Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 standalone revenue ₹23,900 Cr +42% y-y; EBITDA ₹2,800 Cr +31% (margin 11.7%); PAT ₹2,300 Cr - Q2 wholesales up 42% y-y to 1,35,100 units; international business up 177% - Commodity inflation hit margins by 590 bps; offset by operating leverage and pricing - EV volumes grew 143% y-y; SCV EV penetration at 12%, expected to reach 20% in Q3/Q4 - IVECO acquisition on track; offer price EUR14.40; settlement expected Oct 30, 2026 - Market share gains in H1 FY27 across all CV segments; fleet utilization improving - Capex ₹600 Cr in Q2; supply chain constraints persist, especially in EV components - Free cash flow ₹4,600 Cr in Q2; net cash ₹11,300 Cr standalone, ₹15,900 Cr consolidated - Multiple analyst queries on commodity cost outlook and pricing; mgmt expects further 150-200 bps inflation in Q3