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Nomura Retains 'Buy' on M&M, Hyundai, Ather, TVS, Sona BLW Amid Strong Auto Demand
M
Moneycontrol•29-09-2026, 13:49
Nomura Retains 'Buy' on M&M, Hyundai, Ather, TVS, Sona BLW Amid Strong Auto Demand
- •Nomura maintains 'Buy' ratings on M&M, Hyundai India, Ather Energy, TVS Motor, and Sona BLW Precision Forgings, citing robust auto demand.
- •Strong demand is expected to continue in September across segments, with recent OEM price hikes having no material impact.
- •Wholesales for September are projected to rise significantly: PVs up 21%, 2Ws up 6%, and MHCVs up 25% year-on-year.
- •Growth is anticipated to taper from 2HFY27F due to a higher base period, while rising commodity prices could elevate input costs.
- •Two-wheeler EV sales are estimated to surge 87% year-on-year in September, indicating EV penetration reaching an inflection point.
Key Questions Answered
Nomura continues to maintain 'Buy' ratings on Mahindra & Mahindra, Hyundai Motor India, Ather Energy, TVS Motor, and Sona BLW Precision Forgings due to sustained strong auto demand.
Nomura estimates September 2026 wholesales to rise 21% year-on-year for passenger vehicles to around 463,000 units, and grow 6% for two-wheelers to 2.313 million units.
Tractor wholesales are projected to decline by 21% year-on-year in September 2026 due to a shift in festive dates and last year's high base period.
