Jefferies has characterized the financial year 2025 as a year of consolidation for the Adani Group, reporting a 14% year-on-year growth in EBITDA and a five-year compound annual growth rate (CAGR) exceeding 25%. Looking ahead, Jefferies projects the Adani Group's EBITDA to grow at a CAGR of 22% through the financial year ending March 2027. In the automotive sector, May 2025 sales are expected to be sluggish due to pressures on passenger vehicles and medium and heavy commercial vehicles, partially offset by growth in two-wheelers and tractors. Nomura has highlighted potential production risks for electric and internal combustion engine vehicles starting June, linked to China's restrictions on rare earth magnet exports. CLSA forecasts a 7% domestic and 12% export growth in the two-wheeler segment for fiscal year 2026, while Jefferies remains cautious about market share despite a strong fourth quarter driven by average selling price improvements.