Sector Update | 27 November 2025
l
Automobiles
Domestic 2W ICE sales grew 1.5% YoY in Oct’25. However, on a YTD basis, they
were flat YoY, largely due to the weak offtake in 1Q.
In motorcycles, on a YTD basis, outperformers included RE (+24.5%) and TVS
(+9.5%).
On a YTD basis, in motorcycles, the >250cc and 150-250cc segments posted
volume growth, while the remaining segments posted a decline. Within the
125cc segment, only HMSI delivered growth, while all other players witnessed a
decline. In the 100cc segment, overall volumes declined ~6% YoY, with all major
players posting a volume decline.
In scooters, TVS significantly outperformed peers and the industry growth rate
of 5.6%, posting YTD volume growth of 24% YoY.
In PVs, the segment witnessed 17% YoY growth in Oct’25, with growth led by all
segments, including cars. YTD growth in PVs, however, was much lower at 1.5%.
Within UVs, MM (+17%), Kia (+7%), and Toyota (+18%) outperformed peers.
Our top OEM picks are MSIL, MM, and TVSL.
PV demand remains healthy in October
Two-wheeler wholesales seem to have moderated
ICE 2Ws: TVS continues to outperform in 2Ws
Domestic 2W ICE sales grew 1.5% YoY in Oct’25. However, on a YTD basis, they
were flat YoY, largely due to the weak offtake in 1Q.
On a YTD basis, motorcycle volumes declined 2.4% and mopeds dipped 6.4%,
while scooters posted 5.6% growth.
On a YTD basis, among the top four players, TVS is the only one to gain a 220bp
share to 18.9%.
On the other hand, both HMCL and HMSI lost ~130bp share on a YTD basis.
Segmental trends: Motorcycles down 2% and scooters up 6% YTD
Motorcycle segment:
Domestic motorcycle sales declined 4% YoY in Oct’25 and 2.4% YoY on a YTD
basis.
On a YTD basis, outperformers included RE (+24.5%) and TVS (+9.5%).
On the other hand, BJAUT/HMCL/HMSI declined 6.1%/5.6%/4.6% YoY.
As a result, HMCL’s market share declined 140bp YoY to 41.8%. Additionally,
HMSI saw a 45bp decline in share to 19.4%, while BJAUT saw a 60bp decline to
16.3% on a YTD basis.
Meanwhile, TVS gained a 120bp share YoY to 11.2%, while RE gained a 180bp
share to 8.4%.
Aniket Mhatre - Research Analyst
(Aniket.Mhatre@MotilalOswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
24 June 2024
1
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
Automobiles
100cc segment posts 12%
YoY decline; HMSI worst
while HMCL strengthens
their position
100cc segment:
The 100cc segment posted a 12% YoY decline in Oct’25 and ~6% decline on a
YTD basis.
HMSI has been the worst hit as it lost 260bp market share to 4.8% on a YTD
basis. This was driven by the discontinuation of its Dream series, a 23% YoY
decline in Shine 100cc volumes, and a sharp decline of 33% YoY in the Livo series
on a YTD basis.
On the other hand, HMCL has significantly strengthened its position in this
segment, having gained ~300bp share to 80.5% on a YTD basis.
125cc segment:
This segment saw a 7.8% YoY decline in Oct’25 and ~6% YoY decline for YTDFY26.
TVSL was the only player to post growth in this segment, rising ~10% YoY in
Oct’25, potentially supported by its Raider model’s refresh. However, volumes
were still marginally down by ~1% YoY on a YTD basis.
On the other hand, HMCL saw a sharp decline of 24.4% YoY in Oct’25 despite the
launch of the new Glamor variant. Even on a YTD basis, HMCL volumes in this
segment declined 27% YoY.
Additionally, BJAUT saw a 10% YoY decline on a YTD basis in this segment.
HMSI has been the sole player to post a 5% YoY growth in this segment on a YTD
basis.
As a result, HMSI gained 510bp share to 48.5% on a YTD basis in this segment.
TVS gained about 60bp share to 12.2%.
On the other hand, while HMCL lost 450bp share to 16%, BJAUT lost 120bp share
to 23.3%.
For HMCL, Xtreme 125R witnessed the highest decline of 34% YoY on a YTD
basis. More importantly, the new Glamour does not seem to have picked up,
clocking 28.8k units in Oct vs 24k units YoY. Meanwhile, Splendor volumes
declined 25% YoY on a YTD basis.
The sales of BJAUT’s CNG bike, Freedom, are averaging around 1.8k units per
month this fiscal.
The new TVS Raider sold 56k units in Oct Vs 51k units YoY.
150-250cc posts robust
growth with TVS
significantly outperforming
peers
150-250cc segment:
The 150-250cc segment posted a 20.4% growth YoY in Oct’25 but just 1.6%
growth on a YTD basis.
On a YTD basis, TVS has significantly outperformed peers with 29.5% YoY
growth.
As a result, TVS has gained ~650bp market share to 29.9%.
BJAUT has been able to maintain its share at 30.9% YTD.
Further, while HMSI has lost 210bp share to 19.1%, Yamaha has lost 370bp share
to 16.5%.
>250cc segment:
This segment posted 15% YoY growth in Oct’25 and a 23% gain on a YTD basis.
RE and TVSL outperformed the market with 25%/47% YoY growth on a YTD
basis. RE’s growth was primarily driven by the strong demand for Bullet 350, up
65% YoY on a YTD basis.
27 November 2025
2
 Motilal Oswal Financial Services
Automobiles
Given its outperformance, RE gained a 130bp share to 87% in the >250cc
segment.
Triumph, in partnership with BJAUT, is witnessing a steady pickup in volumes,
posting 35% YoY growth and averaging 3.9k units per month on a YTD basis. It
clocked 6.1k unit sales in Oct’25, growing 53% YoY.
HMSI is currently selling around 4.3k units per month in this segment.
Scooters post strong 14%
YoY growth with TVS‘s
continued outperformance
ICE scooters
The segment witnessed a strong 13.8% YoY growth in Oct’25. On a YTD basis,
scooters posted a 5.6% YoY growth.
TVS has significantly outperformed peers with 24% YoY growth on a YTD basis.
Moreover, HMCL has performed well in this segment in FY26, posting ~20% YoY
growth, led by strong demand for its Destiny 125 (+62% YoY).
On the other hand, market leader HMSI posted ~5% YoY volume decline YTD. As
a result, it lost 475bp share to 45% for YTDFY26.
TVS gained a substantial 410bp share in scooters, reaching 27.6% on a YTD basis.
The key growth driver is the upgrade of Jupiter 110, which is witnessing strong
demand, with the brand recording 39% YoY growth on a YTD basis. However,
Ntorq sales declined 9% YoY.
Suzuki gained ~60bp share to 16.6% on YTD. Growth of its flagship model,
Access, has been slowing, posting a 5% YoY increase on a YTD basis. Meanwhile,
Burgman remains the key growth driver, recording 35% YoY growth.
PV volumes flat on a YTD
basis despite a robust
festive season; UV mix now
stands at 66%
PV update: UV mix now stands at 66%
PV volumes grew 19.1% YoY in Oct’25, aided by a robust festive season. On a
YTD basis, growth was moderate at 1.2% YoY.
MM (+17%), Toyota (+16%), and Kia (+7%) have outperformed peers so far
during this fiscal.
On the other hand, Hyundai and MSIL saw a volume decline.
MM has gained ~200bp share to 14.7% for YTDFY26.
Additionally, while Toyota gained ~100bp share to 8.2%, Kia gained ~30bp share
to ~6.4%.
On the other hand, Hyundai lost 140bp share to 13% and MSIL lost ~190bp share
to 38.7%.
Car segment:
The segment saw an 11% YoY uptick in volumes in Oct’25, aided by GST rate cuts
and a robust festive demand. On a YTD basis, however, volume declined 3.3%
YoY.
For October, MSIL gained a 50bp market share to 66%. According to our
estimates, TTMT seems to have gained a 100bp share to 10.8%.
Within cars, the worst impacted were Alto (-32% YTD), Spresso (-28%), Celerio(-
50.4%), i-20 (-25%), Honda City (-43%), Verna (-38%), and Ciaz (-59%).
The newly launched Dzire is seeing a strong response, growing 41% YoY and
averaging ~18.3k units per month on a YTD basis.
27 November 2025
3
 Motilal Oswal Financial Services
Automobiles
UV growth has seen a
revival; MM, KIA and Toyota
are key outperformers
UV segment:
Growth has revived to 20% YoY in Oct’25 but remains moderate on a YTD basis
at ~4% YoY.
Outperformers are MM (+17%), Kia (+7%), and Toyota (+18%) on a YTD basis.
On the other hand, MSIL (-5%), Hyundai (-6%), and TTMT (1%) underperformed
the segment on a YTD basis.
While MM has gained 250bp share to ~22.1% on a YTD basis, Toyota has gained
120bp share to 10.4%.
Key growth drivers for MM are Thar (+67% YoY), led by strong demand for the
Roxx variant, and its new EVs (sold ~28k units on a YTD basis and 4.8k units in
Oct’25). For MM, demand for XUV 700 (-5% YoY) and XUV 3XO (-7.9%) has
slowed down in the current fiscal. Scorpio has seen a ~6% uptick so far.
On the other hand, MSIL lost 210bp share to ~24%, Hyundai lost 140bp share to
~14.0%, and TTMT lost 40bp share to 14.5%.
For MSIL, on the positive front, Victoris sold a solid 13.5k units for Oct’25.
Additionally, demand for Grand Vitara, which had seen weak volumes in 1H,
rebounded to 10k units in Oct’25.
Hyundai’s best-selling Creta volumes rose 3% on a YTD basis, while volumes for
other models like Venue and Exter declined 8.4% and ~20% on a YTD basis.
Similarly, for Kia, both Sonet (-7%) and Seltos (-9%) saw weak demand. Further,
after the initial euphoria, Syros’ sales continued to decline, reporting only 785
units in Oct’25. Growth for Kia was primarily driven by the new Carens, which
had seen a 27% YoY growth YTD and is averaging ~7.2k units per month.
Skoda Kylaq also received good response, currently averaging ~4.2k units per
month.
For Toyota, Innova Hycross is outselling Crysta, with the mix now at 63:37.
Demand pickup seen post
GST rationalization; gradual
discount reduction
expected after festive
Valuation and view
Following the GST rationalization, demand has picked up across segments,
especially for the festive season. A notable trend is that entry-level vehicles,
both 2Ws and PVs, are seeing a marked pickup in demand. With a recovery in
demand, we expect discounts to gradually reduce after the festive season.
MSIL is our top pick among auto OEMs, as its new launches and the current
export momentum are likely to drive healthy earnings growth. We also like MM,
given the uptrend in tractors and healthy growth in UVs. In 2Ws, we are positive
on TVS Motors. Our top auto ancillary picks are Endurance, SAMIL, and Happy
Forgings.
Exhibit 2: TVS outperforms competitors
Market Share (%)
HMCL
HMSI
BJAUT
TVSL
Others
Oct-25 YoY (bps) YTDFY26
28.1
-316
28.7
28.5
179
27.6
11.0
14
10.4
18.5
109
18.9
13.9
13
14.5
YoY (bps)
-127
-132
-68
224
102
Exhibit 1: Domestic 2W volumes remained flat YoY YTD
Total domestic 2Ws ICE
Oct-25
HMCL
590,801
HMSI
598,946
BJAUT
231,570
TVSL
389,642
Others
293,031
Total
2,103,990
YoY (%)
-8.8
8.3
2.8
7.8
2.4
1.5
YTDFY26 YoY (%)
3,411,103
-4.2
3,278,445
-4.5
1,236,614
-6.1
2,246,676
13.5
1,725,151
7.6
11,897,989
0.0
Source: SIAM, MOFSL
Source: SIAM, MOFSL
27 November 2025
4
 Motilal Oswal Financial Services
Automobiles
Exhibit 3: Motorcycle volumes declined 2.4% YoY YTDFY26
Domestic Motorcycles
Oct-25
HMCL
543,098
BJAUT
231,570
TVSL
167,617
HMSI
236,055
RE
116,844
Others
40,284
Total
1,335,468
YoY (%)
-11.6
2.8
11.9
-6.7
14.7
-12.4
-4.0
YTDFY26 YoY (%)
3,183,641
-5.6
1,236,614
-6.1
850,766
9.5
1,478,924
-4.6
638,326
24.5
221,141
-17.8
7,609,412
-2.4
Source: SIAM, MOFSL
Exhibit 4: TVS/RE continue to outperform in motorcycle YTD
Market Share (%)
HMCL
BJAUT
TVSL
HMSI
RE
Others
Oct-25 YoY (bps)
40.7
-353
17.3
114
12.6
178
17.7
-53
8.7
142
3.0
-29
YTDFY26
41.8
16.3
11.2
19.4
8.4
2.9
YoY (bps)
-141
-63
122
-45
181
-54
Source: SIAM, MOFSL
Exhibit 5: 100CC volumes declined 6% YoY YTDFY26
100CC
HMCL
BJAUT
TVSL
HMSI
Total
Oct-25
462,203
57,268
42,041
34,594
596,106
YoY (%)
-9.9
-18.4
-3.7
-31.0
-11.9
YTDFY26 YoY (%)
2,796,151
-2.1
299,674
-10.0
210,250
-4.7
167,087
-38.9
3,473,162
-5.7
Source: SIAM, MOFSL
Exhibit 6: HMCL further strengthened its position in 100cc
Market Share (%)
HMCL
BJAUT
TVSL
HMSI
Oct-25 YoY (bps)
77.5
177
9.6
-77
7.1
60
5.8
-160
YTDFY26
80.5
8.6
6.1
4.8
YoY (bps)
296
-42
6
-261
Source: SIAM, MOFSL
Exhibit 7: 125cc volumes declined ~6% YoY YTDFY26
125CC
HMSI
HMCL
BJAUT
TVSL
Total
Oct-25
154,271
71,971
89,720
56,085
372,047
YoY (%)
-2.7
-24.4
-9.1
9.6
-7.8
YTDFY26 YoY (%)
1,042,266
5.3
343,239
-26.8
500,315
-10.4
261,693
-0.9
2,147,513
-5.9
Source: SIAM, MOFSL
Exhibit 8: HMSI maintains leadership in 125cc
Market Share (%)
HMSI
HMCL
BJAUT
TVSL
Oct-25 YoY (bps)
41.5
219
19.3
-425
24.1
-34
15.1
240
YTDFY26
YoY (bps)
48.5
514
16.0
-456
23.3
-119
12.2
61
Source: SIAM, MOFSL
Exhibit 9: 150-250cc volumes grew ~2% YoY YTDFY26
150-250CC
BJAUT
TVSL
HMSI
Yamaha
HMCL
Suzuki
Others
Total
Oct-25
74,957
68,495
41,583
37,372
7,719
2,075
269
232,470
YoY (%)
49.8
26.2
5.8
-12.5
79.6
-14.8
341.0
20.4
YTDFY26
388,249
374,695
239,703
206,940
35,596
8,776
899
1,254,858
YoY (%)
1.2
29.5
-8.7
-17.1
-2.3
-34.5
78.0
1.6
Exhibit 10: TVS has outperformed in this segment
Market Share (%)
BJAUT
TVSL
HMSI
Yamaha
HMCL
Suzuki
Others
Oct-25 YoY (bps)
32.2
634
29.5
136
17.9
-246
16.1
-605
3.3
110
0.9
-37
0.1
8
YTDFY26
30.9
29.9
19.1
16.5
2.8
0.7
0.1
YoY (bps)
-12
645
-214
-372
-11
-38
3
Source: SIAM, MOFSL
Source: SIAM, MOFSL
Exhibit 11: >250CC volumes up 23% YoY YTDFY26
>250cc
Royal Enfield
HMSI
HMCL
TVSL
Others
Total
Oct-25
116,844
5,607
1,205
996
10,193
134,845
YoY (%)
14.7
6.3
-50.2
49.8
43.0
14.9
YTDFY26
638,326
29,868
8,655
4,128
52,902
733,879
YoY (%)
24.5
19.9
-24.1
47.4
13.6
22.6
Exhibit 12: RE has led industry growth in this segment
Market Share (%)
Royal Enfield
HMSI
HMCL
TVSL
Others
Oct-25 YoY (bps)
86.7
-15
4.2
-34
0.9
-117
0.7
17
7.6
149
YTDFY26
87.0
4.1
1.2
0.6
7.2
YoY (bps)
130
-9
-73
9
-57
Source: SIAM, MOFSL
Source: SIAM, MOFSL
27 November 2025
5
 Motilal Oswal Financial Services
Automobiles
Exhibit 13: ICE scooter volumes grew ~6% YoY YTDFY26
Scooters - ICE
HMSI
TVSL
Suzuki
HMCL
Others
Total
Oct-25
362,891
170,769
101,347
47,703
34,556
717,266
YoY (%)
21.0
7.2
-1.1
44.3
-3.3
13.8
YTDFY26
YoY (%)
1,799,521
-4.5
1,103,668
24.0
664,734
9.4
227,462
20.2
200,950
-5.8
3,996,335
5.6
Source: SIAM, MOFSL
Exhibit 14: TVS sharply outperforms in scooters
Market Share (%)
HMSI
TVSL
Suzuki
HMCL
Oct-25 YoY (bps)
50.6
301
23.8
-145
14.1
-213
6.7
141
YTDFY26 YoY (bps)
45.0
-475
27.6
409
16.6
57
5.7
69
Source: SIAM, MOFSL
Exhibit 15: Domestic PV volumes up 1.5% YoY YTDFY26
Oct-25
Passenger Vehicles
Maruti Suzuki
176,318
M&M
71,624
Hyundai Motors
53,792
Tata Motors*
61,134
Kia Motors
29,556
Toyota Kirloskar Motors 40,247
Others
28,038
Total
460,739
YoY (%) YTDFY26
YoY (%)
10.5
971,764
-3.2
31.4
369,194
17.3
-3.2
325,572
-8.2
27.0
334,822
2.9
29.9
160,562
7.0
43.1
206,195
15.6
14.2
143,712
-2.3
17.2 2,511,821
1.5
Source: SIAM, MOFSL; *estimate
Exhibit 16: MM, Toyota, and Kia outperformed in PVs
Market Share (%)
MSIL
M&M
Hyundai
TTMT
Kia
Toyota
Others
Oct-25 YoY (bps)
38.3
-232
15.5
169
11.7
-246
13.3
103
6.4
63
8.7
159
6.1
-16
YTDFY26 YoY (bps)
38.7
-190
14.7
198
13.0
-137
13.3
19
6.4
33
8.2
100
5.7
-22
Source: SIAM, MOFSL
Exhibit 17: Domestic car volumes down 3.3% YoY YTDFY26
Cars
Maruti Suzuki
Hyundai Motors
Tata Motors*
Honda Cars
Toyota Kirloskar Motors
Others
Total
Oct-25
85,210
16,088
14,903
4,208
6,438
4,657
131,504
YoY (%)
10.2
-8.9
32.1
23.9
44.7
-1.2
10.7
YTDFY26
497,011
98,117
81,622
20,055
32,723
23,862
753,390
YoY (%)
-2.5
-13.5
7.0
-11.0
5.5
-8.4
-3.3
Exhibit 18: MSIL has marginally gained share in cars
Car Market Share (%)
MSIL
Hyundai
TTMT
Honda
Toyota
Others
Oct-25 YoY (bps)
64.8
-26
12.2
-264
11.3
183
3.2
34
4.9
115
3.5
-43
YTDFY26 YoY (bps)
66.0
54
13.0
-153
10.8
104
2.7
-23
4.3
36
3.2
-18
Source: SIAM, MOFSL
Source: SIAM, MOFSL; *estimate
Exhibit 19: UV volumes showed 3.9% growth YoY YTDFY26
Utility Vehicles
Maruti Suzuki
M&M
Hyundai Motors
Tata Motors*
Kia Motors
Toyota Kirloskar Motors
Others
Total
Oct-25
77,571
71,624
37,704
44,073
29,556
33,809
19,203
313,540
YoY (%) YTDFY26
9.8
394,950
31.4
369,194
-0.5
227,455
25.0
241,382
29.9
160,562
42.8
173,472
16.6
99,795
20.0 1,666,810
YoY (%)
-4.7
17.3
-5.7
1.3
7.0
17.7
1.3
3.9
Exhibit 20: MM and Toyota outperformed in UVs YTDFY26
UV Market Share (%)
Maruti Suzuki
M&M
Hyundai Motors
Tata Motors
Kia Motors
Toyota Kirloskar Motors
Others
Oct-25 YoY (bps) YTDFY26 YoY (bps)
24.7
-231
23.7
-213
22.8
198
22.1
254
12.0
-249
13.6
-139
14.1
55
14.5
-37
9.4
72
9.6
28
10.8
172
10.4
122
6.1
-18
6.0
-15
Source: SIAM, MOFSL
Source: SIAM, MOFSL; *estimate
27 November 2025
6
 Motilal Oswal Financial Services
Automobiles
Exhibit 21: HMCL dominates in 100cc motorcycles
BJAUT
0.2
5.0
0.1
5.0
Exhibit 22: HMSI recovered its lost share in 125cc
HMSI
1.4
4.8
4.6
0.9
39.7
7.9
49.7
TVSL
4.5
3.9
HMCL
2.9
HMSI
6.1
Others
6.8
HMCL
19.5
39.8
3.5
20.8
25.7
BJAUT
8.9
25.2
20.9
45.0
TVSL
15.0
27.1
17.0
40.9
Others
11.1
24.3
19.3
45.4
12.2
23.3
16.0
48.5
71.9
5.4
17.5
72.3
5.6
17.1
76.3
74.6
79.6
6.1
11.5
77.7
78.7
80.5
52.1
5.5
13.6
6.1
15.5
6.1
10.1
5.7
8.9
6.1
8.6
40.2
40.8
50.0
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 23: TVS has gained share in the 150-250cc segment
BJAUT
TVSL
HMSI
Yamaha
HMCL
Others
1.8
1.7
2.1
1.1
0.1
1.6
2.1
1.2
2.8
3.0
1.8
2.2
5.4
3.8
4.6
5.3
16.5
15.9 15.0
17.8
22.5 19.6
17.8 16.3 18.1 22.3 25.7
19.1
12.4 14.0 16.3 21.6
19.5 20.4
20.4 26.4
23.1
21.3 24.6 29.9
42.8
44.0
36.7
31.7
31.4
34.6
30.2
30.9
Exhibit 24: RE share stable in >250cc segment
RE
0.5
1.8
0.3
2.4
0.1
HMSI
0.6
2.6
3.0
BJAUT
0.8
2.5
5.8
0.5
2.0
4.2
HMCL
0.6
1.6
4.4
Others
0.4
1.4
6.3
4.2
86.9
0.6
1.2
6.6
4.1
87.0
4.5
96.3
96.1
93.4
89.9
92.5
88.3
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 25: HMCL continued to lose share in motorcycles
HMCL
3.7
5.9
13.5
7.5
18.7
50.7
3.0
5.9
13.9
6.7
18.5
52.0
BJAUT
3.1
5.7
15.4
6.3
18.0
51.5
TVSL
3.4
5.8
16.5
7.9
18.2
48.3
HMSI
4.0
7.2
15.7
8.9
17.3
46.9
3.9
7.2
17.2
10.5
18.2
43.1
RE
Others
3.4
7.4
20.3
9.8
16.6
42.6
2.9
Exhibit 26: TVS/Suzuki gaining share in scooters
HMSI
6.6
10.7
9.2
18.5
54.9
6.3
7.2
11.6
18.3
56.6
TVSL
6.6
9.9
11.0
20.5
52.0
Suzuki
6.4
7.7
14.7
4.6
7.3
14.7
23.6
HMCL
5.8
7.1
16.6
23.5
47.0
Others
5.6
5.5
16.9
25.3
46.7
5.0
5.7
16.6
27.6
45.0
8.4
19.4
11.2
16.3
41.8
21.5
49.8
49.7
Source: MOFSL, Company
Source: MOFSL, Company
27 November 2025
7
 Motilal Oswal Financial Services
Automobiles
Exhibit 27: MSIL continues to dominate in Cars
MSIL
100.0
75.0
50.0
25.0
-
58.0
62.6
62.2
63.6
63.5
63.3
66.9
66.0
8.3
5.9
18.9
Exhibit 28: MM and Toyota outperformed in UVs
MSIL
14.7
10.5
-
8.4
13.4
25.0
28.1
Hyundai
7.1
4.2
18.2
TTMT
5.8
8.8
16.7
Honda
3.6
3.9
10.4
15.2
Toyota Others
3.2
3.3
3.4
11.8
14.6
8.9
13.9
10.8
13.0
M&M
15.1
7.1
8.9
6.3
18.7
19.0
24.9
Hyundai
14.2
6.7
12.5
15.2
16.8
15.0
19.5
TTMT
11.0
6.6
13.4
17.8
15.1
Kia
8.1
7.6
9.7
15.4
15.4
18.2
25.5
Toyota
6.0
9.2
9.1
15.5
14.7
19.7
25.7
Others
6.0
10.4
9.6
14.5
13.6
22.1
23.7
9.8
15.8
14.5
6.2
14.6
8.2
20.2
14.7
21.6
17.8
18.3
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 29: MM share improved to 14.7% in PVs
MSIL
M&M
12.6
5.0
17.5
6.7
51.0
Hyundai
11.7
8.3
17.4
5.8
47.7
TTMT
11.3
12.2
15.7
7.4
Kia
9.5
14.0
14.6
9.2
41.3
Toyota
7.3
13.8
14.6
10.9
41.7
Others
6.0
13.2
13.9
12.8
40.9
5.7
Exhibit 30: UV mix now at 66% of PVs
Cars
65.7
61.1
56.9
48.5
34.1
27.9
6.4
4.8
4.0
39.1
47.8
Uvs
Vans
59.7
44.9
65.0
66.4
100.0
75.0
50.0
13.8
6.9
16.1
7.5
51.2
13.3
13.0
14.7
38.7
51.5
36.7 31.5
30.0
3.6
25.0
-
43.4
3.7
3.6
3.5
3.5
Source: MOFSL, Company
Source: MOFSL, Company
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
27 November 2025
8
 Motilal Oswal Financial Services
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.
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service
transactions.
Details
of
pending
Enquiry
Proceedings
of
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Oswal
Financial
Services
Limited
are
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on
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MOFSL Research Analyst Compliance Audit Report.
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Research Analyst views on Subject Company may vary based on Fundamental research and Technical
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Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
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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,
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In Singapore, this report is being distributed by Motilal Oswal Capital Markets (Singapore) Pte. Ltd. (“MOCMSPL”) (UEN 201129401Z), which is a holder of a capital markets services license and an exempt
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Contact: (+65) 8328 0276
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MOFSL has financial interest in the subject company(ies) at the end of the week immediately preceding the date of publication of the Research Report: Yes.
Nature of Financial interest is holding equity shares or derivatives of the subject company
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preceding the date of publication of Research Report.
MOFSL has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research
Report:No
3. Research Analyst and/or his/her relatives have not received compensation/other benefits from the subject company(ies) in the past 12 months.
MOFSL may have received compensation from the subject company(ies) in the past 12 months.
4. Research Analyst and/or his/her relatives do not have material conflict of interest in the subject company at the time of publication of research report.
MOFSL does 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 an officer, director or employee of subject company(ies).
6. MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months.
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in the past 12 months.
9. MOFSL may have received compensation or other benefits from the subject company(ies) or 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:
27 November 2025
9
 Motilal Oswal Financial Services
Automobiles
-
-
-
-
-
-
-
-
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)
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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
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.
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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
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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
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27 November 2025
10