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

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>EIM reported a marginally weaker-than-expected operating performance as its renewed growth focus slightly hurt profitability.</li><li>The company logged a 5% miss on our EBITDA estimate, amid lower ASP (down 2.4% QoQ) and weaker EBITDA margin at 24.2% (down by 100bps QoQ/190bps YoY).</li><li>The lower ASP was driven by a poor product mix (higher share of the Bullet Battalion Black edition), while margins were impacted by higher marketing/festive spends (partially lumpy due to multiple launches in 3Q).</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.

EIM reported a marginally weaker-than-expected operating performance as its renewed growth focus slightly hurt profitability.The company logged a 5% miss on our EBITDA estimate, amid lower ASP (down 2.4% QoQ) and weaker EBITDA margin at 24.2% (down by 100bps QoQ/190bps YoY).The lower ASP was driven by a poor product mix (higher share of the Bullet Battalion Black edition), while margins were impacted by higher marketing/festive spends (partially lumpy due to multiple launches in 3Q).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 - Soft Q3; Guides to Sustained Volume Growth Momentum

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>EIM consolidated revenue for Q3FY25 grew by 19% YoY, 2.3% lower than PLe/BBGe.</li><li>Despite the higher mix of 350cc+ motorcycle and strong exports volume ASP remained flat.</li><li>Gross profit contracted by 90bps YoY to 45.1%.</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.

EIM consolidated revenue for Q3FY25 grew by 19% YoY, 2.3% lower than PLe/BBGe.Despite the higher mix of 350cc+ motorcycle and strong exports volume ASP remained flat.Gross profit contracted by 90bps YoY to 45.1%.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 - Lack of Price Hike & Promotional Spend Impact Margins

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 - 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

Eicher Motors - Soft Q3; Guides to Sustained Volume Growth Momentum

EIM reported a marginally weaker-than-expected operating performance as its renewed growth focus slightly hurt profitability.

Emkay

Eicher Motors - Lack of Price Hike & Promotional Spend Impact Margins

EIM consolidated revenue for Q3FY25 grew by 19% YoY, 2.3% lower than PLe/BBGe. Despite the higher mix of 350cc+ motorcycle and strong exports...

Prabhudas Lilladhar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)