Whalesbook
Overall market toh strong dikh raha hai, demand badh rahi hai aur financing options bhi acche mil rahe hain. Lekin jab EV segment ki baat aati hai, toh sabka scene alag hai.
April Mein Sales Ka Toofan!
Is April (2026) mein India mein 1.916 million two-wheelers register hue hain, jo pichhle saal se 12.9% zyada hai. Fiscal year 2027 ki shuruaat zabardast hui hai! Haan, March se thoda 2.3% kam sales thi, shayad season ki wajah se, par saal-dar-saal ka growth market ki strength bata raha hai. Hero MotoCorp ne sabse zyada 552,713 units bechi, par unka market share thoda ghat kar 29.21% ho gaya. Honda 472,274 units ke saath second number par hai (24.96% share). TVS Motor Company ne 18.32% growth dikhaya, 369,158 units bikayi. Bajaj Auto ne bhi 9.74% badhkar 201,713 units register ki. Royal Enfield aur Yamaha ne bhi double-digit growth dikhaya hai.
Electric Bikes Mein Kisko Mili Jeet?
Ab baat karte hain Electric two-wheeler (e2W) segment ki, jo ab total registrations ka lagbhag 9% ho gaya hai. Yahan toh results bahut mix hain. Ather Energy ki sales toh 100.78% bhag gayi, 27,394 units bik gayi! Dusri taraf, Ola Electric ki sales 38.63% gir gayi, sirf 12,166 units register hui. Ye difference dikhata hai ki Ather ka market share badh raha hai, aur unki company valuation bhi Ola se zyada ho gayi hai. Ola ab sales volume se zyada profit par focus kar raha hai. Kuch production issues bhi chal rahe hain, jaise China ke rare earth magnets par restrictions, jinka asar Bajaj aur TVS par bhi ho raha hai.
Investor Ka Paisa Kahan?
Investors bhi company valuation ko dekh rahe hain. Hero MotoCorp ka P/E ratio lagbhag 18.5x hai, jo uske 10 saal ke average ke aas paas hai. Bajaj Auto 27.6x se 31.4x P/E par trade ho raha hai, jo uske history se zyada hai. TVS Motor Company ka P/E toh sabse zyada hai, 56.7x se 77.8x ke beech. Itna high valuation matlab investors ko TVS se future mein bahut badi growth ki umeed hai, shayad EV sector ki issues ko nazarandaaz karke.
Aage Kya?
April ki sales achhi hone ke baad bhi kuch risks hain. Ola Electric ka April mein giraav, aur FY26 mein bhi sales kam hona, ye dikhata hai ki profit ke chakkar mein market share maintain karna mushkil hai. Ather ki growth aur Ola ka fall, dono ki strategies alag hain. Puraane records dekhe toh kabhi-kabhi Hero Splendor (-38.34%) aur Honda Activa (-25.17%) jaise popular models ki sales bhi gir jaati thi, matlab consistent growth guarantee nahi hai. Established companies ke liye profit maintain karne ke liye material costs manage karne honge aur pricing bhi smart rakhni hogi, khaas kar agar rural demand kam hui toh. TVS aur Bajaj ke high P/E ratios matlab investors ko future growth ka faith hai, lekin industry forecast aur EV supply chain risks ke beech ye difficult ho sakta hai.
Future Mein Kitni Growth?
Industry experts expect kar rahe hain ki FY27 mein growth pichhle saal jaisa tez nahi hoga. Crisil Ratings ko 7-9% growth ka andaza hai, jabki ICRA 3-5% growth expect kar raha hai. Iska reason pichhle saal ka high base aur rural demand mein uncertainty hai. Zyadatar companies bhi single-digit growth forecast kar rahi hain. Bajaj Auto ne bhi bol diya hai ki sales momentum slow ho raha hai.