Scale and OEM relationships create a narrow moat, but margin volatility limits it.

FY26 base-case growth 20%

Capacity utilization (Chakan new plant) — Utilization improved sharply from 55% to 85% within a year as volume from models like Thar ROXX ramped up. This has been a key lever for margin expansion, as the plant’s fixed cost drag diminished. Sustaining near 85% utilization supports management's confiden