Earnings call transcript

AI summary - FY26 CV volume reached all-time high of 220,437 units; domestic MHCV volume grew 12% y-y with 30.8% market share - Q4FY26 revenue 14,161 Cr (+19% y-y), EBITDA 2,066 Cr (+15.3%), margin 14.6%; FY26 revenue 44,007 Cr (+13.6%), EBITDA margin 13% (+30 bps) - Export volumes grew 18.5% in FY26; Q4 exports impacted by logistics issues - Capex FY26 at 1,050 Cr focused on new products and EV tech; net cash increased by 1,650 Cr to 5,899 Cr - Switch Mobility India profitable in FY26; electric bus deliveries up 238% y-y - Defense revenue grew 20%, order book strong at 1,500+ Cr with multi-year supply schedules - FY27 demand outlook cautiously optimistic; diesel price hikes and commodity cost pressures expected - Price hikes of 1-1.5% taken; commodity cost increases managed by value engineering and cost controls - FY27 capex guidance 750-1,000 Cr; investments in subsidiaries based on need - Fleet owners remain committed to expansion plans despite diesel availability issues in some regions - Heavy-duty trucks and tipper segments expected to outperform; LCV and ICV may moderate from Q4 levels - ESG progress with 77% renewable energy usage and improved sustainability scores