posted a 10.4% year-on-year revenue increase to ₹9,634 crore in Q1FY27, supported by a 10% gain in total sales volume (48,763 vehicles), while vehicle realizations remained flat at ₹19.8 lakh. Segment Mix & Market Share: Light Commercial Vehicle (LCV) sales jumped nearly 20% to 19,339 units, maintaining a stable 11.2% market share. Medium & Heavy Commercial Vehicles (M&HCV) grew 4.8% to 29,424 units, though domestic M&HCV market share dropped to 28.6% from 30.2% due to lower bus sales. Margin Compression: EBITDA margins fell significantly to a multi-quarter low of 10.1% from 14.6% in Q4FY26 and 11.1% in Q1FY26. Higher raw material and staff expenses drove the contraction, with cost pressures expected to peak in Q2. Pricing Actions & Outlook: To offset input costs, the company implemented a 2.25% average price hike (over 3.5% in LCVs) and plans further increases. Management anticipates Q2 industry growth to top Q1's 13–14%, backed by strong July demand and truck replacement tailwinds. Long-Term Growth Drivers: Strategy focuses on raising LCV market share to 25%, doubling spare parts revenue, expanding export volume by 20% CAGR over 2–3 years (following UAE plant recovery), and leveraging Switch Mobility's order book of 2,100 electric buses. Market Perception: Stock value is down 4% in 2026, with near-term sentiment muted by market share losses, though full-year revenue is projected by analysts to grow 12% to ₹49,165.5 crore with 12.5% margins upon recovery.

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