Post-GST demand sustainability
Management acknowledged that Q3 demand included some postponed and preponed elements; sustainable demand level needs reassessment.
MARUTI / Q3-FY26 / 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
Commodity inflation (PGM, steel, aluminum, copper)
PGM content is ~2% of net sales; steel prices may rise due to safeguard duty misuse. Hedging is calibrated and may not fully offset spikes.
Rare earth supply constraints
Rare earth element supply issues caused 20 bps margin impact; management expects resolution as India develops local magnet manufacturing.
Export tariff risks (South Africa, global trade)
Potential increase in duties in South Africa and other global trade/tariff issues pose risks to export growth.