IFL Institutional Equities is reporting that Maruti and Tata Motors is all set to surprise positively with sequential margin improvement in their domestic businesses. There are predictions that JLR’s margins may compress a bit from the 20% level seen in 3QFY12. IFL Institutional Equities is expecting a positive surprise as against lower street expectations. Mahindra on the other hand is expected to come under pressure due to its adverse revenue mix. Bajaj is said to witness a negative impact of unfavourable mix as consumers have downtraded, brokerage and Hero’s margin on the other hand is expected to improve sequentially, driven by lower royalty amortisation.