Samvardhana Motherson International Limited

Head Office: C-14 A & B, Sector 1, Noida – 201301 Distt. Gautam Budh Nagar, U.P. India
Tel: +91-120-6752100, 6752278, Fax: +91-120-2521866, 2521966, Website: [Link]

February 16, 2026

BSE Limited National Stock Exchange of India Limited

1st Floor, New Trading Ring Exchange Plaza, 5th Floor
Rotunda Building Plot No. C/1, G-Block
P.J. Towers, Dalal Street, Fort Bandra-Kurla Complex, Bandra (E)
MUMBAI – 400001, Maharashtra, India MUMBAI – 400051, Maharashtra, India

Scrip Code: 517334 Symbol: MOTHERSON

Ref.: Transcript of earning conference call for the third quarter and nine months ended
December 31, 2025

Dear Sir (s) / Madam (s),

Pursuant to Regulation 30(6) read with Part A of Schedule III of the Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed
the Transcript of the earnings call for the third quarter and nine months ended December 31, 2025,
for your information and records.

The transcript of earnings call is also available on the Company’s website at [Link].

The above is for your information and records.

Thanking you,

Yours truly,
For Samvardhana Motherson International Limited

ALOK Digitally signed by

ALOK GOEL

GOEL Date: 2026.02.16

18:33:14 +05'30'

Alok Goel
Company Secretary

Regd Office:
Unit – 705, C Wing, ONE BKC, G Block
Bandra Kurla Complex, Bandra East
Mumbai – 400051, Maharashtra (India)
Tel: 022-61354800, Fax: 022-61354801
CIN No.: L35106MH1986PLC284510
Email: investorrelations@[Link]
 Samvardhana Motherson International Limited

Q3 FY 26 Earnings Conference Call

February 10, 2026

Management:

Mr. Vivek Chaand Sehgal,

Chairman

Mr. Laksh Vaaman Sehgal,

Director

Mr. Pankaj Mital,

Whole Time Director and President- SAMIL

Mr. Gandharv Tongia

Group Chief Financial Officer

Mr. Rajat Jain

Chief Operating Officer, Vision Systems Business Division

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 Samvardhana Motherson International Limited
February 10, 2026

Moderator: Ladies and gentlemen, good day, and welcome to the Q3 FY '26 Conference Call hosted
by Samvardhana Motherson International 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 touchtone phone. I now hand
the conference over to Mr. V.C. Sehgal from Motherson. Thank you, and over to you, Mr.
Sehgal.

Vivek Chaand Sehgal: Thank you. Good evening Ladies and Gentlemen, and thank you very much for joining us
today. I'm pleased to announce that the Board has approved the results for the third
quarter 2026. Q3 FY '26 has been a strong quarter for Motherson, delivering in a dynamic
environment. We reported our highest ever quarterly revenues with a double-digit growth.

This performance reinforces our position as a global Design, Engineering, Manufacturing,

Assembly and Logistics (D.E.M.A.L) specialist, underpinned by our execution capabilities
and a diversified global presence across the automotive and non-automotive industries.

We continue to invest in the future. During the quarter, we announced two Greenfield
projects, taking our total Greenfields to 12 across emerging markets, spanning both
automotive and non-automotive businesses. We are also seeing strong momentum in our
consumer electronics and aerospace business. Importantly, this growth has been
achieved while we maintain our financial discipline. Our net leverage stands at 1.1x, well
before our stated financial policy.

None of this would have been possible without the dedication of our global teams, the
workforce and continued trust of our customers. With this foundation, we remain
confident in our ability to deliver long-term sustainable value for all our stakeholders. With
that, I conclude my opening statement. For in-depth details on the results, I would like to
hand it over to Vaaman and the team to provide a walk-through and business insights.
Thank you. Over to you, Vaaman.

Laksh Vaaman Sehgal: Thank you, papa. Good evening Ladies and Gentlemen, and thank you for joining the
earnings call for the Q3 FY 2026. Before we begin today's discussion, I'm very pleased to
introduce all of you to Mr. Gandharv Tongia, who has recently joined us as the SAMIL
Group Chief Financial Officer. With over two decades of expertise spanning finance,
strategy, capital deployment, technology-enabled transformation and investor
engagement. Gandharv brings the leadership depth that has significantly strengthened
Motherson's journey towards Vision 2030. So welcome to the family Gandharv. Proud to
have you here.

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February 10, 2026

Coming to the Q3 FY’26 performance, I am pleased to inform that SAMIL continued to

build on its solid growth momentum and delivered the highest ever quarterly revenue of
approximately INR 31,409 crores and EBITDA of INR 3,042 crores.

The revenue grew 14% year-on-year with multiple drivers at play, including healthy organic
growth backed by well-diversified operations and consolidation of the Atsumitec business
and, of course, some favourable foreign exchange movements. Normalized Q3 PAT stood
at approximately INR 1,061 crores, reflecting a 21% year-on-year growth, supported by
savings from the transformative measures undertaken in Western and Central Europe,
reduction in finance costs and higher contributions from our JVs and other associate
companies. Normalizations to the reported PAT are on account of post-tax impact of
approximately INR 37 crores, primarily related to the new labour code implementation,
which was about INR 25 crores and costs for transformative measures being undertaken
in Europe, which is about INR 12 crores. Further details on this are available on Slides 2
and 8.

Notably, we've delivered a strong Q3 FY’26 performance on both revenue and profitability
fronts despite the dynamic industry conditions where global PV production volumes have
de-grown on a year-on-year basis. Emerging economies drove healthy production growth,
offsetting platform mix-driven softness in the developed markets. The latest global PV
production outlook remains encouraging with FY'27 production projected to grow
approximately around 93 million units, up from around 91 million units expected in FY '26.
Further details on industry trends are available on Slide 6.

In addition to delivering strong financial performance, we continue to maintain disciplined

capital allocation with approximately INR 1,594 crores being reinvested into the business
for capex.

We currently have 12 Greenfield plants under development, all across emerging markets
to support future growth in both automotive and non-automotive segments. In Q3, we
have added two new Greenfield facilities, one coming up in Vision Systems in India and
the other in Wiring Harness in Morocco. The majority of these Greenfields are expected to
come on stream by the second half of FY’27 and will contribute towards growth in the FY’
27 year. More details are available on this on Slide 9 and 10.

Our leverage ratio remains comfortable at 1.1x net debt to LTM EBITDA, providing us with
the financial strength and flexibility to pursue our 2030 targets. These details are
presented on Slide 11.

Our financial strength is bolstered by robust D.E.M.A.L. (Design, Engineering,

Manufacturing, Assembly, and Logistics) capabilities, positioning us to advance towards
Vision 2030 targets. These integrated strengths also fuel expansion into the non-
automotive sectors, which we have been growing recently.

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 Samvardhana Motherson International Limited
February 10, 2026

Evident in the accelerating growth of our consumer electronics and aerospace

businesses, you can see that these businesses continue to gain traction, growing at 41%
year-on-year growth rate in the third quarter. The aerospace order book has been
consistently growing, supported by product portfolio expansion. We are now supplying to
business jets and rotary-wing aircraft, thereby further diversifying and increasing content
with our customers.

The consumer electronics business is ramping up as planned with 2 operational plants on

track to achieve an annual capacity of approximately 16 million units by end of the current
fiscal year. This segment recorded a 75% quarter-on-quarter revenue growth, along with
meaningful margin improvement in Q3, marking an important milestone in its scale-up
journey.

The third plant is expected to commence operations in the third quarter of FY '27. We are
very excited about this. It will double up the current capacity and enable vertical
integration to enhance operating efficiencies. To meet growing customer demands, we
plan incremental investments in further capacity expansion in the coming fiscal years.
Additionally, we have also secured government incentives under the ECMS scheme,
which will further support scalability, competitiveness and long-term profitability. More
details on this are available on Slide 15.

During the quarter, we also signed an agreement to acquire 100% of the wiring harness
business of Nexans Autoelectric, which will provide SAMIL a scalable platform for PV and
CV growth globally. This acquisition is expected to be completed by the end of H1 FY '26.

We have also recently signed multiple strategic partnerships, including the development
of a dedicated state-of-the-art RoRo terminal at Dighi Port, Maharashtra, for end-to-end
handling of finished vehicles, and a joint venture with Egtronics Company Limited focused
on manufacturing clean mobility electronics. This is all done to support our customers
even further.

The earlier announced acquisition of Yutaka Giken in Japan is expected to close in the first
half of FY '26 and our tender offer to Yutaka's public shareholding, which is about 30%,
has already commenced on the 9th Feb. We will keep you updated as we progress through
the offer.

Finally, I can confidently say that all business developments have been very positive and
position us well to realize our 2030 ambitions. Motherson remains well positioned with its
diversified business model backed by strong D.E.M.A.L. capabilities, deep customer
relationships and disciplined financial strategy.

With the continued trust of our shareholders and the unwavering support of our customers
and the commitment of our global teams, we look forward to a promising journey ahead.

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February 10, 2026

With this, I conclude my remarks. I have on the call with me Pankaj sir, Gandharv and Rajat
and of course, papa and we'll be happy to take all your questions now. Moderator, please
take over.

Moderator: Thank you very much. We will now begin the question-and-answer session. First question
is from the line of Sajal Kapoor from Antifragile.

Sajal Kapoor: I would like to acknowledge the scale and depth of SAMIL's multi-domain capabilities
starting from automotive, of course, but then spreading into Aerospace, Consumer
Electronics and now Health and Medical, which is rare globally. I would like to explore how
you are leveraging this platform to maximize long-term optionality and capital efficiency
across divisions. So, my first question is with your ventures into now semi-conductors,
aerospace, health and medical CDMO, how do you create cost or capability synergies that
enhance the overall ROCE at a group level? And which of these synergies are quantifiable
in terms of capital efficiency?

Laksh Vaaman Sehgal: Thank you. I'll take this question. Look, everything is driven by our focus, which is to be a
globally preferred sustainable solution provider. So, with an open mind and this ‘Not Yet’
attitude of Motherson, of course, we get a lot of opportunities, but we are extremely
selective for the ones that we go after. And they have to show us a possibility to deliver
40% ROCE down the path. I mean, of course, there is an investment time. There is a time
where these capacities have to be built up, new Greenfields have to come up, the orders
have to be won. But you must remember that we only get into these businesses once the
customer support is there and the customer is directing us to be able to do it.

So, we kind of prove it out in a small way, perhaps in India, and then we have global
ambitions with that product or that technology or that industry, and that customer usually
is a blue chip or a leading customer with the global spread and depth. So, the whole idea
is to again, with us being hugely successful on the automotive side; it was actually a
platform that was built by papa on this operational excellence, financial discipline, follow
the customer kind of mentality and we're using that same strategy to go after these new
industries. And of course, we have strength in, for example wiring harness, we have
strength in plastics, we have strength in all of that. So, we go after those kinds of places
where we can draw from the group synergy, but it's not only to that.

We also get technology partners. For example, the consumer electronics, we have a global
partner called BIEL, who has the technology and our job is to be able to scale that. So, we
kind of de-risk that with having a partner who's fully capable. There are many such ways
and means. We don't just follow one path.

But the business plan has to make sense, and it has to show us a path to 40% ROCE and
it's the entrepreneur's job to be able to make sure that we are able to get that funding and
the team over here to make sure that the financial discipline is there and that they execute

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to perfection. We've shown that in the last 5 years, having zero business in aerospace and
consumer electronics to we are now, with God's grace, one of the fastest-growing
companies out there with a significantly large order book, executed for the world's best
customers in these industries.

I hope that gives you the confidence of our capability as we were able to convince those
customers. And of course, as these places scale, you will also see the translation into
ROCE and that the capital promise of returns is also maintained.

Sajal Kapoor: Sure. That's helpful, Vaaman. And just to clarify because we do a lot of R&D and
experimentation, is it fair to say that we follow kind of a "fail-fast" model and we only scale
up the winners or what is not fragile or what doesn't die out of those experiments and then
we gain the confidence and the sort of empirical evidence that what we are putting the
capital deployment strategy is fit for the purpose. And is that how you also approach?

Laksh Vaaman Sehgal: Yes, off course. For the automotive side, where we are quite mature, we are able to do a
lot of those things in-house and have those customer relationships for a very long period
of time. So, we're able to do things which we know that they want to grow, or they're
interested in and they want to grab.

For the newer ones, we have a relatively more de-risked way by joining up with partners
like we have done in consumer electronics. And even in the aerospace side, if you see our
entry was through partnering with a company called CIM Tools, which already had that
customer portfolio and those technologies in there.

And all we have to do is work together with them to further enhance it and to scale it. So
that's the strategy that we use. We do not go for any blue ocean kind of technologies where
we are burning a lot of money and hoping that the customer would grab it. It's a more
consistent approach and more derisked approach where we follow the customer.

Moderator: The next question is from the line of Nitij Mangal from Jefferies.

Nitij Mangal: First on the modules and polymer division, can you talk about what drove this big margin
expansion? You talked about operational efficiencies, etc. But I mean when you think of
this improvement, is this sustainable, what is the path from there? Is there more left in
terms of.

Moderator: I'm sorry to interrupt you, Mr. Nitij. May we request you to speak a bit louder? We are
unable to hear you clearly.

Nitij Mangal: Is this better?

Moderator: Yes, please go ahead.

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February 10, 2026

Nitij Mangal: Okay, sure. So, in the modules and polymer division, there is a very good margin
improvement we have seen, and you have talked about this potential margin improvement
in the earlier quarters as well. So, can you talk about what, I mean how much of this is
sustainable? And is there more left in terms of the benefit of the transformative measures
you've taken in Europe?

Laksh Vaaman Sehgal: Yes. Thanks for that question. I think we have talked about this with the previous quarters
where we have done a lot of acquisitions also, and we have tried to streamline because
the growth has also come in those regions. The customer asked us to do a whole bunch of
acquisitions over there, as you know, in the last couple of years and it was a good time to
kind of streamline and restructure and make sure that all our plants are positioned for the
long term. So, we did announce that in the previous quarters of some restructuring costs
that we had taken and you're seeing the benefits of that. Of course, I think there's always
more to do, to drive more efficiencies with the onset of AI, with the onset of more
automation, our focus on robotics, our in-house capabilities.

We believe that there is a lot more that, of course, we want to bring in and drive
efficiencies. As you know, Motherson does not believe in export business. We source
locally, produce locally, supply locally. So, we have to be constantly on our toes in every
country, whether it is low cost or high cost to be able to sustain our operations as that's
our responsibility. So, this is an ongoing thing.

But as you can see, obviously, the steps that we had taken have resulted in the positive
way that customers are still getting the quality that they deserve and are recalibrating,
even the customers doing a recalibrating of what's coming out in EV and ICE and there was
a lot of uncertainty over there, which models will take off and not. And as we are getting
more and more clarity as well and our restructuring thing is happening, I think we're able
to deliver better performance, but more to come on this.

Nitij Mangal: Okay. And secondly, we keep saying about the pressures that the European OEMs are
facing within China as well as this risk whether Chinese OEMs can become bigger in
Europe. From your perspective, is that something that worries you? I know you're present
with both Chinese and the Europeans, but the overall exposure of the business is higher
in Europe. How do you assess this risk for your business?

Vivek Chaand Sehgal: I don't think we take a guess as to which one is going to do better or not. Look, automotive
business, you've been there for some time, but we've been there for a long, lifetime
actually. We've seen somebody going down and then with the next model, next thing, he
is back on the top. So, there's much to say. I don't think this thing is going to happen with
EVs as you project it. But anyway, time is on our side.

We are very sure that the best car, which you as a customer will choose is going to do well.
So, it's not going to be only Chinese cars, which will do very well or something like what

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February 10, 2026

you alluded to. I think everybody has a very clear need and focuses on the kind of kilometer
it does in a day, and that kind of decides which kind of vehicle he's going to go for, but time
and again, we don't want to get into that particular argument. But I think time will show
that actually everything is going to come back. I would recommend that you please have a
look at the Neue Klasse from BMW, and you will understand what the west is capable of.

Nitij Mangal: Okay, sure. And one last question, if I may. On the electronics side, so your plants have
started to ramp up and there's a bigger facility which will come in 3Q FY '27. But beyond
this, any more activity you're seeing there?

Laksh Vaaman Sehgal: Yes. Look this plant that's coming up is fully already spoken for. But this has opened up a
lot of doors for other customers. We will be coming back to you in time and telling you
about other wins. Of course, our idea is to completely diversify this business. But
showcasing that we can scale a large plant for a new customer, for a new technology, for
a new product is something very important and something we take very seriously as our
reputation is definitely on the line.

So, to be able to attract even more customers, we have to show them what we are able to
do. I think that's happening now. The customers are extremely interested in our
capabilities and how we have been able to expand this business in such a short period of
time. And I think we are extremely excited about what that brings. So, more to come on
this. And definitely, this will be a place where we will look to have significant wins of new
customer names and product lines as this new plant comes up and we can showcase it
even more.

Nitij Mangal: Ok. Thanks Vaaman and wish you the best.

Moderator: The next question is from the line of Siddhartha Bora from Nomura. Please go ahead.

Siddhartha Bora: Thanks for the opportunity. Sir, first question is on the strong ramp-up of aerospace and
the consumer electronics business, which you mentioned we have done in the quarter. So
possible to give some indication like of the INR 4,000 crores emerging business revenue
in the quarter, what percentage, if you can throw some color about the contribution from
the consumer electronics and aerospace businesses in this quarter?

Laksh Vaaman Sehgal: Gandharv, what numbers are we allowed to share because we're not reporting them
individually?

Gandharv Tongia: Siddhartha, as you know, our emerging business has registered a fair amount of growth,
is more than 50%. It has mainly two major components. One is that two set of businesses
which you called out, which has registered a fair amount of growth. Consumer electronics
has grown sequentially by 75% and Aero has also registered a year-on-year growth of north
of 40%.

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February 10, 2026

We have also consolidated Atsumitec first time, and that is also getting reflected in
emerging businesses. At this stage, we are not giving breakup at individual business level,
but it's safe to assume that these businesses will continue to grow at a rapid pace. As we
had called out on Page 15 of our presentation, the consumer electronics capacity will be
doubled by Q3 of fiscal '27 and which will also help us in improving the performance of
this business and its contribution to the emerging businesses in the quarters to come.

Siddhartha Bora: Got it, sir. But like for consumer electronics, you mentioned that we will be probably
touching the run rate of 16 million plus by end of FY '26. Where are we right now? If you
can give us some indication of the current status, it will help us appreciate the increase in
the next few years?

Laksh Vaaman Sehgal: Again, I can't give you the exact number, but it's a fraction of that.

Siddhartha Bora: Okay. Understood. And on the Modules and Polymer segment specifically, like you
mentioned that the growth had sort of multiple tailwinds from both forex, commodity and
all. So possible to highlight what will be the euro growth for this business in the current
quarter? And given that backdrop, I mean, the margin improvement has been quite
commendable. So, some more thoughts there that given the challenges we see in some
of the businesses globally, commodity costs also rising, is some of this improvement on
the margin sustainable or there can be some cost pressure we can expect in the longer
term or medium term going ahead?

Laksh Vaaman Sehgal: Which product group are you specifically talking to because all of them are slightly
different?

Siddhartha Bora: Modules and polymer.

Laksh Vaaman Sehgal: Over there, the commodities obviously play a little bit, but it's plastic which is the most
dominant one. There will be a small impact for the copper prices and things like that, but
not as meaningful, as it is on the plastics and engineering plastics side. Most of the
expansion in the margin that you're seeing over there is definitely due to operational
improvements.

There could be some small ones due to currency movements and stuff like that. But in
majority, we are seeing that the restructuring measures and everything that we have put in
into Europe, that's playing a part. And a lot of our operations globally are more stable and
growing in this area, and especially the India side also contributes to it and that's also
doing fairly well.

So new model launches, new programs that are coming in, some of the old programs
leaving out, restructuring, all of this is helping and which was under pressure in the last

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few quarters because we were waiting to do all of this. And like I said, from here, we
definitely look to push on. There's more to happen from here.

Moderator: The next question is from the line of Sajal Kapoor from Antifragile.

Sajal Kapoor: Vaaman, with aerospace now Tier 1 at Airbus in semi-conductors and emerging as a high-
margin sort of an adjacent space on the same precision platform, I mean, which two, three
operating metrics over the next, let's say, 2 years would prove this is a self-reinforcing
aerospace semi-conductor virtuous kind of a circle, not just parallel growth or not
something which is a flash in the pan kind of. How will they differ from aerospace earlier
Tier 2 phase, because you have jumped from Tier 2 to Tier 1. I mean I'm more interested in
what can we track to see if this aerospace semi-conductor virtuous circle is taking shape?

Laksh Vaaman Sehgal: I think first thing is that you must look at is our customer list. With customers like Airbus
and Boeing and what they are seeing and how much they want to grow in India. On our
Investor Day also, we had people on the panel that were talking about it. I think that should
really give you the confidence that they are here for the long term.

They're putting up meaningful capacities, and their order book wins are significant in India.
So, that makes it quite there for the long term. I don't think this is a fad or something like
that. So, this is something that's important. I think we have built partnerships, it's not
something that's happened overnight.

We were seeding this aerospace division since 2017. It took us multiple years to break in
and get a customer. It was not something that was easy and took a lot of time as well. And
again, that should give you the confidence that it's not something that is ‘off the cuff’.
Semi-conductor on the other side, of course, is something that is extremely new in India.
You will seeing only a few companies that are investing to go after this because the entry
barriers are quite large.

There's a lot of technology that is needed. And we're working with, some of the top names
in this industry, not with more Tier-2s or Tier-3s kind of companies. We're talking about
companies with a big stature in the U.S. that are looking to set up footprint in India and
support their supply chains globally.

So again, all the customers that we are going after are the well-reputed names or the top
names in the semi-conductors. You take their names, they'll feature in the top 5- 10 teams
of the category, which have multibillion-dollar market caps, sometimes even hundreds of
billions. These are very, very strong companies with strong development cycles and very
strong entry barriers to come in. So if you come in, then you make investments, you foster
relationships, and it's something that is quite difficult to do.

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So again, all of this has been extremely calculated by us, a lot of time has been spent on
it. And all investment decisions come with this are here to build capability, foster
partnerships with even technology partners that are, again, putting equity into the
company so that they are fully versed into it. And that's how we do business. We're not
taking the car off for nuts-and-bolts kind of operations that can be moved overnight with
the wind. We are building capability, technology and partnerships here.

Vivek Chaand Sehgal: I just wanted to say that almost all the cases, they have identified us as a partner in India.
And it's not just we're going after them. We have not gone after any of these particular
things. And the proof of that is 5.5 years ago, when we came out with a 5-year plan, the
fifth vertical of consumer electronics, we were not there. We didn't want to go into that.
And then the customer came and he wanted it this way only, and that's why it's happened.
It's not that we go after these guys, they come after us because they know that we have
the capability and the resolve and the where-withal. Thanks.

Sajal Kapoor: No, Sehgal saab, I fully appreciate. And on your website, you have got this 4-hour long
video of the September 5-year investor connect. And I watched the entire video and one
thing that was kind of flashing out in that one is the ROCE focus at a machine level, and
there was a statement that said something along. I think it's there in your annual report as
well that when the capital goes to 0, the ROCE goes to infinite, something along those
lines?

And that was very impressive. The whole 4-hour recording, I mean, it's great that I can
access it from thousands of miles away on the website. So that was helpful. And coming
to my last question really, I mean, it's good to see a skin in the game because if the partner
is putting the equity, so they are kind of locking themselves?

And you mentioned entry barrier, Vaaman, I mean there is also a strong exit barrier for
customers because once you come in, we need to give them a very strong reason to make
a U-turn and go elsewhere because qualifying a partner is a time-consuming resource-
intensive process that no customer would want to do it again and again. So, I completely
appreciate.

My question really is this aerospace to semi-conductor pivot is, that's a clear long jump,
right? I mean what is that single constraint to your mind that might hamper it to scale? I
mean, is it customer trust you think, because we are still early on or is it engineering depth
or maybe capital or leadership bandwidth? And what concrete steps you are taking to
make it kind of a repeatable playbook and not a one-off?

Vivek Chaand Sehgal: That's the way Motherson works. We are known as a ‘Not Yet’ company. Once we get into
something, once we put in our resources, we put in our engineering, we put in our capital,
we don't run away. Tell me which plant we have closed in the last 20, 30 years? Which
technology have we entered into and then walked out? I mean we can go on. But we are

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that company, we will never say no. We are known as a ‘Not Yet’ company. These are
things that we all sit down at the top and we agree. So yes, this is worth something that we
want to get into, and we want to be somebody in this particular game. We are not enthused
just by turnover numbers or something and we are not a company which runs away. We've
never run away. So, we are there for the long haul. We would definitely follow it through.
That's all I can say because it's not very subjective. So, that's why I can tell you that.

Sajal Kapoor: Yes. That's very helpful, Sehgal saab and I'm sure your DNA to scale is deeply rooted not
just into Vaaman, but the entire Motherson family. So, I wish you guys all the very best.
And hopefully, will scale higher and higher.

Vivek Chaand Sehgal: Just watch this space.

Sajal Kapoor: Yes, sure. All of us are. Definitely. We are excited. Thank you.

Moderator: Thank you. The next question is from the line of Aniket Mhatre from Motilal Oswal
Securities.

Aniket Mhatre: Just quickly on the integrated assemblies facility segment, we have seen a very marked
improvement in margins. Could you just help us understand what has driven this? And can
we expect this to be sustainable going forward?

Laksh Vaaman Sehgal: Yes, I can start. Look, Integrated assemblies has now been with us for a couple of years.
So of course, now they are fully integrated. They are drawing on the group strength. They
are being able to get into a lot of their numbers with a lot of depth with the group strategy
and synergy and our customers are also appreciating that we bring a lot more synergies to
the table because integrated assembly only does the assembly side and the
manufacturing side is not done by them.

But in the last couple of years, working together, we've also been able to enhance their
capabilities, go after some product line that they were not doing before, doing some more
manufacturing in-house to support their kind of operations. And, of course, the focus on
the financial discipline that Motherson brings together with the expert leadership of
Frederic over there, really turned up the keys to the next level.

You're seeing an excellent focused approach to improve the margins over there, which
was the playbook of Motherson because this was not a sick company or something like
that. We paid a fair value for it, and we saw the synergy strength that it would bring to the
next step for the assemblies and logistics side of Motherson and that's playing out.

So hopefully, this continues, not hopefully, I'm sure it will continue with the focused
efforts. And the team will continue to grow from here. This is, again, an excellent example
of focused execution and teamwork that Frederic and the whole team were able to bring
and show an improved performance even in tough conditions.

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 Samvardhana Motherson International Limited
February 10, 2026

Aniket Mhatre: Got it. And just one final question on capex. We have done about INR 4,200 crores capex
so far in the 9 months. Where will we end up this year? And any guidance for FY '27?

Laksh Vaaman Sehgal: Gandharv?

Gandharv Tongia: So earlier this year, we gave guidance of around INR 6,000 crores plus 10%. We believe
our exit number would be well within this guidance. As far as next year is concerned, allow
us a quarter. During the March year-end call, we'll probably give you update on the next
year's capex outflow.

Moderator: As there are no further questions from the participants, I now hand the conference over to
Mr. V.C. Sehgal for closing comments.

Vivek Chaand Sehgal: Thank you. Ladies and gentlemen, thank you very much for attending this call. We are very
excited because the writing is very positive. The team is extremely excited. And right in the
second quarter end, we had said that the third quarter and the fourth quarter would be
much better than what we have given in second quarter. So, we are 1 quarter down, and
we feel the thing is going to be even better in the fourth quarter, because I think most of
our copper scenarios will play out.

We will get the final money that we have to get from the customers by the fourth quarter.
So, all I can say is that all our teams are very excited and are working very hard to ensure
that we have a great financial year, first financial year for our 108 target. Thank you very
much and wish you all the very best in the future. Thanks. Bye.

Moderator: Thank you. On behalf of Samvardhana Motherson International Limited, that concludes
this conference. Thank you for joining us, and you may now disconnect your lines.

Disclaimers: This transcript for the Investors’ call has been made for compliance under SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. No part of this document shall be reproduced or transmitted in any form or by any means without the prior written consent of
Samvardhana Motherson International Limited (“Company”). This transcript has been edited for the purpose of factual accuracy, better reading and
clarity. Best efforts have been made while editing the translated audio recording to ensure grammatical, punctuation, and formatting are correct, so
that it does not result in any edits to the content or discussion. The audio recording of transcript is available at the website of the Company, viz.,
[Link] . The statements of the participants as captured in this document are dependent on currently held beliefs and assumptions of
the management of the Company, which are expressed in good faith and, in their opinion, are reasonable and may include forward-looking
statements. Forward-looking statements inter-alia involve known and unknown risks, contingencies, uncertainties, market conditions, certain
assumptions and expectations of future events, economic conditions affecting demand/supply and price conditions in the domestic and overseas
markets in which the Company operates, changes in or due to the environment, government regulations, tariffs, geopolitical conflicts, laws, statutes,
judicial pronouncements and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company
or industry results, to differ materially from the results, financial condition, performance, or achievements, directly or indirectly expressed or implied
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