Transcript 37th AGM

MANAGEMENT

MR. KULDIP SINGH RATHEE – CHAIRMAN AND

MANAGING DIRECTOR – ASK AUTOMOTIVE LIMITED

MRS. VIJAY RATHEE – NON-EXECUTIVE, NON-

INDEPENDENT DIRECTOR & PROMOTER – ASK

Moderator

Dear shareholders, good afternoon and a warm welcome to you all at the 37th Annual General

Meeting of ASK Automotive Limited through video conferencing or other audiovisual facility. As a reminder, for the smooth conduct of the meeting, the members will be in mute mode and audio and video will be opened when they will speak at the AGM as per the pre-registration. I now hand over the proceedings to Ms. Rajani Sharma, Company Secretary and Compliance Officer of the company.

Thank you and over to you, ma'am.

Rajani Sharma

Thank you, Ashutosh. Good afternoon, ladies and gentlemen. I am Rajani Sharma, Company

Secretary and Compliance Officer of ASK Automotive Limited. I am attending this meeting through video conferencing from Gurugram. I welcome you all to the 37th Annual General Meeting of your company. This meeting is being held through video conferencing in accordance with the circular issued by the Ministry of Corporate Affairs and Securities and Exchange Board of India.

And the live proceedings of this AGM are being webcast on the e-voting website of National

Securities Depositories Limited, that is NSDL. Now, I would request Mr. Kuldip Singh Rathee,

Chairman and Managing Director of the company to officially commence the proceedings of this meeting. Over to you, Chairman, sir.

Kuldip Singh Rathee

Thank you, Rajani. Good afternoon, ladies and gentlemen. I am Kuldip Singh Rathee, Chairman and

Managing Director of ASK Automotive Limited. I am attending this meeting from Gurugram. It is my great pleasure to welcome you all to the 37th Annual General Meeting of your company. I trust that you and your families are safe and in good health.

Pursuant to the provisions of Section 103 of the Companies Act, 2013 and relevant circulars issued by MCA, I have been informed by the Company Secretary that the requisite quorum is present through video conferencing. Hence, I call this meeting to order. Now, the Company Secretary will introduce the board members, other executives of the company and will brief you about other information and instructions regarding this meeting. Over to you, Rajani.

Rajani Sharma

Thank you, sir. Before we start with the main proceedings of the meeting, allow me to introduce the board members and the executives of the company attending this meeting.

I start with introducing Mrs. Vijay Rathee. She is Non-Executive, Non-Independent Director of the company. She is also one of the promoters of the company. She is attending this meeting from

Gurugram.

Vijay Rathee

Namaskar.

Rajani Sharma

Mr. Prashant Rathee, Executive Director of the company. He is attending this meeting from

Gurugram.

Prashant Rathee

Namaskar.

ASK Automotive Limited

August 01, 2025

Rajani Sharma

Mr. Aman Rathee, Executive Director of the company. He is attending this meeting from Gurugram.

Aman Rathee

Namaskar.

Rajani Sharma

Mr. Rajesh Kataria, Executive Director of the Company. He is attending this meeting from

Gurugram. Mr. Arun Duggal, Independent Director of the Company and Chairperson of the Audit

Committee of the Company, attending this meeting from Gurugram.

Arun Duggal

Namaskar.

Rajani Sharma

Mrs. Deepti Sehgal, Independent Director and Chairperson of Corporate Social Responsibility

Committee of the Company, attending this meeting from Delhi.

Deepti Sehgal

Namaskar.

Rajani Sharma

Mr. Kumaresh Chandra Misra, Independent Director and Chairperson of Nomination and

Remuneration Committee and the Stakeholders Relationship Committee of the Company, attending this meeting from Delhi.

Kumaresh Chandra Misra

Namaskar.

Rajani Sharma

Mr. Vinay Kumar Piparsania, Independent Director of the Company, attending this meeting from

Gurugram.

Vinay Kumar Piparsania

Namaskar.

Rajani Sharma

Mr. Yogesh Kapur, Independent Director and Chairperson of Risk Management Committee of the

Company, attending this meeting from Gurugram.

Yogesh Kapur

Namaskar.

Rajani Sharma

Mr. Rajan Wadhera, Independent Director of the Company, attending this meeting from Jalandhar,

Punjab. An appropriate resolution seeking your approval for his appointment is forming part of

Notice of AGM. We also have with us Mr. Naresh Kumar, Chief Financial Officer of the company, attending this meeting from Gurugram.

Naresh Kumar

Namaskar.

Rajani Sharma

Further, Representative of Walker Chandiok & Co LLP, Chartered Accountants, Statutory Auditors of the company, Representative of M/s Aneja Assurance Private Limited, Internal Auditors of the company, Representative of M/s. Mehta & Mehta, Company Secretaries, Secretarial Auditors of the company, and Mr. Vinod Kumar Aneja, Representative of Vinod Kumar &. Co., Practicing Company

Secretary, Scrutinizer for e-Voting Process, are also attending this meeting from their respective locations.

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August 01, 2025

Members may note that the company has taken the services of NSDL for remote e-voting, participation in the AGM through video conferencing and other audio-visual means, and e-voting during AGM. Pursuant to the provisions of Companies Act 2013 and its rules, and in view of the virtual format of the meeting, voting by show of hands is not permitted at this AGM. Therefore, at the 37th Annual General Meeting of the company, voting will be conducted electronically.

The register of the directors and key managerial personnel and their shareholding maintained under

Section 170 of the Companies Act 2013, register of contracts or arrangements in which directors are interested maintained under Section 189 of the Companies Act 2013, and any other relevant documents referred to in the notice of AGM were available and will remain open and accessible to the members for inspection in electronic mode during the continuance of this AGM.

As this AGM is being held through video conferencing, the facility for appointment of proxies was not applicable, and hence proxy register for inspection is not available. The company has received requests from few shareholders to register them as speaker shareholders at this meeting. Accordingly, the window will be open for these members to ask questions or express their views.

We will facilitate this session when the chairman opens the floor for question-and-answer round.

Members may note that this AGM is being recorded. Therefore, please do not disclose any sensitive personal information or personally identifiable information belonging to you or any other person that has no bearing on this AGM. Thank you very much.

Now I request Chairman Sir to address the shareholders on business overview. Over to you, Chairman

Sir.

Kuldip Singh Rathee

Thank you, Rajani. Dear shareholders, I am extremely proud of the progress your company has made in FY '25, our first full year as a listed entity. This milestone reflects your company's evolution from a strong, family-built business into a publicly trusted enterprise, delivering consistent value with conviction and purpose. The year was a testament to disciplined execution, strategic foresight, and unwavering commitment to operational excellence.

Your company sealed up operations, strengthened its fundamentals, explored new frontiers, and delivered record financial performance. I trust that all of you have had the opportunity to glance through the annual report for FY '25, which captures this journey in detail. Before I share your company's performance, let me briefly touch upon the broader economic backdrop. FY '25 unfolded amid a complex global economic environment.

According to the International Monetary Fund's outlook, the actual global economic growth for 2025 was approximately 3.2%. This marks a slight slowdown compared to earlier projections, reflecting the impact of escalating trade tensions, policy uncertainty, and tighter financial conditions. While advanced economies like the U.S. showed resilience, others faced headwinds from inflationary pressures, geopolitical uncertainties, and tightening financial conditions.

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August 01, 2025

Global inflation is expected to ease, but growth remains uneven across regions. Amidst this global background, India emerged as a standout performer as it continued its rise as a global economic powerhouse, with the IMF projecting a robust 6.4% growth for calendar year 2025. The country overtook Japan to become the world's fourth-largest economy, with a GDP of USD4.19 trillion, and remains firmly on course to reach the third position by the end of the decade.

The Union Budget 2025-26, guided by the theme Sabka Vikas, laid out a roadmap for inclusive and regionally balanced development. It placed emphasis on agricultural modernization, MSME support, women-led growth, skilling, and sustainability. A notable reform was the revamped personal income tax regime, which now raises the non-taxable income threshold. This is expected to enhance disposable income, particularly for middle-income households.

While the full impact will unfold over time, this increase in purchasing power could potentially stimulate demand in discretionary categories, including two-wheelers, which may translate into incremental opportunities for your company. Against this promising macroeconomic backdrop, your company delivered a robust performance.

In the advanced banking system segment, your company sustained its leadership position with over

50% market share and achieved a growth of 16%. For over three decades, your company has built a reliable track record in supplying critical safety systems and complex precision solutions. Looking ahead, the company's growth is poised to mirror the momentum of the industry, evolving in step with emerging trends, technological advancements, and market dynamics.

Your company's aluminium light weighting precision solution segment contributed over 45% of the total revenue, growing by 28%. With increasing adoption of EVs and the rising importance of thermal management, your company's aluminium engineering capabilities are gaining traction both domestically and internationally. Safety control cables also delivered 14% growth, supported by deeper OEM penetration and stronger reach in the independent aftermarket.

During FY '25, your company delivered robust financial performance. Consolidated revenue stood at INR3,600 crores, growing by 20.2% over FY '24. EBITDA increased by 42.7% to INR444 crores and PAT rose by 42.5% to INR248 crores. The EBITDA margin improved to 12.3%. Earnings per share increased to INR12.6 and the debt equity ratio reduced to 0.38, reinforcing financial strength, a testament to prudent and strong management.

Your company continued to expand its production capacities. The 18th manufacturing facility in

Bengaluru became operational, improving access to southern OEMs and enhancing logistical efficiency. Production revamped up at the Karoli plant, supporting margin improvement through better utilization. Additionally, a 9.9 megawatt solar power plant was commissioned in Sirsa,

Haryana, which will meet part of your company's captive energy needs and reduce its carbon footprint.

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August 01, 2025

In the EV segment, your company supplies components to nearly 80% of India's top two-wheeler EV

OEMs, which contributes over 4% of your company's total revenue. Despite global market challenges, exports accounted for 4.1% of revenue and remain a key growth focus. To further diversify its portfolio, your company entered into two strategic collaborations.

In the financial year 2025, a technical collaboration with Kyushu Yanagawa Seiki, KYSK of Japan to produce high-pressure die-cast alloy wheels for two-wheelers. In the financial year 2026, a joint venture with TD Holdings of Germany to manufacture, market and sell sunroof control cables. These alliances position your company to expand into high-value design-led product segments and strengthen its presence across emerging mobility platforms.

Additionally, the joint venture formed in FY '25 with AISIN Corporation, AISIN ASK India Pvt.

Ltd. is now operational and has begun receiving strong demand in the independent aftermarket, marking a significant step in expanding your company's footprint in the passenger car segment. Your people remain the cornerstone of your company's success. Across 18 plants and offices, teams demonstrated extraordinary focus, discipline and pride in their work.

Your company continues to foster a culture of safety, ownership and inclusivity, values that define how it engages with customers, suppliers and communities. Looking ahead to FY '26, your company will focus on strengthening leadership in two-wheeler systems, scaling alloy wheels and passenger car components and executing strategic alliances. It will continue investing in exports, renewable energy, digitized operations and smart capacity additions.

Everything your company does will be guided by its commitment to grow responsibly and delivering enduring value. In recognition of your company's strong performance, the Board of Directors has recommended a final dividend of INR1.50 per equity share of face value, INR2 each, representing a

75% payout.

In closing, I would like to extend my heartfelt gratitude on behalf of the Board of Directors and the entire leadership team to each and every one of you, our valued shareholders, our esteemed customers and suppliers and partners across the entire value chain. Your unwavering trust, collaboration and belief in our vision have been instrumental in shaping your company's journey and achievements.

To our customers, thank you for your continued confidence in our products and solutions. To our suppliers and technical collaborators, your reliability and innovation helped us maintain excellence in execution. And to our distribution partners and aftermarket network, your reach and dedication have enabled us to serve markets across India and beyond.

Together, we have built a resilient and forward-looking enterprise. With your continued partnership, your company is well-positioned to move ahead with clarity of purpose, humility in leadership and ambition in its goals. We remain committed to delivering enduring value, driving sustainable growth and contributing meaningfully to the ecosystem we are proud to be part of.

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August 01, 2025

At this juncture, I hand over the proceedings to the Company Secretary, who will guide you through the resolutions proposed for members' approval and e-voting process. Over to you, Rajani.

Rajani Sharma

Thank you, Chairman sir. Dear shareholders, now, with your permission, as the notice is already circulated to all the members, I take the notice convening the meeting as read. Further, I would like to inform you that there have been no qualifications, observations and comments on financial transactions or matters in the Auditor's Report as well as Secretarial Auditor's Report hence, the same is not required to be read.

I now take up the resolutions as set forth in the notice. We will open the floor for any questions by any members after all the resolutions are tabled. As per the notice of the AGM, there are 11 business items to transact. Four are ordinary business, seven are special business.

The first item is to receive, consider and adopt: a) the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2025 and report of the Board of Directors and

Auditors thereon; and b) the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2025 and the report of the Auditors thereon. Members are requested to consider adoption of Item Number 1 as an ordinary resolution.

Item number 2, is to declare the Final Dividend of INR1.50 per equity share on the face value of

INR2 each for the financial year ended 31st March, 2025. Members are requested to consider adoption of Item number 2 as an ordinary resolution.

Item number 3, is to appoint a Director in place of Mr. Prashant Rathee (DIN 00041081), who retires by rotation and being eligible, offers himself for re-appointment. Members are requested to consider adoption of Item number 3 as an ordinary resolution.

Item number 4, is to appoint a Director in place of Mr. Aman Rathee (DIN 00041130), who retires by rotation and being eligible, offers himself for re-appointment. Members are requested to consider adoption of Item number 4 as an ordinary resolution.

Item number 5, is to ratify the remuneration of Cost Auditors for the financial year 2025-26. Members are requested to consider adoption of Item number 5 as an ordinary resolution. Item number 6, is to approve the appointment of Secretarial Auditors from the financial year 2025-26 till financial year

2029-30. Members are requested to consider adoption of Item number 6 as an ordinary resolution.

Item number 7, is to approve the payment of Commission to Mrs. Vijay Rathee, Non-Executive, Non

Independent Director of the Company. Members are requested to consider Item number 7 as an ordinary resolution.

Item number 8, is to approve the payment of Commission to Non-Executive Independent Directors of the Company. Members are requested to consider adoption of Item number 8 as an ordinary resolution.

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August 01, 2025

Item number 9, is to approve the re-designation of Mr. Prashant Rathee (DIN: 00041081) as Joint

Managing Director of the Company in the category of Whole-time Director. Members are requested to consider adoption of Item number 9 as an ordinary resolution.

Item number 10, is to approve the re-designation of Mr. Aman Rathee (DIN: 00041130) as Joint

Managing Director of the Company in the category of Whole-time Director. Members are requested to consider adoption of Item number 10 as an ordinary resolution.

Item number 11, is to approve the appointment of Mr. Rajan Wadhera (DIN: 00416429) as

Independent Director of the Company. Members are requested to consider adoption of Item number

11 as a special resolution.

The members may note that to cast vote on the above items, remote e-voting are provided to all the entitled members from 29th July 2025, 9:00 AM onwards till 5:00 PM on 31st July 2025. In addition, those shareholders who have not cast their vote earlier may cast their vote now. If any member desires to ask any questions pertaining to any item on the notice, he or she may do so now.

Members are requested to keep their questions brief and specific. Members may also note that the company reserves the right to limit the number of members asking questions depending on the availability of time.

Before we go live with the question and answer round, here are some points to note for your convenience. When your name is called, please mention your name, DP ID, client ID and the location from where you are joining this meeting and then proceed to ask your question. Each shareholder will have two minutes time for their question. To avoid repetition, we will respond to all the questions at the end.

Now, I hand over the proceedings to the moderator who will invite the shareholders one by one. Over to you, Ashutosh.

Moderator

Thank you, ma'am. Now, we'll begin with the question and answer session and we'll take the questions one by one. Members are requested to accept the prompt on your screen, unmute their audio and turn on their video and proceed with their questions.

Now, we invite our first speaker shareholder, Mr. Gagan Kumar. Sir, kindly switch on your audio and video and speak. Sir, please accept the prompt on your screen.

Gagan Kumar

Good afternoon, Mr. Chairman, Board of Directors and fellow shareholders. Myself, Gagan Kumar.

My DP ID is 30020611044542. I am joining this meeting from Delhi. Sir, first of all, I would like to mention that I had requested for a hard copy of annual report which I received well in time. I would like to begin by congratulating the ASK Automotive team for its strong performance and the inspiring journey shared by the CMD.

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August 01, 2025

The chairman's speech was insightful and reflected the company's long term vision. So, my question to the management is that what are the company's strategic goals for financial year ‘26, especially in terms of product diversification? And how is ASK planning to strengthen its presence in passenger vehicle segment? What is the expected timeline for revenue contribution from the AISIN, JV? And how is the company liberating automation and digital tools in the manufacturing process? What are the key risk the company foresee in the coming fiscal year?

As far as the question is concerned, that is all from my side. It would be unfair on my part without mentioning higher corporate governance under the leadership of our CFOs, CAs, and entire secretarial team. So, thank you so much for this opportunity. Hope to see a healthy growth in the business and as well as in the size of the company. Thank you so much.

Moderator

Thank you, sir. We'll now go ahead with our next speaker shareholder, Mr. Ajay Kumar Jain. Sir, kindly accept the prompt on your screen, turn on your audio and video, and go ahead with your question. Sir, please accept the prompt on your screen, turn on your audio and video, and go ahead with your question.

Ajay Kumar Jain

Namaskar, Chairman Sir. I am Ajay Kumar Jain from Delhi. I am the shareholder of the company and three other family members who are associated with you are in the audience. Sir, today you started your chairman's speech with the word, proud of progress. And sir, the chairman's speech that you gave for a long time and where it ended, it was probably more of a chairman's speech than a proud speech.

Despite all your global worries, whatever the current situation was, you did so well, sir. So, in reality, along with the company's proud, the shareholder is also proud. And in our eyes, your stature has increased even more because all this proud of yours has happened because of your foresighted policies. And it didn't happen like that, sir, in one day. You did it. So, this is your vision. Let's do away with all the worries.

And sir, there is global growth, there is revenue, there is plant expansion, and you have also done it for the solar plant, for the eco-environment. I liked that very much, sir. And the best compliment that

I got in your chairman's speech, sir, that we are in the two-wheeler segment, in EV, we have a hold of 80%. This is a very big achievement in today's time. And sir, you are also doing expansion. And the speech that you have given, it seems that our share price as a shareholder, is undervalued.

Now, after listening to your speech today, people will think that the company has really grown a lot.

And the biggest thing in the annual report is your logo, our safety with innovation. You have also proved that in your chairman's speech. And sir, your team of management strengthens your shoulders, and their commitment and your guidance moves the company forward.

I especially appreciate item no. 3, 4, 9, 10, 11. My company will move forward with their commitment and their experience. Sir, your guidance, today the CS team has fulfilled this meeting with responsibility, sir. And you have pursued well, sir. I feel that with a person like you, people get

ASK Automotive Limited

August 01, 2025 to know each other in a similar way. But after listening to the speech and to see your influential personality, in the coming time, your leadership will take my company to a new height. This is my suggestion, sir.

I will say two words, sir, with your permission. Life is incomplete, the end is yet to be known. There are many unfinished tasks left, sir. May God give you a long life in the coming time. May your leadership be in the hands of the shareholders of the company. With this hope and faith, Namaskar,

Jai Hind.

Moderator

Thank you, sir. Now, we invite our next speaker shareholder, Mr. Yashpal Chopra. Sir, kindly accept the prompt on your screen. Turn on your audio and video and go ahead with your question. Kindly unmute your audio and video and go ahead with your question.

Yashpal Chopra

Yes, myself Yashpal Chopra calling from Delhi. Shareholder of the company since IPO. Client ID

82570454. I'm basically an advocate dealing with corporate affairs and a super senior citizen. Being a super senior citizen, I would like to bless our Honorable Management, our CMD and the team of about a dozen people over there because they really deserve kudos. I must congratulate them for the excellent performance of the company.

There has been an all-round growth in revenue, PVT, PAT, ROC, EPS and an investor friendly dividend. So, this is a really matter of pride for us. Sir, as regards your product of these super speed brakes for the two wheeler vehicles, that's a very good thing because the two wheeler vehicles are the most popular vehicle among the middle class people over here. And that is, you see that whether it's a motorcycle, motorbike, scooter, scooty.

So, those are the really main source of mobility for the middle class people. But sir, here my query is that when we are going to make our super speed brakes for these four vehicles, these passengers and commercial vehicles, as well as when we are going to diversify for the rail brakes, that is also the need of the hour. So, I wish that companies should think over that.

Sir, the future of the company is definitely excellent because this performance you have shown us in spite of the global and turbulent economy and the domestic confused economy. Global economy was turbulent because of the Russian-Ukraine war and all that our own domestic economy was confused because of general elections and all that. But now, with 2025, there is ample liquidity in the hands of the consumer because of RBI, because of our finance minister and the PLI schemes of the government of India. So, I think that there is a big, big future for our company.

Sir, as regards the values of the company, as I have seen just in our annual report, that is a great thing that the values you have shown as resilience, professionalism, and sustainability, transparency, and integrity. Resilience, I will just compliment you that you have spent about 35 years, and that is with a long, long time. Only thereafter, you have just come to the IPO market. This is a great thing that shows your mental integrity for the consumer.

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August 01, 2025

So, in other words, I can say the principle of ITC is there. I and T, I, integrity, and T, transparency.

One strength of these two principles, you have got a big, big name even in the global market over there and you have tied up a five-world-class technical collaboration within Japan and Germany and all that. This is a very big thing. And there is a global partnership. This is not a simple thing. This is based on your integrity.

And as far as distribution, as far as marketing, our marketing team is quite good. We have opened

400 distribution centers. So, this is a very, very big thing. So, I must appreciate the management that they are doing a fantastic thing for the development of the company. I have just a few queries. I just want to, I know the company is having a pan-India presence.

In six states, you are holding your manufacturing units, but I want to find out what is the modus operandi of application of AI in the manufacturing as well as in the marketing, in operations that I want to find out. The second query is that what is the ratio of foreign exchange as we are just approaching, we are just exporting our products in the foreign market.

So, I would just like to have it in this data. Then the next is that, what is the attrition ratio among the employees? Because generally, there is a ratio of the people just going for the career orientation.

They just live on organization and like that. So, this is, and the last query is, what is the gender ratio among the workforce? This is a very important thing. So, sir, I would just like to have a reply on that.

But as regards, before I wind up, I must thank the corporate governance under our CFO and our company secretary for getting me a chance to express myself. And I would just thank Mr. Gautam because he has been just a pillar of strength between the shareholders and the management. So, before

I wind up, I will pray God for the positivity for the company.

The positivity from the management, from the team to the last man in the organization means the strength of the company. And strength of the company means the strength of my investment, sir. So, wishing you lots of greetings for the festivals which are coming ahead. And enjoy that with your families. May you'll be in a safe health and happy mood. So, best of luck to you. Thank you. Thank you. Lots of blessings for all of you.

Moderator

Thank you, sir. We invite our next speaker shareholder, Mr. Pramod Kumar Jain. Sir, kindly accept the prompt on your screen, turn on your audio and video and go ahead with your question.

Pramod Kumar Jain

Namaskar, am I audible?

Moderator

Yes sir.

Pramod Kumar Jain

Namaskar. I am Pramod Jain from Delhi. I would like to thank the Chairman, the Board of Directors, and the Secretarial Department. I would like to thank you for giving me the opportunity to speak in this agenda. And I support all the proposed resolutions. Sir, I would like to thank the company for its excellent performance and visibility.

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August 01, 2025

Sir, you said that the company has installed a solar plant in Sirsa. Can you tell us the payback period for this? Has this plant been fully started? Sir, is the company planning to invest more in renewable energy? What is the strategy of the company to increase shareholder value? And sir, what is the perspective of the company regarding promoter holding? And finally, I would like to thank the

Secretarial Department for helping us to join this portal. Namaskar. Jai Jinendra.

Moderator

Thank you, sir. Now, we invite our next speaker shareholder, Mr. Pawan Kumar Saraf. Sir, kindly accept the prompt on your screen. Turn on your audio and video and go ahead with your question.

Sir, kindly accept the prompt on your screen turn on your audio and video and go ahead with your question.

Pawan Kumar Saraf

Am I audible, now?

Moderator

Yes, sir. You are audible.

Pawan Kumar Saraf

Good afternoon to all of you. My name is Pawan Saraf. My DP ID is 12038000. And Demat folio number is 00135785. Most of the questions, I could get the answer from the phone call audio which was day before yesterday. A few more questions are there. One is in the phone call, Mr. Rathee talked about some investments of INR490 crores in Karoli plant, INR155 crores in another Bengaluru plant and said INR75 to INR100 crores more is there in the pipeline.

It totals up to roughly INR720 crores to INR745 crores. And he talked about in reply to a question that leverage would be 1.75 on the expected lines. I could not understand what does this leverage mean? Does it mean the number of times the investment totals there? First question.

Second is, as per phone call three months back, our capacity utilization at Karoli plant was 50%. As per phone call day before yesterday, it was said it was 65% in the last quarter. Am I correct in my understanding?

Third question is, quarter one this year, ABS system in total has contributed 324 crores together for all the segments of two wheelers, three wheelers, four wheelers and commercial vehicles. I would appreciate if you can share the figure for only two wheeler segment for the first quarter this ABS has contributed.

And what was the capacity utilization in ABS plant in the first quarter? And lastly, what is the last date since we have to reach the minimum public float of 75%. As per my understanding, three years time we get from the public issue. That is all from my side. Thank you.

Moderator

Thank you, sir. We now invite our next speaker shareholder, Mr. Ankur Chanda. Sir, please accept the prompt on your screen. Turn on your audio and video and go ahead with the question. Sir, switch on your audio and video. Yes sir you are audible now.

Ankur Chanda

Okay, okay. Good afternoon, sir. My name is Ankur Chanda. My DP ID and client ID is

1IN30236510914729. I am attending this meeting from Rohtak. I would like to thank the

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August 01, 2025 management for the transparency and clarity shown in the annual report and the AGM proceeding.

Can you tell me what is the company's current order book and how does it compare with last year?

What are the projections for FY '26 in terms of revenue and profitability? And third one is what is

ASK planning to, how is ASK planning to manage raw material cost fluctuations? That's all, sir.

That's all I have to say. Please tell us. You are doing the rest fine. Thank you, sir.

Moderator

Thank you, sir. We now invite our next speaker shareholder, Mr. Manjeet Singh. Sir, kindly accept the prompt on your screen. Turn on your audio and video and go ahead with the question.

Manjeet Singh

Am I audible sir?

Moderator

Yes sir, you are audible now.

Manjeet Singh

I welcome the company's Management Team, Secretarial Team and my co-shareholders. Sir, I am

Manjeet Singh from Delhi. My DPID, client ID is 1208-8701-5698-5425. I would like to congratulate the company for its excellent performance and your share rate is also good and the company is also doing a good job. I expect more from you in the future and you will do a good job.

Sir, what can you tell us about the company's current year, FY '26? What is the growth strategy for this? In order for the company to progress, what is the plan for growth? Please tell us a little about this. Our company is also planning to enter the new market. We have plans to export and get new orders in Europe and the US market. Our company is good and we will get a good response there as well.

What benefits can we get from the technical assistance agreement, KYSK? Please tell us about this.

Sir, we are already spending on research and development. What is our plan for the future? How much more will we invest in research and development? Please tell us a little about this.

It is expected after corporate action, I request you to give more value to the shareholder after listing and IPO. What are your thoughts on this? We have a good share rate. Please make a declaration in the board meeting of giving a bonus and that the shareholder should get a better value for his share.

It will be incomplete if we do not mention the Secretarial Department. We have been able to connect with you through their hard work. CFO sir, madam secretarial and those who are working under them, are all doing a good job. Our corporate governance is good. We are listed in BSE and NSE.

Our BSE code is 544022.

Our symbol is ASK Auto. They have made a very beautiful balance sheet and connected us to you.

Thank you, Secretarial Department and thank you for the Management Team. Thank you sir, thank you.

Moderator

Now we invite our next speaker shareholder, Mr. Sachin Singhal. Kindly accept the prompt on your screen. Turn on your audio and video and go ahead with your question. Kindly accept the prompt on your screen. Turn on your audio and video and go ahead with your question.

ASK Automotive Limited

August 01, 2025

Sachin Singhal

Hello?

Moderator

Yes, sir, you are audible.

Sachin Singhal

Am I audible?

Moderator

Yes, we can hear you.

Sachin Singhal

Okay sir, good afternoon. My name is Sachin Singhal. My DP ID and client ID IM300906 and DPID and client ID is 10412027. I thank the Board and the secretarial team. Sir, I am attending this meeting from Delhi. It is an honor to speak in this AGM. I would like to extend my appreciation to the CMD and the entire ASK team.

For our declaration and vision, the company's platform post listing has been contributed. What is the company's view on reducing promoter holding in the near term, sir? How does ASK plan to entire shareholder value in the next two to three years? Sir, I would like to thank your secretarial team and our CMD, sir. You gave me a chance to speak from Delhi.

Rest, the share price is running very well, sir. Rest, if there is a right issue of any company in the future or if there is a plan to give a bonus to any company, sir. Rest, sir, I would like to say that after coming to IPO, I could not meet you all through get-together or any physical meeting. So, you should make a shareholder plan or a program so that we can meet you, sir. We would like to meet you. Rest, thank you very much, sir. Thank you, sir.

Moderator

Thank you sir. We invite our next speaker shareholder, Mr. Sandeep Kumar Sharma to kindly accept the prompt on your screen. Turn on your audio and video and go ahead with your question. Sir, please turn on your audio and video and go ahead with your question. Sir, please turn on your audio and video and go ahead with your question.

Sandeep Kumar Sharma

Hello?

Moderator

Yes sir, you are audible now.

Sandeep Kumar Sharma

Good morning, sir. My name is Sandeep Kumar Sharma. My DP ID and client ID is

1203230001403191. I am attending this meeting from Delhi. It is an honor to speak at this AGM. I would like to extend my appreciation to the CMD and the entire ASK team. The Company's performance post-listing has been commendable.

My questions for the CMD, sir, are, first, what are the key operational efficiencies implemented in financial year '25? Another question is there. Is the company planning to enter any new product category in the near future? Thank you, CMD, sir. That's all from my side. Thank you very much, everyone.

ASK Automotive Limited

August 01, 2025

Moderator

Thank you, sir. We invite our next speaker shareholder, Mr. Surendra Kumar Arora to kindly accept the prompt on your screen. Turn on your audio and video and go ahead with your question. Accept the prompt on your screen. Turn on your audio and video and go ahead with your question. Sir, we have given you the prompt, Mr. Surendra Kumar. Please accept and turn on your audio and video and go ahead with your question.

Sir, please accept, unmute yourself and speak. We have given you the prompt. Please unmute yourself and go ahead with your question. As there is no response, we'll move ahead to our next speaker shareholder. Mr. Ashok Kumar Jain. Sir, please accept the prompt on your screen. Turn on your audio and video and go ahead with your question. Sir, kindly turn on your audio and video and go ahead with your question.

Ashok Kumar Jain

Hello. Am I audible?

Moderator

Yes sir, you are audible.

Ashok Kumar Jain

Yes. Good afternoon, Chairman sir, Board of Directors. My name is Ashok Kumar Jain. My DPID number is 30011810230297. I am attending the meeting from Delhi. It is an honor to speak in the

AGM. I would like to extend my appreciation to the CMD sir and entire ASK team for their dedication and vision.

The company's performance post-listing has been commendable, sir. My first question, what kind of technology plan to stay? How is required for EV product development? Secondly, how does the company plan to stay competitive in the involving mobility landscape? I support all the resolutions.

And I also thank to the moderator, Company Secretary team and her entire team to help me to join this meeting. Thank you, sir.

Moderator

Thank you, sir. We now invite our next speaker, shareholder, Mr. Rakesh Kumar. Kindly accept the prompt on your screen. Turn on your audio and video and go ahead with your question.

Rakesh Kumar

Am I audible?

Moderator

Yes sir, you are audible.

Rakesh Kumar

Good afternoon, sir. My name is Rakesh Kumar. My DP ID client ID is 1210160000000111. Sir, I am attending the meeting from Delhi. Sir, I would like to congratulate you and the entire ASK team for such good financial results this year. Secondly, sir, I am very impressed by your speech.

Sir, I have two questions. Is there any plan of the company to increase automation? Secondly, sir, can you tell us about the company's long-term manufacturing strategy? Thank you, sir. Thank you to the Moderator, the Company Secretary and the CFO for giving me the opportunity to speak on this channel. Thank you, sir.

ASK Automotive Limited

August 01, 2025

Moderator

Thank you, sir. Our next speaker shareholder is Mr. Lokesh Gupta. Sir, kindly accept the prompt on your screen, turn on your audio and video and go ahead with your question.

Lokesh Gupta

Am I audible?

Moderator

Yes sir.

Lokesh Gupta

Sir, I am Lokesh Gupta from Delhi. I would like to welcome you and all the Board members. Sir, since the last year, I have been listening to you. Sir, there was an excellent Chairman speech in which you told everything about the Company's present and future. Sir, there are no questions after that.

There are questions asked where there is no faith and trust.

I have faith and trust in the company. Whatever decisions you take will be in the interest of the company. The company is doing well and will continue to do well. Sir, I want to know that 25% of tax is levied from the US. Sir, how much of this will affect our company's working? Are we in the export of the US? Sir, tell us a little about this.

Sir, we get the opportunity to meet once a year. But we go to the company secretary madam for our information, to her team again and again. We get a well-timed reply. For this too, I would like to thank her entire team. Sir, we have got a good portal in VC mode on which pan India we are able to connect with you. Sir, use this portal only for AGM. Rest, I wish you all the best for the company's future. Thank you, sir.

Moderator

Thank you, sir. We invite our next speaker shareholder, Surendra Kumar Arora. Sir, kindly accept the prompt on your screen, turn on your audio and video and go ahead with your question. Sir, kindly turn on your audio and video and go ahead with your question. Mr. Surendra Kumar, please turn on your audio and video.

Surendra Kumar Arora

Namaskar, Chairman sir. I am Surendra Kumar Arora, attending this meeting from Noida. Sir, my

DP ID number is 30011811485891. Sir, first of all, I would like to congratulate the Company

Secretarial Team for arranging a good AGM and for a very good Annual Report.

Sir, my question to the company is, what was the company's capex in FY '25 and what is the plan for

FY '26? Please tell us about this. Sir, my second question is, what is the capital utilization of our

Haryana plant? Third question is, is the company planning to install a new manufacturing unit? Please tell us about that.

And the Company Secretary and her team's contribution is remarkable. And sir, one more thing, your speech was very knowledgeable. It was very effective. I would like to congratulate you for that.

Thank you, sir.

Moderator

Thank you, sir. That was the last question for the day. That concludes the speaker shareholder query session. Now I request the Chairman to answer the queries raised by the shareholders. Over to you, chairman, sir.

ASK Automotive Limited

August 01, 2025

Kuldip Singh Rathee

Before I proceed to answer, I am trying to combine the questions. So that I can give sufficient reply to all the questions. So let's take a small break for two minutes, please. We'll rejoin.

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Kuldip Singh Rathee

Thank you. Dear shareholders, thank you very much for your questions, comments and participation in the meeting and more importantly, for your good wishes. I would especially thank today the super senior citizen who was present as a shareholder and I would like to say thank you for your kind words of appreciation and all your wishes were like blessings to us and this company. Thank you very much once again.

I'll try to answer as many questions as I can. However, if there is something that is unanswered, you can write to our company secretary and we'll answer them in due course of time. There are a few questions that are already covered in my speech and some shareholders have raised their questions via email. Let's start by answering the questions one by one.

With respect to the questions on strategic goals for financial year 2026, product diversification and

EV market penetration, your company aims to continue expanding its product portfolio, especially in EV components and strengthen its global footprints through exports. We view the electric vehicle segment as a significant growth opportunity driven by the global shift of countries and original equipment manufacturers towards sustainable mobility solutions.

The company currently supplies to approximately 80% of the organized two-wheeler EV market and

EV segment accounted for 4.2% of our total revenue in FY '25. With growing emphasis on light weighting and thermal management, our aluminium light weighting precision solutions vertical is outperforming industry growth rates and has showcased the highest growth among all other verticals of the company.

In view of the same, our ALP segment is further likely to grow with the growth of the EV segment.

For the questions related to expansion in the passenger vehicle segment, this is being undertaken through a multi-pronged approach that leverages innovation, partnership, and market diversification.

The joint venture company, AISIN-ASK India Private Limited has been incorporated specifically to serve the PV aftermarket. I am pleased to share that the joint venture has already begun generating revenue and is witnessing encouraging demand, reflecting strong alignment with market needs and

ASK's commitment to high quality innovative solutions.

On the topic of sustainability and CSR initiatives, these efforts are comprehensively detailed in the

Business Responsibility and Sustainability Report, forming part of the annual report for FY '24-25.

Key initiatives include solar energy adoption, water conservation, and waste management.

The solar plant in Sirsa has been installed and commissioned with an expected payback period of approximately six years. Regarding the use of digital tools and operational technologies, we have a

ASK Automotive Limited

August 01, 2025 state-of-the-art engineering wing where we employ advanced design tools to support customers in developing complex and critical components.

SAP S/4HANA is implemented across the organization as an integrated business application and various real-time monitoring and analytics platforms are used to track performance parameters and trends, enabling data-driven decision-making.

As far as the risk outlook for the upcoming financial year is concerned, apart from geopolitical instability and certain industry-specific uncertainties, the company does not anticipate any significant risk that could materially impact its operations in FY '26.

Speaking about our export strategy and geographic expansion, export continues to be a strategic priority. Despite global challenges, the company successfully maintains its export volumes during

FY '25. Expansion efforts are currently focused on the United States and Europe, and we remain open to exploring other markets.

Turning to EBITDA margin improvement, the company will always make continuous efforts to not only maintain the current EBITDA margins, but also try to marginally improve it. The capacity utilization at the Karoli and Bangalore plants will try to go up, and coupled with the ongoing cost optimization initiatives, we will try to improve the EBITDA margins.

Additionally, a margin improvement of approximately 80 basis points is anticipated due to the strategic reduction in the wheel assembly business. In terms of plant utilization, the Karoli plant has reached approximately 65% capacity utilization. The Bangalore plant, which became operational on

14 January 2025, is expected to reach around 60% utilization in Q2 of FY '26. All other plants are operating at tier-full capacity.

With reference to business focus areas, the company continues to prioritize growth in the Indian aftermarket, passenger vehicle segmented exports, which remain the core pillars of our strategic roadmap. To enhance shareholder value, the company's strategy includes a sharper focus on exports,

EV aftermarket expansion, and strengthening design and R&D capabilities.

A final dividend of INR1.5 per share was declared for FY '25, reflecting our commitment to rewarding the shareholders. On the questions of order book and growth outlook for FY '26, while the company does not disclose specific order book figures, we remain confident in sustaining this momentum through the remainder of the year.

In relation to the dilution of the promoter shareholding, an offer for sale was executed during FY '25 to reduce promoter shareholding. The remaining promoter shareholding will be diluted in a phased manner in accordance with applicable legal provisions and within the prescribed regulatory timelines.

The company's secretary will now guide us with the process moving forward. Over to you, Rajani.

ASK Automotive Limited

August 01, 2025

Rajani Sharma

Thank you so much, sir. Now, we will move ahead for the remaining proceedings of the meeting.

Members may note that e-voting on NSDL platform will continue to be available for next 15 minutes.

Therefore, members who have not already cast their vote may cast their vote within next 15 minutes.

The Board of Directors of the company has appointed Mr. Vinod Kumar Aneja, Company Secretary

(Membership No. FCS 5740) of M/s. Vinod Kumar & Co., Company Secretaries, as the scrutinizer to scrutinize the entire e-voting process in a fair and transparent manner. The scrutinizer shall, immediately after the conclusion of the voting at the AGM, unblock the votes cast through remote e- voting and votes cast during the AGM and will submit a consolidated scrutinizer report of the total votes cast in favor or against, if any, to the chairman or a person authorized by him in writing who shall countersign the same.

The results will be announced within the time stipulated under the applicable laws. The chairman or the authorized person shall declare the results forfeit. The results declared along with the scrutinizer's report shall be placed on the company's website www.askbrake.com and on the website of NSDL and shall also be placed on the notice board at the registered and corporate office of the company and simultaneously be communicated to BSE and NSE.

The resolutions will be deemed to be passed on the date of the AGM subject to receipt of requisite number of votes in favor of the resolution. Thank you, sir, and over to you.

Kuldip Singh Rathee

Thank you, Rajani. I hereby authorize you, the company secretary of the company, to declare the results of the voting. I thank all the members personally and on behalf of the board of directors of the company for having spared their valuable time to attend this meeting today and putting forth their questions and suggestions.

I would like to conclude by placing on record my sincere appreciation for the contribution made by

ASK's management team and the entire staff. I thank you once again, dear shareholders, for joining us today. Thank you very much.

Moderator

Thank you everyone for attending this 37th Annual General Meeting of ASK Automotive Limited.

The e-voting lines were open for the members for the agenda items throughout the meeting and shall remain open for the next 15 minutes. 15 minutes reverse countdown will start now. The meeting will be concluded after the completion of e-voting.