Tata Investment Corporation · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
European OEMs facing sales challenges from Chinese EV competition have reduced R&D budgets, with recovery expected in 1-2 quarters but uncertain timing. Near-term EV budgets being reprioritized toward ICE/hybrids.
Large deals won in 2024 have not ramped to expected levels, with customers exercising caution on spending. Q4 will see push to accelerate but full ramp-up timing uncertain.
Adverse movements in GBP, EUR, and JPY caused 140bps margin impact in Q3. Continued volatility could further pressure margins in coming quarters.
Management explicitly stated it would be difficult to exit FY25 with growth better than FY24 given Q3 flat performance, suggesting potential single-digit growth for full year.
