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

Thematic (Sector/Industry)

<ul>
<li>India's $15.2 billion trade deficit with South Korea, triple the 2010 level  is now a formal negotiating flashpoint as CEPA renegotiations restart following PM Modi's April 2026 summit with President.</li>
<li>Korean chaebols executed a legally clean but strategically aggressive playbook: zero-duty imports, record pre-IPO dividends, royalty hikes, and all-OFS listings. India's capital markets funded Seoul's balance sheet.</li>
<li>CEPA 2.0 demands are substantive: local content mandates, services reciprocity, pharma access but translating them into a binding deal before 2026-27 target date requires Govt to match Korean negotiating precision.</li>
</ul>


India's $15.2 billion trade deficit with South Korea, triple the 2010 level  is now a formal negotiating flashpoint as CEPA renegotiations restart following PM Modi's April 2026 summit with President.
Korean chaebols executed a legally clean but strategically aggressive playbook: zero-duty imports, record pre-IPO dividends, royalty hikes, and all-OFS listings. India's capital markets funded Seoul's balance sheet.
CEPA 2.0 demands are substantive: local content mandates, services reciprocity, pharma access but translating them into a binding deal before 2026-27 target date requires Govt to match Korean negotiating precision.


How Korea Turned a Trade Deal Into a Cash Extraction Machine?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>India's FY26 retail auto sales hit an all-time high of 2.967 crore units, up 13% YoY, posting record volumes driven by a GST 2.0 inflection and rural demand.</li>
<li>Domestic OEMs Tata Motors and Mahindra collectively expanded passenger vehicle market share by nearly 900 basis points between FY22 and FY26.</li>
<li>The market share swing is structural, not cyclical: India's origin share has risen from 51.6% to 48.6% (note: China's share halved, Japan declined 3 points), yet Indian-brand  have surged.</li>
</ul>


India's FY26 retail auto sales hit an all-time high of 2.967 crore units, up 13% YoY, posting record volumes driven by a GST 2.0 inflection and rural demand.
Domestic OEMs Tata Motors and Mahindra collectively expanded passenger vehicle market share by nearly 900 basis points between FY22 and FY26.
The market share swing is structural, not cyclical: India's origin share has risen from 51.6% to 48.6% (note: China's share halved, Japan declined 3 points), yet Indian-brand  have surged.


India Auto FY26: Record Retail Masks a Seismic Shift in the Competitive Order

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.

<ul><li>Over Apr’25-Mar’26, cumulative 2W domestic sales grew by 12% YoY to 1.8 Cr units, supported by strong performances from TVS (+21%), Eicher motor (+23%), and Hero (+8%), while exports showed improved traction across global markets.</li><li>On a YTD basis, 3W domestic wholesales rose 50% YoY to 3.3 Lc units, led by TVS (+63%), followed by M&amp;M (+30%), while Bajaj is yet to report.</li><li>The domestic PV industry posted a ~9% YoY growth to ~43.1 Lc units, driven by strong performance from Toyota Kirloskar (+24%), M&amp;M (+20%), JSW MG Motor (+17%), Kia India (+14%), Tata Motors (+14%), and Maruti Suzuki (+4%), while Hyundai declined 2% 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’25-Mar’26, cumulative 2W domestic sales grew by 12% YoY to 1.8 Cr units, supported by strong performances from TVS (+21%), Eicher motor (+23%), and Hero (+8%), while exports showed improved traction across global markets.On a YTD basis, 3W domestic wholesales rose 50% YoY to 3.3 Lc units, led by TVS (+63%), followed by M&amp;M (+30%), while Bajaj is yet to report.The domestic PV industry posted a ~9% YoY growth to ~43.1 Lc units, driven by strong performance from Toyota Kirloskar (+24%), M&amp;M (+20%), JSW MG Motor (+17%), Kia India (+14%), Tata Motors (+14%), and Maruti Suzuki (+4%), while Hyundai declined 2% 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.

<ul>
<li>India’s auto sector ended FY26 strongly, with growth across segments: PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.</li>
<li>
Tractors outperformed PVs, driven by strong rural demand supported by GST cuts, healthy reservoir levels, and favorable seasonal factors like the Navratri period.</li>
<li>While 2W EVs grew 45% YoY, market share shifted toward established players. CV growth slowed meaningfully from February, indicating early signs of demand normalization.</li>
</ul>


India’s auto sector ended FY26 strongly, with growth across segments: PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Tractors outperformed PVs, driven by strong rural demand supported by GST cuts, healthy reservoir levels, and favorable seasonal factors like the Navratri period.
While 2W EVs grew 45% YoY, market share shifted toward established players. CV growth slowed meaningfully from February, indicating early signs of demand normalization.


Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

<ul><li>Over Apr’25–Feb’26, cumulative 2W domestic sales grew by 10% YoY to 1.8 Cr units, supported by strong performances from TVS (+20%), RE (+24%), and Hero (+8%).</li><li>In contrast, 2W exports reflected improved traction across global markets.</li><li>On a YTD basis, 3W domestic wholesales rose 21% YoY to 7.7 Lc units, led by TVS (+65%), followed by M&amp;M (+30%) and Bajaj (+7%). </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’25–Feb’26, cumulative 2W domestic sales grew by 10% YoY to 1.8 Cr units, supported by strong performances from TVS (+20%), RE (+24%), and Hero (+8%).In contrast, 2W exports reflected improved traction across global markets.On a YTD basis, 3W domestic wholesales rose 21% YoY to 7.7 Lc units, led by TVS (+65%), followed by M&amp;M (+30%) and Bajaj (+7%). 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 - February 2026

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hyundai Motor India (HYUNDAI IN)

How Korea Turned a Trade Deal Into a Cash Extraction Machine?

India's $15.2 billion trade deficit with South Korea is a major concern as CEPA renegotiations begin, with demands for local content mandates and...

Nimish Maheshwari

India Auto FY26: Record Retail Masks a Seismic Shift in the Competitive Order

India's auto sales reach record high in FY26, driven by GST 2.0 and rural demand, with Tata Motors and Mahindra gaining market share.

Sudarshan Bhandari

Auto Monthly Sales Volume - April 2026

On a YTD basis, 3W domestic wholesales rose 50% YoY to 3.3 Lc units, led by TVS (+63%), followed by M&M (+30%), while Bajaj is yet to report.

Axis Direct

Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Sudarshan Bhandari

Auto Monthly Sales Volume - February 2026

Over Apr’25–Feb’26, cumulative 2W domestic sales grew by 10% YoY to 1.8 Cr units, supported by strong performances from TVS (+20%), RE (+24%), and...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

How Korea Turned a Trade Deal Into a Cash Extraction Machine?

​India's $15.2 billion trade deficit with South Korea is a major concern as CEPA renegotiations begin, with demands for local content mandates and...

Nimish Maheshwari

India Auto FY26: Record Retail Masks a Seismic Shift in the Competitive Order

​India's auto sales reach record high in FY26, driven by GST 2.0 and rural demand, with Tata Motors and Mahindra gaining market share.

Sudarshan Bhandari

Auto Monthly Sales Volume - April 2026

On a YTD basis, 3W domestic wholesales rose 50% YoY to 3.3 Lc units, led by TVS (+63%), followed by M&M (+30%), while Bajaj is yet to report.

Axis Direct

Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

​India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Sudarshan Bhandari

Auto Monthly Sales Volume - February 2026

Over Apr’25–Feb’26, cumulative 2W domestic sales grew by 10% YoY to 1.8 Cr units, supported by strong performances from TVS (+20%), RE (+24%), and...

Axis Direct

India's $15.2 billion trade deficit with South Korea is a major concern as CEPA renegotiations begin, with demands for local content mandates and...

India's auto sales reach record high in FY26, driven by GST 2.0 and rural demand, with Tata Motors and Mahindra gaining market share.

India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.