Softer demand both domestically and globally continues to impact volume growth. Key exceptions to this are TVS Motor, Eicher Motors, and Mahindra and Mahindra. While TVS Motors is riding on the back of its successful models and variants, including the EVs, it has also been expanding its geographic footprint, thus adding further legs to its growth.
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Our top pick is Ather Energy (though we are watchful of the magnet shortage) and Ashok Leyland due to a strong structural growth story over the medium to long term that increases the re-rating potential.
From the ancillary space, our top pick is Bharat Forge on the back of strong defence segment potential, especially after the India-Pakistan conflict, which would increase the potential requirement of ATAGs, as well as long term structural shift in the forging segment from a high cost base like Europe to India
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