Transcript of Conference Call

AI summary - Q1 FY27 consolidated revenue INR 6,632 Cr +32% y-y; EBITDA INR 1,591 Cr; PAT INR 1,463 Cr +21% y-y - Royal Enfield Q1 sales 332,940 units (+27% y-y), launched Flying Flea C6 electric motorcycle and Bullet 650 - Manufacturing capacity expanding: brownfield Cheyyar to 2 mn units by FY28; greenfield Tada 1.225k Cr for 4.5 lakh units by FY30 - VECV Q1 sales 24,815 units +14.8%, revenue INR 6,610 Cr, EBITDA margin 8.4%, launched Volvo FMX Edge truck - Commodity inflation impacted gross margin by ~4-4.5% in Q1; price hikes partly offset by 1.2% - Strong demand momentum with 10-12 days dealer inventory; production ramped to 5,000+ units/day - International business doubled in 2 years; Brazil largest export market, 15% of revenue - Accessories and service revenue growing fast, now 15% of total; 87% accessory penetration - Management confident of sustaining growth despite high base in H2 FY27; new product launches and marketing planned