Please find enclosed letter w.r.t. transcript of earnings call for Q1 FY 2026-27.

AI summary - Standalone Q1 FY27 revenue grew 17.6% y-y; EBITDA INR655 Cr +19.5% y-y; margin 12.4%, +20 bps y-y - Automotive OEM business grew 25% y-y; home UPS and solar grew over 20% y-y; solar revenue crossed INR400 Cr - Lithium-ion giga factory: 4 lines installed; NCM cylindrical and LFP prismatic lines started sample deliveries - Lithium-ion plant utilization target 25-30% in FY27; capacity 6 GWh Phase 1, potential expansion to 12 GWh - Price hikes of 4-6% taken in Q1; further hikes under review; cost pressures from currency and input costs - Export business grew 20%+; government tenders muted but expected to pick up in H2 FY27 - Lead acid battery capex INR500 Cr annually for capacity and tech upgrades; focus on bottlenecks and brownfield expansions - Localization goal: 50-60% bill of materials for lithium-ion cells in 2-3 years - Discussions ongoing with 3 major 2W EV OEMs covering 80% market; 4W OEM engagement starting with commissioning of 4th line - Raw materials mostly imported currently; pilot projects with Indian suppliers underway; electrolyte expected to localize first