The call has ended.

Key takeaways

Q2 revenue of ₹421 Cr fell ~7% QoQ and the loss widened to ₹362 Cr. Management emphasises demand, dealers and stabilisation over the widening losses.

Highlights
Revenue growth	Revenue ₹421 Cr, down ~7% QoQ from ₹455 Cr; no YoY stated.
Margins	Gross margin ~30% vs 30.5% QoQ; guided lower in Q3-Q4.
Order book	Paid-order backlog from ~5,000 delayed deliveries; no order book figure.
Demand visibility	Management claims demand exceeds supply; ~5,000 paid orders delayed.
Management confidence	Overly optimistic; 'very optimistic scenario' despite widening losses.

Growth

Revenue ₹421 Cr vs ₹455 Cr (~-7% QoQ); adjusted EBITDA loss widened to ₹246 Cr from ₹195 Cr.

Outlook

Dealer stores ~450 by December, ~700+ by March 2027; PLI incentives expected from next quarter.

Risks

Gross margin to fall in Q3-Q4 from dealer commissions; rights-issue balance timing undisclosed; operating cash burn persists.

Last quarter's promises, checked

Delivered

Guided 6 GWh cell capacity by Sept → 6 GWh commissioned (= BEAT)
Guided dealer go-live early Sept → dealership model live 4 Sept (= BEAT)

Partly delivered

Guided gross margin 30-32% → ~30% (= PARTIAL)

Missed

Guided opex ₹300-325 Cr → adjusted opex ₹369 Cr (= MISS)
Guided volumes steady to slightly up vs ~39,200 → ~35-36k units (= MISS)
Guided top-line growth over Q1 Auto ₹455 Cr → revenue ₹421 Cr (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 12 Nov 2026, 7:02 PM IST. Open it on ALFA Filings ›