🔸 *Passenger Vehicles (PV)* - M&M: 🔼 21.3% YoY to 52,431 units - ⁠Tata Motors: 🔽 10.7% YoY to 42,000 units - ⁠Tata EVs: 🔼 2% YoY at 5,685 units - ⁠*Outlook*: PVs to gain from tax cuts in FY26E and the 8th Pay Commission in FY27E. *Positive on M&M & Maruti Suzuki.* 🔸 *2-Wheelers* - TVS Motor: 🔼 15.7% YoY to 4.2 lakh units; Exports up 22% - ⁠Royal Enfield (Eicher): 🔼 26% YoY to ~89,500 units - ⁠*Outlook*: Exports reviving, 2Ws likely to outperform in FY26E with ~6–8% growth. 🔸 *Tractors* - M&M: 🔼 9.5% YoY at 40,600 units - ⁠Escorts Kubota: Flat at 10,300 units - ⁠*Outlook*: Growth backed by good monsoon, high reservoir levels, and strong rabi crop view. 📌 Disclaimer: http://bit.ly/full-disclaimer