GST hike on 450cc/650cc motorcycles may dampen demand
Post-GST hike to 40%, 450cc and 650cc sales have slowed; recovery is slower for 450cc. Management is engaging with government for rate reduction.
EICHERMOT / Q2-FY26 / risks
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Eicher Motors · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Commodity cost inflation pressuring margins
Raw material costs increased ~40bps due to precious metals and aluminum alloys. Management is using value engineering to mitigate, but headwinds persist.
Heavy-duty truck demand remains sluggish
VECV's HD truck volumes grew only 3.5% in Q2, with industry growth impacted by rail freight migration and higher truck productivity. H2 recovery is uncertain.