Passenger Cars & Utility Vehicles industry
8 companies · ₹11.3 L cr · 5 with AI deep dives · Q1FY27 report
SUV demand surge masks a commodity-driven margin collapse as West Asia conflict splits export recovery
- Revenue YoY
- +8.8%
- EBITDA margin
- 10.2%
- -220bps YoY
- Price, 1 year
- -13.4%
- 0% of names up
- P/E vs own 5y
- +5.5%
- 28.2x now
Exhibit 1The quarter in numbers
constant panel of 7 companies above ₹500 cr- Jun 26
- 2.26 L cr
- Mar 26
- 2.35 L cr
- QoQ
- -3.9%
- Jun 25
- 2.08 L cr
- YoY
- +8.8%
- Peak
- 2.35 L cr
- vs peak
- -3.9%
- Jun 26
- 10.2%
- Mar 26
- 12.6%
- QoQ
- -240bps
- Jun 25
- 12.4%
- YoY
- -220bps
- Peak
- 14.5%
- vs peak
- -430bps
Breadth: 71% of 7 companies grew revenue year on year (was 71% a quarter earlier) and 29% expanded margin (was 29%).
Exhibit 2What it costs
20.02x - 46.56x across the panel todayThe median name trades at 28.2x, +5.5% against this industry's own 5-year median of 26.7x, and -52.2% against its own peak of 58.9x.
Exhibit 3Structure
₹11.3 L crMaruti Suzuki India Ltd is 35.9% of this industry by market cap. The top 5 are 99% and the top 10 are 100%.
Exhibit 4Screen
P/E below the sub-industry median of 28.17x, 5y ROCE above its median of 14.43%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (8 of 8)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹1.1 L cr
- P/E
- 1.4x
- EV/EBITDA
- 8.8x
- ROCE
- -0.6%
- Margin
- 6.0%
- Rev YoY
- -8.2%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Steel, rubber, and petrochemical-linked components surged in Q1 FY27. Maruti's material cost ratio jumped 600 bps YoY to 80.5% of net sales, erasing operating leverage on 29%…
- MARUTI (Q1FY27): “Material Cost 80.5 74.5 600 ... Adverse commodity prices in the context of West Asia…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
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