• Q1 performance drivers: Standalone revenue increased 10.5% and EBITDA margin reached 10.1%, supported by price hikes across MHCV and LCV segments, cost optimization under project "Achieve 2K", and low-cost opening inventory.
• Cost and demand: Raw material headwinds are projected to persist in Q2 before softening in Q3 and easing in Q4. Fleet replacement demand remains resilient despite price hikes, as the average fleet age in India has expanded beyond 10 years compared to historical levels of 7 to 7.5 years.
• Subsidiary capital allocation: The board approved a ₹325 crore investment in Optare to repay £25 million of outstanding debt, as well as a ₹500 crore equity infusion into Hinduja Housing Finance to back its 30%-plus multi-year CAGR.
• Switch and defense: Switch India has achieved PAT profitability in FY26 and requires no significant parent cash support, while the defense business order pipeline has exceeded ₹2,000 crore at the cluster level.