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)

<div><div><div><div><ul><li>The wholesale volumes in Sep’22 picked up in line with our expectations as the OEMs ramped up supply to fill in the inventories ahead of the festive season.</li><li>The easing chip shortage also aided in the broad-based growth in auto supply as against previous quarters.</li><li>According to our estimates, PV domestic wholesale dispatches posted impressive growth of 95%/7% YoY/MoM, suggesting improving supply to fulfil order backlogs. </li></ul></div></div></div></div><p><em>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.</em></p>

The wholesale volumes in Sep’22 picked up in line with our expectations as the OEMs ramped up supply to fill in the inventories ahead of the festive season.The easing chip shortage also aided in the broad-based growth in auto supply as against previous quarters.According to our estimates, PV domestic wholesale dispatches posted impressive growth of 95%/7% YoY/MoM, suggesting improving supply to fulfil order backlogs. 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.

Automotive Industry - Robust Growth Momentum in PV & CV Sales; 2Ws Lag Behind

<ul><li>The wholesale volumes in Aug’22 picked up in line with our expectations as the OEMs ramped up supply to fill in the inventories ahead of the festive season.</li><li>The easing chip shortage also aided in the broad-based growth in auto supply as against previous quarters.</li><li>Based on the Aug’22 domestic wholesale volume numbers, the CV segment supply growth stood ahead followed by the PV and 2W segments.</li></ul><p><em>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.</em></p>

The wholesale volumes in Aug’22 picked up in line with our expectations as the OEMs ramped up supply to fill in the inventories ahead of the festive season.The easing chip shortage also aided in the broad-based growth in auto supply as against previous quarters.Based on the Aug’22 domestic wholesale volume numbers, the CV segment supply growth stood ahead followed by the PV and 2W segments.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), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>PVs – supply chain constraints to persist; demand holding strong: We expect PV volume to be slightly lower on MoM basis due to supply<br>side issues and higher monthly base.</li></ul><div><div><div><ul><li>2Ws – demand revival remains muted: Domestic 2W dispatches are expected to improve on MoM basis, albeit at a slower pace, led by opening up of schools &amp; offices, beginning of marriage season and improving rural economics.</li></ul><div><div><div><div><ul><li>Tractors – moderating growth on a high base: We expect tractor demand to ease due to a high base.</li></ul></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

PVs – supply chain constraints to persist; demand holding strong: We expect PV volume to be slightly lower on MoM basis due to supply side issues and higher monthly base.2Ws – demand revival remains muted: Domestic 2W dispatches are expected to improve on MoM basis, albeit at a slower pace, led by opening up of schools &amp; offices, beginning of marriage season and improving rural economics.Tractors – moderating growth on a high base: We expect tractor demand to ease due to a high base.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 Sales Estimates – 2Ws Rising from Dust; Demand Outlook for PVs and CVs Positive

Equity Bottom-Up

Escorts Kubota Limited / Equity Bottom-Up

<ul><li>Domestic Tractor Business: Q1FY26 domestic tractor industry volumes grew 9.2% YoY to 2.86 Lc units, led by a 19.3% rise in the south and west; EKL’s stronghold markets in the north and central grew a modest 0.5%.</li><li>EKL’s domestic tractor volumes declined 1.9% YoY to 28,848 units, impacted by geographic mismatch and inventory normalisation.</li><li>Market share declined to ~8.7% (vs ~9.4% YoY); management attributes this to an industry swing and expects partial normalisation from Q3FY26.</li></ul><p><em>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.</em></p>

Domestic Tractor Business: Q1FY26 domestic tractor industry volumes grew 9.2% YoY to 2.86 Lc units, led by a 19.3% rise in the south and west; EKL’s stronghold markets in the north and central grew a modest 0.5%.EKL’s domestic tractor volumes declined 1.9% YoY to 28,848 units, impacted by geographic mismatch and inventory normalisation.Market share declined to ~8.7% (vs ~9.4% YoY); management attributes this to an industry swing and expects partial normalisation from Q3FY26.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.

Escorts Kubota Ltd - Structural Levers in Place; Near-Term Upside Capped

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>Escorts (EKL) logged a strong Q3 with 8.5% growth in revenue from continued operations and 110bps QoQ EBITDA margin expansion to 11.4%.</li><li>EKL has guided to robust domestic tractor industry outlook for 4Q (~15% YoY growth).</li><li>This, coupled with management guidance on corrective actions for channel inventory/dealer receivables being largely over, with several new product initiatives (Pro Maxx Series tractors under the FarmTrac brand) and scale-up in the captive financing arm, would drive market-share improvement in FY26 (particularly from H2).</li></ul><p><em>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.</em></p>

Escorts (EKL) logged a strong Q3 with 8.5% growth in revenue from continued operations and 110bps QoQ EBITDA margin expansion to 11.4%.EKL has guided to robust domestic tractor industry outlook for 4Q (~15% YoY growth).This, coupled with management guidance on corrective actions for channel inventory/dealer receivables being largely over, with several new product initiatives (Pro Maxx Series tractors under the FarmTrac brand) and scale-up in the captive financing arm, would drive market-share improvement in FY26 (particularly from H2).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.

Escorts - Guides for Market Share Gains in FY26

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)

Automotive Industry - Robust Growth Momentum in PV & CV Sales; 2Ws Lag Behind

The wholesale volumes in Sep’22 picked up in line with our expectations as the OEMs ramped up supply to fill in the inventories ahead of the...

Axis Direct

Auto Monthly Volume Update - Aug 2022

The wholesale volumes in Aug’22 picked up in line with our expectations as the OEMs ramped up supply to fill in the inventories ahead of the...

Axis Direct

Automobile Sales Estimates – 2Ws Rising from Dust; Demand Outlook for PVs and CVs Positive

Based on our channel checks, we saw some improvement in 2W demand in April’22 while demand in CV and PV segments continued to remain robust.

Nirmal Bang

Escorts Kubota Ltd - Structural Levers in Place; Near-Term Upside Capped

Market share declined to ~8.7% (vs ~9.4% YoY); management attributes this to an industry swing and expects partial normalisation from Q3FY26.

Axis Direct

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