Auto companies could face business headwinds for a longer period on higher US tariffs and complex global supply chains that may witness a structural impact. Even domestic companies could remain under pressure if India were to give favorable trade terms for import of cars, especially EVs, which could then impact the domestic passenger vehicles players as well.
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HDFC Securities Institutional Equities
Growth pressure is expected to continue for most OEMs as demand remains soft both domestically and globally. Key exceptions to this are TVS Motor, Eicher Motor, and Mahindra & Mahindra. TVS Motor continues to ramp up scooter sales domestically while it also continues to expand its geographical footprint.
Eicher Motor has taken a deliberate stance to drive Royal Enfield volumes at the cost of margins, while its international business is also forming a good base. Mahindra & Mahindra continues to see increasing traction for its UVs and tractors and continues to outperform the market. While key auto ancillary companies continue to face global headwinds.
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