Export and off-highway revenue decline
Non-MHCV revenue (export, defense, off-highway) has declined 5-15% YoY, dragging overall growth below industry levels.
AUTOAXLES / Q3-FY26 / risks
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Automotive Axles · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Bus axle launch uncertainty
New low-floor bus mandate may require product redesign, delaying entry into the bus axle market and limiting near-term growth.
Revenue growth lags MHCV industry
Despite strong MHCV demand, overall revenue grew only 6% YoY vs industry 17%, partly due to product mix and non-MHCV weakness.
Potential market share loss from OEM insourcing
Analyst raised concern about OEMs insourcing axle assembly; management dismissed it, but trend bears watching.