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>Overview: Stock investment endeavors to deliver consistent outperformance over the long term by making a diversified investment of ‘Winners’.</li><li>The Axis Intellect AI score strategy adopts unique approach to deliver alpha by applying equal exposure to ‘Core’ factors: Value, Growth, Quality, Momentum.</li><li>Key features • Consistently outperformed the benchmark with superior returns</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.

Overview: Stock investment endeavors to deliver consistent outperformance over the long term by making a diversified investment of ‘Winners’.The Axis Intellect AI score strategy adopts unique approach to deliver alpha by applying equal exposure to ‘Core’ factors: Value, Growth, Quality, Momentum.Key features • Consistently outperformed the benchmark with superior returnsContent 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>Revenue/EBITDA in Q1FY26 grew by 7%/1% YoY, respectively, against our expectations of ~4%/-3% YoY for Auto OEMs under our coverage.</li><li>The revenue growth was largely driven by 9%/10% volume growth in the tractor/3W industry (though Escorts was up only 2%), while PV/MHCV/LCV were flat, and 2Ws down 2% YoY.</li><li>Revenue/EBITDA declined by 5%/9% QoQ against our estimates of 8%/13% 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.

Revenue/EBITDA in Q1FY26 grew by 7%/1% YoY, respectively, against our expectations of ~4%/-3% YoY for Auto OEMs under our coverage.The revenue growth was largely driven by 9%/10% volume growth in the tractor/3W industry (though Escorts was up only 2%), while PV/MHCV/LCV were flat, and 2Ws down 2% YoY.Revenue/EBITDA declined by 5%/9% QoQ against our estimates of 8%/13% 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”

<ul><li>Cumulatively for April–July FY26, 2W domestic sales declined 3% YoY to 59.8 Lc units as Hero (-6%) and Bajaj (-11%) dragged overall volumes, despite strong performances from TVS (+13%) and RE (+15%).</li><li>On the other hand, 2W exports surged 25% YoY to 14.5 Lc units, reflecting improved traction in global markets, especially Africa and Latin America.</li><li>On a YTD basis, 3W domestic wholesales rose 12% YoY to 2.42 Lc units, led by M&amp;M (+41%), TVS (+38%), and a marginal dip at Bajaj. </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.

Cumulatively for April–July FY26, 2W domestic sales declined 3% YoY to 59.8 Lc units as Hero (-6%) and Bajaj (-11%) dragged overall volumes, despite strong performances from TVS (+13%) and RE (+15%).On the other hand, 2W exports surged 25% YoY to 14.5 Lc units, reflecting improved traction in global markets, especially Africa and Latin America.On a YTD basis, 3W domestic wholesales rose 12% YoY to 2.42 Lc units, led by M&amp;M (+41%), TVS (+38%), and a marginal dip at Bajaj. 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.

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>Softer demand both domestically and globally continues to impact volume growth</li><li>Key exceptions to this are TVS Motor, Eicher Motors, and Mahindra &amp; Mahindra</li><li>While TVS Motors is riding on the back of its successful models and variants, including the EVs, it has also been expanding its geographic footprint, thus adding further legs to its 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.

Softer demand both domestically and globally continues to impact volume growthKey exceptions to this are TVS Motor, Eicher Motors, and Mahindra &amp; MahindraWhile TVS Motors is riding on the back of its successful models and variants, including the EVs, it has also been expanding its geographic footprint, thus adding further legs to its growthContent 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 (Q1FY26 Results Preview): Operating deleverage, RM cost to impact margin

<ul><li>Jun’25 Wholesale Volumes: The overall domestic 2W industry witnessed 2% marginal uptick (and 10% YoY without HMSI) in volumes, led by outperformance in exports (up 35% YoY) while the domestic industry witnessed 3% YoY decline.</li><li>Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&amp;M and JSW MG, followed by Toyota.</li><li>The domestic CV industry (proxy) saw a degrowth of 4% YoY, while the domestic tractor industry (proxy) registered 15% YoY volume growth in Jun’25.</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.

Jun’25 Wholesale Volumes: The overall domestic 2W industry witnessed 2% marginal uptick (and 10% YoY without HMSI) in volumes, led by outperformance in exports (up 35% YoY) while the domestic industry witnessed 3% YoY decline.Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&amp;M and JSW MG, followed by Toyota.The domestic CV industry (proxy) saw a degrowth of 4% YoY, while the domestic tractor industry (proxy) registered 15% YoY volume growth in Jun’25.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)

Axis Intellect - Balanced

Stock investment endeavors to deliver consistent outperformance over the long term by making a diversified investment of ‘Winners

Axis Direct

Top Conviction Ideas - “Auto & Auto Ancillaries”

Revenue/EBITDA in Q1FY26 grew by 7%/1% YoY, respectively, against our expectations of ~4%/-3% YoY for Auto OEMs under our coverage.

Axis Direct

Auto Monthly Sales Volume - July 2025

The industry outlook remains cautiously optimistic, with festive stocking and monsoon progression as key variables for demand in H2FY26.

Axis Direct

Autos (Q1FY26 Results Preview): Operating deleverage, RM cost to impact margin

While TVS Motors is riding on the back of its successful models and variants, including the EVs, it has also been expanding its geographic...

HDFC Securities

Auto Monthly Sales Volume - June 2025

Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&M and JSW...

Axis Direct

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