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 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

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to register strong YoY growth of ~25%/~29%/~15%, driven by sustained demand momentum following the GST rate cut, stable commodity inflation, and supportive regulatory norms.</li><li>The revenue growth is largely led by double-digit industry growth across 2W/PVs/CVs segments, along with high-teens volume growth in the tractor industry.</li><li>EBITDA margin expansion on a YoY basis is anticipated to be supported by a richer product mix (led by higher export contribution) and calibrated price hikes undertaken over the past year, partially offset by elevated discounts and higher advertisement spends. </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 ~25%/~29%/~15%, driven by sustained demand momentum following the GST rate cut, stable commodity inflation, and supportive regulatory norms.The revenue growth is largely led by double-digit industry growth across 2W/PVs/CVs segments, along with high-teens volume growth in the tractor industry.EBITDA margin expansion on a YoY basis is anticipated to be supported by a richer product mix (led by higher export contribution) and calibrated price hikes undertaken over the past year, partially offset by elevated discounts and higher advertisement spends. 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>Over Apr’25-Mar’26, cumulative 2W domestic sales grew by 12% YoY to 1.8 Cr units, supported by strong performances from TVS (+21%), Eicher motor (+23%), and Hero (+8%), while exports showed improved traction across global markets.</li><li>On a YTD basis, 3W domestic wholesales rose 50% YoY to 3.3 Lc units, led by TVS (+63%), followed by M&amp;M (+30%), while Bajaj is yet to report.</li><li>The domestic PV industry posted a ~9% YoY growth to ~43.1 Lc units, driven by strong performance from Toyota Kirloskar (+24%), M&amp;M (+20%), JSW MG Motor (+17%), Kia India (+14%), Tata Motors (+14%), and Maruti Suzuki (+4%), while Hyundai declined 2% YoY. </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’25-Mar’26, cumulative 2W domestic sales grew by 12% YoY to 1.8 Cr units, supported by strong performances from TVS (+21%), Eicher motor (+23%), and Hero (+8%), while exports showed improved traction across global markets.On a YTD basis, 3W domestic wholesales rose 50% YoY to 3.3 Lc units, led by TVS (+63%), followed by M&amp;M (+30%), while Bajaj is yet to report.The domestic PV industry posted a ~9% YoY growth to ~43.1 Lc units, driven by strong performance from Toyota Kirloskar (+24%), M&amp;M (+20%), JSW MG Motor (+17%), Kia India (+14%), Tata Motors (+14%), and Maruti Suzuki (+4%), while Hyundai declined 2% YoY. 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>Near-Term Production Disruptions: Ongoing gas supply constraints could impact automotive paint shops and forging operations that rely heavily on gas-based heating processes, potentially leading to near-term production constraints across the auto manufacturing ecosystem.</li><li>Some OEMs have already begun witnessing minor disruptions, which could intensify if industrial gas allocations are curtailed further.</li><li>However, the overall impact is expected to remain manageable in the near term, as most OEMs currently maintain 3–5 weeks of channel inventory, which can partially cushion temporary supply disruptions. </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.

Near-Term Production Disruptions: Ongoing gas supply constraints could impact automotive paint shops and forging operations that rely heavily on gas-based heating processes, potentially leading to near-term production constraints across the auto manufacturing ecosystem.Some OEMs have already begun witnessing minor disruptions, which could intensify if industrial gas allocations are curtailed further.However, the overall impact is expected to remain manageable in the near term, as most OEMs currently maintain 3–5 weeks of channel inventory, which can partially cushion temporary supply disruptions. 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.

Automobile Sector: Energy Supply Tightness & Geopolitical Risks

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 - 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

Automobile - Q4FY26: Earnings Preview

On a sequential basis, Q4FY26E Revenue/EBITDA/PAT is expected to grow by ~3.4%/4.7%/8.3%, respectively, with EBITDA margins improving by ~43 bps.

Axis Direct

Auto Monthly Sales Volume - April 2026

On a YTD basis, 3W domestic wholesales rose 50% YoY to 3.3 Lc units, led by TVS (+63%), followed by M&M (+30%), while Bajaj is yet to report.

Axis Direct

Automobile Sector: Energy Supply Tightness & Geopolitical Risks

Ongoing gas supply constraints could impact automotive paint shops and forging operations that rely heavily on gas-based heating processes...

Axis Direct

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