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Bajaj Auto delivers a record Q1 FY27! Revenue hit INR 17,244 Cr, EBITDA at INR 3,596 Cr (20.9% margin), and PAT of INR 3,226 Cr, driven by record 1.4 million unit volumes. Exports and electric vehicles (EVs) were key growth engines, with EVs now contributing 30% to domestic revenue and double-digit EBITDA. Management plans a 25% capacity expansion to 9 million units/annum, targeting EVs and high-end motorcycles. A significant domestic motorcycle portfolio makeover, including new Pulsar models and two new 125cc brands, is underway. Management expressed a confident outlook despite inflation and supply chain volatility.