Transcript of the conference call held on 06 May 2026 of the Company''s Q4 FY26 results.

Bajaj Auto delivered record Q4 FY26 performance with revenues of INR 16,006 crores (up 32% YoY), EBITDA of INR 3,323 crores at 20.8% margins, and PAT of INR 2,746 crores (up 34% YoY). Full year FY26 saw record revenues of INR 58,000+ crores, EBITDA crossing INR 12,000 crores (20.5% margins), and PAT of INR 9,800+ crores. Exports grew 25% YoY crossing 6 lakh units, while domestic sports segment (150cc+) gained market share driven by refreshed Pulsar portfolio. Chetak crossed 1 lakh retail units in Q4 with 23% market share. The Board approved 100% profit payout (INR 150/share dividend + INR 5,633 crores buyback at INR 12,000/share) to mark Bajaj Group's 100-year milestone. Management flagged significant commodity inflation (3.5-4% of revenue) in Q1 due to metals surge, offset by 40% through pricing actions and favorable currency. Industry growth expected to slow from 20% to 7-9% in near term due to inflation and LPG shortage impact on consumer sentiment.