Key Quantitative Figures - Dispatch Performance (000's units)

Q2 FY27 Performance (YoY):

  • Total Dispatches: 1,868 (vs. 1,691 in Q2 FY26), up 10.5%
  • Motorcycles: 1,628 (vs. 1,528), up 6.5%
  • Scooters (ICE + EV): 240 (vs. 162), up 47.3%

H1 FY27 Performance (YoY):

  • Total Dispatches: 3,545 (vs. 3,058 in H1 FY26), up 15.9%
  • Motorcycles: 3,113 (vs. 2,802), up 11.1%
  • Scooters (ICE + EV): 433 (vs. 256), up 69.4%

Strategic & Operational Highlights

Product Mix & Revenue:

The company highlighted that revenue growth was higher than volume growth, attributed to a diversifying product mix (rising share of scooters and EVs) and pricing actions.

ICE Scooters:

Market share gains were reported, driven by growth in South and East India. Initiatives included an innovative print campaign for the Destini model and the launch of the 'Destini – 110 Classique Edition'.

Premium Motorcycles:

The company is building a dedicated premium franchise. As of September 2026, it had 150 'Premia Stores'. A new model with features like Cruise Control and Real-Time Tyre Pressure Monitoring was launched in October 2026.

Parts, Accessories & Merchandise (PAM):

PAM revenue showed strong growth:

  • Q2 FY27: ₹1,941 Cr (vs. ₹1,533 Cr in Q2 FY26)
  • H1 FY27: ₹3,630 Cr (vs. ₹2,830 Cr in H1 FY26)

Growth was driven by expansion of allied business, digitalization, and the Davidson business. The company launched a premium "Xclusive Parts" range.

Global Business:

Q2 dispatches were impacted by operational headwinds, though retails held up. The company launched the Xoom 125R in Sri Lanka and the Xoom 125 in Europe. Market share gains were accelerated in Colombia.

Capacity Expansion (Capex)

The company reaffirmed its FY27 CAPEX guidance. Capacity is being expanded from 8.63 million units in FY26 to 9.2 million units by March 2027. Key projects include:

  • Increasing Splendor capacity to meet demand.
  • Expanding Destini & Xoom capacity.
  • Greenfield expansion in Tirupati for parts.
  • Augmenting EV capacity for VIDA VX2 demand.
  • Adding a dedicated premium line at the Neemrana plant.

ESG & CSR Initiatives

Awards & Recognitions:

  • Sustained ESG "Leader" classification by NSE Sustainability Ratings and Analytics Limited.
  • Category leader in Sustainability by Niche Ninety Capability & Certifications (a SEBI registered ESG rating provider).
  • Received the 'Mahatma Award 2026 for CSR Excellence' for initiatives on 'Disability and Inclusion'.

Key Initiatives:

  • Signed an MoU with the Paralympic Committee of India for the Brisbane 2032 Paralympic Games.
  • Established partnerships with all three wings of the Indian Armed Forces to support veterans and families.

Sustainability Targets:

  • 50% Green dealerships
  • Sustained 500% Water Positivity
  • Sustained 100% Zero Waste to Landfill operations
  • Sustained >95% product recyclability
  • 80% products covered under Life cycle assessment

Forward-Looking Statements

The document contains standard forward-looking statements cautioning that actual results may differ due to macro-economic conditions, demand fluctuations, competitive intensity, technological changes, regulatory changes, supply chain disruptions, commodity price volatility, foreign exchange movements, and execution of strategic initiatives.