Strong execution offsets commodity storm; caution for Q2

Delivered 15% YoY (mid-teen); LCV 20% (high-teen)

Auto segment PBIT grew 28%, PAT 21% YoY; core auto margin 8.9% vs 10.2/10.8% prior quarters

12% mix confirmed, XEV 9S is largest-selling SUV despite premium; margin 5.3% on ₹288 Cr PBIT

85 bps hedging loss QoQ confirmed; commodities crashed in last 10 days post-war pause announcement

Delivered 23% ROE and 34% EPS growth YoY; both beat stated targets

Delivered 18% tractor volume, 15% exports; beats prior mid-single-digit guidance by 2-3x

Q1 compressed 130-190 bps YoY due to 400-500 bps commodity (only 85 bps hedging loss offset net of price actions and OpEx saves). Prior FY26 calls assumed margin resilience; this quarter shows limits.

Prior guidance implied mid-single-digit growth tractors. Delivered 18% but core tractor margin 19.2% (within 17-19% band). Steel/rubber rally (24%/30% YTD) now unhedgeable; Q2 temp hit likely per CFO.

Ahead of prior pace. XEV 9S now largest-selling SUV by volume despite premium pricing. However, margin at 5.3%; scaling to profitability still requires cost reduction + PLI continued (6-12 month clarity pending).

Real Estate GDV +60% (₹5.6k Cr added), pipeline ₹50k Cr (vs ₹8k Cr 3 years ago). Logistics ₹25 Cr profit (highest ever). Aero $1.2B cumulative wins. Acceleration material.

Sept 68k, YE 82k, FY28 92k (Chakan), CY2029 H1 Nagpur 20k, then +10k later. Highly specific. Prior call vague; now concrete timelines de-risk growth.

Beat target but stated 'we will go slightly up and above 18%'—no target reset despite 23% delivery. Cautious framing suggests no expectation to sustain 23%.

PLI subsidy should reduce as margins improve with scale. No absolute amount shared. EBITDA positive without PLI at cash level. 6-12 months for clarity on subsidy extension.

Both. Inflection at 20-25% penetration when word-of-mouth and tangible savings visible; pricing power then +5-7% premium possible. Cost curve kicking in next 12-18 months as scale and localization progress.

Inventory 30-40 days (fine, no restocking needed). Horsepower shift clear: 69-70% now in 40-50 HP range (vs lower before), driven by implement adoption and post-GST affordability of higher-HP units.

Currently 15-19% of incremental disbursements. Recently conservative post-GST residual value shift. Will ramp to 16-19% scale now. Number 2-3 in used car, number 1 in used tractor. Margin accretive, important business.

Proprietary models built by process owners; e.g., welding model at Chakan (300 guns, 20k welds/hour validated by AI). Simulation trained on 20 years of data; unique. SamurAI cuts loan TAT 40%, cuts cost of customer acquisition 30% in Mahindra Finance via unstructured data + vernacular bots.

Won't share competitive detail. Strong demand momentum urban/rural. Shift to CNG (lower GST <4m), EV, diesel for efficiency. All brands on strong momentum, EV especially. No segment breakdown given.

Hedging loss 85 bps QoQ. June uptick after war pause. 400-500 bps was Q1 level; not 650-700. June started coming down but other things didn't, so continuing pressure. Price hike will help but unknown other factors. 'Cautiously optimistic.'

Volatile environment with new disruptions every week (July rains lost 3 days, South supplier fire, weather flooding). Capacity stated but supplier interdependencies hit. Dealer inventory ~15 days. Hard to predict.

Fair point. MTM unfavorable this quarter (85 bps). Gives buffer for Q2 if reversed. Depends on commodity direction; hard to predict volatility. 'Hoping for upside but hard to bake in.'

Target: ₹10,000 Cr pre-sales by FY30 (14x FY20). Focus 3 cities (Mumbai/Pune/Bangalore). Exit affordable, focus mid-premium. Lock land pipeline ₹50k Cr (greenfield, JDV, society redevelopment). Group fit: high quality, meaningful scale, profitability (ROA monitored closely).

Industry takes 2-3 years to industrialize due to high-quality/reliability criteria (parts last 40 years in aircraft). Orderbook growth healthy; largest aero peers at $4-4.5B. Quality recognition driving deals (2 Airbus contracts, single-source globally for 2 helicopter fuselages). Aspiration: 30x growth organic + inorganic over decade.

Auto: expect maintain/slight improve Q2 if no further commodity moves; price increase done in lump (2.7%) to avoid repeated disruption. Farm: different, unhedgeable, temporary pressure likely Q2; season shift (festival moved to Oct) + commodity drag = harder. Customers so far accepting (new prices just in).

Q1 delivered 15% SUV (mid-teen), 20% LCV (beat), 18% tractor (beat). Volumes on track despite commodities.

Q1 Growth Gems +39%, Real Estate GDV +60%, ₹50k Cr pipeline locked. Clear 5-year path articulated.

Detailed roadmap with timelines. Execution risk from supplier/weather disruptions, but management tracking closely.

2.7% price hike taken; operationally ahead of emerging risks. Q1 saw 400-500 bps commodity impact, price actions + OpEx saves offset 160-170 bps. Next quarter dependent on commodity stability.

Unhedgeable commodity inputs. Price hike ₹15k/unit likely insufficient. Season shift (Diwali Oct vs earlier) adds operating leverage headwind.

Currently 5.3% margin, EBITDA positive claimed without PLI (unverified). Inflection post 20-25% penetration when word-of-mouth + tangible savings unlock 5-7% premium. Scale + localization to help in 12-18 months.

Multi-phase roadmap detailed. Chakan saturation forces Nagpur expansion. Timeline realistic given construction lead times.

Q1: 400-500 bps commodity headwind in auto, 24-30% YoY in steel/rubber. Hedging loss 85 bps. Aluminum crashed 20% in 8-10 days. War-driven; unhedgeable in farm.

Lost 3 days July due to rains/flooding across Maharashtra plants. South supplier fire disrupted critical part. Dependent on supplier commitments; 'new black swan every other day.' Dealer inventory ~15 days. Capacity stated but often interrupted.

EV margin 5.3% (PBIT ₹288 Cr on ~40k units). Profitability depends partly on PLI subsidy. Government may reduce/withdraw in 6-12 months. Cost curve improvement relies on scale and localization; 12-18 month timeline uncertain.

Core auto margin 8.9% vs 10.2/10.8% prior quarters (down 130-190 bps). Achieved despite price hike (2.7%) + cost actions because commodity tailwind from June crash reversed post-call. Q2 likely soft given ongoing commodity rally (steel, rubber still elevated).

Steel up 24%, rubber up 30% YTD, +53% since calendar year start—unhedgeable per CFO. Q2 likely to see 'temporary blip' as prices remain elevated. Season shift (Diwali Oct vs earlier) adds operating leverage headwind. Farm cannot be as easily passed to customer as auto.