Report by India Independent Insight
For TI India, the SCV EV product is delivering on its technical promise, with customers achieving 200km+ real-world range, no reported complaints, compelling fuel savings vs. diesel and no apparent financing constraint. The key bottleneck is demand-side education, especially concerns around battery replacement and resale value, meaning adoption may remain slow despite strong ROI. For Voltas, store checks reinforce prior concerns: management’s price hike claims are real, but the margin collapse remains unexplained unless costs are rising far faster than disclosed. The volume narrative is weaker than the “progressive recovery” language suggests and the reliance on price-sensitive customers leaves margins vulnerable if competition forces higher discounting. For AAVAS, Jaipur checks suggest senior exits have hurt local standing, morale and loan-sourcing confidence. With 4Q26 loan count flat Y/Y despite increasing branches and headcount, Iii sees added risk to the company’s 20%+ AUM growth aspiration.