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>Over Apr’26-Jul’26, cumulative 2W domestic sales grew by 19% YoY to 48.7 Lc units, supported by strong performances from Eicher Motor (+33%), HMSI (+21%) and Hero (+16%). Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.</li><li>The domestic PV industry posted a ~27% YoY growth to ~17.3 Lc units, driven by strong performance from Tata Motors (+49%), Maruti Suzuki (+33%), Kia India (+17%), M&amp;M (+16%), Toyota Kirloskar (+15%), JSW MG Motor (+13%) and Hyundai (+10%).</li><li>Domestic CV volumes increased 20% YTD to 2.77 Lc units, reflecting strong performance supported by an early replacement cycle and positive freight 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.

Over Apr’26-Jul’26, cumulative 2W domestic sales grew by 19% YoY to 48.7 Lc units, supported by strong performances from Eicher Motor (+33%), HMSI (+21%) and Hero (+16%). Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.The domestic PV industry posted a ~27% YoY growth to ~17.3 Lc units, driven by strong performance from Tata Motors (+49%), Maruti Suzuki (+33%), Kia India (+17%), M&amp;M (+16%), Toyota Kirloskar (+15%), JSW MG Motor (+13%) and Hyundai (+10%).Domestic CV volumes increased 20% YTD to 2.77 Lc units, reflecting strong performance supported by an early replacement cycle and positive freight 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.

Domestic Auto Demand Remains Strong; Global Uncertainty Warrants Caution

<ul><li>Over Apr’26-Jun’26, cumulative 2W domestic sales grew by 22% YoY to 33.6 Lc units, supported by strong performances from Eicher Motors (+32%) and Hero (+21%).</li><li>Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.</li><li>On a YTD basis, 3W domestic wholesales rose to 1.55 Lc units, led by M&amp;M (+76%).</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’26-Jun’26, cumulative 2W domestic sales grew by 22% YoY to 33.6 Lc units, supported by strong performances from Eicher Motors (+32%) and Hero (+21%).Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.On a YTD basis, 3W domestic wholesales rose to 1.55 Lc units, led by M&amp;M (+76%).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.

<ul><li>Strong Q4FY26 Outperformance Across Auto OEMs: Revenue/EBITDA in Q4FY26 grew by 27.6%/32.7% YoY, respectively, against our expectations of ~24.8%/28.6% 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 tractor industry, along with the premiumization trend.</li><li>Revenue/EBITDA both increased by 5.8% and 7.9% QoQ against our estimates of 3.4%/4.7% 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 Q4FY26 Outperformance Across Auto OEMs: Revenue/EBITDA in Q4FY26 grew by 27.6%/32.7% YoY, respectively, against our expectations of ~24.8%/28.6% 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 tractor industry, along with the premiumization trend.Revenue/EBITDA both increased by 5.8% and 7.9% QoQ against our estimates of 3.4%/4.7% 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.

<ul><li>Overview: Stock investment endeavors to deliver consistent outperformance over the long term by making a diversified investment of ‘Winners’.</li><li>The Axis Intellect AI score strategy adopts unique approach to deliver alpha by applying equal exposure to ‘Core’ factors: Value, Growth, Quality, Momentum.</li><li>Key features • Consistently outperformed the benchmark with superior returns </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.

Overview: Stock investment endeavors to deliver consistent outperformance over the long term by making a diversified investment of ‘Winners’.The Axis Intellect AI score strategy adopts unique approach to deliver alpha by applying equal exposure to ‘Core’ factors: Value, Growth, Quality, Momentum.Key features • Consistently outperformed the benchmark with superior returns 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.

<ul><li>Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.</li><li>Axis Intellect (AI) Score based Investment Approach for Stock Selection applies unique approach to deliver alpha by applying equal exposure to ‘Core’ and ‘Satellite’ factors.</li><li>What are ‘Core’ Factors’: Low Volatility, Value, Growth, Quality, Momentum (Equal weighted 50% exposure) What are ‘Satellite’ Factors: Factors that have historically done well in the predicted regime modelling (Remaining 50% exposure)</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.

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.Axis Intellect (AI) Score based Investment Approach for Stock Selection applies unique approach to deliver alpha by applying equal exposure to ‘Core’ and ‘Satellite’ factors.What are ‘Core’ Factors’: Low Volatility, Value, Growth, Quality, Momentum (Equal weighted 50% exposure) What are ‘Satellite’ Factors: Factors that have historically done well in the predicted regime modelling (Remaining 50% exposure)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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Eicher Motors (EIM IN)

Domestic Auto Demand Remains Strong; Global Uncertainty Warrants Caution

In the long term, we prefer Eicher Motors in 2W, M&M (non-coverage) as a play in the PV/LCV/Tractor segment, followed by Maruti in PVs.

Axis Direct

Auto Monthly Sales Volume - July 2026

Over Apr’26-Jun’26, cumulative 2W domestic sales grew by 22% YoY to 33.6 Lc units, supported by strong performances from Eicher Motors (+32%) and...

Axis Direct

Top Conviction Ideas - “Automobile”

Revenue/EBITDA in Q4FY26 grew by 27.6%/32.7% YoY, respectively, against our expectations of ~24.8%/28.6% YoY for Auto OEMs under our coverage.

Axis Direct

Axis Intellect - Balanced

Stock investment endeavors to deliver consistent outperformance over the long term by making a diversified investment of ‘Winners’.

Axis Direct

Axis Intellect - Aggressive

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)