Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Thematic (Sector/Industry)

<ul>
<li>The Indian commercial vehicle industry witnessed a subdued performance in February 2025, with listed companies reporting modest sales figures.</li>
<li>This insight provides detailed analysis of sales performance of key players-<a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a>,<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>,<a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a>,<a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)&amp; </a><a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN).</a>
</li>
<li>Industry reports and management insights indicate that the commercial vehicle market is expected to remain largely stable in FY2025, with hopes for positive growth in FY2026.</li>
</ul>


The Indian commercial vehicle industry witnessed a subdued performance in February 2025, with listed companies reporting modest sales figures.
This insight provides detailed analysis of sales performance of key players-Tata Motors Ltd (TTMT IN),Mahindra &amp; Mahindra (MM IN),Ashok Leyland (AL IN),Eicher Motors (EIM IN)&amp; Maruti Suzuki India (MSIL IN).

Industry reports and management insights indicate that the commercial vehicle market is expected to remain largely stable in FY2025, with hopes for positive growth in FY2026.


February 2025: A Challenging Month for India’s Commercial Vehicle Industry

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis, led by energy, auto, and cement sectors.</li><li>Aggregate revenue/PAT grew by 5%/8% YoY and 5%/6% QoQ across the HSIE coverage (~234 stocks).</li><li>Earnings of mid/small-cap stocks grew slower at 3.8% in this quarter as compared to 8.7% registered by the large cap segment</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 aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis, led by energy, auto, and cement sectors.Aggregate revenue/PAT grew by 5%/8% YoY and 5%/6% QoQ across the HSIE coverage (~234 stocks).Earnings of mid/small-cap stocks grew slower at 3.8% in this quarter as compared to 8.7% registered by the large cap segmentContent 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.

Quarterly Flipbook: Diminishing growth, downgrades intensify across sectors

<ul>
<li>Continuing the trend from December'24, wholesale volume growth in Jan'2025 remained strong in the passenger vehicle segment. This was driven by channel filling, and strong rural demand.</li>
<li>
<a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a>,holding approximately 43% market share, reported growth in both the utility vehicle (UV) and compact SUV segments. <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> reported 18% YoY growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HYUNDAI IN)</a> &amp; <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> reported decline in volume growth. Tax initiatives introduced in recent Union Budget are expected to increase demand in medium term.</li>
</ul>


Continuing the trend from December'24, wholesale volume growth in Jan'2025 remained strong in the passenger vehicle segment. This was driven by channel filling, and strong rural demand.

Maruti Suzuki India (MSIL IN),holding approximately 43% market share, reported growth in both the utility vehicle (UV) and compact SUV segments. Mahindra &amp; Mahindra (MM IN) reported 18% YoY growth.

Hyundai Motor India (HYUNDAI IN) &amp; Tata Motors Ltd (TTMT IN) reported decline in volume growth. Tax initiatives introduced in recent Union Budget are expected to increase demand in medium term.


Monthly Sales Overview of Listed Indian Passenger Vehicle Companies (January 2025)

<ul>
<li>The YTD FY2025 sales volume of commercial vehicle(CV) companies has been soft due to elections,sluggish government capital expenditure and less replacement demand. However,Jan2025 saw a modest uptick in wholesale volume.</li>
<li>Domestic volumes for <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a>,<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>,and <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a> grew by 21%, 2%,and 3% YoY, respectively,while <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> declined by 2%.</li>
<li>According to industry reports and management interviews, the commercial vehicle industry is expected to remain largely flat in FY2025 and hopes for a positive growth in FY2026.</li>
</ul>


The YTD FY2025 sales volume of commercial vehicle(CV) companies has been soft due to elections,sluggish government capital expenditure and less replacement demand. However,Jan2025 saw a modest uptick in wholesale volume.
Domestic volumes for Eicher Motors (EIM IN),Mahindra &amp; Mahindra (MM IN),and Ashok Leyland (AL IN) grew by 21%, 2%,and 3% YoY, respectively,while Tata Motors Ltd (TTMT IN) declined by 2%.
According to industry reports and management interviews, the commercial vehicle industry is expected to remain largely flat in FY2025 and hopes for a positive growth in FY2026.


Monthly Sales Overview of Listed Indian Commercial Vehicle Companies (January 2025)

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>Domestic PV industry sales grew by 2-4% YoY (20-24% MoM), largely due to strong domestic volumes from Maruti, Toyota, M&amp;M, Kia and MG.</li><li>The domestic CV industry sales grew by 3%/5% YoY/MoM. The 3W domestic wholesales 5%/10% YoY/QoQ respectively.</li><li>The domestic tractor industry (proxy) witnessed 6% YoY volume growth, which was positively skewed mainly due to 15% YoY growth in M&amp;M. </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.

Domestic PV industry sales grew by 2-4% YoY (20-24% MoM), largely due to strong domestic volumes from Maruti, Toyota, M&amp;M, Kia and MG.The domestic CV industry sales grew by 3%/5% YoY/MoM. The 3W domestic wholesales 5%/10% YoY/QoQ respectively.The domestic tractor industry (proxy) witnessed 6% YoY volume growth, which was positively skewed mainly due to 15% YoY growth in M&amp;M. 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)

February 2025: A Challenging Month for India’s Commercial Vehicle Industry

Indian commercial vehicle industry had a subdued performance in Feb-25, with all listed companies reporting flat or negative growth. Analysis and...

Sreemant Dudhoria

Quarterly Flipbook: Diminishing growth, downgrades intensify across sectors

The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis,...

HDFC Securities

Monthly Sales Overview of Listed Indian Passenger Vehicle Companies (January 2025)

Passenger Vehicle Retail Sales Update: The Federation of Automobile Dealers Associations(FADA)’s January 2025 update shows a strong 15.53% YoY and...

Sreemant Dudhoria

Monthly Sales Overview of Listed Indian Commercial Vehicle Companies (January 2025)

Retail Sales Update: Federation of Automobile Dealers Associations(FADA)’s January 2025 update shows a 8.22% YoY and 38.04% MoM rise in commercial...

Sreemant Dudhoria

Auto Monthly Sales Volume - January 2025

Domestic PV industry sales grew by 2-4% YoY (20-24% MoM), largely due to strong domestic volumes from Maruti, Toyota, M&M, Kia and MG.

Axis Direct

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February 2025: A Challenging Month for India’s Commercial Vehicle Industry

​Indian commercial vehicle industry had a subdued performance in Feb-25, with all listed companies reporting flat or negative growth. Analysis and...

Sreemant Dudhoria

Quarterly Flipbook: Diminishing growth, downgrades intensify across sectors

The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis,...

HDFC Securities

Monthly Sales Overview of Listed Indian Passenger Vehicle Companies (January 2025)

Passenger Vehicle Retail Sales Update: The Federation of Automobile Dealers Associations(FADA)’s January 2025 update shows a strong 15.53% YoY and...

Sreemant Dudhoria

Monthly Sales Overview of Listed Indian Commercial Vehicle Companies (January 2025)

Retail Sales Update: Federation of Automobile Dealers Associations(FADA)’s January 2025 update shows a 8.22% YoY and 38.04% MoM rise in commercial...

Sreemant Dudhoria

Auto Monthly Sales Volume - January 2025

Domestic PV industry sales grew by 2-4% YoY (20-24% MoM), largely due to strong domestic volumes from Maruti, Toyota, M&M, Kia and MG.

Axis Direct

Indian commercial vehicle industry had a subdued performance in Feb-25, with all listed companies reporting flat or negative growth. Analysis and...