Jefferies on Auto
India's two-wheeler registration growth has moderated from 12% in Apr-Aug to 9% in Sep-Dec and 4-5% in Jan/H1-Feb
TVS is outperforming with double-digit growth and is gaining market share
Eicher lagged in Apr-Aug but has outperformed with 14% growth in Sep-Jan
Hero Moto and Bajaj Auto conversely, are lagging in domestic 2W growth
EV penetration in 2Ws remains in the 4-7% range, with Ola facing volume and margin pressures
TVS and Eicher are preferred 2W Buys
India's two-wheeler registration growth has moderated from 12% in Apr-Aug to 9% in Sep-Dec and 4-5% in Jan/H1-Feb
TVS is outperforming with double-digit growth and is gaining market share
Eicher lagged in Apr-Aug but has outperformed with 14% growth in Sep-Jan
Hero Moto and Bajaj Auto conversely, are lagging in domestic 2W growth
EV penetration in 2Ws remains in the 4-7% range, with Ola facing volume and margin pressures
TVS and Eicher are preferred 2W Buys
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