International farm business stress
North American tractor market has shrunk significantly (11 quarters of degrowth) and Turkish hyperinflation impacts accounting; management is evaluating but not exiting yet.
MM / Q2-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
Urban demand slowdown
Management acknowledged fundamental stress in urban India, which could impact SUV demand if not offset by rural recovery.
EV launch costs and margin dilution
Q3 will see marketing and depreciation costs for EVs with no revenue, and EV margins as a percentage will be lower than ICE due to denominator effect.
LCV demand recovery uncertainty
LCV industry has been subdued for several quarters; while October showed positive turnaround, sustainability is uncertain.