Analysts/Institutional Investor Meet/Con. Call Updates

Commercial Vehicle Solutions Department Finance From C V Kavviya ZF Group · ZF Commercial Vehicle Control Systems India Limited, Chennai 600058 Phone +91 044-4224 2000 Email cv.kavviya@zf.com Date August 3, 2026 The Manager Listing Department BSE Limited, Phiroze Jeejeebhoy Towers Scrip code: 533023 Dalal Street, Mumbai 400 001 Listing Department National Stock Exchange of India Ltd Exchange Plaza, C-1, Block G Bandra - Kurla Complex Bandra (E), Mumbai 400 051 Trading Symbol: ZFCVINDIA ISIN : INE342J01019 Dear Sir(s), Sub: Transcript of the Investor Call held for the quarter ended June 30, 2026 In continuation of our letters dated 21st July 2026 and 28th July 2026 pursuant to intimation and recording of investor’s call, we hereby inform that the transcript of the earnings call has been uploaded on the website of the Company and the same can be accessed through the following link: https://www.zf.com/mobile/en/company/investor_relations/zf_cv_india_investor_relations/zf_cv_india_ir.html# Request you to take the above information on record. Thanking you, Yours sincerely, For ZF Commercial Vehicle Control Systems India Limited C V Kavviya Company Secretary & Compliance Officer ZF Group ZF Commercial Vehicle Control Systems India Limited (Formerly known as WABCO INDIA Limited) Plot No.3 (SP), Third Main Road, Registered Office: Plot No.3 (SP), Third Main Road, Ambattur Industrial Estate, Ambattur Industrial Estate, Chennai - 600058. India Chennai - 600058. India CIN: L34103TN2004PLC054667 Phone: +91 44 4224 2000 Phone: +91 44 42242000. Fax: +91 44 42242009 Fax: +91 44 4224 2009 www.zf.com www.zf.com Internal “ZF Commercial Vehicle Control Systems India Limited Q1 FY '27 Earnings Conference Call” July 28, 2026 MANAGEMENT: MR. PARAMJIT SINGH CHADHA – MANAGING DIRECTOR – ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LIMITED MR. SHANKAR VENKATACHALAM – HEAD, OE SALES – ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LIMITED MS. C.V. KAVVIYA – COMPANY SECRETARY – ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LIMITED MS. SWATI DUTTA – GENERAL MANAGER, FINANCE – ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LIMITED MODERATOR: MR. ANNAMALAI JAYARAJ – 360 ONE CAPITAL MARKET PRIVATE LIMITED Page 1 of 14 Internal ZF Commercial Vehicle Control Systems India Limited July 28, 2026 Moderator: Ladies and gentlemen, good day, and welcome to ZF Commercial Vehicle Control Systems India Limited Q1 FY '27 Earnings Conference Call hosted by 360 One Capital Market Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch- tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Annamalai Jayaraj from 360 One Capital Market Private Limited. Thank you, and over to you, sir. Annamalai Jayaraj: Okay. I'll introduce the management. So good afternoon. Thank you for joining us today, and welcome to ZF Commercial Vehicle Control Systems India Limited call to brief you on their Q1 FY 2026-27 earnings. Today, the first quarter earnings for FY 2026-27 will be presented by the management team of ZF Commercial Vehicle Control Systems India Limited. Your host today from ZF Commercial Vehicle Control Systems India Limited are Mr. Paramjit Singh Chadha, Managing Director; Mr. Shankar Venkatachalam, Head of OE Sales; Ms. Swati Dutta, General Manager, Finance; and Ms. C.V. Kavviya, Company Secretary. I'll now hand over to Mr. Paramjit Singh Chadha, who will provide further insight into the results. Over to you, sir. Paramjit Singh Chadha: Thank you, Annamalai. Good afternoon to all of you. I warmly welcome you all to ZF Commercial Vehicle Control Systems India Limited’s first quarter results FY 2026-27. Certain forward-looking statements that we'll make today are based on management's good faith and expectations concerning future developments. As you know, the actual results may differ materially from these expectations as a result of many factors. ZF Commercial Vehicle Control Systems India Limited’s results for the quarter ending June 30, 2026 were published on July 24, 2026, they are available on the website www.zf.com under the ZF CV India investor relations section. We hope that you have had an opportunity to go through them. A transcript & recorded audio of this call will also be made available on the website www.zf.com under the ZF CV India investor relations section. I am happy to talk to you today, as we give you an update about the business performance. Page 2 of 14 Internal ZF Commercial Vehicle Control Systems India Limited July 28, 2026 I will begin with a brief overview of the macroeconomic and industry environment relevant to our business. The Indian economy continued to demonstrate resilience and strong growth momentum, with GDP expanding by 7.8% in Q4 FY25-26, taking full-year growth to 7.7%. Growth was supported by robust services sector performance, sustained investment activity and improving consumption trends. Industrial activity also remained healthy, with output growing by 5.1% in May following 4.9% growth in April, driven by strong manufacturing performance and continued expansion in the power and utilities sector. While mining activity moderated during the period, overall industrial growth remained broad-based and positive. Inflation increased to 4.4% in June, primarily due to higher food and energy prices. At the same time, moderating global energy prices continue to provide support to India’s growth and inflation outlook, although geopolitical developments and evolving monsoon conditions remain areas to watch. From an industry perspective, the outlook remains encouraging. Strong domestic demand, continued investments in infrastructure and construction, growth in logistics and transportation activity and rising replacement demand from ageing fleets are expected to support commercial vehicle demand in the coming quarters. India’s strong economic momentum was reflected in the Commercial Vehicle industry, with CV >6T production growing by 8.4% in Q1 FY26-27, supported by healthy freight activity, robust infrastructure-led demand and continued strength in core sectors. The industry outlook remains positive, underpinned by structural growth drivers such as continued expansion of the logistics and e-commerce sectors, sustained infrastructure investments and the increasing adoption of advanced and electric mobility solutions. Government initiatives focused on transportation modernization and public mobility are also expected to support long-term industry growth. On a segment-wise basis, the mix of buses, medium-duty trucks and heavy-duty trucks remained broadly stable during the quarter. EV bus sales reached 1,417 units, reflecting the continued momentum in public transport electrification, supported by ongoing deployments and a healthy order pipeline. The trailer segment, however, witnessed a decline during the quarter, primarily due to slower mining activity, monsoon-related disruptions, and higher input costs, which weighed on market demand. During Q1 FY26-27, our sales in the CV >6T segment grew by 8.6%, marginally ahead of the industry's 8.4% growth, reflecting our ability to capitalize on market opportunities and execute effectively in a dynamic operating environment. Page 3 of 14 Internal ZF Commercial Vehicle Control Systems India Limited July 28, 2026 Growth during the quarter was partially impacted by certain headwinds, including a 9% decline in trailer market demand and a widespread shortage of blue-collar manpower across India during April and May, which affected production across the industry. Despite these headwinds, we are at par with the market, supported by improved realizations from new product introductions such as the Exhaust Brake Valve and ECAS variants, along with increased [Showing first 8,000 characters — download PDF for full document]