Transcript of the conference call held on 06 May 2026 of the Company''s Q4 FY26 results.

AI summary - Q4FY26 revenue crossed INR16,000 Cr (+32% y-y), EBITDA INR3,323 Cr (20.8% margin), PAT INR2,746 Cr (+34% y-y) - FY26 revenue INR58,000+ Cr (+17%), EBITDA INR12,000+ Cr (20.5% margin), PAT INR9,825 Cr (+21%) with record volumes of 5 mn units - Exports strong with 25% volume growth in Q4; Nigeria stabilizing, Latam and Asia outperforming - Domestic 150cc+ motorcycle segment growing faster; Pulsar NS range growing twice industry rate - Electric 2W and 3W business EBITDA margin reached double digits; Chetak capacity at 50k/month - Commodity inflation expected 3.5-4% revenue impact in Q1FY27; 40% offset by price hikes; currency tailwind INR94-95/USD - Board approved final dividend INR150/share and buyback INR5,633 Cr at INR12,000/share, payout in July - KTM consolidated from Nov 2025; turnaround plan underway; BACL lending book doubled with PAT INR665 Cr - Near-term motorcycle growth expected 7-9%, led by 125cc+ and 150cc+ segments; EV 3W and 2W growth accelerating - Supply chain and LPG shortages caused 10-15% demand servicing impact in April; logistics managed well despite container challenges