• Sales and export growth: Total two-wheeler sales increased by 31% and exports rose by 47% in June, achieving 2.5 lakh export units despite shipping and supply chain headwinds. Management expects deferred export volumes of 10% to 15% to spill over into July as logistics normalize.
• Domestic demand outlook: Quarterly domestic growth settled at 11–12% as demand recovered to double digits in June following inflation-led slowdowns in April and May. Q2 will serve as a preparation period focused on new product launches ahead of the peak festive season in Q3.
• Electric vehicle strategy: Electric vehicles represent 30% of domestic revenue, backed by a range of eight electric three-wheeler models and a 100% market share in Delhi. While fully prepared for Delhi's EV registration mandates, management advocates for a multi-technology framework that includes CNG and ethanol blending.
• Rural monsoon risk: Management is observing the progression of the delayed monsoon over the next month or two to gauge its impact on rural and semi-urban demand. However, consumer sentiment showed strong resilience in June despite food inflation and recent vehicle price hikes.