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>Vision 2030 – Strategic Roadmap for Sustainable Value Creation: MCL’s long-term Vision 2030 outlines an ambitious yet well-defined growth roadmap anchored around five strategic pillars: (1) Investment in Core Businesses: Strengthening established verticals such as wiring harness and die casting to maintain leadership.</li><li>(2) New Market and Export Expansion: Building presence in new geographies with a focus on cost and technology leadership.</li><li>(3) Premiumization of Product Portfolio: Increasing content per vehicle through high-value, technology-intensive components. </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.

Vision 2030 – Strategic Roadmap for Sustainable Value Creation: MCL’s long-term Vision 2030 outlines an ambitious yet well-defined growth roadmap anchored around five strategic pillars: (1) Investment in Core Businesses: Strengthening established verticals such as wiring harness and die casting to maintain leadership.(2) New Market and Export Expansion: Building presence in new geographies with a focus on cost and technology leadership.(3) Premiumization of Product Portfolio: Increasing content per vehicle through high-value, technology-intensive components. 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.

Minda Corporation Ltd - Strong Performance Backed by Tech-Led Premiumization

Thematic (Sector/Industry)

<ul><li>Balancing External Risks with Domestic Fundamentals: The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary increasingly important for market direction.</li><li>While external uncertainties, including elevated crude oil prices, a relatively weaker Indian rupee, geopolitical developments, and evolving global trade dynamics, remain key monitorable factors.</li><li>Although oil prices have moderated from the peaks seen during recent geopolitical events, they remain vulnerable to supply disruptions, keeping inflationary pressures and input costs elevated. </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.

Balancing External Risks with Domestic Fundamentals: The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary increasingly important for market direction.While external uncertainties, including elevated crude oil prices, a relatively weaker Indian rupee, geopolitical developments, and evolving global trade dynamics, remain key monitorable factors.Although oil prices have moderated from the peaks seen during recent geopolitical events, they remain vulnerable to supply disruptions, keeping inflationary pressures and input costs elevated. 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>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to register strong YoY growth of ~31%/~35%/~15%, driven by strong demand momentum, the ongoing premiumisation trend, improving consumer affordability, and supportive regulatory measures.</li><li>Revenue growth is expected to be led by double-digit industry growth across the 2W, PV, and CV segments, along with highteen volume growth in the tractor industry.</li><li>EBITDA margin expansion on a YoY basis is likely to be supported by a richer product mix (led by a higher export contribution) and calibrated price hikes undertaken by OEMs, partly offset by higher raw material costs and supply chain disruptions arising from geopolitical tensions. </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.

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to register strong YoY growth of ~31%/~35%/~15%, driven by strong demand momentum, the ongoing premiumisation trend, improving consumer affordability, and supportive regulatory measures.Revenue growth is expected to be led by double-digit industry growth across the 2W, PV, and CV segments, along with highteen volume growth in the tractor industry.EBITDA margin expansion on a YoY basis is likely to be supported by a richer product mix (led by a higher export contribution) and calibrated price hikes undertaken by OEMs, partly offset by higher raw material costs and supply chain disruptions arising from geopolitical tensions. 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>Strong Q4FY26 Outperformance Across Auto OEMs: Revenue/EBITDA in Q4FY26 grew by 27.6%/32.7% YoY, respectively, against our expectations of ~24.8%/28.6% 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 tractor industry, along with the premiumization trend.</li><li>Revenue/EBITDA both increased by 5.8% and 7.9% QoQ against our estimates of 3.4%/4.7% 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 Q4FY26 Outperformance Across Auto OEMs: Revenue/EBITDA in Q4FY26 grew by 27.6%/32.7% YoY, respectively, against our expectations of ~24.8%/28.6% 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 tractor industry, along with the premiumization trend.Revenue/EBITDA both increased by 5.8% and 7.9% QoQ against our estimates of 3.4%/4.7% 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.

<ul><li>Market Recap: Volatility Persists: Indian markets experienced sharp swings during May 2026 amid fluctuating global risk sentiment.</li><li>The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated resilience.</li><li>The Nifty Midcap100 and Nifty Smallcap 250 outperformed frontline indices, supported by stronger earnings growth, domestic liquidity, and sectoral rotation into industrials, capital goods, defence, manufacturing, and select consumption themes. </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.

Market Recap: Volatility Persists: Indian markets experienced sharp swings during May 2026 amid fluctuating global risk sentiment.The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated resilience.The Nifty Midcap100 and Nifty Smallcap 250 outperformed frontline indices, supported by stronger earnings growth, domestic liquidity, and sectoral rotation into industrials, capital goods, defence, manufacturing, and select consumption themes. 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.

Axis Top Picks for the Month of June 2026

India

Minda Corporation Limited is a leading Indian automotive component manufacturer, specializing in advanced mechatronics, electronic, and mechanical solutions. The company supplies Original Equipment Manufacturers (OEMs) and the aftermarket across two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, and off-roaders. Its diverse product range includes vehicle access systems, wiring harnesses, die-casting parts, and information and connected systems. Headquartered in Noida, Uttar Pradesh, India, the company was incorporated in 1985.

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Minda Corporation (MDA IN)

Minda Corporation Ltd - Strong Performance Backed by Tech-Led Premiumization

MCL’s long-term Vision 2030 outlines an ambitious yet well-defined growth roadmap anchored around five strategic pillars: (1) Investment in Core...

Axis Direct

Q1FY27 Consolidated Earnings Preview

The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary...

Axis Direct

Result Preview:Automobile

We expect Revenue/EBITDA/PAT for our OEM coverage universe to register strong YoY growth of ~31%/~35%/~15%, driven by strong demand momentum...

Axis Direct

Top Conviction Ideas - “Automobile”

Revenue/EBITDA in Q4FY26 grew by 27.6%/32.7% YoY, respectively, against our expectations of ~24.8%/28.6% YoY for Auto OEMs under our coverage.

Axis Direct

Axis Top Picks for the Month of June 2026

The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated...

Axis Direct

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