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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Equity Bottom-Up

<ul><li>EBITDA Margin Improvement Despite EV Investments: Hero reported a 23% YoY growth in EBITDA to Rs 1,810 Cr in Q3FY26, supported by operating leverage and cost efficiencies.</li><li>The ICE business EBITDA margin expanded by 100 bps YoY to 17.0%, driven by pricing actions, benefits from the “Leap” savings program, and improved scale.</li><li>Despite continued investments in the EV business amounting to Rs 208 Cr during the quarter, overall EBITDA margins improved by 20 bps YoY to 14.7%, highlighting the resilience of core profitability amid ongoing EV investments.</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.

EBITDA Margin Improvement Despite EV Investments: Hero reported a 23% YoY growth in EBITDA to Rs 1,810 Cr in Q3FY26, supported by operating leverage and cost efficiencies.The ICE business EBITDA margin expanded by 100 bps YoY to 17.0%, driven by pricing actions, benefits from the “Leap” savings program, and improved scale.Despite continued investments in the EV business amounting to Rs 208 Cr during the quarter, overall EBITDA margins improved by 20 bps YoY to 14.7%, highlighting the resilience of core profitability amid ongoing EV investments.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.

Hero Motocorp Ltd - Margin Stability, Global Scale-Up & Strong Demand

Thematic (Sector/Industry)

<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>Market Momentum: Hero’s VAHAN market share increased to 31.6% in Q2FY26, marking a 12-quarter high with a 70 bps sequential gain.</li><li>The recovery is being supported by strong traction in the Deluxe 100cc segment and renewed momentum in the 125cc scooter and motorcycle categories (Destini 125, Xoom 125, Xtreme 125).</li><li>In the EV segment, market share rose 3% YoY in Q2FY26 and further increased to 5% in H1FY26, aided by the successful rollout of Glamour X.</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.

Market Momentum: Hero’s VAHAN market share increased to 31.6% in Q2FY26, marking a 12-quarter high with a 70 bps sequential gain.The recovery is being supported by strong traction in the Deluxe 100cc segment and renewed momentum in the 125cc scooter and motorcycle categories (Destini 125, Xoom 125, Xtreme 125).In the EV segment, market share rose 3% YoY in Q2FY26 and further increased to 5% in H1FY26, aided by the successful rollout of Glamour X.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.

Hero Motocorp Ltd - EV Launches, Global Push & Margin Stability to Drive Growth

<ul><li>Over Apr’26-Jul’26, cumulative 2W domestic sales grew by 19% YoY to 48.7 Lc units, supported by strong performances from Eicher Motor (+33%), HMSI (+21%) and Hero (+16%). 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>The domestic PV industry posted a ~27% YoY growth to ~17.3 Lc units, driven by strong performance from Tata Motors (+49%), Maruti Suzuki (+33%), Kia India (+17%), M&amp;M (+16%), Toyota Kirloskar (+15%), JSW MG Motor (+13%) and Hyundai (+10%).</li><li>Domestic CV volumes increased 20% YTD to 2.77 Lc units, reflecting strong performance supported by an early replacement cycle and positive freight demand.</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-Jul’26, cumulative 2W domestic sales grew by 19% YoY to 48.7 Lc units, supported by strong performances from Eicher Motor (+33%), HMSI (+21%) and Hero (+16%). Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.The domestic PV industry posted a ~27% YoY growth to ~17.3 Lc units, driven by strong performance from Tata Motors (+49%), Maruti Suzuki (+33%), Kia India (+17%), M&amp;M (+16%), Toyota Kirloskar (+15%), JSW MG Motor (+13%) and Hyundai (+10%).Domestic CV volumes increased 20% YTD to 2.77 Lc units, reflecting strong performance supported by an early replacement cycle and positive freight demand.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.

Domestic Auto Demand Remains Strong; Global Uncertainty Warrants Caution

<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

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

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Hero Motocorp (HMCL IN)

Hero Motocorp Ltd - Margin Stability, Global Scale-Up & Strong Demand

EBITDA Margin Improvement Despite EV Investments: Hero reported a 23% YoY growth in EBITDA to Rs 1,810 Cr in Q3FY26, supported by operating...

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

Hero Motocorp Ltd - EV Launches, Global Push & Margin Stability to Drive Growth

Market Momentum: Hero’s VAHAN market share increased to 31.6% in Q2FY26, marking a 12-quarter high with a 70 bps sequential gain.

Axis Direct

Domestic Auto Demand Remains Strong; Global Uncertainty Warrants Caution

In the long term, we prefer Eicher Motors in 2W, M&M (non-coverage) as a play in the PV/LCV/Tractor segment, followed by Maruti in PVs.

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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