“Neutral on the broader auto industry for H2FY27, expecting growth to moderate due to a high base, despite strong overall demand momentum. However, Nomura is bullish on companies with exposure to EVs and new model launches, believing they will outperform. India's EV penetration is at an inflection point, with underlying demand potentially 20-30% higher than sales due to supply constraints. Preferred stocks include Mahindra & Mahindra, Hyundai Motor India, Tata Motors CV, TVS Motor, and Sona Comstar.”

Nomura Analysis’s track record: 3 graded calls · 95% CI 6–79%