Earnings Cuts, but High Dispersion

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Earnings Cuts, but High Dispersion

India | Autos & Auto Parts EquityJuneResearch11, 2026

Exhibit 1 - Broad earnings cuts but wideEarnings Cuts, but High Dispersion

divergence

Earnings outlook for Indian autos has weakened in 2026 amid demand as 128 Consensus FY27E EPS change (%) chg in Jun-Q

4 BJAUTwell as margin concerns. However, the intensity of Street earnings cuts chg in Mar-Q

(0) TVSL BHFC

is relatively lower for 2Ws, auto-comps with global exposure, and MM. (4) SONACOMS HMCL MMEIM MOTHERSO

Consensus FY27 EPS, in Jun-Q, is: 1) up 3% for BJAUT, 2) down 1-3% for (12)(8) HYUNDAI MSIL UNOMINDA AL

BHFC, MOTHERSO, SONACOMS, BELRISE, HMCL, EIM, TVSL, MM & TMPV, .Source:(12) Bloomberg,(8) Jefferies(4) 0 4 8 12

3) but down a sharp 7-12% for HYUNDAI, AL, MSIL & UNOMINDA. We prefer

Exhibit 2 - Highest earnings cuts for 4Ws

auto-comps over OEMs. 6 FY27 consensus estimate change (%)

2WEarning outlook weakens: Earnings outlook for Indian auto companies has weakened in (2)0

(4) comps2026 amid big metal price rally and demand concerns on potentially higher inflation and Auto-

(6)

weaker monsoon. The intensity of Street earnings cuts is lower for 2Ws, auto-comps with (8) 4W

1QCY25 2QCY25 3QCY25 4QCY25 1QCY26 2QCY26global exposure, and MM; 4Ws (four-wheelers, excluding MM), conversely, have witnessed the . (10)

sharpest cuts. Source:HYUNDAI,Bloomberg,MM & MSIL.Jefferies.2Ws includeIn this BJAUT,report, 4WsEIM, includeHMCL, &AL,

TVSL. Auto-comps include BHFC, MOTHERSO, SONACOMS

& UNOMINDA.

Auto-comps with global exposure better placed: Auto-comp companies with global exposure,

BHFC, MOTHERSO and SONACOMS, faced a tough 2025 due to weak global demand and Exhibit 3 - Auto-comps outperformed OEMs

tariff uncertainties, along with certain company-specific headwinds.