India Commercial Vehicle Demand Weakness
India CV demand has been especially acute, causing revenue share from this segment to decline from 14% to 10% in H1. Management acknowledged this as a headwind affecting near-term revenue composition.
SONACOMS / Q2-FY25 / risks
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European EV Program Delay
One European EV program SOP has been delayed by approximately 9-12 months. Additionally, one Indian EV two-wheeler program has been delayed by six months. These delays could impact revenue recognition timing from the order book.
Non-Automotive Revenue Decline
Non-automotive revenue share declined from 12% in H1 FY24 to 9% in H1 FY25 due to weakness in off-highway segment in both US and India markets. This represents a diversification headwind.
EV Order Book Execution Visibility
Analyst Gunjan questioned whether the INR 231 billion order book would translate to revenues over 3-4 years as assumed. Management confirmed most programs begin by FY2027 but acknowledged auto delays happen due to economic conditions or customer readiness—visibility beyond stated timelines is limited.