicle Acceleration Control (I-VAC) system to boost fuel efficiency in AC trucks and plans multiple...

Axis Direct

Ashok Leyland - Operational Outperformance and Market Share Gains

Ashok Leyland expects a positive FY26 for the CV industry, aided by favourable macroeconomic indicators such as robust monsoon forecasts, core...

Axis Direct

Ashok Leyland Ltd - Results Beat Estimates; Product Diversification to Improve Margins Further

Ashok Leyland is advancing toward its medium-term targets, including mid-teen EBITDA margins, 35% MHCV market share, non-MHCV business expansion

Axis Direct