Three-wheeler subsidy regime uncertainty
The PM E-DRIVE incentive benefit has reduced by INR 23,000 per vehicle with eligible vehicle quantum exhausted. Industry-wide profitability challenge as subsidies decline, forcing cost optimization.
TIINDIA / Q3-FY25 / risks
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Tube Investments of India · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Competitive intensification in EV three-wheelers
Incumbents like Mahindra and Bajaj have entered the three-wheeler EV segment, challenging TI's market share ambitions. Management acknowledges dealer network disadvantage but remains confident on technology and cost advantages.
Optical lens and Moshine underperformance
Moshine (electronics) has failed to scale due to China-controlled supply chains. Optical lens faces limited customer base willing to source at lens level from India, with in-house camera module ambitions stalled by inability to match Chinese pricing.
Export demand volatility and US tariff risk
Engineering exports (35-40% to US) face uncertainty from potential tariff changes. Approximately half of US business is OEM-approved long-cycle products (lower risk), while distributor business faces exposure.