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. 

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Equity Bottom-Up

<ul><li>Domestic Market Share &amp; Profitability Outlook: Domestic demand witnessed a sharp inflection in Q3FY26 following the government’s landmark GST reduction, which catalysed industry growth to ~20.5% YoY versus a decline of ~0.4% in H1FY26.</li><li>MSIL outperformed the industry with domestic volume growth of ~22%, supported by strong traction across small cars and SUVs.</li><li>Management highlighted a revival in the small car segment, which transitioned from a “red zone” of negative growth to healthy expansion, aided by improved affordability and a 7% rise in first-time buyers, particularly upgrades from two-wheelers. </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.

Domestic Market Share &amp; Profitability Outlook: Domestic demand witnessed a sharp inflection in Q3FY26 following the government’s landmark GST reduction, which catalysed industry growth to ~20.5% YoY versus a decline of ~0.4% in H1FY26.MSIL outperformed the industry with domestic volume growth of ~22%, supported by strong traction across small cars and SUVs.Management highlighted a revival in the small car segment, which transitioned from a “red zone” of negative growth to healthy expansion, aided by improved affordability and a 7% rise in first-time buyers, particularly upgrades from two-wheelers. 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.

Maruti Suzuki Ltd - Export Momentum Supports Growth; Domestic Competition Remains Intense

Thematic (Sector/Industry)

<ul><li>Strong Q1FY27 Performance Across Auto OEMs: Revenue/EBITDA in Q1FY27 grew by 33.3%/22.4% YoY, respectively, versus our expectations of ~31%/35% YoY for Auto OEMs under our coverage.</li><li>Revenue growth was largely driven by mid-single-digit industry growth across 2Ws/PVs/CVs, mid-teens volume growth in the tractor industry, and continued premiumization.</li><li>Revenue and EBITDA declined by 1.2%/16.1% QoQ, respectively, versus our estimates of -2.7%/-7.6%. </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 Q1FY27 Performance Across Auto OEMs: Revenue/EBITDA in Q1FY27 grew by 33.3%/22.4% YoY, respectively, versus our expectations of ~31%/35% YoY for Auto OEMs under our coverage.Revenue growth was largely driven by mid-single-digit industry growth across 2Ws/PVs/CVs, mid-teens volume growth in the tractor industry, and continued premiumization.Revenue and EBITDA declined by 1.2%/16.1% QoQ, respectively, versus our estimates of -2.7%/-7.6%. 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.

High Conviction Ideas:Auto and Auto Ancillaries

<ul><li>Management reiterated its long-term strategic focus on achieving a 50% domestic market share, underscoring that customer-centricity remains the cornerstone of sustained success.</li><li>In alignment with Suzuki Motor Corporation’s global aspiration, Maruti Suzuki continues to adhere to a profitability guardrail of maintaining a 10% EBIT margin alongside its market share objective.</li><li>The launch of the Victorius strengthened the company's position in the high-growth SUV segment, garnering over 30,000 bookings shortly after launch.</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.

Management reiterated its long-term strategic focus on achieving a 50% domestic market share, underscoring that customer-centricity remains the cornerstone of sustained success.In alignment with Suzuki Motor Corporation’s global aspiration, Maruti Suzuki continues to adhere to a profitability guardrail of maintaining a 10% EBIT margin alongside its market share objective.The launch of the Victorius strengthened the company's position in the high-growth SUV segment, garnering over 30,000 bookings shortly after launch.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.

Pick of the Week: Maruti Suzuki India Ltd - 13th December, 2025

<ul><li>Exports Outlook: Exports emerged as a key cushion to the subdued domestic growth in Q2FY26 for Maruti, achieving 42% YoY growth at 110k vehicles.</li><li>Maruti Suzuki commanded nearly 45.4% share of India's total passenger vehicle exports in Q2FY26.</li><li>The company is confident of exceeding its guidance of 400,000 units in exports for FY26, having achieved an all-time high half-yearly export of 207,459 units in H1FY26.</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.

Exports Outlook: Exports emerged as a key cushion to the subdued domestic growth in Q2FY26 for Maruti, achieving 42% YoY growth at 110k vehicles.Maruti Suzuki commanded nearly 45.4% share of India's total passenger vehicle exports in Q2FY26.The company is confident of exceeding its guidance of 400,000 units in exports for FY26, having achieved an all-time high half-yearly export of 207,459 units in H1FY26.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.

Maruti Suzuki Ltd - Export-Led Growth Aids Performance

<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

India

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

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Maruti Suzuki India (MSIL IN)

Maruti Suzuki Ltd - Export Momentum Supports Growth; Domestic Competition Remains Intense

Domestic demand witnessed a sharp inflection in Q3FY26 following the government’s landmark GST reduction, which catalysed industry growth to ~20.5%...

Axis Direct

High Conviction Ideas:Auto and Auto Ancillaries

Revenue/EBITDA in Q1FY27 grew by 33.3%/22.4% YoY, respectively, versus our expectations of ~31%/35% YoY for Auto OEMs under our coverage.

Axis Direct

Pick of the Week: Maruti Suzuki India Ltd - 13th December, 2025

Management reiterated its long-term strategic focus on achieving a 50% domestic market share, underscoring that customer-centricity remains the...

Axis Direct

Maruti Suzuki Ltd - Export-Led Growth Aids Performance

Exports Outlook: Exports emerged as a key cushion to the subdued domestic growth in Q2FY26 for Maruti, achieving 42% YoY growth at 110k vehicles.

Axis Direct

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

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