Transcript of the earnings call held on May 18, 2026

AI summary - FY26 consolidated revenue grew 17% y-y to INR 19,589 Cr; EBITDA up 16% at INR 2,182 Cr with 11.1% margin; PAT rose 24% to INR 1,166 Cr (normalized) - Q4FY26 revenue INR 5,336 Cr (+18% y-y), EBITDA INR 603 Cr (+14%) with 11.3% margin; PAT INR 326 Cr (+22%) - Strong growth across segments: switches +17% Q4, lighting +13%, casting +14%, seating +23%, green mobility +25% - Capex of INR 1,750 Cr planned for FY27; 7 of 11 projects to start/ramp-up including EV powertrain and sunroof - Margin guidance for FY27 around 11% ±50 bps despite startup costs and commodity/labor inflation - Export revenue from India expected to grow from INR 600 Cr to over INR 1,500 Cr in next few years - New EV powertrain plants in Maharashtra and Pune with INR 550 Cr and INR 400 Cr capex respectively; combined revenue potential >2x capex - Alloy wheel penetration ~70% in 2W, ~40% in 4W; labor cost increases significant, efforts ongoing for price pass-through - Infotainment JV with Denso to start SOP in FY29 with INR 600 Cr order; potential to grow beyond INR 1,500 Cr by FY30 - Market share gains across switches, lighting, alloy wheels; capacity expansions underway with 9.5 mn 2W and 7 mn 4W alloy wheel capacity planned - Management confident on execution with dedicated teams for multiple plant ramp-ups - Fundraising resolution of INR 2,500 Cr is enabling only, no immediate plans disclosed