Link of Audio Recording of Conference call held on 20/05/2026.

AI summary - Q1 FY26 revenue 44.17bn +5.19% y-y; PAT 9.69bn +24.87% y-y; EBITDA margin 29.86% - QRSAM order expected by Q4 FY26; major subsystem orders for MSR in Q3-Q4 FY26 - Kusha missile development ongoing with DRDO; order conversion in 3-4 years - FY26 revenue growth guidance >15%; EBITDA margin guidance >27% - Export target $120m+; aiming for 10% of turnover from exports in 5 years - Capex guidance INR1,000+ Cr; R&D investment INR1,600+ Cr - Order book INR74,859 Cr as of July 1, 2025; 90% nomination, 10% competitive - Services business to grow from 10-11% to 13-15% of turnover - Indigenous content ~70% in Next-Gen Corvette program - Simulator business ~2-3% of total revenue with export potential