External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis, led by energy, auto, and cement sectors.</li><li>Aggregate revenue/PAT grew by 5%/8% YoY and 5%/6% QoQ across the HSIE coverage (~234 stocks).</li><li>Earnings of mid/small-cap stocks grew slower at 3.8% in this quarter as compared to 8.7% registered by the large cap segment</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 Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis, led by energy, auto, and cement sectors.Aggregate revenue/PAT grew by 5%/8% YoY and 5%/6% QoQ across the HSIE coverage (~234 stocks).Earnings of mid/small-cap stocks grew slower at 3.8% in this quarter as compared to 8.7% registered by the large cap segmentContent 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: Diminishing growth, downgrades intensify across sectors

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>The YTD FY2025 sales volume of commercial vehicle(CV) companies has been soft due to elections,sluggish government capital expenditure and less replacement demand. However,Jan2025 saw a modest uptick in wholesale volume.</li>
<li>Domestic volumes for <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a>,<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>,and <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a> grew by 21%, 2%,and 3% YoY, respectively,while <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> declined by 2%.</li>
<li>According to industry reports and management interviews, the commercial vehicle industry is expected to remain largely flat in FY2025 and hopes for a positive growth in FY2026.</li>
</ul>


The YTD FY2025 sales volume of commercial vehicle(CV) companies has been soft due to elections,sluggish government capital expenditure and less replacement demand. However,Jan2025 saw a modest uptick in wholesale volume.
Domestic volumes for Eicher Motors (EIM IN),Mahindra &amp; Mahindra (MM IN),and Ashok Leyland (AL IN) grew by 21%, 2%,and 3% YoY, respectively,while Tata Motors Ltd (TTMT IN) declined by 2%.
According to industry reports and management interviews, the commercial vehicle industry is expected to remain largely flat in FY2025 and hopes for a positive growth in FY2026.


Monthly Sales Overview of Listed Indian Commercial Vehicle Companies (January 2025)

<ul><li>Eicher Motors: Eicher Motors’ Q3FY25 EBITDA margin at 24.9% was below our estimate of 27.2% and Bloomberg consensus estimate of 26.9%</li><li>Despite an adverse product mix, the street expectation was for better operating leverage (volumes up 19.5% QoQ) to overcome the launch and marketing expenses</li><li>However, the expenses related to five launches/unveils were Rs 700mn, which include Rs 200mn related to the EV ‘Flying Flea’.</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.

Eicher Motors: Eicher Motors’ Q3FY25 EBITDA margin at 24.9% was below our estimate of 27.2% and Bloomberg consensus estimate of 26.9%Despite an adverse product mix, the street expectation was for better operating leverage (volumes up 19.5% QoQ) to overcome the launch and marketing expensesHowever, the expenses related to five launches/unveils were Rs 700mn, which include Rs 200mn related to the EV ‘Flying Flea’.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.

HSIE Results Daily: Eicher Motors, FSN E-Commerce Ventures (Nykaa), Kansai Nerolac

<ul>
<li>With the government’s push for consumption through tax relief, the Indian two industry is optimistic about a strong demand in coming months.</li>
<li>Domestic volumes for <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> and <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN) </a>declined 11% and 2%YoY,respectively,while for<a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> and <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)increased 10% and 15% YoY,respectively</a>
</li>
<li>In the exports segment, <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> , <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> , and <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a> recorded YoY volume growth of 37%, 52%, and 141%, respectively.</li>
</ul>


With the government’s push for consumption through tax relief, the Indian two industry is optimistic about a strong demand in coming months.
Domestic volumes for Bajaj Auto Ltd (BJAUT IN) and Hero Motocorp (HMCL IN) declined 11% and 2%YoY,respectively,while forTVS Motor (TVSL IN) and Eicher Motors (EIM IN)increased 10% and 15% YoY,respectively

In the exports segment, Bajaj Auto Ltd (BJAUT IN) , TVS Motor (TVSL IN) , and Eicher Motors (EIM IN) recorded YoY volume growth of 37%, 52%, and 141%, respectively.


Monthly Sales Overview of Indian Listed Two-Wheeler Companies (January 2025)

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>Domestic PV industry sales grew by 2-4% YoY (20-24% MoM), largely due to strong domestic volumes from Maruti, Toyota, M&amp;M, Kia and MG.</li><li>The domestic CV industry sales grew by 3%/5% YoY/MoM. The 3W domestic wholesales 5%/10% YoY/QoQ respectively.</li><li>The domestic tractor industry (proxy) witnessed 6% YoY volume growth, which was positively skewed mainly due to 15% YoY growth in M&amp;M. </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 PV industry sales grew by 2-4% YoY (20-24% MoM), largely due to strong domestic volumes from Maruti, Toyota, M&amp;M, Kia and MG.The domestic CV industry sales grew by 3%/5% YoY/MoM. The 3W domestic wholesales 5%/10% YoY/QoQ respectively.The domestic tractor industry (proxy) witnessed 6% YoY volume growth, which was positively skewed mainly due to 15% YoY growth in M&amp;M. 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

Eicher Motors Limited is an Indian multinational automotive company that manufactures motorcycles and commercial vehicles. It is the parent company of Royal Enfield, a manufacturer of middleweight motorcycles, and operates a joint venture with Volvo Group for Eicher branded trucks and buses. The company is headquartered in New Delhi, India, and was founded in 1948.

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Eicher Motors (EIM IN)

Quarterly Flipbook: Diminishing growth, downgrades intensify across sectors

The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis,...

HDFC Securities

Monthly Sales Overview of Listed Indian Commercial Vehicle Companies (January 2025)

Retail Sales Update: Federation of Automobile Dealers Associations(FADA)’s January 2025 update shows a 8.22% YoY and 38.04% MoM rise in commercial...

Sreemant Dudhoria

HSIE Results Daily: Eicher Motors, FSN E-Commerce Ventures (Nykaa), Kansai Nerolac

Eicher Motors: Eicher Motors’ Q3FY25 EBITDA margin at 24.9% was below our estimate of 27.2% and Bloomberg consensus estimate of 26.9%

HDFC Securities

Monthly Sales Overview of Indian Listed Two-Wheeler Companies (January 2025)

Retail Sales Update: Federation of Automobile Dealers Associations(FADA)’s Jan'25 update shows a 4.15% YoY and 27.39% MoM rise in two-wheeler...

Sreemant Dudhoria

Auto Monthly Sales Volume - January 2025

Domestic PV industry sales grew by 2-4% YoY (20-24% MoM), largely due to strong domestic volumes from Maruti, Toyota, M&M, Kia and MG.

Axis Direct

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