Tariff Impact on Export Margins
US tariffs of 25-50% on iron and steel products have started impacting contribution margins. Management acknowledged ~INR 9-12 crore hit in Q3 attributable to tariffs. Recovery expected gradual, quarter-over-quarter.
SUNDRMFAST / Q3-FY26 / risks
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EV Program Postponements
EV programs with North American OEM customer have been deferred. While project completion is done and capacity is in place, volume ramp is pushed to H2 FY27. Management is exploring alternate customers for capacity utilization.
North America Demand Strain and Export Concentration
Analyst raised concern about export decline to 23% of revenue vs historical 30-33%. North America comprises 60-62% of exports and remains under strain. Diversification to Europe (Poland, Romania, Sweden, UK) is in progress but not yet material.
Price Pressure in China Subsidiary
China subsidiary faces capacity-related pricing pressure despite recovery in construction equipment and CV segments. Management flagged this as an ongoing concern while acknowledging some uptick in business momentum.