Auto demand stays strong across PVs, CVs, tractors and EVs but OEM margins face H1 FY27 squeeze
Antique Stock Broking sees resilient Indian auto demand—PV wholesales +23% YoY in Q1FY27, CVs +20%, tractors +19%—but flags margin pressure through H1FY27 before normalising. Tata Motors (+69%), M&M (+33.5%) and Maruti (+21%) lead June wholesales; TVS tops e-2W share at 24% as Ola Electric slips to 8% from 19%.
What happened
Antique Stock Broking sees resilient Indian auto demand across PVs, CVs, tractors and EVs, but OEM margins pressured in H1FY27 before normalising. Tata Motors,
Key facts
- PV wholesales +23% YoY Q1FY27
- PV retail +22%
- CV wholesales +20%
- tractors +19%
- June PV wholesale +22%
- June CV wholesale +30%
- Tata Motors +69%
- M&M +33.5%
- Maruti +21%
- Hyundai -10%
- EV PV retail +91%
- e-2W +68%
- TVS 24% share
- Bajaj 22%
- Ather 16%
- Ola Electric 8% vs 19%
Why this matters
The EV two-wheeler share reshuffle—TVS at 24% versus Ola's slide to 8%—signals shifting competitive dynamics worth watching for partnership or consolidation plays.
What to watch
- Monthly wholesale vs retail divergence signalling channel inventory build
- RM basket (steel, aluminium, precious metals) and freight cost trajectory into H1FY27
- Festive-season discounting intensity and EV price actions
- Q1/Q2 FY27 EBITDA margin prints vs guidance for margin-normalisation timing
- EV 2W monthly share shifts (TVS/Ather/Bajaj vs Ola)
- Overweight PV leaders with mix tailwinds (M&M, Maruti) and diversified CV/tractor plays over pure-play margin-sensitive names
- Trim Ola Electric exposure on share erosion (19%->8%); rotate toward TVS on e-2W leadership (24%)
- Position for H2FY27 margin recovery via accumulate-on-dips on quality OEMs through the H1 squeeze
- Track ancillary/component suppliers as beneficiaries of sustained volume even if OEM margins compress