HMCL has ample headroom for growth in scooters (including EVs), global markets, premium motorcycles and PAM business. The company is stepping up capacities and marketing campaigns led by the improvement in rural sentiments post good monsoon/ reservoir levels, festivities and wedding season in Q3FY26; sentiments are expected to remain positive in the upcoming months. However, some challenges might moderate the industry growth post H1FY27 and need to be monitored. We estimate volume/ realization CAGR of...