Upgrades

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

We continue to maintain our HOLD rating on the stock

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%.

Maruti Suzuki’s Q2 FY26 quarterly performance reflected resilient revenue growth led by strong exports and better realizations, although margin softness persisted due to elevated operating costs and higher raw material pricing pressure.

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.

Escorts’ 2QFY26 PAT at INR3.2b was below our estimate of INR3.7b due to a lower-than-expected margin improvement and lower other income. Both tractor and construction equipment margins were below our estimates.

Mahindra & Mahindra (MM)’s 2QFY26 PAT at INR45b was above our estimate due to better-than-expected margins (both from auto and FES segments), as well as higher other income.

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

We maintain our BUY rating on the stock.

Market leader in each sub-segment - cars (66.9%), UV (25.8%), vans (90%) Q2FY26 Results: MSIL reported steady performance in Q2FY26. Sales volume for the quarter stood at 5.50 lakh units, up 1.7% YoY. Total operating income for Q2FY26 came in at 42,101 crore with ensuing ASPs at 7.3 lakh/unit, up 5% QoQ. EBITDA margins for the quarter came in at 10.5%, up 10 bps QoQ. Consequent PAT...

Maruti Suzuki’s Q2 standalone EBITDA was flat y/y at Rs44bn, above our Rs38bn estimate, owing higher realisation & other operating income.

Maruti Suzuki (MSIL)’s 2QFY26 PAT was in line, while EBITDA margin came in better than our estimate due to an improved mix.

TVSL logged a healthy Q2, with 29% YoY revenue growth and 12.7% EBITDAM (vs 11.7/12.5% YoY/QoQ). Per the management, the domestic 2W industry grew 24% during the festive season (urban/rural: ~26/22%), with TVSL outpacing peers with ~32% growth.

EBITDA surged by 40% y/y to Rs15.1bn, broadly in-line with our estimate. Our positive stance on the stock is backed by expected upturn in 2W volume (domestic/exports), led by GST relief and better financing availability.

We maintain our BUY rating on the stock.

TVS Motor Company’s (TVS) 2Q PAT at INR9.1b was below our estimate of INR9.9b, even as the EBITDA miss was just 2%. PAT miss was largely driven by higher interest and depreciation expenses, along with a loss on the fair valuation of its investment in TVS Supply Chain.

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.

With new launches in the electric sport utility vehicle (SUV) segment and variant refreshes, the company has maintained its SUV growth guidance. During the festival season, it is expected to ramp up electric vehicle (EV) production, supported by the upcoming launches that will drive revenue growth. GST reductions are also expected to positively impact the automotive and tractor industries by making vehicles and equipment more affordable, thereby spurring industry growth. M&M...

Hyundai Motor India (HMIL) plans to invest a total of INR450b over FY26-30, with 60% to be invested in R&D and 40% in capacity expansion and modernization. It has guided for revenue of INR1t, margin of 11-14% and a dividend payout range of 20-40% during the same period.

We recommend a BUY on the stock with a TP of Rs 152 implying an upside of 10 from the CMP