Transcript of the conference call held on 21 July 2026 of the Company''s Q1 FY27 results.

AI summary - Q1 FY27 volumes at 1.4 mn (+29% y-y), revenue INR17,244 Cr (+37% y-y), EBITDA INR3,596 Cr (+45% y-y), PAT INR3,000 Cr (+42% y-y), EBITDA margin 20.9% - Commodity inflation hit 4.5% of revenue; pricing offset ~50%, rest absorbed via cost control and currency - Exports strong at 732k units; Africa and LatAm markets grew >2x industry; exports 40% of revenue - Domestic 150cc+ motorcycle segment growing >20%, EV two-wheelers grew ~70%, EV now 30% of domestic revenues with double-digit EBITDA margin - Capacity constraints in EVs and high-end bikes; capacity expansion underway from 7 mn to 9 mn units - KTM turnaround progressing; BACL AUM INR20,000 Cr (+70% y-y), PAT INR227 Cr (+100% y-y) - Outlook: volatile inflation and supply chain; focus on portfolio refresh, capacity, cost discipline, and market share gains