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. 

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.

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: The PV industry is anticipated to grow in the low single-digits YoY in FY25E (compared to 8.4% YoY growth in FY23), with management forecasting the industry to achieve ~ 4.3 Mn vehicles.</li><li>This growth trajectory will be driven by the ongoing expansion of the UV segment in the sales mix, increased export volumes, and a rising share of CNG/Hybrid/EV vehicles in the fuel composition, partly offset by contraction in the small car segment.</li><li>We model in 7% CAGR volume growth in Maruti (marginally higher than the industry average) over FY24 to FY26E.</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: The PV industry is anticipated to grow in the low single-digits YoY in FY25E (compared to 8.4% YoY growth in FY23), with management forecasting the industry to achieve ~ 4.3 Mn vehicles.This growth trajectory will be driven by the ongoing expansion of the UV segment in the sales mix, increased export volumes, and a rising share of CNG/Hybrid/EV vehicles in the fuel composition, partly offset by contraction in the small car segment.We model in 7% CAGR volume growth in Maruti (marginally higher than the industry average) over FY24 to FY26E.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 - Q4 - Margins Miss Estimates Due to Oneoff Expenses.

Maruti Suzuki India

Maruti Suzuki - Q4 - Margins Miss Estimates Due to Oneoff Expenses.