Large Agriculture Recovery Uncertainty
While large agriculture is moving past the most challenging phase with rate of decline moderating to 15-20%, recovery remains gradual and uneven across regions, particularly in North America.
UNIPARTS / Q3-FY26 / risks
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Uniparts India · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Currency Fluctuation Impact on Margins
Material cost ranged 30.5% in Q2 due to Rs 3.5 rupee depreciation against USD/EUR but normalized to 32% in Q3 when depreciation was only Rs 1-1.5, demonstrating margin sensitivity to currency movements.
Aftermarket Share Decline
Aftermarket share declined from 19% in FY25 to 14% in 9-month FY26 due to tariff-driven demand sensitivity at customers like TSC and Midstates; management deflected questions on precise store coverage data.
Ludhiana Fire Incident
Fire on December 27, 2025 at Ludhiana surface finishing plant was contained to one area with production resumed within 5 days via alternate arrangements; insurance coverage confirmed for plant, inventory, and business interruption.