India's record car sales hid a profit squeeze hitting every big OEM
India's automakers sold a record 1.27 million passenger vehicles in Q1FY27 — yet every major OEM's operating margin fell anyway. The GST 2.0 cut lured first-time buyers but a distant conflict spiked commodity costs, letting Maruti's revenue climb ~36% while net profit dropped ~11%. Record demand, shrinking profits: margin, not sales, is the story.