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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Thematic (Sector/Industry)

<ul><li>The macro environment entering Q4FY26 has shifted from relative stability to a more challenging phase, driven by a combination of elevated crude oil prices, currency depreciation, and inflationary pressures.</li><li>India, being structurally strong with resilient domestic demand and healthy corporate balance sheets, continues to remain better positioned than peers.</li><li>However, the recent spike in crude prices and global uncertainties has introduced near-term risks to both macroeconomic stability and corporate profitability.</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.

The macro environment entering Q4FY26 has shifted from relative stability to a more challenging phase, driven by a combination of elevated crude oil prices, currency depreciation, and inflationary pressures.India, being structurally strong with resilient domestic demand and healthy corporate balance sheets, continues to remain better positioned than peers.However, the recent spike in crude prices and global uncertainties has introduced near-term risks to both macroeconomic stability and corporate profitability.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.

Earnings Preview - Q4FY26 - (Consolidated)

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to register strong YoY growth of ~25%/~29%/~15%, driven by sustained demand momentum following the GST rate cut, stable commodity inflation, and supportive regulatory norms.</li><li>The revenue growth is largely led by double-digit industry growth across 2W/PVs/CVs segments, along with high-teens volume growth in the tractor industry.</li><li>EBITDA margin expansion on a YoY basis is anticipated to be supported by a richer product mix (led by higher export contribution) and calibrated price hikes undertaken over the past year, partially offset by elevated discounts and higher advertisement spends. </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 ~25%/~29%/~15%, driven by sustained demand momentum following the GST rate cut, stable commodity inflation, and supportive regulatory norms.The revenue growth is largely led by double-digit industry growth across 2W/PVs/CVs segments, along with high-teens volume growth in the tractor industry.EBITDA margin expansion on a YoY basis is anticipated to be supported by a richer product mix (led by higher export contribution) and calibrated price hikes undertaken over the past year, partially offset by elevated discounts and higher advertisement spends. 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: Sharp Correction Amid Global Shock: Indian equities witnessed a sharp correction in March 2026, with the Nifty declining more than 11% and broader markets underperforming, driven by a confluence of global and domestic headwinds.</li><li>The sell-off was triggered primarily by escalating geopolitical tensions in the Middle East, which pushed crude oil prices above $100–110/bbl, alongside persistent FII outflows and rising global risk aversion.</li><li>The correction was broad-based across large-cap, mid-cap, and small-cap segments. Importantly, this drawdown has brought valuations closer to historical averages after a period of premium valuations</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: Sharp Correction Amid Global Shock: Indian equities witnessed a sharp correction in March 2026, with the Nifty declining more than 11% and broader markets underperforming, driven by a confluence of global and domestic headwinds.The sell-off was triggered primarily by escalating geopolitical tensions in the Middle East, which pushed crude oil prices above $100–110/bbl, alongside persistent FII outflows and rising global risk aversion.The correction was broad-based across large-cap, mid-cap, and small-cap segments. Importantly, this drawdown has brought valuations closer to historical averages after a period of premium valuationsContent 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>Q3FY26 Earnings Review: Gradual Recovery with Sectoral Divergence: Q3FY26 Nifty earnings trends suggest gradual normalisation with 7% YoY growth for NIFTY50, while Nifty500 and Nifty Small Cap 250 growth stood at 13% and 29% respectively.</li><li>Financials delivered steady performance supported by robust credit growth and stable asset quality.</li><li>Capital goods and infrastructure names reported strong order inflows, reflecting continued momentum in public and private capex. </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.

Q3FY26 Earnings Review: Gradual Recovery with Sectoral Divergence: Q3FY26 Nifty earnings trends suggest gradual normalisation with 7% YoY growth for NIFTY50, while Nifty500 and Nifty Small Cap 250 growth stood at 13% and 29% respectively.Financials delivered steady performance supported by robust credit growth and stable asset quality.Capital goods and infrastructure names reported strong order inflows, reflecting continued momentum in public and private capex. 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 March 2026

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~26%/30%/28% YoY on account of GST Cut, Stable commodity inflation, and favourable regulatory norms.</li><li>Revenue growth is largely led by high single-digit industry growth for 2W/PVs/CVs and mid-teens volume growth in the tractor segment.</li><li>The expected YoY EBITDA margin improved due to richer product mix (higher exports) and price hikes taken over the past year, being partly offset by higher discounts and advertisement expenses. </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 grow by ~26%/30%/28% YoY on account of GST Cut, Stable commodity inflation, and favourable regulatory norms.Revenue growth is largely led by high single-digit industry growth for 2W/PVs/CVs and mid-teens volume growth in the tractor segment.The expected YoY EBITDA margin improved due to richer product mix (higher exports) and price hikes taken over the past year, being partly offset by higher discounts and advertisement expenses. 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

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)

Earnings Preview - Q4FY26 - (Consolidated)

India, being structurally strong with resilient domestic demand and healthy corporate balance sheets, continues to remain better positioned than...

Axis Direct

Automobile - Q4FY26: Earnings Preview

On a sequential basis, Q4FY26E Revenue/EBITDA/PAT is expected to grow by ~3.4%/4.7%/8.3%, respectively, with EBITDA margins improving by ~43 bps.

Axis Direct

Axis Top Picks - April 2026

Indian equities witnessed a sharp correction in March 2026, with the Nifty declining more than 11% and broader markets underperforming...

Axis Direct

Axis Top Picks for the month of March 2026

Gradual Recovery with Sectoral Divergence: Q3FY26 Nifty earnings trends suggest gradual normalisation with 7% YoY growth for NIFTY50

Axis Direct

Q3FY26 Earnings Preview - Automobile

We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~26%/30%/28% YoY on account of GST Cut, Stable commodity inflation, and...

Axis Direct

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