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–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.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a> raised around US$350m in its India IPO in May 2025. The lockup for its pre-IPO investors is set to expire soon.</li>
<li>Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Ather Energy raised around US$350m in its India IPO in May 2025. The lockup for its pre-IPO investors is set to expire soon.
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In this note, we will talk about the lockup dynamics and possible placement.


Ather Energy IPO Lockup - US$1.3bn+ Lockup Release

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see it play out meaningfully from Q3FY25</li><li>The shortage of truck trailers for vehicle transport has led to deferment of some wholesales from September to October, thus capping the wholesale volumes in Q2FY25</li><li>The key auto ancillary companies continue to face global headwinds on softer demand, partial tariff-related cost absorption.</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.

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see it play out meaningfully from Q3FY25The shortage of truck trailers for vehicle transport has led to deferment of some wholesales from September to October, thus capping the wholesale volumes in Q2FY25The key auto ancillary companies continue to face global headwinds on softer demand, partial tariff-related cost absorption.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.

Autos (Q2FY26 Results Preview): Indian market well-poised amid global softness

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by 12.6%/11.2%/21.2% YoY on account of GST rate cut, subdued commodity inflation, and favourable regulatory norms.</li><li>The revenue growth is largely led by low to mid-single-digit industry growth for 2W/PVs/CVs and double-digit volume growth in the tractor industry.</li><li>The expected YoY EBITDA margin declines due to higher discounts and advertisement expenses being partly offset by richer product mix (higher exports) and price hikes taken over the past year. </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 grow by 12.6%/11.2%/21.2% YoY on account of GST rate cut, subdued commodity inflation, and favourable regulatory norms.The revenue growth is largely led by low to mid-single-digit industry growth for 2W/PVs/CVs and double-digit volume growth in the tractor industry.The expected YoY EBITDA margin declines due to higher discounts and advertisement expenses being partly offset by richer product mix (higher exports) and price hikes taken over the past year. 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>The Indian automobile industry experienced a significant boost in sales in September 2025, driven by delayed purchases and the positive effects of GST reductions.</li>
<li>The increase in retail sales highlights a strong recovery in the sector, which is expected to continue into October as the full impact of the GST cuts becomes clear.</li>
<li>The sector’s strong performance and high consumer demand suggest a positive outlook for the coming months, with several key OEMs set for sustained growth.</li>
</ul>


The Indian automobile industry experienced a significant boost in sales in September 2025, driven by delayed purchases and the positive effects of GST reductions.
The increase in retail sales highlights a strong recovery in the sector, which is expected to continue into October as the full impact of the GST cuts becomes clear.
The sector’s strong performance and high consumer demand suggest a positive outlook for the coming months, with several key OEMs set for sustained growth.


The Beat Ideas: Indian Auto Industry: GST Cuts Power Record Festive Sales Surge

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)

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

Ather Energy IPO Lockup - US$1.3bn+ Lockup Release

Ather Energy raised around US$350m in its India IPO in May 2025. The lockup for its pre-IPO investors is set to expire soon.

Sumeet Singh

Autos (Q2FY26 Results Preview): Indian market well-poised amid global softness

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see...

HDFC Securities

Q2FY26 Earnings Preview - Automobile

We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by 12.6%/11.2%/21.2% YoY on account of GST rate cut, subdued commodity...

Axis Direct

The Beat Ideas: Indian Auto Industry: GST Cuts Power Record Festive Sales Surge

Indian auto industry sees surge in September 2025 sales due to delayed purchases and GST reductions, with strong recovery expected to continue...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Ather Energy IPO Lockup - US$1.3bn+ Lockup Release

Ather Energy raised around US$350m in its India IPO in May 2025. The lockup for its pre-IPO investors is set to expire soon.

Sumeet Singh

Autos (Q2FY26 Results Preview): Indian market well-poised amid global softness

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see...

HDFC Securities

Q2FY26 Earnings Preview - Automobile

We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by 12.6%/11.2%/21.2% YoY on account of GST rate cut, subdued commodity...

Axis Direct

The Beat Ideas: Indian Auto Industry: GST Cuts Power Record Festive Sales Surge

​Indian auto industry sees surge in September 2025 sales due to delayed purchases and GST reductions, with strong recovery expected to continue...

Sudarshan Bhandari

Indian auto industry sees surge in September 2025 sales due to delayed purchases and GST reductions, with strong recovery expected to continue...