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Q2 & H1 FY26-27 FINANCIAL RESULTS PRESENTATION 1
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FORWARD LOOKING STATEMENTS Certain statements in this Presentation describing our objectives, projections, estimates, expectations or predictions may be forward-looking statements within the meaning of applicable securities laws and regulations. Our actual results may differ materially due to factors including macro-economic conditions, demand fluctuations, consumer preferences, competitive intensity and technological changes. Our performance may also be affected by regulatory changes, supply chain disruptions, commodity price volatility, foreign exchange movements and execution of strategic initiatives. We undertake no obligation to update such statements except as required by Law. 2
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WORLD’S LARGEST MOTORCYCLE AND SCOOTER COMPANY FOR 25 CONSECUTIVE YEARS HAPPY CUSTOMERS 8 MANUFACTURING PLANTS: 8.63 MN PRODUCTION CAPACITY & A GLOBAL PARTS CENTRE CUSTOMER TOUCHPOINTS ESG SCORE FROM NSE SUSTAINABILITY RATINGS & ANALYTICS (RATING CATEGORY: LEADER) 1985 A LEGACY OF TRUST BRAND HERO GLOBAL MARKETS TRUSTED TWO-WHEELER BRAND, POWERED BY SCALE, EXTENSIVE CUSTOMER REACH AND OVER FOUR DECADES OF TRANSFORMING MOBILITY 3
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STRONG REVENUE GROWTH DRIVEN BY VOLUME GROWTH Q2 & H1 FY27 FINANCIAL PERFORMANCE Revenue from Operations (₹ Cr) Q2 Revenue growth of 21% driven by volume growth of 10%, mix improvement and pricing action Q2 PAT growth of 5% supported by higher revenue 12,126 14,687 21,705 27,686 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 21% 1,823 1,968 3,205 3,694 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 8% 1,393 1,456 2,519 2,911 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 5% EBITDA (₹ Cr) Profit after Tax (₹ Cr) 4 DELIVERING HEALTHY TOP-LINE AND BOTTOM-LINE GROWTH 28% 15% 16% Q2 EBITDA margin at 13.4% impacted by commodity headwinds, partially offset by cost savings and operating leverage * Standalone financials
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FOCUSED EXECUTION OF STRATEGIC PRIORITIES TO DRIVE SUSTAINABLE MARKET LEADERSHIP HOUSE OF STRATEGY KEY GROWTH PILLARS GAIN MARKET SHARE IN 125CC 17.7% Deluxe 125cc MS*: (+2.4% YoY) GROW THE CORE 1 100cc MS*: (+3.9% YoY) 85.0% WIN IN PREMIUM 3 1.9% Premium MS*: (-0.3% YoY) DRIVE SCOOTER MARKET SHARE 4 7.1% Scooter MS*: (+1.6% YoY) * Market Share as per SIAM (Based on H1 FY27 Dispatches) ** Revenue for H1 FY27# Based on VAHAN for H1 FY27 5 EV LEADERSHIP EV MS#: (+1.7% YoY) EXPAND EXPORTS - GLOBAL BUSINESS 6.0% Exports MS*: (-1.3% YoY) 11.0% EXPAND PARTS BUSINESS 7 ₹ 3,630 CrParts Revenue**: (+28.3% YoY) BUILD A FUTURE-FIT ORGANIZATION 8 Reduce Development Cycle Time Best-in Class Quality Strengthen Forecasting & Supply Agility VX2
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ICE & EV SCOOTERS CONTINUE TO EXCEL COMBINED WITH SUSTAINED PERFORMANCE IN MOTORCYCLES Q2 & H1 FY27 CATEGORY PERFORMANCE ROBUST DISPATCH MOMENTUM ACROSS KEY PRODUCT CATEGORIES MOTORCYCLES SCOOTERS (ICE + EV) TOTAL DISPATCHES (000’S) TOTAL 1,528 Q2 - FY26 162 1,691 1,628 Q2 - FY27 240 1,868 6.5% YoY % 47.3% 10.5% 2,802 H1 - FY26 256 3,058 3,113 H1 - FY27 433 3,545 11.1% YoY % 69.4% 15.9% 6 Note: some numbers have bene rounded to the nearest decimal
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FOCUS ACROSS PRODUCTS RESULTING IN HIGHER REVENUE VS VOLUME GROWTH DIVERSIFYING OUR PRODUCT MIX RISING MIX OF SCOOTERS AND EV IN THE PORTFOLIO DIVERSIFYING PORTFOLIO INTO FAST GROWING 2W CATEGORIES * Based on total dispatches – ICE + EV Source: Company disclosure VALUE GROWTH OUTPACED VOLUME GROWTH 7 7% 11% 10%11% 16% 21% Q2 - FY25 Q2 - FY26 Q2 - FY27 Volume Growth Revenue Growth 4% 5% 11% Higher Revenue growth vs Volume growth owing to diversified product mix and pricing actions Continued momentum in Scooters and EV further improved the Category Mix in Q2 FY27 1% 6% 93% 2% 8% 90% 4% 9% 87% EV Scooter ICE Scooter Motorcycle
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BROAD-BASED REGIONAL GROWTH IN SCOOTERS BACKED BY PRODUCT INNOVATION, MARKETING CAMPAIGNS & RAMPED-UP CAPACITY ICE SCOOTERS ACCELERATING MARKET SHARE GAIN ON EXPANDED PORTFOLIO Innovative print campaign blending storytelling with Destini features to capture readers’ attention 113k 153k 180k 275k 6.2% 7.3% 5.5% 7.1% -0. 5% 0.5% 1.5% 2.5% 3.5% 4.5% 5.5% 6.5% 7.5% 8.5% 40. 00 90. 00 140.00 190.00 240.00 290.00 340.00 390.00 440.00 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Domestic Dispatches Market Share ICE Scooter Performance CONTINUOUS PRODUCT INNOVATION ENHANCING CONSUMER EXCITEMENT & STRENGTHENING SUPPLY CHAIN Growth across regions led by South and East India Source: SIAM Xoom – 125 ZX variant graphic update Destini – 110 Classique Edition Destini – 110 Classique Edition 8 35% 53% STRONG VOLUME GROWTH DRIVING SUSTAINED MARKET SHARE GAINS HIGH IMPACT CAMPAIGNS AMPLIFYING BRAND RECALL & DEMAND
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REINFORCING LEADERSHIP IN THE 100CC CATEGORY MARKET SHARE EXPANSION POWERED BY ROBUST SPLENDOR GROWTH ALONG WITH PREMIUM MIX ENRICHMENT CORE MOTORCYCLES STRONG SPLENDOR GROWTH ANCHORED ON THE LEGACY OF MILEAGE, AFFORDABILITY & DURABILITY ACCELERATING PREMIUMIZATION: SPLENDOR+ XTEC POWERS MIX ENRICHMENT 85% MARKET SHARE IN 100CC PORTFOLIO – H1-FY27 Splendor+ growth in H1 FY2721% 1,242K 1,367K 2,334K 2,583k 79.1% 84.4% 81.1% 85.0% , , , , , , , Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Domestic Dispatches Market Share 100cc Motorcycles Performance Splendor+ XTEC contribution to Splendor+ wholesales25% Splendor+ XTEC Source: SIAM 9 11% 10%
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SUSTAINING 125CC MOMENTUM THROUGH TECH-LED INNOVATION STRENGTHENED POSITION BY AUGMENTED PORTFOLIO, BRAND BUILDING AND CATEGORY – DEFINING FEATURES DELUXE 125CC CONTINUOUS PRODUCT INNOVATION WITH SEGMENT – FIRST FEATURES Deluxe 125cc Performance 161k 163k 271k 324k 17.6% 17.5% 15.3% 17.7% -, , , , , , , , , , , , , , , , , Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Domestic Dispatches Market Share Source: SIAM Single Channel ABS paired with an Integrated Braking System 4.2-inch multi-color LCD console Cruise Control with 3 ride modes Segment 1st feature10 19% Silent Starter Best-in-class mileage of 72km/l LED Headlamp New Graphics EXPANDED MARKET SHARE IN H1-FY27 LED BY GLAMOUR - X
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DRIVING MARKET SHARE GAINS WHILE SCALING NON – PRODUCT REVENUE STREAMS TARGETING EV LEADERSHIP ACCELERATING EV GROWTH THROUGH SUPERIOR PRODUCTS & SERVICES ** as of Sept - 26 74 Towns: Top-2 Position 57 Towns: >20% Market Share RAPIDLY SCALING NON-PRODUCT REVENUE BROADENING PRODUCT PORTFOLIO & REACH THE VOOM Launch of new brand identity 778 Dealerships 475 Cities** Monetizing our Charging Network (6,000+ points) Comprehensive coverage of battery + critical components Connectivity Features Subscription Model KOVAI KINGS Title Partner for Tamil Nadu Premier League’s leading team VIDA VAHAN Performance DOUBLED RETAILS IN H1-FY27 LED BY A STRONG PRODUCT PORTFOLIO & EXPANDING SUPPLY Source: VAHAN Increasing VIDA Parts, Accessories & Merchandise business VX2 Go 3.1kWh and VX2 Plus 4.4kWh Launched VIDA VX2 variants launched in Nepal 38k 67k 60k 124k 11.5% 11.1% 9.3% 11.0% , , , , , , , , , , , , , , , , , , Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Vida Retails Market Share 76% 108% 11 MARKETING CAMPAIGNS CONTINUE TO DRIVE CONSUMER AWARENESS AND INTEREST
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BUILDING A RESILIENT & SCALABLE GROWTH ENGINE EXPANDING DISTRIBUTION, BROADENING THE PORTFOLIO AND STRENGTHENING PREMIUM OFFERINGS IN PARTS PARTS, ACCESSORIES & MERCHANDISE STRONG GROWTH IN PAM REVENUE (₹ Cr) “XCLUSIVE PARTS” RANGE LAUNCHED “Xclusive Parts” – Premium performance range catering to growing aspirations of customers 1,533 1,941 2,830 3,630 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Sustained growth momentum led by: Expansion of allied business Digitalization of demand fulfillment Scale up of PAM business in VIDA, Global Business & Harley Davidson business All-time high accessories revenue 12 28% 27% PAM Business
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EXPANDING HORIZONS ACROSS PRODUCTS AND MARKETS Q2 DISPATCHES IMPACTED BY OPERATIONAL HEADWINDS WITH RETAILS HOLDING UP; REVVING UP FOR GROWTH IN Q3 GLOBAL BUSINESS EXPANDING MARKET PRESENCE WITH DIVERSIFIED PRODUCT RANGE PRODUCT LAUNCHES KEY HIGHLIGHTS Accelerating market share gains in Columbia, led by the launch of Xoom 125 112k 85k 176k 191k 8.6% 5.2% 7.2% 6.0% -, -, -, -, , , , , , , , , , , , Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Dispatches Market Share Global Business 13 Xpulse 200 launched in Bangladesh Xoom 125 launched in Europe H1-FY27 VOLUMES UP BY 8% Xoom 125R campaign launch in Sri Lanka – “Hada Veda Karu Xoom 125R”
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FEATURE RICH PRODUCT LAUNCHES, RAPID PREMIA EXPANSION & PREMIUM COMMUNITY BUILDING THROUGH MARQUEE RIDES BUILDING A DEDICATED PREMIUM FRANCHISE PREMIUM MOTORCYCLES PREMIA CHANNEL EXPANSION as of September - 2026 4.3 Average customer rating on Google 56% Upper premium market covered * 150 Premia Stors (+16 QoQ) Fastest 160cc (0 – 60 km/h in 4.4s) * Cruise Control with 3 ride modes 5 Step Adjustable Clutch & Brake Levers Panic Brake Alert Fastest 250cc (0 – 100 km/h in 8.5s) * Cruise Control with 4 ride modes Frequency Selective Damping Suspension Real – Time Tyre Pressure Monitoring Segment 1st feature * Company estimate Launched in Oct - 26 Launched in Oct - 26 14 150 Premia Stores (+18 QoQ)
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INVESTING FOR GROWTH CONTINUED INVESTMENTS TO MEET RISING DEMAND ACROSS MOTORCYCLES, SCOOTERS & PARTS EXPANDING CAPACITY TO 9.2 MN UNITS BY MARCH 2027 (FY26 CAPACITY: 8.63MN UNITS) FY27 CAPEX GUIDANCE REAFFIRMED Dedicated premium line at Neemrana plant to accelerate premium portfolio growth Augmenting EV Capacity to cater to increased demand for VIDA VX2 Greenfield expansion in Tirupati to enhance parts availability in India and global markets Expanded Destini & Xoom capacity in response to the increasing demand Increased Splendor capacity to service heightened demand due to focus on mileage leadership COMMUTER MOTORCYCLE ICE SCOOTERS EV SCOOTERS PREMIUM MOTORCYCLEGPC 2.0 15 Completed as on date
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ESG & CSR Q2 FY27 KEY INITIATIVES - CSR • Sustained ESG "Leader" classification by NSE Sustainability Ratings and Analytics Limited. • Category leader in Sustainability, by Niche Ninety Capability & Certifications – a SEBI registered ESG rating provider • Received the 'Mahatma Award 2026 for CSR Excellence' for our initiatives on 'Disability and Inclusion' • Signed MoU with the Paralympic Committee of India to help build India’s Paralympic Medal Ecosystem for the Brisbane 2032 Paralympic Games • Established partnerships across all three wings of Indian Armed Forces to support veterans, war widows, and children of soldiers with neuro-developmental disorders • 50% Green dealerships • Sustained 500% Water Positivity • 80% products covered under Life cycle assessment • Sustained 100% Zero Waste to Landfill operations • Sustained >95% product recyclability AWARDS & RECOGNITIONS LEADING THE WAY – SUSTAINABILITY TARGETS 16