External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>The aggregate performance of the Q3FY26 earnings season was robust as YoY PAT growth steadily improved to reach low double-digit level building up on the recovery witnessed in previous two quarters</li><li>Aggregate revenue/PAT grew by 9%/13% YoY and 6%/8% QoQ respectively across the HSIE coverage (~257 stocks)</li><li>Also, revenue and PAT grew by 7.1%/10.1% respectively in 9MFY26</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.

The aggregate performance of the Q3FY26 earnings season was robust as YoY PAT growth steadily improved to reach low double-digit level building up on the recovery witnessed in previous two quartersAggregate revenue/PAT grew by 9%/13% YoY and 6%/8% QoQ respectively across the HSIE coverage (~257 stocks)Also, revenue and PAT grew by 7.1%/10.1% respectively in 9MFY26Content 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.

Quarterly Flipbook: Poised to inch up to double-digit earnings growth in FY26

<ul><li>With the key festive season behind, demand is normalizing, though it is higher than the pre-GST rate rationalization period</li><li>From the Q3 earnings perspective, there could be a positive surprise on realization and margin via better variant mix, due to the up-trading trend</li><li>Macros are favourable: lower interest rates, benign inflation, lower income tax rate, good kharif harvest, and higher rabi sowing, all of which augur well for sustained demand in Q4FY26.</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.

With the key festive season behind, demand is normalizing, though it is higher than the pre-GST rate rationalization periodFrom the Q3 earnings perspective, there could be a positive surprise on realization and margin via better variant mix, due to the up-trading trendMacros are favourable: lower interest rates, benign inflation, lower income tax rate, good kharif harvest, and higher rabi sowing, all of which augur well for sustained demand in Q4FY26.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 (Q3FY26 Results Preview): Operating Leverage and Up-Trading to Aid Margin

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.</li><li>Axis Intellect (AI) Score based Investment Approach for Stock Selection applies unique approach to deliver alpha by applying equal exposure to ‘Core’ and ‘Satellite’ factors.</li><li>What are ‘Core’ Factors’: Low Volatility, Value, Growth, Quality, Momentum (Equal weighted 50% exposure)</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.

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.Axis Intellect (AI) Score based Investment Approach for Stock Selection applies unique approach to deliver alpha by applying equal exposure to ‘Core’ and ‘Satellite’ factors.What are ‘Core’ Factors’: Low Volatility, Value, Growth, Quality, Momentum (Equal weighted 50% exposure)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–Nov’26, Cumulative 2W domestic sales grew by 7% YoY to 1.7 Cr units, supported by strong performances from TVS (+15%), RE (+25%), and Hero (+30%), which more than offset a marginal decline in Bajaj (-1%).</li><li>In contrast, 2W exports reflected improved traction across global markets.</li><li>On a YTD basis, 3W domestic wholesales rose 16% YoY to 5.5 Lc units, led by TVS (+57%) and M&amp;M (+28%), while Bajaj reported modest 3% growth. </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–Nov’26, Cumulative 2W domestic sales grew by 7% YoY to 1.7 Cr units, supported by strong performances from TVS (+15%), RE (+25%), and Hero (+30%), which more than offset a marginal decline in Bajaj (-1%).In contrast, 2W exports reflected improved traction across global markets.On a YTD basis, 3W domestic wholesales rose 16% YoY to 5.5 Lc units, led by TVS (+57%) and M&amp;M (+28%), while Bajaj reported modest 3% growth. 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 Monthly Sales Volume - November 2025

<ul><li>Strong Q2FY26 Outperformance Across Auto OEMs: Revenue/EBITDA in Q2FY26 grew by 16.5%/14.9% YoY, respectively, exceeding our expectations of ~12.6%/11.2% YoY for Auto OEMs under our coverage.</li><li>Revenue growth was largely driven by mid-single-digit industry growth across 2Ws/PVs/CVs and mid-teens volume growth in the tractors, and the ongoing premiumization trend.</li><li>Revenue/EBITDA grew by 14.5%/18.6% QoQ against our estimates of 10.7%/14.8% QoQ, respectively. </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 Q2FY26 Outperformance Across Auto OEMs: Revenue/EBITDA in Q2FY26 grew by 16.5%/14.9% YoY, respectively, exceeding our expectations of ~12.6%/11.2% YoY for Auto OEMs under our coverage.Revenue growth was largely driven by mid-single-digit industry growth across 2Ws/PVs/CVs and mid-teens volume growth in the tractors, and the ongoing premiumization trend.Revenue/EBITDA grew by 14.5%/18.6% QoQ against our estimates of 10.7%/14.8% QoQ, respectively. 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.

Top Conviction Ideas - “Auto & Auto Ancillaries”

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)

Quarterly Flipbook: Poised to inch up to double-digit earnings growth in FY26

The aggregate performance of the Q3FY26 earnings season was robust as YoY PAT growth steadily improved to reach low double-digit level building up...

HDFC Securities

Autos (Q3FY26 Results Preview): Operating Leverage and Up-Trading to Aid Margin

From the Q3 earnings perspective, there could be a positive surprise on realization and margin via better variant mix, due to the up-trading trend

HDFC Securities

Axis Intellect - Aggressive

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.

Axis Direct

Auto Monthly Sales Volume - November 2025

Over Apr–Nov’26, Cumulative 2W domestic sales grew by 7% YoY to 1.7 Cr units, supported by strong performances from TVS (+15%), RE (+25%), and Hero...

Axis Direct

Top Conviction Ideas - “Auto & Auto Ancillaries”

Revenue/EBITDA in Q2FY26 grew by 16.5%/14.9% YoY, respectively, exceeding our expectations of ~12.6%/11.2% YoY for Auto OEMs under our coverage.

Axis Direct

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