Cyclical OEM ExposureRevenue is structurally linked to commercial vehicle production cycles and OEM nomination wins. That dependence creates durable demand volatility and revenue sensitivity to industry cycles, making medium-term planning and utilization vulnerable to OEM order fluctuations.
Raw Material Price SensitivitySignificant exposure to steel prices is a structural margin risk; if pass-through to OEMs or aftermarket is constrained, input-cost swings can erode profitability. Persistent commodity volatility can therefore compress margins and complicate long-term margin guidance.
Rising Liabilities To MonitorAlthough leverage is low today, an upward trend in total liabilities could signal higher working capital needs or financing for expansion. If sustained, rising liabilities may reduce flexibility, increase fixed obligations, and raise funding costs during industry downturns.