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Motilal Oswal Report
We have analyzed the segmental volume data for November 2024 and year-to-date-FY25 for the two-wheeler and passenger vehicles segments. We note that Nov was expected to be a weak month due to the high base of last year. Despite this, the PV industry has posted a 4% YoY growth in dispatches during the month.
On a YTD basis, while the two-wheeler ICE segment has grown 10.8% YoY, the PV industry has posted just 1% YoY growth.
Within two-wheelers, the ICE scooter segment has posted 16.8% YoY growth YTD, and the motorcycle segment has experienced ~10% YoY growth. Hero Motorcycle and Scooters India Pvt. Ltd. has outperformed in both the scooter ICE and motorcycle segments, and hence its market share in domestic ICE two-wheelers has improved 300 basis points to 28.8%.
Within PVs, utility vehicle contribution has increased to 64.9% YTD. The major PV outperformers YTD are Mahindra and Mahindra Ltd. and Toyota, which have gained 210 bp and 185 bp market share, respectively.
Our top picks in the auto OEM space are Maruti Suzuki India Ltd., Mahindra and Mahindra, and Hyundai Motor India Ltd.
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Also Read: Stocks To Buy: Motilal Oswal Maintains 'Buy' On Cummins, Kirloskar Oil Engines; Here's Why
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