Maruti Suzuki India Limited – APRIL 2026 SALES UPDATE
• Total Sales: 2,39,646 units vs 1,79,791 ↑ 33.3% YoY — all-time monthly high
• Domestic PV Sales: 1,87,704 units vs 1,38,704 ↑ 35.3% YoY
• Total Domestic Sales (incl. LCV): 1,91,122 units vs 1,42,053 ↑ 34.5% YoY
• Passenger Cars: 96,725 units vs 68,244 ↑ 41.7% YoY
• Mini Segment (Alto, S-Presso): 16,066 units vs 6,332 ↑ 153.8% YoY
• Compact + Mid-Size: 80,659 units vs 61,912 ↑ 30.3% YoY
• Utility Vehicles: 77,892 units vs 59,022 ↑ 31.9% YoY
• Vans (Eeco): 13,087 units vs 11,438 ↑ 14.4% YoY
• Exports: 40,054 units vs 27,911 ↑ 43.5% YoY
• Sales to Other OEMs: 8,470 units vs 9,827 ↓ 13.8% YoY
Impact: Positive (Record-breaking sales driven by strong domestic and export demand)
April Auto Sales | TVS Motor
🛵Total Sales Up 7% YoY At 4.73 Lk Units Vs 4.43 Lk Units
🛵Total two-wheeler sales up 6% YoY at 4.55 Lk Units Vs 4.30 Lk Units
🛵EV Sales Up 36% At 37,771 units Vs 27,684 units YoY
🛵Intl Business Sales UP 3% At 1.20 LK Units Vs 1.16 Lk Units
🛵Three-wheeler Sales Up 37% At 18,637 units Vs 13,566 units YoY
APOLLO HOSPITALS – AI & PREVENTIVE HEALTHCARE VIEW
Core Problem
– Diseases appearing earlier in population
– 1 in 5 under 30 prediabetic
– Fatty liver often undetected in tests
– Diseases progress silently for years
Why Prevention Failed
– System focused on treatment not prevention
– Insurance and funding favor acute care
– Prevention lacked economic incentive
– Symptoms-based detection too late
What Is Changing
– Employers prioritizing workforce health
– High obesity and diabetes prevalence
– Productivity and cost concerns rising
– Prevention becoming business necessity
Execution Gap
– Risk detection not leading to outcomes
– Lack of continuous engagement
– Follow-up and accountability missing
– One-time diagnosis insufficient
Digital Infrastructure
– Integrated EMR, HIS, PACS systems
– 7.99 million digital consultations FY25
– 8.5 million lab bookings enabled
– Strong connected healthcare ecosystem
Access Expansion
– Teleconsultation bridging city gaps
– Specialists accessible in smaller towns
– Seamless data sharing enabled
– Personalized care becoming scalable
Role of AI
– Early risk detection before symptoms
– Continuous monitoring vs one-time tests
– AI identifies patterns and signals
– Doctors drive final clinical decisions
Key Insight
– Data alone has limited value
– Clinical oversight remains critical
– AI plus doctors creates real impact
– Scalable preventive care now possible
Core Theme
– Shift from reactive to preventive care
– AI enabling predictive healthcare model
– Continuous monitoring over episodic care
– National-scale preventive system emerging
Final Takeaway
– Preventive healthcare inflection point
– AI and digital driving transformation
– Long-term structural healthcare shift
Disclaimer
– Not a buy/sell recommendation
Read More:
INDIAN GOVERNMENT TEST ALE SENT TO ALL MOBILE PHONES
LOUD ALARM WITH VOICE MESSAGE CAUSED MOMENTARY PANIC AMONG USERS
INDIAN OVERSEAS BANK FY26–FY27 VIEW
FY26 Credit Growth
– Credit growth 24% YoY
– Above system growth ~16%
– 78% book from RAM segment
– Broad-based branch-led expansion
Growth Drivers
– Strong underwriting systems built
– Decentralized lending decision making
– 3,500 branches driving growth
– Field-level execution strong
FY27 Guidance
– Credit growth guided 12–13%
– Deposit growth guided 13–14%
– Savings growth around 15%
– Term deposits slightly moderated
Margin Outlook
– NIM at 3.21% currently
– Marginal decline despite rate cuts
– Guided range 3.20–3.25%
– Stable margin outlook ahead
Loan Book Dynamics
– 39% loans linked to EBLR
– Rate sensitivity partially high
– Agriculture loans act as buffer
– Mix supports margin stability
ECL Provision Strategy
– Frontloading ECL provisions planned
– ₹1,500 Cr provided in Q3
– ₹250 Cr added in Q4
– Total buffer ₹1,750 Cr created
Provisioning Approach
– Above regular provisioning levels
– Building cushion ahead of norms
– Avoiding back-loaded risk
– Balance sheet strengthening focus
IT & Governance
– Vendor management strengthened
– External advisors onboarded
– IT strategy under review
– Governance framework improving
Core Theme
– Conservative guidance with strong execution
– Proactive provisioning strategy adopted
– Balance sheet being de-risked early
– Growth visibility remains stable
Final Takeaway
– Strong FY26 growth performance
– Stable margins despite rate cuts
– ECL frontloading reduces future risk
Disclaimer
– Not a buy/sell recommendation
TODAY’S Q4 RESULTS
Kotak Mahindra Bank
Avenue Supermarts
CDSL
Netweb Technologies
Epigral
LG Balakrishnan & Bros
APL Apollo Tubes
Ashoka Metcast
IKIO Technologies
India Shelter Finance
Kanpur Plastipack
Nila Infrastructures
Omax Autos
Rhetan TMT
SMC Global Securities
Steel City Securities
Vardhman Acrylics
MARUTI SUZUKI FY27 OUTLOOK
Demand Snapshot
– April sales 1,91,122 units record
– Growth across small cars and SUVs
– Demand exceeding supply currently
– Pending orders at 1,65,000 units
Channel Health
– Dealer inventory at 16–17 days
– Lean inventory indicates strong demand
– Pull-based demand across segments
– No channel stuffing visible
FY27 Growth Target
– Targeting 10%+ sales growth
– Industry growth seen at 5–7%
– Aiming to outperform industry
– Multi-year growth visibility intact
Capacity Expansion
– ₹14,000 Cr capex planned
– Kharkhoda and Hansalpur expansion
– Two new lines of 2.5 lakh each
– FY27 adds 2.5 lakh capacity
Production Strategy
– Line testing for higher output
– Ramp-up underway at Kharkhoda
– Focus on reducing waiting period
– Supply-side constraints easing
Macro Tailwinds
– GST cuts reducing vehicle prices
– RBI rate cuts lowering EMIs
– Higher income tax limits aiding demand
– Fuel prices stable near term
Product Strategy
– New launches across segments
– Targeting 18% and 40% GST slabs
– Expanding across price points
– Strengthening market share
Risk Factors
– Supply constraints near term
– Geopolitical risks monitored
– Execution of capacity ramp-up
– Demand sustainability tracking
Core Theme
– Strongest demand environment in years
– Lean inventory and high order book
– Capacity expansion to meet demand
– Structural tailwinds supporting growth
Final Takeaway
– Maruti well positioned for FY27
– Demand visibility remains strong
– Execution on capacity key
Disclaimer
– Not a buy/sell recommendation
APPLE INDIA GROWTH STORY
India Opportunity
– #2 smartphone market globally
– #3 PC market globally
– Large untapped user base
– Low penetration across devices
Growth Momentum
– Double-digit growth in India
– Strong across product categories
– First-time buyers dominating demand
– iPhone, Mac, iPad seeing traction
Demand Drivers
– Rising middle class expansion
– Increasing affordability and aspiration
– Shift toward premium devices
– Structural consumption tailwind
Market Expansion
– Sixth Apple retail store opened
– Expanding physical presence rapidly
– Focus on emerging markets growth
– Enterprise adoption increasing
Global Performance
– iPhone revenue $57 billion, +22% YoY
– Strong growth across major markets
– Emerging markets driving demand
– New users fueling expansion
Product Trends
– Majority iPad buyers first-time users
– Mac adoption rising in India
– Ecosystem penetration improving
– Cross-selling opportunity strong
Leadership Transition
– Tim Cook stepping down September 1
– John Ternus to take over
– Leadership shift during growth phase
– India remains strategic focus
Core Theme
– India key growth frontier for Apple
– Low base with massive headroom
– First-time users driving expansion
– Long runway for premiumisation
Final Takeaway
– Strong structural growth in India
– Emerging market driving future growth
– Apple well positioned for expansion
Disclaimer
– Not a buy/sell recommendation
Galaxy Bearings Limited Q4 RESULTS (CONSOLIDATED)
• Net Profit: ₹1.07 Cr ↓ 74% YoY ↓ 40% QoQ
• Revenue: ₹20.82 Cr ↓ 30% YoY ↑ 42% QoQ
• EBITDA: ₹4.39 Cr ↓ 33% YoY ↑ 193% QoQ
• Margins: 21.08% vs 21.93% YoY vs 10.21% QoQ
GST COLLECTIONS – APRIL FY27 SNAPSHOT
Headline Numbers
– Gross GST ₹2.43 trillion, +8.7% YoY
– Net GST ₹2.11 trillion, +7.3% YoY
– Both at record high levels
– Strong start to fiscal year
Collection Breakdown
– Domestic ₹1.85 trillion, +4.3% YoY
– Import-linked ₹0.57 trillion, +25.8%
– Refunds ₹0.32 trillion, +19.3%
– Import-led growth dominating
Key Drivers
– Import GST surged sharply YoY
– March-end filing boosted collections
– Year-end sales push visible
– Cyclical factors played role
Domestic Weakness
– Net domestic growth only 0.3%
– Consumption trend still subdued
– Refund-adjusted numbers weak
– Demand recovery uneven
Import Impact
– Higher import values boosted GST
– Rupee depreciation aiding collections
– Not purely volume-driven growth
– External factors influencing data
Refund Trends
– Domestic refunds sharply higher
– Import refunds declined YoY
– Distorting net collection trends
– Impacts true demand assessment
Context & Caveats
– GST rate cuts impact base
– April seasonality inflates numbers
– Not fully structural growth
– Requires cautious interpretation
Expert Insight
– Strong tax administration impact
– Digital compliance improving
– Wider tax base emerging
– Underlying resilience present
Core Theme
– Strong headline, weak domestic trend
– Import surge driving growth
– Cyclical boost masking reality
– Structural improvement still ongoing
Final Takeaway
– GST collections robust overall
– Domestic demand needs monitoring
– Data requires deeper interpretation
Disclaimer
– Not a buy/sell recommendation
Read More:
Gujarat Containers Limited Q4 RESULTS (CONSOLIDATED)
• Net Profit: ₹2.33 Cr ↑ 41% YoY ↑ 16% QoQ
• Revenue: ₹36.89 Cr ↑ 1% YoY Flat QoQ
• EBITDA: ₹3.77 Cr ↑ 19% YoY ↑ 12% QoQ
• Margins: 10.22% vs 8.67% YoY vs 9.13% QoQ
• Dividend: ₹1.50/share
KOTAK MAHINDRA BANK Q4
Net Profit: ⬆️ 13% YoY at ₹4,026 Cr | ⬆️ 17% QoQ
NII: ⬆️ 8% YoY at ₹7,875 Cr | ⬆️ 4% QoQ
Operating Profit: ⬆️ 9% QoQ at ₹5,855 Cr
Provisions: ⬇️ 36% QoQ at ₹516 Cr
Gross NPA: 1.20% vs 1.30% QoQ | ⬇️ 5% QoQ at ₹6,017 Cr
Net NPA: 0.25% vs 0.31% QoQ | ⬇️ 16% QoQ at ₹1,262 Cr
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