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>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.

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>Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an increased cost of the vehicle</li><li>The salary/wage of the consumer has not risen in line with vehicle cost inflation, thus increasing the affordability gap</li><li>We believe that there are customers who have been waiting on the sidelines to purchase a vehicle as and when it becomes affordable to them</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.

Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an increased cost of the vehicleThe salary/wage of the consumer has not risen in line with vehicle cost inflation, thus increasing the affordability gapWe believe that there are customers who have been waiting on the sidelines to purchase a vehicle as and when it becomes affordable to themContent 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: GST Rate Cuts to Revive the Entry-Level Segment

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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<ul>
<li>The GST Council has approved rate cuts , lowering from 28-29% to 18% for 2Ws (&lt;350cc), 3Ws, CVs, tractors and small PVs, while larger cars move to 40% from 43-50%. 
</li>
<li>
Price cuts of 2–9% in mass-market vehicles could spur demand just as rural sentiment, interest rates, and fiscal transfers turn supportive, creating a multi-pronged recovery catalyst for OEMs and ancillaries.</li>
<li>The rationalization removes structural distortions, improves affordability, and positions the festive season as a turning point for sector volumes and improved margins, though premium bikes and fleet operators face headwinds.</li>
</ul>


The GST Council has approved rate cuts , lowering from 28-29% to 18% for 2Ws (&lt;350cc), 3Ws, CVs, tractors and small PVs, while larger cars move to 40% from 43-50%. 


Price cuts of 2–9% in mass-market vehicles could spur demand just as rural sentiment, interest rates, and fiscal transfers turn supportive, creating a multi-pronged recovery catalyst for OEMs and ancillaries.
The rationalization removes structural distortions, improves affordability, and positions the festive season as a turning point for sector volumes and improved margins, though premium bikes and fleet operators face headwinds.


GST Reform in Indian Auto Sector: Demand Revival Meets Margin Expansion Ahead of Festive Surge.

<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 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.

<ul><li>Auto OEMs: We expect Revenue for our OEM coverage universe to grow by ~4.2% YoY, while EBITDA/PAT is expected to decline by ~3.4% each on account of commodity inflation, negative operating leverage, and changes in regulatory norms.</li><li>The revenue growth is largely led by low to mid-single digit industry growth for 2W/PVs/CVs and low teens volume growth in the tractor industry (however, Escorts are up only 1%).</li><li>The expected YoY EBITDA margin decline would be due to higher discounts/advertisement expenses and negative operating leverage (production halts) 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 for our OEM coverage universe to grow by ~4.2% YoY, while EBITDA/PAT is expected to decline by ~3.4% each on account of commodity inflation, negative operating leverage, and changes in regulatory norms.The revenue growth is largely led by low to mid-single digit industry growth for 2W/PVs/CVs and low teens volume growth in the tractor industry (however, Escorts are up only 1%).The expected YoY EBITDA margin decline would be due to higher discounts/advertisement expenses and negative operating leverage (production halts) 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

Endurance Technologies Limited designs, develops, manufactures, and exports auto parts. The Company provides casting, suspension, transmission, and braking products for the automobile industry. Endurance Technologies conducts business worldwide.

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Endurance Technologies Ltd (ENDU IN)

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

Autos: GST Rate Cuts to Revive the Entry-Level Segment

Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an...

HDFC Securities

GST Reform in Indian Auto Sector: Demand Revival Meets Margin Expansion Ahead of Festive Surge.

GST Council approves rate cuts, boosting demand for mass-market vehicles and creating a multi-pronged recovery catalyst for OEMs and ancillaries.

Sudarshan Bhandari

Axis Intellect - Balanced

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

Axis Direct

Q1FY26 Earnings Preview - Automobile

On a sequential basis, the Revenue/EBITDA/PAT growth for Q1FY26 is expected to degrow by ~7.6%/12.9%/15.7% with over ~100 bps decline in EBITDA...

Axis Direct

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Dividend (Yield)

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

Autos: GST Rate Cuts to Revive the Entry-Level Segment

Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an...

HDFC Securities

GST Reform in Indian Auto Sector: Demand Revival Meets Margin Expansion Ahead of Festive Surge.

​GST Council approves rate cuts, boosting demand for mass-market vehicles and creating a multi-pronged recovery catalyst for OEMs and ancillaries.

Sudarshan Bhandari

Axis Intellect - Balanced

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

Axis Direct

Q1FY26 Earnings Preview - Automobile

On a sequential basis, the Revenue/EBITDA/PAT growth for Q1FY26 is expected to degrow by ~7.6%/12.9%/15.7% with over ~100 bps decline in EBITDA...

Axis Direct

GST Council approves rate cuts, boosting demand for mass-market vehicles and creating a multi-pronged recovery catalyst for OEMs and ancillaries.