Subdued demand in entry-level segments
Entry hatchbacks saw degrowth, mid-hatch flat, while premium hatch grew. Weakness in lower segments remains a challenge.
medium · management_commentary
Maruti Suzuki — Q3 FY25
Maruti Suzuki reported Q3 FY25 net sales of INR 36,800 crore (+15.5% YoY) and PAT of INR 3,525 crore (+12.6% YoY), driven by festive demand and record exports of 99,020 units (+...
neutral
medium
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Risk Intelligence
Material risks this quarter
Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
EV profitability unlikely to match ICE in near term
Management acknowledged that EV profitability per vehicle will not match ICE for a long time due to higher costs and government support needed.
medium · analyst_questionCompetitive intensity from capacity expansions
Multiple OEMs are expanding capacity, which could increase competitive intensity and pressure margins.
medium · analyst_questionCAFE 3 norms uncertainty
CAFE 3 norms are yet to be announced; management did not provide specific EV penetration targets, relying on technology mix agility.
low · analyst_question