13-Oct-2026 07:47:29
Nomura on Autos
In 2HFY27F and FY28F, auto companies with higher EV exposure, competitive EV products and established EV technology should be better placed to grow well ahead of industry Thus, stock returns over next few years will likely depend on EV penetration of OEMs as a key variable. Within OEMs, prefer Ather ( Buy), MM (Buy) & Hyundai (Buy) as preferred picks on the rising EV penetration theme Expect TMPV (Neutral) to also gain market share in case EV penetration rises faster. Auto suppliers in general should benefit from rising EV penetration given the higher price points and scope to increase content. Within suppliers, prefer Sonacoms’s (Buy) given its higher EV powertrain content. EXIDE (Buy), which commissioned its NMC cell plant in Sep-26, may also benefit in long term.