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.

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.

Thematic (Sector/Industry)

India Consumer discretionary / Thematic (Sector/Industry)

<ul><li>Auto OEMs: We expect Revenue for our OEM coverage universe to grow by ~4.2% YoY, while EBITDA/PAT is expected to decline by ~3.4% each on account of commodity inflation, negative operating leverage, and changes in regulatory norms.</li><li>The revenue growth is largely led by low to mid-single digit industry growth for 2W/PVs/CVs and low teens volume growth in the tractor industry (however, Escorts are up only 1%).</li><li>The expected YoY EBITDA margin decline would be due to higher discounts/advertisement expenses and negative operating leverage (production halts) being partly offset by richer product mix (higher exports) and price hikes taken over the past year. </li></ul><p><em>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.</em></p>

Auto OEMs: We expect Revenue for our OEM coverage universe to grow by ~4.2% YoY, while EBITDA/PAT is expected to decline by ~3.4% each on account of commodity inflation, negative operating leverage, and changes in regulatory norms.The revenue growth is largely led by low to mid-single digit industry growth for 2W/PVs/CVs and low teens volume growth in the tractor industry (however, Escorts are up only 1%).The expected YoY EBITDA margin decline would be due to higher discounts/advertisement expenses and negative operating leverage (production halts) 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.

Q1FY26 Earnings Preview - Automobile