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.

Thematic (Sector/Industry)

<ul><li>While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see it play out meaningfully from Q3FY25</li><li>The shortage of truck trailers for vehicle transport has led to deferment of some wholesales from September to October, thus capping the wholesale volumes in Q2FY25</li><li>The key auto ancillary companies continue to face global headwinds on softer demand, partial tariff-related cost absorption.</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.

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see it play out meaningfully from Q3FY25The shortage of truck trailers for vehicle transport has led to deferment of some wholesales from September to October, thus capping the wholesale volumes in Q2FY25The key auto ancillary companies continue to face global headwinds on softer demand, partial tariff-related cost absorption.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 (Q2FY26 Results Preview): Indian market well-poised amid global softness

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>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by 12.6%/11.2%/21.2% YoY on account of GST rate cut, subdued commodity inflation, and favourable regulatory norms.</li><li>The revenue growth is largely led by low to mid-single-digit industry growth for 2W/PVs/CVs and double-digit volume growth in the tractor industry.</li><li>The expected YoY EBITDA margin declines due to higher discounts and advertisement expenses being partly offset by richer product mix (higher exports) and price hikes taken over the past year. </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 grow by 12.6%/11.2%/21.2% YoY on account of GST rate cut, subdued commodity inflation, and favourable regulatory norms.The revenue growth is largely led by low to mid-single-digit industry growth for 2W/PVs/CVs and double-digit volume growth in the tractor industry.The expected YoY EBITDA margin declines due to higher discounts and advertisement expenses being partly offset by richer product mix (higher exports) and price hikes taken over the past year. 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>Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an increased cost of the vehicle</li><li>The salary/wage of the consumer has not risen in line with vehicle cost inflation, thus increasing the affordability gap</li><li>We believe that there are customers who have been waiting on the sidelines to purchase a vehicle as and when it becomes affordable to them</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.

Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an increased cost of the vehicleThe salary/wage of the consumer has not risen in line with vehicle cost inflation, thus increasing the affordability gapWe believe that there are customers who have been waiting on the sidelines to purchase a vehicle as and when it becomes affordable to themContent 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: GST Rate Cuts to Revive the Entry-Level Segment

<ul><li>The post-COVID global economy has undergone a significant reset, with most nations experiencing a K-shaped recovery.</li><li>While higher-income households witnessed wealth gains, the lower segments of society grappled with affordability issues.</li><li>In India, the automobile sector mirrored this divide, as vehicle prices rose sharply due to escalating input costs, safety and emission regulatory upgrades, and global supply-chain disruptions—outpacing income growth. </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 post-COVID global economy has undergone a significant reset, with most nations experiencing a K-shaped recovery.While higher-income households witnessed wealth gains, the lower segments of society grappled with affordability issues.In India, the automobile sector mirrored this divide, as vehicle prices rose sharply due to escalating input costs, safety and emission regulatory upgrades, and global supply-chain disruptions—outpacing income growth. 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.

Sector Update - GST 2.0: Bridging the Affordability Gap- Road Ahead for Automobiles

<ul><li>Cumulatively for April–Sept FY26, 2W domestic sales remained flat YoY to 77.27 Lc units as Hero (-4%) and Bajaj (-11%) dragged overall volumes, despite strong performances from TVS (+16%) and RE (+23%).</li><li>On the other hand, 2W exports surged 25% YoY to 18.4 Lc units, reflecting improved traction in global markets, especially Africa and Latin America.</li><li>On a YTD basis, 3W domestic wholesales rose 12% YoY to 3.19 Lc units, led by M&amp;M (+33%), TVS (+40%), and a flat performance by Bajaj. </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.

Cumulatively for April–Sept FY26, 2W domestic sales remained flat YoY to 77.27 Lc units as Hero (-4%) and Bajaj (-11%) dragged overall volumes, despite strong performances from TVS (+16%) and RE (+23%).On the other hand, 2W exports surged 25% YoY to 18.4 Lc units, reflecting improved traction in global markets, especially Africa and Latin America.On a YTD basis, 3W domestic wholesales rose 12% YoY to 3.19 Lc units, led by M&amp;M (+33%), TVS (+40%), and a flat performance by Bajaj. 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

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)

Autos (Q2FY26 Results Preview): Indian market well-poised amid global softness

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see...

HDFC Securities

Q2FY26 Earnings Preview - Automobile

We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by 12.6%/11.2%/21.2% YoY on account of GST rate cut, subdued commodity...

Axis Direct

Autos: GST Rate Cuts to Revive the Entry-Level Segment

Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an...

HDFC Securities

Sector Update - GST 2.0: Bridging the Affordability Gap- Road Ahead for Automobiles

In India, the automobile sector mirrored this divide, as vehicle prices rose sharply due to escalating input costs, safety and emission regulatory...

Axis Direct

Auto Monthly Sales Volume - August 2025

Cumulatively for April–Sept FY26, 2W domestic sales remained flat YoY to 77.27 Lc units as Hero (-4%) and Bajaj (-11%) dragged overall volumes,...

Axis Direct

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