Key Highlights • Registrations: 12,166 units (vs 10,133 in March) → ↑20% MoM • Only major EV 2W player to report growth while industry declined ~22% MoM Product & Market Trends • Electric motorcycle portfolio gaining traction in UP, Bihar & MP • Roadster X ramping up steadily • Roadster X+ (9.1 kWh) offers up to 500 km IDC range Technology Edge • 4680 Bharat Cell commercialisation improving cost efficiency • Focus on localisation and battery innovation Management Commentary • Recovery driven by better execution, stabilised operations & improved customer confidence Why It Matters Gaining market share during an industry slowdown signals competitive strength and improving demand traction. Learning Outcome In emerging sectors like EVs, relative performance vs industry is key. Companies gaining share during downturns often indicate stronger execution and positioning.

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