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>New Product Launches: Eicher Motors pursued an aggressive product launch strategy in Q3FY25, introducing five major models under the Royal Enfield (RE) brand—Bear 650, New Classic 650, Bullet Battalion Black (which received a strong response in the North), Goan Classic 350, and Scram 440.</li><li>Additionally, Royal Enfield unveiled its EV brand Flying Flea, showcasing the FF C6 and FF S6, with production set to begin in Q1FY26 at the Vallam plant, which has an initial capacity of 1,50,000 units per annum.</li><li>International market: RE inaugurated its first wholly owned CKD assembly plant in Thailand, scaling production to 5,000-7,000 units per month, serving as a strategic hub for exports to ASEAN countries and leveraging FTAs.</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.

New Product Launches: Eicher Motors pursued an aggressive product launch strategy in Q3FY25, introducing five major models under the Royal Enfield (RE) brand—Bear 650, New Classic 650, Bullet Battalion Black (which received a strong response in the North), Goan Classic 350, and Scram 440.Additionally, Royal Enfield unveiled its EV brand Flying Flea, showcasing the FF C6 and FF S6, with production set to begin in Q1FY26 at the Vallam plant, which has an initial capacity of 1,50,000 units per annum.International market: RE inaugurated its first wholly owned CKD assembly plant in Thailand, scaling production to 5,000-7,000 units per month, serving as a strategic hub for exports to ASEAN countries and leveraging FTAs.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 - Positives Largely Factored in the CMP

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>Over Apr–Oct’26, Cumulative domestic sales of Bajaj (-6%) and Hero (-3%) offset strong performances from TVS (+14%) and RE (+25%).</li><li>In contrast, 2W exports reflected improved traction in global markets, especially in Africa and Latin America.</li><li>On a YTD basis, 3W domestic wholesales rose 13% YoY to 4.8 Lc units, led by M&amp;M (+32%) and TVS (+47%), while Bajaj remained flat. </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–Oct’26, Cumulative domestic sales of Bajaj (-6%) and Hero (-3%) offset strong performances from TVS (+14%) and RE (+25%).In contrast, 2W exports reflected improved traction in global markets, especially in Africa and Latin America.On a YTD basis, 3W domestic wholesales rose 13% YoY to 4.8 Lc units, led by M&amp;M (+32%) and TVS (+47%), while Bajaj remained flat. 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.

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>While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see it play out meaningfully from Q3FY25</li><li>The shortage of truck trailers for vehicle transport has led to deferment of some wholesales from September to October, thus capping the wholesale volumes in Q2FY25</li><li>The key auto ancillary companies continue to face global headwinds on softer demand, partial tariff-related cost absorption.</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.

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see it play out meaningfully from Q3FY25The shortage of truck trailers for vehicle transport has led to deferment of some wholesales from September to October, thus capping the wholesale volumes in Q2FY25The key auto ancillary companies continue to face global headwinds on softer demand, partial tariff-related cost absorption.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 (Q2FY26 Results Preview): Indian market well-poised amid global softness

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by 12.6%/11.2%/21.2% YoY on account of GST rate cut, subdued commodity inflation, and favourable regulatory norms.</li><li>The revenue growth is largely led by low to mid-single-digit industry growth for 2W/PVs/CVs and double-digit volume growth in the tractor industry.</li><li>The expected YoY EBITDA margin declines due to higher discounts and advertisement expenses being partly offset by richer product mix (higher exports) and price hikes taken over the past year. </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 12.6%/11.2%/21.2% YoY on account of GST rate cut, subdued commodity inflation, and favourable regulatory norms.The revenue growth is largely led by low to mid-single-digit industry growth for 2W/PVs/CVs and double-digit volume growth in the tractor industry.The expected YoY EBITDA margin declines due to higher discounts and advertisement expenses being partly offset by richer product mix (higher exports) and price hikes taken over the past year. 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 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.

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)

Eicher Motors Ltd - Positives Largely Factored in the CMP

Eicher Motors pursued an aggressive product launch strategy in Q3FY25, introducing five major models under the Royal Enfield (RE) brand

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

Auto Monthly Sales Volume - October 2025

Over Apr–Oct’26, Cumulative domestic sales of Bajaj (-6%) and Hero (-3%) offset strong performances from TVS (+14%) and RE (+25%).

Axis Direct

Autos (Q2FY26 Results Preview): Indian market well-poised amid global softness

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see...

HDFC Securities

Q2FY26 Earnings Preview - Automobile

We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by 12.6%/11.2%/21.2% YoY on account of GST rate cut, subdued commodity...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)