September 2025 Results Preview | Sector: Automobiles
Automobiles
Result Preview
CVs and 2Ws see demand revival in Q2
OEMs likely to outperform ancillaries
Company
Amara Raja Energy Mobility
Ashok Leyland
Apollo Tyres
Bajaj Auto
Balkrishna Industries
Bharat Forge
BOSCH
Ceat
CIE Automotive
Craftsman Automation
Eicher Motors
Endurance Technologies
Escorts
Exide Industries
Happy Forgings
Hero MotoCorp
Mahindra & Mahindra
Maruti Suzuki
Samvardhana Motherson
Motherson Wiring
MRF
Sona BLW Precision Ltd
Tata Motors
TVS Motor Company
Tube Investments
After a weak print in 1Q, auto OEMs in our coverage universe delivered 12.9% YoY
volume growth in 2QFY26. Among the listed companies, 2W/CV OEMs posted volume
growth of 15%/10% in 2Q. Aggregate PV growth for the four listed OEMs stood at just
3% YoY.
For our OEM coverage universe (excl. TTMT), revenue is likely to grow 13% YoY on the
back of healthy volume growth. Similarly, excl. TTMT, EBITDA/PAT for our coverage
universe is expected to grow by 11%/14% YoY.
For auto ancillaries under our coverage, we expect ~9% growth in revenue but a much
slower 3% growth in both EBITDA/PAT in 2Q.
TVS (+49%), EIM (+31%), Escorts (+22%) and HMCL (+20%) are expected to outperform
OE peers in 2Q. In auto ancillaries, outperformers include APTY (+23%), Craftsman
(+40%) and ENDU (+21%).
Overall earnings estimate cuts have been moderate in 2Q.
Our top OEM picks are MSIL and MM. Top auto ancillary picks are ENDU and Happy
Forgings.
Demand has picked up well in CVs and 2Ws in 2Q, PVs remain weak
After a subdued show in 1Q, auto OEMs in our coverage universe posted a much
better 12.9% YoY volume growth in 2QFY26. Both 2Ws and CVs posted a smart
revival in volumes even as PV demand remained subdued. Among the listed players,
2W/CV OEMs posted 15%/10% growth in 2Q volumes. On the other hand, aggregate
PV growth for the four listed OEMs stood at just 3% YoY. In 2Ws, except for BJAUT
(+6%), other three listed players saw healthy double-digit growth – RE (+43%), TVS
(23%) and HMCL (+11%). In PVs, TTMT outperformed peers with 11% YoY growth.
MM UV growth was slower at 7% as it intentionally reduced dispatches to dealers
given the lack of clarity on cess compensation. Also, while MSIL saw 2% YoY growth,
HMIL volumes declined 1% YoY in 2Q. Discounts have increased QoQ in 2Q in PVs, as
per our channel checks. In CVs, TTMT was the key growth driver with 13% growth,
while AL (+8%) and VECV (+5%) saw single-digit growth. The tractor segment posted
the highest growth in the auto sector, as the two listed companies delivered a
robust 31% YoY growth in 2Q.
Auto OEMs to see healthy earnings growth compared to auto ancillaries
On the back of a healthy recovery in volumes, auto OEM companies under our
coverage are expected to deliver 11%/14% growth in EBITDA/PAT (excl. TTMT).
Aggregate EBITDA margin for our coverage universe is estimated to rise marginally
by 20bp YoY to 13.2%. In 2Q, major margin gains are expected for TVSL (+130bp
YoY), TTMT CV (+190bp), VECV (+160bp), and Escorts (+330bp). On the other hand,
MSIL (-150bp YoY) and TTMT PV (-120bp) are expected to see margin contraction.
For auto ancillaries, we expect our coverage universe to post ~9% growth in revenue
and a much slower 3% growth in both EBITDA/PAT in 2Q.
Research analyst - Aniket Mhatre
(Aniket.Mhatre@MotilalOswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Estimated hits and misses in 2QFY26
We expect our auto OEM coverage universe (excl. TTMT) to post 15% YoY earnings
growth. It is important to highlight that excl. TTMT, all other listed OEMs are
expected to post positive earnings growth. TVSL (+49%), EIM (+31%), Escorts (+22%)
and HMCL (+20%) are expected to outperform their OEM peers in 2Q. TTMT is the
only OEM that is expected to post earnings decline in 2Q. Meanwhile, MSIL (8%),
HMIL (8%), BJAUT (+9%) and AL (+7%) are expected to post single-digit growth.
Our ancillary coverage universe should deliver modest 3% YoY earnings growth in
PAT in 2Q. Key earnings growth drivers include APTY (+23%), Craftsman (+40%) and
Endurance (+21%). Major laggards are expected to be Sona (-11%), Amara (-14%),
BHFC (-13%) and SAMIL (-15%).
Overall earnings estimate cuts have been moderate in this quarter.
Festive season starts off on an optimistic note
The GST Council has provided a much-needed booster shot to the auto sector by
reducing the tax rates on the majority of auto segments. These timely rate cuts,
coupled with other sectoral tailwinds like normal monsoon boosting rural
sentiment, a ~100bp reduction in interest rates in CY25 and income tax benefits, are
expected to revive demand for the auto sector from this festive season. The ongoing
festive season has started off on a strong note across segments, with most OEMs
reporting a strong revival in demand on the back of GST rate cuts and positive rural
sentiment. Notably, entry-level vehicle demand has recovered from the lows, albeit
with high discounts. Demand is likely to remain strong after the festive season, with
the marriage season starting in Nov’25. Once demand is restored, we expect
discounts to gradually trend lower. On the back of a pickup in demand and a much
better earnings growth, we expect the sector to get re-rated. Our top picks in auto
OEMs are Maruti Suzuki (new launches + exports ramp-up to drive 17% earnings
growth) and M&M (new launches + positive rural sentiments to drive 21% earnings
growth). In the auto ancillary space, we prefer ENDU and HAPPYFORG for their
strong order backlog and ability to outperform core segments.
October 2025
2
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Exhibit 1: Summary of 2QFY26 earnings estimates
Sector
Amara Raja Energy
Apollo Tyres
Ashok Leyland
Bajaj Auto
Balkrishna Inds
Bharat Forge
Bosch
CEAT
CIE Automotive
Craftsman Auto
Eicher Motors
Endurance Tech.
Escorts Kubota
Exide Inds.
Happy Forgings
Hero Motocorp
Hyundai Motor
Mahindra & Mahindra
Maruti Suzuki
Samvardhana Motherson
Motherson Wiring
MRF
Sona BLW Precis.
Tata Motors
Tube Investments
TVS Motor
Automobiles
CMP
(INR)
993
468
141
8619
2304
1219
38338
3488
413
6725
7005
2812
3637
395
925
5430
2537
3463
15971
106
46
148630
414
718
3082
3457
RECO
Neutral
Buy
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Sell
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Neutral
Neutral
Buy
Neutral
SALES (INR M)
EBITDA (INR M)
NET PROFIT (INR M)
Var
Var
Var
Var
Var
Var
Sep-25
Sep-25
Sep-25
% YoY % QoQ
% YoY % QoQ
% YoY % QoQ
33,553
7.0
0.2
4,026
-8.6
4.1
2,065
-14.2
6.4
69,968
8.7
6.6
9,581
9.1
10.4
3,709
23.2
31.9
97,232
10.9
11.4
11,473
12.8
18.3
7,430
7.2
25.1
1,46,728 11.8
16.6
29,351
10.7
18.3
24,148
9.0
15.2
25,517
3.5
-7.5
6,226
0.7
-5.1
3,672
5.0
28.0
20,949
-6.8
-0.5
5,237
-16.3
-8.4
3,041
-13.4
-10.2
48,777
11.0
1.9
6,439
14.9
0.7
5,629
12.5
-16.0
36,350
10.0
3.0
4,289
18.4
10.6
1,415
16.1
23.2
23,233
8.8
-1.9
3,278
-0.8
-2.6
1,962
0.8
-3.3
18,319
50.9
2.7
2,766
43.5
4.4
863
39.9
14.0
60,781
42.6
20.6
15,545
42.9
29.2
14,422
31.1
19.7
34,702
19.1
4.6
4,651
21.7
5
2,460
21.2
8.7
27,588
21.8
11.1
3,752
61.2
15.5
3,703
22.3
17.4
44,380
4.0
-1.6
5,414
12.0
-1.2
3,268
9.7
2.0
3,792
5.0
7.2
1,092
3.6
8.0
719
7.8
9.4
1,18,735 13.5
24.0
18,031
18.9
30.5
14,432
19.9
28.2
1,73,749
0.7
5.9
23,385
6.0
7.0
14,844
7.9
8.4
3,29,211 19.5
-3.4
46,154
16.9
-5.5
42,940
11.8
24.5
4,01,139
7.8
4.4
39,229
-11.2
-1.8
33,086
7.8
-10.9
2,98,356
7.3
-1.2
23,415
-4.3
-4.8
6,340
-15.1
2.1
26,047
12.0
4.4
2,708
8.5
10.9
1,627
7.0
13.7
75,716
12.0
0.1
10,752
10.5
3.9
5,016
10.1
3.6
8,883
-4.0
10.9
2,194
-13.9
13.3
1,368
-11.5
9.6
9,25,667
-8.8
-11.3
77,577
-33.9
-20.2
22,929
-31.4
-42.2
21,342
3.4
6.4
2,600
5.7
5.1
1,786
6.4
6.2
1,18,886 28.8
17.9
15,455
43.1
22.4
9,844
48.6
26.4
31,72,572 4.2
-1.0
3,75,383
-3.9
-0.7
2,32,801
5.0
1.5
Exhibit 2: EBITDA margin expected to marginally improve
Aggregate (excl. JLR)
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
13.2
12.7 13.4
12.8
11.1 11.6
13.0
8.5
9.2
12.7 13.2 13.0 13.5
11.7
10.0 9.9
Exhibit 3: Trends in segment-wise EBITDA margins (%)
2QFY25
3QFY25
4QFY25
1QFY26
2QFY26
8.4
2W
Source: MOFSL
Cars
CV
Source: MOFSL
October 2025
3
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Exhibit 4: Our auto OEM coverage universe (excl. JLR) expected to witness 15% YoY earnings growth
Volumes ('000 units)
2Q
2Q
YoY
1Q
FY26
FY25 (%) FY26
Bajaj Auto
1,294
1,222
6
1,111
Hero MotoCorp
1,691
1,520 11 1,367
TVS Motor
1,507
1,228 23 1,277
Maruti Suzuki
551
542
2
528
Hyundai
191
192
-1
180
M&M
350
301
16
361
TTMT India PV
144
131
11
125
TTMT India CV
97
86
13
88
TTMT (JLR) in GBP
66
87
-24
87
TTMT Consol
Ashok Leyland
49
46
8
44
Eicher(Consol)
Eicher - RE
326
228
43
266
Eicher - VECV
22
21
5
22
Escorts
34
26
30
31
Aggregate
6,256
5541 12.9 5,399
QoQ
(%)
16
24
18
4
6
-3
16
10
-24
2Q
FY26
20.0
15.2
13.0
9.8
13.5
14.0
4.9
12.6
7.4
8.4
11 11.8
25.6
23 26.7
1
8.7
11 13.6
15.9 13.0
EBITDA Margins (%)
2Q YoY 1Q QoQ
FY25 (bp) FY26 (bp)
20.2 -20 19.7 30
14.5 70 14.4 80
11.7 130 12.5 50
11.9 -210 10.4 -60
12.8 70 13.3 10
14.3 -30 14.3 -30
6.2 -120 4.0 100
10.7 190 12.1 50
11.7 -430 9.3 -190
11.6 -320 9.3
-90
11.6 20 11.1 70
25.5 10 23.9 170
26.3 50 25.1 160
7.1 160 9.0
-30
10.3 330 13.1 50
13.0
0
13.2 -20
2Q
FY26
24,148
14,432
9,844
33,086
14,844
42,940
45
19,796
47
22,929
7,430
14,422
13,251
2,947
3,703
162,296
Adj PAT (INR M)
2Q
YoY
1Q
FY25
(%)
FY26
22,160
9
20,960
12,035
20
11,257
6,626
49
7,786
30,692
8
37,117
13,755
8
13,692
38,409
12
34,498
2,290
-98
-1,290
13,140
51
16,560
283
-84
246
33,438
-31
39,671
6,933
7
5,937
11,003
31
12,052
10,099
31
13,065
2,090
41
2,890
3,027
22
3,726
150,418 7.9 170,760
QoQ
(%)
15
28
26
-11
8
24
-103
20
-81
-42
25
20
1
2
-1
-5.0
Source: JLR in GBP m, MOFSL
Exhibit 5: Relative performance – three months (%)
120
112
104
96
88
Nifty Index
MOFSL Automobiles Index
Exhibit 6: Relative performance – one year (%)
110
100
90
80
70
Nifty Index
MOFSL Automobiles Index
Source: Bloomberg, MOFSL
Source: Bloomberg, MOFSL
October 2025
4
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Exhibit 7: Our revised estimates
Amara Raja Energy
Ashok Leyland
Apollo Tyres
Balkrishna Inds
Bajaj Auto
Bharat Forge
Bosch
CEAT
CIE Automotive
Craftsman Auto
Eicher Motors
Endurance Tech.
Escorts Kubota
Exide Inds.
Happy Forgings
Hero MotoCorp
Hyundai Motor
Mahindra & Mahindra
Maruti Suzuki
Samvardhana Motherson
Motherson Wiring
MRF
Sona BLW Precis.
Tata Motors
Tube Investments
TVS Motor
Rev
45.4
6.0
24.0
83.6
329.0
24.2
824.3
156.8
21.7
156.2
192.1
72.0
119.5
15.3
30.2
258.3
71.8
120.7
490.2
3.2
1.0
5100.4
8.8
41.9
41.6
76.1
FY26E
Old
45.5
6.0
23.2
90.2
326.0
25.9
814.0
169.3
21.4
156.2
188.8
72.4
111
14.5
30.2
251.2
67.9
119.5
495.1
3.3
1.0
4,891.9
8.5
45.8
41.6
75.1
Chg (%)
-0.3
0.5
3.5
-7.3
0.9
-6.6
1.3
-7.4
1.6
0.0
1.8
-0.5
7.4
5.8
-0.1
2.8
5.8
1.0
-1.0
-4.1
-1.8
4.3
4.0
-8.5
0.0
1.4
Rev
54.7
7.2
29.1
103.5
362.1
33.0
976.1
207.8
22.9
229.2
213.0
84.4
128.6
16.7
37.5
283.1
89.5
143.7
607.4
4.7
1.3
5918.4
10.4
54.5
47.1
91.3
FY27E
Old
55.8
7.2
28.7
111.4
366.0
33.1
958.0
229.8
22.6
237.6
208.5
83.8
122.7
15.8
38.3
273.4
89.5
136.7
598.0
4.6
1.3
5,522.0
10.1
51.9
47.1
91.3
Chg (%)
-2.0
0.9
1.5
-7.1
-1.1
-0.4
1.9
-9.6
1.2
-3.6
2.2
0.7
4.8
5.9
-2.1
3.6
0.0
5.1
1.6
1.6
0.2
7.2
2.9
5.1
0.0
0.0
Source: MOFSL
Exhibit 8: Comparative valuations
Company
Name
Automobiles
Amara Raja Energy
Apollo Tyres
Ashok Leyland
Bajaj Auto
Balkrishna Inds
Bharat Forge
Bosch
CEAT
CIE Automotive
Craftsman Auto
Eicher Motors
Endurance Tech.
Escorts Kubota
Exide Inds.
Happy Forgings
Hero Motocorp
Hyundai Motor
Mahindra & Mahindra
Maruti Suzuki
Motherson Wiring
MRF
Samvardhana Motherson
Sona BLW Precis.
Tata Motors
Tube Investments
TVS Motor
EPS (INR)
PE (x)
PB (x)
ROE (%)
FY26E FY27E FY28E FY26E FY27E FY28E FY26E FY27E FY28E FY26E FY27E
29.6 24.4 20.6
4.7
4.2
3.6
16.0 17.1
993
Neutral 45.4 54.7 60.7 21.9 18.2 16.4
2.3
2.1
1.9
12.0 12.8
468
Buy
24.0 29.1 32.1 19.5 16.1 14.6
1.5
1.4
1.3
10.0 11.4
141
Buy
6.0
7.2
8.5
23
20
16.7
6.3
5.5
4.7
28.8 30.0
8,619 Neutral 329.0 362.1 396.5 26.2 23.8 21.7
6.9
6.4
5.9
27.4 27.9
2,304 Neutral 83.6 103.5 111.7 27.6 22.3 20.6
3.8
3.3
2.9
14.6 16.0
1,219 Neutral 24.2 33.0 40.9 50.4 37.0 29.8
5.8
5.3
4.7
12.0 14.9
38,338 Neutral 824.3 976.1 1,113.4 46.5 39.3 34.4
7.3
6.7
6.0
16.6 17.9
3,488
Buy 156.8 207.8 248.3 22.2 16.8 14.0
2.9
2.6
2.3
13.7 16.2
413
Buy
21.7 22.9 23.8 19.0 18.1 17.3
2.2
2.0
1.8
11.9 11.5
6,725 Neutral 156.2 229.2 303.4 43.0 29.3 22.2
5.0
4.3
3.7
12.3 15.8
7,005
Sell 192.1 213.0 241.2 36.5 32.9 29.0
7.8
6.8
5.9
23.0 22.1
2,812
Buy
72.0 84.4 99.5 39.0 33.3 28.3
6.1
5.3
4.6
16.5 16.9
3,637 Neutral 119.5 128.6 134.4 30.4 28.3 27.1
3.9
3.5
3.2
13.4 13.0
395
Neutral 15.3 16.7 17.7 25.8 23.6 22.3
2.2
2.0
1.9
8.4
8.5
925
Buy
30.2 37.5 49.6 30.6 24.7 18.7
4.2
3.6
3.1
14.4 15.7
5,430
Buy 258.3 283.1 311.5 21.0 19.2 17.4
5.1
4.7
4.3
25.1 25.3
2,537
Buy
71.8 89.5 109.1 35.3 28.3 23.3 10.1
8.0
6.4
31.7 31.5
3,463
Buy 120.7 143.7 163.0 28.7 24.1 21.2
5.7
4.8
4.1
21.5 21.6
15,971
Buy 490.2 607.4 714.2 32.6 26.3 22.4
4.8
4.2
3.7
14.6 16.0
46
Buy
1.0
1.3
1.6
46.1 34.1 28.6 15.3 12.3 10.0 35.8 40.0
1,48,630
Sell 5,100.4 5,918.4 6,658.0 29.1 25.1 22.3
3.1
2.8
2.5
11.1 11.6
106
Buy
3.2
4.7
5.7
33.5 22.7 18.7
3.0
2.8
2.5
9.4
12.8
414
Neutral 8.8
10.4 11.5 46.8 39.8 36.0
4.4
4.1
3.8
9.5
10.6
718
Neutral 41.9 54.5 74.7 17.1 13.2
9.6
2.0
1.8
1.5
12.6 14.5
3,082
Buy
41.6 47.1 52.1 74.0 65.4 59.2 10.1
8.9
7.9
14.5 14.4
3,457 Neutral 76.1 91.3 106.4 45.4 37.8 32.5 12.6
9.9
7.9
31.6 29.3
CMP
(INR)
Reco
FY28E
17.6
12.8
11.6
30.2
28.3
15.2
16.7
18.5
17.1
11.0
17.9
21.8
17.4
12.3
8.4
18.0
25.7
30.6
20.7
16.4
38.5
11.7
14.1
11.0
17.2
14.1
27.0
October 2025
5
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
The tables below provide a snapshot of actual and estimated numbers for companies under the MOFSL coverage
universe. Highlighted columns indicate the quarter/financial year under review.
Bajaj Auto
Neutral
CMP: INR8,619 | TP: INR9,197 (7%)
EPS CHANGE (%): FY26E|27E: 1|-1
Total volumes grew ~6% YoY, supported by ~24% growth in
Hence, despite weak offtake, we expect BJAUT margins to
exports even as domestic volumes declined ~5% YoY. While
improve by 30bp QoQ to 20%, led by improved mix and
2W sales grew 3% YoY, 3W sales were up ~20% YoY. Thus,
currency tailwinds toward 2Q end. Overall, we expect BJAUT
product mix for BJAUT is favorable for 2Q.
to post 9% earnings growth YoY.
Quarterly Performance
1Q
1,102
7.3
1,08,234
7.9
1,19,280
15.7
24,154
20.2
3,209
207
937
26,219
24.2
19,884
19.4
FY25
2Q
3Q
1,222
1,224
15.9
2.0
1,07,470 1,04,591
5.1
3.7
1,31,275 1,28,069
21.8
5.7
26,522
25,807
20.2
20.2
3,845
3,347
159
143
956
997
27,139
28,015
26.1
24.7
22,160
21,087
20.7
3.3
4Q
1,103
3.2
1,10,142
2.5
1,21,480
5.8
24,505
20.2
3,808
168
1,111
27,033
24.2
20,492
5.8
1Q
1,111
0.8
113,247
4.6
125,845
5.5
24,818
19.7
4,308
141
1,109
27,875
24.8
20,960
5.4
FY26E
2QE
3QE
1,294
1,271
5.9
3.8
113,381 112,958
5.5
8.0
146,728 143,625
11.8
12.1
29,351
28,717
20.0
20.0
4,000
3,800
130
140
1,120
1,130
32,101
31,247
24.8
24.8
24,148
23,506
9.0
11.5
FY25
4QE
1,235
11.9
113,346
2.9
139,944
15.2
28,153
20.1
4,012
139
1,126
30,901
24.7
23,255
13.5
4,651
6.9
107,527
4.7
500,103
11.9
1,00,988
20.2
14,209
677
4,001
108,406
24.8
83,103
11.1
INR m
FY26E
4,912
5.6
113,232
5.3
556,142
11.2
1,11,038
20.0
16,120
550
4,485
122,123
12.5
91,868
10.5
Volumes ('000 units)
Growth YoY (%)
Realization (INR/unit)
Growth YoY (%)
Net Sales
Change (%)
EBITDA
EBITDA Margins (%)
Other Income
Interest
Depreciation
PBT after EO
Effective Tax Rate (%)
Adj. PAT
Change (%)
Eicher Motors
CMP: INR7,005 | TP: INR5,772 (-18%)
RE has significantly outperformed the industry with 43% YoY
volume growth in 2Q.
On the back of strong volume growth, we expect margins to
improve +160bp QoQ.
Quarterly performance (Consolidated)
INR m
Y/E March
Net Operating income
Growth (%)
EBITDA
EBITDA Margins (%)
PAT
Share of JV Loss/(PAT)/ Min. Int.
Recurring PAT
Growth (%)
Standalone (Royal Enfield)
Royal Enfield ('000 units)
Growth (%)
Net Realn (INR '000/unit)
Change - YoY (%)
Net operating income
Growth (%)
EBITDA
EBITDA Margins (%)
Recurring PAT
Growth (%)
1Q
43,931
10.2
11,654
26.5
9,269
-1,746
11,015
19.9
227
-0.4
186
8.8
42,313
8.5
11,786
27.9
10,880
19.1
FY25
2Q
3Q
42,631 49,731
3.6
19.0
10,877 12,012
25.5
24.2
9,866 10,070
-1,138 -1,635
11,003 11,705
8.3
17.5
228
-0.6
185
7.7
42,054
7.0
11,049
26.3
10,099
7.6
272
19.4
180
1.4
49,081
21.1
12,237
24.9
10,562
15.6
4Q
52,411
23.1
12,577
24.0
11,142
-2,480
13,622
27.3
283
24.2
181
-1.9
51,066
21.8
12,609
24.7
11,251
14.4
1Q
50,418
14.8
12,028
23.9
10,481
-1,571
12,052
9.4
266
17.0
185
-0.9
49,084
16.0
12,313
25.1
13,065
20.1
FY26E
2QE
3QE
60,781 51,979
42.6
4.5
15,545 12,906
25.6
24.8
12,819 10,255
-1,603 -1,867
14,422 12,122
31.1
3.6
326
43.2
185
0.0
60,233
43.2
16,098
26.7
13,251
31.2
278
2.1
185
2.5
51,362
4.6
13,388
26.1
11,290
6.9
FY25
4QE
59,048
12.7
14,780
25.0
10,672
-3,409
14,082
3.4
305
8.0
186
2.7
56,646
10.9
14,908
26.3
11,916
5.9
188,704
14.1
47,120
25.0
40,346
-6,998
47,344
18.3
1,010
10.6
183
3.7
184,515
43.5
47,680
25.8
42,793
14.1
Sell
EPS CHANGE (%): FY26E|FY27E: 2|2
VECV: It has underperformed CV industry and posted 5% YoY
growth. We expect margin to improve 160bp YoY (-30bp
QoQ) to 8.7%.
Overall, we expect consol PAT to grow 31% YoY for EIM.
FY26E
222,227
34.4
55,258
24.9
44,227
-8,451
52,678
31.7
1,010
10.6
185
5.0
217,325
69.0
56,706
26.1
49,522
32.1
October 2025
6
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Hero MotoCorp
CMP: INR5,430 | TP: INR6,315 (+16%)
HMCL has made a smart comeback in 2Q, posting 11% YoY
volume growth and strong 24% QoQ growth. Its EV mix has
increased to 2.3% of total volumes from 1.1% YoY. Its
exports mix has also increased to 7.7% from 4.2% YoY.
Quarterly Performance (S/A)
Y/E March
Total Volumes ('000 nos)
Growth YoY (%)
Net Realization
Growth YoY (%)
Net Op Revenues
Growth YoY (%)
Total Cost
RM Cost (% sales)
Staff Cost (% sales)
Other Exp (% sales)
EBITDA
EBITDA Margins (%)
Other Income
Interest
Depreciation
PBT before EO Exp/(Inc)
Effective Tax Rate (%)
Adj. PAT
Growth (%)
1Q
1,535
13.5
66,076
1.9
1,01,437
15.7
86,840
67.7
6.0
11.9
14,598
14.4
2,317
48
1,932
14,935
24.8
11,226
18.7
FY25
2Q
3Q
1,520
1,464
7.3
0.3
68,851 69,755
3.3
4.7
1,04,632 1,02,108
10.8
5.0
89,473 87,343
66.7
65.8
6.2
6.5
12.6
13.3
15,159 14,765
14.5
14.5
2,830
3,175
49
55
1,937
1,969
16,003 15,916
24.8
24.4
12,035 12,028
14.2
12.1
4Q
1,381
-0.9
71,991
5.3
99,387
4.4
85,231
65.5
6.8
13.5
14,156
14.2
2,237
47
1,921
14,425
25.1
10,809
6.4
1Q
1,367
-10.9
70,069
6.0
95,789
-5.6
81,972
66.7
6.5
12.3
13,817
14.4
3,037
56
1,928
14,870
24.3
11,257
0.3
FY26E
2QE
3QE
4QE
1,691
1,520
1,523
11.3
3.8
10.3
70,228 71,499 71,678
2.0
2.5
-0.4
118,735 108,679 109,151
13.5
6.4
9.8
100,704 92,237 92,717
67.2
66.4
66.0
5.6
6.0
6.1
12.0
12.5
12.8
18,031 16,441 16,434
15.2
15.1
15.1
3,100
2,750
2,970
55
40
50
1,950
1,975
1,985
19,126 17,176 17,369
24.5
24.5
24.8
14,432 12,961 13,060
19.9
7.8
20.8
FY25
5,899
4.9
68,945
3.5
406,719
8.6
348,887
66.6
6.4
12.8
57,832
14.2
10,559
199
7,759
60,434
25.1
45,255
10.7
Buy
EPS CHANGE (%): FY26E|FY27E: 3 |4
Given healthy volumes and stable input costs, we
expect margins to improve 70bp YoY to 15.2%.
On the back of healthy volume growth and margin
expansion, PAT is expected to grow 20% YoY in 2Q.
FY26E
6,101
8.5
70,871
6.4
432,353
15.4
367,630
66.6
6.0
12.4
64,723
15.0
11,857
201
7,838
68,541
24.6
51,711
26.5
TVS Motor Company
Neutral
CMP: INR3,457 | TP: INR3,549 (3%)
EPS CHANGE (%): FY26E|FY27E: 1|-
TVS continued to outperform 2W peers with 23% YoY
Led by strong volume growth, we expect EBITDA margin to
growth in 2Q, led by strong growth in scooters (+30%),
expand 50bp QoQ (+130bp YoY) to 13%.
motorcycles (+20%) and 3W (+41%). Exports rose 40% YoY.
We expect TVSL to post 49% YoY growth in earnings in 2Q.
S/A Quarterly Performance
Y/E March (INR m)
Vols ('000 units)
Growth (%)
Realn (INR '000/unit)
Growth (%)
Net Sales
Growth (%)
RM (% of sales)
Emp cost ( % of sales)
Other exp (% of sales)
EBITDA
EBITDA Margin (%)
Interest
Depreciation
Other Income
PBT before EO Exp
EO Exp
PBT after EO Exp
Tax
Tax rate (%)
Adjusted PAT
Growth (%)
1Q
1,087.2
14.1
77.0
1.7
83,756
16.0
71.4
5.7
11.4
9,602
11.5
372
1,763
363
7,829
0
7,829
2,056
26.3
5,773
23.4
FY25
2Q
3Q
1,228.2 1,212.0
14.3
10.1
75.1
75.1
(0.9)
0.2
92,282
90,971
13.3
10.3
71.5
71.6
5.4
5.5
11.4
11.1
10,798
10,815
11.7
11.9
319
338
1,806
1,883
299
-227
8,972
8,367
0
0
8,972
8,367
2,346
2,182
26.1
26.1
6,626
6,185
23.5
4.2
FY26E
2QE
3QE
1,507.0 1,435.4
22.7
18.4
78.9
78.8
5.0
5.0
118,886 113,134
28.8
24.4
71.6
71.4
5.2
5.3
10.2
10.5
15,455
14,481
13.0
12.8
400
390
2,050
2,100
120
80
13,125
12,071
0
0
13,125
12,071
3,177
3,177
25.0
25.0
9,844
9,053
48.6
46.4
FY25
4QE
1,514.5
24.5
79.0
0.6
119,633
25.3
71.2
5.4
10.4
15,575
13.0
378
2,122
77
13,152
0
13,152
3,042
23.9
10,110
18.7
4,744
13.2
76.4
0.8
362,513
14.1
71.1
5.4
11.2
44,540
12.3
1,387
7,446
580
36,288
36,288
9,183
25.3
27,105
30.1
FY26E
5,734
36.8
78.9
4.1
452,463
42.4
71.4
5.4
10.4
58,142
12.9
1,571
8,311
620
48,879
48,879
12,709
26.0
31,934
33.4
4Q
1,216.3
14.2
78.5
2.4
95,504
16.9
69.8
5.2
11.0
13,326
14.0
358
1,994
145
11,120
1,617
12,737
2,599
20.4
8,521
75.5
1Q
1,277.0
17.5
78.9
2.5
100,810
20.4
71.2
5.8
10.5
12,630
12.5
403
2,039
343
10,531
0
10,531
2,745
26.1
7,786
34.9
October 2025
7
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Maruti Suzuki
CMP: INR15,971 | TP: INR18,501 (+16%)
MSIL reported just 2% YoY growth in volumes due to
challenging demand in domestic market for bulk of 2Q.
Exports mix improved 200bp QoQ to 20%.
S/A Quarterly Performance
Y/E March
Volumes ('000 units)
Change (%)
Realizations (INR/car)
Change (%)
Net operating revenues
Change (%)
RM Cost (% of sales)
Staff Cost (% of sales)
Other Cost (% of sales)
EBITDA
EBITDA Margins (%)
Depreciation
EBIT
EBIT Margins (%)
Interest
Non-Operating Income
PBT
Effective Tax Rate (%)
PAT
Adjusted PAT
Change (%)
1Q
521.9
4.8
6,80,850
4.9
3,55,314
9.9
70.2
4.4
12.8
45,023
12.7
7,310
37,713
10.6
573
9,751
46,891
22.2
36,499
36,499
46.9
Buy
EPS CHANGE (%): FY26E|FY27E: -1|2
EBITDA margin to be under pressure at 9.8% (-210bp YoY) as
benefits from operating leverage are likely to be more than
offset by higher discounts and new launch expenses QoQ.
We expect MSIL to post 8% YoY growth in PAT in 2Q.
(INR M)
1Q
527.9
1.1
727,722
6.9
384,136
8.1
72.2
4.6
12.8
39,953
10.4
9,375
30,578
8.0
466
18,230
48,342
23.2
37,117
37,117
1.7
FY26
FY25
FY26E
2QE
3QE
4QE
550.9
605.8
662.7 2,234.3 2,347.2
1.7
7.0
9.6
4.9
10.3
7,28,187 7,07,009 6,90,633 6,79,866 7,12,014
6.0
4.0
2.7
2.7
7.6
4,01,139 4,28,340 4,57,648 15,19,001 16,71,264
7.8
11.3
12.5
7.8
10.0
72.8
72.4
72.6
71.4
72.5
4.3
4.0
3.8
4.0
4.2
13.1
12.2
11.5
12.8
12.4
39,229
48,700
55,389 1,77,852 1,83,270
9.8
11.4
12.1
11.7
11.0
9,400
9,500
9,780
31,593
38,055
29,829
39,200
45,609 1,46,259 1,45,215
7.4
9.2
10.0
9.6
8.7
450
460
458
1,931
1,834
14,155
13,500
13,519
47,504
59,404
43,534
52,240
58,669 1,91,832 2,02,785
24.0
24.0
24.6
27.3
24.0
33,086
39,702
44,212 1,39,552 1,54,116
33,086
39,702
44,212 1,39,552 1,54,116
7.8
12.6
19.1
5.6
10.4
FY25
2Q
3Q
4Q
541.6
566.2
604.6
-1.9
13.0
3.5
6,86,969 6,79,817 6,72,700
2.3
2.3
2.8
3,72,028 3,84,921 4,06,738
0.4
15.6
6.4
71.9
71.6
71.9
3.9
4.0
3.9
12.3
12.8
13.8
44,166
44,703
42,647
11.9
11.6
10.5
7,509
8,050
8,724
36,657
36,653
33,923
9.9
9.5
8.3
402
484
472
14,750
9,850
14,466
51,005
46,019
47,917
39.8
23.4
22.6
30,692
35,250
37,111
30,692
35,250
37,111
-17.4
12.6
-4.3
Hyundai Motor
CMP: INR2,537 | TP: INR2,979 (+17%)
Hyundai posted 0.5% YoY decline in volumes in 2Q. Exports
were the key growth driver with mix improving to 27% from
22% YoY. Product mix was also favorable as Hyundai sold
more SUVs than cars in 2Q.
Consol Quarterly Performance
FY25
Y/E March
Volumes ('000 units)
Change (%)
Realizations (INR/car)
Change (%)
Net operating revenues
Change (%)
RM Cost (% of sales)
Staff Cost (% of sales)
Other Cost (% of sales)
EBITDA
EBITDA Margins (%)
Depreciation
EBIT
EBIT Margins (%)
Interest
Non-Operating Income
PBT
Tax
Effective Tax Rate (%)
PAT
Adjusted PAT
Change (%)
Buy
EPS CHANGE (%): FY26E|FY27E: 6 |0
Amid weak demand, marketing spends to remain high
QoQ. TN incentives expected to flow in from mid-2Q.
We expect EBITDA margin to improve 70bp YoY to
13.5%, led by improved mix.
(INR m)
1Q
180.4
-6.1
909,810
0.7
164,129
-5.4
70.7
3.8
12.2
21,852
13.3
5,281
16,571
10.1
247
2,148
18,472
4,780
25.9
13,692
13,692
-8.1
FY26
2QE
3QE
190.9
197.6
-0.5
6.0
910,055 919,887
1.2
3.0
173,749 181,763
0.7
9.2
71.0
71.5
3.5
3.6
12.0
12.5
23,385
22,525
13.5
12.4
5,400
6,100
17,985
16,425
10.4
9.0
260
240
2,200
2,500
19,925
18,685
5,081
4,765
25.5
25.5
14,844
13,920
14,844
13,920
7.9
19.9
FY25
FY26E
4QE
205.2
762.1
774.1
7.1
1.6
928,386 907,982 917,366
-0.8
1.0
190,484 691,929 710,125
6.2
2.6
71.5
72.2
71.2
3.5
3.3
3.6
11.7
11.5
12.1
25,264 89,538 93,026
13.3
12.9
13.1
6,504 21,053 23,285
18,760 68,485 69,741
9.8
9.9
9.8
273
1,272
1,020
2,782
8,700
9,630
21,269 75,913 78,352
5,354 19,511 19,980
25.2
25.7
25.5
15,915 56,402 58,372
15,915 56,402 58,372
-1.4
-6.9
3.5
1Q
2Q
3Q
4Q
192.1
191.9
186.4
191.7
4.7
-8.5
-2.4
-1.1
9,03,085 8,99,264 8,93,094 9,36,096
-0.4
1.1
1.1
2.6
1,73,442 1,72,604 1,66,480 1,79,403
4.3
-7.5
-1.3
1.5
71.9
72.5
73.1
71.2
3.2
3.2
3.6
3.4
11.5
11.5
12.0
11.3
23,402
22,053
18,755
25,327
13.5
12.8
11.3
14.1
5,290
5,185
5,274
5,304
18,112
16,868
13,482
20,023
10.4
9.8
8.1
11.2
316
292
299
365
2,238
1,923
2,445
2,096
20,033
18,498
15,627
21,754
5,137
4,744
4,020
5,611
25.6
25.6
25.7
25.8
14,896
13,755
11,607
16,143
14,896
13,755
11,607
16,143
12.1
-15.5
-18.6
-3.7
October 2025
8
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Mahindra & Mahindra
CMP: INR3,463 | TP: INR4,091 (+18%)
MM posted strong 13% YoY growth in PVs (incl. PikUp)
and a much stronger 32% YoY growth in tractors.
For auto segment, margins are likely to remain stable
QoQ. It is still unclear as to who will bear the cess impact
and hence this is unlikely to have any bearing on 2Q nos.
Quarterly Performance
Y/E March
Total Volumes (nos)
Growth YoY (%)
Net Realization
1Q
315,366
4.7
FY25
2Q
3Q
301,457 343,654
-0.5
17.8
914,003
13.5
275,533
12.9
74.2
4.2
7.3
39,497
14.3
26.4
19,978
551
9,614
29,884
49,310
10,901
22.1
38,409
13.2
38,409
13.2
888,633
2.2
305,382
20.3
74.4
4.2
6.7
44,681
14.6
35.6
6,063
614
10,451
34,231
39,679
10,036
25.3
29,643
19.1
29,643
19.1
Buy
EPS CHANGE (%): FY26E|FY27E: 1|5
Overall, we expect auto segment margins to decline 90bp
YoY to 8.6%. Tractor segment margins are likely to remain
healthy (+130bp YoY to 18.8%).
Other income is expected to be seasonally high due to
dividend income from subsidiaries.
FY26E
2QE
3QE
349,807 382,069
16.0
11.2
941,122
3.0
329,211
19.5
75.0
4.8
7.1
46,154
14.0
16.9
20,976
500
10,500
35,654
56,131
13,191
23.5
42,940
11.8
42,940
11.8
929,113
4.6
354,986
16.2
75.0
5.1
6.5
51,683
14.6
15.7
4,100
400
10,900
40,783
44,483
8,656
19.5
35,827
20.9
35,827
20.9
FY25
FY26E
4Q
319,447
15.3
981,490
8.0
313,534
24.5
74.1
4.0
6.9
46,825
14.9
42.0
493
810
13,058
33,768
33,450
9,079
27.1
24,371
21.9
24,371
21.9
1Q
360,779
14.4
944,712
10.2
340,832
26.1
74.5
4.5
5.8
48,840
14.3
21.4
6,431
559
9,999
38,841
44,713
10,214
22.0
34,498
32.0
34,498
32.0
4QE
341,728 1,279,924 1,437,107
7.0
14.0
12.3
999,445 910,083 950,916
1.8
3.1
4.5
341,538
1,164,837 1,366,567
8.9
17.5
17.3
74.8
74.1
75.2
4.1
4.2
3.9
6.0
7.0
6.3
52,013
171,226 198,690
15.2
14.7
14.5
11.1
30.3
16.0
794
30,048
32,301
426
2,505
1,885
13,064
42,268
44,463
38,949
128,958 154,227
39,317
156,501 184,643
7,638
37,952
39,698
19.4
24.3
21.5
31,679
118,550 144,945
30.0
11.4
22.3
31,679
118,550 144,945
30.0
11.4
22.3
857,378
Growth YoY (%)
7.0
Revenue from Operations
270,388
Growth YoY (%)
12.0
RM Cost (% of sales)
73.7
Staff (% of sales)
4.3
Oth. Exp. (% of Sales)
7.0
EBITDA
40,222
EBITDA Margins (%)
14.9
Change (%)
22.4
Other inc. (incl Inc. from Invest)
3,515
Interest
529
Depreciation
9,146
EBIT
31,076
PBT after EO
34,062
Tax
7,936
Effective Tax Rate (%)
23.3
Reported PAT
26,126
Change (%)
-5.3
Adj PAT
26,126
Change (%)
23.2
ESCORTS
CMP: INR3,637 | TP: INR3,683 (+1.3%)
After a subdued 1% growth in 1Q, Escorts bounced back
strongly in 2Q and posted 30% YoY growth in tractor
volumes, in line with strong pickup in industry demand.
Standalone Quarterly Performance
Y/E March
Net Sales
YoY Change (%)
Total Expenditure
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT
Rate (%)
Adj. PAT
YoY Change (%)
Margins (%)
1Q
25,563
9.8
22,394
3,169
12.4
590
101
1,024
3,502
24.0
2,662
-5.9
10.4
Neutral
EPS CHANGE (%): FY26E|FY27E: 7 |5
With strong pickup in volumes, margin to expand 50bp
QoQ (+330bp YoY over low base) to 13.6%.
PAT is likely to grow 22% YoY largely due to strong
tractor growth and resultant margin expansion.
FY26E
2QE
3QE
27,588 31,313
21.8
6.7
23,836 27,023
3,752
4,290
13.6
13.7
620
630
35
40
1,650
1,702
4,747
5,322
22.0
23.0
3,703
4,098
22.3
41.1
13.4
13.1
FY25
4QE
28,391
16.8
24,658
3,733
13.1
643
39
1,742
4,793
22.4
3,720
37.3
13.1
101,870
4.1
90,091
11,778
11.6
2,426
270
4,584
13,395
17.1
11,465
21.6
11.3
(INR M)
FY26E
112,126
14.6
97,101
15,025
13.4
2,484
150
6,650
18,281
24.9
15,820
67.8
14.1
FY25
2Q
3Q
22,649 29,354
-8.1
8.5
20,321 26,001
2,328
3,353
10.3
11.4
610
612
92
31
1,152
1,092
2,778
3,802
-8.9
23.6
3,027
2,905
41.9
7.7
13.4
9.9
4Q
24,303
6.1
21,374
2,929
12.1
615
47
1,316
3,313
24.3
2,710
9.1
11.1
1Q
24,834
-2.9
21,584
3,250
13.1
591
36
1,556
4,939
24.5
3,153
18.5
12.7
October 2025
9
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Tata Motors
Neutral
CMP: INR718 | TP: INR687 (-4%)
EPS CHANGE (%): FY26E|FY27E: -8|5
India PV volumes rose 10.5% YoY. India CV volumes grew
JLR volumes to be impacted by the cyberattack that led to
12% YoY for 2Q.
production shutdown in Sep. While retails unlikely to be hit
India PV margins are likely to pick up QoQ due to improved
materially, wholesale volumes may fall 24% YoY.
volumes partially offset by high discounts. We expect
EBITDA margin is likely to contract ~190bp QoQ to 7.4%.
margins at 4.9% (-130bp YoY). India CV margins to improve
The record date for demerger for PV (India + JLR) business is
50bp QoQ and 190bp YoY to 12.6%.
14th Oct’25.
Quarterly Performance [Consol]
1Q
97.8
74,400
15.8
93.7
1910.1
11.6
138.8
856.8
5.8
1080.5
5.7
155.1
14.4
65.7
15.8
20.9
87.4
36.4
55.6
-1.3
1.3
55.4
46.2
FY25
2Q
3Q
87.3
104.4
74,167 71,686
11.7
14.2
86.0
98.4
2014.9 1896.6
10.7
12.2
130.5
139.8
903.1
902.2
6.2
7.6
1014.5 1135.8
-3.5
2.7
117.4
130.3
11.6
11.5
60.1
54.1
15.7
17.9
20.3
17.3
56.9
77.1
40.8
27.2
33.7
56.2
-1.1
-1.3
0.8
-0.4
33.4
54.7
-13.6
-23.0
4Q
111.4
69,355
15.3
108.2
1991.4
12.2
147.0
870.4
7.8
1195.0
-0.4
166.3
13.9
53.0
15.1
10.8
113.9
25.9
84.4
-0.9
1.1
88.9
15.1
1Q
87.3
75,659
9.3
88.1
1938.8
12.1
124.8
881.6
4.0
1044.1
-3.4
97.2
9.3
53.2
15.2
9.4
54.3
28.7
38.7
-0.8
1.3
39.7
-28.3
FY26E
2QE
3QE
66.3
98.0
75,650 75,271
7.4
8.5
97.2
110.6
1994.7 1972.5
12.6
12.6
144.4
156.6
876.0
902.2
4.9
5.4
925.7 1248.5
-8.8
9.9
77.6
98.1
8.4
7.9
48.0
55.0
13.5
15.0
10.2
13.5
32.9
44.6
30.6
30.6
22.8
31.0
-0.7
-0.8
0.8
0.7
22.9
30.9
-31.4
-43.6
FY25
4QE
109.2
75,458
11.9
113.9
2033.9
12.7
164.2
917.6
5.4
1471.8
23.2
151.2
10.3
58.7
13.3
16.1
89.8
31.7
61.3
-1.2
0.7
60.8
-31.6
400.9
72,240
14.3
386.3
1948.8
11.7
556.1
882.5
6.9
4397.0
0.4
551.3
12.5
232.6
62.4
50.8
334.3
31.4
229.3
-3.2
2.9
232.6
3.4
(INR b)
FY26E
360.7
75,491
9.5
409.9
1987.8
12.5
590.0
895.7
5.0
4690.1
6.7
424.1
9.0
214.9
57.0
49.1
221.5
30.6
153.8
-3.5
3.5
154.3
-33.7
JLR Volumes (incl JV; '000 units)
JLR Realizations (GBP/unit)
JLR EBITDA Margins (%)
India CV Volumes ('000 units)
India CV Realizations (INR '000/unit)
India CV EBITDA Margins (%)
India PV Volumes ('000 units)
India PV Realizations (INR '000/unit)
India PV EBITDA Margins (%)
Net Consol. Op Income
Growth (%)
Consol. EBITDA
EBITDA Margins (%)
Depreciation
Other Income
Interest Expenses
PBT after EO Exp
Tax rate (%)
PAT
Minority Interest
Share in profit of Associate
Adj PAT
Growth (%)
Ashok Leyland
Buy
CMP: INR141 | TP: INR166 (+18%)
EPS CHANGE (%): FY26E|FY27E: 1|1
After a subdued 1Q, CV volumes saw a healthy pickup in 2Q,
Input cost to largely remain stable QoQ, unlike fears of an
up 7.7% YoY. While MHCV sales grew 9%, LCV sales rose
increase. Staff cost may rise QoQ due to annual increments.
5.5%. Export mix has sharply improved, up 45% YoY.
Led by improved mix and volumes, EBITDA margin to rise
70bp QoQ (+20bp YoY) to 11.8%. PAT to grow 7% YoY.
Quarterly Performance (S/A)
1Q
43,893
6.2
1,959
-1.1
85,985
5.0
72.2
6.4
10.9
9,109
10.6
591
223
1,727
7,014
25.1
5,256
-8.9
FY25
2Q
3Q
45,624
46,404
-8.5
-1.4
1,922
2,043
-0.6
3.7
87,688
94,787
-9.0
2.2
71.2
71.5
6.8
6.4
10.4
9.4
10,173
12,114
11.6
12.8
607
501
973
247
1,754
1,923
9,958
9,938
22.7
23.3
6,933
7,617
20.2
31.2
4Q
59,176
5.1
2,012
0.6
1,19,067
5.7
70.6
5.5
8.9
17,910
15.0
471
1,059
1,789
16,573
24.8
12,562
32.4
1Q
44,238
0.8
1,972
0.7
87,245
1.5
70.6
7.0
11.2
9,696
11.1
419
529
1,828
7,977
25.6
5,937
13.0
FY26E
2QE
3QE
49,116
50,116
7.7
8.0
1,980
2,022
3.0
-1.0
97,232 101,346
10.9
6.9
70.8
71.0
6.9
6.5
10.5
9.6
11,473
13,074
11.8
12.9
350
310
700
300
1,850
1,880
9,973
11,184
25.5
24.0
7,430
8,500
7.2
11.6
FY25
4QE
63,561
7.4
2,038
1.3
129,553
8.8
72.4
4.5
8.2
19,290
14.9
249
1,012
1,832
18,221
25.1
13,650
8.7
195,097
0.3
1,986
0.7
387,527
1.0
71.3
6.2
9.8
49,306
12.7
2,169
2,503
7,193
43,483
24.0
32,355
20.6
(INR M)
FY26E
207,032
6.4
2,006
1.7
415,376
8.3
71.3
6.1
9.7
53,533
12.9
1,327
2,540
7,390
47,356
25.0
35,517
9.8
Total Volumes (nos)
Growth %
Realizations (INR '000)
Change (%)
Net operating revenues
Change (%)
RM/sales %
Staff/sales %
Other exp/sales %
EBITDA
EBITDA Margins (%)
Interest
Other Income
Depreciation
PBT after EO
Effective Tax Rate (%)
Adj PAT
Change (%)
October 2025
10
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Apollo Tyres
CMP: INR468 | TP: INR551 (+18%)
While demand was healthy in Jul, it turned weak in Aug and
then there were purchase delays in Sep in replacement given
the GST deadline. OE demand was stable. We expect
standalone revenue growth of 6% YoY (flat QoQ).
Input costs are down about 2% QoQ, which is likely to aid
margins. However, INR depreciation towards 2Q end may
offset some of these gains.
Consolidated - Quarterly performance
Y/E March
Net Revenues
YoY Change (%)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT before EO expense
Extra-Ord expense
PBT
Tax Rate (%)
MI & P/L of Asso. Cos.
Reported PAT
Adj PAT
YoY Change (%)
Margins (%)
1Q
63,349
1.4
9,093
14.4
3,695
1,070
308
4,636
404
4,232
28.6
0
3,020
3,313
-18.4
5.2
FY25
2Q
64,370
2.5
8,779
13.6
3,759
1,197
217
4,040
52
3,988
25.4
-1
2,975
3,012
-37.6
4.7
3Q
69,280
5.0
9,470
13.7
3,759
1,105
81
4,686
42
4,644
27.4
-2
3,372
3,403
-32.9
4.9
Buy
EPS CHANGE (%): FY26E|FY27E: 4|2
We expect India margins to improve 30bp QoQ (+180bp YoY
over low base) due to lower input costs.
Demand in Europe, although weak, is likely to be stable QoQ.
We expect Europe margins to improve 70bp QoQ (-330bp
YoY) to 11.5%.
4Q
64,236
2.6
8,374
13.0
3,771
1,094
275
3,785
1,188
2,596
29.0
-3
1,846
2,708
-41.8
4.2
1Q
65,608
3.6
8,677
13.2
3,776
1,006
189
4,085
3,702
383
66.5
-1
129
2,812
-15.1
4.3
FY26E
2QE
3QE
69,968 76,614
8.7
10.6
9,581 11,605
13.7
15.1
3,850
3,910
950
880
230
120
5,011
6,935
0
0
5,011
6,935
26.0
26.0
-1
1
3,709
5,131
3,709
5,131
23.2
50.8
5.3
6.7
FY25
4QE
72,102
12.2
10,286
14.3
4,188
1,061
255
5,293
0
5,293
31.4
1
3,632
3,632
34.2
5.0
261,234
2.9
35,715
13.7
14,984
4,466
881
17,146
1,687
15,460
27.5
-7
11,213
12,436
-33.2
4.8
(INR M)
FY26E
284,291
12.0
40,150
14.1
15,723
3,896
794
21,324
3,702
17,622
28.5
0
12,601
15,249
22.6
5.4
Balkrishna Industries
Neutral
CMP: INR2,304 | TP: INR2,379 (+3%)
EPS CHANGE (%): FY26E|FY27E: -7|-7
Demand continued to be weak in most of its overseas
A reduction in input costs is likely to be offset by the weak
markets. India likely to be the sole growth driver. Overall, we demand impact and impact of partial tariff absorption in US.
expect BKT to post 1% YoY growth in tonnage in 2Q.
Margin is likely to improve 60bp QoQ to 24.4%.
Quarterly Earning Model (Standalone)
Y/E March
Volumes (Ton)
YoY Change (%)
Realizations (INR '000/ton)
YoY Change (%)
Net Revenues
YoY Change (%)
EBITDA
Margins (%)
Depreciation
Interest
Forex loss/(gain)
Other Income
PBT before EI
Extra-Ord expense
PBT
Rate (%)
Adj PAT
YoY Change (%)
1Q
83,570
24.3
328.1
4.2
27,415
29.6
7,137
26.0
1,617
143
-60
830
6,267
0
6,267
23.8
4,773
52.7
(INR M)
FY26E
315,232
0.0
345.0
2.5
108,740
2.4
26,411
24.3
7,524
1,145
1,540
471
18,865
0
18,865
24.0
13,807
-15.2
FY25
2Q
3Q
4Q
73,298 76,343 82,062
3.8
4.9
0.0
336.3 336.8 345.8
5.6
5.8
5.2
24,648 25,716 28,376
9.7
11.0
5.2
6,185 6,391 7,035
25.1
24.9
24.8
1,647 1,708 1,760
404
150
490
530 -1,120
580
1,048
240
550
4,653 5,894 4,755
0
0
0
4,653 5,894 4,755
24.9
25.4
23.8
3,496 4,398 3,622
4.3
42.6
-25.8
1Q
80,664
-3.5
342.1
4.3
27,594
0.7
6,560
23.8
1,862
290
1,540
1,042
3,910
0
3,910
26.6
2,869
-39.9
FY26E
2QE
3QE
74,031 77,106
1.0
1.0
344.7
346.9
2.5
3.0
25,517 26,752
3.5
4.0
6,226
6,501
24.4
24.3
1,880
1,885
300
270
0
0
950
200
4,996
4,546
0
0
4,996
4,546
26.5
26.5
3,672
3,341
5.0
-24.0
FY25
4QE
83,431
1.7
346.1
0.1
28,877
1.8
7,124
24.7
1,897
285
0
471
5,413
0
5,413
27.5
3,924
8.3
315,273
7.7
336.7
5.1
106,150
13.2
26,813
25.3
6,735
1,252
-68
2,668
21,562
0
21,562
24.5
16,283
-39.9
October 2025
11
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Ceat
CMP: INR3,488| TP: INR4,105 (+18%)
OE demand was steady in 2Q, though replacement demand
was weak, especially post Aug 15th, in anticipation of GST
rate cuts as retailers refused to take stock at earlier rates.
For exports, some greenshoots appeared in Europe.
However, demand in US remained weak given tariff impact.
We expect CEAT to post 10% revenue growth in 2Q.
Consolidated - Quarterly Earning
Model
Y/E March
Net Sales
YoY Change (%)
RM cost (%)
Employee cost (%)
Other expenses (%)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT before EO expense
Exceptional item
PBT
Tax Rate (%)
MI & Profit of Asso. Cos.
Reported PAT
Adj PAT
YoY Change (%)
1Q
31,928
8.8
60.8
6.1
21.1
3,829
12.0
1,318
619
62
1,954
-75
2,029
26.6
-53
1,542
1,486
3
FY25
2Q
3Q
33,045 32,999
8.2
11.4
62.6
63.2
6.6
6.5
19.8
20.0
3,623
3,409
11.0
10.3
1,371
1,415
665
751
35
34
1,622
1,278
0
0
1,621
1,278
28.6
28.3
-61
-55
1,219
971
1,219
971
-41
-46
4Q
34,206
14.3
62.5
6.6
19.5
3,881
11.3
1,523
744
45
1,659
370
1,288
27.6
-63
995
1,267
-16
1Q
35,294
10.5
63.2
6.4
19.4
3,877
11.0
1,514
821
47
1,590
33
1,558
26.9
14
1,125
1,149
-23
FY26E
2QE
3QE
36,350 36,629
10.0
11.0
62.0
61.5
6.2
6.1
20.0
20.0
4,289
4,542
11.8
12.4
1,525
1,550
850
880
45
50
1,959
2,162
0
0
1,959
2,162
27.0
26.0
15
-61
1,415
1,660
1,415
1,660
16
71
FY25
4QE
38,115
11.4
60.6
6.1
20.2
5,004
13.1
1,561
910
78
2,612
0
2,612
25.0
-153
2,111
2,111
67
132,179
10.7
62.3
6.5
20.1
14,741
11.2
5,627
2,778
176
6,512
-296
6,808
25.3
-231
5,319
5,101
-26
Buy
EPS CHANGE (%): FY26E|FY27E: -7|-10
Input cost is expected to decline 1-2% QoQ.
EBITDA margin is expected to improve 80bp YoY to 11.8%.
Overall, PAT is likely to grow 16% YoY.
CEAT would integrate Camso in 2Q. We have not considered
Camso in our numbers as we await further clarity.
(INR M)
FY26E
146,388
10.7
61.8
6.2
19.9
17,713
12.1
6,149
3,460
220
8,323
0
8,323
26.0
-185
6,344
6,344
24
MRF
CMP: INR1,48,630 | TP: INR125,764 (-15%)
Expect 12% YoY revenue growth, due to a low base and
steady growth in OE demand.
Standalone - Quarterly Earning Model
Y/E March
Net Sales
YoY Change (%)
Total Expenditure
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT before EO expense
Extra-Ord expense
PBT
Tax
Rate (%)
Reported PAT
Adj PAT
YoY Change (%)
Margins (%)
1Q
70,778
11.9
59,400
11,378
16.1
3,943
754
827
7,509
0
7,509
1,883
25.1
5,625
5,625
-3.3
7.9
FY25
2Q
3Q
67,604 68,832
11.1
13.8
57,869 60,814
9,734
8,018
14.4
11.6
4,079
4,143
667
711
1,121
966
6,109
4,130
0
0
6,109
4,130
1,555
1,063
25.4
25.7
4,554
3,067
4,554
3,067
-20.4
-39.6
6.7
4.5
Sell
EPS CHANGE (%): FY26E|FY27E: 4 |7
We expect EBITDA margin to improve 50bp QoQ to 14.2%, led
by reduced input costs.
FY26E
2QE
3QE
75,716 76,403
12.0
11.0
64,964 65,096
10,752 11,308
14.2
14.8
4,380
4,470
800
820
1,125
1,050
6,697
7,068
0
0
6,697
7,068
1,681
1,823
25.1
25.8
5,016
5,244
5,016
5,244
10.1
71.0
6.6
6.9
FY25
4QE
76,910
10.8
65,049
11,861
15.4
4,628
570
1,007
7,671
0
7,671
1,956
25.5
5,715
5,715
14.8
7.4
276,652
12.1
237,094
39,559
14.3
16,474
2,914
4,029
24,199
0
24,199
5,974
24.7
18,225
18,225
-14.4
6.6
(INR M)
FY26E
304,632
10.1
260,368
44,264
14.5
17,747
3,011
4,437
27,942
0
27,942
7,125
25.5
20,817
20,817
14.2
6.8
4Q
1Q
69,438 75,603
11.7
6.8
59,011 65,259
10,428 10,343
15.0
13.7
4,310
4,270
782
822
1,115
1,255
6,451
6,507
0
0
6,451
6,507
1,472
1,665
22.8
25.6
4,978
4,842
4,978
4,842
6.1
-13.9
7.2
6.4
October 2025
12
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Amara Raja Energy Mobility
CMP: INR993 | TP: INR1,039 (+5%)
We expect battery demand to largely remain stable QoQ
both in OE and replacement segments, and hence expect
Amara to post 7% YoY growth in revenue (flat QoQ).
Neutral
EPS CHANGE (%): FY26E|FY27E: -|-2
Lead prices are largely stable QoQ. However, elevated
power costs are likely to keep margins under pressure for at
least 2Q.
EBITDA margins to improve 50bp QoQ (down 210bp YoY) to
12%.
FY26E
2QE
3QE
33,553
34,488
7.0
9.0
33553
34488
29,527
30,280
0.0
0.0
69.5
69.0
6.0
5.8
12.5
13.0
4,026
4,208
12.0
12.2
1,298
1,320
110
115
135
140
2,753
2,913
0
0
2,753
2,913
688
743
25.0
25.5
2,065
2,170
2,065
2,170
-14.2
-5.6
FY25
4QE
33,733
13.4
33733
29,601
0.0
69.0
5.9
12.9
4,132
12.2
1,330
122
145
2,826
0
2,826
697
24.7
2,129
2,129
27.6
124,049
10.2
124,049
107,758
0.0
67.8
6.0
13.1
16,291
13.1
4,921
422
933
11,881
0
11,881
3,353
28.2
8,528
8,528
-5.9
(INR M)
FY26E
135,274
9.0
135,274
119,041
0.0
69.5
5.9
12.6
16,233
12.0
5,241
450
560
11,102
0
11,102
2,798
25.2
8,304
8,304
-2.6
Quarterly Performance
Y/E March (INR m)
Net Sales
YoY Change (%)
Gross operating income
Total Expenditure
Excise (% of sales)
RM Cost (% of sales)
Staff Cost (% of sales)
Other Exp (% of sales)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT before EO expense
Extra-Ord expense
PBT after EO
Tax
Tax Rate (%)
Reported PAT
Adj PAT
YoY Change (%)
1Q
31,312
13.0
31312
27,008
0.0
68.9
5.9
11.5
4,304
13.7
1,183
90
256
3,287
0
3,287
841
25.6
2,446
2,446
23.1
FY25
2Q
3Q
31,358 31,640
11.6
9.8
31358
31640
26,952 27,482
0.0
0.0
67.6
66.9
6.1
6.0
12.2
13.9
4,407
4,158
14.1
13.1
1,220
1,233
131
107
185
293
3,240
3,111
0
-1,111
3,240
4,222
833
1,103
25.7
26.1
2,407
3,118
2,407
2,298
6.3
-9.1
4Q
29,739
6.3
29739
26,316
0.0
67.7
6.1
14.7
3,422
11.5
1,284
95
200
2,244
0
2,244
576
25.7
1,668
1,668
-26.8
1Q
33,499
7.0
33499
29,633
0.0
70.5
5.9
12.0
3,867
11.5
1,292
104
139
2,610
0
2,610
670
25.7
1,940
1,940
-20.7
Exide Industries
CMP: INR395 | TP: INR404 (+2%)
We expect Exide to post 4% YoY growth in revenue to
INR44.4b.
S/A Quarterly Performance
Y/E March
Net Sales
Growth YoY (%)
RM cost (%)
Employee cost (%)
Other Exp (%)
EBITDA
EBITDA Margin (%)
Change (%)
Non-Operating Income
Interest
Depreciation
PBT after EO Exp
Effective Tax Rate (%)
Adj. PAT
Change (%)
1Q
43,128
5.9
69.3
6.1
13.1
4,943
11.5
14.4
142
87
1,257
3,741
25.3
2,796
15.6
FY25
2Q
42,673
3.9
68.5
6.3
13.9
4,836
11.3
0.1
528
103
1,270
3,991
25.4
2,978
3.8
3Q
38,486
0.2
68.0
6.8
13.5
4,486
11.7
2.0
132
120
1,244
3,253
24.7
2,450
2.0
4Q
41,594
3.7
68.8
6.3
13.7
4,667
11.2
-9.6
161
130
1,268
3,430
25.8
2,546
-10.3
1Q
45,098
4.6
69.2
3.4
12.6
5,482
12.2
10.9
182
91
1,276
4,297
25.4
3,205
14.6
FY26E
2QE
44,380
4.0
69.0
2.9
12.6
5,414
12.2
12.0
398
130
1,290
4,392
25.6
3,268
9.7
Neutral
EPS CHANGE (%): FY26E|FY27E: 6|6
We expect EBITDA margins to largely remain stable QoQ.
Overall, we expect 2Q PAT to grow 10% YoY.
FY25
3QE
45,414
18.0
68.5
9.2
12.8
5,631
12.4
25.5
144
127
1,350
4,298
24.8
3,232
31.9
4QE
45,602
9.6
67.8
13.5
13.0
5,816
12.8
24.6
196
157
1,385
4,470
25.4
3,336
31.0
165,881
3.5
68.7
6.4
13.6
18,931
11.4
1.2
962
439
5,039
14,415
0.0
10,769
2.3
(INR M)
FY26E
180,493
8.8
68.6
6.3
12.8
22,344
12.4
7.6
919
505
5,301
17,457
25.3
13,041
21.1
October 2025
13
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Bharat Forge
CMP: INR1,219 | TP: INR1,109 (-9%)
US demand has been tepid for both Class8 and non-auto.
Defense ramp-up is likely to be stable QoQ. Pickup in
domestic business likely to offset weakness in exports.
Revenue to decline 7% YoY in 2Q.
Neutral
EPS CHANGE (%): FY26E|FY27E: -6|-1
US tariffs on CVs and non-auto for India exports stand at 50%
now. This impact is expected to be partially absorbed
between vendors and OEMs.
EBITDA margins to decline 280bp YoY to 25%.
Standalone PAT is expected to decline 13% YoY in 2Q.
(INR m)
1Q
23,381
9.9
6,515
27.9
446
702
1094
1,457
3,708
1014
27.3
2,694
-13.5
3,787
20.2
FY25
2Q
3Q
22,467
20,960
-0.1
-7.4
6,255
6,099
27.8
29.1
348
314
635
573
1083
1104
-135
9
5,019
4,727
1407
1266
28.0
26.8
3,612
3,461
4.4
-8.4
3,510
3,468
0.1
-4.8
4Q
21,630
-7.1
6,167
28.5
481
588
1122
203
4,735
1278
27.0
3,456
-11.3
3,608
-8.8
1Q
21,047
-10.0
5,718
27.2
422
522
1125
0
4,493
1108
24.7
3,385
25.6
3,385
-10.6
FY26E
2QE
3QE
20,949
23,133
-6.8
10.4
5,237
6,038
25.0
26.1
420
455
490
450
1140
1150
0
0
4,027
4,893
987
1199
24.5
24.5
3,041
3,694
-15.8
6.7
3,041
3,694
-13.4
6.5
FY25
4QE
24,029
11.1
6,305
26.2
530
438
1188
0
5,209
1400
26.9
3,809
10.2
3,809
5.6
88,437
-1.4
25,034
28.3
1,589
2,498
4,404
19,721
4,965
25.2
14,756
2.4
13,223
-7.2
FY26E
89,159
0.8
23,299
26.1
1,827
1,900
4,602
0
18,623
4,693
25.2
13,930
5.4
13,930
-3.1
S/A Quarterly
Net operating income
Change (%)
EBITDA
EBITDA Margins (%)
Non-Operating Income
Interest
Depreciation
EO Exp / (Inc)
PBT after EO items
Tax
Eff. Tax Rate (%)
Rep. PAT
Change (%)
Adj. PAT
Change (%)
CIE Automotive
CMP: INR413 | TP: INR495 (+20%)
Buy
EPS CHANGE (%): CY25E|26E: 2|1
Overall, consol. revenue is projected to grow 9% YoY.
India business to post 2% YoY growth in revenue due to pick-
EBITDA margin is expected to largely remain stable QoQ at
up in key segments. EU business to post 25% YoY growth
14.1%.
over a very low base of last year.
Quarterly performance (Consol.)
(INR m)
Y/E December
Net Sales
YoY Change (%)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
Share of profit from associates
PBT before EO expense
Tax Rate (%)
Adj. PAT
YoY Change (%)
Revenues
India
Growth (%)
EU
Growth (%)
EBITDA Margins
India
EU
1Q
24,268
-0.5
3,606
14.9
863
220
513
4
3,035
24.3
2,302
4.5
14,275
-1
9,994
0
15.1
14.6
CY24
2Q
3Q
22,927 21,346
-1.2
-6.4
3,600
3,306
15.7
15.5
836
798
211
169
306
243
6
19
2,859
2,581
24.5
25.3
2,164
1,947
1.3
4.3
15,047
5
7,879
-11
15.5
16.1
15,270
-1
6,077
-18
15.6
15.2
4Q
21,100
-5.8
2,993
14.2
809
175
336
-2
2,344
23.6
1,790
1.1
14,430
-3
6,670
-12
14.6
13.2
1Q
22,726
-6.4
3,355
14.8
864
126
361
5
2,725
24.6
2,060
-10.5
14,658
3
8,069
-19
15.7
13.1
CY25
2Q
3QE
23,690 23,233
3.3
8.8
3,368
3,278
14.2
14.1
871
788
16
140
221
242
7
7
2,701
2,592
25.1
24.6
2,030
1,962
-6.2
0.8
15,154
6
8,536
-1
15.7
11.7
15,642
2
7,591
25
15.1
12.1
CY24
4QE
24,155
14.5
3,532
14.6
835
180
289
9
2,806
23.2
2,164
20.9
16,352
13
7,804
17
15.0
13.7
89,641
-3.4
13,506
15.1
3,306
776
1,396
27
10,820
24.4
8,203
2.8
58,309
-1
29,098
-14
15.7
15.0
CY25E
93,806
4.6
13,534
14.4
3,358
456
1,112
28
10,832
24.3
8,223
0.2
61,806
6
31,999
10
15.4
12.6
October 2025
14
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Craftsman Auto
Neutral
CMP: INR6,725 | TP: INR6,391 (-5%)
EPS CHANGE (%): FY26E|FY27E: -|-4
Standalone revenue likely to grow ~18% YoY, led by steady
Consolidated revenue is likely to grow 51% YoY due to
growth in aluminum segment and recovery in powertrain
integration of Sunbeam and Fornsburg.
segment.
Consolidated margins to largely remain stable QoQ at 15.1%
as bulk of the expected margin improvement came in 1Q.
Quarterly (Consol)
Y/E March
Net operating income
Change (%)
RM/Sales (%)
Staff Cost (% of Sales)
Other Exp. (% of Sales)
EBITDA
EBITDA Margins (%)
Non-Operating Income
Interest
Depreciation
MI/Share of Profit
PBT after EO items
Eff. Tax Rate (%)
Rep. PAT
Change (%)
Adj. PAT
Change (%)
E: MOFSL Estimates
1Q
11,512
10.9
56.3
6.4
20.1
1,973
17.1
48
492
725
61
744
28.5
532
-28.6
532
-28.6
FY25
2Q
3Q
12,140
15,761
3.0
39.5
55.6
52.7
6.9
8.5
21.6
26.2
1,928
1,990
15.9
12.6
64
86
413
583
762
1035
-4
-2
821
313
24.9
58.6
617
129
-34.7
-82.3
617
242
-34.7
-66.9
4Q
17,493
58.3
54.2
8.3
23.6
2,436
13.9
52
679
949
-2
755
11.6
668
7.1
750
20.3
1Q
17,840
55.0
53.9
8.1
23.2
2,649
14.9
50
663
1019
-2
937
25.7
696
30.9
757
42.3
FY26E
2QE
3QE
18,319
18,824
50.9
19.4
53.9
54.0
8.0
8.0
23.0
22.6
2,766
2,899
15.1
15.4
55
58
600
550
1100
1150
0
0
1,121
1,257
23.0
23.0
863
968
39.9
648.5
863
968
39.9
299.3
FY25
4QE
19,395
10.9
54.2
8.1
21.9
3,058
15.8
50
440
1223
0
1,446
22.5
1,120
67.8
1,120
49.5
56,905
27.8
54.5
7.7
23.2
8,327
14.6
251
2166
3470
-10
2,951
23.3
2,263
-25.7
2,263
-25.7
(INR m)
FY26E
74,379
30.7
54.0
8.1
22.6
11,373
15.3
213
2253
4492
0
4,841
23.0
3,728
64.7
3,728
64.7
Endurance Technologies
CMP: INR2,812 | TP: INR3,311 (+18%)
India business to grow 10% YoY on the back of a steady
revival in OEM demand in 2Q.
India EBITDA margin to improve 50bp YoY to 13%.
Buy
EPS CHANGE (%): FY26E|FY27E: -1|1
Europe revenue to grow 33% YoY on Stoferle acquisition.
Expect EBITDA margin to improve 100bp YoY to 17%.
Consolidated PAT to grow 21% YoY in 2Q.
Consolidated - Quarterly
Y/E March
INR m
Net Sales
YoY Change (%)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT before EO expense
Exceptional Item
PBT after EO
Eff. Tax Rate (%)
Adj. PAT
YoY Change (%)
1Q
28,255
15.3
3,741
13.2
1,288
112
339
2,680
0
2,680
23.9
2,039
24.7
FY25
2Q
3Q
29,127 28,592
14.4
11.6
3,820
3,725
13.1
13.0
1,311
1,364
116
115
265
219
2,658
2,466
0
0
2,658
2,466
23.6
25.2
2,030
1,844
31.3
21.1
4Q
29,635
11.2
4,225
14.3
1,424
125
346
3,022
-122
3,144
22.0
2,359
21.0
1Q
33,189
17.5
4,439
13.4
1,644
135
356
3,016
0
3,016
24.9
2,264
11.0
FY26E
2QE
3QE
34,702 36,783
19.1
28.7
4,651
5,028
13.4
13.7
1,630
1,680
107
98
290
310
3,204
3,560
0
0
3,204
3,560
23.2
22.5
2,460
2,760
21.2
49.7
FY25
4QE
38,343
29.4
5,417
14.1
1,694
126
307
3,905
0
3,905
23.7
2,978
26.3
115,608
12.9
15,511
13.4
5,387
468
1,170
10,825
-122
10,947
23.6
8,270
20.7
FY26E
143,018
23.7
19,535
13.7
6,649
466
1,264
13,684
0
13,684
23.5
10,462
26.5
October 2025
15
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Happy Forgings
Buy
CMP: INR925 | TP: INR1147 (+24%)
EPS CHANGE (%): FY26E|27E: -3|-
Key segments in domestic market (CVs and tractors) have
EBITDA margins to marginally improve QoQ to 28.8%.
picked up in 2Q. Expect revenue growth of 7% QoQ/5% YoY.
We expect 8% YoY earnings growth in 2Q.
No material impact of US tariffs as its US exposure is below
3% of revenue, including indirect exports.
Quarterly (Standalone)
Y/E March
Net operating income
Change (%)
RM/Sales (%)
Staff Cost (%)
Other Exp. (%)
EBITDA
EBITDA Margins (%)
Non-Operating Income
Interest
Depreciation
EO Exp
PBT after EO items
Tax
Eff. Tax Rate (%)
Rep. PAT
Change (%)
Adj. PAT
Change (%)
E: MOFSL Estimates
1Q
3,415
3.5
43.5
8.5
19.4
976
28.6
77
14
180
859
220
25.6
639
-0.3
639
-0.3
FY25
2Q
3Q
3,611
3,543
5.3
3.6
41.2
42.0
8.5
9.3
21.2
20.1
1,054
1,015
29.2
28.6
83
66
16
21
197
191
-48
973
868
259
223
26.6
25.7
714
645
29.3
11.4
666
645
20.6
11.4
4Q
3,520
2.5
41.3
9.2
20.4
1,023
29.1
101
24
203
897
219
24.4
678
3.0
678
3.0
1Q
3,538
3.6
42.1
9.1
20.3
1,012
28.6
104
23
206
0
886
230
25.9
657
2.9
657
2.9
FY26E
2QE
3QE
3,792
3,827
5.0
8.0
42.0
42.0
9.0
9.0
20.2
20.2
1,092
1,102
28.8
28.8
108
107
22
23
220
235
0
0
958
951
240
244
25.0
25.7
719
707
0.6
9.5
719
707
7.8
9.5
FY25
4QE
3,999
13.6
41.9
8.9
19.8
1,178
29.5
109
21
239
0
1,027
265
25.8
762
12.4
762
12.4
14,089
3.7
42.0
8.9
20.3
4,067
28.9
376
75
771
3,597
921
25.6
2,676
-68.1
2,676
10.1
(INR M)
FY26E
15,155
7.6
42.0
9.0
20.1
4,383
28.9
428
89
899
0
3,822
979
25.6
2,844
6.3
2,844
6.3
Sona Comstar
Neutral
CMP: INR414| TP: INR447 (8%)
EPS CHANGE (%): FY26E|FY27E: 4|3
Core business (ex tractors) revenue may decline 4% YoY but
We expect the core business to post 50bp margin
pick up QoQ. Revenue decline YoY is largely due to the
improvement QoQ (-290bp YoY).
slowdown in the US market and weak ramp-up at one of its
Overall, we expect the PAT for the core business to decline
key EV customers. We understand that availability of rare
10% YoY to INR1.4b led by continued margin pressure.
earth has been better in 2Q QoQ.
Quarterly Performance(ex tractor)
Y/E March
Net operating revenues
Change (%)
EBITDA
EBITDA Margins (%)
Depreciation
EBIT
EBIT Margins (%)
Interest
Non-Operating Income
PBT
Effective Tax Rate (%)
Adjusted PAT
Change (%)
1Q
8,930
22.0
2,512
28.1
606
1,905
21.3
86
70
1,889
25.0
1,417
24.0
FY25
2Q
9,251
17.0
2,549
27.6
626
1,923
20.8
106
210
1,918
25.1
1,546
20.2
3Q
8,680
11.8
2,342
27.0
666
1,677
19.3
58
468
2,030
25.8
1,564
17.1
4Q
8,494
-4.0
2,160
25.4
646
1,513
17.8
52
522
2,147
23.8
1,473
-0.6
1Q
8,013
-10.3
1,936
24.2
650
1,286
16.1
50
427
1,571
26.4
1,248
-11.9
FY26E
2QE
3QE
8,883
9,515
-4.0
9.6
2,194
2,379
24.7
25.0
680
730
1,514
1,649
17.0
17.3
35
45
350
250
1,829
1,854
25.2
25.2
1,368
1,387
-9.9
-10.6
FY25
4QE
9,833
15.8
2,500
25.4
780
1,720
17.5
52
331
1,999
25.4
1,492
-1.4
35,545
11.6
9,753
27.4
2,544
7,209
20.3
302
1,269
8,173
24.2
6,200
27.3
FY26E
35,254
-0.8
9,009
24.9
2,840
6,169
17.0
182
1,358
7,345
0.3
5,494
-11.4
October 2025
16
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Bosch
Neutral
CMP: INR38,338 | TP: INR36,375 (-5%)
EPS CHANGE (%): FY26E|27E: 1|2
We expect 11% YoY revenue growth, driven by aftermarket
Margins to largely remain stable QoQ at 13.2%.
growth in the mobility division and pickup in demand in CV
As a result, we expect Bosch to post 12.5% YoY growth in PAT.
and 2Ws in 2Q.
Quarterly performance (S/A)
Y/E March
Net Sales
YoY Change (%)
RM Cost (% of sales)
Staff Cost (% of sales)
Other Expenses (% of sales)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT before EO expense
Extra-Ord expense
PBT after EO Expense
Tax
Tax Rate (%)
Reported PAT
Adj PAT
YoY Change (%)
E: MOFSL Estimates
1Q
43,168
3.8
64.6
7.8
15.7
5,197
12.0
856
26
1,793
6,108
0
6,108
1,453
23.8
4,655
4,655
13.8
FY25
2Q
3Q
43,943 44,657
6.4
6.2
65.1
61.6
7.8
8.8
14.3
16.5
5,605
5,826
12.8
13.0
900
1,008
22
62
2,089
1,891
6,772
6,647
-485
471
7,257
6,176
1,898
1,594
26.2
25.8
5,359
4,582
5,002
4,929
30.2
4.4
4Q
49,106
16.0
62.4
8.6
15.8
6,469
13.2
992
61
2,369
7,785
0
7,785
2,248
28.9
5,537
5,537
-1.9
1Q
47,886
10.9
62.3
7.1
17.2
6,393
13.4
850
45
2,881
8,379
5,560
13,939
2,785
20.0
11,154
6,705
44.0
FY26E
2QE
3QE
48,777 50,016
11.0
12.0
63.2
63.0
8.4
8.5
15.2
15.3
6,439
6,602
13.2
13.2
900
950
30
42
2,150
2,200
7,659
7,810
0
0
7,659
7,810
2,030
1,953
26.5
25.0
5,629
5,858
5,629
5,858
12.5
18.8
FY25
4QE
51,909
5.7
63.8
8.5
14.4
6,920
13.3
1,013
33
2,262
8,136
0
8,136
2,243
27.6
5,893
5,893
6.4
180,874
8.1
63.4
8.3
15.6
23,097
12.8
3,756
171
8,142
27,312
0
27,312
7,193
26.3
20,119
20,119
11.4
(INR M)
FY26E
198,587
9.8
63.1
8.1
15.5
26,353
13.3
3,713
150
9,493
31,984
0
31,984
9,011
28.2
22,973
22,973
14.2
Motherson Wiring India
Buy
CMP: INR46| TP: INR53 (+16%)
EPS CHANGE (%): FY26E|FY27E: -2|-
Revenue likely to grow 12% YoY to INR26b, aided by ramp-
EBITDA margins to gradually improve QoQ as plants ramp-up.
up of new plants.
Expect margins to be down 30bp YoY at 10.4%.
We expect 7% YoY earnings growth for 2Q.
MSUMI: Quarterly performance
Y/E March
Net Sales
YoY Change (%)
RM Cost (% of sales)
Staff Cost (% of sales)
Other Expenses (% of sales)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT before EO expense
PBT after EO Expense
Tax Rate (%)
Reported PAT
Adj PAT
YoY Change (%)
E: MOFSL Estimates
1Q
21,848
16.7
65.1
17.2
6.7
2,388
10.9
399
55
50
1,984
1,984
25
1,489
1,489
20.9
FY25
2Q
3Q
23,256 23,003
10.5
8.8
64.9
64.9
17.3
17.9
7.1
6.8
2,496
2,376
10.7
10.3
444
470
72
66
48
6
2,027
1,846
2,027
1,846
25
24
1,521
1,400
1,521
1,400
-2.4
-16.6
4Q
25,095
12.4
65.7
16.5
7.0
2,712
10.8
476
55
16
2,197
2,197
25
1,649
1,649
-13.8
1Q
24,940
14.2
64.7
19.1
6.4
2,443
9.8
492
63
9
1,896
1,896
25
1,431
1,431
-3.9
FY26E
2QE
3QE
26,047 26,453
12.0
15.0
64.7
64.6
18.5
18.4
6.4
6.4
2,708
2,791
10.4
10.6
515
525
58
55
20
25
2,155
2,236
2,155
2,236
25
25
1,627
1,689
1,627
1,689
7.0
20.6
FY25
4QE
27,878
11.1
64.1
18.3
6.7
3,044
10.9
566
54
24
2,447
2,447
24
1,848
1,848
12.1
93,203
11.9
65.2
17.2
6.9
9,972
10.7
1,789
248
119
8,055
8,055
25
6,060
6,060
-5.1
(INR M)
FY26E
105,319
13.0
64.5
18.6
6.5
10,985
10.4
2,098
230
77
8,734
8,734
25
6,595
6,595
8.8
October 2025
17
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Samvardhana Motherson Sumi
CMP: INR106| TP: INR123 (+16%)
Execution of healthy order book, integration benefits from
recent acquisitions and currency translation gains should
help offset demand weakness in end markets. Expect 2Q
revenue growth of 7% YoY.
Quarterly performance (Consol.)
Y/E March
Net Sales
YoY Change (%)
EBITDA
Margins (%)
Depreciation
Interest
Other income
PBT before EO expense
Extra-Ord expense
PBT after EO Expense
Tax Rate (%)
Min. Int & Share of profit
Reported PAT
Adj PAT
YoY Change (%)
E: MOFSL Estimates
1Q
2,88,680
28.5
27,753
9.6
10,646
4,445
709
13,371
0
13,371
26.0
-51
9,942
9,942
65.5
Buy
EPS CHANGE (%): FY26E|FY27E: -4|2
On the back of higher input costs and weak demand, we
expect margins to decline 100bp YoY to 7.8%.
As a result, we expect earnings to decline 15% YoY.
(INR M)
FY26E
1,238,003
8.9
105,334
8.5
49,934
16,639
5,633
44,394
1,365
43,029
26.2
-1,359
32,770
33,766
-11.2
FY25
FY26E
1Q
2QE
3QE
4QE
2Q
3Q
4Q
2,78,119 2,76,659 2,93,168 302,120 298,356 314,783 322,744
18.2
7.9
9.1
4.7
7.3
13.8
10.1
24,479 26,858 26,429 24,583 23,415 27,862 29,474
8.8
9.7
9.0
8.1
7.8
8.9
9.1
11,028 11,124 12,137 12,297 12,350 12,500 12,787
5,462
4,661
4,256
4,250
4,100
4,000
4,289
862
1,112
1,164
805
1,250
1,650
1,928
8,852 12,185 11,200
8,841
8,215 13,012 14,326
-1,730
0
1,730
1,365
0
0
0
10,582 12,185
9,470
7,476
8,215 13,012 14,326
33.2
27.7
12.2
30.1
27.0
27.0
22.5
-1,152
26
-672
-300
-343
-414
-302
8,797
8,786
8,775
5,118
6,340
9,913 11,399
7,470
8,790 10,030
6,210
6,340
9,913 11,399
65.7
62.2
9.4
-37.5
-15.1
12.8
13.6
FY25
1,136,626
15.4
105,519
9.3
44,934
18,824
5,577
47,338
0
47,338
23.6
-1,848
38,030
38,030
51.5
Tube Investments
CMP: INR3,082 | TP: INR3,716 (+21%)
We expect TI to post steady 3% YoY growth in revenues in
2Q.
While metal formed division is expected to grow by 6% YoY,
mobility/engineering divisions are expected to grow ~1%/5%
YoY. Revenue from other business to grow ~2% YoY.
Quarterly performance (S/A)
Y/E March
Net Sales
YoY Change (%)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT before EO expense
Tax
Tax Rate (%)
Adj PAT
YoY Change (%)
E: MOFSL Estimates
1Q
19,603
10.1
2,400
12.2
386
72
137
2,079
534
25.7
1,545
4.6
FY25
2Q
3Q
20,648 19,102
4.8
0.6
2,460
2,431
11.9
12.7
407
432
69
54
261
175
2,245
2,120
567
512
25.3
24.2
1,678
1,607
-7.5
2.1
4Q
19,573
-0.3
2,280
11.6
463
52
1,502
3,267
664
20.3
2,603
5.0
1Q
20,066
2.4
2,474
12.3
450
37
234
2,221
540
24.3
1,681
8.8
FY26E
2QE
3QE
21,342 20,969
3.4
9.8
2,600
2,589
12.2
12.3
460
470
40
45
250
200
2,350
2,274
565
546
24.0
24.0
1,786
1,728
6.4
7.5
Buy
EPS CHANGE (%): FY26E|FY27E: -|-
We expect EBITDA margin to largely remain stable YoY at
12.2%.
Overall, we expect standalone entity to post 6% YoY growth
in earnings in 2Q.
(INR M)
FY25 FY26E
4QE
22,072 78,925 84,449
12.8
3.7
7.0
2,676 9,606 10,339
12.1
12.2
12.2
478 1,688 1,858
53
247
175
1,543 2,075 2,228
3,688 9,745 10,533
824 2,277 2,475
22.4
23.4
23.5
2,864 7,468 8,058
10.0
1.7
7.9
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
October 2025
18
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
< - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall be within following 30 days take
appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in
the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on
www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOFSL) is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National
Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for its
stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association
of Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products.
Details of associate entities
of Motilal Oswal Financial Services Limited are available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the securities or
derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial
instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and
other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are
completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOFSL
may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage
service
transactions.
Details
of
pending
Enquiry
Proceedings
of
Motilal
Oswal
Financial
Services
Limited
are
available
on
the
website
at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical
Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can have
an independent view with regards to Subject Company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to
law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg.
No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to “Professional
Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional
investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who
compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United
States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under
applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOFSL, including the products and services
described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and
interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment
or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration
provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct
business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL").
Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer,
MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research
analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co. Reg. NO. 201129401Z) which is a holder of a capital markets services license and an
exempt financial adviser in Singapore. As per the approved agreement under Paragraph 9 of Third Schedule of Securities and Futures Act (CAP 289) and Paragraph 11 of First Schedule of Financial Advisors
Act (CAP 110) provided to MOCMSPL by Monetary Authority of Singapore. Persons in Singapore should contact MOCMSPL in respect of any matter arising from, or in connection with this
report/publication/communication. This report is distributed solely to persons who qualify as “Institutional Investors”, of which some of whom may consist of "accredited" institutional investors as defined in
section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (“the SFA”). Accordingly, if a Singapore person is not or ceases to be such an institutional investor, such Singapore Person must
immediately discontinue any use of this Report and inform MOCMSPL.
Specific Disclosures
1 MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
********************************************************************************************************************************
The associates of MOFSL may have:
-
financial interest in the subject company
-
actual/beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public
appearance.
-
received compensation/other benefits from the subject company in the past 12 months
-
any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific
recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even though there might exist an
inherent conflict of interest in some of the stocks mentioned in the research report.
-
acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
-
be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or
act as an advisor or lender/borrower to such company(ies)
-
received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
-
Served subject company as its clients during twelve months preceding the date of distribution of the research report.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
October 2025
19
 Motilal Oswal Financial Services
September 2025 Results Preview | Sector: Automobiles
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts
which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or
will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any
way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOFSL. The report is based on the facts, figures
and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources
believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such
information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe
for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients
as customers by virtue of their receiving this report.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any
other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer
document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that
any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their
own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any
recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this
document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investm ent. The investment discussed or views expressed may not be
suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not suitable
for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest
Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change
without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their
directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform
or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a separate, distinct
and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already available in publicly
accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is
being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This
report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication,
availability or use would be contrary to law, regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be
eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the
Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise
from or in connection with the use of the information.
The person accessing this information specifically agrees to exempt MOFSL or any of its affiliates or employees from, any and all responsibility/liability
arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOFSL or any of its affiliates or employees free and
harmless from all losses, costs, damages,
expenses that may be suffered by the person accessing this information due to any errors and delays.
This report is meant for the clients of Motilal Oswal only.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263; www.motilaloswal.com.
Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 71881000. Details of Compliance Officer: Neeraj Agarwal, Email
Id: na@motilaloswal.com, Contact No.:022-40548085.
Grievance Redressal Cell:
Contact Person
Contact No.
Email ID
Ms. Hemangi Date
022 40548000 / 022 67490600
query@motilaloswal.com
Ms. Kumud Upadhyay
022 40548082
servicehead@motilaloswal.com
Mr. Ajay Menon
022 40548083
am@motilaloswal.com
Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:
ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.
Customer having any query/feedback/ clarification may write to query@motilaloswal.com. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to
grievances@motilaloswal.com, for DP to dpgrievances@motilaloswal.com.
October 2025
20