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>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to register strong YoY growth of ~28%/~16%/~12%, respectively, driven by strong demand momentum, the ongoing premiumisation trend, rising EV adoption, and improving consumer affordability.</li><li>Revenue growth is expected to be led by doubledigit industry growth across the 2W, PV, and CV segments, although tractor volumes are expected to remain flat.</li><li>EBITDA margin contraction on a YoY basis is likely to be impacted by higher raw material costs and supply chain disruptions arising from geopolitical tensions, partly offset by calibrated price hikes undertaken by OEMs. </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 register strong YoY growth of ~28%/~16%/~12%, respectively, driven by strong demand momentum, the ongoing premiumisation trend, rising EV adoption, and improving consumer affordability.Revenue growth is expected to be led by doubledigit industry growth across the 2W, PV, and CV segments, although tractor volumes are expected to remain flat.EBITDA margin contraction on a YoY basis is likely to be impacted by higher raw material costs and supply chain disruptions arising from geopolitical tensions, partly offset by calibrated price hikes undertaken by OEMs. 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.

Equity Bottom-Up

Escorts Kubota Limited / Equity Bottom-Up

<ul><li>Agri Machinery – Record Volumes, Market Share Gains &amp; Product Expansion: Escorts Kubota reported its highest-ever Q1 domestic tractor sales of 35,457 units, up 22.9% YoY, outperforming the domestic tractor industry’s 18.6% growth and gaining 36 bps of domestic market share.</li><li>The Shaurya series supported market share expansion in Southern markets, while Farmtrac Promaxx and Digitrac continued to gain traction, contributing 20-22% of Farmtrac sales and 23-25% of Powertrac volumes, respectively.</li><li>The company’s focus on product refresh, premiumization and channel strengthening supported growth across key regions, while the non-tractor business further improved its contribution, accounting for 19% of Agri Machinery revenue versus 18% in Q1FY26, enhancing segment diversification.</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.

Agri Machinery – Record Volumes, Market Share Gains &amp; Product Expansion: Escorts Kubota reported its highest-ever Q1 domestic tractor sales of 35,457 units, up 22.9% YoY, outperforming the domestic tractor industry’s 18.6% growth and gaining 36 bps of domestic market share.The Shaurya series supported market share expansion in Southern markets, while Farmtrac Promaxx and Digitrac continued to gain traction, contributing 20-22% of Farmtrac sales and 23-25% of Powertrac volumes, respectively.The company’s focus on product refresh, premiumization and channel strengthening supported growth across key regions, while the non-tractor business further improved its contribution, accounting for 19% of Agri Machinery revenue versus 18% in Q1FY26, enhancing segment diversification.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 - Tractor Recovery Strengthens; Margin Headwinds Remain

<ul><li>Agri Machinery &amp; Non-Tractor Business - Strong Growth and Margin Expansion: The Agri Machinery segment witnessed healthy volume traction in Q3FY26, with total tractor volumes rising 13.5% YoY to 36,955 units, supported by a strong domestic industry, up 23.2% YoY to ~3.3 Lc units.</li><li>Growth was aided by favourable government policies, lower GST rates, and healthy reservoir levels, though regional performance remained uneven.</li><li>North and Central markets lagged, while other regions grew a strong 34.2%. </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.

Agri Machinery &amp; Non-Tractor Business - Strong Growth and Margin Expansion: The Agri Machinery segment witnessed healthy volume traction in Q3FY26, with total tractor volumes rising 13.5% YoY to 36,955 units, supported by a strong domestic industry, up 23.2% YoY to ~3.3 Lc units.Growth was aided by favourable government policies, lower GST rates, and healthy reservoir levels, though regional performance remained uneven.North and Central markets lagged, while other regions grew a strong 34.2%. 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

<ul><li>Strong Q1FY27 Performance Across Auto OEMs: Revenue/EBITDA in Q1FY27 grew by 33.3%/22.4% YoY, respectively, versus our expectations of ~31%/35% YoY for Auto OEMs under our coverage.</li><li>Revenue growth was largely driven by mid-single-digit industry growth across 2Ws/PVs/CVs, mid-teens volume growth in the tractor industry, and continued premiumization.</li><li>Revenue and EBITDA declined by 1.2%/16.1% QoQ, respectively, versus our estimates of -2.7%/-7.6%. </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.

Strong Q1FY27 Performance Across Auto OEMs: Revenue/EBITDA in Q1FY27 grew by 33.3%/22.4% YoY, respectively, versus our expectations of ~31%/35% YoY for Auto OEMs under our coverage.Revenue growth was largely driven by mid-single-digit industry growth across 2Ws/PVs/CVs, mid-teens volume growth in the tractor industry, and continued premiumization.Revenue and EBITDA declined by 1.2%/16.1% QoQ, respectively, versus our estimates of -2.7%/-7.6%. 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.

High Conviction Ideas:Auto and Auto Ancillaries

<ul><li>Over Apr’26-Jun’26, cumulative 2W domestic sales grew by 22% YoY to 33.6 Lc units, supported by strong performances from Eicher Motors (+32%) and Hero (+21%).</li><li>Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.</li><li>On a YTD basis, 3W domestic wholesales rose to 1.55 Lc units, led by M&amp;M (+76%).</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’26-Jun’26, cumulative 2W domestic sales grew by 22% YoY to 33.6 Lc units, supported by strong performances from Eicher Motors (+32%) and Hero (+21%).Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.On a YTD basis, 3W domestic wholesales rose to 1.55 Lc units, led by M&amp;M (+76%).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

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)

Automobile - Q2FY27E: Result Preview

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to register strong YoY growth of ~28%/~16%/~12%, respectively, driven by...

Axis Direct

Escorts Kubota Ltd - Tractor Recovery Strengthens; Margin Headwinds Remain

The Shaurya series supported market share expansion in Southern markets, while Farmtrac Promaxx and Digitrac continued to gain traction,...

Axis Direct

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

Agri Machinery & Non-Tractor Business - Strong Growth and Margin Expansion: The Agri Machinery segment witnessed healthy volume traction in Q3FY26

Axis Direct

High Conviction Ideas:Auto and Auto Ancillaries

Revenue/EBITDA in Q1FY27 grew by 33.3%/22.4% YoY, respectively, versus our expectations of ~31%/35% YoY for Auto OEMs under our coverage.

Axis Direct

Auto Monthly Sales Volume - July 2026

Over Apr’26-Jun’26, cumulative 2W domestic sales grew by 22% YoY to 33.6 Lc units, supported by strong performances from Eicher Motors (+32%) and...

Axis Direct

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