External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Softer demand both domestically and globally continues to impact volume growth</li><li>Key exceptions to this are TVS Motor, Eicher Motors, and Mahindra &amp; Mahindra</li><li>While TVS Motors is riding on the back of its successful models and variants, including the EVs, it has also been expanding its geographic footprint, thus adding further legs to its growth</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.

Softer demand both domestically and globally continues to impact volume growthKey exceptions to this are TVS Motor, Eicher Motors, and Mahindra &amp; MahindraWhile TVS Motors is riding on the back of its successful models and variants, including the EVs, it has also been expanding its geographic footprint, thus adding further legs to its growthContent 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.

Autos (Q1FY26 Results Preview): Operating deleverage, RM cost to impact margin

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Jun’25 Wholesale Volumes: The overall domestic 2W industry witnessed 2% marginal uptick (and 10% YoY without HMSI) in volumes, led by outperformance in exports (up 35% YoY) while the domestic industry witnessed 3% YoY decline.</li><li>Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&amp;M and JSW MG, followed by Toyota.</li><li>The domestic CV industry (proxy) saw a degrowth of 4% YoY, while the domestic tractor industry (proxy) registered 15% YoY volume growth in Jun’25.</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.

Jun’25 Wholesale Volumes: The overall domestic 2W industry witnessed 2% marginal uptick (and 10% YoY without HMSI) in volumes, led by outperformance in exports (up 35% YoY) while the domestic industry witnessed 3% YoY decline.Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&amp;M and JSW MG, followed by Toyota.The domestic CV industry (proxy) saw a degrowth of 4% YoY, while the domestic tractor industry (proxy) registered 15% YoY volume growth in Jun’25.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>May’25 Wholesale Volumes: The overall domestic 2W industry witnessed a 3% marginal uptick (and 7% YoY without HMSI) in volumes led by outperformance in TVS, RE, Suzuki Motorcycles (Bajaj/ Hero grew by 2% each).</li><li>Domestic PV industry sales volumes were flat YoY. While Toyota, M&amp;M, JSW, MG, and Kia reported strong volumes, this was offset by volume declines in Hyundai, TaMo, and Maruti.</li><li>The domestic CV industry saw a degrowth of 1% YoY, while the domestic tractor industry registered 8% YoY volume growth.</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.

May’25 Wholesale Volumes: The overall domestic 2W industry witnessed a 3% marginal uptick (and 7% YoY without HMSI) in volumes led by outperformance in TVS, RE, Suzuki Motorcycles (Bajaj/ Hero grew by 2% each).Domestic PV industry sales volumes were flat YoY. While Toyota, M&amp;M, JSW, MG, and Kia reported strong volumes, this was offset by volume declines in Hyundai, TaMo, and Maruti.The domestic CV industry saw a degrowth of 1% YoY, while the domestic tractor industry registered 8% YoY volume growth.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>Tata Motors: JLR’s Q4FY25 EBIT margin, at 10.7%, improved 158bps QoQ, led by operating leverage and continuing lower depreciation on extended use of ICE platforms amidst the delay in EV launches</li><li>Management indicated that it had pushed wholesales to the US in Q4 on anticipation of higher tariffs</li><li>Additionally, as per media articles, the company had paused JLR shipments to the US for almost a month in Q1FY26, on the back of higher tariffs</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.

Tata Motors: JLR’s Q4FY25 EBIT margin, at 10.7%, improved 158bps QoQ, led by operating leverage and continuing lower depreciation on extended use of ICE platforms amidst the delay in EV launchesManagement indicated that it had pushed wholesales to the US in Q4 on anticipation of higher tariffsAdditionally, as per media articles, the company had paused JLR shipments to the US for almost a month in Q1FY26, on the back of higher tariffsContent 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.

HSIE Results Daily: Tata Motors, Tata Steel, SRF, Relaxo Footwears, Happiest Minds Technologies

<ul><li>Apr’25 Wholesale Volumes: Domestic PV industry sales grew by 6-7% YoY, driven by strong volumes by Toyota, M&amp;M, JSW MG and Kia, while Hyundai/TaMo witnessed declines; and Maruti saw 4% YoY growth.</li><li>The domestic CV industry saw a degrowth of 1% YoY.</li><li>The domestic tractor industry registered 7% YoY volume growth, led by 69% and 8% YoY growth in VST Tillers and M&amp;M 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.

Apr’25 Wholesale Volumes: Domestic PV industry sales grew by 6-7% YoY, driven by strong volumes by Toyota, M&amp;M, JSW MG and Kia, while Hyundai/TaMo witnessed declines; and Maruti saw 4% YoY growth.The domestic CV industry saw a degrowth of 1% YoY.The domestic tractor industry registered 7% YoY volume growth, led by 69% and 8% YoY growth in VST Tillers and M&amp;M 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.

India

Tata Motors Passenger Vehicles Limited is an Indian multinational automobile manufacturer that designs, manufactures, and sells a diverse portfolio of passenger cars and utility vehicles, including electric variants. The company is a key player in India's electric vehicle market and also owns the British car manufacturer Jaguar Land Rover. It is headquartered in Mumbai, India, and was founded in 1945 as Tata Motors Limited, with the passenger vehicles business later carved out as a dedicated subsidiary.

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Tata Motors Passenger Vehicles (TMPV IN)

Autos (Q1FY26 Results Preview): Operating deleverage, RM cost to impact margin

While TVS Motors is riding on the back of its successful models and variants, including the EVs, it has also been expanding its geographic...

HDFC Securities

Auto Monthly Sales Volume - June 2025

Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&M and JSW...

Axis Direct

Auto Monthly Sales Volume - May 2025

The overall domestic 2W industry witnessed a 3% marginal uptick (and 7% YoY without HMSI) in volumes led by outperformance in TVS, RE, Suzuki...

Axis Direct

HSIE Results Daily: Tata Motors, Tata Steel, SRF, Relaxo Footwears, Happiest Minds Technologies

Tata Motors: JLR’s Q4FY25 EBIT margin, at 10.7%, improved 158bps QoQ, led by operating leverage and continuing lower depreciation on extended use...

HDFC Securities

Auto Monthly Sales Volume - April 2025

Domestic PV industry sales grew by 6-7% YoY, driven by strong volumes by Toyota, M&M, JSW MG and Kia, while Hyundai/TaMo witnessed declines; and...

Axis Direct

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