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. 

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Thematic (Sector/Industry)

<ul><li>Over Apr’25-Mar’26, cumulative 2W domestic sales grew by 12% YoY to 1.8 Cr units, supported by strong performances from TVS (+21%), Eicher motor (+23%), and Hero (+8%), while exports showed improved traction across global markets.</li><li>On a YTD basis, 3W domestic wholesales rose 50% YoY to 3.3 Lc units, led by TVS (+63%), followed by M&amp;M (+30%), while Bajaj is yet to report.</li><li>The domestic PV industry posted a ~9% YoY growth to ~43.1 Lc units, driven by strong performance from Toyota Kirloskar (+24%), M&amp;M (+20%), JSW MG Motor (+17%), Kia India (+14%), Tata Motors (+14%), and Maruti Suzuki (+4%), while Hyundai declined 2% YoY. </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’25-Mar’26, cumulative 2W domestic sales grew by 12% YoY to 1.8 Cr units, supported by strong performances from TVS (+21%), Eicher motor (+23%), and Hero (+8%), while exports showed improved traction across global markets.On a YTD basis, 3W domestic wholesales rose 50% YoY to 3.3 Lc units, led by TVS (+63%), followed by M&amp;M (+30%), while Bajaj is yet to report.The domestic PV industry posted a ~9% YoY growth to ~43.1 Lc units, driven by strong performance from Toyota Kirloskar (+24%), M&amp;M (+20%), JSW MG Motor (+17%), Kia India (+14%), Tata Motors (+14%), and Maruti Suzuki (+4%), while Hyundai declined 2% YoY. 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>Near-Term Production Disruptions: Ongoing gas supply constraints could impact automotive paint shops and forging operations that rely heavily on gas-based heating processes, potentially leading to near-term production constraints across the auto manufacturing ecosystem.</li><li>Some OEMs have already begun witnessing minor disruptions, which could intensify if industrial gas allocations are curtailed further.</li><li>However, the overall impact is expected to remain manageable in the near term, as most OEMs currently maintain 3–5 weeks of channel inventory, which can partially cushion temporary supply disruptions. </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.

Near-Term Production Disruptions: Ongoing gas supply constraints could impact automotive paint shops and forging operations that rely heavily on gas-based heating processes, potentially leading to near-term production constraints across the auto manufacturing ecosystem.Some OEMs have already begun witnessing minor disruptions, which could intensify if industrial gas allocations are curtailed further.However, the overall impact is expected to remain manageable in the near term, as most OEMs currently maintain 3–5 weeks of channel inventory, which can partially cushion temporary supply disruptions. 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.

Automobile Sector: Energy Supply Tightness & Geopolitical Risks

<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.

<ul><li>Over Apr–Sep’26, cumulative 2W domestic sales grew by 1% YoY to 97.87 Lc units, as declines at Hero (-2%) and Bajaj (-8%) offset strong performances from TVS (+15%) and RE (+27%).</li><li>In contrast, 2W exports surged 24% YoY to 22.40 Lc units, reflecting improved traction in global markets, especially Africa and Latin America.</li><li>On a YTD basis, 3W domestic wholesales rose 12% YoY to 4.02 Lc units, led by M&amp;M (+32%), TVS (+43%), 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–Sep’26, cumulative 2W domestic sales grew by 1% YoY to 97.87 Lc units, as declines at Hero (-2%) and Bajaj (-8%) offset strong performances from TVS (+15%) and RE (+27%).In contrast, 2W exports surged 24% YoY to 22.40 Lc units, reflecting improved traction in global markets, especially Africa and Latin America.On a YTD basis, 3W domestic wholesales rose 12% YoY to 4.02 Lc units, led by M&amp;M (+32%), TVS (+43%), 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.

Auto Monthly Sales Volume - September 2025

India

Escorts Kubota Limited is among India's leading engineering conglomerates, operating in the high growth sectors of Agri Machinery, Material Handling, Construction Equipment and Railway Equipment. The Group has earned the trust of over 5 million customers by way of product and process innovations over seven decades.

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Escorts Kubota Limited (ESCORTS IN)

Auto Monthly Sales Volume - April 2026

On a YTD basis, 3W domestic wholesales rose 50% YoY to 3.3 Lc units, led by TVS (+63%), followed by M&M (+30%), while Bajaj is yet to report.

Axis Direct

Automobile Sector: Energy Supply Tightness & Geopolitical Risks

Ongoing gas supply constraints could impact automotive paint shops and forging operations that rely heavily on gas-based heating processes...

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

Auto Monthly Sales Volume - September 2025

Over Apr–Sep’26, cumulative 2W domestic sales grew by 1% YoY to 97.87 Lc units, as declines at Hero (-2%) and Bajaj (-8%) offset strong...

Axis Direct

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