• Key growth drivers: Growth is being led by exports, high-end bikes (150cc+) outpacing the industry by 1.5 times, and the electric vehicle business, which now contributes 30% of domestic two-wheeler and three-wheeler revenues.
• Export performance: Despite resilient demand across Africa and Latin America, supply chain and shipping bottlenecks caused quarterly export volumes to miss the 1.5 million mark by 100,000 to 120,000 units.
• Supply chain challenges: While domestic LPG shortages and manpower disruptions from April and May have eased, international shipping constraints and elevated logistics costs remain an ongoing risk amid West Asia tensions.
• Margins and pricing: Margins reached 20.9%, supported by price hikes of 2% to 2.5% that recovered 50% of inflation, favorable currency realizations on the dollar, and the electric vehicle portfolio achieving double-digit EBITDA.