India Autos: July‘26 Sales: Overall Healthy Growth Despite Price Hikes

Research evidence excerpt

India Autos: July‘26 Sales: Overall Healthy Growth Despite Price Hikes

vestment banking services from Bajaj Auto,Hyundai Motor India,Tata Motors Passenger Vehicles.

Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment banking

services from Ashok Leyland,Bajaj Auto,Eicher Motors,Hero MotoCorp,Hyundai Motor India,Mahindra & Mahindra,Maruti

Suzuki India,TVS Motor,Tata Motors Passenger Vehicles in the past 12 months.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investment

banking client(s): Ashok Leyland,Bajaj Auto,Hyundai Motor India,Ola Electric Mobility,Tata Motors Passenger Vehicles.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

services provided were non-investment-banking, securities-related: Bajaj Auto,Eicher Motors,Hero MotoCorp,Hyundai Motor

India,Mahindra & Mahindra,Maruti Suzuki India,Tata Motors Passenger Vehicles.

services provided were non-investment-banking, non-securities-related: Ashok Leyland,Bajaj Auto,Eicher Motors,Hero

MotoCorp,Hyundai Motor India,Mahindra & Mahindra,Maruti Suzuki India,TVS Motor,Tata Motors Passenger Vehicles.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Ashok Leyland. (For an

explanation of the determination of significant financial interest, please refer to the policy for managing conflicts of interest

which can be found at www.citiVelocity.com.)

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon

activities and services intended to benefit the investor clients of Citigroup Global Markets Inc.