Welcome to the 91st edition of The Chatter — a newsletter where we dig through what India’s biggest companies are saying and bring you the most interesting bits of insight, whether about the business, its sector, or the wider economy. We read every major Indian earnings call and listen to the interviews so you don’t have to.
We’re always eager to improve—please share your ideas on how else we can innovate “The Chatter” format to better serve your needs.
In this edition, we have covered 4 companies across 4 industries and an Interview.
Automobile
Maruti Suzuki
Interview
Uday Kotak
Engineering & Capital Goods
Hy-Tech Engineers
Healthcare
Symbiotec Pharmalab Ltd
Logistics
Skyways Air Services Ltd
Automobile
Maruti Suzuki | Large Cap | Automobile
Maruti Suzuki India is a prominent player in the manufacturing and sale of passenger vehicles in India. From the legendary Maruti 800 to a wide range of car models, the company offers diverse options from entry-level small cars to luxury sedans like Ciaz.
Bharti sees GST rationalisation as a structural affordability boost rather than just a temporary festive stimulus. Industry growth accelerated sharply after the tax cut.
“The GST impact has been phenomenal. It has been transformative and probably historic because, as you rightly said, H1 of last year the industry was minus 0.5%. In H2, it was 16–17% growth after the GST cut happened on 22nd September.”
— Rahul Bharti, Senior Executive Officer – Corporate Affairs, Maruti Suzuki India
The momentum has strengthened further in FY27. Maruti is substantially outpacing the passenger-vehicle industry in the first five months of the year.
“This year, April to August, the industry has grown by 29% and Maruti Suzuki has grown by 36%. Now, 36% I have not seen in the past 30 years of growth. So it’s historic.”
— Rahul Bharti, Senior Executive Officer – Corporate Affairs, Maruti Suzuki India
The demand response to lower taxes has been strong enough that Maruti is now struggling to supply enough vehicles and has accelerated capacity additions.
“The beauty is, if you alter the affordability equation, the Indian consumer responds back. We are struggling to meet demand now, and of course we’ve accelerated our capex cycle.”
— Rahul Bharti, Senior Executive Officer – Corporate Affairs, Maruti Suzuki India
Before the tax change, India’s passenger-vehicle market was increasingly K-shaped: SUVs and larger cars were growing while entry-level cars were shrinking. Bharti says that trend has now reversed.
“The smaller-car segment has benefited more. So it has brought broad-based growth. Earlier, there was K-shaped growth. The bigger cars and the SUVs were growing anyway. The smaller cars were degrowing at a very fast pace. Now, the smaller cars are growing at a faster pace. So it has brought some broad-based growth to the car industry.”
— Rahul Bharti, Senior Executive Officer – Corporate Affairs, Maruti Suzuki India
With the festive season moving from Onam and Ganesh Chaturthi into Navratri and Diwali, Maruti’s primary concern isn’t demand generation but ensuring vehicles reach customers on time.
“It begins with Onam, then Ganesh Chaturthi, then it would come to Navratri in the north. So the festive season moves all over India, and that’s the beauty of our Indian social fabric.
We are seeing extremely positive demand. We are just hoping that we are able to supply vehicles in time to all these regions.”
— Rahul Bharti, Senior Executive Officer – Corporate Affairs, Maruti Suzuki India
Maruti’s data illustrates the disproportionate demand response in the more affordable end of the market following GST rationalisation.
“Just to give you a perspective, in April to August this year, the cars which are in the upper GST bracket of 40% grew by 20%. But the ones which are in the smaller GST bracket of 18% have grown by 30%.”
— Rahul Bharti, Senior Executive Officer – Corporate Affairs, Maruti Suzuki India
Rural markets had previously been outperforming while cities lagged. Bharti says demand is now broad-based across both geographies.
“It’s broad-based growth even between urban and rural. Earlier, rural was outperforming and urban was lagging, but now all geographies are performing well.”
— Rahul Bharti, Senior Executive Officer – Corporate Affairs, Maruti Suzuki India
This is one of the clearest outlook comments from the interview. Even with a tougher base in the second half, Maruti sees production availability as the binding constraint.
“This year, at least in H2, we’ll be constrained by supply and not demand, and demand is outpacing supply.”
— Rahul Bharti, Senior Executive Officer – Corporate Affairs, Maruti Suzuki India
Input costs have turned less favourable after easing earlier in the year. Bharti believes strong demand and operating leverage should help absorb the pressure.
“There are some commodity headwinds. We had seen, to some extent after the war, in the first few months of this financial year, easing of commodities. Now some commodities have shown an uptick, but honestly, we are not too much concerned.
These are external factors that will always be there. The intrinsic strength of the industry is in the demand momentum, which is extremely healthy as of now. Once we have that and we have the operating leverage, it’s easy to handle commodities.”
— Rahul Bharti, Senior Executive Officer – Corporate Affairs, Maruti Suzuki India
Protecting the demand recovery is currently a priority. The company is therefore taking a conservative approach to price increases despite commodity pressures.
“We’ve been careful not to pass on too much of these impacts to the customers, so that we don’t spoil the demand momentum. Fortunately, we’ve been extremely conservative there, and it is helping us in our demand.”
— Rahul Bharti, Senior Executive Officer – Corporate Affairs, Maruti Suzuki India
Despite the much tougher second-half base following last year’s post-GST surge, Bharti still expects double-digit growth for the full year.
“Of course, there’s a base effect, but on absolute terms the industry is continuing on strong numbers and Maruti Suzuki is also continuing on strong numbers. So we should see upwards of 10% growth in this year.”
— Rahul Bharti, Senior Executive Officer – Corporate Affairs, Maruti Suzuki India
Bharti argues that the volume response to lower tax rates has been large enough to offset the lower rate. Maruti’s preliminary estimates show its GST contribution increased rather than declined.
“When the GST rate was cut, there were many talks about revenue deficit for the government. But we’ve done some quick numbers. If we talk about April to August for Maruti Suzuki, we’ve done some preliminary estimates—the total GST contribution has actually gone up by 2%.”
— Rahul Bharti, Senior Executive Officer – Corporate Affairs, Maruti Suzuki India
Bharti’s broader takeaway is that lower tax rates can stimulate enough additional consumption to compensate the government through higher volumes.
“A downward rate cut but an uptick in volumes—the net effect is still positive, which means if the government puts its money on the consumer, the net effect is still positive even on government revenues.”
— Rahul Bharti, Senior Executive Officer – Corporate Affairs, Maruti Suzuki India
Weakness in exports isn’t being attributed to end-market demand. Maruti says logistical constraints, including ships not returning from Latin America, have increased lead times.
“Globally, the demand exists. We are facing some shipping shortages because ships are not coming back from Latin America. The lead time has increased, so there are logistical constraints. But demand is strong, and we are broad-based across 120 countries.
So, with a pause, exports will come back, but for the next few months there may be a slight headwind because of logistical challenges.”
— Rahul Bharti, Senior Executive Officer – Corporate Affairs, Maruti Suzuki India
Interview
Uday Kotak Policy & Economic Address | Macro & Indian Economy
At a national economic summit attended by Union and State leaders, Uday Kotak outlined critical macroeconomic priorities, global risks, and policy cautions required for India to navigate international fragmentation and achieve long-term growth (Viksit Bharat).
Uday Kotak warns that global economic fragility fueled by military conflicts, tariff disputes, and rising global interest rates remains a major threat, requiring a cautious national stance focused on macroeconomic resilience.
“Having said that I think there is no room for com comfort or complacency. The fragility of the world, the military wars, the financial wars, the tariff wars, and the bond vigilance in terms of raising global interest rates. They are all still continuing, and there is no moving away from this. Therefore, this is not a time for us to declare victory too early. In fact, I genuinely believe we as one India need to sit together and stand with a sense of paranoia because it is truly a very fragile world out there.”
Uday Kotak, Founder & Non-Executive Director, Kotak Mahindra Bank Limited
India must enforce stricter fiscal consolidation, noting that its consolidated fiscal deficit exceeding 7% remains higher than that of heavily leveraged developed economies.
“So I will not dwell more on it other than saying that at 7 plus% consolidated fiscal deficits we need to get tighter. I understand the pressures which we all have across different states and the center but we have to be clear that the United States which is supposed to be the most uh leveraged state in the world is at a fiscal deficit of give or take around 6%.”
Uday Kotak, Founder & Non-Executive Director, Kotak Mahindra Bank Limited
While India is successfully transitioning toward capital market financing, policymakers must guard against excessive financialization that prioritizes speculative trading volumes over core capital formation.
“One, as we move towards financing of the Indian economy, the markets model uh runs at times the risk of excessive financialization of the Indian economy. For example, the purpose of stock exchanges or capital markets is to provide liquidity and price discovery for capital formation. At times when the objective of capital formation gets lost and we focus on just markets volumes and trading we at times run the risk of missing the key reason why we have financial markets.”
Uday Kotak, Founder & Non-Executive Director, Kotak Mahindra Bank Limited
Highlighting the scale of global market competition, the U.S. accounts for 70% of global market capitalisation, with Nvidia’s profits alone exceeding all Indian listed companies combined.
“Friends, if you take the entire world’s capital market, 70% 70% of the global market capitalisation is one country, the United States of America. 70% of the world market cap. And the largest company, one company in America called Nvidia has market cap and profits more than the combined profits of all Indian listed companies and more than India’s total market cap.”
Uday Kotak, Founder & Non-Executive Director, Kotak Mahindra Bank Limited
To eliminate structural current account vulnerabilities, India must form a specialised committee to financialise unproductive household gold imports, which are projected to reach $88–$90 billion in FY27.
“The estimates I’ve got for FI27 with oil at give or take around 90 a current account deficit of $60 billion for India. gold imports expected to be 88 to90 billion. So Indians individually and their gold is something we have to find a way to break this puzzle and uh I would strongly recommend madam across this some sort of a committee which can be created to find an answer which satisfies the needs of the people at the same time the challenges of a country from a capital account and current account point of view.”
Uday Kotak, Founder & Non-Executive Director, Kotak Mahindra Bank Limited
Financial regulators must strike an operational balance between risk mitigation and market development, ensuring systemic guardrails do not impede overall economic growth.
“However, regulators from time to time face a dilemma between their dual function which is the regulation function and the development function. ... I think we must get this balance right and it reminds me about cars on a highway. We must ensure that more and more cars drive, better signal systems are there. But should there be an accident, a quick retrieval of the accident, but not stopping cars from driving freely.”
Uday Kotak, Founder & Non-Executive Director, Kotak Mahindra Bank Limited
Established Indian conglomerates must shift from conservative growth to aggressive innovation while embracing creative destruction to phase out inefficient legacies and compete globally.
“If you see many of our younger smaller businesses, they are in the Brahma mode. But most of our traditional businesses are still in the Vishnu mode, wanting to grow more in the areas they are comfortable rather than venturing out to change the landscape the way global companies are doing whether it’s in the field of AI, technology and others. And it is time for us to get more Brahma in the big boys as well including in the states and get going. At the same time I would also never underestimate the role of Mahesh. Maheshwar has the power of creative destruction.”
Uday Kotak, Founder & Non-Executive Director, Kotak Mahindra Bank Limited
To build true economic sovereignty, India must establish global trade leverage by manufacturing and exporting goods and services that international markets actively demand rather than relying strictly on domestic consumption.
“This is something I think which each of us in India need to focus on. And we as Indians need to create leverage where we produce things, goods and services which the world wants from us. Our dependence on goods and services from others exposes us. The more we can produce and create goods and services which the world wants from us will make us competitive.”
Uday Kotak, Founder & Non-Executive Director, Kotak Mahindra Bank Limited
Drawing a historical parallel to the rise of the East India Company, Kotak warns that dominant Western technology giants present a modern risk to national economic sovereignty through their control over mobile ecosystems, platforms, and AI infrastructure.
“If you look at the technology companies from the West and each of us with our mobiles, our Instagrams, our WhatsApps, our Googles and everything else, we have been used to a certain particular use of technology in our lives. We are seeing the kind of power these technology companies have developed as private businesses with significant challenges to sovereignty of nations.”
Uday Kotak, Founder & Non-Executive Director, Kotak Mahindra Bank Limited
Engineering & Capital Goods
Hy-Tech Engineers | Micro Cap | Auto Ancillary
Hy-Tech Engineers Limited is engaged in the design, manufacture and supply of hydraulic fittings catering to diverse industrial applications, with over four decades of operational experience in the hydraulics industry.
[Concall]
Management is pairing capacity expansion with new OEM wins and higher exports, with a stated ambition to double the business over three years.
“Today, we are manufacturing around 35 lakh fittings every month. With the proceeds we have received from the IPO, we are going to increase this to 70 lakh per month. We are going to double the turnover over the next three years. This is our plan; this is our growth plan.”
— Hemant Mohonkar, Chairman & Managing Director
Management put an explicit number behind its longer-term growth ambitions, linking the target to a 20–25% growth trajectory.
“Five years from now, we will reach ₹500 crore—₹500 crore. Calculate it on the basis of 20–25% growth, and you will arrive at the figure.”
— Management
Higher exports and operational efficiencies from Kaizen are expected to drive gradual margin expansion.
“It will increase by 1% year-on-year. There are two reasons for this. First, as I told you, we will increase exports, which will give us better pricing. Second, we have implemented all our Kaizen activities, so our operational efficiencies will continue improving. We are planning to increase our EBITDA margin year-on-year by about 0.5–1%, so that we will reach 25% over a period of 2–3 years.”
— Management
Exports are central to the margin-expansion thesis. They currently represent around 30% of business and generate materially better economics than domestic sales.
“We are doing around 30% of our business through exports, where we receive better margins. We get almost 10% additional margin. With the rupee declining against the dollar, we are also getting that advantage.”
— Management
Management sees Europe as an important diversification opportunity, particularly given its manufacturing-cost advantage over European suppliers.
“In Europe, we have plenty of opportunities to grow. The cost of manufacturing in Europe is very high, and we are almost 25% cheaper on a landed-price basis in Europe. This gives us an advantage, and many people are coming from Europe to India and approaching us.”
— Hemant Mohonkar, Chairman & Managing Director
Hy-Tech is already approved across John Deere’s US plants, but supplies have started at only a fraction of them, leaving significant wallet-share potential.
“John Deere has 47 plants in the USA. We have been approved at all their plants, and business from around 6–7 plants has already started coming to us. They are insisting that we supply all the fittings from the USA. Therefore, we are opening a company in the USA, and that has also been approved by the board today.”
— Hemant Mohonkar, Chairman & Managing Director
Despite the US opportunity, management is consciously limiting geographic concentration and wants incremental export growth to come from Europe and other markets.
“In the future, this will remain at 25% as our turnover increases because we do not want to increase that share. The philosophy and policy of Hy-Tech Engineers Ltd. is to spread the business across different markets. We cannot afford to have too much business from the USA.”
— Management
Hy-Tech has spent roughly two years developing stainless-steel fittings that can be used in data centres as well as oil and gas. Commercial customer development is only beginning.
“Data centers require stainless-steel fittings, and there is tremendous scope for these stainless-steel fittings. Over the last two years, we have already developed the range required for data centers, but it is also applicable to oil and gas. We have just started manufacturing these fittings, and we will enter the data-center opportunity over the next one year, positively.”
— Management
Beyond scaling its existing fitting portfolio, management is exploring adjacent products that could increase value addition.
“We do not have to spend too much money on R&D. One percent is more than sufficient for us. Unless we enter additional products such as valves, which we are also considering, we do not need to increase it. I am not committing to anything, but we are going to upgrade our product range with higher-value-added products such as valves, which are also related to hydraulics.”
— Management
Despite long-standing relationships with large OEMs, Hy-Tech has deliberately diversified its customer base to limit concentration risk.
“From a business point of view, we do not depend entirely on a single source. We do not have a single customer that contributes more than 15% of our business. We have spread the business across many customers because anything can happen to anybody.”
— Management
Management highlighted the stickiness of its OEM relationships, including one customer that has remained with Hy-Tech since the company’s earliest years.
“A few customers have been working with us for the last 40 years. We still have a customer called Windsor Machines, which is 48 years old. We started with them, and they were our first customer. They are still buying 100% from us.”
— Management
Management doesn’t see large international players such as Parker as meaningful price competitors in the domestic market because of Hy-Tech’s substantial cost advantage.
“Parker is not really a competitor... Locally, the price of Parker fittings is exactly double our price. Therefore, there is no price competition from Parker for us.”
— Management
Interestingly, Chinese equipment manufacturers operating in India can themselves become Hy-Tech customers rather than competitors in hydraulic fittings.
“There is no Chinese company here. In fact, Chinese equipment manufacturers are also buying fittings from us. Therefore, there is no Chinese competition.”
— Management
Management sees product breadth as part of its competitive moat, alongside long OEM relationships and technical capability.
“Nobody else in India manufactures the entire variety of hydraulic fittings that we manufacture. That much I can tell you.”
— Management
Hy-Tech doesn’t have a traditional fixed order book. OEMs instead provide annual schedules under ongoing relationships, creating repeat B2B demand.
“Regarding the order book, we have annual schedules from all OEMs. They do not give us a conventional order book. They give us a contract order with a price and continue sending us schedules. In that sense, we are booked.”
— Management
Healthcare
Symbiotec Pharmalab Ltd. | Small Cap | Pharmaceuticals
Symbiotec Pharmalab is a research-led pharmaceutical company specialized in the manufacturing of steroid and hormone active pharmaceutical ingredients. The company is vertically integrating into complex injectables and biotechnology-based CDMO services for global markets.
[Concall]
The company positions itself as a manufacturing partner for Western biotech firms that struggle to produce their discoveries at a commercial scale. By providing regulated, low-cost manufacturing capacity, Symbiotec aims to capture a large share of the growing synthetic biology market.
“For any new synthetic biology company, especially one coming from the Western world, the journey from a successful laboratory innovation to a commercially viable product is often where the real challenge begins. They may have solved the science, but they still have to cross what the industry calls the valley of death. This is the gap between proving that something can be made and proving that it can be made competitively and profitably at a commercial scale. We help these companies cross this valley of death by offering our capacity and capability in fermentation biotechnology. We have been running this fermentation under FDA and EU GMP inspection for years. We engineer our own plants, where we are already running our molecules successfully. This combination of regulatory experience, process know-how, and engineering capacity is why our partners come to us rather than investing years of their own development time and substantial capital to build that capability themselves. This is where our scale and cost advantage become important.”
— Anil Satwani, Chairman & MD
Symbiotec is moving from simply supplying ingredients to selling finished drug-device products that are safer and easier for hospitals to use. These specialized dual-chamber systems command higher prices and represent a significant move up the value chain.
“Our third vertical is the so-called complex injectable business, which is part of our forward integration from APIs into finished products. This is where we have built a highly differentiated, proprietary drug-device combination platform called dual-chamber vials and bags. This platform is typically referred to as ready-to-use and ready-to-dispense, or RTUs. The elegance of this format lies in what it eliminates. Traditionally, administering any drug powder requires reconstitution with a separate diluent. It is a multi-step process that takes time and involves handling. When you switch to a ready-to-use, ready-to-dispense product, it reduces the risk of errors at every stage. It reduces contamination, reduces dosing errors, and reduces time pressure, particularly in emergency and critical-care settings. Our dual-chamber system integrates the drug and diluent in a single, sealed device, enabling reconstitution within the device with fewer preparation steps and less handling.”
— Anil Satwani, Chairman & MD
Customer demand for the company’s biomanufacturing services is so high that existing capacity is already mostly booked. To meet this demand, the company is planning to expand its manufacturing facilities to four times their current size over several phases.
“The agreements that we have already signed on the biomanufacturing side, together with the visibility we are receiving from customers with whom we have already shared or signed term sheets, indicate that if everything comes through, including the opportunity that is already at an advanced stage, we will have to build capacity approximately 4 times larger than the capacity we currently have. For simplicity, let me divide this into Phase 0, Phase 1, and Phase 2. This is what we have included in our agreements so far. In Phase 0, our customers have to utilize our existing capacity. Because this capacity is not sufficient, we will have to proceed with Phase 1 and eventually Phase 2. Phase 0 is not sufficient for our customers, given the nature of their products and the nature of the demand in the biomanufacturing sector that I was discussing. A large part of our capacity is already booked by some of these customers with whom we have signed agreements or term sheets.”
— Anil Satwani, Chairman & MD
The company has plenty of new injectable products ready for launch, but they are already worried about not having enough factory capacity to meet demand. This suggests that growth in the injectable segment will depend on how quickly they can add new production lines.
“We are not worried about the number of products. We are more concerned about capacity because the traction we are seeing and the estimates we are receiving from the partners who will distribute our products in this advanced market indicate that we may need to establish our second line very soon. The capacity we have is already very limited, while the traction is substantial. Therefore, there are 5-6 products that have already been developed and will enter validation in the coming quarters. We may have to establish another line, which is a good problem to have once we begin selling and see how the brownfield expansion will take place. This is where we remain confident that once the product is launched, we will need more capacity. Based on our estimates, the constraint at this stage is capacity, not the number of products. We are already ready with our product portfolio.”
— Anil Satwani, Chairman & MD
Symbiotec expects to spend between 200 and 250 crore rupees annually on capital projects to support its expansion. Management may even increase this spending if they continue to win new long-term customer contracts.
“Our capex is a function of the visibility we have from our customers and our contracts. We already have visibility for Phase 1, and as soon as we complete Phase 1, Phase 2 is already visible. Based on the visibility we already have, we believe that we will continue to invest approximately Rs.200-250 crores each year. If more opportunities come our way, we will have to be more innovative in determining how to fund those very large and optimistic capex requirements. We want to reach that point, but given the traction we are seeing, we may have to accelerate our capex spending. The visibility I can currently provide, based on our operating cash flows, is a minimum of Rs.200-250 crores each year for the next 2-3 years.”
— Anil Satwani, Chairman & MD
Logistics
Skyways Air Services Ltd. | Small Cap | Logistics Solution
Skyways Air Services is a premier Indian air freight forwarder providing integrated logistics solutions across air, ocean, and express cargo modes. The company leverages a strong technology-driven platform and an expanding international footprint to serve diverse sectors including pharmaceuticals, textiles, and automotive.
[Concall]
The Indian government’s goal to nearly triple air cargo volumes provides a massive tailwind for established players. Management believes their history of growing faster than the overall market positions them to capture a large portion of this new capacity.
“The Ministry of Civil Aviation has set out a strong vision of reaching 10 million metric tons from last year’s 3.96 million metric tons over the next 5 years. As the air cargo segment continues to grow on the back of new airports and enhanced capacities at existing airports, and as airlines bring in new aircraft supported by a strong order book, there is going to be substantial growth in India’s aviation sector. This, ladies and gentlemen, will mean significant opportunities for us to obtain a larger share of the expanded air cargo market. Skyways has consistently outgrown market growth by a significant margin over the last 10 years, and we feel confident that this trend will continue in the period ahead.”
— Yashpal Sharma, CMD
A new digital booking platform is being launched to simplify how customers book freight services. By targeting smaller cities through technology, the company can reach new customers without needing a massive physical presence in every town.
“Our objective is to combine the strengths of a traditional logistics network with the speed, visibility, and scalability of a technology-enabled logistics platform. We are soon launching a one-of-a-kind platform called ASAP, which will significantly enhance customer acquisition and bring greater ease of transacting for customers across the country, especially in tier-2 and tier-3 markets, where customers currently have limited access to competitive pricing and carrier capacity.”
— Yashpal Sharma, CMD
A portion of the recent revenue spike was driven by higher shipping costs rather than just new business. Investors should monitor volume growth as the truest measure of business health, as pricing can fluctuate with fuel markets.
“Mr. Maheshwari, thank you for your question. Firstly, as you can see, we have had very consistent volume growth over the years. Even in this quarter, we have had significant volume growth across all our products. There has also been an increase in per-unit costs, whether in air or ocean, due to the increase in the fuel index during this period. Overall, when you look at revenue, approximately 23-25% comes through volumes, while the rest comes through the increase in per-unit logistics costs.”
— Yashpal Sharma, CMD
The company protects its margins by passing all changes in fuel and freight costs directly to the end customer. This mechanism insulates the business from sudden spikes in energy prices that might otherwise hurt profitability.
“The fuel index and fuel cost are always passed through by us. Whatever fuel index is globally available can be easily accessed and tracked across the world. These costs are fully passed through to customers, whether in air or ocean, and even in trucking, fuel cost is fully passed through. Therefore, if fuel prices increase, this yield increases slightly. If fuel prices decline, the yield also declines slightly.”
— Yashpal Sharma, CMD
The Middle East and Vietnam are identified as high-growth markets due to massive infrastructure spending and manufacturing shifts. Establishing a presence here now allows the company to benefit from long-term regional development cycles.
“We see a substantial opportunity in the Middle East for the organisation to expand its solutions because significant infrastructure development will be required in that region. Saudi Arabia has been expanding significantly over the last 5-6 years, and we feel very bullish about that market. The UAE continues to be the gateway to the entire Middle East market, and Vietnam has also been growing significantly. We already have a very strong presence in Vietnam. We feel that all 3 of these markets will add substantial value to us as an organisation over the next 2-3 years.”
— Yashpal Sharma, CMD
By not owning aircraft or ships, the company avoids the high fixed costs and risks associated with underused assets. This flexibility allows them to shift resources to profitable routes instantly whenever global trade patterns change.
“The strength of our business is that we have a very asset-light business model. We can pivot between markets very quickly because we are not asset owners. We do not face the challenge of positioning our customers’ business or, for example, running an asset from point A to point B in the world and then facing an impact if there is a disruption. That is the strength of our business. We can navigate very quickly into different trade lanes and markets.”
— Yashpal Sharma, CMD
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Quotes in this newsletter were curated by Meher, Srusti and Shahid.
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