Nomura retains Buy ratings on five auto names, citing strong demand
Nomura kept its Buy calls on M&M, Hyundai India, Ather, TVS and Sona BLW. The note points to strong auto demand; it does not represent a rating upgrade.
The development
Nomura retained its “Buy” ratings on M&M, Hyundai India, Ather, TVS and Sona BLW on September 29, 2026, citing strong auto demand.
The numbers
- September 29, 2026
Why it matters to operators and investors
Nomura retained Buy ratings on all five auto names, citing strong demand; the calls are unchanged, not upgrades.
What to watch next
- Monthly dispatches, registrations and order backlogs
- Dealer inventory and promotional intensity
- Quarterly revenue growth, margins and management demand commentary
- EV sales mix and competitive pricing
- Capacity utilization and order outlook at auto-component suppliers
The counter-case
This is not a new catalyst: Nomura merely reiterated existing Buy ratings. A broad claim of strong demand does not establish improving earnings, attractive valuations, or upside for each of these very different businesses.