AUTO STOCKS: GS NOTES STRONG VOLUMES POST GST CUT, GROWTH TO MODERATE IN Q4FY26 Goldman Sachs said post-GST cut, 2W and car volumes rose 25% and 23% YoY over the like-for-like period last year. Adjusting for deferred demand, 2Ws and 4Ws have grown 18–21% YoY since the GST cut. Broker expects Q4FY26 volume growth in 2Ws and cars to moderate slightly from current levels. Commercial vehicle volume growth is likely to slow to mid-single digits by March 2026, while cars continue to outperform 2Ws with 27% YoY growth in December versus 13% for 2Ws.