Passenger Cars & Utility Vehicles industry

8 companies · ₹9.9 L cr · 6 with AI deep dives · Q1FY27 report

Record domestic volumes overwhelmed by simultaneous commodity spike, stalling margin recovery mid-cycle

Turning upmargin troughed at 8.6% and has risen for 3 quarters to 10.2%, on positive revenue growth

Revenue YoY: +8.8%
EBITDA margin: 10.2%; -220bps YoY
Price, 1 year: -28.5%; 0% of names up
P/E vs own 5y: -6.4%; 24.7x now

Exhibit 1The quarter in numbers

constant panel of 7 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	2.26 L cr	2.35 L cr	-3.9%	2.08 L cr	+8.8%	2.35 L cr	-3.9%
EBITDA margin	10.2%	12.6%	-240bps	12.4%	-220bps	14.5%	-430bps

Revenue

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%

EBITDA margin

Jun 26: 10.2%
Mar 26: 12.6%
QoQ: -240bps
Jun 25: 12.4%

Sept 26: 0 of 7 reported so far, so it is not in the trend above.

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

18.21x - 37.21x across the panel today

The median name trades at 24.7x, -6.4% against this industry's own 5-year median of 26.4x, and -58.1% against its own peak of 58.9x.

Exhibit 3Structure

₹9.9 L cr

Mahindra & Mahindra Ltd is 35.9% of this industry by market cap. The top 5 are 99.1% and the top 10 are 100%.

large 4mid 1small 1micro 27 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 24.7x, 5y ROCE above its median of 16.72%, 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.

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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.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Mahindra & Mahindra Ltd	₹3.5 L cr	19.2x	12.1x	15.1%	18.6%	+27.8%	Unlock
Maruti Suzuki India Ltd	₹3.5 L cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindCommodity cost shock erases operating leverage from record domestic volumes4 managements

Steel, rubber, aluminium and polymer-linked costs surged in Q1 FY27, driven by geopolitical disruption and shipping dislocations. The shock offset strong volume growth across the…

MARUTI (Q1FY27): “Material Cost 80.5 74.5 600 … Adverse commodity prices in the context of West Asia…”

tailwind4 managements headwind3 managements

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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AppendixThe other 0 companies

1-0

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