External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Indus Motor (INDU) conducted its 1HFY26 analyst briefing today, where management discussed financial performance and future outlook.</li><li>The company posted gross margins of 13.1% in 2QFY26, down from 14.1% in 2QFY25 and 17.1% in 1QFY26. As per the management, the decline was primarily driven by discounted sales campaigns, currency impact and a shift in sales mix.</li><li>The Company expects gradual growth in local vehicle demand on the back of economic stability, steady financing rates, and controlled inflation, though recent geopolitical tensions in Gulf regions will pose uncertainty.</li></ul>

Indus Motor (INDU) conducted its 1HFY26 analyst briefing today, where management discussed financial performance and future outlook.The company posted gross margins of 13.1% in 2QFY26, down from 14.1% in 2QFY25 and 17.1% in 1QFY26. As per the management, the decline was primarily driven by discounted sales campaigns, currency impact and a shift in sales mix.The Company expects gradual growth in local vehicle demand on the back of economic stability, steady financing rates, and controlled inflation, though recent geopolitical tensions in Gulf regions will pose uncertainty.

Topline Flash Note: Indus Motor Company (INDU): Corporate Briefing Key Takeaways