Steel price inflation impacting margins
Steel prices have risen 6% QoQ, and while hedges mitigated Q1 impact, continued inflation could pressure margins in future quarters.
MM / Q1-FY26 / 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
high
Urban demand slowdown
Management acknowledged a tangible urban slowdown, which could affect auto sales if sentiment does not improve during the festive season.
Risk to SUV growth guidance from economic deterioration
Management stated that if the economic environment deteriorates significantly, the mid-to-high teens SUV growth guidance could be at risk.
Cannibalization of ICE SUVs by lower-priced EV variants
As lower-priced EV variants launch, there is potential for cannibalization of ICE SUV sales, though management is agnostic due to similar unit margins.