Tata Motors PV a 'Buy' after correction? Key FPI queries in MOFSL's Singapore roadshow
A few investors were questioning if one should consider looking at TTMT PV after the correction. Within PV OEMs, most investors agree to the 'Buy' call on Maruti Suzuki India Ltd (MSIL).
- Oct 24, 2025,
- Updated Oct 24, 2025 9:12 AM IST
MOFSL, which met with around 15 foreign institutional investors in its Singapore roadshow last week said most of the institutional investors turned positive on the Indian automobile sector after the GST rate cuts. One key question lingering on the mind of most of the investors is whether the demand will sustain beyond the festive season or not, especially once discounts are curtailed.
In the personal vehicle segment, MOFSL said investor interest was divided between Mahindra & Mahindra and Hero MotoCorp. A few investors were questioning if one should consider looking at TTMT PV after the correction. Within PV OEMs, most investors agree to the 'Buy' call on Maruti Suzuki India Ltd (MSIL) but were keen to monitor small car demand and momentum in its new launches.
"Quite a few investors expressed concern over future outlook for M&M/Tata Motors given the ongoing newsflow that BYD is looking to enter India," MOFSL said.
In the two wheeler segment, most investors agreed that TVS Motor remains a long-term structural play but hardly any investors were comfortable with current valuations, MOFSL said. Investors were not sure whether to continue to hold Hero MotoCorp or not, it added.
On Eicher Motors, investors were keen to understand what led to the substantial growth in Royal Enfield (RE) volumes in the last two months and if the same can sustain from hereon. Also, they wanted to understand the impact of GST hike in over 350cc segment and what impact it can have on upcoming new launches for RE.
For Bajaj Auto, the key concern was the loss in market share in two wheelers, both in domestic and exports.
Within auto ancillary segment, MOFSL said it received minimal push-back on its top picks Endurance and Happy Forgings. It saw a lot of investor interest in Bharat Forge, Sona Comstar, SAMIL and Motherson Sumi Wiring India Ltd.
"MSIL is our top pick among auto OEMs, as its new launches and the current export momentum should drive healthy earnings growth. We also like M&M given the uptrend in tractors and healthy growth in UVs. In Auto Ancillaries, our top picks are Endurance and Happy Forgings," MOFSL said.
MOFSL, which met with around 15 foreign institutional investors in its Singapore roadshow last week said most of the institutional investors turned positive on the Indian automobile sector after the GST rate cuts. One key question lingering on the mind of most of the investors is whether the demand will sustain beyond the festive season or not, especially once discounts are curtailed.
In the personal vehicle segment, MOFSL said investor interest was divided between Mahindra & Mahindra and Hero MotoCorp. A few investors were questioning if one should consider looking at TTMT PV after the correction. Within PV OEMs, most investors agree to the 'Buy' call on Maruti Suzuki India Ltd (MSIL) but were keen to monitor small car demand and momentum in its new launches.
"Quite a few investors expressed concern over future outlook for M&M/Tata Motors given the ongoing newsflow that BYD is looking to enter India," MOFSL said.
In the two wheeler segment, most investors agreed that TVS Motor remains a long-term structural play but hardly any investors were comfortable with current valuations, MOFSL said. Investors were not sure whether to continue to hold Hero MotoCorp or not, it added.
On Eicher Motors, investors were keen to understand what led to the substantial growth in Royal Enfield (RE) volumes in the last two months and if the same can sustain from hereon. Also, they wanted to understand the impact of GST hike in over 350cc segment and what impact it can have on upcoming new launches for RE.
For Bajaj Auto, the key concern was the loss in market share in two wheelers, both in domestic and exports.
Within auto ancillary segment, MOFSL said it received minimal push-back on its top picks Endurance and Happy Forgings. It saw a lot of investor interest in Bharat Forge, Sona Comstar, SAMIL and Motherson Sumi Wiring India Ltd.
"MSIL is our top pick among auto OEMs, as its new launches and the current export momentum should drive healthy earnings growth. We also like M&M given the uptrend in tractors and healthy growth in UVs. In Auto Ancillaries, our top picks are Endurance and Happy Forgings," MOFSL said.