Transcript of the conference call held on 27 October 2026 of the Company''s Q2 FY27 results.

AI summary - Q2 FY27 volumes exceeded 1.5 million units, +20% y-y; revenue surpassed INR20,000 Cr, +34% y-y - Exports hit 7.8 lakh units, highest quarterly export revenue nearly $800 million; exports ~40% of revenues - Domestic EV volumes doubled y-y to ~2 lakh units; EV business now margin accretive with double-digit EBITDA - Inflationary input costs added 3-3.5% of revenue in Q2; calibrated pricing covered 50-60% of inflation impact - EBITDA INR4,172 Cr, +37% y-y; margin steady at 20.9%, expanded 40 bps y-y despite EV mix dilution - New Pulsar launches driving share gains in 150cc+ segment; old Pulsar portfolio drag due to channel stock flush - Export growth driven by market share gains, new segments, and KTM recovery; targeting sustained 7.5 lakh units/quarter - EV capacity at 60,000 units/month, expanding to 80,000 by Q4; 550+ exclusive Chetak stores, 75 more planned in Q3 - Electric 2-wheeler penetration at 25% of scooter market; expected to rise with economics and fuel availability concerns - Domestic 2-wheeler growth led by 150cc+ motorcycles and EV scooters; rural demand impacted by weak monsoon - PLI incentives boosted EV profitability; accrual rate at 18% on EV revenues for H2 FY27 - KTM business EBITDA positive at EUR38 million H1 FY27; BACL profit up 85% y-y with strong AUM growth