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Key Conference Call Highlights

Industry update & Performance:

* Q4FY26 standalone performance remained strong, supported by healthy motorcycle demand, improving exports and sustained premium product mix across segments

* EIM retained leadership in India’s mid-size motorcycle segment with ~87% market share during FY26, maintaining its dominant competitive positioning

* Strong traction continued across Hunter 350, Classic 350, Himalayan 450, Guerrilla 450, Bear 650 and Shotgun 650, supporting premiumisation and customer upgrades

* Robust product pipeline continued with launches including Goan Classic 350, Guerrilla 450 Apex Edition and Bear 650, while upcoming Bullet 650 is expected to further strengthen the portfolio

* Meteor 350 crossed cumulative global sales milestone of ~600k units since launch, reflecting strong consumer acceptance in the cruiser motorcycle category

* Brand leadership remained strong with highest top-of-the-mind awareness at ~55% and purchase consideration at ~84% in the 200cc+ category, significantly ahead of peers

* Management remains positive on medium-term premium motorcycle demand, supported by new launches, lifestyle positioning and strong rider community engagement.

Update on EVs and exports:

* Flying Flea EV ecosystem continued progressing with launch of the first Flying Flea store in Bengaluru, marking a strategic entry into premium electric motorcycles

* Global footprint continued expanding with operations across 5 subsidiaries, 7 CKD assembly units, 2 global tech centres and 4 manufacturing facilities

* Royal Enfield achieved market share of ~9.7% in APAC, ~7.6% in EMEA and ~6.6% in the Americas within the global middleweight motorcycle segment during FY26

* Improving international presence and premium positioning continued supporting export growth momentum across key overseas markets

Capacity and investments:

* Manufacturing facilities at Oragadam and Vallam currently support an annual production capacity of ~1.5 Mn motorcycles, while brownfield expansion at Cheyyar remains underway

* The company plans to establish a greenfield manufacturing facility at Tada, Andhra Pradesh, involving an investment of ~INR 25 Bn

* EIM invested ~INR 9.6 Bn towards Tamil Nadu plant expansion to increase production capacity to ~2 Mn units annually

* R&D investments remained elevated with ~INR 19 Bn invested over the last five years towards platform innovation, future products and EV development capabilities

Other highlights:

* Commodity inflation pressure of 3.0–3.5% is expected to remain a nearterm challenge entering FY27E, although premium mix and pricing actions are likely to partly offset the impact

* VECV delivered its best-ever annual performance with sales crossing ~100k units in FY26, registering ~14.7% growth and outperforming industry growth of ~13%

* VECV retained leadership in the LMD truck segment while expanding the Eicher Pro X portfolio across EV, diesel and CNG powertrains

* The company introduced ~106 new CV products during FY26, supporting product diversification and strengthening presence across commercial vehicle categories

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