Sir, just wanted to understand the thought process behind the R&D spend. I think over the last few years, we have seen a consistent increase, but in FY26, we have seen some sort of normalization in terms of R&D spend. So maybe if you can elaborate on that?
Questions across 5 calls
Chirag Jain
Emkay Global
Minda Corporation Limited
Aakash, just wanted your sense of how, let's say, what kind of growth we can expect over the next two, three years at a broader level. And especially on EBITDA margins, now we are already at 11.5%, which is your all-time high EBITDA margins. Do we see further scope for margins to improve for the next two, or three years?
Any update on the sunroof and closure system project as well, if you can share?
Ather Energy Limited
Yes, hi. Good evening, Tarun and Sohil. So, Tarun, you mentioned about the macro tailwind with respect to EV demand. Have we noticed any major difference in the customer profile over the past few months in terms of maybe more share of first-time buyers or any regional disparity which gives confidence that the current EV demand momentum could be sustained or probably we could see an acceleration in terms of EV adoption?
Okay. Thank you. Thank you so much. That's it from my side.
JK Tyre & Industries Limited
Sir, would you like to spend some time on the new marketing campaign that we have started, Desh Ka Tyre. And obviously, in terms of how differently we are positioning our products, the overall, let's say, the reviews that you would have received so far in terms of improving the brand perception. Obviously, this is not in isolation. We are also expanding capacity on PCR and also want to expand or increase the share of SUV tyres. And overall, obviously, this sort of implication in terms of the growth profile and also in terms of margin profile. So maybe some more, let's say, insights on this marketing campaign per se?
So over the medium term, would it be fair to assume that our market share gain story or the outperformance vis -a-vis industry should continue? And even on the profitability side, irrespective of short -term commodity swings, but on a medium -term basis , there would be upward bias to our profitability, given the entire focus on premiumization?
Sir, I had a couple of questions broadly in terms of the capex that we are doing and also the upcoming capex that we have already announced, bulk of the capex is happening on the PCR side. And that's a fairly significant capex that we are incurring. So can you just throw some light? And so just to understand or get some more visibility in terms of how we would be ramping up, let's say, business on the PCR side, gaining market share. In fact, last five years, we have been gaining. Even, let's say, this year , so far, we have been gaining, let's say, profit pool compared to the other tyre companies that we have so far that they have delivered results. So some confidence, if you can or let's say some comments with respect to the marketing side, distribution sid e, apart from the capacity increase that we are doing on PCR, how we can ramp up the operations over here.
Okay. So apart from the growth since bulk of the growth will be coming from PCR, which I believe is far less margin accretive compared to the company average. D o we see an upward bias on margins from a two, three -year standpoint? I understand there could be quarterly fluctuations because of commodity swings. But from a two, three -year standpoint, do you think there's an upward bias on margin profile?