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 9MFY26 analyst briefing today, where management discussed financial performance and future outlook.</li><li>The company posted gross margins of 15.5% in 3QFY26, up from 13.1% in 2QFY26. As per the management, the improvement was mainly supported by a stronger Corolla/Yaris sales mix and cost optimization measures.</li><li>Despite increasing competition from Chinese automakers, management highlighted that the company has still managed to gain around 1% market share.</li></ul>

Indus Motor (INDU) conducted its 9MFY26 analyst briefing today, where management discussed financial performance and future outlook.The company posted gross margins of 15.5% in 3QFY26, up from 13.1% in 2QFY26. As per the management, the improvement was mainly supported by a stronger Corolla/Yaris sales mix and cost optimization measures.Despite increasing competition from Chinese automakers, management highlighted that the company has still managed to gain around 1% market share.

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