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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Thematic (Sector/Industry)

<ul>
<li>Q3FY26 delivered strong volume-led growth across autos, supported by GST 2.0 reforms, lean inventories, and operating leverage.</li>
<li>
Demand momentum is robust, but rising raw material costs and supply rigidities create margin sustainability risks into FY27.</li>
<li>The sector stands on solid demand footing, yet sustainability hinges on pricing power, cost control, and supply normalization.</li>
</ul>


Q3FY26 delivered strong volume-led growth across autos, supported by GST 2.0 reforms, lean inventories, and operating leverage.

Demand momentum is robust, but rising raw material costs and supply rigidities create margin sustainability risks into FY27.
The sector stands on solid demand footing, yet sustainability hinges on pricing power, cost control, and supply normalization.


Thematic Report On Indian Auto Sector: GST Reduction Accelerates PV, 2W, CV and Tractor Demand

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.

<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

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>The Indian automobile sector is at a critical juncture, with recent GST rate rationalization and the imminent 8th Pay Commission for government employees converging to create a powerful demand stimulus.</li>
<li>These policy-driven catalysts are directly addressing long-standing affordability issues, particularly in the entry-level passenger vehicle and two-wheeler segments, positioning the industry for a multi-year cyclical upswing.</li>
<li>While challenges remain, the clear legislative support and improving macroeconomic environment suggest a significant demand revival, making a fresh look at India's auto OEMs a necessity for investors.</li>
</ul>


The Indian automobile sector is at a critical juncture, with recent GST rate rationalization and the imminent 8th Pay Commission for government employees converging to create a powerful demand stimulus.
These policy-driven catalysts are directly addressing long-standing affordability issues, particularly in the entry-level passenger vehicle and two-wheeler segments, positioning the industry for a multi-year cyclical upswing.
While challenges remain, the clear legislative support and improving macroeconomic environment suggest a significant demand revival, making a fresh look at India's auto OEMs a necessity for investors.


Thematic Report on India’s Auto Boom: Is Policy the New Fuel Igniting a Cyclical Revival?

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)

Thematic Report On Indian Auto Sector: GST Reduction Accelerates PV, 2W, CV and Tractor Demand

Q3FY26 saw strong volume growth in auto sector due to GST 2.0 reforms, but rising costs pose margin risks in FY27. Sustainability depends on...

Sudarshan Bhandari

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

Thematic Report on India’s Auto Boom: Is Policy the New Fuel Igniting a Cyclical Revival?

Recent policy changes in India, including GST rate rationalization and the 8th Pay Commission, are expected to boost demand in the automobile...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report On Indian Auto Sector: GST Reduction Accelerates PV, 2W, CV and Tractor Demand

​Q3FY26 saw strong volume growth in auto sector due to GST 2.0 reforms, but rising costs pose margin risks in FY27. Sustainability depends on...

Sudarshan Bhandari

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

Thematic Report on India’s Auto Boom: Is Policy the New Fuel Igniting a Cyclical Revival?

​Recent policy changes in India, including GST rate rationalization and the 8th Pay Commission, are expected to boost demand in the automobile...

Nimish Maheshwari

Q3FY26 saw strong volume growth in auto sector due to GST 2.0 reforms, but rising costs pose margin risks in FY27. Sustainability depends on...

Recent policy changes in India, including GST rate rationalization and the 8th Pay Commission, are expected to boost demand in the automobile...