CLSA ON AUTO SECTOR

• On-road demand momentum remains stable; festive season remains the key monitorable. • H1 Oct-26 retail registrations were broadly stable MoM, but declined sharply YoY. • High base from last year and an inauspicious buying period weighed on YoY registrations. • Dealer and OEM checks still indicate expectations of mid- to high-single-digit volume growth.

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