Analysts/Institutional Investor Meet/Con. Call Updates

Popular Vehicles and Services Ltd Kuttukaran Centre Mamangalam, Kochi 682025 t 0484 2341134 e cs@popularv.com www.popularvehicles.in CIN L50102KL1983PLC003741 KERALA – GSTIN 32AABCP3805G1ZW Ref No: PVSL/SEC/48/2026-27 TAMIL NADU- GSTIN 33AABCP3805G1ZU KARNATAKA - GSTIN 29AABCP3805G1ZJ Date: 19th August, 2026 TELANGANA - GSTIN 36AABCP3805G1ZO To, To, BSE Limited (“BSE”), National Stock Exchange of India Limited Corporate Relationship Department, (“NSE”), 2nd Floor, New Trading Ring, Exchange Plaza, Plot No. C-1, Block G, P.J. Towers, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400 001. Mumbai – 400 051. Scrip Code: 544144 NSE Code: PVSL ISIN: INE772T01024 ISIN: INE772T01024 Dear Sir/Madam, Sub: Transcript of the Investor Conference Call – Un-Audited Financial Results for the quarter ended 30th June, 2026. In continuation to our intimation dated 07th August, 2026, and pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, enclosed herewith the transcript of Earnings Conference Call held on Wednesday, 12th August, 2026 on the Un-Audited Financial Results of the Company for the quarter ended 30th June, 2026. The same is available on the Company’s website at www.popularvehicles.in We request you to kindly take the above information on record. Thanking you, Yours faithfully, For Popular Vehicles and Services Limited Varun T.V. Company Secretary & Compliance Officer Membership No: A22044 Place: Kochi www.kuttukaran.in “Popular Vehicles and Services Limited Q1 FY27 Earnings Conference Call” August 12, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchanges on 12th August 2026 will prevail. MANAGEMENT: MR. NAVEEN PHILIP – MANAGING DIRECTOR AND PROMOTER – POPULAR VEHICLES AND SERVICES LIMITED MR. RAJ NARAYAN – CHIEF EXECUTIVE OFFICER – POPULAR VEHICLES AND SERVICES LIMITED MR. ABRAHAM MAMMEN – GROUP CHIEF FINANCIAL OFFICER – POPULAR VEHICLES AND SERVICES LIMITED MR. AAMIR AHMED -- DEPUTY CHIEF EXECUTIVE OFFICER – POPULAR VEHICLES AND SERVICES LIMITED Page 1 of 17 Popular Vehicles and Services Limited August 12, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Popular Vehicles and Services Limited's Q1 FY27 Earnings Conference Call. 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 touchtone phone. Please note that this conference is being recorded. Before we begin, a brief disclaimer. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance, and it may involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Naveen Philip, MD and Promoter of Popular Vehicles and Services Limited. Thank you, and over to you, sir. Naveen Philip: Thank you. Good morning, everyone, and thank you for joining us today for the Q1 FY27 earnings call of PVSL. Joining me on the call today are Mr. Abraham Mammen, our Group CFO; Raj Narayan, our CEO; Aamir Ahmed, our Deputy CEO and other members of our senior management team. Coming to the quarter, we have started FY27 on an encouraging note. The improvement in demand that we started seeing during the second half of FY26 has continued into the current year. Customer sentiment has improved meaningfully compared with the same period last year. The GST reforms announced in September '25 have continued to support affordability, particularly in the entry-level Passenger Vehicle segment. We are seeing better inquiries, healthier showroom footfalls and improved conversions. More importantly, our Q1 performance reflects a healthy combination of reported growth contribution from businesses acquired during FY26 and a strong organic growth across our existing network. Before I get into this in detail, Q1 of last year included Honda and Piaggio, which was subsequently divested, while the current quarter includes businesses and locations added during FY26. Therefore, in addition to the reported numbers, we have also looked at the performance on a like-to-like basis after excluding Honda and Piaggio from the previous year base, and then, on an organic basis after further excluding acquisitions and expansion. At the consolidated level, revenue from operations grew approximately 44% Y-o-Y to INR1,890 crores. Total vehicle volumes increased approximately 81%, while overall reported service volumes grew marginally by approximately 1%, but on a like-to-like basis, after excluding Honda and Piaggio from the previous year base, the revenue growth was approximately 52%, new vehicle volumes grew approximately 91% and service volumes grew 13%. The growth was broad-based across our new vehicle business. In Passenger Vehicles, excluding luxury, reported revenue grew approximately 54% year-on- year, while new vehicle volumes increased approximately 83%. Service volumes were lower by around 5%, although service income continues to grow on the back of better realizations and higher-value jobs. Page 2 of 17 Popular Vehicles and Services Limited August 12, 2026 In Luxury Vehicles, reported revenue grew approximately 42%. New vehicle volumes increased by 39%, and service volumes grew approximately 87%. The addition of Audi has strengthened our luxury portfolio alongside the existing JLR business. In Commercial Vehicles, reported revenue grew approximately 35%. New vehicle volumes increased approximately 41% and service volumes grew approximately 15%. Sequentially, volumes moderated compared with Q4 amid the prevailing macroeconomic environment, but Y- o-Y performance remained healthy. In our EV business, reported revenue grew 113%. New vehicle volumes grew 153%, while service volumes grew 60%. Ather continues to see healthy customer acceptance supported by our wider network and growing installed base. So overall, the reported numbers reflect a significant increase in the scale of the company compared with the same period last year. Coming first to acquisitions. FY27 is the first full year of contribution from the 3 businesses we acquired during FY26. These include the Maruti operations of R.K.S. Motors in Telangana, the BharatBenz operations of Globe CV in Punjab and the Audi operations acquired from Olympus Motors across Telangana and Andhra Pradesh. Starting with R.K.S., our Telangana Maruti division contributed approximately INR126 crores of revenue during Q1 FY27. For a comparison, this business contributed approximately INR151 crores during the full half year of FY26 following the acquisition. Coming to Globe CV, the BharatBenz Punjab operations contributed INR71 crores during Q1 compared to INR150 crores across approximately 3 quarters of FY26. And the Audi operations acquired from Olympus Motors contributed approximately INR20 crores from Q1 compared to INR20 crores from the Q4 of last year. So across all 3 businesses, the current quarterly run rate demonstrates the scale-up that has taken place since the acquisition. Operationally also, the performance has improved steadily. New vehicle sales scaled faster while service throughput is recovering gradually, as we rebuild the customer base and increase workshop utilization. The acquired businesses have now reached a much healthy operating level and are contributing positively at the EBITDA level. Our focus from here on is improving utilization, increasing service throughput and extracting further operating leverage. Acquisition-related depreciation and finance costs under IndAS continue to impact profitability below EBITDA. Therefore, the next phase is about co [Showing first 8,000 characters — download PDF for full document]