External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Maruti Suzuki: The focus at the expo was solely on the e-Vitara, with multiple e-Vitara models on display</li><li>No new hybrid models were unveiled</li><li>We believe the company’s intention for the expo was to spotlight the EV, although hybrids remain an integral part of their core strategy</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.

Maruti Suzuki: The focus at the expo was solely on the e-Vitara, with multiple e-Vitara models on displayNo new hybrid models were unveiledWe believe the company’s intention for the expo was to spotlight the EV, although hybrids remain an integral part of their core strategyContent 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: Bharat Mobility Expo 2025 - Key Takeways

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

<ul>
<li>The 9M FY2025 sales volume of commercial vehicle(CV) companies have been soft due to the elections, uneven monsoon and slow capital expenditure.</li>
<li>In December2024, sales showed varied performance across major 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> saw slight YoY decline,while <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> &amp;<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> experienced growth in exports.</li>
<li>A recovery in sales is expected in Q4 FY2025 due to improved freight movement, resumption of construction and mining activities, and renewed government spending on infrastructural projects.</li>
</ul>


The 9M FY2025 sales volume of commercial vehicle(CV) companies have been soft due to the elections, uneven monsoon and slow capital expenditure.
In December2024, sales showed varied performance across major players. Tata Motors Ltd (TTMT IN) saw slight YoY decline,while Ashok Leyland (AL IN) &amp;Eicher Motors (EIM IN) experienced growth in exports.
A recovery in sales is expected in Q4 FY2025 due to improved freight movement, resumption of construction and mining activities, and renewed government spending on infrastructural projects.


Monthly Sales Overview of Listed Indian Commercial Vehicle Companies

<ul>
<li>The Passenger vehicle (PV) segment (cars, utility vehicles, vans) recorded strong wholesale volume in December 2024.</li>
<li>Growth was driven by low dealer inventory post the Diwali festive season , low base last year and year end discounts by manufacturers.</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>led with 30% YoY growth. <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.<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> showed modest performance with 1.4% YoY growth.</li>
</ul>


The Passenger vehicle (PV) segment (cars, utility vehicles, vans) recorded strong wholesale volume in December 2024.
Growth was driven by low dealer inventory post the Diwali festive season , low base last year and year end discounts by manufacturers.

Maruti Suzuki India (MSIL IN) led with 30% YoY growth. Mahindra &amp; Mahindra (MM IN) reported 18% YoY growth.Tata Motors Ltd (TTMT IN) showed modest performance with 1.4% YoY growth.


Monthly Sales Overview of Listed Indian Passenger Vehicle Companies

<ul><li>The automotive sector is going through an interesting phase, with a once-in-a-century kind of transition towards greener energies</li><li>The auto component players are also making investments to adjust their product portfolios to cater to the energy transition and be future-ready for when the penetration of greener energy vehicles reaches an inflection point</li><li>We expect the domestic auto component industry to consolidate during this transition, with imports likely to be higher than usual, as auto component players in global regions where the energy transition has already seen meaningful penetration have the necessary technology in place and are already producing components at scale.</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 automotive sector is going through an interesting phase, with a once-in-a-century kind of transition towards greener energiesThe auto component players are also making investments to adjust their product portfolios to cater to the energy transition and be future-ready for when the penetration of greener energy vehicles reaches an inflection pointWe expect the domestic auto component industry to consolidate during this transition, with imports likely to be higher than usual, as auto component players in global regions where the energy transition has already seen meaningful penetration have the necessary technology in place and are already producing components at scale.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.

Autos: Near-term headwinds, time to be selective

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jubilant-foodworks-ltd" target="_blank" data-smartkarma-citation="entities:986:1" rel="noopener">Jubilant Foodworks (JUBI IN)</a>  reports a 56.2% YoY revenue growth in Q3 FY25, driven by strong performance in Domino’s India. The company adds 130 new stores and partners with Coca-Cola.</li>
<li>
<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>  surpassed <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>  in 2024 car sales, driven by the success of its compact SUV, the Tata Punch</li>
<li>Tata Sons has redefined its financing strategy by directing group companies, newer ventures like Tata Digital and Air India, to independently manage debt, relying on equity investments and internal accruals.</li>
</ul>



Jubilant Foodworks (JUBI IN)  reports a 56.2% YoY revenue growth in Q3 FY25, driven by strong performance in Domino’s India. The company adds 130 new stores and partners with Coca-Cola.

Tata Motors Ltd (TTMT IN)  surpassed Maruti Suzuki India (MSIL IN)  in 2024 car sales, driven by the success of its compact SUV, the Tata Punch
Tata Sons has redefined its financing strategy by directing group companies, newer ventures like Tata Digital and Air India, to independently manage debt, relying on equity investments and internal accruals.


#81 India Insight: Jubilant Hits Record Revenue, Tata Sons Shifts Debt Management, Aero India 2025

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: Bharat Mobility Expo 2025 - Key Takeways

Maruti Suzuki: The focus at the expo was solely on the e-Vitara, with multiple e-Vitara models on display. No new hybrid models were unveiled

HDFC Securities

Monthly Sales Overview of Listed Indian Commercial Vehicle Companies

Commercial vehicle sales in FY2025 have been impacted by elections, monsoons, and slow capex, but a Q4 recovery is expected with improved freight...

Sreemant Dudhoria

Monthly Sales Overview of Listed Indian Passenger Vehicle Companies

Strong wholesales in PV segment in Dec 24 driven by low dealer inventory and year-end discounts. Maruti Suzuki, Mahindra & Mahindra and Tata...

Sreemant Dudhoria

Autos: Near-term headwinds, time to be selective

The automotive sector is going through an interesting phase, with a once-in-a-century kind of transition towards greener energies

HDFC Securities

#81 India Insight: Jubilant Hits Record Revenue, Tata Sons Shifts Debt Management, Aero India 2025

Jubilant Foodworks sees strong revenue growth in Q3 FY25, Tata Motors surpasses Maruti Suzuki in car sales, Tata Sons redefines financing strategy.

Sudarshan Bhandari

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Autos: Bharat Mobility Expo 2025 - Key Takeways

Maruti Suzuki: The focus at the expo was solely on the e-Vitara, with multiple e-Vitara models on display. No new hybrid models were unveiled

HDFC Securities

Monthly Sales Overview of Listed Indian Commercial Vehicle Companies

​Commercial vehicle sales in FY2025 have been impacted by elections, monsoons, and slow capex, but a Q4 recovery is expected with improved freight...

Sreemant Dudhoria

Monthly Sales Overview of Listed Indian Passenger Vehicle Companies

​Strong wholesales in PV segment in Dec 24 driven by low dealer inventory and year-end discounts. Maruti Suzuki, Mahindra & Mahindra and Tata...

Sreemant Dudhoria

Autos: Near-term headwinds, time to be selective

The automotive sector is going through an interesting phase, with a once-in-a-century kind of transition towards greener energies

HDFC Securities

#81 India Insight: Jubilant Hits Record Revenue, Tata Sons Shifts Debt Management, Aero India 2025

​Jubilant Foodworks sees strong revenue growth in Q3 FY25, Tata Motors surpasses Maruti Suzuki in car sales, Tata Sons redefines financing strategy.

Sudarshan Bhandari

Commercial vehicle sales in FY2025 have been impacted by elections, monsoons, and slow capex, but a Q4 recovery is expected with improved freight...

Strong wholesales in PV segment in Dec 24 driven by low dealer inventory and year-end discounts. Maruti Suzuki, Mahindra & Mahindra and Tata...

Jubilant Foodworks sees strong revenue growth in Q3 FY25, Tata Motors surpasses Maruti Suzuki in car sales, Tata Sons redefines financing strategy.