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>Export Momentum Sustains as Key Growth Lever: TVS Motor Company continued to strengthen its export franchise in Q3FY26, with exports growing 35% YoY, significantly outperforming the industry growth of 23%.</li><li>The export momentum is driven by a steady recovery in Africa, a strong revival in Sri Lanka, and improving traction across Latin America, which remains a key white space for incremental market share gains.</li><li>Exports are increasingly contributing to both overall volumes and revenue.</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.

Export Momentum Sustains as Key Growth Lever: TVS Motor Company continued to strengthen its export franchise in Q3FY26, with exports growing 35% YoY, significantly outperforming the industry growth of 23%.The export momentum is driven by a steady recovery in Africa, a strong revival in Sri Lanka, and improving traction across Latin America, which remains a key white space for incremental market share gains.Exports are increasingly contributing to both overall volumes and revenue.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.

TVS Motor Co Ltd - Twin Growth Drivers: EV Expansion & Export Strength

<ul><li>Export Momentum Sustains as Key Growth Lever: TVS Motors posted its highest-ever exports at 4.00 Lc units in Q2FY26.</li><li>Africa is stabilising, Sri Lanka/Nepal are improving, and LATAM is a major white space for market share expansion.</li><li>Export contribution to overall volumes and revenue continues to rise. Revenue from exports for Q2FY26 was Rs 2,885 Cr.</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.

Export Momentum Sustains as Key Growth Lever: TVS Motors posted its highest-ever exports at 4.00 Lc units in Q2FY26.Africa is stabilising, Sri Lanka/Nepal are improving, and LATAM is a major white space for market share expansion.Export contribution to overall volumes and revenue continues to rise. Revenue from exports for Q2FY26 was Rs 2,885 Cr.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.

TVS Motor Co Ltd - EV Acceleration & Export Upswing - The Dual Growth Engine

Thematic (Sector/Industry)

<ul><li>Over Apr’26-Jul’26, cumulative 2W domestic sales grew by 19% YoY to 48.7 Lc units, supported by strong performances from Eicher Motor (+33%), HMSI (+21%) and Hero (+16%). Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.</li><li>The domestic PV industry posted a ~27% YoY growth to ~17.3 Lc units, driven by strong performance from Tata Motors (+49%), Maruti Suzuki (+33%), Kia India (+17%), M&amp;M (+16%), Toyota Kirloskar (+15%), JSW MG Motor (+13%) and Hyundai (+10%).</li><li>Domestic CV volumes increased 20% YTD to 2.77 Lc units, reflecting strong performance supported by an early replacement cycle and positive freight demand.</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.

Over Apr’26-Jul’26, cumulative 2W domestic sales grew by 19% YoY to 48.7 Lc units, supported by strong performances from Eicher Motor (+33%), HMSI (+21%) and Hero (+16%). Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.The domestic PV industry posted a ~27% YoY growth to ~17.3 Lc units, driven by strong performance from Tata Motors (+49%), Maruti Suzuki (+33%), Kia India (+17%), M&amp;M (+16%), Toyota Kirloskar (+15%), JSW MG Motor (+13%) and Hyundai (+10%).Domestic CV volumes increased 20% YTD to 2.77 Lc units, reflecting strong performance supported by an early replacement cycle and positive freight demand.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 Auto Demand Remains Strong; Global Uncertainty Warrants Caution

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>VAHAN data till May 2026 shows a sharp decline from the January peak across the 2W segment, with May volumes weak for most OEMs.</li>
<li>The trend shows clear divergence: TVS and Bajaj are holding share, Royal Enfield is losing rank, Ola Electric is recovering, and luxury 2Ws are weakening.</li>
<li>EV 2W penetration is only 2.89%, but 45.5% growth from January to April shows faster base-building. The 3xAther-Ola gap is the key EV signal.</li>
</ul>


VAHAN data till May 2026 shows a sharp decline from the January peak across the 2W segment, with May volumes weak for most OEMs.
The trend shows clear divergence: TVS and Bajaj are holding share, Royal Enfield is losing rank, Ola Electric is recovering, and luxury 2Ws are weakening.
EV 2W penetration is only 2.89%, but 45.5% growth from January to April shows faster base-building. The 3xAther-Ola gap is the key EV signal.


Auto Tracker: VAHAN Dashboard Points to a Softer Cycle in India

<ul>
<li>China’s April 2025 rare earth curbs and API supply gaps have strengthened India’s role in specialty chemicals, pharma ingredients, solar modules, and EV components.</li>
<li>Indian players are winning multi-year contracts as global buyers diversify from China. PLI schemes, rare earth incentives, and DCR rules are adding policy support.</li>
<li>
Waaree Energies, Divi’s Laboratories, and PI Industries offer differentiated exposure, with earnings visibility likely extending toFY28. This note maps the opportunity and its limits.</li>
</ul>


China’s April 2025 rare earth curbs and API supply gaps have strengthened India’s role in specialty chemicals, pharma ingredients, solar modules, and EV components.
Indian players are winning multi-year contracts as global buyers diversify from China. PLI schemes, rare earth incentives, and DCR rules are adding policy support.

Waaree Energies, Divi’s Laboratories, and PI Industries offer differentiated exposure, with earnings visibility likely extending toFY28. This note maps the opportunity and its limits.


China’s Supply Chain Squeeze: Mapping India’s Opportunity Across Four Critical Sectors

India

TVS Motor Company is an Indian multinational manufacturer of two-wheelers and three-wheelers, including motorcycles, scooters, mopeds, and electric vehicles. The company also offers financial services, insurance, and vehicle repairs. It is headquartered in Chennai, Tamil Nadu, India, and was founded in 1978.

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TVS Motor Company (TVSL IN)

TVS Motor Co Ltd - Twin Growth Drivers: EV Expansion & Export Strength

TVS Motor Company continued to strengthen its export franchise in Q3FY26, with exports growing 35% YoY, significantly outperforming the industry...

Axis Direct

TVS Motor Co Ltd - EV Acceleration & Export Upswing - The Dual Growth Engine

Export Momentum Sustains as Key Growth Lever: TVS Motors posted its highest-ever exports at 4.00 Lc units in Q2FY26. Africa is stabilising, Sri...

Axis Direct

Domestic Auto Demand Remains Strong; Global Uncertainty Warrants Caution

In the long term, we prefer Eicher Motors in 2W, M&M (non-coverage) as a play in the PV/LCV/Tractor segment, followed by Maruti in PVs.

Axis Direct

Auto Tracker: VAHAN Dashboard Points to a Softer Cycle in India

VAHAN data reveals declining 2W segment volumes in May 2026, with TVS and Bajaj holding share while Royal Enfield loses rank. EV 2W penetration at...

Sudarshan Bhandari

China’s Supply Chain Squeeze: Mapping India’s Opportunity Across Four Critical Sectors

China's rare earth curbs boost India's role in specialty chemicals, pharma, solar, and EV components. Indian firms secure contracts with policy...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TVS Motor Co Ltd - Twin Growth Drivers: EV Expansion & Export Strength

TVS Motor Company continued to strengthen its export franchise in Q3FY26, with exports growing 35% YoY, significantly outperforming the industry...

Axis Direct

TVS Motor Co Ltd - EV Acceleration & Export Upswing - The Dual Growth Engine

Export Momentum Sustains as Key Growth Lever: TVS Motors posted its highest-ever exports at 4.00 Lc units in Q2FY26. Africa is stabilising, Sri...

Axis Direct

Domestic Auto Demand Remains Strong; Global Uncertainty Warrants Caution

In the long term, we prefer Eicher Motors in 2W, M&M (non-coverage) as a play in the PV/LCV/Tractor segment, followed by Maruti in PVs.

Axis Direct

Auto Tracker: VAHAN Dashboard Points to a Softer Cycle in India

​VAHAN data reveals declining 2W segment volumes in May 2026, with TVS and Bajaj holding share while Royal Enfield loses rank. EV 2W penetration at...

Sudarshan Bhandari

China’s Supply Chain Squeeze: Mapping India’s Opportunity Across Four Critical Sectors

​China's rare earth curbs boost India's role in specialty chemicals, pharma, solar, and EV components. Indian firms secure contracts with policy...

Sudarshan Bhandari

VAHAN data reveals declining 2W segment volumes in May 2026, with TVS and Bajaj holding share while Royal Enfield loses rank. EV 2W penetration at...

China's rare earth curbs boost India's role in specialty chemicals, pharma, solar, and EV components. Indian firms secure contracts with policy...