Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 volumes exceeded 1.5 million, +20% y-y; revenue surpassed INR20,000 Cr, +34% y-y; EBITDA INR4,172 Cr, +37% y-y; PAT INR3,354 Cr, +35% y-y - Export volumes at 7.8 lakh units, highest quarterly exports revenue ~$800 million; exports ~40% of revenues - Domestic EV volumes doubled y-y, contributing >33% of domestic revenues; EV business now margin accretive to domestic - Commodity inflation in Q2 ~3-3.5% of revenue; calibrated pricing covered 50-60% of inflation in H1 - Capacity constraints in EVs, high-end bikes, 3-wheelers; EV capacity to expand from 60k to 80k units/month by Q4 - New Pulsar launches driving share gains in 150cc+ segment; old Pulsar portfolio drag expected to flush out by Jan - Export growth driven by market share gains, new segments, new markets, and KTM business recovery - PLI incentives on EV revenues increased to 18% in Q2; sustainability depends on cost reductions post-PLI expiry - Network expansion: 550+ exclusive Chetak stores, 75 more planned in Q3; combined motorcycle and Chetak BU for synergy - Outlook: inflationary pressures persist; pricing actions to be calibrated; currency volatility a potential headwind - Multiple analyst queries on EV profitability and market share dynamics; management optimistic on leadership and growth