• Segment growth guidance: M&M maintains its full-year growth outlook of mid-to-high teens for SUVs, high single digits (9–10%) for LCVs, and mid-single digits (~5%) for tractors amid high base effects and monsoon-related factors.
• EV capacity expansion: Electric SUV sales are currently running at full capacity of 7,500 to 8,000 units monthly, with plans to add 4,000 units of capacity to reach 12,000 units per month by March.
• Margin and inflation: Cumulative price increases of 6 to 7% have absorbed most of the ~8% GST price cut benefit, with Q2 margins expected to track directionally in line with Q1 amid persistent commodity pressure.
• Hybrid taxation stance: Management opposes reducing GST on hybrid vehicles, maintaining that tax incentives should remain targeted at pure electric vehicles to support national energy security and drive adoption away from fossil fuels.