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.

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<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”

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>Tata Motors Passenger Vehicles: Management has indicated that even without the cyber incident, it would have amended JLR’s guidance at this point</li><li>Weaker demand for JLR in key markets like Europe and China continues, leading to higher variable marketing expense (VME)</li><li>Also, higher US tariffs and China’s luxury tax—both currently being absorbed by the OEMs to some extent—have structurally impacted the company’s cost base over the medium term</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.

Tata Motors Passenger Vehicles: Management has indicated that even without the cyber incident, it would have amended JLR’s guidance at this pointWeaker demand for JLR in key markets like Europe and China continues, leading to higher variable marketing expense (VME)Also, higher US tariffs and China’s luxury tax—both currently being absorbed by the OEMs to some extent—have structurally impacted the company’s cost base over the medium termContent 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.

HSIE Results Daily: Tata Motors Passenger Vehicles, Hero MotoCorp, Siemens, Apollo Tyres...

<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.

<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

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 - 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

HSIE Results Daily: Tata Motors Passenger Vehicles, Hero MotoCorp, Siemens, Apollo Tyres...

Tata Motors Passenger Vehicles: Management has indicated that even without the cyber incident, it would have amended JLR’s guidance at this point

HDFC Securities

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

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

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