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)

<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.

<ul><li>Over Apr’26-May’26, cumulative 2W domestic sales grew by 22% YoY to 36.5 Lc units, supported by strong performances from Hero (+38%), Eicher Motor (+31%), TVS Motor (+16%), and Bajaj Auto (+10%).</li><li>Exports showed improved traction across global markets, led by Hero MotoCorp, TVS Motor and Bajaj Auto. On a YTD basis, 3W domestic wholesales rose 32% YoY to 1.41 Lc units, led by M&amp;M (+85%), followed by TVS Motor (+47%) and Bajaj (+16%).</li><li>The domestic PV industry posted a ~23% YoY growth to ~9.01 Lc units, driven by strong performance from Tata Motors (+36%), Maruti Suzuki (+33%), Toyota Kirloskar (+20%), Hyundai (+13%), Kia India (+12%), M&amp;M (+9%), while JSW MG Motor declined 1% 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’26-May’26, cumulative 2W domestic sales grew by 22% YoY to 36.5 Lc units, supported by strong performances from Hero (+38%), Eicher Motor (+31%), TVS Motor (+16%), and Bajaj Auto (+10%).Exports showed improved traction across global markets, led by Hero MotoCorp, TVS Motor and Bajaj Auto. On a YTD basis, 3W domestic wholesales rose 32% YoY to 1.41 Lc units, led by M&amp;M (+85%), followed by TVS Motor (+47%) and Bajaj (+16%).The domestic PV industry posted a ~23% YoY growth to ~9.01 Lc units, driven by strong performance from Tata Motors (+36%), Maruti Suzuki (+33%), Toyota Kirloskar (+20%), Hyundai (+13%), Kia India (+12%), M&amp;M (+9%), while JSW MG Motor declined 1% 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.

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.

Read Business Not Stock Prices

<ul>
<li>VAHAN data till May 2026 shows a sharp decline from the January peak across the 2W segment, with May volumes weak for most OEMs.</li>
<li>The trend shows clear divergence: TVS and Bajaj are holding share, Royal Enfield is losing rank, Ola Electric is recovering, and luxury 2Ws are weakening.</li>
<li>EV 2W penetration is only 2.89%, but 45.5% growth from January to April shows faster base-building. The 3xAther-Ola gap is the key EV signal.</li>
</ul>


VAHAN data till May 2026 shows a sharp decline from the January peak across the 2W segment, with May volumes weak for most OEMs.
The trend shows clear divergence: TVS and Bajaj are holding share, Royal Enfield is losing rank, Ola Electric is recovering, and luxury 2Ws are weakening.
EV 2W penetration is only 2.89%, but 45.5% growth from January to April shows faster base-building. The 3xAther-Ola gap is the key EV signal.


Auto Tracker: VAHAN Dashboard Points to a Softer Cycle in India

<ul>
<li>Indian two-wheeler OEMs have lined up roughly 11,000 crore of capex across ICE, EV, scooters, exports and premium capacity.</li>
<li>This is a demand-confidence signal after FY26 domestic two-wheeler sales rose 10.7% to 2.17 crore units.</li>
<li>The capex cycle favors disciplined scale, localization and mix improvement, but utilization and pricing power will decide returns.</li>
</ul>


Indian two-wheeler OEMs have lined up roughly 11,000 crore of capex across ICE, EV, scooters, exports and premium capacity.
This is a demand-confidence signal after FY26 domestic two-wheeler sales rose 10.7% to 2.17 crore units.
The capex cycle favors disciplined scale, localization and mix improvement, but utilization and pricing power will decide returns.


India’s 2W Industry Expansion: ₹11,000 Crore Capex- Who Is Doing What?

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)

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

Auto Monthly Sales Volume - May 2026

Over Apr’26-May’26, cumulative 2W domestic sales grew by 22% YoY to 36.5 Lc units, supported by strong performances from Hero (+38%), Eicher Motor...

Axis Direct

Auto Tracker: VAHAN Dashboard Points to a Softer Cycle in India

VAHAN data reveals declining 2W segment volumes in May 2026, with TVS and Bajaj holding share while Royal Enfield loses rank. EV 2W penetration at...

Sudarshan Bhandari

India’s 2W Industry Expansion: ₹11,000 Crore Capex- Who Is Doing What?

Indian two-wheeler OEMs are investing heavily in capex across various segments to meet growing demand, with a focus on scale, localization, and...

Sudarshan Bhandari

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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

Auto Monthly Sales Volume - May 2026

Over Apr’26-May’26, cumulative 2W domestic sales grew by 22% YoY to 36.5 Lc units, supported by strong performances from Hero (+38%), Eicher Motor...

Axis Direct

Auto Tracker: VAHAN Dashboard Points to a Softer Cycle in India

​VAHAN data reveals declining 2W segment volumes in May 2026, with TVS and Bajaj holding share while Royal Enfield loses rank. EV 2W penetration at...

Sudarshan Bhandari

India’s 2W Industry Expansion: ₹11,000 Crore Capex- Who Is Doing What?

​Indian two-wheeler OEMs are investing heavily in capex across various segments to meet growing demand, with a focus on scale, localization, and...

Sudarshan Bhandari

VAHAN data reveals declining 2W segment volumes in May 2026, with TVS and Bajaj holding share while Royal Enfield loses rank. EV 2W penetration at...

Indian two-wheeler OEMs are investing heavily in capex across various segments to meet growing demand, with a focus on scale, localization, and...