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>Alloy Wheel Capacity Expansion &amp; Premiumization-Led Growth: Alloy wheels continue to be the key growth driver, delivering ~30% YoY value growth and contributing ~36% of total revenue in FY26, supported by strong premiumization trends across PVs, SUVs and EVs.</li><li>With existing capacities largely sold out, the company is expanding its aluminium wheel capacity by 1.2 Mn units at the Bhuj facility as part of the ongoing ~Rs 500 Cr capex program.</li><li>Trial production is expected between Oct’26-Jan’27, with utilisation likely to reach ~70% by FY28. </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.

Alloy Wheel Capacity Expansion &amp; Premiumization-Led Growth: Alloy wheels continue to be the key growth driver, delivering ~30% YoY value growth and contributing ~36% of total revenue in FY26, supported by strong premiumization trends across PVs, SUVs and EVs.With existing capacities largely sold out, the company is expanding its aluminium wheel capacity by 1.2 Mn units at the Bhuj facility as part of the ongoing ~Rs 500 Cr capex program.Trial production is expected between Oct’26-Jan’27, with utilisation likely to reach ~70% by FY28. 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.

Steel Strip Wheels Ltd  - Premiumization & Capacity Expansion to Drive Growth

Thematic (Sector/Industry)

<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>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 companies under our coverage reported Revenue/EBITDA/PAT growth of 16.5%/38.9%/40.6% YoY against expectations of 17%/34%/33%.</li><li>This was driven by higher ASPs, sales volumes, and operating leverage. On a QoQ basis, the aggregate Revenue/EBITDA/PAT degrew by 2.5%/3.6%/2.8%, against expectations of a 2%/7%/8% decline.</li><li>The QoQ degrowth in EBITDA and PAT was largely limited by operational outperformance led by Escorts Kubota Ltd and 2W OEMs such as Bajaj Auto, TVS Motors, and Hero Motocorp.</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 companies under our coverage reported Revenue/EBITDA/PAT growth of 16.5%/38.9%/40.6% YoY against expectations of 17%/34%/33%.This was driven by higher ASPs, sales volumes, and operating leverage. On a QoQ basis, the aggregate Revenue/EBITDA/PAT degrew by 2.5%/3.6%/2.8%, against expectations of a 2%/7%/8% decline.The QoQ degrowth in EBITDA and PAT was largely limited by operational outperformance led by Escorts Kubota Ltd and 2W OEMs such as Bajaj Auto, TVS Motors, and Hero Motocorp.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 Sector Ideas - Auto and Auto Ancillaries - Q3FY24

<ul><li>Q3FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Festival season c) Robust PMI manufacturing and Services, d) Stronger E-way bill and GST collection, and e) Strong pickup in electricity demand.</li><li>Backed by these factors, domestic-facing sectors largely enjoyed the economic recovery and hence, margins may surprise positively.</li><li>Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate segment. However, at this juncture, commentaries on margins and the guidance for the upcoming quarter remain critical. </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.

Q3FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Festival season c) Robust PMI manufacturing and Services, d) Stronger E-way bill and GST collection, and e) Strong pickup in electricity demand.Backed by these factors, domestic-facing sectors largely enjoyed the economic recovery and hence, margins may surprise positively.Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate segment. However, at this juncture, commentaries on margins and the guidance for the upcoming quarter remain critical. 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

Steel Strips Wheels designs, manufactures, and supplies automotive steel and alloy wheel rims for various vehicle segments, including passenger cars, commercial vehicles, tractors, and two-wheelers. The company is a key supplier to major Original Equipment Manufacturers globally. It was founded in 1985 and is headquartered in Chandigarh, India.

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Steel Strips Wheels (SSW IN)

Steel Strip Wheels Ltd - Premiumization & Capacity Expansion to Drive Growth

Alloy wheels continue to be the key growth driver, delivering ~30% YoY value growth and contributing ~36% of total revenue in FY26

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

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

Top Sector Ideas - Auto and Auto Ancillaries - Q3FY24

The companies under our coverage reported Revenue/EBITDA/PAT growth of 16.5%/38.9%/40.6% YoY against expectations of 17%/34%/33%.

Axis Direct

Q3FY24 Consolidated Preview

Q3FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Festival season c) Robust PMI manufacturing and Services

Axis Direct

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