The transcript of the earnings Conference call is available in the investor information section of the website of the Company at the web-link https://ranegroup.com/investors/rane-madras-limited/.

AI summary - Q1 FY27 revenue 1050.6 Cr, +18.8% y-y; new business wins LTV 2040 Cr - Acquisition of Hindustan Composites friction business completed; margin accretive with 11-12% EBITDA - Industry outlook positive for FY27 festive season; cost pressures from commodity prices and West Asia tensions - Rane Steering margins muted in FY27 due to legacy low-price orders; improvement expected FY28 - Aspiration for double-digit margins in FY27 full year; price hikes and cost initiatives underway - Capex: RML 270-300 Cr, RSSL 70 Cr, ZF Rane 250-280 Cr; Hindustan Composites capacity utilization not disclosed - Net debt to equity target <0.5 by Mar 2028; peak debt ~1100 Cr expected briefly - Export mix improving; margin lag due to cost pass-through delays and elevated input costs - Warranty provision for Lifetec JV ~EUR23 million; ongoing mitigation efforts - Multiple analyst queries on margin trajectory and acquisition integration; management committed to margin improvement