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Nirmal Bang Report
Nirmal Bang remains constructive on the FY27 auto outlook, supported by GST-led affordability, rural recovery, premiumisation, capacity ramp-ups, exports, and rising EV penetration.
While industry growth is likely to moderate in H2 FY27 as GST benefits enter the base, this should largely reflect base normalisation rather than a demand slowdown. Near-term margins remain the key earnings swing factor, with commodity cost pressures and geopolitical uncertainties likely to persist.
Key monitorables for FY27 include the sustainability of rural demand, commodity and crude price volatility and its impact on margins, EV adoption amid rising competition, and the pace of margin recovery.
Festive retail demand versus wholesale dispatches, channel inventory, export momentum, and supply-chain/geopolitical risks will also remain important.
Bearing this in mind, Nirmal Bang's top recommendations are M&M and Maruti Suzuki in four-wheelers along with Eicher Motors and Ather in two-wheelers, ASK Automotive continues to be the brokerage's favoured choice in auto components.
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