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.

Equity Bottom-Up

<ul><li>Volume Over Margins Strategy: Management is focused on growing overall EBITDA rather than preserving margins as a strategy to counter rising competition.</li><li>Standalone EBITDA grew by 32.9% YoY despite a strong 43% volume growth, reflecting higher promotional spending, a product mix shift towards lower ASP variants, and competitive pricing.</li><li>We estimate an EBITDA CAGR of 12–13% over FY25–28E, which lags historical performance and consensus expectations.</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.

Volume Over Margins Strategy: Management is focused on growing overall EBITDA rather than preserving margins as a strategy to counter rising competition.Standalone EBITDA grew by 32.9% YoY despite a strong 43% volume growth, reflecting higher promotional spending, a product mix shift towards lower ASP variants, and competitive pricing.We estimate an EBITDA CAGR of 12–13% over FY25–28E, which lags historical performance and consensus expectations.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 Ltd - Focus on Volume Growth & Overall EBITDA Improvement

<ul><li>Focus On Volume Over Margins: Management is focused on growing overall EBITDA rather than preserving margins as a strategy to weed out new competition.</li><li>Standalone EBITDA grew by just 4.5% YoY despite strong 17% volume growth, reflecting higher promotional spend, product shift towards lower ASP variants and competitive pricing.</li><li>We estimate EBITDA CAGR of 8–9% over FY25–28E, which trails historical performance and consensus expectations.</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.

Focus On Volume Over Margins: Management is focused on growing overall EBITDA rather than preserving margins as a strategy to weed out new competition.Standalone EBITDA grew by just 4.5% YoY despite strong 17% volume growth, reflecting higher promotional spend, product shift towards lower ASP variants and competitive pricing.We estimate EBITDA CAGR of 8–9% over FY25–28E, which trails historical performance and consensus expectations.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 - Focus on Volume Growth & Overall EBITDA Improvement

<ul><li>Product Portfolio Expansion and Strategic Foray into Urban Electric Mobility: In FY25, Royal Enfield expanded its product portfolio with six new motorcycle launches —the Guerrilla 450, built on the new Sherpa 450 engine, along with the Bear 650 and Classic 650, which extend the company’s mid-capacity offerings.</li><li>The introduction of the Goan Classic 350 and the updated 2024 Classic 350 with a Factory Custom Programme highlights RE’s increased emphasis on personalisation.</li><li>The Scram 440 further strengthens its presence in the ADV crossover segment. The company also unveiled Flying Flea, a dedicated EV brand, at EICMA 2024. </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 Portfolio Expansion and Strategic Foray into Urban Electric Mobility: In FY25, Royal Enfield expanded its product portfolio with six new motorcycle launches —the Guerrilla 450, built on the new Sherpa 450 engine, along with the Bear 650 and Classic 650, which extend the company’s mid-capacity offerings.The introduction of the Goan Classic 350 and the updated 2024 Classic 350 with a Factory Custom Programme highlights RE’s increased emphasis on personalisation.The Scram 440 further strengthens its presence in the ADV crossover segment. The company also unveiled Flying Flea, a dedicated EV brand, at EICMA 2024. 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 Ltd - Current Valuations Largely Factor in the Positives

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>We interact with local business owners and our channels in Srinagar, Jammu and Kashmir with an objective to understand the current sentiment on the ground. </li>
<li>Srinagar, Kashmir's summer capital, remains strategically vital in the current conflict as a military hub and political flashpoint between India and Pakistan.</li>
<li>Local business owners are hopeful that the escalating conflict and the media attention surrounding it will ease by the 10th of May.</li>
</ul>


We interact with local business owners and our channels in Srinagar, Jammu and Kashmir with an objective to understand the current sentiment on the ground. 
Srinagar, Kashmir's summer capital, remains strategically vital in the current conflict as a military hub and political flashpoint between India and Pakistan.
Local business owners are hopeful that the escalating conflict and the media attention surrounding it will ease by the 10th of May.


Telegram from Srinagar | Operation Sindoor - On Ground Update

<ul>
<li>
<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>, through its brand Royal Enfield, is experiencing strong export performance driven by strategic global expansion in the middleweight motorcycle segment. </li>
<li>The unit in Thailand, serves as a key manufacturing hub, with a CKD assembly facility supporting both local and Asia-Pacific markets.</li>
<li>Royal Enfield's focus on retro design and competitive pricing attracts customers in Europe and Brazil, filling a niche left by premium brands.</li>
</ul>



Eicher Motors (EIM IN), through its brand Royal Enfield, is experiencing strong export performance driven by strategic global expansion in the middleweight motorcycle segment. 
The unit in Thailand, serves as a key manufacturing hub, with a CKD assembly facility supporting both local and Asia-Pacific markets.
Royal Enfield's focus on retro design and competitive pricing attracts customers in Europe and Brazil, filling a niche left by premium brands.


Eicher Motors (EIM IN) | Why Exports Are on Fire

India

Eicher Motors Ltd. manufactures light commercial vehicles which are sold domestically and are also exported to other countries. Eicher Motors also manufactures two-wheelers and automotive gears.

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Eicher Motors (EIM IN)

Eicher Motors Ltd - Focus on Volume Growth & Overall EBITDA Improvement

Volume Over Margins Strategy: Management is focused on growing overall EBITDA rather than preserving margins as a strategy to counter rising...

Axis Direct

Eicher Motors - Focus on Volume Growth & Overall EBITDA Improvement

Focus On Volume Over Margins: Management is focused on growing overall EBITDA rather than preserving margins as a strategy to weed out new...

Axis Direct

Eicher Motors Ltd - Current Valuations Largely Factor in the Positives

In FY25, Royal Enfield expanded its product portfolio with six new motorcycle launches —the Guerrilla 450, built on the new Sherpa 450 engine,...

Axis Direct

Telegram from Srinagar | Operation Sindoor - On Ground Update

Local business owners in Srinagar, Kashmir are hopeful for easing tensions by May 10 amidst the ongoing conflict between India and Pakistan.

Pranav Bhavsar