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.

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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.

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Thematic (Sector/Industry)

<ul>
<li>India’s auto sector ended FY26 strongly, with growth across segments: PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.</li>
<li>
Tractors outperformed PVs, driven by strong rural demand supported by GST cuts, healthy reservoir levels, and favorable seasonal factors like the Navratri period.</li>
<li>While 2W EVs grew 45% YoY, market share shifted toward established players. CV growth slowed meaningfully from February, indicating early signs of demand normalization.</li>
</ul>


India’s auto sector ended FY26 strongly, with growth across segments: PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Tractors outperformed PVs, driven by strong rural demand supported by GST cuts, healthy reservoir levels, and favorable seasonal factors like the Navratri period.
While 2W EVs grew 45% YoY, market share shifted toward established players. CV growth slowed meaningfully from February, indicating early signs of demand normalization.


Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

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. 

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>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

<ul><li>Over Apr’25–Feb’26, cumulative 2W domestic sales grew by 10% YoY to 1.8 Cr units, supported by strong performances from TVS (+20%), RE (+24%), and Hero (+8%).</li><li>In contrast, 2W exports reflected improved traction across global markets.</li><li>On a YTD basis, 3W domestic wholesales rose 21% YoY to 7.7 Lc units, led by TVS (+65%), followed by M&amp;M (+30%) and Bajaj (+7%). </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–Feb’26, cumulative 2W domestic sales grew by 10% YoY to 1.8 Cr units, supported by strong performances from TVS (+20%), RE (+24%), and Hero (+8%).In contrast, 2W exports reflected improved traction across global markets.On a YTD basis, 3W domestic wholesales rose 21% YoY to 7.7 Lc units, led by TVS (+65%), followed by M&amp;M (+30%) and Bajaj (+7%). 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 Monthly Sales Volume - February 2026

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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 Q3FY26 earnings season was robust as YoY PAT growth steadily improved to reach low double-digit level building up on the recovery witnessed in previous two quarters</li><li>Aggregate revenue/PAT grew by 9%/13% YoY and 6%/8% QoQ respectively across the HSIE coverage (~257 stocks)</li><li>Also, revenue and PAT grew by 7.1%/10.1% respectively in 9MFY26</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 Q3FY26 earnings season was robust as YoY PAT growth steadily improved to reach low double-digit level building up on the recovery witnessed in previous two quartersAggregate revenue/PAT grew by 9%/13% YoY and 6%/8% QoQ respectively across the HSIE coverage (~257 stocks)Also, revenue and PAT grew by 7.1%/10.1% respectively in 9MFY26Content 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: Poised to inch up to double-digit earnings growth in FY26

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>Here we have presented our expectations for these indices for the upcoming index rebal event in March 2027.</li>
<li>We see two changes for NIFTY 50 and five changes for NIFTY 100.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
Here we have presented our expectations for these indices for the upcoming index rebal event in March 2027.
We see two changes for NIFTY 50 and five changes for NIFTY 100.


Quiddity Leaderboard NIFTY Mar27: Some High-Impact ADDs/DELs; ~US$1.3bn Combined One-Way Flow

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)

Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Sudarshan Bhandari

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

Auto Monthly Sales Volume - February 2026

Over Apr’25–Feb’26, cumulative 2W domestic sales grew by 10% YoY to 1.8 Cr units, supported by strong performances from TVS (+20%), RE (+24%), and...

Axis Direct

Quarterly Flipbook: Poised to inch up to double-digit earnings growth in FY26

The aggregate performance of the Q3FY26 earnings season was robust as YoY PAT growth steadily improved to reach low double-digit level building up...

HDFC Securities

Quiddity Leaderboard NIFTY Mar27: Some High-Impact ADDs/DELs; ~US$1.3bn Combined One-Way Flow

We expect US$824mn and US$493mn one-way flows for NIFTY 50 and NIFTY Next 50 respectively. The NIFTY 50 expected ADDs/DELs have >8x ADV to trade.

Janaghan Jeyakumar, CFA

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Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

​India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Sudarshan Bhandari

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

Auto Monthly Sales Volume - February 2026

Over Apr’25–Feb’26, cumulative 2W domestic sales grew by 10% YoY to 1.8 Cr units, supported by strong performances from TVS (+20%), RE (+24%), and...

Axis Direct

Quarterly Flipbook: Poised to inch up to double-digit earnings growth in FY26

The aggregate performance of the Q3FY26 earnings season was robust as YoY PAT growth steadily improved to reach low double-digit level building up...

HDFC Securities

Quiddity Leaderboard NIFTY Mar27: Some High-Impact ADDs/DELs; ~US$1.3bn Combined One-Way Flow

We expect US$824mn and US$493mn one-way flows for NIFTY 50 and NIFTY Next 50 respectively. The NIFTY 50 expected ADDs/DELs have >8x ADV to trade.

Janaghan Jeyakumar, CFA

India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.