Commodity and energy cost headwinds
Q4 saw 80 bps margin impact from adverse commodity prices; West Asia tensions could sustain or worsen cost pressures.
MARUTI / Q4-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
Mark-to-market volatility on investment surplus
Bond yield hardening caused a ₹750 crore MTM hit in Q4; further interest rate moves could impact other income.
Geopolitical disruption to supply chains
West Asia conflict and rare earth supply issues pose risks to energy, raw materials, and logistics, potentially affecting production continuity.
Uncertainty in export demand due to global macro
Management declined to give export guidance, citing unpredictable war impact; exports could face headwinds if global demand weakens.