• Domestic tractor demand: Growth is purely demand-driven rather than channel restocking, supported by a Kharif season recovery with monsoon deficits narrowing to around 14%, a sowing deficit of only 4%, a 5% MSP increase, and 16% higher government support year-on-year.
• North American headwinds: The North American tractor industry has de-grown for 17 of the last 18 quarters with only one quarter registering 1% growth, though the company maintains a number three position in the under-70 horsepower category.
• International market share: Despite steep industry-wide contractions of 11% in Brazil and 50% in Turkey, the company increased its market share by over 2% in Brazil and gained 1.5% in Turkey.
• Export growth outlook: Near-term export outlook remains volatile due to severe headwinds in major markets like North America, Brazil, and Turkey, even as substantial growth continues across Africa and South Asia.