Business
Ashwin Patil on M&M: Numbers in line, but margins and market share a concern
Speaking to ET Now, Patil said investors are accustomed to M&M delivering results that beat expectations. This time, however, the performance was more muted. He pointed out that average selling prices (ASPs) declined slightly, largely due to the company’s recent product launches, including the 3XO, which is positioned in a lower price bracket.
“Typically, M&M reports numbers that are ahead of expectations, but this time they have come up quite in line. I would not be very happy with the numbers because there is a slight reduction in ASPs. The launches that the company has done, especially the 3XO, are in the lower range, and that is why ASPs have fallen a bit. At the top line, the numbers are slightly below our expectations,” Patil said.
He also flagged some pressure on market share, particularly in the tractor segment. According to Patil, M&M appears to have ceded a bit of ground in farm equipment, even as margins in that segment showed some improvement.
On profitability, Patil noted that operating margins could have been better. Rising raw material costs have weighed on margins, resulting in weaker-than-expected operating leverage.
“If you see the margins as well, we could have seen slightly better margins, but because of the raw material cost market, which has slightly firmed up, that has resulted in slightly lower kind of margins. The growth in margins is not that strong,” he said.
At the bottom line, Patil highlighted that one-off expenses related to labour code implementation impacted reported profit. Excluding this exceptional item, profit after tax showed healthier growth. Still, he said overall operating performance did not fully meet expectations.“On the bottom line, definitely the one-off expense of the labour code — if we remove that, then the PAT has grown much better. But overall, at the operating level, I had better expectations from the company. Nevertheless, the stock remains a buy for us, so we need to revisit our numbers and look at how much upside we get from these,” Patil added.
Breaking down segment-wise performance, ET Now highlighted that auto EBIT margins stood at 9.5%, while farm equipment margins came in at 20.3%. Patil said autos were a mild disappointment, while tractors offered some positive offset.
“On the auto numbers, we were expecting slightly better margins; however, on the tractor side, the margins have come slightly better. So, it is like offsetting each other. But autos definitely — as I said — the launches which the company had done this quarter with the low-ticket 3XO are the reason why we have seen sub-10% kind of margins on the auto side. We were expecting maybe close to 10%, maybe around 10.1% kind of margins, so it is slightly disappointing on auto margins, but on the tractor side, the company has surpassed our expectations,” he said.
Overall, while M&M’s numbers did not throw up major negative surprises, the results lacked the usual outperformance investors have come to expect. With pressures on ASPs, autos margins, and some market share loss in tractors, analysts are likely to reassess earnings assumptions even as long-term investment calls remain intact.
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In 2025, Thailand’s border and transit trade reached 1.93 trillion baht, growing 6.7%. Transit trade surged 24.4%, driven by exports like durian and hard drives, despite slower border trade. Six trade fairs are planned for 2026.
Key Points
- In 2025, border and transit trade reached 1.93 trillion baht, a 6.7% rise from the previous year, aiding the growth of the border economy. Trade with neighboring countries amounted to 894.19 billion baht, while transit trade soared by 24.4% to 1.04 trillion baht, with China as the top destination.
- Major exports included fresh durian, hard disk drives, and rubber. However, border trade slowed in the latter half of the year due to issues at the Thai-Cambodian border and Myanmar’s import restrictions. Nonetheless, robust transit trade sustained overall growth.
- Looking forward, the Department of Foreign Trade plans to host six border trade fairs across different provinces in fiscal year 2026. These events will enable entrepreneurs to showcase products, engage in business matching, and expand trade channels, further supporting border economic activity.
The Department of Foreign Trade reported that border and transit trade in 2025 totaled 1.93 trillion baht, a 6.7 percent increase from the previous year and supporting continued growth in the border economy.
The department reported that trade with four neighboring countries reached 894.19 billion baht, while transit trade to third countries totaled 1.04 trillion baht. Transit trade grew by 24.4 percent, the highest on record.
China remained Thailand’s largest transit trade destination at 608 billion baht, followed by Singapore and Vietnam. Major exports included fresh durian, hard disk drives, and rubber.
The department noted that border trade slowed in the second half of the year due to the Thai–Cambodian border situation and Myanmar’s import controls. However, strong transit trade remained a key driver, allowing overall trade to maintain solid growth.
Looking ahead, the Department of Foreign Trade will organize six border trade fairs in six provinces during fiscal year 2026. These events will provide entrepreneurs with free opportunities to showcase products, participate in business matching, and expand trade channels, supporting border economic activity and strengthening alternative markets.
Source : Thailand’s Transit Trade Hits Record 1.04 Trillion Baht in 2025
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Australia’s food ministers are expected to take a step closer to making nutrition labels, specifically the Health Star Rating System, mandatory for all packaged food products in the country.
Australia’s Food Ministers Push for Mandatory Nutrition Labels
According to a report by ABC News, the federal government, as well as five other states or territories, have said that they will be in favour of asking the food regulator to develop a formal proposal on how to mandate the Health Star Rating System.
A final decision will be made in around 12 months.
Federal Assistant Health Minister Rebecca White has claimed that the food industry did not meet its target of voluntarily applying the Health Star Rating labels to 70 per cent of packaged food and drink products. The target deadline was November 2025.
“What the data shows is we’ve only reached about 37 per cent take-up here in Australia,” said White. “That is well below what is expected.”
What Is the Health Star Rating System?
The Health Star Ratings are used to gauge the nutritional profile of packaged food. According to its official website, ratings range from 1/2 to five stars.
This means that the more stars you see on the packaging of the food item, the healthier it is.
Food manufacturers themselves are tasked with calculating the Health Star Rating for each product. The rating should then be displayed on the front packaging of food items.
The number of stars is usually based on the following:
- Total energy (kilojoules)
- Saturated fat, sodium (salt) and sugar content
- Fibre, protein, fruit, vegetable, nut and legume content
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King Charles III ‘Ready to Support’ Investigation Into Former Prince Andrew Over Epstein Links
Buckingham Palace has released a statement regarding King Charles III’s sentiments over the newest allegations against the former Prince Andrew.
The former prince, who now goes by the name Andrew Mountbatten-Windsor, has been accused of passing confidential reports to the late sex offender Jeffrey Epstein while the former worked as a British trade envoy.
King Charles ‘Ready to Support’ Investigation
The Thames Valley Police has confirmed that it is assessing the new allegations against Andrew Mountbatten-Windsor, according to a report by People.
In response, the Buckingham Palace released a statement that says, “The King has made clear, in words and through unprecedented actions, his profound concern at allegations which continue to come to light in respect of Mr. Mountbatten-Windsor’s conduct.”
“While the specific claims in question are for Mr. Mountbatten-Windsor to address, if we are approached by Thames Valley Police, we stand ready to support them as you would expect, the statement added.
Buckingham Palace’s statement also reiterates that “Their Majesties’ thoughts and sympathies have been, and remain with, the victims of any and all forms of abuse.”
William, Catherine Address Andrew’s Epstein Issues
William and Catherine, the Prince and Princess of Wales, have also broken their silence regarding the controversy surrounding Andrew Mountbatten-Windsor.
According to a report by ABC News, a spokesperson for Kensington Palace said that “I can confirm The Prince and Princess have been deeply concerned by the continuing revelations.”
“Their thoughts remain focused on the victims,” the spokesperson added.
Shares in junior Podium Minerals closed trade Wednesday up 9 per cent to 7.1 cents, on the back of several notable executive appointments.
Sonja Horn
Chief Executive Officer
Welcome to Entra’s fourth quarter presentation brought to you here from Oslo. Let me start by enlighting you on what you can see on this picture. This is Christian Krohgs gate 2 in Oslo, our planned redevelopment project, which we, in the quarter announced that we have entered into a partnership with Skanska to develop.
So moving on to the highlights. Rental income of NOK 787 million in the quarter. That is NOK 20 million up compared to same quarter last year, meaning also that the effects from previous divestments have been offset by an increase through projects feeding into the management portfolio. Net income from property management of NOK 425 million in the quarter, that is up with NOK 108 million compared to same quarter last year, mainly explained by the completion and divestment of our project in Trondheim. The net value changes in the quarter were NOK 56 million. And in that, we have also included the positive value uplifts on the investment properties of NOK 111 million. Profit before tax of NOK 476 million in the quarter, and our EPRA NRV is up with NOK 2 per share to NOK 169 in the fourth quarter. We’ve had a good quarter in respect of operations with a positive net letting of NOK 4 million, and we have also completed 3 projects this quarter, one new build project in Trondheim, which also has been forward sale. So upon closing of that transaction, we have taken a gain of NOK 101 million in the fourth quarter.
And our Board has decided to
The luxury apartment development looks to be finally going ahead, following its approval three and a half years ago.
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