Key Financial Metrics (Unaudited)

Consolidated Performance (₹ crore)

| Metric | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |

| Revenue from Operations | 828 | 690 | 470 | 265 | 431.3% (YoY growth) |

| Gross Margin | 214 | 213 | 161 | 102 | Not quantified |

| Gross Margin (%) | 25.8% | 30.9% | 34.3% | 38.5% | 30.5% |

| Operating Expenses* | 512 | 472 | 486 | 428 | 333 |

| Operating EBITDA | -237 | -203 | -271 | -281 | -42 |

| Adj. Operating EBITDA | -296 | -258 | -323 | -326 | -155 |

| Adj. Operating EBITDA Margin (%) | -35.7% | -37.4% | -68.7% | -123.0% | -18.8% |

| PAT | -428 | -418 | -487 | -500 | -261 |

| CFO | -143 | -200 | -523 | 91 | -86 |

| FCF | -282 | -350 | -729 | -131 | -166 |

*Operating expenses inclusive of lease expense

Automotive Segment Performance (₹ crore)

| Metric | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |

| Revenue from Operations | 826 | 688 | 467 | 264 | 455 |

| Gross Margin | 212 | 211 | 158 | 101 | 139 |

| Gross Margin (%) | 25.6% | 30.7% | 33.8% | 38.3% | 30.5% |

Cell Segment Performance (₹ crore)

| Metric | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |

| Revenue from Operations | 3 | 4 | 9 | 4 |

| Gross Margin | 2 | 2 | 4 | -3 |

| Gross Margin (%) | 65.2% | 50.0% | 42.3% | -75.0% |

| Operating Expenses* | 47 | 54 | 58 | 39 |

| Operating EBITDA | -43 | -50 | -47 | -36 |

| Adj. Operating EBITDA | -44 | -51 | -53 | -42 |

| Adj. Operating EBITDA Margin (%) | -1,625.8% | -1,193.2% | -594.7% | -1,135.4% |

| PAT | -69 | -79 | -89 | -82 |

| CFO | -32 | -62 | -46 | -39 |

Operational Highlights

Deliveries and Market Performance

  • Q1 FY27 deliveries: 39,192 units, up 94% QoQ from 20,256 units in Q4 FY26
  • Orders: 44,071 units in Q1 FY27, up 96% QoQ from 22,522 units in Q4 FY26
  • Market share increased to 8.4% in Q1 FY27 from 5.1% in Q4 FY26
  • Ola registrations grew 97% QoQ, significantly outpacing broader E2W market growth of 17%
  • India's E2W penetration crossed 10% for the first time in June 2026

Regional Performance

  • West region grew approximately 61% QoQ, led by Gujarat and Maharashtra
  • North region grew approximately 54% QoQ, supported by Uttar Pradesh and Rajasthan
  • South region grew approximately 54% QoQ, driven by Karnataka and Andhra Pradesh–Telangana
  • East region grew approximately 34% QoQ, strengthened across Bihar, Jharkhand, Odisha, West Bengal

Product Performance

  • Roadster motorcycle deliveries increased by 67% QoQ in Q1 FY27
  • Scale-up led by North and West regions, with contributions from Uttar Pradesh, Madhya Pradesh, Rajasthan, Maharashtra, Bihar

Strategic Developments

Fundraising

  • Successfully completed ₹780 crore Qualified Institutional Placement
  • Strong institutional demand resulted in 56% oversubscription

Cost Optimization

  • Consolidated operating expenses reduced 22% QoQ to ₹333 crore
  • Targeting lower steady-state operating cost base of approximately ₹300 crore per quarter
  • Received one-time benefit from PLI-related levies for Cell business

Vertical Integration

  • 46100 LFP cell received BIS certification and is vehicle-ready
  • 4680 NMC Bharat Cell commercially deployed across performance two-wheeler portfolio
  • Gigafactory to be operational at 6 GWh by September 2026
  • Two-chemistry strategy: NMC for performance-led products, LFP for high-volume applications

Energy Storage Expansion

  • Mahashakti platform launch scheduled for August 15 for commercial, industrial and utility-scale storage
  • Signed MoU with Axis Energy for potential deployment of up to 20 GWh of battery storage by 2032
  • Targeting energy storage market expected to require more than 400 GWh by 2032 in India

New Applications

  • MoUs signed for defence and UAV applications requiring high energy density and domestic supply security
  • Near-space constellation platforms for advanced aerospace applications
  • IPP-led Mahashakti applications

AI Implementation

  • AI-led calling delivered ~47% higher appointment conversion and ~17% higher sales conversion
  • Automated warranty claim assessment reducing manual review and improving decision speed
  • AI accelerating technical decision-making across Cell R&D development cycle

Distribution Expansion

  • 1,200+ indications of interest received from potential Dealer Partners over past 24 hours
  • Expanding distribution through Dealer Partners to target Tier 2 towns, smaller cities and rural markets

Service Business Monetization

  • Service revenue targeted to grow from ~₹130 crore in FY26 to ₹400–500 crore by FY28
  • Expected gross-margin profile of approximately 65% for service business
  • Building operating foundation for post-warranty monetization with installed base of more than 1 million customers

Forward-Looking Statements

Document contains forward-looking statements subject to risks and uncertainties including changes in laws, economic conditions, market conditions, political stability, government regulations, taxation, litigation, and competition.