Acquisition-Led Growth with Strong Integration: Acquisitions to scale faster, enter new technologies, and deepen OEM relationships and proven ability to turn around acquired businesses within a couple of years gives confidence in future value creation. Greenfield Expansion Creating FY27 Growth Visibility: A large number of new plants under execution are backed by customer orders and ramp up...

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...

Amara Raja’s (ARENM) 3QFY26 PAT at INR1.8b came in well below our estimate of INR2.1b. The earnings miss was due to a slower-than-expected demand and sustained margin pressure.

Strong volume-led performance; MHCV up 23% YoY & LCV by 20% YoY, raising revenue by 22% YoY, realisations muted down by 2% YoY

About the stock: Ashok Leyland (ALL) is a pure-play CV manufacturer FY25 product mix LCV goods 35%, trucks 50%, buses 15% Q3FY26 Results: Company reported healthy operational performance in Q3'26. Standalone revenues for Q3FY26 came in at 11,534 crore, up ~22% YoY amidst 24% growth in volumes to ~58k units. EBITDA for the quarter came in at 1,535 crore with margins at 13.3%, up 120 bps QoQ. Consequent PAT in Q3FY26 came in...

We continue to maintain our HOLD rating on the stock.

RE volumes drive topline Q3FY26; SA revenue grew by 22% on robust domestic growth of 24% YoY. Mid-size share at ~89%

We maintain our BUY rating on the stock.

Revenue growth was a robust 21% YoY at Rs123.3bn, on healthy volume growth of 16% YoY; realizations backed up well with 4% YoY

Exide’s 3QFY26 PAT at INR2.6b came in below our estimate of INR2.8b due to lower-than-expected revenue growth even as margins were largely in line with our estimates.

Domestic volumes grew ~3% YoY, driven by CV at 9% YoY, 2W (2% YoY) offsetting prior slump. Exports rose 18% YoY, helping realisations gains

Bajaj Auto (BJAUT)’s 3QFY26 earnings at INR25.5b were in line with our estimate. Favorable currency and improved mix helped offset cost headwinds and improve margins to 20.8% (in line).

Tata Motors (TMCV) 3QFY26 PAT at INR15.9b was below our est. of INR18.4b due to lower-than-expected margin at 12.8% (est. 13.2%). Margin pressure was caused by higher input costs.

Craftsman Automation (Craftsman)’s 3QFY26 consol. adj. PAT of INR1.1b was ahead of our estimate of INR965m, largely led by a higher-thanexpected other income, even as EBITDA margin was in line.

Near-term demand weakness persists at its core OHT business: BKT operates in a niche off highway tyre (OHT) segment which finds application in agriculture and mining/industrial purposes. Currently it has ~5-6% market share in the global OHT space and has been long aspiring to take it to ~8-10% in years to come. BKT however faces persistent nearterm demand weakness in its key markets of the US and Europe due to global macro uncertainties. Recent US trade policies have increased tariffs on Indian firms from 10% to 50% since August 2025, which sharply increases cost pressures and risks a significant reduction in US boundshipment, representing ~15% of its revenue. Consequently, company...

Balkrishna Industries’ (BIL) 3Q earnings at INR3.8b were above our estimate of INR2.8b, primarily due to MTM gains of INR360m and higher other income.

SONA BLW Precision Forging (SONACOMS)’ consol. PAT at INR1.8b came in above our est. of INR 1.7b, led by a better-than-expected revenue growth.

The company's consolidated revenue grew on account of robust performance in both domestic and international markets. The government's reduction of Goods and *over or under performance to benchmark index Services Tax (GST) on tyres is expected to improve overall auto demand, enhance competitive advantages and increase market share, benefitting JK Tyre in the future. The company has passed on 100% of the GST reduction benefit to its customers, which is expected to further aid overall demand. With improved operational performance, increased operational efficiencies and a streamlined distribution...

We attended the TMCV launch event in Delhi, where it launched 17 new trucks spanning 7-55 tonnes across ICE and EV platforms. The new launches have been structured around its three key pillars: Profit, Safety, and Sustainability.

Eicher Motor's financial performance continues to demonstrate steady operational *over or under performance to benchmark index momentum across its key segments, providing a solid base for H2FY26. Royal Enfield is expected to sustain its growth trajectory as the company strengths its franchise through launches, platform upgrades and global market expansion. VECV's healthy performance, market by its record sales volume in the second quarter, reinforces confidence that the commercial vehicles segment will add to growth. The company's focus on enhancing product capability through new models and...