According to Nitesh Sharma, an analyst at PhillipCapital (India) Pvt. Ltd, Ashok Leyland and M&M may be the worst off with a 10-15% hit on operating profit for FY18. Although Hero has the highest inventory among automakers and hardly any addressable export markets, given the relatively smaller value of two-wheelers in comparison to commercial vehicles, it may take a 3-5% hit on operating profit. The case of Tata Motors, although significant, has little bearing on the consolidated profits, in any case.