EV 2-Wheeler Penetration Declining
EV 2-wheeler penetration fell to 5.1% in Q3 FY26 from 5.6% YoY and 7.7% in Q2, raising questions about pace of EV adoption and potential impact on UNO Minda's EV components growth trajectory.
UNOMINDA / Q3-FY26 / risks
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UNO Minda · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
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Margin Pressure from Sequential Cost Increases
Other expenses increased ~10% QoQ due to higher power/fuel (13 crore), freight/overheads (11-12 crore), and maintenance costs, with management acknowledging some reversal expected in Q4 but ongoing inflationary environment.
EV 3-Wheeler Sales Declined Sequentially
EV 3-wheeler sales declined 1% QoQ to 48K units despite 60% YoY growth from low base, with penetration falling from 5% to 3.6%, indicating demand normalization in this segment.
Commodity Pass-Through Lag
Aluminum prices increased 6-7% in Q3 with full pass-through to customers delayed by quarterly/half-yearly clauses, creating temporary margin compression until price revisions take effect.