• Supply chain constraints: Supply disruptions caused an estimated volume loss of 40,000 units in September, including 20,000 Chetak electric two-wheelers, 15,000 export units, and component shortages for premium motorcycle features like TFT displays.
• Export market dynamics: International growth continues to be led by market-beating performance in Latin America and a rebound in Africa led by Nigeria, offsetting Middle East weakness and container availability challenges.
• Three-wheeler production: The three-wheeler segment reached a record monthly production of 90,000 units, though supply still fell 2,000 to 3,000 units short of fully meeting demand.
• Domestic product pipeline: Domestic sales momentum is recovering following 10 new product launches and upgrades in the second quarter, with management confirming that planned brand introductions in the 125cc to 400cc space remain on track for this fiscal year.