HYUNDAI MOTOR INDIA LTD Q2 CONCALL: FY27 DOMESTIC VOLUME GROWTH GUIDANCE OF 8–10%, EBITDA MARGIN TARGET OF 11%, MASS-MARKET EV LAUNCH IN JANUARY–FEBRUARY 2027 & STRONG H2 EXPORT RECOVERY EXPECTED

• MANAGEMENT REITERATED FY27 DOMESTIC VEHICLE VOLUME GROWTH GUIDANCE OF 8–10% YOY, SUPPORTED BY NEW SUV LAUNCHES, RURAL DEMAND & DISTRIBUTION EXPANSION • MANAGEMENT EXPECTS DOMESTIC VOLUME GROWTH OF APPROXIMATELY 8–10% IN H2 FY27, OUTPERFORMING ITS ESTIMATED PASSENGER VEHICLE INDUSTRY GROWTH OF 5–5.5% • MANAGEMENT MAINTAINS ITS FY27 EBITDA MARGIN AMBITION OF APPROXIMATELY 11%, SUBJECT TO COMMODITY COSTS, EXPORT MIX, GOVERNMENT INCENTIVES & OPERATING LEVERAGE • MANAGEMENT INDICATED THAT H2 FY27 EBITDA MARGINS NEED TO BE SLIGHTLY ABOVE 12% TO SUPPORT THE FULL-YEAR 11% MARGIN TARGET • MANAGEMENT EXPECTS TAMIL NADU MANUFACTURING INCENTIVES TO CONTRIBUTE MORE THAN 100 BPS TO EBITDA MARGINS DURING Q3 & Q4 FY27 • MANAGEMENT EXPECTS HIGH DOUBLE-DIGIT EXPORT VOLUME GROWTH IN H2 FY27, SUPPORTED BY ALTERNATIVE SHIPPING ROUTES, NEW MODELS & DEMAND RECOVERY IN INTERNATIONAL MARKETS • MANAGEMENT EXPECTS THE NEW VENUE TO ENTER EXPORT MARKETS FROM Q4 FY27, WITH INTEREST REPORTED FROM MORE THAN 50 COUNTRIES • MANAGEMENT TARGETS THE LAUNCH OF A DEDICATED INDIA-FOCUSED MASS-MARKET ELECTRIC SUV DURING JANUARY–FEBRUARY 2027 • MANAGEMENT CLARIFIED THAT THE UPCOMING MASS-MARKET EV IS A PURPOSE-DESIGNED SUB-FOUR-METRE ELECTRIC SUV, RATHER THAN AN ELECTRIC CONVERSION OF THE VENUE • MANAGEMENT EXPECTS EV PENETRATION TO REACH APPROXIMATELY 7–7.5% OF DOMESTIC SALES IN FY28, APPROACHING INDUSTRY PENETRATION LEVELS • MANAGEMENT AIMS TO INCREASE EV PENETRATION ABOVE INDUSTRY LEVELS BY 2030, SUPPORTED BY NEW PRODUCTS, LOCALIZATION & EXPANDING CHARGING INFRASTRUCTURE • MANAGEMENT EXPECTS GREEN POWERTRAINS, INCLUDING CNG, EVS & HYBRIDS, TO REPRESENT MORE THAN 50% OF ITS VEHICLE PORTFOLIO WITHIN 4–5 YEARS • MANAGEMENT ENVISAGES A BROADLY BALANCED CONTRIBUTION FROM CNG, ELECTRIC & HYBRID VEHICLES AROUND 2030–2032, SUBJECT TO CUSTOMER DEMAND & TECHNOLOGY ADOPTION • MANAGEMENT INDICATED A PLANNING ESTIMATE OF APPROXIMATELY 2.5 LAKH ANNUAL DOMESTIC UNITS FROM CRETA & THE NEW SUV COMBINED, COMPARED WITH AN APPROXIMATELY 1.7 LAKH CRETA UNIT BASE • MANAGEMENT CLARIFIED THAT THE 2.5 LAKH COMBINED SUV VOLUME FIGURE IS A CAPACITY-PLANNING ESTIMATE, NOT A CONFIRMED ORDER BOOK OR FIRM SALES GUIDANCE • MANAGEMENT EXPECTS A CNG VARIANT OF THE NEW VENUE TO BE INTRODUCED IN JANUARY 2027, SUPPORTING HIGHER GREEN-POWERTRAIN PENETRATION • MANAGEMENT INDICATED INITIAL WAITING PERIODS OF APPROXIMATELY 2–6 MONTHS FOR THE NEW VENUE, DEPENDING ON THE VARIANT • MANAGEMENT EXPECTS CHENNAI PLANT UTILIZATION TO INCREASE FROM BELOW 80% TOWARD MORE THAN 90% FOLLOWING THE RAMP-UP OF NEW MODELS • MANAGEMENT EXPECTS HIGHER PUNE PLANT PRODUCTION, INCLUDING THIRD-SHIFT OPERATIONS, TO IMPROVE FIXED-COST ABSORPTION & OPERATING EFFICIENCY • MANAGEMENT EXPECTS EXPORTS TO CONTRIBUTE CLOSER TO 30% OF TOTAL VEHICLE PRODUCTION OVER THE LONGER TERM, SUPPORTED BY INTERNATIONAL PRODUCT DEMAND • MANAGEMENT EXPECTS RURAL VEHICLE DEMAND TO CONTINUE OUTPERFORMING URBAN MARKETS, SUPPORTED BY ROAD INFRASTRUCTURE IMPROVEMENTS, DEALER EXPANSION & SUV DEMAND • MANAGEMENT IS PROGRESSING LOCALIZATION OF BATTERY PACKS & KEY POWER ELECTRONICS TO SUPPORT COST COMPETITIVENESS & POTENTIAL PLI INCENTIVE ELIGIBILITY • MANAGEMENT INDICATED CRETA ELECTRIC HAS RECEIVED PROVISIONAL PLI COMPLIANCE CERTIFICATION, WITH FINAL APPROVAL STILL PENDING • MANAGEMENT AIMS TO MAKE THE UPCOMING MASS-MARKET EV ELIGIBLE FOR PLI INCENTIVES, ALTHOUGH CERTIFICATION HAS NOT BEEN CONFIRMED • MANAGEMENT EXPECTS MARGIN RECOVERY TO BE SUPPORTED BY HIGHER EXPORT CONTRIBUTION, GOVERNMENT INCENTIVES, LOCALIZATION, VALUE ENGINEERING & IMPROVED CAPACITY UTILIZATION • MANAGEMENT IMPLEMENTED AN APPROXIMATELY 0.4% PRICE INCREASE IN SEPTEMBER 2026 & MAY CONSIDER REGULAR PRICING ACTION IN JANUARY, DEPENDING ON COST CONDITIONS • MANAGEMENT EXPECTS COMMODITY INFLATION TO REMAIN A KEY NEAR-TERM PROFITABILITY CHALLENGE, PARTICULARLY FOR COPPER, PLASTICS & OTHER INPUT MATERIALS • Q2 FY27 REVENUE INCREASED 18.5% YOY TO ₹20,696 CR FROM ₹17,461 CR, MARKING THE COMPANY'S HIGHEST-EVER QUARTERLY REVENUE • Q2 EBITDA DECLINED 18.7% YOY TO ₹1,975 CR FROM ₹2,429 CR, REFLECTING SIGNIFICANT COMMODITY COST PRESSURE • Q2 EBITDA MARGIN DECLINED TO 9.5% FROM 13.9% LAST YEAR, REPRESENTING A CONTRACTION OF APPROXIMATELY 440 BPS • Q2 PAT DECLINED 23.9% YOY TO ₹1,196 CR FROM ₹1,572 CR, WHILE PAT MARGIN FELL TO 5.7% FROM 8.9% • Q2 EBIT STOOD AT ₹1,419 CR, WITH AN EBIT MARGIN OF APPROXIMATELY 6.9% • SEQUENTIALLY, Q2 REVENUE INCREASED APPROXIMATELY 27%, EBITDA GREW 31% & PAT IMPROVED 35% • TOTAL VEHICLE SALES REACHED A RECORD 2,19,072 UNITS IN Q2 FY27, REPRESENTING 14.7% YOY GROWTH • DOMESTIC VEHICLE SALES INCREASED 18.8% YOY TO 1,65,772 UNITS, WITH APPROXIMATELY 19% SEQUENTIAL GROWTH • RURAL SALES CONTRIBUTION REACHED A RECORD 26.6% OF DOMESTIC VOLUMES, INDICATING IMPROVING PENETRATION BEYOND URBAN MARKETS • CNG VEHICLE VOLUMES INCREASED 48% YOY, WITH CNG CONTRIBUTING APPROXIMATELY 19.1% OF DOMESTIC SALES • Q2 EXPORT VOLUMES INCREASED 3.7% YOY & APPROXIMATELY 38% QOQ TO 53,300 UNITS • EXPORTS CONTRIBUTED APPROXIMATELY 24% OF TOTAL Q2 VEHICLE SALES, SUPPORTING GEOGRAPHICAL REVENUE DIVERSIFICATION • MANAGEMENT INDICATED THAT COMMODITY INFLATION HAD AN APPROXIMATELY 400 BPS YOY & 250 BPS SEQUENTIAL NEGATIVE IMPACT ON Q2 PROFITABILITY • MANAGEMENT REPORTED APPROXIMATELY 84% TIER-1 LOCALIZATION, IMPROVING FROM 82% IN THE PREVIOUS YEAR • MANAGEMENT EXPECTS NEW PRODUCT LAUNCHES, INCLUDING THE VENUE & DEDICATED EV, TO SUPPORT CAPACITY UTILIZATION, DOMESTIC MARKET SHARE & FUTURE VOLUME GROWTH • KEY RISKS INCLUDE PERSISTENT COMMODITY INFLATION, FAILURE TO ACHIEVE THE 11% FY27 EBITDA MARGIN TARGET, EXPORT SHIPPING DISRUPTIONS, NEW PRODUCT EXECUTION & PRICE-SENSITIVE DEMAND • OVERALL OUTLOOK REMAINS POSITIVE ON VOLUME GROWTH BUT CAUTIOUS ON NEAR-TERM PROFITABILITY, WITH KEY MONITORABLES INCLUDING 8–10% FY27 DOMESTIC GROWTH, H2 EBITDA MARGINS ABOVE 12%, JANUARY–FEBRUARY 2027 EV LAUNCH, VENUE RAMP-UP & HIGH DOUBLE-DIGIT EXPORT RECOVERY

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