Maruti Suzuki India — exposure vector and ranked leads

Layer two — exposure vector, eight coefficients

hover for source in filings

LCY revenue share~90% INR

Segment note+ stress

Import content of COGSComponents and JPY royalty

Procurement, related-party+ stress

FX-denominated debtMinimal

Debt note− hedge

Intercompany vs externalParent royalty flow

Related-party note+ stress

Export shareGrowing, Africa and LatAm

Revenue by destination− hedge

Inventory + rcv daysDealer floorplan

Working capital schedules+ stress

Wage baseUnion agreements

Employment noteneutral

Trapped cashNone

Cash restrictions note− hedge

Sign convention matters as much as magnitude — an exporter with hard-currency receivables gains from the same move that destroys an importer.

Layer three — diagnosis

Rupee revenue against a yen royalty and an imported component basket now subject to BIS certification on more lines. Exposure is landed cost and the dealer floorplan, not the balance sheet.

Country signal in force

CPI YoY

4.6%

Policy rate

6.50%

USD/INR

88.1

Parallel prem.

n/a

Reserves

$690b

Sov. spread

112bp

Ranked lead set

01Multi-year
Dealer floorplan finance
Fund the dealer network on the export and domestic mix; sticky annuity.
TTSStickiest annuity
02Quarterly
JPY/INR hedging programme
Cover the royalty and component payable calendar.
MarketsRecurring
03Per shipment
Import LCs with BIS handling
Documentary structure aligned to quality control orders.
TTS TradeFlow
04As routes open
Export corridor solutions
Collection and FX rails for new destination markets.
TTSMid

Timing is the product: the pitch is strongest at computable moments — the quarter a coefficient breaches a threshold, and the month the policy window reopens.