• Domestic inventory rationalization: Robust summer demand across South, West, and Central India helped bring trade inventories down to normal or below-normal levels, aided by intentional supply rationalization ahead of upgraded model launches.
• Sourcing and price hikes: The company plans to implement price increases from July 1 to offset rising input costs, experiencing no supply chain bottlenecks as over 95% of sourcing value is domestic.
• Profit margin trajectory: Gross profit margin percentages were maintained through the June quarter and are expected to remain protected, with full-year EBITDA margins projected to improve year-on-year due to top-line scale.
• Export market performance: Geopolitical issues disrupted Middle East fulfillment despite existing orders, while US and Mexico shipments remained unaffected due to pre-conflict deliveries, with the next shipment cycle running from August–September through January.