External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Based on our assessment, replacement sales will account for ~50% (half) of total sales as penetration has already risen to quite an extent, particularly in north India. After having witnessed 10% CAGR in the past 15+ years, we believe that tractors growth will moderate to 5-6% over the next decade. Additionally, during this period, tractor penetration in the country increased to 45-50 tractors per 000 hectares, which is higher than the world average (~30). Meanwhile, Indias landholding remains highly fragmented, with 86% (majority) of the farmers owning under 2 hectares of land.</p><div class="content-highlight"><em>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.</em></div>

Based on our assessment, replacement sales will account for ~50% (half) of total sales as penetration has already risen to quite an extent, particularly in north India. After having witnessed 10% CAGR in the past 15+ years, we believe that tractors growth will moderate to 5-6% over the next decade. Additionally, during this period, tractor penetration in the country increased to 45-50 tractors per 000 hectares, which is higher than the world average (~30). Meanwhile, Indias landholding remains highly fragmented, with 86% (majority) of the farmers owning under 2 hectares of land.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.

Autos: Into the twilight zone; single digit growth ahead

Mahindra & Mahindra

Autos: Into the twilight zone; single digit growth ahead