Rising steel prices may pressure margins
Steel prices have started increasing, which could negatively impact gross margins in Q3 and beyond.
MARUTI / Q2-FY24 / risks
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Maruti · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Small car segment weakness persists
Affordability issues continue to depress small car demand, which remains a significant portion of Maruti's portfolio.
Margin sustainability questioned by analysts
Analysts raised concerns about one-off gains and inventory adjustments boosting margins; management clarified no one-offs but acknowledged exceptional quarter with all positives aligning.
Capacity fungibility constraints
Shifting production mix towards SUVs may require investments in flexibility, potentially impacting near-term volumes and margins.