Brief India: Maruti Suzuki Ltd - Export Momentum Supports Growth; Domestic Competition Remains Intense and more
In this briefing: Maruti Suzuki Ltd - Export Momentum Supports Growth; Domestic Competition Remains Intense Gland Pharma Ltd - Visible Turnaround in Cenexi with Strong Base TVS Motor Co Ltd - Twin Growth Drivers: EV Expansion & Export Strength Primer: Jammu & Kashmir Bank (JKBK IN) - Jan 2026 Exencial Industry Tidings 1. Maruti Suzuki Ltd - Export Momentum Supports Growth; Domestic Competition Remains Intense Domestic Market Share & Profitability Outlook: Domestic demand witnessed a sharp inflection in Q3FY26 following the government’s landmark GST reduction, which catalysed industry growth to ~20.5% YoY versus a decline of ~0.4% in H1FY26. MSIL outperformed the industry with domestic volume growth of ~22%, supported by strong traction across small cars and SUVs. Management highlighted a revival in the small car segment, which transitioned from a “red zone” of negative growth to healthy expansion, aided by improved affordability and a 7% rise in first-time buyers, particularly upgrades from two-wheelers.