Unlike other automobile segments viz. 2-W, PV that are more linked to discretionary spend and have witnessed near secular growth over the past decade, CV demand is more cyclical and is governed by economic cycles. In the recent past, post FY19, the Indian CV space has been adversely impacted by several factors like revised axle load norms, efficient goods transport due to GST, slowing domestic economic activity and tighter financing availability due to NBFC crisis. Covid disruption from March 2020 onwards further added to industry woes with FY21E volumes in the M&HCV;...