External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Industry Growth Outlook: The domestic economy has begun FY26 on a positive trajectory, supported by tapering inflation, declining interest rates, income tax cuts, strong marriage season and expectations of a favourable monsoon.</li><li>These macroeconomic tailwinds are fueling optimism in the two-wheeler market.</li><li>The 2W industry growth for FY26 is projected to be in the mid-to-high single digits, despite some headwinds from OBD 2 norms and related price increases.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industry Growth Outlook: The domestic economy has begun FY26 on a positive trajectory, supported by tapering inflation, declining interest rates, income tax cuts, strong marriage season and expectations of a favourable monsoon.These macroeconomic tailwinds are fueling optimism in the two-wheeler market.The 2W industry growth for FY26 is projected to be in the mid-to-high single digits, despite some headwinds from OBD 2 norms and related price increases.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hero Motocorp Ltd - Valuations Reasonable; Premiumisation and EVs to Drive Growth

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>This note examines <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)'</a>s market share trajectory in the context of broader two-wheeler industry trends.</li>
<li>It also highlights internal leadership churn and execution issues post split from <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> </li>
<li>Finally, this note reviews the strategic outlook and key challenges ahead for the company, despite its discounted valuation compared to peers.</li>
</ul>


This note examines Hero Motocorp (HMCL IN)'s market share trajectory in the context of broader two-wheeler industry trends.
It also highlights internal leadership churn and execution issues post split from Honda Motor (7267 JP) 
Finally, this note reviews the strategic outlook and key challenges ahead for the company, despite its discounted valuation compared to peers.


Can the India's Largest Motorcycle Manufacturer Maintain Its Dominance?

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>HMCL's Q3FY25 standalone revenue increased by 5% YoY, in-line with consensus while it was 2.2% higher than PLe.</li><li>The growth in revenue was mainly driven by 4.7% YoY expansion in its realizations as volumes remained flat.</li><li>Gross profit increased by 10% YoY while margin expanded by 156bps YoY to 34.2% (PLe: 32.9%), as a result of stable commodity cost, spare revenue and cost savings.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HMCL's Q3FY25 standalone revenue increased by 5% YoY, in-line with consensus while it was 2.2% higher than PLe.The growth in revenue was mainly driven by 4.7% YoY expansion in its realizations as volumes remained flat.Gross profit increased by 10% YoY while margin expanded by 156bps YoY to 34.2% (PLe: 32.9%), as a result of stable commodity cost, spare revenue and cost savings.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hero Motocorp (HMCL IN) - Healthy Realizations Amid Sluggish Volume Growth

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>HMCL reported a healthy Q3 with 5% revenue growth led by higher ASPs as volumes were flat.</li><li>Domestic 2W market share rose by 70bps QoQ to 28.7% (declined by 120bps YoY), aided by the festive season.</li><li>EBITDA margin sustained at 14.5% (flat QoQ) with underlying ICE margins coming in at 16% (vs 16.5% in Q2FY25; down by 50bps QoQ due to elevated marketing spends during festive).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HMCL reported a healthy Q3 with 5% revenue growth led by higher ASPs as volumes were flat.Domestic 2W market share rose by 70bps QoQ to 28.7% (declined by 120bps YoY), aided by the festive season.EBITDA margin sustained at 14.5% (flat QoQ) with underlying ICE margins coming in at 16% (vs 16.5% in Q2FY25; down by 50bps QoQ due to elevated marketing spends during festive).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hero MotoCorp - Strong Operating Performance; Risk-Reward Attractive

<ul><li>Long-term Growth Strategy: Hero MotoCorp’s (Hero) strategy for 2030 is built on four key growth pillars: strengthening its core business, excelling in the premium segment, leading in electric vehicles (EVs), and diversifying revenue streams.</li><li>Anchored by the 4S mantra—speed, scale, synergy, and simplification—the strategy also focuses on creating a future-ready organisation and advancing environmental, social, and governance (ESG) initiatives.</li><li>As part of its ongoing portfolio reshaping, the company introduced four new models at Bharat Mobility, positioning itself for sustained growth.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Long-term Growth Strategy: Hero MotoCorp’s (Hero) strategy for 2030 is built on four key growth pillars: strengthening its core business, excelling in the premium segment, leading in electric vehicles (EVs), and diversifying revenue streams.Anchored by the 4S mantra—speed, scale, synergy, and simplification—the strategy also focuses on creating a future-ready organisation and advancing environmental, social, and governance (ESG) initiatives.As part of its ongoing portfolio reshaping, the company introduced four new models at Bharat Mobility, positioning itself for sustained growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hero Motocorp Ltd - EBITDA & PAT Beat, Product Premiumization and EVs to Drive Growth

India

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

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Hero Motocorp (HMCL IN)

Hero Motocorp Ltd - Valuations Reasonable; Premiumisation and EVs to Drive Growth

The 2W industry growth for FY26 is projected to be in the mid-to-high single digits, despite some headwinds from OBD 2 norms and related price...

Axis Direct

Can the India's Largest Motorcycle Manufacturer Maintain Its Dominance?

Analysis of Hero Motocorp's market share, leadership changes, and its strategic challenges in the two-wheeler industry.

Sreemant Dudhoria,CFA