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All automobile companies are facing a soft demand environment. However, some are coping with it better. Consider the latest batch of corporate results.

Maruti Suzuki, India’s largest carmaker, posted weak earnings on elevated expenses and muted sales volumes. In comparison, TVS Motor Company reported healthy results. Sales volumes grew in double digits and profit margins expanded on better realisations and operating leverage. You can read our Research Team’s analysis of TVS’s results here.

Notably, the post results commentary of companies indicates that the divergent performance trends are continuing.

TVS expects to keep up the growth momentum, helped by traction in electric two-wheelers, exports and reduction in income tax rates. “TVS has been gaining share in domestic and overseas markets, and we expect this trend to persist,” analysts at Nuvama Institutional Equities said in a note.

On the other hand, commentary from Maruti is more cautious. It expects the passenger vehicle industry to grow by an unexciting 1-2 percent in FY26. Maruti plans to outperform the industry with help of new vehicles. Even so, earnings expectations are constrained.

The growth outlook is pinned on exports and improvement in sales of small and compact vehicles in India. Analysts at Nomura and Jefferies India pared their earnings estimates for FY26-27 in the range of 6-8 percent.

The results of Maruti and TVS broadly mimic FY25 industry trends. While passenger vehicles saw moderate growth, two-wheeler sales grew at a decent pace in FY25, as pointed out the industry body SIAM.

In the new fiscal year FY26, analysts expect the momentum to vary across the automobile segments—tractors, passenger vehicles, two-wheelers and commercial vehicles. Even then, as results from the above two companies illustrate, product mix, sales volumes and operating leverage play a key role in earnings.

Meanwhile, shares of defence equipment manufacturers are seeing buying from investors amid tensions between India and Pakistan.

As this Data Story by Manas Chakravarty points out, military spending across the globe is on the rise. With US nudging its allies to step-up expenditure on security, global military spending is expected to continue to rise.

Specifically, India may increase focus on strengthening its defence capabilities post the flare-up of tensions with Pakistan and expedite ordering of key projects, writes Tejal Parab of our Research Team. Read to find out which companies are well placed to benefit from the current rise in defence spending.

Investing Insights from our research team

Why consider CSB Bank despite subdued earnings in FY25?

Which life insurance company’s stock should investors bet?

UltraTech – Operational performance shows the company’s competitive advantage

Why this mid-sized IT company could pause for a breather post its outperformance

A long-term play on asset financing

What are we reading?

Personal Finance | Specialised Investment Fund- the new kid on the block

Emotional Capital in Trading: The forgotten aspect

IDFC First Bank’s micro loan pain may be over as margins show signs of relief

Chart of the Day: Can India become a wind energy hub in Asia Pacific ex-China?

What’s dragging down industrial production?

‘Core’ GDP is the signal among all the noise (republished from FT)

Gensol: A fraud in plain sight

America’s messy Afghan withdrawal has left the region awash with arms

Rajiv Bajaj on what they don’t teach you at Harvard Business School

As Maoists make their last stand, what lies ahead for tribals?

Tech and Startups

Hero Motocorp to relinquish special rights in Ather following IPO

Technical Picks: Ultratech, ICICI Lombard General Insurance, Bharat Dynamics, Vedanta.

R Sree RamMoneycontrol Pro  

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