Automobiles & Auto Components share price target

In the long term, we prefer TVS Motors and Hero Motocorp in 2Ws; M&M (non-coverage) as a play in the PV/LCV/tractor segment, followed by Maruti in PVs. We also keep a close watch on Ashok Leyland and Eicher (VECV) in the CV space for potential volume growth.

Q4FY25 Earnings Play : Auto OEMs: Ashok Leyland, TVS Motors. (M&M - Non-Coverage) Auto Ancillary: UNO Minda, Sansera Engineering Ltd, SSWL

Q4FY25 Earnings Play : Auto OEMs: Ashok Leyland, TVS Motors. (M&M - Non-Coverage) Auto Ancillary: UNO Minda, Sansera Engineering Ltd, SSWL

reported robust growth. Within categories, 2W OEMs reported flattish growth in domestic market owing to softer wedding seasons sales and moderation in urban markets. On the flipside, 2W exports recorded strong growth led by recovery in key markets and diversification towards different regions. Tractors dispatches grew in mid-teens aided by strong rabi outlook and positive farm...

In the long term, we prefer TVS Motors and Hero Motocorp in 2Ws; M&M (non-coverage) as a play in the PV/LCV/tractor segment, followed by Maruti in PVs. We also keep a close watch on Ashok Leyland and Eicher (VECV) in the CV space for potential volume growth

We prefer TVS Motors and Hero Motocorp in 2Ws; M&M (non-coverage) as a play in the PV/LCV/tractor segment, followed by Maruti in PVs. We also keep a close watch on Ashok Leyland and Eicher (VECV) in the CV space for potential volume growth.

Top Conviction Ideas (Auto and Auto Ancillaries) - Hero Motocorp Ltd, Ashok Leyland, Uno Minda, Sansera Engineering

We prefer TVS Motors Hero Motocorp in the 2Ws; M&M (non-coverage) as a play in the PV/LCV/tractor segment, followed by Maruti in PVs; we also monitor Ashok Leyland, Eicher (VECV) in the CV space for potential spurt in volumes.

Q3FY25 Earnings Preview - Automobile

In the near term, we believe the Auto Sector to witness consolidation across all segments. In the long run, we prefer M&M (non-coverage) as a play in the PV/LCV/tractor segment; we also monitor Ashok Leyland in the CV space for potential spurt in volumes.

On a medium-term outlook, we prefer 2W OEMs over PV and Tractor; and remain cautiously positive on the CV space. We continue to prefer Hero Motocorp in the 2W segment; and M&M (non-coverage) as a play in the PV/LCV/tractor segment.

Top Conviction Ideas - Hero Motocorp Ltd; Sansera Engineering Ltd; Uno Minda Ltd.

On a medium-term outlook, we prefer 2W OEMs over PV and Tractor; and remain cautious in the CV space. We continue to prefer TVS and Hero Motocorp in the 2W segment; and M&M (non-coverage) as a play in the PV/LCV/tractor segment.

Retail sales in the auto industry fell by 9.3% YoY in September 2024, reaching 17.2 lakh units. Two-wheeler retail sales decreased by 8.5% YoY to around 12 lakh units, while car sales plunged by 18.8% YoY to 2.8 lakh units.

Every segment except tractors and three-wheelers recorded a YoY decrease during this period.