印度混动车市政策牵引及规模放量观察2026

15June2026

IndiaAutos

IndiaAutos:Thehybridinflection-who'spositioned?

VenugopalGarre

+6563267643

venugopal.garre@

ParamShah

+912268421417

param.shah@

India’sstrong-hybridmarketisstillnascent,butwhyisitsosmall,andareweclosetoaninflection?Wetacklebothquestions,alongwithpositioning,inthisreport.

Indiahas,almostinadvertently,stress-testedhybriddemand:~8stronghybridmodels

versus35-40BEVs.Largerhybrids(>4m)aretaxedat40%,nodifferentfromlargeICESUVs,whileEVssitat5%.Thereisnocentralsubsidy,andtheonlymeaningfulstate

support(UProadtaxwaiver)lapsedinOct’25.Yetstrong-hybridsalesstillgrew85%+in2025,outpacingBEVs.Thatiswhatgenuineproduct-marketfitlookslike,evenwithcleargapsinthelineup.AsOEMsfillthosegaps,modelproliferationshouldunlockthenextleg.

Weseestronghybridsscalingfrom~2.3%ofPVstodayto7–8%by2030,drivenbya

near-doublingofthemodelcatalogbyFY28,policynotwithstanding.The40%GSTwallandimprovingBEVeconomicsarerealrisks,soourconvictionisdeliberatelyanchoredtothebackhalfofthedecade.ThroughFY30,assupplyunlocks,thebeneficiariesshouldbethosemostexposedtothisramp.

Ourarguments:

(a)Nascencyreflectssupply,notdemand.83%growthin2025fromjusteightmodels,

taxedat40%andunsubsidized,isaclearrevealed-preferencesignal.Productsthatdonotresonatedonotscalelikethis.

(b)Thekeyconstraint,modelavailability,easesinFY28.Alaunchwave(Maruti’sin-houseseries-HEVacrossFronx,thenSwift/Baleno;HyundaiCretahybrid;KiaSeltoshybrid;

RenaultDusterE-Tech;MahindraXUV3XO)morethandoublesthelineupandtargets

the乏1-2.5mnsweetspot.Marutiisnotwaitingonpolicy:intheVictoris,featureslike

panoramicsunroof,360°camera,ADAS,andventilatedseatsarereservedforthehybridtoptrim,aclearnudgetomix.

(c)Thetaxwallisreal.GST2.0keepshybridsalignedwithICE(40%forlarge,18%for

small).WhilecurrentMarutimodelsareat40%,severalupcomingmodelsshouldqualifyfor18%,wideningthegapversusEVs.Ourthesisdoesnotrelyonpolicyturningfavorable.

(d)Residualsandrunningcostsremainunderappreciated.Hybridsdepreciate~35%overfiveyearsversus>60%forBEVsandavoidchargingconstraints.Inafast-formalizingused-carmarket,thatpredictabilityisastructuraltailwind.

(e)Globalsignalssupportdemandbutflagpolicyrisk.HybridshaveoutpacedBEVsintheUS,EU,andJapanassubsidiesfade,butChinashowspolicycaneffectivelyswitchoffapowertrain.Indiaisdifferent,butnotimmune.

(f)WeareconstructivethroughFY30,notindefinitely.FallingBEVcostsarethelong-termrisk,thoughbounded.StateslikeKeralaandKarnatakaarealreadyrollingbackEVtax

benefits,limitinganymeaningfulconvergencebefore2030.

SeetheDisclosureAppendixofthisreportforrequireddisclosures,analystcertificationsandotherimportantinformation.Alternatively,visitourGlobalResearchDisclosureWebsite.

FirstPublished:15Jun202603:00UTCCompletionDate:15Jun202601:35UTC

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BERNSTEINTICKERTABLE

12Jun2026

TTM

AdjustedEPSAdjustedP/E(x)

Ticker

Rating

Cur

Closing Price

Price

Target

Rel.

Perf.

Cur

2026A2027E2028E

2026A2027E2028E

MSIL.IN(MarutiSuzuki)

O

INR

13,366

18,200

(33.1)%

INR

459.46468.95531.4329.128.525.2

MM.IN(Mahindra&Mahindra)

O

INR

3,042.90

4,200.00

(39.6)%

INR

126.00148.62168.5824.220.518.1

ASIAX

1,966.72

O-Outperform,M-Market-Perform,U-Underperform,NR-NotRated,CS-CoverageSuspendedSource:Bloomberg,Bernsteinestimatesandanalysis.

INVESTMENTIMPLICATIONS

WeareOutperformonMarutiSuzukiandM&M.

Marutihasbuiltpowertrainoptionalityonpurpose:itsFY31ambitionpointsto~35%CNG/CBG,~25%ICE,~25%and15%EV-mixthatisengineeredtowinwhicheverofthosepowertrainactuallypenetrates.Itdoesnotneedtoberightaboutthepowertrainwar.Itneedsonlyforthewartobefought.

EXHIBIT1:Maruti’sstatedpowertrainmixambitionbyFY30/31

CNG/CBG:35%

ICE:25%Hybrid:25%EV:15%

Source:Companydata,Bernsteinanalysis

Thedecisivemoveisthein-houseseries-hybridsystem,debutingontheFronxin2027andspreadingtotheSwiftandBaleno.Itdoestwothingsatonce.ItstripsouttheToyotalicensingcostthathaskeptstronghybridsatapremium-SUVpricepoint.Andbytargeting35+kmplinasub-4mbodythatalreadyqualifiesforthe18%small-carGSTslab,itdragsthestronghybriddowntowardINR1-1.5mn-intotheheartofthemarketforthefirsttime.Thatisthecatalogexpansionandthepriceunlockinasingleproduct.

Mahindraisthemoreinterestingproblem.IthasbeentheloudestEV-firstvoiceintheroom:itclassifieshybridsunder“petrol,”anditopposedhybridincentives.Theirpostureandpositionisclear.Hence,ifHybridsinflectmoreinthecomingyearsvsBEVs,theirhugeEVbetmightlookearly.

ButMahindraisnotallunhedged,andpretendingotherwisewouldbelazy.Itisdevelopingastrong-hybridXUV3XOfor2026(tentative)andrange-extendersfortheBE6andXEV9e-adeliberatestraddlethatletsitpivotifthedataturns.Hence,its

hybridhedgeisrealbutlaterandthinnerthanMaruti’s,anditspublicEVconvictionraisesthecostofbeingwrong.Hence,theperformancewouldbeasymmetrictothedownsideifhybridsinflectonschedule,vindicatedifChinese-styleBEVcostdeclinesarrivefirst.

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DETAILS

INDIABUYSASMANYHYBRIDSASITISOFFERED

EXHIBIT2:India’sstronghybridretailvolumesgrew~85%inCY25,againstastablecountofmodelcatalog

StrongHybridRetailVolumes

Thousands

40

20

25

0

CY22CY23CY24CY25YTDCY26

7models>8models

107k

(2.4%penetration)

57.6k

(1.4%penetration)49.4k

(2.2%penetration)

120

100

80

60

Source:Vahan,Companydata,Bernsteinanalysis

In2025,with8strong-hybridmodelsonsaleagainstmorethan35-40EVs,hybridsalesgrew83%.Onecouldarguethe

growthflattersthepicturethreeways:itisoffalowbase;itisaToyotanumber,notamarketnumber;anditisconcentratedin

twoSUV-MPVbodystylesthathappentobewhereIndia’smoneyismovingregardless.Eachispartlytrue.Toyotaholdsnorthof80%ofthesegment.TheInnovaHycrossandHyryderaloneareroughlythree-quartersofallhybridvolume.

EXHIBIT3:Toyotasells~80%ofStrongHybridsinIndia,butMaruti’svolumeshavealsopickedupsincethelast2years

Thousands

HONDACARSINDIALTDMARUTISUZUKIINDIALTDTOYOTAKIRLOSKARMOTORPVTLTD

10

9

8

7

6

5

4

3

2

1

0

StrongHybridCarsalesinIndia

Source:Vahan,Bernsteinanalysis

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Buteveryoneofthoseobjectionsisitselfacatalogfact.Toyota’s80%shareisnotevidencethatonlyToyotabuyerswant

hybrids;itisevidencethat,untilrecently,onlyToyotawassellingthematscale.TheclinchingdatapointisMarutiwhichhasalsoseenitsvolumepickupbymorethan10%YoY(CY24toCY25)especiallyinPremiumSUVssincethosearebuiltonthesame

Toyotaplatformandthatmatters.Marutialsokeptitstoptrimsashybridonlywithadditionalfeaturesthatarenotavailableonothertrims;anddemanddidappear.Weliketheirstrategy.

EXHIBIT4:Victorisfeaturesheethandedtousbythedealer:Toptrim(ZXI+)isHybridonlyandwithinthetoptrim,severalpremiumfeatures(HUD,ventilatedseats,ambientlighting,ADAS)areHybrid-exclusive.MarutiusesthisfeatureunlocktosellHybrids,inadditiontothefuel-efficiencychoice.

Source:Channelchecks,CompanyData,Bernsteinanalysis

Stepbacktothecross-countryviewandtherelationshipstopsbeingarguable.Hybridpenetrationtracksthesizeofthecatalogalmosteverywhereyoulook-Japanat~34%off~35-40models,Europeat~35%off50-60line-upsthatspannearlyevery

nameplate,theUSat~12–13%off35-40models.Indiasitsaloneinthebottom-leftcornerofthechart,at~2.3%off8models.AsweshowinExhibit2,Indiaisnotadifferentkindofmarket.Itisthesamekindofmarketwiththefewestdoors.

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EXHIBIT5:Moredoors,morebuyers:Hybridpenetrationtracksthesizeofthecatalogue,andIndiahasbyfarthefewestdoors.Modelcountsareestimates;therelationshipisnot

HEVPenetration

USA12%

penetration

~35HEVs

India2.3%

penetration

~8HEVs

0102030405060

HEVModelcount

50%

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

Europe34%penetration~50models

Japan34%penetration35-40HEVs

Source:SNE,Newsarticles,Vahan,BernsteinAnalysis

THECATALOGDOUBLESINTHENEXTEIGHTEENMONTHS

Ifthesegment’ssizeissetbyitscatalog,thenthesinglemostimportantfactaboutIndia’shybridmarketisthatthecatalogisabouttochangeshape.Theupcominglaunchwaveisnotarumouroraroadmapslide-itisadense,front-loadedcohortofconfirmedandadvanced-stageprogrammes,anditisconcentratedexactlywherethevolumeis.

EXHIBIT6:Indiawillgofrom8strong-hybridnameplatesin2025toroughly27by2030;expansionledby

Hyundai’sconfirmed8by2030plan,Maruti’sin-houseseries-HEVprogramme,andawaveofKorean,JapaneseandIndianlaunchesin2026-27.The2026–27step-upistheinflection.

Strong-HybridModelsonSale

20

17

12

8

30

25

20

15

10

6

5

0

2023

ActualsImminentProjected

202420252026202720282030

27

7

HyundaiMotorIndia(notcovered)

Source:CompanyData,NewsArticles,Bernsteinanalysis

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Anditisworthbeingconcreteaboutwhichmodels,inwhichpricebands,arecoming.Themapbelowplaceseveryconfirmed

andprobablehybridbybrandandbyon-roadpriceband-thelevelatwhichtheIndianbuyeractuallytransacts.Theblackcellsaretheexistingbench.Thepurplecellsareconfirmedplannedlaunches.Theredcellsareadvanced-stageprobablelaunches.Thepatternisunmistakable:thewaveclustersintheMid(Belly)bands-15–25lakhon-road-whichispreciselytheheartoftheIndianPVmarket.

EXHIBIT7:Thecatalog,drawnoutbyon-roadprice.3Marutiexistingstronghybrids(Victoris,GrandVitara,

Invicto),4ToyotanameplatesandasingleHondaanchorthebenchtoday.Sixbrandsclusterintothe1.5-3mnon-roadbandoverFY28.Datesandpricesarepress-reported;placementusesindicativeon-roadpricing.

Source:NewsArticles,CompanyData,Bernsteinanalysis

Thecaveat:Indianlaunchtimingslips,andthislisthasslippedalready-theFronxhybridalonehaswanderedfrom2025

to2027asMarutiwrestledthehardwareintoasub-4mbody.Treateverydatehereasindicative.Whatdoesnotslipisthe

direction.Halfadozenmakerswhosatoutthesegmentarenowbuildingintoitatonce,andtheyarenotdoingitonahunch-theyaredoingitbecauseCAFE-IIIcompliancefromApril2027effectivelyrequiresanelectrifiedbench,andaself-charginghybridisthecheapestonetobuild.

Thepartthatchangesthesegment’sshape,notmerelyitssize,isthein-houseseries-hybrid.UntilnowastronghybridinIndiameantaToyotasystemina25lakhSUV.Maruti’shomegrownseries-HEV-asmallpetrolengineactingpurelyasagenerator,architecturallyclosertoNissan’sePowerthantoToyota’spower-split-isdesignedtodeliver35+kmplwithoutthelicensingcost,incarsthatsellbelow15lakhex-showroom.Thatisthedifferencebetweenaddingmodelstoapremiumnicheand

openingthesegmenttothemassmarket.ThecatalogdoesnotjustgetlongerinFY27/28.Itgetscheapertoo!

THETAXWALL,ANDHENCETHEPRICEGAPISREAL

EVsaretaxedat5%andstronghybrids(>4m)at40%,smallhybrids(<=4m)at18%-atparwithICEvehicles.Thatgapisthedefiningfeatureoftheregime,anditisslightlyoppositeofthemarketwheretheglobalhybridtakeoffactuallyhappened.There,hybridsreceivedfavourabletreatment-Japan'seco-carprogrammefrom2009cutacquisitionandweighttaxestonear-zerofornon-plugHEVs,Koreafollowedthesamelogic,offeringconsumptiontaxreductionsforstrongHEVs,reaching24%hybridpenetrationby2024.

InIndia,statepolicycouldbethewildcard,butthelessonthereisgraduated.UttarPradesh’s2024road-taxwaivercuton-

roadhybridpricesandbrieflyturnedthestateintooneofIndia’slargesthybridmarkets-proofofhowviolentlyvolumesrespondtoprice.ThenitlapsedinOctober2025andsalesslowedatonce-proofthatstatewaiversareacatalyst,notafoundation.

Wetreatthemashigh-betaandlow-durability:arenewalinUP,oraMaharashtraorKarnatakafollowingsuit,couldbevolume

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catalyst;aChhattisgarh-styleexclusionisthebearcase.Neitherbelongsinthebasecase.

Thatleavesthetwopolicydebatesthatactuallyboundthethesis.CAFE-III,fromApril2027,cutthestrong-hybridsuper-creditfrom2.0to1.6whileleavingEVsat3-arealtilttowardBEVs,butamodesterosionofhybridcompliancevalue,andonethatstillleaveshybridsearningtheirkeep.AndNITIAayogcontinuestoholdtheZEV-onlyline,decliningsofartowidenthedefinitiontoincludehybrids,withalifecycle-emissionsstudystillpending.Thethesisdoesnotrequireanyofthistobreakthehybrids’way.Itrequiresonlythatthewallstayroughlywhereitiswhilethecatalogfillsinbehindit.Oncurrentpolicy,thatispreciselythebasecase-andCAFE-III,forallitsEVtilt,isitselfthereasonMarutiandMahindraarebuildinghybridsatall.

RESIDUALVALUESANDACCORDINGLYTHETCOSTRENGTHENTHEHYBRIDCASE

TheTCOdebateinIndiaisconductedalmostentirelyonfuelcost,andthatleavesoutoneofthelargestnumbersinthe

calculation.Overfiveyears,theaverageBEVloses60%ofitsvalue;theaveragehybridloses35%.Ona40lakh-equivalent

vehiclethatgapisworthmorethanthefuelsavingstheEVwassupposedtodeliver.Residualvalueisaquietlylargevariableinthetotal-costpicture,anditpointsthesamewaythechargingmapdoes.

EXHIBIT8:OverfiveyearstheaverageBEVlosestwo-thirdsmoreofitsvaluethantheaveragehybrid-alineitemtherunning-costdebateoftenleavesout

Valuelostover5years

55-60%

35%

BEVs

HybridEvs

0%10%20%30%40%50%60%70%

Source:iSeeCars,NewsArticles,Bernsteinanalysisandestimates

Nowthecomplication,becausethehybridcaseisnotacleansweeponrunningcost.OntheGrandVitara,independenttestingputsthehybrid’sbreakevenagainstthemild-hybridpast1.1lakhkms(or5years,ifcardrives60kmseachday),andCNG-atroughly3/kmagainstthehybrid’s3.5-isgenuinelycheapertorun,bootspacepermitting.Foralow-mileageprivatebuyer

choosingonfuelalone,thestronghybriddoesnotobviouslywintoday.Thatisthetruth,anditiswhytoday’shybridisahigh-mileageandfleetpropositionmorethanauniversalone.

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EXHIBIT9:ThestronghybridcommandsaINR0.3-0.5mnon-roadpremiumoveritsSmartHybridequivalent-a

gapthatrequires>100Kkmstorecoveronfuelalone,makingthepropositionfleet-andhigh-mileage-skewedatcurrentprices

VictorisVariant

(ascendingorder)

Powertrain

OnroadPrice

(INRmillions)

LXI

CNG

1.42

VXI

CNG

1.57

SmartHybrid

1.67

StrongHybrid

2

ZXI

CNG

1.77

SmartHybrid

1.88

StrongHybrid

2.2

ZXI+

SmartHybrid

2.2

StrongHybrid

2.4

Source:Channelchecks,SecondaryData,Bernsteinanalysisandestimates

Whichisexactlywhythetwoforcesinthisnotecompound.Droptheupfrontpremiumwiththein-houseseries-HEV,andthe

breakeventhatlooksunreachableona20lakhSUVbecomesordinaryona12lakhone.Layeronaused-carmarketthatis

formalisingfast-Spinny,Cars24,OEM-certifiedprogrammes-whichrewardsexactlythepredictableresidualshybridsoffer

andpunishesthevolatilityBEVshaveshown.Indiahasalreadyhaditscautionarytale:theBluSmartcollapseputEVfleet-

residualriskonthefrontpage.Theresidualargumentisnotaside-notetothehybridcase.Fortheprivatebuyer,itmaybethecase.

WHATTHEWORLDTELLSUS-ANDWHATITDOESN’T

Theglobaltapelooks,atfirstglance,likeanunqualifiedendorsement.AsEVsubsidieswerepulled,hybridsout-accelerated

pureBEVsacrosseverymajorWesternmarketandJapan,whileplug-inhybridsandrange-extendersdroveChina’sentireNEVsurge.However,theread-acrosscutsbothways,andthehonestversionismoreusefulthanthetriumphantone.

EXHIBIT10:WhenBEVsubsidieswerewithdrawnacrosskeyEUmarkets,stronghybridsandnotPHEVsabsorbeddisplaceddemand,nowexceeding1.2mnunits/quarterandoutpacingBEVs;EuropeisIndia'supsidescenario.

EUEVVolumeTrends

Thousands

1,400

1,200

1,000

800

600

400

200

0

PhasingoutofBEV

incentivesbyGermany,Belgium&Sweden

EUBEVEUHEVEUPHEV

Source:SNEResearch,Bernsteinanalysis

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EXHIBIT11:Therevocationofthe$7,500EVtaxcreditsentBEVvolumesdown~55%QoQ;HEVsheldfirmat~575k/quarter,demonstratingthatbuyersre-priceratherthanabandonelectrification-themostdirectanaloguefor

India'smass-marketconsumer.

Thousands

Federaltaxcredit($7.5k)onEVs

revoked.BEV

volumes-55%QoQ

700

600

500

400

300

200

100

0

USBEVUSHEVUSPHEV

USEVVolumeTrends

Source:SNEResearch,Bernsteinanalysis

EXHIBIT12:China:HEVsflatlinednotbyconsumerchoicebutbypolicydesign-Beijing'sdeliberateexclusionofstronghybridsfromgreenplatesandtaxbreaksisthedownsidebookendforIndia'shybridmarket.

Millions

ChinaEVVolumeTrends

5%purchasetaximplementedonBEVsandPHEVsfromfullexemption

3.0

2.5

2.0

1.5

1.0

0.5

0.0

ChinaBEVChinaHEVChinaPHEV

Source:SNEResearch,Bernsteinanalysis

Tworeadingsmatter.ThebullishoneistheUS,EUandJapan:wherechargingisthin,fuelisdearandsubsidiesfade,buyersreachforthehybrid,andtheydosooneconomicsandfamiliarityratherthanmandate.ThatisIndia’sfundamentalprofile

almostexactly.ThecautionaryoneisChina-anditisthemoreinstructive.Strong,non-plughybridswerenotrejectedby

Chineseconsumers;theywerelegislatedout.BeijingdeniedHEVsthegreenplates,thepurchase-taxbreakandthelicence-plateexemptionsithandedBEVsandplug-ins,andthesegmentsimplyneverformed.Thelessonissobering:adeterminedgovernmentcanmakeaviablepowertraindisappearbywithholdingstatusfromit.

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Soweusetheseasscenariobookends,nottemplates.TheupsidebookendisaUS/Japanpathwhereeconomicsandafilling

catalogcarryhybridstohigh-singleorlow-double-digitshare.ThedownsidebookendisaChina-styleoutcomewhereIndia’sBEV-firstcentralpolicyhardens,thecatalogisallowedtostaythin,andthesegmentiscappedbyfiat.Indiaisstructurally

differentfromallfour-notimmunetoanyofthem.Thatispreciselywhythecatalog,theonevariableproducerscontroldirectly,istheswingfactorratherthanpolicy,whichtheydon’t.

WHERETHINGSCOULDGOTHEOTHERWAYROUND

Aupsidecaseonhybridisonlyworthholdingifyoucanstatethedownsidecasethatwouldbreakit,inthesameplainlanguage.Hereisours,andwedonotthinkitisweak.Thegenuinethreatisnotthetaxwall-itistheBEVcostcurve.IfChinese-style

batteryeconomicsarriveinIndiathroughBYD(coveredbyEuniceLee),MG(partofSAICgroupcoveredbyEuniceLee)anda

re-energisedTata(notcovered),theEV’sstickerpremiumnarrows,itsrunning-costedgeholds,andthehybrid’ssweetspot-thegapitoccupiesbetweenexpensiveBEVsanddirtyICE-closesfromtheEVside.Theearlysignsarenotnothing:EUBEV

registrationsre-acceleratedinthesecondhalfof2025,andChineseBEVsout-grewplug-inhybridsin2025forthefirsttimeinthreeyears.

Buttoargueagainst,doyouthinkthe5%rateonEVsandtheroadtaxexemptionsareofaconstantnature?Wedon’tthinkso.Itisapolicychoice,anditwillnotsurviveforeverifBEVvolumesbecomelargeenoughtohurtstatefinances.Karnatakahas

justshownhow.Facedwitha~INR21billionrevenueshortfallinFY25–26-withEVexemptionscitedasacontributingcause-thestateendeditsfullEVroad-taxexemptionfromApril2026andre-introducedatiered5/8/10%lifetimetax.Keralamovedsimilarlyearlierin2025,hittingEVsover1.5millionwith8%andover2millionwith10%.The5%centralGSTrateissticky,buttheeffectiveEVtaxburdenisthecentralrateplusstatechoices-andthestatechoiceshavebeguntodrifttheotherway.As

BEVadoptiongrows,thepressuretoclawbackexemptionsgrowswithit.Wedonotexpectthe“effective”pricegapbetweenEVsandICEtonarrowmeaningfullybefore2030.ThebearcasefromBEVcostcompressionisreal;itisalsobounded.

Threefurtherrisksdeservenamingandsizing.Chargingbuild-out,ifitscalesfasterthanweassume,erodestheno-charging-anxietyadvantagethatanchorsthehybridcase.Policycanhardenratherthanhold-morestatesadoptingtheChhattisgarhexclusion,oraNITIlifecyclestudythatrulesagainsthybrids,wouldeachtightenthecap.Andrare-earthmagnetsupplyisa

sharedconstraintthathitshybridsandEVsalike,thoughitmodestlyfavourshybridsonabsolutemagnetcontentpervehicle.Noneoftheseisfatalonitsown;together,inadownsidecase,theykeephybridsstuckat3-5%ratherthanclimbingtoour7-8%.

Thisiswhyweboundthecall.Wearebullishonthestrong-hybridsegment,andonMarutiasitscleanestexpression,throughthebackhalfofthisdecade-thewindowinwhichtheFY27/28/28catalogfillsinandBEVcostparityhasnotyetarrived.

Beyond2030thepictureisgenuinelytwo-sided,andwewillnotpretendtoseethroughit.Italsomeansthelargestpieceofhybridcapexonthetable-Toyota’s200billionMaharashtraplant,Maruti’snewhybridlines-carriesrealterminal-valueriskifthewindowclosesearly.Wearepositiveforfiveyears.Wearenotpositiveforever,andanotethatclaimedotherwisewoulddeservelesstrust,notmore.

THETRADE

Stripeverythingelseawayandonevariabledecidesthis.Notthetaxrate,whichishostilebutstable.Notconsumerappetite,whicheightmodelshavealreadydemonstrated.Thecatalog.ItroughlydoublesfromFY28.Thatisthewholethesis,anditiswhywearepositive-bounded,butpositive-onthesegmentandonthenamesleveredtoit.

Weexpec