Automobiles

Q2 core revenue grew 8% to INR33.9bn in line with estimates. Auto OEM and UPS segments posted growth while replacement was stable and Telecom declined. EBITDA fell 8% to INR4.1bn, below estimate of INR4.2bn on the back

Uno Minda’s Q2FY26 revenue increased 13% YoY to INR48.1bn, broadly in line with estimates. EBITDA rose 14% to INR5.5bn, slightly above estimates owing to lower-than-expected operating expenses. Factoring in higher margin

Q2FY26 revenue/EBITDA grew 14%/15% YoY to INR149.2bn/30.5bn, broadly in line with estimates. We reckon in a 7% volume CAGR over FY25–28E led by 2%/13% growth in domestic/export segments. We expect a dip in domestic 2W

Q2FY26 revenue rose 3% YoY to INR7.7bn, below our estimate of INR8.2bn due to muted exports owing to tariff uncertainties. EBITDA rose 4% to INR1.4bn, in line with estimates. Factoring in a reduction in export revenue

Revenue expanded 19% YoY to INR27.6bn, broadly in line with estimates. Reported EBITDA grew 12% YoY to INR2.8bn, slightly above estimates. Adjusting start-up costs for new greenfields, EBITDA rises to INR3.3bn. Factoring

Revenue surged 21% YoY to INR334.2bn, slightly below our estimate. EBITDA soared 23% to INR48.6bn, slightly above our estimate on higher-than-expected margins in both Auto and Farm segments.

Q2FY26 revenue/EBITDA rose 23%/56% YoY to INR27.8bn/INR3.6bn, in line with estimates. The EBITDA performance was supported by higher volumes along with margin expansion in the agri segment.

Revenue expanded 15% YoY to INR24.3bn, 3% above our estimates. Revenue growth was driven by a 59% surge in vehicle lifetime solutions, 37% growth in exports and 19% growth in Automotive technologies. EBITDA soared 24% to

Revenue grew 13% YoY to INR421bn, above estimate on higher-than-expected realisation led by a better model mix, increased CNG share and higher spare-part sales. EBITDA came in flat at INR44.3bn, above estimate on revenue

Revenue/EBITDA grew 1%/10% YoY to INR174.6bn/24.3bn, broadly in line with our estimates. Factoring in higher costs relating to the new Talegaon plant, we are cutting FY26–28E EPS by up to 10%.

Oct-25 wholesale performance shall be a mixed bag with single-digit growth YoY in PVs and CVs, flat performance in 2W and decrease in tractors. The sales base was high due to timing of the festive period (Navratri was in

Revenue/EBITDA soared 29%/40% YoY to INR119.1bn/15.1bn, broadly in line with our estimates. Factoring in slightly lower margin assumption, other income, we are trimming FY26E/27E EPS by 3–4%.

We attended the HMI analyst meet.

For Q2FY26, we forecast aggregate revenue growth of 12% YoY for companies under coverage (ex-TTMT) led by healthy volumes and better realisations. Among segments, domestic tractor volumes grew 31% YoY, CV by 10% and 2W

We met Amara CFO Mr Delli Babu and Battery Pack business head Mr Dwaraka B at the analyst meet. Key highlights: i) 2W/4W aftermarket demand to grow 6–7%/10–11% in FY26E. ii) EBITDA margin to improve from 11.5% in Q1FY26

We expect upward YoY momentum in Sep-25 wholesales across tractors, 2Ws, PVs and CVs led by strong growth in festive sales from 22nd September. Customer sentiment got a huge boost from GST cuts as per our channel checks

We met with Mr Sorab Agarwal, Whole-Time Director, Mr Rajan Luthra, CFO and Mr Vyom Agarwal, President of Action Construction Equipment (ACE). Management meet takeaways: i) FY26E revenue to post high single-digit growth,

Customer sentiments have received a huge boost from GST cuts, as per our channel checks, leading to expectations of double-digit growth in festive period across PV, 2W and tractor segments. Led by benefits of GST cuts,