Tepid industry demand environment
Overall auto industry buoyancy is low, which could pressure volume growth despite product launches.
MM / Q1-FY25 / risks
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Mahindra & Mahindra · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Commodity price risk (rubber) for tractor margins
Rising rubber prices could impact tractor margins, which are sensitive to input costs.
Policy uncertainty in EV incentives
Changes in FAME/EMPS schemes create volatility in last-mile mobility profitability and require recertification costs.
Potential cannibalization from Thar 5-door
Thar 5-door launch may cannibalize Thar 3-door volumes, creating near-term uncertainty in billing.