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We maintain our BUY rating on the stock.

The demand environment remains stable with sustained momentum across key verticals, supported by premiumisation, new program wins, and upcoming capacity additions. Electronics-led content growth and a healthy order book continue to provide strong visibility, while softness in European acoustics remains a manageable drag.

Samvardhana Motherson (SAMIL) delivered a largely in-line performance, with consol revenue up 8.5% YoY (6% ex-Atsumitech) to Rs301.7bn, with EBITDAM at 8.7% (vs 8.8% YoY), while APAT at Rs7.3bn was modestly below expectations.

We maintain our HOLD rating on the stock, as the current price largely factors in the positives.

We maintain our BUY rating on the stock.

Bosch’s(BOS) 2QFY26 PAT at INR5.5b was in line with our estimates. The mobility business was the key growth driver in 2Q, having posted 14% YoY growth, while the non-mobility segment posted a 17% decline.

FY25 OEM share of sales- M&M: 27%, Bajaj Auto: 14%, HMSI: 5%, MSIL:8% Q2FY26 Result: Lumax auto technologies posted robust Q2FY26 results. On the consolidated basis, total operating income came in at 1,156 crore (up 37% YoY). EBITDA in Q2FY26 came in at 155 crore with corresponding EBITDA margins at...

Craftsman Automation’s (CFTM) consolidated revenue grew 65% YoY to INR 20bn, 10% higher vs. I-Sec est. EBITDA margin of 15.1% in Q2FY26 (up 20bps QoQ), was largely in line with I-Sec est. of 15.0%. Margin expansion was led by operating leverage and cost optimisation.

We maintain our HOLD on the stock and recommend a BUY on dips strategy.

Craftsman’s 2QFY26 consol PAT of INR912m was ahead of our estimate of INR863m, aided by better-than-expected revenue growth, especially in the aluminum segment.

Minda Corp.’s medium-term growth visibility remains strong, underpinned by rising content-per-vehicle, a healthy platform order pipeline, and continued portfolio premiumization.

Motherson Sumi Wiring India (MSUMI) continued to outperform the underlying industry driven by healthy content growth and new business execution. Reported margins (40bps below I-Sec) were impacted by start up costs for its new plants. Profitability (ex-greenfields) remained steady YoY.

MSWIL's revenue growth in 2QFY26 exceeded our estimate, though PAT of INR1.6b was in line with our estimate as margins continued to be under pressure due to the impact of start-up costs of the new greenfield plants.

Tube Investments’ (TIINDIA) 2QFY26 PAT at INR1.86b came in line with our estimate of INR1.78b, even as EBITDA margin at 13.1% was ahead of our estimate of 12.2%.

We maintain a BUY rating with a 15% upside potential.

Sona BLW (SONA) has demonstrated resilience amidst challenging demand environment and its Q2FY26 performance was above our estimate. Global supply-chain disruptions are driving new order enquiries for SONA.

Endurance (ENDU) has consistently outperformed core industry growth, both in India and Europe, over the last five years. Given its healthy order backlog of INR36.1b worth of new orders, we expect ENDU to sustain its outperformance over FY25-27.

*over or under performance to benchmark index Endurance Technologies Ltd is one of India's leading automotive component manufacturers, with operations in the domestic market and Europe. It mainly caters to domestic two- and three-wheeler original equipment manufacturers (OEMs) and supplies aluminium casting products to four-wheeler OEMs in Europe....

Given the strong growth trajectory and healthy balance sheet, the stock is valued at a 36x multiple on FY28E EPS (unchanged), arriving at a target price of Rs 690/share (vs. Rs 600 earlier), implying a 19% upside from CMP.