Nifty Auto Index is trading at 23.2x 1-year forward P/E vs. a historical 2-year average of 27.6x and historical 1-year average of 24.4x. The domestic 2W industry is expected to see growth of 8.0% to 10.0% YoY in the coming quarters, to be led by continued growth in the 125cc+ segment and new launches.