India Autos

研报英文原文证据摘录

India Autos

Macquarie Equity Research India Autos

Figure 7 - India Auto stock outlook snapshot

What We Like Key Risks

• Investment in subsidiary needs to be monitored

• Consistent market share gains in ICE and industry

closely; Market share loss in ICE 2Ws is other key risk

TVS Motors leadership in E2Ws

to monitor

(OP) • Solid delivery on export volumes that aids growth and • Valuation contraction with slower E2W growth or

margins.

margin pressure

• Tractor demand will moderate in 2H; geographical

demand mix will also adversely impact growth vs Mahindra & • PV market share gains to persist with faster SUV and

industry

Mahindra premium segment growth vs overall PV demand

• PV model cycle has peaked for now; FY28E key for

(OP) • Valuation attractive relative to peers new launch

• We like HMIL's portfolio mix and premium positioning; • While model launch is a positive, our view demand

Hyundai new model launch to aid market share in FY27E. traction is key to drive share gains

(OP) • Multi-power train strategy including BEVs and Hybrids • Margin risk from higher commodities price and/or

bodes well for growth and regulatory compliance. competition

• New model launch in fast growing mid SUV and • Structural challenge with premiumization trend in

stabilization in entry segment demand bodes well for India's PV demand

Maruti Suzuki

growth • Competitive intensity will rise in entry / mid SUV

(OP) • BEV launch lends export opportunity; will augment segment in coming quarters

growth

• Rising competitive intensity and commodity led

• CV demand has been resilient - we expect sector to

Ashok Leyland margin risk is the key downside risk

deliver mid single digit growth in FY27E

(OP) • Weaker than expected volume growth led by higher • Solid margin delivery - sustenance is key