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

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.

Equity Bottom-Up

<ul><li>Hyundai Motor India (HMI) held the Investor Day on 15 October 2025 to discuss its medium-term strategy for FY26-FY30</li><li>While we saw hints of aggression in the strategy, we were disappointed with key targets set by the company for FY30: market share target of 15%+ (vs 13.2% in FY25), EBITDA margin target of 11-14% (vs 12.9% in FY25), a revenue target of more than INR1mn (implying a revenue CAGR of at least 7.6%), and lack of aggression by the parent company in making HMI a bigger exports base.</li><li>We value the company at 25x Sep-27 EPS for a TP of INR2,212, maintain REDUCE.</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.

Hyundai Motor India (HMI) held the Investor Day on 15 October 2025 to discuss its medium-term strategy for FY26-FY30While we saw hints of aggression in the strategy, we were disappointed with key targets set by the company for FY30: market share target of 15%+ (vs 13.2% in FY25), EBITDA margin target of 11-14% (vs 12.9% in FY25), a revenue target of more than INR1mn (implying a revenue CAGR of at least 7.6%), and lack of aggression by the parent company in making HMI a bigger exports base.We value the company at 25x Sep-27 EPS for a TP of INR2,212, maintain REDUCE.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.

Hyundai Motor India: Mild Market Share Target Disappoints. Maintain REDUCE

<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) What are ‘Satellite’ Factors: Factors that have historically done well in the predicted regime modelling (Remaining 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) What are ‘Satellite’ Factors: Factors that have historically done well in the predicted regime modelling (Remaining 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’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.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>India’s top five auto OEMs- Maruti Suzuki, Hyundai, Tata Motors, M&amp;M, and Hero MotoCorp, plan to invest nearly INR 40,000 crore in FY27, marking a record capex push.</li>
<li>This capex cycle is not just about adding capacity. It also focuses on EVs, software-led vehicles, premium models, and changing customer preferences.</li>
<li>The Capex wave looks structural, not cyclical. However, investors should track commodity risks, demand trends, valuations, and the larger opportunity in auto ancillary companies.</li>
</ul>


India’s top five auto OEMs- Maruti Suzuki, Hyundai, Tata Motors, M&amp;M, and Hero MotoCorp, plan to invest nearly INR 40,000 crore in FY27, marking a record capex push.
This capex cycle is not just about adding capacity. It also focuses on EVs, software-led vehicles, premium models, and changing customer preferences.
The Capex wave looks structural, not cyclical. However, investors should track commodity risks, demand trends, valuations, and the larger opportunity in auto ancillary companies.


Thematic Report- India Auto: The Great Capex Reset

India

Hyundai Motor India Limited (HMIL) is the Indian subsidiary of the South Korean automobile manufacturer Hyundai Motor Company. It manufactures and sells a wide range of four-wheeler passenger vehicles, including sedans, hatchbacks, sports-utility vehicles (SUVs), and electric vehicles (EVs), along with related parts such as transmissions and engines. The company also provides after-sales activities and engineering services. Hyundai Motor India was founded on May 6, 1996, and is headquartered in Gurugram, Haryana, India, with a registered office in Kancheepuram, Tamil Nadu, India.

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Hyundai Motor India (HYUNDAI 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

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 - 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

Thematic Report- India Auto: The Great Capex Reset

India's top auto OEMs set to invest INR 40,000 crore in FY27, focusing on EVs, software-led vehicles, and premium models. Investors should monitor...

Nimish Maheshwari

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52-week Range

Market Cap (USDm)

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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

Hyundai Motor India: Mild Market Share Target Disappoints. Maintain REDUCE

While we saw hints of aggression in the strategy, we were disappointed with key targets set by the company for FY30: market share target of 15%+...

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 - 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

Thematic Report- India Auto: The Great Capex Reset

​India's top auto OEMs set to invest INR 40,000 crore in FY27, focusing on EVs, software-led vehicles, and premium models. Investors should monitor...

Nimish Maheshwari

India's top auto OEMs set to invest INR 40,000 crore in FY27, focusing on EVs, software-led vehicles, and premium models. Investors should monitor...