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>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>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)</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)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>Consistently outperformed the benchmark with superior returns. Superior risk-adjusted long-term 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.Consistently outperformed the benchmark with superior returns. Superior risk-adjusted long-term returnsContent 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.

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>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

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~26%/30%/28% YoY on account of GST Cut, Stable commodity inflation, and favourable regulatory norms.</li><li>Revenue growth is largely led by high single-digit industry growth for 2W/PVs/CVs and mid-teens volume growth in the tractor segment.</li><li>The expected YoY EBITDA margin improved due to richer product mix (higher exports) and price hikes taken over the past year, being partly offset by higher discounts and advertisement expenses. </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.

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~26%/30%/28% YoY on account of GST Cut, Stable commodity inflation, and favourable regulatory norms.Revenue growth is largely led by high single-digit industry growth for 2W/PVs/CVs and mid-teens volume growth in the tractor segment.The expected YoY EBITDA margin improved due to richer product mix (higher exports) and price hikes taken over the past year, being partly offset by higher discounts and advertisement expenses. 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)

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

Axis Intellect - Aggressive

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

Axis Direct

Axis Intellect - Balanced

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

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

Q3FY26 Earnings Preview - Automobile

We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~26%/30%/28% YoY on account of GST Cut, Stable commodity inflation, and...

Axis Direct

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