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India’s electric vehicle (EV) sector, often seen as a key player in the country’s clean energy transition, has been called “irrelevant” without government <keyword id="20231384" type="General" weightage="20" keywordseo="incentives" source="keywords">incentives</keyword> by a recent Bernstein research report. The report highlights the serious challenges automakers face in achieving profitability and scaling operations in the EV segment, which remains heavily reliant on financial support from the government. <h2>Struggling to achieve profitability</h2>The Bernstein report reveals that generating profitable margins in the Indian EV sector is proving to be an uphill battle for automakers. “It is tough to generate sufficient margins and get scale in EVs. Even with hefty incentives, incumbent OEMs are still unprofitable,” the report stated. This underscores the fact that even with <keyword id="20022183" type="General" weightage="20" keywordseo="government-subsidies" source="keywords">government subsidies</keyword> aimed at promoting <keyword id="20138204" type="General" weightage="20" keywordseo="electric-mobility" source="keywords">electric mobility</keyword>, automakers are struggling to make EVs financially viable. High production costs, limited infrastructure, and relatively low consumer demand all contribute to this issue. Traditional automakers, particularly in India’s two-wheeler market, are facing significant financial losses. According to Bernstein, while some niche startups may survive, their long-term market share will likely remain limited, and competition will primarily be between established original equipment manufacturers (OEMs). The key challenge for these OEMs is achieving the scale and cost reductions required to compete with the well-entrenched internal combustion engine (ICE) sector. <h2>Reliance on incentives</h2>One of the most striking conclusions from Bernstein’s analysis is the deep reliance of the EV sector on government subsidies. Without these incentives, the <keyword id="19952060" type="General" weightage="100" keywordseo="EV-Industry" source="keywords">EV industry</keyword> would be unable to compete with traditional ICE vehicles. “The EV Industry is not relevant without incentives currently, and to break the ICE sector, it needs intense focus, scale, and continued cost downs,” the report emphasised. This indicates that while government schemes like GST benefits have helped reduce the cost difference between EVs and ICE vehicles, they are not enough to ensure the long-term sustainability of the EV sector. Bernstein estimates that the overall EV two-wheeler industry in India generates around USD 1.3 billion in annual revenues, but without government support, the sector incurs an EBIT loss of approximately USD 300-400 million. The high cost structure of EVs, combined with the relatively low sales volumes, makes it difficult for companies to operate without subsidies. <h2>Established players face mixed fortunes</h2>Among India’s leading two-wheeler manufacturers, Bernstein noted that <keyword id="19897354" type="General" weightage="20" keywordseo="Bajaj-Auto" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Auto" meta.hostid="265" meta.entityid="Bajaj Auto">Bajaj Auto</keyword> and <keyword id="20326963" type="General" weightage="20" keywordseo="TVS-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motors" meta.hostid="265" meta.entityid="TVS Motors">TVS Motors</keyword> are on a similar footing in terms of their performance in the EV space. Bajaj Auto received an "Outperform" rating from Bernstein due to its lower valuations, while TVS Motors was rated "Market Perform" after it was found to be losing approximately 7.5% in EBITDA, or Rs 11,000 per vehicle, despite generating a gross profit margin of 7% without subsidies. <div type="Article" hostid="261" msid="113631992" title="Tata Nexon EV with a bigger battery launched starting at ₹13.99 lakh" mstype="2" mssubtype="0"></div>Hero MotoCorp, a major player in India’s automotive market, lags behind both Bajaj and TVS in terms of its EV offerings. Bernstein also pointed out that Eicher Motors, which is expected to launch its own <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> soon, is likely to remain “sub-scale and less relevant” in the competitive EV landscape. Interestingly, <keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="265" meta.entityid="Ola Electric">Ola Electric</keyword> (Ola-E) stands out as a startup that has been able to generate positive operating earnings (EBITDA) from its premium models like the S1 Pro and S1 Air, even as it incurs losses on its mass-market model, the S1X. “Our analysis indicates that Ola-E is generating positive operating EBITDA from its premium models, such as the S1 Pro and S1 Air while incurring a loss on its mass-market model, the S1X,” the report said. While Ola has shown some promise, it too remains heavily dependent on subsidies to maintain its financial health. <h2>Long-term outlook</h2>Bernstein’s report paints a challenging picture for the future of India’s EV sector, suggesting that while dominant startups may survive, the majority of the competition will come from traditional automakers. However, without significant scale and continued cost reductions, the EV industry will struggle to become self-sustaining. <div type="Article" hostid="261" msid="113315022" title="Waiting for the festive season to buy an EV? Cabinet approves PM E-Drive subsidising most EVs, sans electric cars" mstype="2" mssubtype="0"></div>Bernstein emphasised that to truly compete with ICE vehicles, the EV sector needs to focus on scaling up operations, reducing costs, and maintaining long-term commitment. Until these conditions are met, India’s EV industry will remain highly dependent on government support and may continue to face an uphill battle for relevance. In conclusion, while India’s EV sector is seen as a vital part of the country’s clean energy future, Bernstein’s analysis highlights that it is far from being self-reliant. The industry’s heavy dependence on government incentives raises questions about its long-term sustainability and relevance, particularly in the face of ongoing challenges with profitability and scale. (With inputs from ANI)

Why has Bernstein called India’s EV sector 'irrelevant'?

<ul><li>TVS Motor’s standalone net profit jumped 49% to ₹410 crore in March quarter from ₹274 crore during the same period last year on the back of strong sales.</li><li>Meanwhile, its revenue from operations in the quarter grew 19% at ₹6,605 crore as compared to ₹5,530 crore last year.</li><li>Overall TVS Motor sold 8.68 lakh units in the March quarter as against 8.56 lakh units during the same period last year including two-wheeler, three-wheeler sales and exports. </li></ul>TVS Motor’s standalone net profit jumped 49% to ₹410 crore in March quarter from ₹275 crore during the same period last year on the back of strong sales. Meanwhile, its revenue from operations in the quarter grew 19% at ₹6,605 crore as compared to ₹5,530 crore last year. It has performed better than its peer Bajaj Auto whose Q4 standalone net profit fell 2% on year to ₹1,433 crore. Despite the quarterly decline in revenue, <a href="https://www.businessinsider.in/business/auto/news/bajaj-auto-q4-net-profit-falls-2-yoy-to-1433-crore/articleshow/99766398.cms">Bajaj Auto still managed to beat analyst expectations. </a> Meanwhile, India’s largest two-wheeler manufacturer <a href="https://www.businessinsider.in/business/auto/news/hero-motocorp-q4-net-profit-beats-estimates-rises-37-yoy-to-859-crore/articleshow/99989966.cms">Hero MotoCorp also delivered a strong March quarter </a>earnings performance beating analyst <a href="https://economictimes.indiatimes.com/markets/stocks/earnings/hero-motocorp-q4-results-pat-beats-estimates-jumps-37-yoy-to-rs-859-cr-revenue-up-12/videoshow/99989882.cms">estimates</a>. It reported a 37% YoY rise in standalone net profit to ₹859 crore in Q4, aided by price hikes, cost cutting and improved product mix. The company posted a 17% growth in its FY23 net profit, which rose to ₹2,911 crore. TVS’ operating earnings before interest, taxes, depreciation and amortisation (EBITDA) margin grew marginally at 10.3% in Q4 as against 10.1% during Q4 of last year. For the financial year ended 2023, net profit grew 67% to ₹1,491 crore as compared to ₹894 crore in last fiscal. Revenue from operations grew by 27% to ₹26,378 crore from ₹20,791 crore last year. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹26,378 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20,791 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,605 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,530 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,491 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹894 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹410 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹274 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net margin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr></tbody></table>Source: Company reports Overall TVS Motor sold 8.68 lakh units in the March quarter as against 8.56 lakh units during the same period last year including two-wheeler, three-wheeler sales and exports. Its motorcycle sales fell to 3.89 lakh units in the quarter as against 4.42 lakh units last year. Scooter sales for the quarter grew by 30% registering 3.40 lakh units as against 2.62 lakh units last year. Electric vehicles registered sales of 43,000 units in the quarter ended March 2023 as against 6,000 units during the quarter ended March 2022. Three-wheeler sales for the quarter under review is 29,000 units as against 42,000 units last year. Shares of the company ended 1.97% higher at ₹1,180 apiece on Thursday, ahead of the earnings announcement. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hdfc-q4-net-profit-jumps-20-to-4425-crore-declares-interim-dividend-44-per-share/articleshow/99987148.cms">HDFC Q4 net profit jumps 20% to ₹4,425 crore, declares interim dividend ₹44 per share</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-q4-net-profit-more-than-doubles-yoy-to-722-crore/articleshow/99990510.cms">Adani Enterprises Q4 net profit more than doubles YoY to ₹722 crore as airports and roads businesses pick up pace</a>

TVS Motor’s Q4 net profit jumps 49% on year to ₹410 crore

<ul><li>The future looks bright for India’s two-wheeler makers, who are now expected to outpace their peers in the passenger vehicles segment over the next two years.</li><li>The two-wheeler segment is expected to benefit from an imminent replacement cycle as well as a shift in consumer buying towards electric vehicles, and premium scooter and bikes.</li><li>Overall, the outlook for the Indian auto sector across segments is positive, with Jefferies expecting a volume growth in the range of 11% to 18% in FY24 and FY25.</li></ul>The future looks brighter for India’s two wheeler makers who have seen a volume decline of nearly 35% between FY19-22. Going forward however, global brokerage Jefferies expects the two-wheeler segment to outpace the passenger vehicle segment sales growth over FY24-25. The replacement cycle, which was delayed by the pandemic, will kick in the current and next fiscal years, believe analysts at Jefferies. Overall, its outlook for the Indian auto sector across segments is positive, with Jefferies expecting a volume growth in the range of 11% to 18% in FY24 and FY25. “We remain positive on Indian autos with the sector in midst of a strong earnings cycle. Strong top-line growth and better margins should fuel double-digit earnings per share compounded annual growth rate (CAGR) for most companies,” said Jefferies. Despite a challenging global environment in FY23, Indian auto companies made the most of the first disruption-free year after the Covid-19 pandemic. Domestic sales rose 21% year-on-year in the 11 months of FY23 when compared to the same period in FY22. Industry body <keyword id="610395" type="General" weightage="50" keywordseo="federation-of-automobile-dealers-association" source="Orion">Federation of Automobile Dealers Association</keyword> (<keyword id="354719" type="General" weightage="50" keywordseo="fada" source="Orion">FADA</keyword>) <a href="https://www.businessinsider.in/finance/news/after-21-growth-in-fy23-auto-sales-to-hit-slow-lane-in-fy24-fada/articleshow/99235136.cms">underlined</a> that FY24 will be a year of consolidation, with growth expected to be in the low single digits due to price hikes and inflation impacting entry-level sales, among other factors. <cmsannotation type="cmsannotation" annotationid="Two-wheelers to undergo premiumisation" comment="subhead" text="Two-wheelers to undergo premiumisation">Two-wheelers to undergo premiumisation</cmsannotation> Heading into FY24, the analysts at Jefferies note that factors like a low base and replacement demand will aid volume growth in the two-wheeler segment. It’s not just the volumes which are expected to pick up – other factors like shifting consumer preferences towards more premium vehicles and softening commodity prices are expected to aid the margins of auto companies going forward. “We expect 1% to 4% earnings before interest, taxes, depreciation and amortisation (EBITDA) margin expansion for most of our covered auto OEMs over FY23-25E, led by better pricing power amid good demand, and operating leverage benefit,” said Jefferies. While passenger vehicles witnessed premiumisation in FY23 as well, as witnessed by the sustained growth in demand for the costlier sports utility vehicles (SUV) over entry-level options, analysts suggest a similar trend of premium two-wheelers is also emerging. According to Jefferies, while sub-125cc two-wheelers share will drop from 52% in FY22 to 45% by FY26, the share of premium scooters and bikes is expected to rise from 44% to 53% in this period, with electric vehicles also aiding this shift. <cmsannotation type="cmsannotation" annotationid="TVS Motor, Tata Motors top picks as EVs gather pace" comment="subhead" text="TVS Motor, Tata Motors top picks as EVs gather pace"><keyword id="46156" type="General" weightage="100" keywordseo="tvs-motor" source="Orion">TVS Motor</keyword>, <keyword id="42747" type="General" weightage="80" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> top picks as EVs gather pace</cmsannotation> While the outlook for the Indian auto sector remains healthy over the next two years, the analysts at Jefferies have picked <keyword id="62356" type="General" weightage="50" keywordseo="tvs" source="Orion">TVS</keyword> Motor and <keyword id="8555" type="General" weightage="80" keywordseo="tata" source="Orion">Tata</keyword> Motors as their favourites, apart from auto components manufacturer Sona BLW. The common factor between these three companies is that they cater to the electric vehicle demand. In the listed space, TVS Motor leads the market in terms of electric two-wheelers, while <a href="https://www.businessinsider.in/business/news/tata-motors-rallies-nearly-8-on-strong-jlr-sales-in-march-quarter-analysts-bullish-with-an-eye-on-margins/articleshow/99372607.cms">Tata Motors</a> has a market share of 80% in electric passenger vehicles. “TVS should be a key beneficiary of the potential two-wheeler demand recovery in both India and export markets. It has also risen to the second position in electric two-wheelers with its EV market share approaching that of internal combustion engine (ICE) scooters,” the brokerage said. Tata’s early shift to electric vehicles reflects its dominance in this space (electric passenger vehicles), and also in its own portfolio – electric vehicles now account for nearly 15% of Tata Motors’ portfolio. Its British subsidiary, JLR, also has a strong order book and its focus on selling higher-margin SUVs should help boost Tata Motors’ overall margins, too. On the whole, despite concerns of a global economic slowdown, Indian auto companies are looking at a healthy growth over the next two years thanks to robust domestic demand, and an expected recovery in global markets. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/retail-investors-increase-stakes-in-all-adani-stocks-after-hindenburg-report/articleshow/99429000.cms">Retail investors ‘buy the dip’ in all ten Adani group stocks</a> <a href="https://www.businessinsider.in/finance/news/strong-q4-on-the-cards-but-concerns-emerge-on-fall-in-casa-deposits-and-credit-offtake-slowdown/articleshow/99396102.cms">Strong Q4 on the cards, but concerns emerge on fall in CASA deposits and credit offtake slowdown</a> <a href="https://www.businessinsider.in/stock-market/news/fpis-offload-it-oil-gas-stocks-worth-13734-crore-in-march/articleshow/99375107.cms">FPIs offload IT, oil &amp; gas stocks worth ₹13,734 crore in March; remain net sellers of Indian stocks for 2 years running</a>

After languishing since FY19, two-wheeler growth to outpace passenger vehicles in FY24-25

<ul><li>Sector watchers anticipate robust double-digit year-over-year revenue growth for most 4-wheeler companies </li><li>Analysts are optimistic about <keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>’ profit margins due to strong JLR sales. </li><li>Sales volumes of two-wheelers (2W) have experienced a slight year-on-year decline. </li></ul>The <keyword id="46265" type="General" weightage="20" keywordseo="auto-sector" source="Orion">auto sector</keyword> has been recovering, albeit slowly, after the pandemic. The second quarter of the current financial year (FY2024) saw wholesale trends exhibit a mixture of outcomes, with most segments experiencing an increase in sales volumes. Three-wheeler (3W) sales showed a significant year-on-year (Y-o-Y) recovery, while passenger vehicles (PV) saw growth in the mid-single digits, according to the India Autos report by BNP Paribas. However, sales volumes of two-wheelers (2W) experienced a slight year-on-year decline. A closer look at retail volume market share shows that in the 2W segment, <keyword id="6359783" type="General" weightage="20" keywordseo="bajaj-auto" source="Orion">Bajaj Auto</keyword> lost 2.3 percentage points in market share when compared to the same period the year before, while Honda Motorcycle &amp; Scooter India lost 0.9% market share. Meanwhile TVS Motor Company and Suzuki gained market share by 1.7 and 1.1 percentage points respectively in the same time period. In the PV segment, <keyword id="50805" type="General" weightage="20" keywordseo="mahindra-and-mahindra" source="Orion">Mahindra and Mahindra</keyword>, Toyota and <keyword id="44883" type="General" weightage="20" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword> India gained market share of 1.6, 1 and 1 percentage points respectively year-on-year, while Tata Motors and Kia lost market share by 0.6 and 1.1 percentage points respectively. Experts anticipate robust double-digit year-over-year revenue growth for most companies, with the exception of Bajaj Auto and Hero MotoCorp Limited. Substantial volume growth in the last quarter has been observed, except for the 2W segments, which has allowed them to take advantage of operational efficiency and a favourable product mix. <cmsannotation type="cmsannotation" annotationid="Analysts are optimistic about Tata Motors’ profit margins" comment="Subhead" text="Analysts are optimistic about Tata Motors’ profit margins">Analysts are optimistic about Tata Motors’ profit margins</cmsannotation> Analysts at BNP Paribas are optimistic about Tata Motors' profit margins due to strong Jaguar Land Rover (JLR) sales. In regards to other companies, they expect mixed or in-line results when compared to consensus expectations. The analysts take a pessimistic stance on the two-wheeler (2Ws) sector, citing expectations of persistently low growth, subdued festive seasons, the disruptive influence of electric vehicles (EVs), and heightened competition that could negatively impact the sector's profitability. However, they express preference for passenger vehicle original equipment manufacturers (OEMs) such as Maruti Suzuki, Mahindra and Mahindra, as well as globally-oriented companies like Tata Motors. These companies are better positioned to achieve sales growth and maintain healthy margins during the economic upswing, particularly due to their disciplined pricing strategies. Price targets (TPs) for select stocks have been increased, taking into account the shift in their valuation basis to September 2024, recent demand trends, and the inclusion of valuation related to Hero MotoCorp's (HMCL) financing subsidiary. They highlight that Maruti remains their top choice among the investments. <cmsannotation type="cmsannotation" annotationid="Expectations for different automakers" comment="Subhead" text="Expectations for different automakers">Expectations for different automakers</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Maruti Suzuki" comment="Subhead" text="Maruti Suzuki">Maruti Suzuki</cmsannotation> For Maruti Suzuki , analysts recommend a "BUY" with a target price set at ₹13,000, while the current price is at ₹12,700. This is based on a price-to-earnings (P/E) ratio of 29 times the estimated earnings per share (EPS) for September 2025. The target multiple remains the same, but it has been adjusted for the next quarter. The target multiple is based on the five-year average next twelve months (NTM) P/E, as per Bloomberg consensus estimates, to account for a gradual recovery in the demand cycle. The target price has increased due to the forward adjustment in valuation. <cmsannotation type="cmsannotation" annotationid="Mahindra &amp; Mahindra" comment="Subhead" text="Mahindra &amp; Mahindra">Mahindra &amp; Mahindra</cmsannotation> For Mahindra &amp; Mahindra, the recommendation is a "BUY" with a target price of ₹1,905 (current price: ₹1,930). The valuation includes a sum-of-the-parts (SoTP) approach, with a target multiple similar to that of Escorts for the Farm Equipment Sector (FES). In the automotive sector, the target multiple is also unchanged and rolled forward by a quarter. A holding company discount of 10% is applied, similar to Escorts. However, there's a 20% discount compared to peers Maruti Suzuki (MSIL) and Ashok Leyland (AL) due to concerns about automotive market share loss. The target price has slightly decreased due to earnings estimate cuts offsetting the roll-forward of the valuation. <cmsannotation type="cmsannotation" annotationid="Bajaj Auto" comment="Subhead" text="Bajaj Auto">Bajaj Auto</cmsannotation> For Bajaj Auto, the recommendation is "HOLD" with a target price of ₹4,900 (current price: ₹4,600). The valuation is based on a sum-of-the-parts (SoTP) approach using a 16x target multiple for Bajaj Auto's internal combustion engine (ICE) business in September 2025. The Electric Vehicle (EV) business is valued at 2.3x the estimated EV revenue for the same period. The target multiple for EV aligns with global EV companies' market cap/revenue multiples for December 2025. The target price has risen due to higher earnings estimates and a valuation base shift. Additionally, the value of Bajaj's stake in Pierer Bajaj AG, with holdings in PIERER Mobility AG, is included in the assessment. <cmsannotation type="cmsannotation" annotationid="Tata Motors" comment="Subhead" text="Tata Motors">Tata Motors</cmsannotation> Tata Motors gets a "BUY" recommendation with a target price of 770, mirroring the current price. The valuation relies on a sum-of-the-parts (SoTP) method, averaging various valuation methods, such as EV/Sales, EV/EBITDA, EV/EBIT, and P/E ratios. The multiples remain the same, but the valuation base is extended by a quarter. Different valuation multiples are applied to segments like JLR, China JV, Passenger Vehicles (PV), and Commercial Vehicles (CV), considering their estimated sales, EBITDA, EBIT, and EPS for September 2025. These multiples are benchmarked against similar companies, with target multiples discounted by 20% for JLR and China JV, and 50% for CV and PV. The Electric Vehicle (EV) business valuation is based on the last funding round average with a 30% discount, and the target price remains unchanged.

PV sales to shift gears courtesy festive season but 2-wheelers’ struggles to continue

April Auto Sales: Maruti Suzuki flags decline in bookings in April, electric two-wheelers lose momentum due to FAME-II irregularities

<ul><li>The 30-share BSE index Sensex was up 0.51%, and the NSE Nifty was trading 0.55% higher at 9:50 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian benchmark indices jumped over 200 points in early trade on Friday, led by gains in index-heavyweights Reliance Industries, TCS, and HCL Tech. The 30-share BSE index Sensex was up 0.51%, and the NSE Nifty was trading 0.55% higher at 9:50 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IOC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NTPC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HUL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid </td></tr></tbody></table>*as of October 30, 10:00 am These are the top stocks in news today. <keyword id="46156" type="CITY" weightage="20" keywordseo="TVS-Motor">TVS Motor</keyword> gains over 4% The shares of TVS Motor gained over 4% after the company registered a growth of 6% in its revenue to ₹4,617 crore in the second quarter ended September 30. The production and sales of its two-wheelers improved consistently from July onwards, but the commercial vehicle segment continues to lag. IndiGo drops 2% The shares of India’s largest airlines IndiGo dropped 2% after its losses widened to ₹1,194 crore for the second quarter ended September 30. The company had posted a net loss of ₹1,062 crore in the same quarter last year. The company’s total income declined 65% to ₹3,029 crore. <keyword id="1553175" type="COMPANY" weightage="20" keywordseo="Vodafone-Idea">Vodafone Idea</keyword> gains over 6% The shares of telecom major Vodafone Idea gained over 6% after the company significantly narrowed its loss. Vodafone Idea reported a net loss of ₹7,218.2 crore for the quarter ended September 30 compared to a loss of ₹50,897.9 crore in the same quarter last year. BPCL garners 2% The shares of state-owned Bharat Petroleum (BPCL) gained over 2% after it reported a 58% year-on-year growth in its consolidated net profit to ₹2,589.52 crore, on the back of lower expenses, including material and finance costs. <keyword id="6362419" type="COMPANY" weightage="20" keywordseo="hpcl">HPCL</keyword> leaps 3% The state-owned Hindustan Petroleum (HPCL) was trading 3% higher after the petroleum giant announced that its board would meet on November 4 to consider a share buyback plan. <keyword id="103837" type="PERSON" weightage="20" keywordseo="Angel-Broking">Angel Broking</keyword> trades 12% higher Angel Broking shares were trading 12% higher after the Kuwait Investment Authority acquired half a percent stake in the retail broking company via open market transactions on October 29 for ₹321.73 per share. <keyword id="6484187" type="COMPANY" weightage="20" keywordseo="ril">RIL</keyword> trades 1% higher The shares of Mukesh Ambani-owned Reliance Industries (RIL) were trading nearly a percent higher ahead of its Q2 financial result due later this evening. <keyword id="6359949" type="COMPANY" weightage="20" keywordseo="blue-dart">Blue Dart</keyword> shares gain 14% The shares of Blue Dart gained over 14% after the company reported 195.85% jump in its quarterly profit to ₹41.39 crore. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) was up 131.79% to ₹149.46 crore in the quarter ended September 30. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/cricketer-yuvraj-singh-invests-in-nutrition-based-healthtech-startup-wellversed/articleshow/78945260.cms" data-type="tilCustomLink">Cricketer Yuvraj Singh invests in nutrition-based healthtech startup Wellversed</a> <a href="https://www.businessinsider.in/tech/news/the-big-4-tech-companies-amazon-apple-facebook-and-google-blew-past-wall-street-estimates-in-their-latest-quarter-earnings-reports/articleshow/78942589.cms" data-type="tilCustomLink">The Big 4 tech companies — Amazon, Apple, Facebook, and Google — blew past Wall Street estimates in their latest-quarter earnings reports</a>

Top stock movers — RIL, HPCL, Angel Broking, TVS Motor, Blue Dart, Vodafone Idea, and others

<ul><li>Bajaj Auto’s quarterly revenue from operations surpassed the ₹10,000 crore milestone for the first time.</li><li>Its operating margin expanded 100 basis points from the previous quarter.</li><li>Its domestic sales rose but exports fell due to deteriorating macros in overseas markets.</li><li>Analysts expect more turbulence ahead in its exports business amid a slowdown in a few geographies.</li></ul>Pune-based Bajaj Auto reported a 20% rise in the second-quarter net profit to ₹1,530 crore from ₹1,274 crore a year earlier. On a sequential basis its net profit went up by 30% due to rise in realisations and currency gains. Total revenue from operations for the quarter grew 16% to ₹10,202 crore from a year ago. On a quarter-on-quarter basis, it rose 28% in the July-September quarter. The company surpassed the ₹10,000 crore quarterly revenue milestone for the first time. Analysts believe that Bajaj Auto reported healthy performance in 2QFY23, but expects turbulence ahead in its exports business amid a slowdown in a few geographies. “In view of significant cut in high margin exports business, slower recovery in domestic business, market share loss domestically and in overseas coupled, at present we have SELL rating on BJAUT, while post management's commentary on exports outlook, we would revisit our recommendation,” said Mitul Shah, head of research at Reliance Securities. The company informed exchanges that this was a record quarter with revenue and EBITDA. According to the company, “At ₹10,203 crore, quarterly revenue from operations surpasses the ₹10,000 crores milestone for the first time.” Its operating margins also expanded 100 basis points from the previous quarter. Baja Auto said that operating margin rose 100 basis points led by judicious price increases, dynamic cost management and better foreign exchange realisation. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,202 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8,004 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8,762 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,530 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,173 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,274 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EBITDA margin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.0% </td></tr></tbody></table>(Figures on a standalone basis) The company’s domestic sales have doubled compared to the previous quarter across two- wheeler and three-wheeler segments. However, its exports witnessed a drop due to “deteriorating macros in overseas markets”, the company said. Further, improvements in semiconductor supplies have helped the company build good inventories for the festive season. “Continued improvement in semiconductor supplies enabled a healthy build-back of channel inventory, ahead of the festive season,” said the company. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY23 (in units) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY23 (in units) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY22 (in units) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Domestic </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Two wheeler </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.21 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.14 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.88 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CV </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">73,241 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">38,418 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">44,068 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sub total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.94 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.52 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.32 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Exports </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Two wheeler </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.97 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.32 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.41 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CV </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">58,737 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">48,070 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">70,424 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sub total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.56 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.80 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.12 lakh </td></tr></tbody></table> Shares of Bajaj Auto rose more than 1% in early trade but the stock closed 1% lower at the end of the day, ahead of its earnings announcement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-puts-in-place-plan-to-take-group-valuation-to-1-trillion/articleshow/94857619.cms">Gautam Adani puts in place plan to take Group valuation to $1 trillion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tvs-motor-becomes-more-valuable-than-its-peer-hero-motocorp/articleshow/94863107.cms">TVS Motor becomes more valuable than its peer Hero MotoCorp</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-hcl-tech-and-wipro-ring-the-bell-its-time-to-return-to-office/articleshow/94860273.cms">TCS, HCL Tech and Wipro ring the bell – It’s time to return to office</a>

Bajaj Auto’s Q2 net profit up 20% but analysts expect more pain in exports

<ul><li><keyword id="267527" type="COMPANY" weightage="20" keywordseo="Craftsman-Automation">Craftsman Automation</keyword> has launched its ₹824 crore initial public offer (IPO) today, and it will be open for subscription till March 17.</li><li>The price band is fixed at ₹1,488-1,490, and each lot consists of 10 equity shares.</li><li>While some investment experts are bullish on the stock and suggest subscribing, others have pointed out certain risk factors.</li><li>This includes the risk posed by electric vehicles and supply chain shocks, among others.</li></ul>It’s raining initial public offers (IPO) this month, and the latest to join the list is the ₹824-crore <keyword id="10449692" type="UNKNOWN" weightage="20" keywordseo="Craftsman-Automation-IPO">Craftsman Automation IPO</keyword>. The Coimbatore-based company has kicked off its IPO today, March 15, with a price band of ₹1,488-1,490, netting you 10 shares per lot. The total IPO size is worth ₹824 crore, but Craftsman Automation has already secured ₹247 crore from anchor investors. 50% of the issue is reserved for qualified institutional buyers (QIB), 15% for non-institutional bidders and the remaining 35% for retail investors. <cmsannotation type="cmsannotation" annotationid="Understanding the business of Craftsman Automation" comment="subhead" text="Understanding the business of Craftsman Automation">Understanding the business of Craftsman Automation</cmsannotation> Craftsman Automation was founded in 1986 in Coimbatore. It has vertically integrated manufacturing capabilities and primarily caters to three business verticals – automotive-powertrain, automotive-aluminum, and industrial &amp; engineering. Craftsman is the leading player when it comes to machining of cylinder blocks and cylinder heads which are used in the commercial vehicles and construction equipment industries. It is also one of the top companies when it comes to supplying these parts in the tractor segment. Coming to the automotive-aluminum vertical, Craftsman has an array of processes in the high pressure, low pressure and gravity die casting for manufacturing auto components for passenger vehicles. In the industrial and engineering vertical, Craftsman builds aluminum products for power transmission, high-end precision products like gear boxes, marine engines and more. <cmsannotation type="cmsannotation" annotationid="Here are some of the clients of Craftsman Automation" comment="subhead" text="Here are some of the clients of Craftsman Automation">Here are some of the clients of Craftsman Automation</cmsannotation> Craftsman Automation has an impressive list of clients that includes companies like Daimler India, Tata Motors, Ashok Leyland, Mahindra &amp; Mahindra, Escorts, John Deere, JCB India, TVS Motors, Royal Enfield among others. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Lilladher </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe for long term </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank Securities </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe for long term </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Marwadi Financial Services </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="Craftsman Automation – strengths and risk factors" comment="subhead" text="Craftsman Automation – strengths and risk factors">Craftsman Automation – strengths and risk factors</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Diversified engineering company" comment="subhead" text="Diversified engineering company">Diversified engineering company</cmsannotation> Craftsman is the largest player in the machining of cylinder blocks and cylinder heads used in commercial vehicles and construction industry. Apart from this, it also offers products in the passenger vehicle, power transmission, marine engine segments, among others. “Its diversification of revenue across multiple customers allows it to prevent any possible customer concentration in any of its business segments,” stated a report by SMC Global Securities dated March 10. <cmsannotation type="cmsannotation" annotationid="Strong in-house processes and designing capabilities" comment="subhead" text="Strong in-house processes and designing capabilities">Strong in-house processes and designing capabilities</cmsannotation> The SMC report further adds that Craftsman has a ‘strong focus’ on research and development. Its manufacturing automation teams integrate robots and gantry systems, which helps in ensuring consistent quality. The report notes that Craftsman’s design capability is unique amongst its competitors. <cmsannotation type="cmsannotation" annotationid="Impressive domestic and global clientele" comment="subhead" text="Impressive domestic and global clientele">Impressive domestic and global clientele</cmsannotation> Craftsman has a range of marquee clientele, both domestic as well as global. Some of the big domestic names include Tata Motors, Mahindra &amp; Mahindra, Ashok Leyland, TVS Motors, Royal Enfield and others. Global names in the list include the likes of John Deere, India subsidiaries of Daimler, JCB among others. <cmsannotation type="cmsannotation" annotationid="Improving margins despite challenging business environment" comment="subhead" text="Improving margins despite challenging business environment">Improving margins despite challenging business environment</cmsannotation> Despite a challenging business environment and falling revenues, Craftsman has been able to improve its earnings. While its revenues fell by nearly 18% from March 2019 to March 2020, its earnings before interest, tax, depreciation and amortisation (EBITDA) improved from 25.12% to 27.24%. EBITDA is a measure of the company’s financial performance. <cmsannotation type="cmsannotation" annotationid="Powertrain and allied components prone to electric vehicles risk" comment="subhead" text="Powertrain and allied components prone to electric vehicles risk">Powertrain and allied components prone to electric vehicles risk</cmsannotation> While Craftsman’s prowess in the powertrain segment adds heft to the company’s profile, powertrain components would be obsolete when the present internal combustion engine (ICE) based vehicles are replaced by electric vehicles (EVs). <cmsannotation type="cmsannotation" annotationid="Low aftermarket presence ties company’s fortunes to OEMs" comment="subhead" text="Low aftermarket presence ties company’s fortunes to OEMs">Low aftermarket presence ties company’s fortunes to OEMs</cmsannotation> Craftsman caters to original equipment manufacturers (OEMs) across its three business verticals. Some of these OEMs operate in industries like automotive, steel, cement among others, which are cyclical in nature. As such, the demand tapers off in some seasons, and since Craftsman directly serves OEMs, its fortunes are tied to those of the OEMs. <cmsannotation type="cmsannotation" annotationid="Limited long-term contracts, prone to supply chain risk" comment="subhead" text="Limited long-term contracts, prone to supply chain risk">Limited long-term contracts, prone to supply chain risk</cmsannotation> According to the ICICI Direct report dated March 12, Craftsman does not have any exclusive supply arrangements and purchases material on a spot order basis. This exposes the company to supply chain risks. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-760-crore-anupam-rasayan-ipo-has-received-a-mixed-response-from-brokerages-heres-what-works-for-it-and-what-doesnt/articleshow/81462495.cms">The ₹760-crore Anupam Rasayan IPO has received a mixed response from brokerages — here's what works for it and what doesn't</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoins-path-to-5-trillion-plus-the-markets-20-most-shorted-spacs-right-now/articleshow/81501083.cms">Bitcoin's path to $5 trillion, plus the market's 20 most-shorted SPACs right now</a> <a href="https://www.businessinsider.in/business/startups/news/tata-tryst-with-e-grocery-starts-with-a-billion-dollar-acquisition-of-bigbasket-heres-why-it-could-be-a-sweet-deal-for-both/articleshow/81478849.cms">Tata’s tryst with e-grocery starts with a billion dollar acquisition of BigBasket – here’s why it could be a sweet deal for both</a>

The ₹824-crore Craftsman Automation IPO opens today – should you subscribe?

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Kynikos Associates founder and famed short seller Jim Chanos has been bearish on&#xa0;Elon Musk's various business ventures for a while.This morning, the famed investor went on Bloomberg TV and described Tesla Motors' stock as "overpriced."But&#xa0;Chanos didn't&#xa0;say&#xa0;explicitly whether or not he planned to short Tesla. &#xa0;"So what Tesla had is innovation and a head start in this market that other companies are now catching up to," Chanos told Bloomberg TV. "And becoming a car manufacturer is a lot more difficult than becoming a high-tech darling."He&#xa0;did admit that Tesla's product offerings are great.&#xa0;Tesla's certainly richly priced. The company is unprofitable, but including debt it is valued at 114&#xa0;times&#xa0;expected earnings before interest, taxes, depreciation and amortization.&#xa0;Fiat Chrysler fetches 2.6 times Ebitda, and BMW is closer to 7.4&#xa0;times&#xa0;Ebitda.Chanos is hitting on a theme raised by a number of Tesla-watchers lately. As&#xa0;<a href="http://www.businessinsider.com/why-tesla-always-overpromises-and-underdelivers-2015-10" target="_blank">Business Insider's Matthew DeBord</a>&#xa0;wrote recently, the company's&#xa0;biggest challenge is not finding people to buy its cars. Rather, the company struggles to build and deliver cars to its customers to meet expectations.For what it's worth, <a href="http://www.businessinsider.com/tesla-is-sinking-2014-9">even Musk himself</a> has said in the past that Tesla's stock is overvalued. &#xa0;Tesla stock is down slightly in trading Monday.We reached out to Tesla for comment. We'll update if we hear more.See the full Tesla interview here:<div></div>&#xa0; <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/test-drive-ridiculously-fast-tesla-model-x-elon-musk-event-2015-10">We took Tesla's brand new Model X for a test drive</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NvcXV4dzr43h1MZUoRXeG27eywkL_bq3" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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