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Nomura: Domestic PV volumes up 30%, 2Ws up 14% in Q2 FY27; expects Ather, TVS and Eicher to beat estimates
Nomura said domestic passenger vehicle volumes grew 30 per cent YoY and two-wheelers 14 per cent in Q2FY27, with EV penetration above 7 per cent in PVs and above 11 per cent in 2Ws. It expects Ather, TVS and Eicher to beat estimates.
The numbers
Figures from Business Today
| M&M Auto EBIT growth YoY (Nomura estimate): | 32 per cent |
|---|---|
| Nomura target price, Ather Energy: | Rs 1,926 |
| Nomura target price, Hyundai Motor India: | Rs 2,498 |
| Nomura target price, M&M: | Rs 4,875 |
Why it matters to operators and investors
EV penetration above 7% in PVs and above 11% in 2Ws, alongside 30% PV and 14% 2W volume growth, shows electrification is gaining share in a growing market, which makes EV-focused names like Ather Energy useful reference points for partnership and valuation discussions.
What to watch next
- Ather, TVS and Eicher Q2 FY27 results against Nomura's estimates
- M&M auto EBIT growth versus the 32% YoY Nomura forecast
- Monthly registration data showing EV penetration holding above 7% in PVs and 11% in 2Ws
- Any Nomura change to its Rs 1,926 (Ather), Rs 2,498 (Hyundai) or Rs 4,875 (M&M) targets
- Share price moves in the named stocks relative to those targets after results
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Nomura is likely to keep its positive stance on Ather, TVS and Eicher into results, and to adjust targets only if reported numbers diverge sharply from its estimates.
- Ather Energy is likely to lean on EV penetration above 11% in 2Ws as its main growth argument when it reports.
- Mahindra & Mahindra is likely to report auto earnings growth close to the 32% YoY EBIT rise Nomura expects, and management will probably frame the quarter around strong PV demand.
- Hyundai Motor India may point to the 30% domestic PV growth and EV penetration above 7% as evidence of an industry-wide upcycle, while investors compare it with the Rs 2,498 target.
- TVS and other 2W rivals may step up electric launches and promotions to defend share as EV penetration passes 11%.