V. Anantha Nageswaran Chief Economic Advisor

Indian households savingd has changed faster that we expected

Retirement needs to be funded by savings, pension

Average savings have risen to 15%

Share of bank deposits has fallen

Indian saver has shown willingness to accept market risks

INDIA MONTHLY ECON REPORT:

NET FDI INFLOWS EXPECTED TO IMPROVE THIS FINANCIAL YEAR FROM LAST YEAR

SEPTEMBER ECONOMIC REVIEW

Economy enters 2Q FY27 with a position of strength

Domestic price pressures have intensified

Domestic price pressures have intensified

India faces a stiff challenge to attract capital flows

SEPTEMBER PMI DATA

HSBC India Sept Manufacturing PMI At 55.1

HSBC India Sept Mfg PMI At 55.1 Vs 52.8 MoM

𝗩.𝗦.𝗧 𝗧𝗜𝗟𝗟𝗘𝗥𝗦 & 𝗧𝗥𝗔𝗖𝗧𝗢𝗥𝗦: 𝗦𝗘𝗣𝗧𝗘𝗠𝗕𝗘𝗥 𝗦𝗔𝗟𝗘𝗦

• Total sales: 5,954 units, up 32.8% YoY.

• Power Tillers: 4,520, up 50.6%.

• Tractors: 430, down 10.0%.

• Power Weeders: 1,004, up 0.3%.

• April–September total sales: 35,660 units, up 10.1% YoY.

𝗩.𝗦.𝗧 𝗧𝗜𝗟𝗟𝗘𝗥𝗦 & 𝗧𝗥𝗔𝗖𝗧𝗢𝗥𝗦: 𝗦𝗘𝗣𝗧𝗘𝗠𝗕𝗘𝗥 𝟮𝟬𝟮𝟲 𝗦𝗔𝗟𝗘𝗦

𝗦𝗘𝗣𝗧𝗘𝗠𝗕𝗘𝗥 𝗦𝗔𝗟𝗘𝗦

• Power Tillers: 4,520 units vs 3,002 → +50.6% YoY

• Tractors: 430 units vs 478 → -10.0% YoY

• Power Weeders: 1,004 units vs 1,001 → +0.3% YoY

• Total Sales: 5,954 units vs 4,481 → +32.9% YoY

𝗔𝗣𝗥𝗜𝗟–𝗦𝗘𝗣𝗧𝗘𝗠𝗕𝗘𝗥 𝗦𝗔𝗟𝗘𝗦

• Power Tillers: 27,158 units vs 24,829 → +9.4% YoY

• Tractors: 2,426 units vs 2,576 → -5.8% YoY

• Power Weeders: 6,076 units vs 4,970 → +22.3% YoY

• Total Sales: 35,660 units vs 32,375 → +10.1% YoY

𝗦𝗘𝗣𝗧𝗘𝗠𝗕𝗘𝗥 𝗧𝗢𝗧𝗔𝗟
5,954 units | +32.9% YoY

LEMON TREE, PATANJALI KESWANI

Acquisition Cost Of Mumbai Land Is About ₹170 Cr, Will Spend Over *300 Cr For Building The Hotel

Should Do Over ₹25 Lk/Key As EBITDA In The Lemon Tree Premier Hotel In Bandra

Sometime In H2 Of Next Year, Fleur Should List

On Track To Achieve 2,000 Keys In FY27, Keys Signing To Opening Timeline Is 3 Years

By FY29, There Will Be Great Clarity On The Operating Models Of Fleur And Lemon Tree

𝗘𝗜𝗖𝗛𝗘𝗥 𝗠𝗢𝗧𝗢𝗥𝗦: 𝗥𝗢𝗬𝗔𝗟 𝗘𝗡𝗙𝗜𝗘𝗟𝗗 𝗦𝗘𝗣𝗧𝗘𝗠𝗕𝗘𝗥 𝗦𝗔𝗟𝗘𝗦

• Total motorcycle sales rose 8% YoY to 1,33,958 units — highest-ever monthly sales.

• Domestic sales increased 7% YoY to 1,21,326 units.

• Exports grew 17% YoY to 12,632 units.

• Apr–Sep sales rose 20% YoY to 7,09,096 units.

• Himalayan 440 launched and fully booked for six months.

• Flying Flea C6 launched in five European & UK cities.

𝗘𝗜𝗖𝗛𝗘𝗥 𝗠𝗢𝗧𝗢𝗥𝗦: 𝗥𝗢𝗬𝗔𝗟 𝗘𝗡𝗙𝗜𝗘𝗟𝗗 𝗦𝗘𝗣𝗧𝗘𝗠𝗕𝗘𝗥 𝗦𝗔𝗟𝗘𝗦

• Royal Enfield recorded its highest-ever monthly sales in September 2026 at 1,33,958 motorcycles, up 8% YoY from 1,24,328 units.

• Domestic sales: 1,21,326 units, up 7% YoY from 1,13,573 units.

• Exports: 12,632 units, up 17% YoY from 10,755 units.

• Total sales: 1,33,958 units, up 8% YoY.

𝗦𝗘𝗣𝗧𝗘𝗠𝗕𝗘𝗥 𝗦𝗔𝗟𝗘𝗦 𝗕𝗬 𝗦𝗘𝗚𝗠𝗘𝗡𝗧

• Models up to 350cc & EVs: 1,21,495 units, up 13% YoY from 1,07,478.

• Models above 350cc: 12,463 units, down 26% YoY from 16,850.

• International business, included in total: 12,632 units, up 17% YoY.

𝗔𝗣𝗥–𝗦𝗘𝗣 𝗙𝗬𝟮𝟳 𝗦𝗔𝗟𝗘𝗦

• Total motorcycle sales: 7,09,096 units, up 20% YoY from 5,91,903.

• Domestic sales: 6,42,021 units, up 23% YoY.

• Exports: 67,075 units, down 5% YoY.

• Models up to 350cc & EVs: 6,34,312 units, up 24% YoY.

• Models above 350cc: 74,784 units, down 9% YoY.

𝗘𝗜𝗖𝗛𝗘𝗥 𝗠𝗢𝗧𝗢𝗥𝗦: 𝗥𝗢𝗬𝗔𝗟 𝗘𝗡𝗙𝗜𝗘𝗟𝗗 𝗦𝗘𝗣𝗧𝗘𝗠𝗕𝗘𝗥 𝗦𝗔𝗟𝗘𝗦

𝗣𝗥𝗢𝗗𝗨𝗖𝗧 & 𝗕𝗨𝗦𝗜𝗡𝗘𝗦𝗦 𝗨𝗣𝗗𝗔𝗧𝗘𝗦

• Himalayan 440: Launched to mark the 10th anniversary of the Himalayan brand and is fully booked for six months.

• Flying Flea C6: Entered Europe and the UK, launched across Paris, Barcelona, Rome, Berlin and London, with deliveries scheduled from October 2026.

• Royal Enfield introduced the Classic 350 Signature White with premium touring seats, Assist & Slipper Clutch, adjustable clutch/brake levers, USB Type-C fast charging and Tripper Pod as standard.

• One Ride 2026: More than 1,50,000 riders participated across 60 countries through 1,600+ rides.

𝗜𝗡𝗧𝗘𝗥𝗡𝗔𝗧𝗜𝗢𝗡𝗔𝗟 𝗕𝗨𝗦𝗜𝗡𝗘𝗦𝗦

• Royal Enfield launched the Guerrilla 450 Apex and Goan Classic 350 in the Philippines.

• Bullet 650 and Guerrilla Apex 450 announced for Cambodia.

• First-ever Moto Mongolia ride conducted.

• Royal Enfield also completed its first marquee ride in Brazil.

𝗙𝗔𝗗𝗔 𝗗𝗘𝗔𝗟𝗘𝗥 𝗦𝗔𝗧𝗜𝗦𝗙𝗔𝗖𝗧𝗜𝗢𝗡

• Royal Enfield retained the top position in the Two-Wheeler OEM category at the FADA Dealer Satisfaction Survey 2026 for the second consecutive year.

• Scored 878 index points, above the segment average.

STERLITE TECH

CO WINS ORDER WORTH 1.2B USD OR RS 11500 CR

COAL INDIA:

COAL PRODUCTION SEEN AT 53.5MT VS 49MT (YOY)

BONDADA:

CO. COMMISSIONS 221.7 MWP SOLAR PROJECTS IN Q2 FY27; CLIENTS INCLUDE ADANI, MAHAGENCO, KP GROUP, AND PARADIGM IT; CUMULATIVE SOLAR CAPACITY REACHES 1.7 GWP

PRESTIGE ESTATES PROJECTS:

BOMBAY HIGH COURT SETS ASIDE MAHAREAT ORDER; RESTORES PROJECT DE-REGISTRATION AND PROMOTER CHANGE IN TURF VIEW PROJECT IN MAHALAXMI; DISPUTES AND CLAIMS SETTLED AMONG PARTIES

SG FINSERVE LIMITED:

CO. ANNOUNCES LOAN BOOK OF APPROXIMATELY INR 5,694 CRORES AS OF SEPTEMBER 30, 2026; YEAR-ON-YEAR GROWTH OF ~98%; QUARTER-ON-QUARTER GROWTH OF ~25%

EICHER MOTORS:

(CV) SEPTEMBER TOTAL SALES 11,396 UNITS VS 7,619 UNITS (YOY); EST 9,100

ATUL AUTO:

SEPTEMBER TOTAL SALES 4,104 UNITS VS 3,503 UNITS (YOY)

BAJAJ AUTO:

CO SAYS DEMAND IS ROBUST WILL RECOVER SALES WHICH IMPACTED BY SUPPLY SALES ISSUE

Nifty breaches the 22,500 mark, continues to be at 6-month low

U.S 10 YR YIELD AT 5.31 🔴🔴🔴🔴🔴