Earnings call transcript

AI summary - Q4 FY26 consolidated revenue INR 3,530 Cr, +15% y-y; Lead Acid 92%, New Energy INR 280 Cr - Lead Acid OEM 4W volumes +30%, aftermarket +5-6%, tubular battery volumes +35% - FY26 consolidated revenue INR 13,814 Cr, +7.5% y-y; EBITDA margin 10.8% consolidated, 12.2% Lead Acid - New Energy: 300 MWh telecom packs supplied; Giga 1 cell line commissioning June 2027 - FY27 capex INR 1,500-1,700 Cr; INR 400 Cr Lead Acid, INR 1,100-1,200 Cr New Energy - FY27 Lead Acid growth mid- to high single digits; margin target 13-14% over time - New Energy BESS plant margins 6-7% initially, potential upside with scale - Cell manufacturing cost gap vs imports ~15-20%; ROCE expected low double-digit at 8-10 GWh scale - Lead Acid demand to persist with hybrids and ICE vehicles; flexible strategy for transition - Localization and government policy expected to support New Energy and BESS growth