Please find enclosed Transcript of Earnings Call held on 6th May 2026.

AI summary - Q4 FY26 revenue grew 9.4% y-y; domestic business up 12.5%; FY26 revenue up 4.1% y-y - Nearly 92% of business grew double-digits; exports and telecom declined due to geopolitical and tech shifts - EBITDA margin steady at 11.7% in Q4, up 50 bps y-y; margin supported by volume growth, product mix, cost controls - Lithium-ion cell project: Rs 600 Cr invested in Q4, Rs 1,500 Cr in FY26; cylindrical cell samples expected May 2026; prismatic trials soon - FY27 lead-acid business outlook positive with high single to early double-digit growth; cautious on inflation and commodity costs - Commodity inflation impact Rs 150 Cr in Q4; price hikes of 5-6% taken in stages from Jan-Apr 2026; further hikes likely - Lithium-ion plant capex Rs 1,400 Cr planned for FY27; target 85% utilization and 90% yield to match imported cell costs - Industrial and automotive lithium-ion applications covered by prismatic and cylindrical lines respectively - OEM negotiations ongoing for price escalations with typical lag of one quarter - Government support and Make in India policy critical for lithium-ion industry growth and competitiveness