Questions across 5 calls

Raghu Nandhan

Nuvama Research

TVS Motor Company Limited

TVS Motor Company Limited CC-May26.pdf · 2026-05-13

Good evening sir thank you so much for the opportunity and Congratulations on strong results. Firstly, sir, in the export market, would you expect the growth to be higher than domestic market in FY '27? And within exports, would you -- in terms of packing order, would you say growth will be higher in Latin America followed by Africa and Asia?

Noted sir very helpful sir, Ronin model has done extremely well and monthly volume has crossed 8,000 in domestic market. How do you see the potential for this product in domestic and exports? And how do you see this helping your play on premiumization?

Escorts Kubota Limited

Escorts Kubota Limited CC-May26.pdf · 2026-05-07

Good evening, team. And thank you for the detailed opening remarks. Firstly, to Neeraj sir. Sir, can you talk about the region-wise performance, which regions should be relative outperformers or underperformers in FY '27? And how will that be beneficial for Escorts?

Noted, sir. So the new products plus the favourable regional outlook, both should be positive for Escorts in growing volume and gaining market share for FY'27?

Eicher Motors Limited

Eicher Motors Limited CC-Jun25.pdf · 2025-07-31

Thank you Sir, and Congratulations on strong volume performance. Sir, firstly, on Classic 650, how has been the acceptance so far? Would you be increasing your marketing efforts going ahead? And can you share the volumes for Q1?

And would you have the Q1 volume handy in the domestic export market?

Bajaj Auto Limited

Bajaj Auto Limited CC-Mar25.pdf · 2025-05-29

Good evening, sir. Thanks for the opportunity. Firstly, on KTM, you're working towards normalizing the international operations, inventory reduction and even production commencement in CY '25. Would you expect things to turn around in CY '26 with better sales resulting in a positive EBITDA?

Thank you, Dinesh. Second question to Rakesh, sir. Sir, thanks for sharing the industry growth for exports, which is 26%, very strong. Trying to understand the growth drivers. We keep hearing macro challenges, adverse currency, fall in crude prices. Despite all this, exports are growing strongly. What is supporting this 15%, 20% growth expectation? How do you see that? Thanks.

Ashok Leyland Limited

Ashok Leyland Limited CC-Mar25.pdf · 2025-05-23

On strong margin show. Congrats to Shenu sir and Balaji sir. Sir, firstly, good to see you're expecting a positive outlook in FY '26. How do you think the current up cycle is different from the previous up cycles? How do you see the performance over the next 1 or 2 years? And one concern is that I think Western DFC will be operational in second half of the year, how do you see the impact on competition from railways?

One clarification, given that the focus has been to increase the share of noncyc lical portion in revenues, which is also supporting the profitability as Balaji, sir, highlighted, would noncyclical portion be roughly about 50% of revenue? And relating to that, one of your high -growth noncyclical portion has been the exports. If you can talk a bit about which regions are expected to do well for FY '26.