Muted OEM demand to limit volume growth across segments! JKTIL is the market leader in the truck-bus radial (TBR) segment with ~30% market share. Overall CV segment forms 65-70% of the company's volume mix, with PV and others (2-W, 3-W, off road) forming the rest. We feel the CV space on the OEM side in particular is in the late stages of an up-cycle and is likely to remain a pain point amid upcoming transition to BS-VI norms. The overall OEM demand for tyre players (30% of JKTIL's channel mix) would remain subdued, going forward, given the challenging environment...