High rural slate to help consolidate market share HMCL is the market leader in the domestic motorcycle space, commanding ~52% market share, as of FY20. We expect the motorcycle sub segment to be among the frontrunners of post Covid recovery on account of (1) higher share of sub segment sales in rural economy, which has been less exposed to the pandemic outbreak and currently holds more stable income prospects courtesy remunerative Rabi crop prices and expectations of a normal monsoon and (2) increasing preference for private transport amid...