23-Oct-2026 08:04:12
ANAND RATHI SECURITIES ON AUTOMOBILES ; NAVRATRI DEALER CHANNEL CHECKS
• 2W demand remains moderate on a high base; bookings concentrated in popular models, with longer waits for select models. • PV demand remains encouraging, supported by new launches, resilient entry-level demand and limited monsoon impact. • Brezza, Baleno, Punch, Seltos, 7XO and 9S seeing strong bookings. • EV demand remains robust across both 2W and PV segments; stock-outs seen at select dealerships. • Dealer inventory remains normal for 2Ws, while PV inventory is slightly below seasonal norms. • Maruti Suzuki, Tata Motors and M&M showing relatively stronger demand. • Tata Motors retailed ~50,000 PVs during Navratri, including ~10,000 units on Dussehra. • Festive growth expected at mid-to-high single digits across 2Ws and PVs. • Key drivers: New launches, EV/CNG demand, GST benefits and first-time buyers. • Commodity costs likely peaked; margin expansion expected in H2FY27. • TOP PICKS: MARUTI SUZUKI, ASHOK LEYLAND, BAJAJ AUTO.
B.N.RATHI SECURITIES LTD.