Road transport still constitutes ~70% of total freight movement at 2.6 trillion tonne km and is expected to grow 20% over FY26-30E to >3 trillion tonne km requiring another 1 million trucks on a base of 4.5-5 million trucks (existing parc). This shall be further supported by replacement demand. It also believed FY27 to be an inflection year for EV penetration in CVs led by favourable TCO, government led regulatory push (both demand as well...