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Mint
04-07-2025
- Automotive
- Mint
Tractor firms want rollout of new emission rules delayed; agri panel submits report
New Delhi: A committee set up by the agriculture and farmers' welfare ministry to examine the implementation of tractor and machinery emission standards-phase V, or TREM V, has submitted its report, a senior government official confirmed. The report comes amid the road transport and highways ministry (MoRTH) decision to implement the rules from 1 April next year. However, tractor manufacturers, under the aegis of the Tractor and Mechanization Association (TMA), are lobbying to postpone the new rules. They argue that TREM V-compliant tractors will become prohibitively expensive for small and marginal farmers due to their electronic systems and sensors, unlike the more mechanically oriented tractors. TREM V rules will be applicable for all tractors with engines above 26 HP (horsepower). TREM IV rules, implemented in January 2023, apply to 50 HP engine tractors. Higher costs could slow down farm mechanisation in India, which already trails global benchmarks, people associated with the tractor industry said. "The industry is very competitive… with new rules, the tractor prices may go up by at least 15%, especially for small farmers who may find it difficult to afford these upgraded tractors," said Raman Mittal, joint managing director, International Tractors Ltd. Currently, India's farm mechanisation stands at about 47%, compared to 60% in China and 75% in Brazil, according to A.S. Mittal, president of TMA. Mittal said the Euro V-equivalent rules being pushed through may not suit India's farm and economic realities. European farmers use 200–250 HP tractors to manage vast landholdings. In India, the average tractor is under 50 HP. "Countries such as the US, Australia, Brazil, and Thailand have also expressed reservations about the suitability of Euro Vnorms in agricultural applications," he added. Mittal recently met agriculture and farmers' welfare minister Shivraj Singh Chouhan to express industry concerns. The agriculture and highways ministries did not reply to queries emailed on 3 July. New vs old TREM V emphasises on adoption of advanced technologies like common rail direct injection, exhaust gas recirculation, diesel particulate filter and high-level electronics, ensuring compliance with stricter standards around emission limits. TREM IV emission rules had mandated the adoption of similar technologies, but for above 50 HP engine tractors. According to Crisil ratings, domestic sales volume of tractors is set to hit an all-time high of 9.75 lakh units in FY26, increasing 3-5% on-year, supported by an expected above-normal monsoon, higher minimum support prices (MSPs) for key cash crops and better replacement and construction demand. 'The Indian Meteorological Department's forecast of above normal monsoon should lift rural sentiment and reinforce farmer confidence, which is crucial for driving farm investments such as tractors. This, along with the expected rise in MSP for key cash crops, and pick-up in construction activity… should help drive 3-5% volume growth for tractors this fiscal," according to Anuj Sethi, senior director, Crisil Ratings. 'The anticipated TREM V-driven price hikes from April 2026 could trigger pre-buying in the last quarter of fiscal 2026, providing a boost to volume," Sethi said. He said a similar trend had played out post the TREM IV rollout, when above-50 HP tractor sales dropped, and farmers pivoted to 41-50 HP models. What Gadkari said Road, transport and highways minister Nitin Gadkari has been promoting alternative engine technologies as a solution to both cost and pollution concerns. 'That's the reason I am giving an option to them that you can make the tractor on flex engines that is on 100% bioethanol," Gadkari told Mint in an interview. "Already John Deere has developed that model, I've seen that model in Brazil. The second is electric tractor and third is we can make tractor on CNG. So, by which they can reduce the cost and the pollution. Actually, I am giving farmers the opportunity. Why are you not converting your tractor to ethanol, or even CNG, or even looking at electric?" On being asked whether, the government will offer some support to equipment makers, Gadkari added, "You don't need support. It's a simple thing. Entire infrastructure is available to support vehicles-based on flex fuel engines. We have notified there will be 100% ethanol at pumps." However, industry representatives said these technologies are still nascent in India and may not immediately solve the affordability and serviceability concerns of small farmers. Also Read: Centre mandates waterproofing test for tractors used in wetland cultivation
Time of India
18-06-2025
- Business
- Time of India
Tractor sales in India likely to see 4-7% growth in FY26: ICRA
Tractor sales in India are likely to see a moderate growth of 4-7 per cent in 2025-26 on the back of a favourable monsoon forecast, which is expected to support agricultural production, ratings agency ICRA said on Wednesday. Pre-buying ahead of the TREM V emission norms, proposed to take effect from April 1, 2026, could further aid volume growth, ICRA said in a statement. "The industry wholesale volumes grew at 7 per cent in FY2025, aided by steady demand amid adequate rainfall. In FY2026, the industry is expected to report a growth of 4-7 per cent supported by a favourable monsoon forecast," it said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo Citing IMD ( India Meteorological Department ) forecast of an above-normal precipitation at 105 per cent of the long period average (LPA) during the current monsoon season as per first long-range forecast, ICRA said, favourable monsoon and increased crop production will support industry volumes. "Further, the third advance estimates, released in May 2025, indicate a YoY increase of 7.9 per cent in kharif crop output. Rabi crop sowing also marked a YoY increase of 1.5 per cent, which provides optimism regarding improved agri-output and farm income," the ratings agency said. Live Events In May 2025, tractor wholesale and retail volumes rose by 9.1 per cent YoY and 2.8 per cent YoY, respectively. The demand remains supported by positive farm sentiments on the back of early monsoon arrival and timely onset of kharif sowing, ICRA noted. It, however, pointed out that commodity costs are expected to see an uptick in FY26 due to the imposition of 12 per cent tariffs on some steel imports from April 2025 coupled with an increase in domestic steel demand. However, the credit profile of tractor manufacturers is anticipated to remain supported by likely rise in volumes, low debt and adequate cash and liquid investments, the statement said.
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Business Standard
18-06-2025
- Business
- Business Standard
Tractor sales in India may grow 4-7% in FTY26 on monsoon boost: ICRA
Tractor sales in India are likely to see a moderate growth of 4-7 per cent in 2025-26 on the back of a favourable monsoon forecast, which is expected to support agricultural production, ratings agency ICRA said on Wednesday. Pre-buying ahead of the TREM V emission norms, proposed to take effect from April 1, 2026, could further aid volume growth, ICRA said in a statement. "The industry wholesale volumes grew at 7 per cent in FY2025, aided by steady demand amid adequate rainfall. In FY2026, the industry is expected to report a growth of 4-7 per cent supported by a favourable monsoon forecast," it said. Citing IMD (India Meteorological Department) forecast of an above-normal precipitation at 105 per cent of the long period average (LPA) during the current monsoon season as per first long-range forecast, ICRA said, favourable monsoon and increased crop production will support industry volumes. "Further, the third advance estimates, released in May 2025, indicate a YoY increase of 7.9 per cent in kharif crop output. Rabi crop sowing also marked a YoY increase of 1.5 per cent, which provides optimism regarding improved agri-output and farm income," the ratings agency said. In May 2025, tractor wholesale and retail volumes rose by 9.1 per cent YoY and 2.8 per cent YoY, respectively. The demand remains supported by positive farm sentiments on the back of early monsoon arrival and timely onset of kharif sowing, ICRA noted. It, however, pointed out that commodity costs are expected to see an uptick in FY26 due to the imposition of 12 per cent tariffs on some steel imports from April 2025 coupled with an increase in domestic steel demand. However, the credit profile of tractor manufacturers is anticipated to remain supported by likely rise in volumes, low debt and adequate cash and liquid investments, the statement said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
04-06-2025
- Automotive
- Time of India
I-Sec upgrades Bosch to Hold, raises target price to Rs 30,000
ICICI Securities has upgraded Bosch to Hold, revising the target price to Rs 30000. The upgrade is supported by Bosch India's Q4FY25 performance, with revenue growth driven by the mobility segment and stable EBITDA margins. Technological and regulatory changes are expected to increase the company's content per vehicle in the medium to long term. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads (Disclaimer: Views and recommendations given in this section are the analysts' own and do not represent those of Please consult your financial adviser before taking any position in the stock/s mentioned.) ICICI Securities has upgraded Bosch to Hold from reduce with a revised target price of Rs 30000 (earlier Rs 25,130). The current market price of Bosch is Rs incorporated in 1951, is a Large Cap company with a market cap of Rs 92521.55 crore, operating in the Auto Ancillaries key products/revenue segments include Automotive Products, Consumer Durables, Others, Sale of services, Rental Income, Other Operating Revenue, Export Incentives, Scrap for the year ending the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 5147.40 crore, up 10.59% from last quarter Total Income of Rs 4654.70 crore and up 15.43 % from last year same quarter Total Income of Rs 4459.50 crore. The company has reported net profit after tax of Rs 553.60 crore in the latest company's top management includes Bhattacharya, Mudlapur, Mr.N Sandeep, Grosch, Ravichandar, Mr.S V Ranganath, Katragadda, Kumar Goenka, Khare, Bhattacharya, Gilges, Mudlapur, Mr.N Sandeep, Grosch, Ravichandar, Mr.S V Ranganath, Katragadda, Kumar Goenka, Khare, Gilges. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-03-2025, the company has a total of 3 crore shares India?s (BOS) Q4FY25 EBITDAM of 13.2% (flat YoY) was in line with consensus estimate. Gross margin improvement of ~300bps was offset by higher other expenses. Revenue grew 16% YoY in Q4 to INR 49bn led by growth in mobility segment (mainly in tractor and PC segments). EBITDA margin at 13.2% was largely in line with consensus estimates, with share of traded goods declining to ~40% in Q4, led by localisation efforts. In medium to long term, technological and regulatory changes, including TREM V norms, are expected to increase the company?s content per vehicle. ICICI Securities has upgraded it to HOLD from Reduce with DCF-based revised target price of Rs 29,950 (earlier: Rs 25,130), implying 35x FY27E EPS, with EPS CAGR of ~12% over held 70.54 per cent stake in the company as of 31-Mar-2025, while FIIs owned 6.09 per cent, DIIs 15.97 per cent.
Economic Times
04-06-2025
- Automotive
- Economic Times
I-Sec upgrades Bosch to Hold, raises target price to Rs 30,000
ICICI Securities has upgraded Bosch to Hold from reduce with a revised target price of Rs 30000 (earlier Rs 25,130). The current market price of Bosch is Rs 31450.95. ADVERTISEMENT Bosch, incorporated in 1951, is a Large Cap company with a market cap of Rs 92521.55 crore, operating in the Auto Ancillaries sector. Bosch's key products/revenue segments include Automotive Products, Consumer Durables, Others, Sale of services, Rental Income, Other Operating Revenue, Export Incentives, Scrap for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 5147.40 crore, up 10.59% from last quarter Total Income of Rs 4654.70 crore and up 15.43 % from last year same quarter Total Income of Rs 4459.50 crore. The company has reported net profit after tax of Rs 553.60 crore in the latest quarter. The company's top management includes Bhattacharya, Mudlapur, Mr.N Sandeep, Grosch, Ravichandar, Mr.S V Ranganath, Katragadda, Kumar Goenka, Khare, Bhattacharya, Gilges, Mudlapur, Mr.N Sandeep, Grosch, Ravichandar, Mr.S V Ranganath, Katragadda, Kumar Goenka, Khare, Gilges. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-03-2025, the company has a total of 3 crore shares outstanding. Investment Rationale ADVERTISEMENT Bosch India?s (BOS) Q4FY25 EBITDAM of 13.2% (flat YoY) was in line with consensus estimate. Gross margin improvement of ~300bps was offset by higher other expenses. Revenue grew 16% YoY in Q4 to INR 49bn led by growth in mobility segment (mainly in tractor and PC segments). EBITDA margin at 13.2% was largely in line with consensus estimates, with share of traded goods declining to ~40% in Q4, led by localisation efforts. In medium to long term, technological and regulatory changes, including TREM V norms, are expected to increase the company?s content per vehicle. ICICI Securities has upgraded it to HOLD from Reduce with DCF-based revised target price of Rs 29,950 (earlier: Rs 25,130), implying 35x FY27E EPS, with EPS CAGR of ~12% over FY25-27E. Promoter/FII Holdings Promoters held 70.54 per cent stake in the company as of 31-Mar-2025, while FIIs owned 6.09 per cent, DIIs 15.97 per cent. (You can now subscribe to our ETMarkets WhatsApp channel) Disclaimer: Views and recommendations given in this section are the analysts' own and do not represent those of Please consult your financial adviser before taking any position in the stock/s mentioned.
