Q2 FY27: strong demand, first positive profit and capacity expansion

Management guided margin improvementManagement guided margin pressureInvestor Communications View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

+5.6%Reaction day

₹1663.00

prior close

₹1777.80

announcement price

In-mkt

timing

Nifty Smallcap 250market-2.0%+7.6% vs market

2/3 Wheelers peers, median of 7sector-1.6%+7.2% vs sector

On the reaction day the stock moved 7.6 pts more than Nifty Smallcap 250 and 7.2 pts more than its 2/3 Wheelers peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-0.4

10m

-1.0

15m

-1.0

30m

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Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+5.6-2.0+7.6-1.6+7.2

Next day

+6.7-0.6+7.4-0.4+7.1

+7.9-0.2+8.2+1.1+6.8

+7.6+1.7+5.9+2.0+5.6

+7.3+2.5+4.8+3.7+3.6

+9.5pendingpending+5.0+4.6

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15d

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UpDownMarket · Nifty Smallcap 250Sector · 2/3 Wheelers peers, median of 7Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Q2 FY27 wholesale volume rose 42% to 93,000, registrations 60% to 92,500, and pre-orders 108% to 180,000. Gross margin reached 24%, up 1.6 points from Q1, and profit after tax turned positive. Management plans to lift capacity from 920,000 to 1.14 million units a year by Q2 FY28. Commodity inflation cut gross margin by 9.4 points, but pricing, product mix and cost savings offset most of it. Management gave no electric motorcycle launch timeline.

Likely market impact

Strong demand, margin gains and capacity support growth. Commodity costs and factory ramp-up risk could keep near-term results volatile.