Eicher Motors : RECA Financial Statements 2025-26

About this update from Eicher Motors Limited

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2026 ALL AMOUNTS ARE IN CAD UNLESS OTHERWISE STATED Particulars Note No. For the year ended March 31, 2026 For the year ended March 31, 2025 INCOME 13 14 15 16 17 18 18 20 20 Revenue from operations 3,920,623 4,067,722 Total Income 3,920,623 4,067,722 EXPENSES Purchases of traded goods 3,526,895 3,911,857 Changes in inventories of traded goods 137,260 (117,615) Finance costs 84,442 94,057 Other expenses 15,359 64,580 Total expenses 3,763,956 3,952,879 Profit before tax 156,667 114,843 Tax expense Current tax 17,849 17,226 Deferred tax 4,673 - Total tax expense 22,522 17,226 Profit for the year 134,145 97,617 Other comprehensive income for the year, net of tax - - Total comprehensive income for the year, net of tax 134,145 97,617 Earnings per share in CAD Basic 1341.45 976.17 Diluted 1341.45 976.17 (No face value of shares defined as such) Summary of material accounting policies 3 See accompanying notes forming part of the financial statements As per our report of even date For and on Behalf of the Board of Directors of For S.R. Batliboi & Co LLP of Eicher Motors Limited Chartered Accountants ICAI Firm registration Number : 301003E/E300005 Sonika Loganey B Govindarajan Partner Managing Director Membership No.: 502220 DIN: 03093035 Place: Gurugram, India Place: Chennai Date: May 20, 2026 Date: May 20, 2026 BALANCE SHEET AS AT MARCH 31, 2026 ALL AMOUNTS ARE IN CAD UNLESS OTHERWISE STATED Particulars Note No. As at March 31, 2026 As at March 31, 2025 ASSETS Non-current assets (a) Deferred tax assets 4 - 4,673 Total non-current assets - 4,673 Current assets (a) Inventories 5 - 137,260 (b) Financial assets (i) Trade receivables 6 362,699 772,894 (ii) Cash and cash equivalents 7 628,982 379,374 Total current assets 991,681 1,289,528 Total Assets 991,681 1,294,201 EQUITY AND LIABILITIES Equity (a) Equity share capital 8 17,446 17,446 (b) Other equity 9 472,094 337,949 Total equity 489,540 355,395 LIABILITIES Current liabilities (a) Financial liabilities (i) Trade payables 10 402,570 862,929 (b) Current tax liabilities 11 42,442 41,677 (c) Other current liabilities 12 57,129 34,200 Total current liabilities 502,141 938,806 Total equity and liabilities 991,681 1,294,201 Summary of material accounting policies 3 See accompanying notes forming part of the financial statements As per our report of even date For and on Behalf of the Board of Directors For S.R. Batliboi & Co LLP of Eicher Motors Limited Chartered Accountants ICAI Firm registration Number : 301003E/E300005 Sonika Loganey B Govindarajan Partner Managing Director Membership No.: 502220 DIN: 03093035 Place: Gurugram, India Place: Chennai Date: May 20, 2026 Date: May 20, 2026 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2026 ALL AMOUNTS ARE IN CAD UNLESS OTHERWISE STATED Particulars For the year ended March 31, 2026 For the year ended March 31, 2025 A. OPERATING ACTIVITIES Profit before tax for the year 156,667 114,843 Adjustments for: Finance costs 84,442 94,057 Operating profit before changes in working capital 241,109 208,900 Changes in working capital: Adjustments for (increase) / decrease in current assets: Inventories 137,260 (117,615) Trade receivables 410,196 (188,740) Adjustments for increase / (decrease) in current liabilities: Trade payables (460,359) 485,992 Other Current liabilities 22,929 (13,960) Net cash flows from / (used in) operating activities 351,135 374,577 Less: Direct taxes paid / (refund) 17,085 2,630 Net cash flows from / (used in) operating activities (A) 334,050 371,947 B. FINANCING ACTIVITIES Interest paid (84,442) (94,057) Net cash flows from / (used in) financing activities (B) (84,442) (94,057) Net Increase/(decrease) in cash and cash equivalents (A) + (B) 249,608 277,890 Cash and cash equivalents at the beginning of the year 379,374 101,484 Cash and cash equivalents at the end of the year 628,982 379,374 Particulars As at March 31, 2026 As at March 31, 2025 Components of cash and cash equivalents Balances with banks: In current accounts Cash and cash equivalents as per balance sheet (refer note 7) 628,982 379,374 628,982 379,374 Summary of material accounting policies (refer note 3) See accompanying notes forming part of the financial statements As per our report of even date For and on Behalf of the Board of Directors of For S.R. Batliboi & Co LLP of Eicher Motors Limited Chartered Accountants ICAI Firm registration Number : 301003E/E300005 Sonika Loganey B Govindarajan Partner Managing Director Membership No.: 502220 DIN: 03093035 Place: Gurugram Place: Chennai Date: May 20, 2026 Date: May 20, 2026 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2026 ALL AMOUNTS ARE IN CAD UNLESS OTHERWISE STATED Equity share capital Particulars Number of shares Amount Equity shares of CAD 1 each issued, subscribed and fully paid Balance as at April 01, 2024 100 17,446 Changes in equity share capital during the year - - Balance as at March 31, 2025 100 17,446 Changes in equity share capital during the year - - Balance as at March 31, 2026 (refer note 8) 100 17,446 Other Equity Particulars Retained earnings Balance as at April 01, 2024 240,332 Profit for the year 97,617 Other comprehensive income / (expense) for the year, net of income tax - Total comprehensive income / (expense) for the year 337,949 Balance as at March 31, 2025 337,949 Profit for the year 134,145 Other comprehensive income / (expense) for the year, net of income tax - Total comprehensive income / (expense) for the year 472,094 Balance as at March 31, 2026 (refer note 9) 472,094 Summary of material accounting policies (refer note 3) See accompanying notes forming part of the financial statements As per our report of even date For and on Behalf of the Board of Directors of For S.R. Batliboi & Co LLP of Eicher Motors Limited Chartered Accountants ICAI Firm registration Number : 301003E/E300005 Sonika Loganey B Govindarajan Partner Managing Director Membership No.: 502220 DIN: 03093035 Place: Gurugram Place: Chennai Date: May 20, 2026 Date: May 20, 2026 NOTES FORMING PART OF SPECIAL PURPOSE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026 Corporate Information Royal Enfield Canada Limited ("RECA" or "the Company") was incorporated on April 19, 2016 under the Business Corporation Act, the Company, a wholy owned subsidiary of Royal Enfield North America Limited (Holding Company).The Company is principally engaged in trading of two wheelers in Canada.The Company has its registered office at number 1055 West Georgia Street,1500, Royal Centre, P.O. Box 11117,Vancouver BC V6E 4N7, Canada Basis of Preparation Statement of Compliance The special purpose financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time). These special purpose financial statements are prepared to assist the ultimate Holding Company in preparing their consolidated financial statements and filing Annual Performance Report by the holding company with respect to company with the Authorized dealers category - I bank in accordance with the RBI Master direction -Reporting under FEMA Act, 1999 updated as at December 03,2025 issued by the RBI. As a result, the special purpose financial statements may not be suitable for any other purpose. Consequently, these financial statements do not purport to be, and are not prepared to comply with the requirements of the Companies Act, 2013 and include only those disclosures prescribed under the Companies Act, 2013 as the management deems relevant. Accounting convention The special purpose financial statements have been prepared on the historical cost basis except for certain financial instruments which have been measured at fair value as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. The financial statements are presented in CAD which is the company's functional currency. Operating cycle Based on the nature of products/ activities of the Company and the normal time between acquisition of assets and their realization in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current. Material Accounting Policies Current and non-current classification All assets and liabilities are classified into current and non-current. Assets An asset is classified as current when it satisfies any of the following criteria: it is expected to be realised in, or is intended for sale or consumption in, the company's normal operating cycle; it is held primarily for the purpose of being traded: it is expected to be realised within 12 months after the reporting date; or it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting date. Current assets include the current portion of non-current financial assets. All other assets are classified as non-current. Liabilities A liability is classified as current when it satisfies any of the following criteria: it is expected to be settled in the company's normal operating cycle; it is held primarily for the purpose of being traded; it is due to be settled within 12 months after the reporting date; or the company does not have an right to defer settlement of the liability for at least 12 months after the reporting date. Current liabilities include the current portion of non-current financial liabilities. All other liabilities are classified as non-current. Revenue from contract with customers Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company has generally concluded that it is the principal in its revenue arrangements, except for the agency services below, because it typically controls the goods or services before transferring them to the customer. Sale of goods and services Revenue from sale of goods is recognised at a point in time when control of the goods is transferred to the customer, at the time of dispatch from the warehouse. The Company considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g., warranties, Road Side Assistance, Free Service Coupons, etc.). In determining the transaction price for the sale of goods, the Company considers the effects of variable consideration, the existence of significant financing components, non-cash consideration, and consideration payable to the customer (if any). Trade receivables A receivable represents the Company's right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in section 3(g) Financial instruments - initial recognition and subsequent measurement.

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