Zoomcar Holdings Inc

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.