CLSA on Autos
Amid geopolitical overhang & recent OEM price hikes, early April demand has held up better than feared.
Retail volumes for 2Ws, 3Ws and CVs grew YoY at mid-single digits in the first half of April-26, while M&HCV goods and tractors stood out, clocking mid- to high-teens growth.
PVs remain weak link, with retail volumes down 9% YoY, led by sharper pressure on entry OEMs like MSIL.
Offsetting this, EV penetration continued to build, reaching 5.8% in PVs and 8.3% in 2Ws
Stay constructive on CVs (TMCV, AL) & maintain a positive stance on M&M and BJAUT, backed by exposure to stronger demand pockets.
MS on Auto
Conviction in Volume Up-cycle Keeps Us Positive
Autos are facing multiple headwinds from cost pressures to risk of supply-chain disruptions to tightening regulations
All that will hit Q1 gross margins – but the volume up-cycle will enable OEMs to gradually pass through cost pressures
Maintain Attractive Industry View
M&M, Maruti, TVS, and Hero remain preferred Overweight
TVS Motor – Maintain Overweight; Hike Target Price to Rs 4327 from Rs 4280
Hero Moto – Maintain Overweight; Hike Target Price to Rs 6537 from Rs 6471
Ashok Leyland – Maintain Equal-weight; Cut Target Price to Rs 180 from Rs 227
M&M – Maintain Overweight; Cut Target Price to Rs 3919 from Rs 4358
Hyundai – Maintain Overweight; Cut Target Price to Rs 2114 from Rs 2565
Eicher – Maintain Equal-weight; Hike Target Price to Rs 7763 from Rs 7578
Bajaj Auto – Maintain Underweight; Hike Target Price to Rs 8920 from Rs 8782
Maruti – Maintain Overweight; Hike Target Price to Rs 17895 from Rs 17804
Jefferies on Logistics
Middle East Impact Visible; Transshipment Saves the Day
Major Port container cargo rose 9% YoY in Mar 2026, despite weak merchandise EXIM trade growth
Believe growth is driven by higher transshipment volumes
Indian Railways container volumes declined 7% YoY
Truck freight rates are largely stable
Strong CV registrations indicate potential growth recovery in road logistics
Though potential second-order impacts from Middle East tensions are a key monitorable
Adani Ports and JSW Infra are our top picks
MS on Consumer
In a volatile geopolitical environment with visible inflationary trends, prefer discretionary & retail (D&R) stocks where growth levers are in place for F27 and are relatively insulated.
Move JUBI to EW, TP cut to Rs 486 from Rs 693 as see more risks emerging to growth in near term
Titan – OW, TP Rs 5102
Avenue Supermart – OW, TP Rs 5188
Trent – OW, TP Rs 4835
MOSL On Dixon Tech
Buy, TP Rs 14700
Considering high memory prices, several smartphone players have started increasing prices to pass on higher costs
As expected earlier, this is likely to impact overall volumes of smartphone markets, particularly low and mid-range smartphones
Despite volume impact, see positives in
1) government relaxing PN3 approval process, thereby hoping that Dixon-Vivo JV will be approved soon;
2) approval for 74:26 JV of Dixon with HKC for display modules;
3) ECMS approval for Dixon’s display modules.
In the next 2-3 quarters, Dixon will see impact of lower volumes and margins amid end of PLI benefits, after which backward integration benefits will boost margins
Macquarie on United Spirits
Target Price ₹1350
Recommendation Underperform
United Spirits growth likely behind Pernod India
Pernod India saw 11% sales growth in the Mar’26 quarter
Think United Spirits saw a marginal market share loss to Pernod in Mar26 quarter