Investor Presentation

Investor Presentation - Q2FY27 - Demand is no longer a constraint; supply chain ramp-up limits production - Dealer network scaled to 255 partners and 319 stores by Nov 8, targeting 700 stores by Mar 2027 - Gross margin stable at ~29.9% despite commodity cost rise; operating expenses down to ₹369 Cr - Auto borrowings reduced to ₹337 Cr; working capital cycle improved under dealer model - Cell business achieved 6 GWh SCOD; ramping production with PLI extended to CY2031 - NMC cell yields expected to reach 90% by Q4 FY27; LFP production ramping with break-even at ~70% yield - Auto business expected to generate free cash flow near term; Shakti Gen 2 launch in Q4 FY27 - E2W industry volumes up 82.7% y-y; EV penetration at 11.2% - Production expected at ~25,000 vehicles in December; supply chain capacity being scaled