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>On 21st May, 2025, Bajaj Auto Limited’s wholly owned subsidiary, Bajaj Auto International Holdings BV (BAIH), initiated a decisive financial intervention to support the revival of KTM AG, a leading European motorcycle manufacturer facing liquidity distress.</li></ul><ul><li>Extended a secured term loan of €450 Mn (~Rs 4,365 Cr) to KTM AG.</li><li>Subscribed to €150 Mn (~Rs 1,455 Cr) worth of convertible bonds issued by Pierer Bajaj AG (PBAG), KTM’s holding company.</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.

On 21st May, 2025, Bajaj Auto Limited’s wholly owned subsidiary, Bajaj Auto International Holdings BV (BAIH), initiated a decisive financial intervention to support the revival of KTM AG, a leading European motorcycle manufacturer facing liquidity distress.Extended a secured term loan of €450 Mn (~Rs 4,365 Cr) to KTM AG.Subscribed to €150 Mn (~Rs 1,455 Cr) worth of convertible bonds issued by Pierer Bajaj AG (PBAG), KTM’s holding company.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.

Bajaj Auto Ltd - Material Transaction – Bajaj Auto’s Strategic Intervention in KTM

Thematic (Sector/Industry)

<ul><li>Over Apr–Nov’26, Cumulative 2W domestic sales grew by 7% YoY to 1.7 Cr units, supported by strong performances from TVS (+15%), RE (+25%), and Hero (+30%), which more than offset a marginal decline in Bajaj (-1%).</li><li>In contrast, 2W exports reflected improved traction across global markets.</li><li>On a YTD basis, 3W domestic wholesales rose 16% YoY to 5.5 Lc units, led by TVS (+57%) and M&amp;M (+28%), while Bajaj reported modest 3% growth. </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–Nov’26, Cumulative 2W domestic sales grew by 7% YoY to 1.7 Cr units, supported by strong performances from TVS (+15%), RE (+25%), and Hero (+30%), which more than offset a marginal decline in Bajaj (-1%).In contrast, 2W exports reflected improved traction across global markets.On a YTD basis, 3W domestic wholesales rose 16% YoY to 5.5 Lc units, led by TVS (+57%) and M&amp;M (+28%), while Bajaj reported modest 3% growth. 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 - November 2025

<ul><li>Revival in Exports Market: Q3FY25 reported 22.4%/16.3% YoY/QoQ volume growth in the exports market.</li><li>Latam export volumes grew over 40%, driven by premium models like Pulsar and Dominar, which accounted for 60% of sales; Asia was flat, and in Africa (Nigeria), retail sales stabilised at 35,000 units per month, with Bajaj’s market share at 55%.</li><li>The export volume is expected to grow in the mid-teens (despite concerns around KTM).</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.

Revival in Exports Market: Q3FY25 reported 22.4%/16.3% YoY/QoQ volume growth in the exports market.Latam export volumes grew over 40%, driven by premium models like Pulsar and Dominar, which accounted for 60% of sales; Asia was flat, and in Africa (Nigeria), retail sales stabilised at 35,000 units per month, with Bajaj’s market share at 55%.The export volume is expected to grow in the mid-teens (despite concerns around KTM).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.

Bajaj Auto Ltd - Earnings Miss Estimates; Valuations Fair

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.</li>
<li>Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.</li>
<li>Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.</li>
</ul>


The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.
Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.
Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.


EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

<ul><li>Strong Q2FY26 Outperformance Across Auto OEMs: Revenue/EBITDA in Q2FY26 grew by 16.5%/14.9% YoY, respectively, exceeding our expectations of ~12.6%/11.2% 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 tractors, and the ongoing premiumization trend.</li><li>Revenue/EBITDA grew by 14.5%/18.6% QoQ against our estimates of 10.7%/14.8% 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 Q2FY26 Outperformance Across Auto OEMs: Revenue/EBITDA in Q2FY26 grew by 16.5%/14.9% YoY, respectively, exceeding our expectations of ~12.6%/11.2% 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 tractors, and the ongoing premiumization trend.Revenue/EBITDA grew by 14.5%/18.6% QoQ against our estimates of 10.7%/14.8% 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.

Top Conviction Ideas - “Auto & Auto Ancillaries”

India

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

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Bajaj Auto Ltd (BJAUT IN)

Bajaj Auto Ltd - Material Transaction – Bajaj Auto’s Strategic Intervention in KTM

On 21st May, 2025, Bajaj Auto Limited’s wholly owned subsidiary, Bajaj Auto International Holdings BV (BAIH), initiated a decisive financial...

Axis Direct

Auto Monthly Sales Volume - November 2025

Over Apr–Nov’26, Cumulative 2W domestic sales grew by 7% YoY to 1.7 Cr units, supported by strong performances from TVS (+15%), RE (+25%), and Hero...

Axis Direct

Bajaj Auto Ltd - Earnings Miss Estimates; Valuations Fair

Revival in Exports Market: Q3FY25 reported 22.4%/16.3% YoY/QoQ volume growth in the exports market. Latam export volumes grew over 40%

Axis Direct

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

Top Conviction Ideas - “Auto & Auto Ancillaries”

Revenue/EBITDA in Q2FY26 grew by 16.5%/14.9% YoY, respectively, exceeding our expectations of ~12.6%/11.2% YoY for Auto OEMs under our coverage.

Axis Direct

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52-week Range

Market Cap (USDm)

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Bajaj Auto Ltd - Material Transaction – Bajaj Auto’s Strategic Intervention in KTM

On 21st May, 2025, Bajaj Auto Limited’s wholly owned subsidiary, Bajaj Auto International Holdings BV (BAIH), initiated a decisive financial...

Axis Direct

Auto Monthly Sales Volume - November 2025

Over Apr–Nov’26, Cumulative 2W domestic sales grew by 7% YoY to 1.7 Cr units, supported by strong performances from TVS (+15%), RE (+25%), and Hero...

Axis Direct

Bajaj Auto Ltd - Earnings Miss Estimates; Valuations Fair

Revival in Exports Market: Q3FY25 reported 22.4%/16.3% YoY/QoQ volume growth in the exports market. Latam export volumes grew over 40%

Axis Direct

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

​Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

Top Conviction Ideas - “Auto & Auto Ancillaries”

Revenue/EBITDA in Q2FY26 grew by 16.5%/14.9% YoY, respectively, exceeding our expectations of ~12.6%/11.2% YoY for Auto OEMs under our coverage.

Axis Direct

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...