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>Revenue/EBITDA in Q1FY26 grew by 7%/1% YoY, respectively, against our expectations of ~4%/-3% YoY for Auto OEMs under our coverage.</li><li>The revenue growth was largely driven by 9%/10% volume growth in the tractor/3W industry (though Escorts was up only 2%), while PV/MHCV/LCV were flat, and 2Ws down 2% YoY.</li><li>Revenue/EBITDA declined by 5%/9% QoQ against our estimates of 8%/13% QoQ, respectively. </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>

Revenue/EBITDA in Q1FY26 grew by 7%/1% YoY, respectively, against our expectations of ~4%/-3% YoY for Auto OEMs under our coverage.The revenue growth was largely driven by 9%/10% volume growth in the tractor/3W industry (though Escorts was up only 2%), while PV/MHCV/LCV were flat, and 2Ws down 2% YoY.Revenue/EBITDA declined by 5%/9% QoQ against our estimates of 8%/13% QoQ, respectively. 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.

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