External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

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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 Outlook: Maruti faces several challenges to maintaining its market dominance, including (1) Subdued demand in the passenger vehicle (PV) industry, with low single-digit volume growth expected for FY25E, a significant drop from the 26.7% and 8.4% YoY growth in FY23 and FY24, respectively;</li><li>(2) Intensified competition in the SUV segment, with new launches focusing on SUVs and EVs;</li><li>(3) Stagnation in the small car segment; and (4) Increased discounting efforts to reduce dealer inventories. We project a 5% CAGR in Maruti's volume growth for FY24–FY27E.</li></ul><p><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></p>

Industry Outlook: Maruti faces several challenges to maintaining its market dominance, including (1) Subdued demand in the passenger vehicle (PV) industry, with low single-digit volume growth expected for FY25E, a significant drop from the 26.7% and 8.4% YoY growth in FY23 and FY24, respectively;(2) Intensified competition in the SUV segment, with new launches focusing on SUVs and EVs;(3) Stagnation in the small car segment; and (4) Increased discounting efforts to reduce dealer inventories. We project a 5% CAGR in Maruti's volume growth for FY24–FY27E.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.

Maruti Suzuki India Ltd - EBITDA Tailwinds Diminishes Amidst PV Industry Slowdown