India Autos & Auto Parts: Windshield 1QFY27: Margins Under Pressure, But The Worst Could Be Behind Us; Commentary on Demand Would Be Critical

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India Autos & Auto Parts: Windshield 1QFY27: Margins Under Pressure, But The Worst Could Be Behind Us; Commentary on Demand Would Be Critical

es provided were non-investment-banking, non-securities-related: Apollo Tyres,Ashok Leyland,Bajaj Auto,Balkrishna

Industries,Bharat Forge,Eicher Motors,Endurance Technologies,Exide Industries,Hero MotoCorp,Hyundai Motor

India,Mahindra & Mahindra,Maruti Suzuki India,Samvardhana Motherson International Limited,Sona BLW Precision Forgings

(Sona Comstar),TVS Motor,Tata Motors Ltd,Tata Motors Passenger Vehicles,Tenneco Clean Air India,Varroc Engineering.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Bajaj Auto,Balkrishna

Industries,Bharat Forge,Hyundai Motor India,Samvardhana Motherson International Limited,Tata Motors Ltd,Tata Motors

Passenger Vehicles,Tenneco Clean Air India. (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.)

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Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive

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principal trading revenues. One factor in equity research analyst compensation is arranging corporate access events between

institutional clients and the management teams of covered companies. Typically, company management is more likely to