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ICICI Securities Report
We recently interacted with Mahindra CIE Automotive Ltd.'s management and following are the key takeaways:
company is targeting to take India revenue mix to ~60% versus 50% currently, driven by fast-growing profitable opportunities visible;
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Mahindra and Mahindra Ltd.'s India revenue mix is now at 35%, with newly-launched SUVs pushing up per unit value-addition;
strong demand from passenger vehicle makers (e.g. Tata Motors Ltd., M&M, Hyundai and Kia) has led to Mahindra CIE adding capacity across stamping, magnetics and warm forging operations;
~20%/~25% of India/Europe businesses are under electric vehicle disruption risk and management is well prepared to scale up the EV parts business to combat the risks;
passenger vehicle demand in the Europe is yet to see major impact amid the current macro-issues though CV demand would get impacted.
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