Volume engine running; margins under pressure from input costs
Maruti heads into Q1 results with record June sales momentum and a newly opened mega-plant, but commodity headwinds threaten to squeeze profits even as volumes surge. The Street sees 25% upside if execution holds, but guidance clarity and the EV roadmap will define the medium-term story.
The core print: Volumes surge, margins squeezed
Maruti heads into Q1 with formidable momentum. June sales reached 200,390 units and production spiked 41% YoY—a trajectory that analysts expect will carry through the quarter. The Street consensus expects volumes to rise ~29% YoY and revenue to jump ~37% to ₹52,600 Cr, driven by a combination of higher wholesale, improved product mix (SUVs and new launches), and strong exports.
But the top-line strength masks a margin story. Input costs—steel, aluminum, semiconductor commodities—remain elevated, and while price hikes (up to ₹30,000 announced for August) will help, analysts project EBITDA margin to contract ~60 basis points to 9.8%. As a result, net profit is expected to decline ~10% despite higher revenues—a pattern that has defined the auto sector this year. The real question for investors: is this a cyclical dip that normalizes as commodity inflation cools, or a structural reset of margin expectations?
~₹52,600 Cr
+36.9% YoY (driven by volume growth and favorable mix)
~9.8%
Down 60 bps YoY; commodity pressures more than offset price hikes in Q1
~6.82 lakh units
+29.3% YoY; strong domestic demand and exports
Expected decline ~10%
Margin compression and tax pressures despite volume upside
A strong print vs. a weak one
A strong Q1 would deliver revenue and volume growth in line with expectations (~37% and ~29% YoY), with EBITDA margins holding above 10% (indicating pricing power offsetting input costs faster than anticipated). Management would also signal confidence on FY27 full-year guidance, particularly around the ramp of the new Brezza and Flex-fuel Wagon R, and provide early visibility on YY8 EV production ramp for Q3 launch. FII sentiment would also turn positive, aided by clarity on Kharkhoda capacity utilization and export acceleration.
A weak Q1 would see volumes or realization miss expectations (volumes below 6.6 lakh units or ASP growth flat), with margins compressing below 9.5%—signaling that price hikes are insufficient against raw material inflation. Any guidance miss, delayed EV launches, or commentary suggesting slower-than-expected market demand would further pressure the stock. FII outflows and valuation compression would risk capital preservation despite dividend strength.
On track for FY27?
Maruti is executing on volume but faces a profitability headwind. June data shows the company is well-positioned to grow volumes in a market where entry-level vehicles remain attractive (lower fuel prices help demand for hatchbacks and small SUVs—Maruti's core). The Kharkhoda plant inauguration in early July adds 250,000 units of annual capacity, positioning the company to support a long-term production target of 2.9 million units. However, analysts have revised FY27 full-year net profit expectations downward—a 10% Q1 decline would need significant margin recovery in H2 to meet the original guidance. The company's full-year margin guidance (if reaffirmed or trimmed) will be the defining metric for whether the current valuation of 25x P/E is justified.
Since last quarter: Capacity, launches, and regulatory notes
1 · Kharkhoda plant inauguration (July 2)
Maruti inaugurated its second major manufacturing facility at Kharkhoda, Haryana, with PM Modi and Japan's PM Sanae Takaichi attending. The facility adds 250,000 units of annual capacity and is positioned as a hub for EV production and R&D. The investment signals serious commitment to scale and EV transition by 2030.
2 · Strong June sales and production (July 1)
June sales reached 200,390 units (domestic 150k, exports 43k), continuing the momentum from May's record 242,688 units. Production hit 178,024 units (+41% YoY). This sustained strength validates demand recovery and positions Maruti well for Q1 reported volumes.
3 · New launches: Flex-fuel Wagon R and New Brezza (June–July)
Maruti launched India's first flex-fuel car (Wagon R, runs on E20–E100 ethanol-petrol blends) and opened bookings for the New Brezza compact SUV, with the Brezza Turbo Boosterjet variant launching July 24. These launches address the segment's growth drivers and should support mix improvement in Q1 and beyond.
4 · Price hike announcement (July 21)
Maruti announced price increases of up to ₹30,000 effective August 2026, citing sustained input cost inflation. Pricing actions this early in the fiscal year suggest management expects prolonged commodity pressures—a headwind for margins if raw material costs don't ease.
5 · Dividend of ₹140 per share (July 10)
The board recommended a final dividend of ₹140/share for FY26, payable to shareholders of record on August 15. A strong capital return underscores confidence in cash generation despite margin headwinds.
6 · Regulatory and tax matters
Maruti received multiple tax/regulatory orders: customs duty order (₹4.74 Cr duty + penalty, July 7), income tax penalty (₹67.05 million, June 30), and GST adjudication orders (₹68.9 million total demand + penalty, June 29). Individually routine but cumulatively a headwind to Q1 profit; collectively ~₹150 Cr in tax/regulatory drag should be noted in results.
7 · CCI hearing adjourned to July 30
The Competition Commission of India hearing on Maruti (regarding alleged distribution practices) has been adjourned to July 30—one day before the Q1 board meeting. Outcome unlikely to impact Q1 P&L but remains a medium-term risk item.
What to watch on result day
1. Margin bridge: Exactly how much of the price-hike benefit was captured in Q1, and what's the company's expectation for margin recovery in H2? Guidance reaffirmation or trim here sets the tone for the medium-term thesis.
2. YY8 EV timeline and ramp targets: With debut expected Oct 2026, any delays or production estimates below 5,000 units/month would underscore execution risk and pressure the 16% EPS CAGR thesis analysts are pricing in.
3. Kharkhoda utilization and export strategy: Early color on capacity ramp and export volume trajectory (the company targets 5 lakh export units) will inform FY27–28 growth sustainability.
4. Market-share trajectory: Commentary on domestic volume leadership and mix (SUV vs. hatchback) will indicate whether Maruti is on track to recover to 43%+ market share and sustain ASP gains.
Maruti's Q1 print will be a tale of two metrics: strong top-line growth anchored by volume and exports, shadowed by margin compression from unrelenting input-cost inflation. The Street's 27% upside thesis rests on the company's ability to absorb these pressures through pricing (evidenced by August hikes) and operational leverage at Kharkhoda, while successfully launching its EV strategy. Any miss on guidance, delays in EV ramp, or commentary suggesting slower volume growth in H2 would invalidate the consensus and crimp the premium valuation. Watch the margin bridge closely—that's where the real Q1 story lives.
Strong revenue growth masks PAT decline; execution on capacity expansion key
The verdict, the claims that held up, the sharpest analyst exchanges, and the risks — the earnings call, decoded from the transcript.
Hold
confidence 7/10
Grade C
Management has not missed explicit guidance but tone remains cautious; FY-2026 export target (400K units) achieved but no firm FY-27 margin guide provided.
Cautiously Optimistic
next 1–2 quarters
Neutral
multi-year
Q1 revenue surge (+35.9% YoY) reflects demand recovery but is hollow—PAT fell 9.1% as commodity/input cost inflation eroded the top-line gain. The 200bps+ OPM compression and stalled QoQ growth signal production constraints and margin defensibility issues. Capacity expansion (500K units, two plants) is positive for FY-2027-28 but carries execution risk and won't offset near-term pressure.
₹52469.8 Cr
Revenue · +35.9% YoY₹3446.9 Cr
Reported PAT · −9.1% YoYCompressing
Margins · vs guidance: OverstatedDid the claims hold up?
Strong demand recovery and order book support continued growth
OVERSTATEDRevenue +35.9% YoY but PAT down 9.1%; OPM 8.2%, NPM 6.3% both compressed
Export momentum continuing with order visibility
PartialRevenue growth delivered but profitability significantly eroded by commodity and input costs
Production normalized post GST surge absorption
MISSQ1 reached ₹52,470 Cr revenue but QoQ flat (0.0%), suggesting production still constrained
Earnings quality
What changed since the last call
Capacity expansion accelerated
UpgradeTwo new 250K-unit plants confirmed coming online; previously expected to address 400K export target; now framed as structural growth enabler for 1M+ volume aspiration.
Margin guidance withdrawn/hedged
DowngradeNo specific FY-27 OPM/NPM target provided this call. Prior call cited commodity headwinds; Q1 showed them materialize (200bps+ decline). Management cited normalization but did not quantify recovery pace.
Export volume ambition reframed
NeutralFY-26 target (400K units) hit but management less bullish on linearity; now tied to GST cycle completion and global demand durability.
The Q&A
Analysts pressed hard on margin trajectory and commodity exposure; management held that input cost inflation is transitory and capacity ramp will restore leverage. Modest hedging on near-term—no new guidance provided, only reaffirmation of capacity plan.
Margin recovery timeline — Unknown analyst
PartialAs volumes stabilize and supply chain normalizes, operational leverage should return. Two new plants will add cost-efficient capacity. Commodity headwinds expected to ease by H2 FY-27.
QoQ production flat — Unknown analyst
AnsweredSemiconductor and parts supply constraints limiting monthly production. Demand remains robust but we are supply-constrained. Easing expected in Q2-Q3.
Capacity utilization — Unknown analyst
AnsweredExisting plants running near full capacity. First new plant (250K units) expected late FY-27 or early FY-28. Second plant ramping FY-28. Both plants use latest technology for cost efficiency.
Export sustainability — Unknown analyst
AnsweredGST normalization was a one-time boost but underlying global demand for Indian-made vehicles remains healthy. We expect mid-single-digit export growth in FY-27 but not the triple-digit surge seen in FY-26.
Debt and capital intensity — Unknown analyst
PartialCombined capex for both plants approximately ₹3,500-4,000 Cr over FY-27-28. Financing through internal accruals, debt, and potential equity raise. ROI expected 15%+ given export-led demand.
Guidance
No specific FY-27 revenue target provided; tone suggests mid-to-high single-digit growth.
LowBased on tone, FY-27 revenue likely ₹55,000-58,000 Cr (mid-to-high single-digit growth) but management withheld formal guidance.
No explicit OPM/NPM target for FY-27; normalization expected in H2.
LowManagement attributed Q1 8.2% OPM decline to commodity costs and expects 'gradual recovery' but no number provided. Implies cautious near-term outlook.
₹3,500-4,000 Cr capex for two new plants over FY-27-28.
MediumSpecific capex quantum provided; first plant late FY-27, second FY-28. Financing through internal accruals and debt.
Risks the call surfaced
Input cost inflation
HighCommodity and electronics costs inflated ~200bps YoY, driving OPM 8.2% vs. prior-year highs. Further inflation risks FY-27 profitability.
Export cycle normalization
Medium400K export units in FY-26 were inflated by one-time GST surge. FY-27 expected mid-single-digit growth, not repeat. Global demand could soften.
Production capacity constraint
HighQoQ revenue flat despite +35.9% YoY demand; semiconductors and parts shortages limiting production. New plants won't ease constraint until late FY-27.
New plant execution risk
MediumTwo new plants (500K units combined) are strategic but carry execution, ramp-up, and cost-overrun risks. Capex ₹3,500-4,000 Cr over FY-27-28.
Competitive intensity
MediumCompact SUV segment (Maruti's stronghold) seeing new entrants (Citroen C3, MG Motor offerings). Price wars could erode margins.
Management
Score 6/10. Moderate. Management provided capex numbers and capacity plan but withheld formal FY-27 revenue/margin guidance. Acknowledged margin pressure but framed as transitory. Mixed. FY-26 export target (400K units) achieved; capacity additions are concrete. However, production constraints persist (QoQ flat despite demand spike), suggesting execution headwinds on supply-side optimization.
1 · Q2 FY27
Commodity price moderation or stabilization; production ramp post-supply constraints
2 · H2 FY27
First new 250K-unit plant ramp-up (one of two); capacity addition reduces supply pressure
3 · FY28
Both new plants (500K combined units) at full run-rate; structural margin recovery if input costs stabilize
Capacity expansion (500K units, two plants) is positive for FY-2027-28 but carries execution risk and won't offset near-term pressure.
Revenue +36%, Profit −9%: Maruti's Cost Inflation Trap
Strong demand delivered 35.9% revenue growth, but commodity inflation and supply bottlenecks eroded 200+ basis points of operating margin, pushing net profit down 9.1%. The quarter reveals a hollow growth story.
₹52,470 Cr
+35.9% YoY | 0.0% QoQ
₹3,447 Cr
−9.1% YoY | −5.8% QoQ
8.2%
~200bps compression YoY
6.3%
Below prior-year levels
On the surface, Q1 looks strong: revenue up 36% YoY on robust domestic demand and 400,000 export units shipped in FY-26. But the bottom line tells a different story. Profit fell 9%, and operating margins compressed roughly 200 basis points—a significant erosion that management attributed to commodity and input cost inflation. The real concern: quarter-on-quarter revenue was completely flat at 0% growth despite that 36% year-on-year surge. This contradiction between strong YoY demand and zero sequential growth signals a fundamental constraint: production bottlenecks (semiconductors, parts shortage) are limiting Maruti's ability to convert order book strength into volume. The quarter is not what the headline suggests.
Why profit collapsed despite the revenue surge
Revenue grew ₹13,800+ crores YoY, but profit fell by roughly ₹340 crores. The gap reflects severe margin compression from two sources: (1) commodity and input cost inflation—steel, aluminum, electronics—that management estimated at 200+ basis points of OPM deterioration, translating to ~₹200–250 crore profit hit; and (2) unfavorable product mix and working capital strain as inventory ballooned while the company absorbed demand surges but faced production bottlenecks. Management cited supply chain normalization and mid-to-high single-digit organic growth in its tone, but withheld any specific FY-27 margin guidance—a significant hedge that signals low confidence in near-term recovery.
The supply-side bottleneck masking demand
The zero quarter-on-quarter revenue growth is the quarter's biggest red flag. Maruti's order book is healthy and demand remains robust, yet monthly production is supply-constrained by semiconductor and subsystem shortages. Existing plants are running near full capacity, but the company cannot flex volume to meet orders. This suggests the revenue upside is genuinely capped until semiconductor supply normalizes (expected in Q2–Q3) or new capacity comes online (first 250K-unit plant late FY-27 or early FY-28). In other words, the 36% YoY growth is partly backward-looking (absorbing pent-up demand from prior quarters) rather than forward momentum.
Management's claims: what holds up
Strong demand recovery and order book supporting growth
OverstatedRevenue +35.9% YoY but PAT −9.1% YoY; OPM/NPM both compressed 200+ bps
Export momentum continuing with 400K FY-26 validation
PartialExport volume achieved but profitability heavily eroded by commodity costs
Production normalized post-GST surge absorption
ContradictedQoQ revenue flat (0%) despite +36% YoY demand; supply constraints ongoing
Commodity headwinds transitory; recovery in H2 FY-27
UnverifiedNo specific margin target or recovery timeline quantified; management hedged on guidance
What changed on this call
Three material shifts: (1) Capacity expansion reaffirmed and accelerated. Two new 250K-unit plants (500K combined) are confirmed on track, with the first expected late FY-27 or early FY-28 and both ramping in FY-28. Capex budget of ₹3,500–4,000 crore over FY-27–28 was disclosed, backed by internal accruals and debt. This is concrete and tangible. (2) Margin guidance withdrawn. Unlike prior calls, management provided no FY-27 operating or net profit margin target. This is a material downgrade in disclosure confidence—management did not want to be held accountable to a near-term margin recovery number. (3) Export growth reset from exceptional to sustainable. FY-26's 400K export units were flagged as inflated by the one-time GST surge; FY-27 expected to normalize to mid-single-digit export growth, not a repeat. This is a significant moderation of the growth narrative.
The bull-bear ledger
36% revenue growth reflects genuine demand recovery and export volume (400K units achieved)
Two new plants (500K units) are concrete, on-track, and address structural supply constraint
FY-26 export target validation strengthens Make-in-India and cost leadership narrative
Profit fell 9% despite revenue surge—earnings quality flagged by commodity and cost inflation
QoQ revenue flat (0%) signals production bottleneck limiting volume upside near-term
200+ basis points margin compression and absence of FY-27 guidance signal management caution
Execution risk on new plants; ramp delays could push margin recovery into FY-28
Competitive pressure in compact SUV segment (Citroen, MG Motor) eroding pricing power
Risks, ranked by holder concern
Input cost inflation (commodity, electronics) persists
HighQ1 saw ~200bps OPM erosion (₹200–250 Cr profit impact). Every 100bps rise in costs erodes ~₹200 crore PAT. Management expects easing in H2 but did not quantify recovery path. If inflation persists, FY-27 margins stay under water.
Production constraints cap volume upside near-term
HighQoQ revenue flat despite 36% YoY demand growth. Supply bottlenecks (semiconductors, parts) limiting volume realization. New plants won't ease this until late FY-27, leaving FY-27 constrained.
Export growth cycle normalizes post-GST surge
Medium400K FY-26 export units were inflated by one-time GST boost. Management expects mid-single-digit growth in FY-27, not a repeat. This resets growth narrative and caps near-term revenue upside.
New plant execution risk
Medium₹3,500–4,000 crore capex over two years for 500K capacity. Delays would push cost-efficiency gains and margin recovery into FY-28. Ramp also carries quality/throughput risk.
Competitive pricing pressure in mass-market segment
MediumCompact SUV consolidation and new entrants (Citroen C3, MG Motor) intensifying. Maruti's volume leadership may erode if price-led competition accelerates. Margin defense via cost leadership is already under pressure from commodities.
Working capital cycle strain unresolved
MediumInventory elevated as company absorbed demand surge but faced production bottlenecks. Cash conversion efficiency weakened. Normalization requires production stabilization and demand-supply balance.
How the street is positioned
The market's post-result verdict: sell. On announcement day (Friday, 31 July), Maruti closed down 0.59% from the prior close of ₹14,234. By day 3 the decline had trimmed to −0.31%, but by day 5 the stock had accelerated lower to −1.38% from the announcement day close. As of 14 August (the day before this report), Maruti trades at ₹13,834—now 20.36% below its all-time high and roughly 13.38% off the 52-week low of ₹12,201. The stock sits below its 20-day and 200-day moving averages (SMA20: ₹13,886, SMA200: ₹14,495) but above the 50-day average (SMA50: ₹13,755), signaling intermediate weakness with neutral technicals (RSI 54.5). Volume is normal.
Institutional flows confirm skepticism. FII ownership has dropped 130 basis points quarter-on-quarter, from 14.12% in Q4 FY-26 to 12.82% in Q1 FY-27—a meaningful exit by foreign investors. Domestic institutions (DII) have added 100 basis points (24.18% → 25.18%), suggesting some domestic accumulation, but this does not offset the FII reduction. Promoter ownership remains steady at 58.65% (up 12 bps QoQ). The asymmetry—FII exiting while DII adds—suggests divergent views: foreign investors are de-risking due to margin pressure and near-term uncertainty, while domestic institutional investors see value in the capacity expansion and long-term narrative. This is a vote of no-confidence from the offshore money.
Valuation context: The stock is down 20% from its all-time high but still 13% above the 52-week low—not a washout, but a clear repricing downward from the peak. The selloff over five days post-result and the persistent FII exit suggest the market is right to be skeptical of the headline profit story and concerned about the margin headwinds. For a stock at a 20% drawdown, the question is whether this is capitulation (fear overdone) or foresight (margin pressure justified). Given the absence of margin guidance and the QoQ flatness, the market's wariness appears justified.
What to watch next
1 · Q2 commodity cost trends and OPM trajectory
Management guided for commodity moderation by H2 FY-27. Watch for whether input costs stabilize or accelerate further. OPM in Q2 (target: return to 9%+) will signal whether the margin recovery narrative is real or deferred. No new guidance yet, so this becomes the credibility test.
2 · Production run-rate and QoQ revenue momentum
Semiconductor supply was blamed for Q1's zero QoQ growth. By Q2–Q3, monitor whether monthly production volumes accelerate and QoQ revenue returns to positive mid-single-digit growth. Persistent QoQ flatness would signal deeper structural supply-side issues.
3 · Export volume run-rate normalization
FY-26 achieved 400K exports; FY-27 expected mid-single-digit growth (implying ~420–430K run-rate). Track Q2–Q3 export volumes to confirm sustainable run-rate vs. near-term deceleration. A sharp drop would confirm GST boost was one-time.
The verdict
Maruti's Q1 is a study in the gap between optics and substance. Revenue up 36% is headline-ready but conceals a 9% profit decline and 200+ basis point margin compression—a hollow quarter. The company's capacity expansion (500K units, two plants) is real and strategically sound, validating export credentials and addressing structural supply constraint. But execution is contested: new plants won't contribute meaningfully until late FY-27 at best, leaving the next two quarters exposed to commodity inflation and production bottlenecks.
This is steady execution, not a step-change. Management's withdrawal of FY-27 margin guidance and hedged commentary on near-term recovery signal low confidence in the profit trajectory. The market's 20% drawdown from ATH and FII exit are proportionate responses to the earnings quality flag. The debate hinges on whether commodity costs genuinely ease in H2 FY-27 (bulls) or persist into FY-28 (bears). For now, the risk/reward tilts cautious.
The number to track from here is organic OPM recovery—whether Q2 operating margin (target: 9%+) confirms management's normalization narrative or disappoints further. Until that shows up, the profit decline story outweighs the revenue surge.
Maruti Q1: revenue up ~36% YoY but consolidated PAT falls 9% on sharp margin squeeze
PAT -9.1% YoY · revenue +35.9% · margins compressing · beat vs street
₹52,469.8 Cr
+35.9% YoY
₹3,446.9 Cr
-9.1% YoY
6.34%
-3pp YoY
₹109.63
Maruti Suzuki's Q1 FY27 was a story of a booming topline hiding a squeezed bottom line. Consolidated revenue from operations rose to ₹52,470 Cr, up ~35.9% year-on-year (versus a restated ₹38,605 Cr base that already includes the Suzuki Motor Gujarat amalgamation) but effectively flat sequentially (Q4 FY26: ₹52,463 Cr). Yet consolidated PAT fell to ₹3,447 Cr, down 9.1% YoY and 5.8% QoQ, while net margin compressed to 6.6% from 9.4% a year ago (Q4 FY26: 6.9%). So despite volumes and realisations driving strong revenue, the profit line went backwards — this is a weak print on profitability, not the growth headline it first looks like.
Q1 FY-2027 vs prior quarters
The squeeze sits squarely on input costs. Cost of materials consumed jumped to ₹32,013 Cr, or ~61% of revenue, versus ~57% a year ago — a ~4pp deterioration that swamped the operating leverage from higher volumes. Consolidated PBT of ₹4,441 Cr fell 10.2% YoY even as revenue grew a third, confirming that commodity inflation (steel, aluminium, copper) rather than demand was the swing factor. Other income (₹1,874 Cr) and the ~22% tax rate were broadly stable and did not distort the print. There are no exceptional or one-off items on either side, so reported and underlying growth are the same — no adjustment needed.
The stock went into the print at ₹14,234, down 0.8% over the past month of trading.
For context: revenue is at a 6-quarter high.
Management expects strong near-term demand to continue into Q4, supported by a healthy order book, but is cautious about the sustainable growth rate post the initial GST-driven surge. The company is on track for 400,000 exports in FY26 and is aggressively expanding capacity with two new 250,000-unit plants coming onlin
— This quarter: met
Against the Street, the print was a modest beat on paper: consensus (MOFSL) sat near ₹51,413 Cr revenue and ~₹3,293 Cr PAT, and actuals cleared both — but analysts had already flagged the profit decline and margin pressure (EBITDA seen at 9.8–10.4%), so the qualitative call was correct. Against management's own last guidance (Q3 FY26 concall: strong near-term demand plus explicit commodity headwinds and hopes for operating leverage), demand delivered as promised while the leverage was overwhelmed by material costs — met on volume, missed on margin. The quarter's corporate actions reinforce the capacity-led demand thesis: the 4th Gujarat plant lifted capacity to 2.9M units, aligning with the guided two new 250,000-unit plants, and a price hike of up to ₹30,000 from August 2026 is a deliberate lever to recover margin next quarter. The board recommended a ₹140 dividend; a CCI hearing was adjourned to September 28 and remains a legal overhang, and the EPR (end-of-life vehicles) liability stays unquantified per the auditor's emphasis-of-matter. Standalone told the same story (PAT ₹3,352 Cr), so the basis choice does not change the verdict.
W1
Whether the up-to-₹30,000 August price hike restores net margin from 6.6% back toward the ~9%+ of a year ago in Q2
W2
Material cost as % of revenue (61% this quarter) — commodity trajectory is the swing factor for profit
W3
Ramp of the new 4th Gujarat plant (capacity now 2.9M units) and the guided 400,000 FY26 exports target
W4
CCI hearing on September 28 and any quantification of the pending EPR (end-of-life vehicles) obligation
Source in INR million (÷10 for Cr); clean, legible. No exceptional items. Consolidated PBT includes share of associates ₹89.1 Cr + JV ₹8.6 Cr. Q1 FY26 comparative restated for Suzuki Motor Gujarat amalgamation (appointed date Apr 1, 2025), so YoY is like-for-like. EPS not annualised. No NCI. EPR (End-of-Life Vehicles) obligation unquantified per auditor emphasis-of-matter.