The company reported modest revenue growth for the first half of the financial year ending March 31, 2025 (FY25), buoyed by a strong performance in the replacement segment in India and robust contributions from the passenger vehicle segment in Europe.

However, the overall narrative is far from seamless. Supply chain disruptions and inflationary pressures, particularly in India—the company’s largest market—have continued to weigh on profitability.

This mixed performance underscores a strategic battle between opportunities and obstacles. While the company leverages its dominance in key markets, it faces an uphill struggle to manage escalating costs and adapt to a volatile economic environment. Its ability to navigate these challenges will determine its path forward in the coming quarters.