Transcript of Conference Call

AI summary - FY26 consolidated revenue INR 23,408 Cr, EBITDA INR 5,785 Cr, PAT INR 5,515 Cr - Royal Enfield FY26 sales 1.227 million motorcycles, domestic +23%, international +20% - FY27 capacity to rise to 1.6 million units by July; 2 million by Q2 FY28 with Cheyyar expansion - Commodity cost headwind ~3-3.5% in Q1 FY27; 1.75% price hike taken in April - New vehicle financing JV with Volvo planned; initial investment up to INR 750 Cr - VECV FY26 revenue INR 27,077 Cr, EBITDA INR 2,563 Cr, PAT INR 1,471 Cr; record 103,404 units sold - Electric vehicle focus: Flying Flea launched; VECV expanding electric bus portfolio - Strong demand outlook with April FY27 growth 31%; premium motorcycle segment growing robustly - Replacement demand growing; 30% of Royal Enfield customers below 25 years - Greenfield plant in Andhra Pradesh planned; land acquired, operational in 24-30 months