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Tuesday, 13 October 2026 Industrials Coverage · India & Global

EV · Automobiles · General Industrials · Aerospace & Defence

Edition of Tuesday, 13 October 2026 · Archive

The Morning Brief

A record September for Indian auto retail, a rate hike, and a margin squeeze for capital goods

FADA's September print is the strongest ever but flattered by a GST-distorted base. EVs set fresh highs, the RBI turned hawkish, and Q2 previews flag soft ex-L&T order inflows with commodity costs biting.

Auto retail, Sep-26

25.37 lakh

+31.8% YoY (FADA)

EV retail, Sep-26

3.34 lakh

All-time monthly high

PV EV penetration

8.45%

Sep-26, FADA

RBI repo rate

5.50%

+25 bps on 7 Oct

Airbus deliveries YTD

547

~870 FY26 target

Tesla Q3 deliveries

486,532

vs 461,974 consensus

Electric Vehicles

India EV retail sets an all-time monthly high in September

Vahan data shows 3,33,571 EVs registered in September, up from 3,02,746 in August. Electric four-wheelers hit a record 36,010 units, with penetration rising to 8.5% for cars and 11.6% for two-wheelers. Tata Motors still leads e-4W with over 41% share, ahead of Mahindra and JSW MG; TVS, Bajaj and Ather lead e-2W.

Why it mattersDouble-digit 2W penetration and a fast-rising 4W share strengthen the case for cell, battery-pack and charging capex, and keep consolidation among sub-scale e-2W players on the agenda.

Source: EVreporter

Tesla Q3 deliveries beat consensus, but energy storage disappoints

Tesla delivered 486,532 vehicles in Q3 2026 against a company-compiled consensus of 461,974, down 2.1% YoY but up 1.3% QoQ. Deliveries exceeded production by about 22,000 units, implying an inventory drawdown. Storage deployments of 13.7 GWh fell short of the ~15.9 GWh expected.

Why it mattersFlat global volumes from the category leader are a useful reference point when benchmarking growth assumptions and multiples for listed Indian EV names.

Source: Electrek

Automobiles

FADA: best-ever September for auto retail, but read the base effect

Retail sales reached 25,36,920 units, up 31.82% YoY and 4.69% MoM. Two-wheelers rose 33%, PVs 32% and CVs 38%, with CVs crossing one lakh in a September for the first time. H1 FY27 retail is up 20.77%. FADA cautions that September 2025 was depressed by buyers deferring purchases ahead of GST 2.0 and points to roughly 17% underlying growth.

Why it mattersNormalise for the base before using September in comps or run-rates. Dealer sentiment for Oct–Dec is constructive (78% expect growth), which supports festive-quarter volume estimates.

Source: ETV Bharat / FADA

Mahindra overtakes Tata for #2 in PV retail by 89 units

Maruti Suzuki held 39.59% share (1,69,132 units). Mahindra (57,343) edged Tata (57,254) for second, with Hyundai fourth at 11.75%. Kia posted the fastest YoY growth in the top ten on the new Seltos. Petrol regained a slim lead (41.27%) over CNG, hybrid and EV combined (~41%).

Why it mattersThe fuel mix is now roughly half alternative, which reshapes powertrain capex, supplier exposure and how strategic buyers assess component targets.

Source: Autocar India

General Industrials

Q2FY27 preview: soft order inflows and commodity inflation weigh on capital goods

Ex-L&T inflows for major capital goods firms are estimated at about ₹35,000 crore, roughly 10% lower YoY, while L&T reported about ₹1 trillion including West Asia hydrocarbon wins. Copper, zinc, aluminium and pig iron each rose by double digits QoQ, and EBITDA margins are expected to compress, especially on fixed-price contracts without pass-through clauses.

Why it mattersExpect margin-led estimate cuts. In diligence, look closely at contract pass-through terms and order-book quality; a valuation premium relies on execution, not just order intake.

Source: Business Standard

Power T&D and private capex remain the bright spots

The same analysis points to a sharply higher power transmission and distribution order book and a revival in private capex across manufacturing, oil & gas, data centres and renewables. GE Vernova's quarterly inflow depends on when a ~$1.5 billion HVDC order is booked.

Why it mattersGrid and data-centre themes are where strategic and financial-sponsor interest is likely to concentrate, from transformer and switchgear capacity to cable makers.

Source: Business Standard

Aerospace & Defence

MoD signs ₹661.5 crore BrahMos fire-control and launcher contract for the Navy

The Ministry of Defence signed a ₹661.50 crore contract with BrahMos Aerospace for fire-control systems and launchers for Indian Navy warships, under the Buy (Indian-IDDM) category with at least 68% indigenous content and MSME participation.

Why it mattersSteady IDDM-category awards support the order visibility of listed defence electronics and tier-2 suppliers, which underpins their premium valuations.

Source: Business Today

Airbus delivers 72 jets in September; Q4 now carries the year

September deliveries rose to 72 from 57 in August, taking the year-to-date total to 547 (+8% YoY). With a full-year target of about 870, Airbus needs 323 deliveries in October–December. Gross orders were light at 17 and the backlog fell to 9,310 aircraft.

Why it mattersDelivery ramps drive aero-structures and component suppliers, including Indian offset and build-to-print vendors. Any Q4 miss tends to flow through to supplier guidance.

Source: AirData News

Defence order inflows up 19% YoY, adjusted for HAL's high base

Q2FY27 defence inflows are estimated at about ₹8,600 crore, up 19% YoY excluding last year's ₹62,300 crore HAL LCA order. Delays persist on QRSAM, P-75I and the next-generation corvettes. HAL expects 12 more GE engines by December.

Why it mattersProgramme timing, not demand, is the key swing factor. Watch P-75I and QRSAM finalisation as near-term catalysts for the sector.

Source: Business Standard

Regulatory & Macro Watch