• SML Mahindra integration: M&M holds a 59% stake in the combined SML Mahindra entity following a fair-value transfer, aiming to leverage massive synergies and scale the truck and bus business.
• Margin pressure outlook: Management implemented average price hikes of 1.5% and 2.7% against a 400 to 450 bps auto impact, opting to absorb near-term margin pressure into Q2 and Q3 rather than risk future demand with excessive price increases.
• Vehicle model demand: Both the 9S and 7XO face substantial waiting periods, with the 9S driving electric vehicle adoption as a 7-seater SUV and the 7XO showing stronger momentum than the 700.