| Capex | So, first on stores, ours is almost completely a dealership model, which means our partners spend the capex to get the stores and the service centers … | — | And particularly from the supply side standpoint, I think the new plant is coming a bit delayed by two, three months. | — | — | So, is this something has to do with the new plant as well or just the marketing expense or something else is also there? |
| Capital allocation | — | — | And second question is on the Battery as a Service like what was the share of that product in total sales so far and how many customers are opting for… | — | And strong bets on R&D and brand and I think they continue to pay and they have paid rich dividend in the recent quarters and months and hopefully wit… | — |
| Costs | And the rest of the raw material anyways had a very strong India supply chain, which itself was also fairly diversified. | — | — | One, on – whilst the aluminum, copper, and all we can price, just anything on – it is related to EV components, battery, unlimited cost, or basically … | — | So all of it has created a situation where the even the finished good in lithium-ion cells, because the underlying raw materials have Ather Energy Lim… |
| Demand | So, the right way to see this would be not like production stopped for 7 days, but a possible gap in our ability to supply our dealers demand for up t… | It is not petrol prices that have shifted demand up. | It underlines a very strong demand across zones. | Some of it is fundamental, yes there are some commodities that do seem to secularly be in a demand-supply gap. | Hopefully, October 25 goes well, and we are able to satisfy all the demand that's headed our way with our distribution expansion. | I think this entire oil crisis has, while it's not changed petrol prices yet, and that in fact that change if it does happen could create an even bigg… |
| Guidance | So, given the potential for expansion on both, I see no strong reason today to guide EL on only one specific geo, but obviously, as the product shapes… | In fact, in many ways, the hit from commodity cost was probably a little higher than even we anticipated in Q1. We do believe that there is still some… | Because -- are you getting optimum volumes here or should we expect further gains on account of that as well? | Kapil, sorry, we are not giving that guidance. | I think, firstly, on the outlook for the EV adoption, how should we be thinking about this subsidy reduction? | We're not giving any specific guidance for new store expansion in FY '27. |
| Margin | So yes, we saw a gross margin improvement, and I think what you will see as you dive into the numbers is that our average selling prices have actually… | Recognizing the strong demand that our products already had, we were able to run a really tight ship on fixed costs, particularly marketing and sales,… | Teams for us, and we have been calling this out forever, that while scale plays one set of roles, scale largely gives us operating leverage for our fi… | Adjusted gross margin was up 111% year-on-year and 19% quarter-on-quarter to INR251 crores, which is only about 25%, which at 25% itself is a 700 bps … | Adjusted gross margin for us was a very, very strong story in FY25. The business generated INR428 crores in adjusted gross margin, which is up 172% ye… | So, my first question is on the margin side, like understanding that current commodity cost inflation is pretty steep. |
| People | On the R&D front and the corporate teams, I think, we are very close to achieving a steady state headcount. | Our current facilities have a max production capacity of 35,000 units, and I am happy to announce that we are almost at 100% utilization as we speak n… | — | — | So our capacity utilization has been going up steadily. | The current capacity is designed to do 35,000 a month, and now multiple times we've been at 90% to 95% of that utilization over the last few months. |
| Pricing | — | There is one upside, which is that though I did say to Amyn in the previous question that I expect commodity inflation to increase a little bit more f… | We have no mix happening between, like there is no sharing of resources, there is no – like, you can't switch, you can't mix incentives, you can't mix… | And what is our response in terms of price hikes that we have taken from and what we plan to take to kind of offset those things? | The difference is largely down to subsidy and a little bit pricing differential between 450 and Rizta. | Can you also talk about how much price hike we have taken? |
| Revenue growth | — | Year-on-year wholesale growth was 81%, but year-on-year registration growth was even sharper at 102%. | If you see the growth of the north of INR1 lakh segment, that's been very, very powerful. | — | Our volume growth was quite strong in FY25, 42% growth over FY24. And quarterly performance was also very strong, seeing growth in every single quarte… | So, when we can start the top lines coming from there? |