Transcript of Earning Conference Call held on August 03, 2026

AI summary - Q1 FY27 standalone revenue INR3,178.9 Cr +28% y-y; EBITDA INR355.4 Cr +9.4% y-y; margin 11.2% vs 13.1% y-y; PAT INR387.3 Cr +4% y-y (26% ex-exceptional) - Consolidated revenue INR3,207.6 Cr +28.3% y-y; EBITDA INR354.5 Cr +10.3% y-y; PAT INR385.9 Cr +4.5% y-y - Domestic tractor sales 35,457 units +22.9% y-y; market share +36 bps; industry growth 18.6% - Commodity inflation impacted margins; 5% cost increase in Q1 plus 1.5-2% expected in Q2; price hikes taken and planned - Construction equipment revenue INR419.6 Cr +39.2% y-y; industry growth 12-15% expected FY27; market share gains ongoing - Capex guidance INR850-900 Cr FY27 including greenfield land acquisition; normal capex INR350-400 Cr - Export volumes down in Q1; flat FY27 expected; growth anticipated FY28 with North America market opening - Captive finance penetration 10-12% Q1, aiming 40-50% dealers FY27 and pan-India FY28