Good morning and good evening and thank you for joining Zoomcar's earnings call for the first quarter of fiscal 26-27. The quarter ended June 30, 2026. I'm Anirudh Lamba and I lead investor relations at Zoomcar. Joining me today are Deepankar Tiwari and our Chief Executive Officer and Sachin Gupta, our Chief Financial Officer. Before we begin, a brief note on our disclosures. Today's discussion contains forward-looking statements. These reflect our current expectations and are subject to risk and uncertainties that could cause actual results to differ materially. Those risks are described in our filings with the SEC, including our Form 10-K and our quarterly reports on Form 10-Q, all available at sec.gov. We'll also refer to non-GAAP measures, including contribution profit, contribution margin, and adjusted EBITDA. Deepankar Tiwari, Sachin Gupta, Vishal Ramrakhyani

We do not own assets. We do not own cars. Individual vehicle owners, we call them hosts, list their vehicles on our platform, and guests book them for self-drive use case. That structural choice, an asset-like choice, is why the numbers which you will see in some of the slides going forward by our CFO will show you the way the numbers look the way they do. Our platform operates across more than 100 cities. We have onboarded over 42,000 cars and we run approximately 700,000 rental sessions a month. Three numbers on this slide matter the most. Our average guest rating is 4.8 out of 5, which is a telling story on the customer experience that we command. When specially the asset is not ours, it is owned by somebody else, this number becomes a product. 58% of our trips come from repeat users, up 7% from previous years. That is a 7 percentage point of improvement in one single year. We were 51% last year. It has been achieved without any meaningful discounting incentives or any other such efforts. and Brand. We hold roughly 90% brand awareness in the Indian car rental space. The number one position in search and brand recall and organic traffic, our own organic traffic converts at about twice the rate of paid traffic. Those three facts are connected. Brand strength is why we can hold demand without needing to buy it. This has been the best quarter the company has ever reported on the measure we care about the most. Our contribution profit was $1.65 million, the highest in ZoomCars history. It is the 11th consecutive quarter of positive contribution profit. Before that run started, every quarter was negative. Pre-booking contribution profit was $18.75 as against $10.89 in the same quarter last year. That's a 72% increase. Three years ago, in September 2023, that number was a negative $2.5. We were paying for the privilege of serving a trip. Today, that trip pays us $18.75. Our adjusted EBITDA loss narrowed by 65% to $0.61 million. The smallest quarterly adjusted EBITDA loss we have ever reported. Loss from operations have halved down to $0.88 million. Excluding a quarter of a million dollars of non-cash RSUs, it was $0.63 million, a 64% improvement. Now I want to direct about how we got here, because the headline improvement sits alongside a decline in booking volumes. And I would rather explain it rather than have you infer it. We did serve 16% lower bookings or fewer bookings this quarter, but that was deliberate. And I have added one thing which you cannot see on this slide. There is an element, the fact that we earn all our revenues in Indian rupee, but report in US dollars. The Indian rupee weakened against the dollar over this period. In the Indian rupee terms, our revenue actually grew roughly by 10%. The 2% growth you will see in our financial section is what is left after the translation. That underlying business grew faster than our reported dollar suggests. We've been steering the marketplace towards a longer, higher value trips, rather than chasing booking number or booking count. A single extended trip earns us more than several short ones, against broadly the same cost to serve, the same verification, the same support, the same infrastructure. Value per booking rose by about 7% to roughly $66. Our experience posts rated us at 4.5 or above group by 3% year over year. That's slower than 7% we posted across the fiscal 20, 25, 26. And I expect that we've become more selective about who we onboard. And our repeat users are now 58% of bookings up from 51%. Sustained for more than six quarters without significant incentives or discount. By this, it does not mean that we will not pursue growth. We will pursue growth, but we are setting the fundamental structure of the business correct. And that has been evident over the last six quarters or so. As we now take in more growth capital, we would be building the growth top of the funnel pipeline as well. Why does this all, all of it what I've said, matter now? And some of the past that I said, we will go more in depth when our CFO takes his slides on the financials. On this slide, why does all this matter now? India's self-drive car sharing market expanding from roughly 18 and a half million users in 2025 to over 65 million users in 2031. That's a $28.5 billion market opportunity on third-party estimates. India has about 0.1 cars per household as against almost two cars per household in the United States. That is not a gap that closes through ownership of cars. That's a gap that closes through access to cars. Thank you very much. 5.1 million cumulative trips across 109 cities with more than 2 million unique consumers. and critically, booking level contribution margin going from a negative $2.5 in September 23 to a positive $18.75 this quarter. That direction of that number is the entire investment case. Incremental trips now add margin rather than the cost. which is why we've also increased our product category. We have launched a two-wheeler business, a different vehicle form factor. The pilot today is live in app in Bangalore for motorcycles and scooters. The reasoning is very simple. Our infrastructure is already paid for. Our matching engine, our host screening, our support, the entire tech stack, all of it has been built and paid for by the 5.1 million car trips that we've already done. Extending that to a different vehicle form factor a different vehicle category cost a fraction of what it is building anew. So it is but natural and logical that we extend our product portfolio. It's a fragmented category heading towards roughly a billion dollars by 2030. So the way I would sum it is the macro is ready. Our infrastructure is mature and our model has been validated at scale and for scale. Anirudh, over to you.

Thank you, Deepankar. And with that, I'll hand over to Sachin Gupta, our Chief Financial Officer, to take you through the quarter's financials in detail. Sachin, over to you.

Thank you, Deepankar and Anurag. Let me walk this table top to bottom. Our booking numbers during the quarter ended this June 30th, 2026 were 88,160, down 16%. Gross booking value was $5.83 million, down 10% as reported compared to the previous year. I want to pause on that gross booking value number here because it needs some context. We transact almost entirely in Indian rupees and we report in US dollars, as pointed out by our CEO. Against the June 2025 quarter, the rupee depreciated meaningfully against the dollars. In constant currency terms, that 10% cross-booking value decline is almost flat in real money terms. The reported decline is currently translation and not business. The same applies to revenue. Reported revenue growth of 2% corresponds to approximately 10% growth in rupee terms. Our average guest trip rating improved to 4.8 from 4.73 a year ago. Thank you very much. Thank you very much. It comes to about $18.75 as against $10.89, which is up 72% during the quarter ended June 30th, 2026. As a share of net revenue, this translates into a 70% of the net cap revenue as against 49% a year ago, representing an expansion of 2100 basis points. Here is what drove that. Our cost of revenue fell 38% to $0.81 million driven principally by a reduction in losses from accidental damages and theft following changes to trip coverage and loss prevention measures taken by the company. Cross-profit rose 54% on essentially flat reported revenue. Host incentives came down from $42,000 to $6,000 because host retention is now driven by earnings quality rather than subsidy. lost from operations halved to $0.88 million. Referencing to the footnote, if we exclude $0.25 million of non-cash RSU expenses, it was about $0.63 million, which represents a significant 64% improvement. Our adjusted EBITDA loss was $0.61 million as against $1.73 million a year ago, which is a 65% improvement. Deepak Gupta, Deepak Gupta, Zunkar has closed two-third of the distance to breakeven in four quarters, with margins still expanding and costs still falling. On a gap basis, our net loss for the quarter was $5.37 million as against $4.21 million a year ago. That is wider, and I'll tell you exactly why. Everything above the operating line improved, and everything that widened sits below it. Our finance costs rose from $0.43 million to about $1.4 million, and other expenses net rose from $2 million to about $3 million. These incremental costs are mostly one-time and non-cash in nature due to the securities issued to settle some of the liabilities and close out the pending litigations which were ongoing earlier and has nothing to do with the actual operating business but were aimed to strengthen the balance sheet on a go-forward basis. Moving on to this contribution margin or contribution profit chart, the chart is the reason why we say that the model works. Starting on the left-hand side, March 2024, we generated a contribution profits of $0.10 million per quarter. This quarter, it is $1.65 million, 16.5 times in nine quarters. Two things I would like to draw out. The trend is not smooth. June 2025 dipped. March 2026 dipped. This is a seasonal business and we don't ask you to read any single quarter as a trend. Second, the direction over the full period is unambiguous and this quarter is the highest point on the chart. The quarter further marks our 11th consecutive quarters of positive contribution profits. Now that is long enough to stop being a streak and start being a characteristic of the business itself. Same story on the adjusted EBITDA line as well. March 2024, $4.03 million of quarterly adjusted EBITDA loss. This quarter, $0.61 million. What it means is we have taken roughly 85% out of the quarterly loss over that period. Again, not a straight line. March 2026 was $1.4 million losses, wider than December quarter before it. But the trajectory holds. Thank you very much. It's a distance between where we were and the adjusted EBITDA breakeven. The distance is now under a million dollar a quarter consistently. And that is very different conversation from the one we were having a couple of years ago. would like to spend a few minutes on the fundraising update as well. On the growth capital, we are actively raising funds to fund the next phase of expansion. Firstly, to reach the breakeven in terms of profitability and then climb the ladder towards the long-term value creation for our stockholders. We did launch a private placement bridge round to raise a minimum of $1 million and up to $10 million including over allotment. So far, we have raised about $1.8 million to date. We all additionally launched a tender offer to exchange our outstanding warrants for common stock. And the same was approved by our stockholders at the annual general meeting held on August 11th, 2026. The purpose to do this was to simplify the capital structure that had become complicated over the years and to consolidate our equity base towards uplisting. We have further engaged an investment banker to support a potential uplisting to a premier US national securities exchange by the end of this year. I would stress on the word potential as no timeline can be committed and the process is subject to meeting the listing requirements on which the company has already taken steps to meet the same. Debt restructuring has been ongoing. We are working on it consistently and it is directly connected to the finance cost line I had flagged earlier. The objective here is simple. Reduce the balance sheet burden and move towards positive net worth with minimal cash burn. I'll briefly spend some time on the appendix so that it is on record. The appendix carries full reconciliation. Contribution profit builds from gap gross profit, adding back depreciation, overheads, and stock-based compensation booked under the cost of revenue, and then deducting host incentives and performance marketing, which are directly akin to the generation of the revenue. are adjusted a bit on the next slide, reconciles from gap net loss, adding back stock-based compensation, depreciation, amortization, finance costs, and any other one-time and extraordinary items of expenses and gains. You would find both these reconciliations in the press release filed earlier in the day and 10Q to be filed later in the day today as well. I would encourage anyone modeling us to work from these tables rather than the summary figures. Back to our CEO to summarize the wins for this quarter.

Thank you Sachin. Let me start where our CFO just ended. Our net revenue is up by 2% as reported and as our CFO explained, meaningfully more in rupee terms before the dollar translation on account of the rupee weakening against the dollar. Our repeat user base is at 58%. as against 51% last year. That's the clearest signal that the customer experience on the platform works and people want to come back to it again and again. Our contribution margins per booking is at $18.75, up from $10.89, generating $1.65 million, about 70% of the GAAP revenue. Our adjusted EBITDA loss is down to 65%. Loss from operations are down almost half by 50%. And the new product category, our two wheelers, is live in Bangalore. On an infrastructure we have already built and has been paid for. So these six lines all are moving in the same direction. In a quarter where we deliberately took less volume. Thank you very much. But the cost structure, the cost structure around the fact that we will be a profitable company is not a reversible decision. And that's the thought I would leave you with. And it will go with you.

Thank you, Deepankar and Sachin. And thank you all for joining. Our Q1 result and today's presentation are available on our investor relations site. And you can reach the team at investors at zoomcar.com for any questions. We look forward to updating you next quarter. Thank you so much.