First-time buyer demand remains weak
First-time buyer share is ~40-43% and not showing recovery; small car segment continues to shrink, which could limit market share gains.
MARUTI / Q4-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
Commodity cost headwinds (steel, copper, aluminum)
Steel prices rose ~2% sequentially in Q4; copper and aluminum are expected to increase, impacting margins. Management flagged these as concerns.
SUV mix shift may pressure CO2 compliance
SUV share continues to rise, increasing fleet CO2 emissions. Future CAFE norms could require more aggressive green technology adoption, raising costs.
Export profitability volatility
Export margins are variable due to forex fluctuations and geopolitical risks; past markets like Algeria and Sri Lanka have seen sudden drops.