US Tariff Uncertainty and Revenue Concentration Shift
Tariff relief extension for USMCA content for five years for medium and heavy-duty vehicles was positive, but light vehicle tariffs and ongoing trade policy volatility remain headwinds.
SONACOMS / Q3-FY26 / risks
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EV Policy Reversal Risk on 71% Order Book
With 71% of the ₹235 billion order book tied to EVs, any policy changes or demand disruption could significantly impact revenue timing. North America EV volumes declined 45% QoQ.
China Rare Earth Export Restrictions
China's restrictions on heavy rare earth magnet supply to India continue. While the company pivoted to light rare earth magnets successfully, further escalation could disrupt operations.
European Competitor Financial Distress Conversion Risk
While €400-500 million of competitor revenue may be redistributed, conversion from RFQ stage to purchase orders involves commercial negotiations and may not fully materialize in expected timeframes.