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>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>Strong Q3FY26 Outperformance Across Auto OEMs: Revenue/EBITDA in Q3FY26 grew by 25.5%/21.3% YoY, respectively, in line with our expectations of ~26% for revenue, while our estimated EBITDA growth of 30% YoY was missed 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 tractors, and the ongoing premiumization trend.</li><li>Revenue/EBITDA grew by 11.2%/8.8% QoQ against our estimates of 11.5%/16%, 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 Q3FY26 Outperformance Across Auto OEMs: Revenue/EBITDA in Q3FY26 grew by 25.5%/21.3% YoY, respectively, in line with our expectations of ~26% for revenue, while our estimated EBITDA growth of 30% YoY was missed 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 tractors, and the ongoing premiumization trend.Revenue/EBITDA grew by 11.2%/8.8% QoQ against our estimates of 11.5%/16%, 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.

Top Conviction Ideas - “Auto & Auto Ancillaries”

<ul><li>The US has decided to reduce the reciprocal tariff on Indian goods to 18% from the earlier 50%.</li><li>The trade deal is structurally positive for India’s medium-term growth and external stability.</li><li>Improved market access and tariff certainty are likely to boost exports, support manufacturing investment, and strengthen inflows of foreign direct investment (FDI). </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 US has decided to reduce the reciprocal tariff on Indian goods to 18% from the earlier 50%.The trade deal is structurally positive for India’s medium-term growth and external stability.Improved market access and tariff certainty are likely to boost exports, support manufacturing investment, and strengthen inflows of foreign direct investment (FDI). 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>The proposed phased reduction in import duties on European ICE vehicles priced above €15,000 is unlikely to materially affect India’s mass passenger vehicle market.</li><li>Nearly ~95% of domestic PV volumes are priced below Rs 25 Lc, where locally manufactured vehicles continue to enjoy a clear cost advantage.</li><li>Even under lower duty scenarios, European-built ICE vehicles are unlikely to be competitive at a meaningful scale below the Rs 30–40 Lc price band.</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 proposed phased reduction in import duties on European ICE vehicles priced above €15,000 is unlikely to materially affect India’s mass passenger vehicle market.Nearly ~95% of domestic PV volumes are priced below Rs 25 Lc, where locally manufactured vehicles continue to enjoy a clear cost advantage.Even under lower duty scenarios, European-built ICE vehicles are unlikely to be competitive at a meaningful scale below the Rs 30–40 Lc price band.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

Sansera Engineering manufactures complex and critical precision-engineered components for both automotive and non-automotive sectors. The company's products include components for engines, transmissions, suspension, braking, and chassis systems for two-wheelers, passenger vehicles, and commercial vehicles, as well as parts for aerospace, defense, and semiconductor equipment. Headquartered in Bengaluru, India, the company was founded in 1981.

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Sansera Engineering (SANSERA IN)

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

Top Conviction Ideas - “Auto & Auto Ancillaries”

Revenue growth was largely driven by mid-single-digit industry growth across 2Ws/PVs/CVs and mid-teens volume growth in the tractors, and the...

Axis Direct

Impact of India-US Trade Deal

The US has decided to reduce the reciprocal tariff on Indian goods to 18% from the earlier 50%. The trade deal is structurally positive for India’s...

Axis Direct

Impact of India-US Trade Deal

The US has decided to reduce the reciprocal tariff on Indian goods to 18% from the earlier 50%. The trade deal is structurally positive for India’s...

Axis Direct

Auto Sector Update: India EU FTA Update

The proposed phased reduction in import duties on European ICE vehicles priced above €15,000 is unlikely to materially affect India’s mass...

Axis Direct

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