Transcript of the Earnings Conference Call held on 27th May, 2026 on the audited financial results for the fourth quarter and year ended 31st March, 2026.

AI summary - Q4FY26 revenue from operations grew ~28% y-y; FY26 revenue grew ~15% y-y; new vehicle volumes up ~21% y-y - FY26 EBITDA INR203.4 Cr (+16% y-y), margin 3.2%; Q4 EBITDA INR57.5 Cr (+93.5% y-y), margin ~3.3% - FY27 guidance: high double-digit revenue growth, EBITDA margin ~5%, PAT approaching FY24 levels - Service volumes down FY26 but revenue resilient; FY27 service volume growth guided 10-12% for passenger vehicles, ASP growth ~13% - Strategic acquisitions expanded geographic presence and OEM portfolio; non-Keralam revenue ~47% FY26, expected >50% FY27 - Commercial vehicle and EV segments showed strong volume and revenue growth; new initiatives in spare parts and aftermarket underway - Profitability expected sustainable from Q2 FY27; standalone losses due to acquisitions and IndAS effects; focus on operational efficiencies and integration - Inventory days reduced to ~36 in FY26; target ~30 days; debt mainly inventory-related with ongoing repayments - Audi and JLR luxury vehicle volumes expected to grow with new model launches and supply normalization - Management expects service business margins to improve but consolidated EBITDA margin capped below peers due to mix - Multiple analyst queries addressed on service growth, margins, acquisitions, debt, and market conditions