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Systematix Research Report
Demand momentum for passenger vehicles remains healthy with a strong order book; supply constraints are seeing gradual improvement. Two-wheeler demand remained subdued. Commercial vehicles continue to be on recovery path with Q4 being a seasonally strong quarter for the segment.
Several commodities, particularly aluminum, nickel, and palladium, have seen a sharp sequential increase on an already elevated base of Q3 FY22. Commodity price uncertainty is expected to prevail over the near term.
For ancillaries, any impact of the lag in commodity price pass-through could hurt operating margins. We expect YoY Ebitda margin contraction across the sector except for Bharat Forge Ltd., TVS Motor Company Ltd. and Minda Corporation Ltd.
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