Concall Talks

Structured earnings insights | Indian Equities |
Not investment advice.

[Concall Talks @ConcallT]

Mahindra & Mahindra Ltd - Q2FY27 | Concall Insights

Performance
•Consolidated revenue ₹57,553 Cr (+25% YoY); PAT ₹4,588 Cr (+25%); H1 PAT +29%; RoE 21% (vs 18% target)
•Auto: volumes 331k (+26%), UV 183k (+26%); #1 SUV revenue market share 24.3%; consolidated auto revenue +39%, PAT +55%
•Farm: tractor volumes 116k, market share 41.5%; revenue -6% on monsoon deficit and commodities
•eSUV revenue market share 30.1%; cumulative EV sales crossed 1 lakh units; Growth Gems PAT 3x

Growth Visibility Drivers
•Auto capacity ramping to ~82k/month by FY27 H2 exit (further to 92k next year, 132k by F31); new Nagpur plant; EV capacity to 12k by Feb-Mar
•New product pipeline (IQ platform, Scorpio Lifestyler and others); ultra-fast charging network (59 stations, target 250 by next year-end)
•Multi-year targets: Auto 8x growth this decade (quadrupled so far, aiming to double in next 4 years); Farm 3x (doubled); Financial services AUM 4-5x; Last-mile mobility 25x sales (7.5x achieved); Aviation $1 Bn annual orders by 2030
•Leadership in SUVs, LCVs <3.5T and tractors; EV momentum and mix supporting margins despite commodity pressure

Outlook
•Long-term commitment to 15-20% EPS growth and 18% RoE; current trajectory ahead of plan
•Auto strength continues with capacity expansion supporting volume growth; farm industry outlook revised to flat for FY27, with recovery expected in Q4 and normalisation in FY28
•Pricing actions, operating leverage and product mix to offset input cost inflation; diversified portfolio (auto, farm, financial services, Growth Gems) underpins multi-year visibility

[Concall Talks @ConcallT]

Shiprocket Ltd - Q2FY27 | Concall Insights

Performance
•Revenue ₹670+ Cr (+35% YoY); Adjusted EBITDA ₹14.2 Cr at 2.1% margin (improved YoY and QoQ)
•Core: revenue ~₹460 Cr (+25%), Adj EBITDA ₹59 Cr at 12.8% margin
•Emerging: revenue ~₹210 Cr (+61%), Adj EBITDA margin improved from -31.5% to -21%
•Contribution margin ₹130 Cr (+43%, faster than revenue); H1 cash from ops ~₹65 Cr (2.3x prior year)
•TTM: 233 Mn transactions, ~₹37,400 Cr GMV, 2.36 Lakh+ active merchants; Q2 GMV +33%, transactions +34%

Growth Visibility Drivers
•Core shipping scaling profitably and self-funding faster-growing emerging (checkout, Martech, Omnichannel, hyperlocal) — emerging now 31% of revenue (vs 26% YoY)
•Cross-sell expanding: 9.3% of core merchants use emerging products (+140 bps); 17,300 new merchants via emerging (vs 5,400 prior year)
•AI/Radar courier optimisation, agentic platform, hyperlocal/fast delivery and quick commerce extensions; Omnichannel +79%, Martech +102%
•Volume-led growth (not price-led); selective focus on D2C, restaurants/food delivery and larger merchant cohorts with better unit economics

Outlook
•Emerging economics improving sharply while scaling; contribution margins held despite mix shift toward higher-growth businesses
•Medium-term margin expansion expected from operating leverage on largely fixed cost base + continued volume growth
•Large runway: Martech/checkout penetration still ~10%; new categories (hyperlocal, food) early-stage
•On track with multi-year roadmap; core continues to fund emerging reinvestment while overall platform profitability improves

[Concall Talks @ConcallT]

TCI Express Ltd - Q2 & H1FY27 | Concall Insights

Performance
•Q2 revenue ₹335.9 Cr (+8.9% YoY); EBITDA ₹43 Cr (+10.8%), margin 12.7% (best in 5 quarters)
•H1 revenue ₹648 Cr (+8.8%); EBITDA ₹80 Cr (+10.8%), margin 12.2%; PAT ₹49 Cr (+6%)
•Segment growth: E-commerce Express +51.6%, Domestic Air +29%, International Air +26%, Surface Express +9.4%

Growth Visibility Drivers
•Scaling higher-growth verticals (e-commerce, air, international) while strengthening core Surface Express
•Network expansion via branches, sorting centers and multimodal (surface/air/rail); capacity utilisation ~84%
•Digital/wallet integration for D2C and e-commerce bookings by end-CY, commercial start next year; selective D2C with 15%+ EBITDA threshold
•Non-surface services targeted >18% of revenue by FY27-end and ~22% by 2030

Outlook
•H2: 14-15%+ revenue growth and 11-12% volume growth; October trading strong
•H2 EBITDA margin 13%+; full-year margin improvement 50-100 bps
•Path to 15-16% EBITDA margins in 2-3 years on volume scale-up, 5-6% price hikes, operational efficiency and favourable mix
•Capex focused on network capacity, sorting and IT; net cash positive balance sheet supports growth investments

[Concall Talks @ConcallT]

Meta Infotech Ltd - H1FY27 | Concall Insights

Performance
•Revenue ₹895 Mn (-57% YoY) on deliberate exit from low-margin product sales (incl. banking client) to protect profitability and improve quality
•Gross margin expanded to 32.2% (from 16.8%); EBITDA margin to 8.7% (from 7.5%)
•PAT ₹49 Mn; order book ₹927 Mn as of 30 Sep 2026

Growth Visibility Drivers
•Strategic pivot to services-led model: consulting, managed security, threat monitoring, AI security, post-quantum cryptography, IAM and OT security
•12 new clients added in H1 across sectors; deeper partnerships and selective high-value engagements
•Domestic expansion (Hyderabad, Chennai, Delhi, Bengaluru, Pune upcoming) + international footprint build-out (Middle East, Australia, USA, Europe)
•In-house cybersecurity training centre and talent program supporting scalable delivery with low attrition

Outlook
•Order book and services mix provide multi-year visibility on higher-margin, recurring work
•Path to 4x FY26 PAT by FY29; FY27 revenue guided ~₹350-375 Cr on quality growth
•Margin expansion expected as services contribution rises and low-margin product exposure declines
•Foundation strengthened for sustained profitable growth on rising enterprise cybersecurity spend driven by digitalisation and AI adoption

[Concall Talks @ConcallT]

Saatvik Green Energy Ltd - Q2 & H1FY27 | Concall Insights

Performance
•Q2 revenue ₹902.6 cr (+77% QoQ, +18% YoY); H1 revenue ₹1,413.6 cr (-16% YoY)
•Q2 EBITDA ₹69.6 cr (7.7% margin); H1 EBITDA ₹112.1 cr (7.9% margin)
•Q2 PAT ₹20.2 cr; H1 PAT ₹25.6 cr (sharp YoY decline on lower utilisation and mix)
•Module production 658 MW / sales 640 MW in Q2; H1 production 1,066 MW / sales 973 MW
•Capacity utilisation ~58.5% in Q2 (vs 83% prior year)
•Confirmed order book 6.68 GW (~₹8,800 cr; ~110% of 6.1 GW installed module capacity); 60% DCR / 40% non-DCR
•Added 1.76 GW orders and executed ~0.97 GW in H1

Growth Visibility Drivers
•FY27 guidance reiterated: revenue ~₹6,000 cr and EBITDA margin ~12%
•Odisha facility: commercial production of 1.3 GW module line started 2 Nov 2026; full 4 GW Phase I targeted by Dec 2026
•2.4 GW cell line in trial runs; ramp-up targeted by Dec 2026; ALMM List-II inspection expected end-Nov
•Cell contribution expected to lift margins from Q4 FY27 (partial in Q3, stronger from Q4; full yield next year)
•Cell capacity planned to reach 6 GW by FY28 (including 3.6 GW Phase II); 6 GW ingot & wafer targeted for FY29
•Strong domestic cell shortage supports demand; SECI order of ₹1,042 cr (600 MWp DCR modules) for execution by Dec 2027
•Order book to be executed over 12–18 months; utilisation expected to improve in H2 and return toward 80%+ next year
•Transitioning from pure module assembler to integrated manufacturer (encapsulant + modules + cells)

Outlook
•Focus on ramping Odisha module to 4 GW and cell line by Dec; timely execution of 6.68 GW order book
•Margin recovery from Q4 as cell production contributes and utilisation improves
•Disciplined working capital and balance sheet management amid expansion
•Structural shift to cell-led market under ALMM-II creates multi-year opportunity for integrated players
•Overall, capacity ramp and large order book provide clear visibility for H2 acceleration and FY28 growth
•Capacity expansion and order book support guided ₹6,000 cr revenue with margin recovery as Odisha cell & module lines ramp in H2.

[Concall Talks @ConcallT]

Astral Ltd - Q2 & H1FY27 | Concall Insights

Performance
•Q2 consol revenue ₹1,988 cr (+26% YoY); H1 revenue ₹3,566 cr (+21.4% YoY)
•Plumbing Q2 revenue ₹1,398 cr (+25% YoY); volume growth 19.1% (highest in industry); H1 volume +10.1%
•Adhesives India +25.3%; UK +30%; Paints +43.9% in Q2
•H1 plumbing EBITDA margin 17.4% (within 16–18% guidance); consol Q2 EBITDA margin ~13.7% (pressure from polymer price volatility and pass-through lag)
•Q2 PAT ~₹127 cr (-6% YoY); H1 PAT higher YoY
•Interim dividend ₹1.50/share declared

Growth Visibility Drivers
•On track for double-digit plumbing volume growth for full FY27 (target 2.9–3.0 lakh tonnes)
•October demand “unprecedented” and best in company history; expects sustained double-digit momentum in Q3 and Q4
•FY27 plumbing EBITDA guided at ~₹1,050 cr; consol EBITDA ~₹1,250 cr
•Next-year EBITDA growth of ~15% indicated as achievable
•CPVC resin plant on schedule; commercial production expected by Q4 FY27 (backward integration for margin support from FY28)
•Flexible capacity ramp possible (add ~100 KT in 6–9 months if needed); sufficient land and infrastructure available
•Adhesives India targeting strong growth; UK turning EBITDA positive; Paints targeting positive EBITDA by year-end and higher margins next year
•Price increases initiated (including 5% on CPVC in Oct); better pass-through and mix expected to support H2 margins
•Capex ~₹400 cr for FY27 (including CPVC plant)

Outlook
•H2 expected stronger than H1 on demand recovery, price pass-through and operating leverage
•Market share gains continuing in plumbing despite volatile polymer prices
•Focus on capacity utilisation, product mix and cost control for margin recovery
•Structural levers from CPVC backward integration and adhesives/paints scale-up support multi-year growth
•Overall, robust volume growth and H2 demand visibility underpin guidance of double-digit volume expansion and improved profitability trajectory
•Strong industry-leading volume growth with H2 momentum and capacity/backward-integration initiatives providing clear multi-year visibility.

[Concall Talks @ConcallT]

Kalpataru Projects International Ltd - Q2 & H1FY27 | Concall Insights

Performance
•Q2 consol revenue ₹7,004 cr (+7% YoY; comparable +13% ex-road SPVs & Brazil); H1 revenue ₹13,412 cr (+6% YoY; comparable +11%)
•Q2 PBT ₹398 cr (+24% YoY); H1 PBT ₹818 cr (+34% YoY); H1 PBT margin 6.1% (+130 bps YoY)
•Q2 PAT ₹292 cr (+23% YoY); H1 PAT ₹603 cr (+34% YoY)
•Core EBITDA margins stable ~8.3–8.5%; improvement driven by mix, efficiencies and lower interest
•Near net debt-free: consol net debt ₹72 cr (as of Sep 30); credit rating upgraded to AA+/Stable
•Working capital days improved to ~68 days (consol)

Growth Visibility Drivers
•Highest-ever order book ₹71,846 cr (~2.5–2.6x TTM revenue visibility)
•FY27 YTD order inflows ~₹23,934–24,000 cr (+60% YoY); additional ~₹5,000 cr L1/favourably placed
•FY27 order inflow guidance raised to ₹35,000–36,000 cr (from ₹30,000 cr)
•FY27 revenue growth target maintained at ~15% (H1 ~11–12% impacted by global supply chain/port congestion)
•Strong pipeline and growth engines: T&D, Buildings & Factories, Oil & Gas (Oil & Gas +58% YoY in Q2)
•Entry into West Asia water infrastructure; expanding T&D presence in Africa and international markets
•Swedish subsidiary Linjemontage listed on Nasdaq Stockholm (value unlock of ~₹2,300 cr market cap)
•Capex plan maintained at ₹700–800 cr for the year
•Longer-term path toward ₹50,000 cr consol revenue in 3–4 years; visibility beyond 2028 supported by backlog and tender pipeline (bids of ₹50,000–70,000 cr expected over next 6 months)

Outlook
•Focus on profitable growth, disciplined bidding, execution excellence and working capital optimisation
•Margins expected to sustain or improve at current commodity levels; PBT ahead of earlier guidance
•Majority of incremental order inflows expected in Q4; strong contribution to FY28 revenue
•Balance sheet strength enables selective growth and improved returns
•Overall, record order book and upgraded inflow guidance provide multi-year revenue visibility with improving profitability and near-zero net debt
•Strong execution and order momentum; raised inflow guidance and near debt-free status underpin sustained growth visibility across T&D, B&F and Oil & Gas.

[Concall Talks @ConcallT]

Muthoot Capital Services Ltd - Q2 & H1FY27 | Concall Insights

Performance
•Overall AUM ₹3,530 cr (+25% YoY, +4.5% QoQ); retail book ₹3,086 cr (+25% YoY, +8% QoQ)
•Q2 fresh business ₹677 cr; H1 disbursements >₹1,200 cr
•Q2 total income ₹178.9 cr (+15% YoY); PAT ₹4.1–4.4 cr (+55% YoY)
•GNPA 4.61%; NNPA 2.75%; PCR maintained at 50%
•Forward flow to NPA reduced to 0.50% (from 0.78% YoY); collection efficiency improved
•Live customer base ~5.86 lakh; balance sheet size ₹4,154 cr

Growth Visibility Drivers
•FY27 AUM target reaffirmed at ₹4,000–4,200 cr (on track; expecting exit closer to ₹4,200 cr)
•Fresh business run-rate of ₹300–400 cr per month expected in Nov–Dec 2026 and beyond
•Credit rating upgraded to AA (Brickwork), enabling lower borrowing costs (already down 61 bps; further 25–30 bps possible) and pan-India retail fixed deposit mobilisation
•Deposit book grew >100% YoY (average ticket size <₹5 lakh); granular, lower-cost funding source
•In-house AI-based BREs and origination scorecards lifted approval rates to 70–75% (from 45–50%); improved risk selection and time-to-market
•Product diversification into used cars and commercial vehicles; expanding OEM partnerships and preferred financier tie-ups
•Account aggregator usage high (40–45% in two-wheelers, >65% in car/CV)
•ARC recoveries (Phoenix pool and others) expected to contribute meaningfully by Sep 2027 and beyond
•Long-term AUM aspiration of ₹10,000 cr by FY28–29

Outlook
•Retail-focused franchise with improving underwriting and asset quality supporting sustained growth
•Lower funding costs from AA rating and deposit growth to aid margins over coming quarters
•H2 expected stronger on disbursement momentum and festive demand
•Focus on operational efficiency, digital collections and controlled cost-to-income as scale builds
•Clear multi-year visibility from AUM ramp, product diversification and liability strengthening
•Overall, strong AUM growth with improving asset quality and funding profile; on track for FY27 target with structural levers for further expansion in retail vehicle finance.

[Concall Talks @ConcallT]

Patel Retail Ltd - Q2 & H1FY27 | Concall Insights

Performance
•Q2 total income ₹300.9 cr (+33.5% YoY); H1 total income ₹611.1 cr (+49.6% YoY)
•Q2 EBITDA ₹20.5 cr (+5.2% YoY, margin 6.8% vs 8.6% YoY)
•H1 EBITDA ₹40.2 cr (+13.6% YoY)
•Q2 PAT ₹9.9 cr (broadly flat YoY); margin pressure from higher input intensity and expansion costs
•Store network expanded to 54 stores (Patel’s R Mart) across Maharashtra; 4 new stores added in the quarter (Rasayani, Bhiwandi, Uran, Kalyan East)

Growth Visibility Drivers
•Private label brands (Indian Chaska, Patel Fresh, Tidymax, Blixo) remain a key margin and differentiation driver
•Indian Chaska spice brand expanded distribution to 8 states + 1 union territory; new curry powder production line commissioned in July to support rising demand
•Exports continue as a meaningful contributor; domestic retail and processing business scaling
•Processing utilisation targeted to improve from current levels toward 80%+ over the next 1–2 years through volume growth and automation
•Store expansion strategy focused on Tier 2/3 markets and Mumbai metropolitan region for better unit economics; new stores targeting payback within ~24 months
•Omnichannel presence supported via mobile app; exploring quick-commerce listings for private labels
•Focus on improving product mix and cost efficiencies to recover EBITDA margins toward 8–9% range in coming quarters

Outlook
•Strong H1 revenue growth driven by store additions, private label traction and export demand
•H2 expected to benefit from festival season, new store ramp-up and better utilisation
•Margin recovery anticipated as expansion costs normalise and private label contribution rises
•Continued focus on cluster-based expansion, working capital efficiency and sustainable profitability
•Overall trajectory supports multi-year growth in organised retail with improving mix and scale benefits
•Overall, robust top-line growth with expanding store network and private label momentum; margin normalisation and higher utilisation provide clear visibility for improved profitability going forward.

[Concall Talks @ConcallT]

Cosmic CRF Ltd - H1FY27 | Concall Insights

Performance
•H1 consolidated revenue ₹318.3 cr (+4.5% YoY); EBITDA ₹43.5 cr (+14.9% YoY, margin 13.7% vs 12.4% YoY)
•H1 PAT ₹26.2 cr (+6.9% YoY, margin 8.2%)
•Higher depreciation (₹7.0 cr vs ₹4.3 cr) and interest (₹6.6 cr vs ₹5.1 cr) due to capacity additions moderated PAT growth
•H1 production ~45,384 MT (+125% YoY); capacity utilisation ~78.6–80%
•Standalone H1 revenue ~₹151–152 cr (slightly lower YoY)

Growth Visibility Drivers
•Order book ₹612 cr (+39% YoY); split ~78% infrastructure / 22% railways
•FY27 revenue target maintained at 20–25% growth over FY26 (~₹717 cr base), supported by existing stock, Q3 push, and order closures
•Conversion of older wagon order with 30% option clause expected to support H2 volume and margins
•Installed capacity 1,33,600 MTPA (11x from 12,000 MT in FY23); plans to expand to ~1,74,600 MTPA by FY28 (+30%)
•Target ~85% utilisation within next two years (from current ~80%)
•Amzen Transportation Industries resolution (NCLT pending): capacity for 3,600 wagons (expandable to 7,200); initial production expected Apr–May next year; 25% utilisation in FY28, targeting 75–80% by FY30
•Springs & forging expansion (CSEL): capacity targeted higher by end-FY27; expected to contribute meaningfully with PAT margins of 14–15%
•Diversification across infrastructure, railways, defence and agriculture; supplies to all major listed wagon manufacturers
•Supportive demand: Railways mega tender for 1,00,000 wagons (~₹40,000 cr), Union Budget railway capex ₹2.93 lakh cr, and India infra market CAGR of 9.6% to 2030

Outlook
•H1 seasonally weaker; Q3 better and Q4 strongest historically; legal costs elevated in H1 (Supreme Court) expected much lower in H2
•Operating cash flow turned strongly positive (₹18+ cr in H1 consolidated)
•Base-case revenue trajectory to ~₹1,150–1,300 cr by FY30 (ex-Amzen at ~80% utilisation) with PAT margins of 12–14%+
•Amzen and capacity ramp provide multi-year volume growth visibility beyond FY28
•Focus on disciplined execution, price variation protection and improving working capital
•Overall, resilient H1 with margin expansion and strong order book; capacity scaling, Amzen resolution and railway/infra demand provide clear multi-year volume and growth visibility.

[Concall Talks @ConcallT]

Rossell Techsys Ltd - Q2 & H1FY27 | Concall Insights

Performance
•Q2 consolidated revenue ₹185.7 cr (+48% YoY, +20% QoQ); highest-ever quarterly revenue
•Q2 EBITDA ~₹29 cr (+92% YoY); PBT ₹12.9 cr (+75–89% YoY) – first double-digit quarterly PBT
•Q2 PAT ₹9.7 cr (+70% YoY)
•H1 consolidated revenue ₹340.2 cr (+60% YoY); EBITDA ₹52.2 cr (+93% YoY); PBT ₹22.3 cr (+108% YoY); PAT ₹16.8 cr (+106% YoY)
•EBITDA margin H1 ~15.3% (vs 12% YoY); improving with scale but still below long-term target

Growth Visibility Drivers
•Confirmed order book ~₹900–910 cr (executable over ~2.5 years); up from ~₹800 cr in June
•Strategic long-term agreements >₹3,100 cr over ~5 years
•H1 fresh orders secured ~₹430 cr; bid pipeline ~₹1,350 cr across aerospace & defence, semiconductor and industrial
•Non-aerospace (semiconductor + space) contributed ~₹130–140 cr in H1 (~40% of revenue vs ~20% in full FY26); targeting ~50:50 mix by year-end
•Onboarded second major US semiconductor equipment OEM this quarter; first major one already active
•Capacity expansion: new 210,000 sq ft leased facility coming online (in addition to existing ~225,000 sq ft); supports higher throughput
•₹300 cr equity raise closed (SBI Mutual Fund schemes at ₹1,166/share) post-quarter to fund growth and working capital
•Strong presence across Boeing defence platforms and other global OEMs in EWIS, electronics and related systems

Outlook
•Q3 and Q4 historically the strongest quarters; sequential growth expected to continue
•Growth momentum anticipated over the next 12–16 quarters
•EBITDA margin target 18–23% over medium term as scale and operating leverage improve
•No specific FY27 revenue guidance this quarter (earlier commentary had pointed to high growth similar to FY26’s 87%); focus on execution and margin expansion
•Working capital efficiency improving; H2 expected stronger with increased capacity and customer engagement
•Overall, record quarterly performance with expanding order visibility and successful diversification into semiconductors; capacity addition and recent fundraise support sustained multi-year growth in aerospace, defence and adjacent high-tech segments.

[Concall Talks @ConcallT]

Viviana Power Tech Ltd - Q2 & H1FY27 | Concall Insights

Performance
•H1 standalone revenue ₹189.07 cr (+173% YoY); Q2 revenue ₹117.21 cr (+141% YoY)
•H1 EBITDA ₹27.75 cr (+138% YoY); Q2 EBITDA ₹17.70 cr (+116% YoY)
•H1 PAT ₹18.61 cr (+169% YoY); Q2 PAT ₹11.68–12.4 cr (+142% YoY)
•EBITDA margin H1 14.68% (vs 16.82% YoY); Q2 15.10%
•PAT margin stable ~9.8–10%
•Working capital improved: DSO reduced to ~150 days from 245 days

Growth Visibility Drivers
•Order book ₹1,800+ cr as of early November 2026; additional ~₹506 cr from BESS projects
•Bids participated >₹1,900 cr; strong pipeline in power T&D and substation projects
•Price variation clause in significant portion of order book protects margins from commodity fluctuations
•FY27 revenue guidance maintained in ₹875–910 cr range (from earlier commentary)
•Long-term target of ₹2,000+ cr consolidated revenue; power equipment / transformer business targeted at ₹400–600 cr by FY30 and ₹1,000–1,200 cr by FY32
•Strategic divestment of non-core stakes (90% in Viviana Life Spaces and 75% in Aarsh Transformers) to focus on core power infrastructure EPC
•Board approved capital raising up to ₹150 cr via Rights Issue to fund growth and project execution
•Target OPM band of 13–15%; higher employee costs in H1 expected to normalize in H2

Outlook
•Strong execution visibility from large order book and improving working capital cycle
•H2 expected to benefit from festive/seasonal execution ramp and normalization of costs
•Focus on sustainable profitability, cash flows and selective growth rather than scale alone
•Capacity and capability expansion in power transmission, distribution and BESS to support multi-year growth
•Debt-to-equity target maintained in 1.2–1.5x range
•Overall, sharp revenue and profit growth with robust order book and focus on core EPC business; improving working capital and margin protection provide solid multi-year execution visibility.

[Concall Talks @ConcallT]

Sigma Advanced System Ltd - Q2 & H1FY27 | Concall Insights

Performance
•Q2 operational revenue ₹417 cr (+11.4% QoQ); operational EBITDA ₹82.28 cr (margin 19.7%, +35% QoQ)
•Q2 PAT ₹48.6 cr (+37% QoQ)
•H1 operational revenue ₹791 cr; operational EBITDA ₹143.2 cr; PAT ₹84 cr
•Order book ₹10,000+ cr (~90% international); ~₹3,915 cr new orders/LTAs secured since July 2026
•Gross margin ~66%; raised ₹460 cr via preferential allotment

Growth Visibility Drivers
•FY27 guidance: revenue ₹1,900–2,000 cr with ~20% EBITDA margins
•Margin expansion targeted: +200–400 bps by end-FY27 and further +400–600 bps by end-FY28 via manufacturing transfer to India
•Key orders: USD 104.9 mn (~₹1,013 cr) North American order for 155 mm base-bleed artillery shell bodies; second Rolls-Royce long-term agreement (~₹1,600 cr); total Rolls-Royce agreements ~GBP 425 mn / ₹5,400 cr
•Bromford Precision Solutions (UK) acquired for ~GBP 11.89 mn (~₹153 cr) – strengthens aerospace precision machining and Rolls-Royce relationship
•Sri City facility commenced production in September; first shipments to UK already started; utilisation currently 10–15%, targeting 50–60% by end-FY28 and full utilisation by FY29
•Manufacturing transfer model: ~70% of relevant work to India, 30% retained in UK; UK aerospace operations expected to grow 15–20% annually
•Defence export order book ~₹2,700 cr; significant portion of order book executable over 12–18 months; aerospace provides 5–7 years visibility
•Direct supplier to global aerospace OEMs and defence primes; exclusive MoU with Munitions India for 155 mm artillery course correction fuses

Outlook
•Strong H2 FY27 visibility from record order book and new wins
•Transition of select manufacturing to India to drive structural margin improvement over next 2 years
•Board approved fundraise of up to ₹3,000 cr to support growth plans
•Platform position strengthened in aerospace (rings/precision) and defence munitions; multi-year order visibility with high international mix
•Overall, strong sequential growth with exceptional order inflows and strategic acquisition; ₹10,000+ cr order book and India manufacturing ramp provide clear multi-year revenue and margin expansion visibility.

[Concall Talks @ConcallT]

Surya Roshni Ltd - Q2 & H1FY27 | Concall Insights

Performance
•Q2 consolidated revenue ₹2,448 cr (+33% YoY, +20% QoQ); H1 revenue ₹4,495 cr (+30% YoY)
•Q2 EBITDA ₹143 cr; PAT ₹77 cr; H1 EBITDA ₹263 cr (+18% YoY); PAT ₹136 cr (+26% YoY)
•Zero-debt company with cash surplus of ₹75 cr (as of 30 Sep 2026); net working capital 63 days; ROCE 15.7%; ROE 11.4%
•Combined order book >₹1,400 cr across both businesses

Growth Visibility Drivers – Lighting & Consumer Durables
•Q2 revenue ₹507 cr (+17% YoY, +11% QoQ); H1 revenue ₹964 cr (+16% YoY)
•Professional lighting order book >₹200 cr (strongest in many quarters); clear H2 execution visibility
•On track for FY27 guidance: 22–23% value growth / ~25% volume growth → ~₹2,200 cr revenue and ₹200 cr EBITDA
•Beyond FY27: ~20% value growth targeted in FY28; ~15% CAGR through FY30 with EBITDA margins of 9–9.5%
•Diwali in Q3, factories at full capacity, strong order book and expanding distribution support stronger H2
•Wires & cables: targeting ~₹250 cr in current year; plan to scale to ₹500 cr next year (almost 100% in-house)
•Overall lighting: ~80% in-house manufacturing; professional lighting contribution rising (targeting higher share vs trade)

Growth Visibility Drivers – Steel Pipes & Strips
•Q2 volume record 2.67 lakh tons (+23% YoY, +17% QoQ); revenue ₹1,941 cr (+38% YoY)
•H1 volume 4.96 lakh tons (+22% YoY); revenue ₹3,531 cr (+35% YoY)
•Order book ~₹1,200 cr including ~1 lakh tons export orders (₹885 cr), of which ~80,000 tons API pipes for Q3/Q4 execution
•Domestic oil & gas tendering revived; domestic API order book ~20,000 MT
•Confident of ~6 lakh tons in H2 → FY27 volume target of 11 lakh tons (exports 22–25% of volumes)
•FY28 target: ~14 lakh tons with EBITDA/ton of ₹4,600–4,800; ~2 million tons by FY30
•Exports +64% YoY in Q2 (~65,000 tons); US volumes more than doubled QoQ
•Value-added products ~48% of volumes; hollow sections +35%

Outlook
•EBITDA/ton in steel: H1 ~₹4,000–4,100; expected to improve to ₹4,800–4,900 in Q3 and >₹5,000 in Q4 (new normal minimum ~₹5,000/ton)
•CapEx: FY27 plan ₹150–155 cr (mills at Bhuj, Bahadurgarh, Gwalior, Hindupur); greenfield ₹250–300 cr over next 2 years to take capacity beyond 2 million tons
•Share buyback under consideration; expected board discussion and possible announcement soon
•Demerger discussions ongoing at board level; management committed to update before next board meeting
•Lighting margins held at 7.8% despite commodity inflation via in-house manufacturing, price pass-through and cost control; H2 expected better
•Strong H2 visibility from order books, festive demand and capacity additions; on track for full-year targets
•Overall, record performance with strong order books in both segments; clear volume and margin recovery path in steel plus sustained double-digit growth trajectory in lighting support multi-year visibility.

[Concall Talks @ConcallT]

Samvardhana Motherson International Ltd - Q2 & H1FY27 | Concall Insights

Performance
•Q2 revenue ₹38,280 cr (+27% YoY, +9% QoQ); highest-ever quarterly revenue
•H1 revenue ₹73,500+ cr (+22% YoY)
•Q2 EBITDA ₹3,353 cr (+23% YoY); margin 8.8% (-20 bps YoY, mainly from new acquisitions)
•Ex-acquisitions, margins improved YoY and sequentially via cost optimization and operating leverage
•H1 EBITDA ₹6,457 cr (+25% YoY); margin 8.8% (+20 bps)
•Normalized PAT Q2 ₹1,175 cr (+37% YoY); H1 ₹2,207 cr (+45% YoY)
•Order book at all-time high of $106 bn (~13% CAGR since FY23)
•Global LV production -2.3% YoY (China -5.5%, NA -3.8%, Europe -0.6%); India +15%; CV production +7.6% globally (NA +43.6%, India +18.9%)

Growth Visibility Drivers
•Order book $106 bn provides strong multi-year growth visibility and customer confidence
•Wiring harness grew ~68% in Q2; ~1/3 of growth from Auto Electric acquisition (full quarter consolidation); opens significant PV wiring harness presence outside India (BMW, Daimler, Porsche, Audi as key customers)
•Utaka Giken (new capability) consolidated for ~2 months under emerging businesses; both acquisitions together ~$2 bn annual revenue potential in first full year
•Non-auto businesses showing strong momentum: aerospace +>20% YoY; consumer electronics robust growth and improving profitability; rotary connectors acquisition strengthens aerospace & defense
•Consumer electronics: Plants 1 & 2 near full utilization; GF3 (largest) running pilots with commercial production expected in next 1–2 quarters; backward integration (PCBs) operational for lighting & vision
•17 facilities at various stages of development (10 expected operational in current year); all expansions focused on emerging markets
•~60% of full-year CapEx earmarked for non-auto businesses; H1 CapEx ₹3,585 cr (in line with ₹6,000 cr ±10% FY guidance)
•Vision 2030: 940+ automation projects in pipeline (robots, cobots, AGVs) targeting 1,000+ projects by next year for productivity and resilience
•Diversification strategy (3Cs: no country/customer/component >10%) enabling growth despite regional weakness; India and commercial vehicles as bright spots
•New greenfield PCB facility operational; five additional facility expansions announced

Outlook
•Positive outlook on growth prospects supported by record order book, acquisition integration and non-auto ramp-up
•Expect commercial vehicle production momentum to continue in H2
•Acquired businesses currently slightly below group margins; expected to improve with full integration, operational efficiencies and synergies
•Leverage stable at 0.8x (well below 1.5x internal aspiration and 2.5x policy ceiling); strong liquidity ₹1,747 cr and comfortable debt maturity
•Continued focus on cost optimization, automation, input cost pass-throughs and operating leverage to protect margins amid commodity inflation
•Investor Day planned next year (at 2.5-year mark of five-year plan) to provide detailed medium-term roadmap
•Emerging markets and non-auto segments remain key priorities for organic growth and portfolio diversification
•Overall, record revenues and strong profitability despite global auto weakness; $106 bn order book, strategic acquisitions and non-auto expansion provide clear multi-year growth visibility.

[Concall Talks @ConcallT]

Amagi Media Labs Ltd - Q2 & H1FY27 | Concall Insights

Performance
•Q2 revenue ₹476 cr (+27% YoY reported; +33% ex one-time base effect); constant currency +15% / +21% ex-base
•Adjusted EBITDA ₹89 cr (+114% YoY); margin 18.7% (+7.6 pts YoY); underlying margin ~16.5% after one-time tailwinds
•PAT ₹75 cr (margin 14.9%, +14.3 pts YoY)
•H1 adjusted operating cash flow conversion ~67% of adjusted EBITDA; cash balance ₹1,774 cr, debt-free
•Gross margin 68.1% (within 67–69% guided range)
•NRR (TTM) >120%; customers added 22 in H1 (total ~5.3k); deliveries 10,787 channels; content processed >1 mn hours (+43% YoY); ad impressions 16 bn (+65% YoY)
•Segment mix broadly stable: Cloud modernization ~20%, Streaming unification ~55%, Monetization & marketplace ~25%

Growth Visibility Drivers
•TAM $17 bn across cloud monetization, streaming unification and marketplace; AI could nearly double addressable opportunity (cost-toil softwareization + new content formats/monetization)
•Industry tailwinds: cloud modernization runway large (~90% still on-prem); streaming approaching half of US TV viewing time; CTV ad spend ~42.5% of US TV ad market and rising
•Key customer wins: large US cable local news network (60 regional feeds across 30+ markets to Amagi); major Middle East entertainment network (13 channels); KT Group (South Korea) expansion including vertical video channels on CTV; Scripts (US) expanded to Thunderstorm + AdsPlus; NDTV adopted AdFlow
•AI products moving to production: NewsPulse live with major US network for national news summarization; launched Magi Studio (live production to every screen), FanPulse (sports to social vertical), integrated localization (captions/subtitles/dubbing), and agentic NOC/Intella platform
•Three strategic bets: cost efficiencies (agentic media operations), audience expansion (vertical short-form/social via AI), and revenue maximization (Maggi Connect + AdsPlus marketplace connecting 400+ brands, 470+ platforms, 80+ advertisers)
•Design partnership underway with top-10 customer on next-generation agentic platform; dogfooding internally on 10k+ channels
•Flywheel strengthening: more content → more reach → more viewers → more ad revenue
•Board strengthening with AI transformation expertise (proposed independent director with Accenture strategy background + CTO as director)

Outlook
•Durable growth maintained in stable band (ex-base reported >30%, constant currency >20%); expansion-led with NRR >120%
•Operating leverage continuing: for every ₹100 incremental revenue, ~₹47 reaches adjusted EBITDA; reinvesting portion into people, product and AI
•Full-year margins expected to stay in guided range after reinvestment; Q3 expected strong with US advertising peak + midterm elections + cloud savings
•ESOP cost moderating (now 5.3% of revenue); structural leverage continuing
•Focus on moving new AI products through beta → launch → paying → scaling (multi-quarter process); additional products planned
•Cash conversion aspiration 50–60% of adjusted EBITDA met/exceeded in H1; balance sheet supports organic growth and selective M&A
•FY27 priorities unchanged: durable revenue growth, cost leverage and cash conversion
•Overall, strong secular growth with expanding margins and cash conversion; AI product velocity and industry unification tailwinds support continued durable growth and operating leverage.

[Concall Talks @ConcallT]

Tonbo Imaging India Ltd - Q2 & H1FY27 | Concall Insights

Performance
•H1 revenue ₹219 cr (vs ₹77 cr in H1 FY26); Q1 ₹36 cr, Q2 ₹183 cr (strong recovery)
•H1 gross profit ₹75 cr (+87% YoY); gross margin 34.6% (lower vs FY26 due to product mix)
•H1 EBITDA ₹31.15 cr (margin 14.2%); Q2 EBITDA ₹44 cr (margin 24.1%)
•H1 PAT ₹5.8 cr (margin 2.6%); Q2 PAT ₹23.5 cr (margin 12.7%)
•Order book ₹250 cr; contracts under negotiation ₹408 cr
•Export mix ~35%, domestic ~65%; net worth ₹564 cr; bank borrowings ₹169 cr (working capital)
•Revenue recognition historically lumpy (FY26: H1 22%, H2 78%); H2 FY27 expected materially better than H1

Growth Visibility Drivers
•Strategic export order from European state-owned company for multi-sensor stabilized seeker (entry into export munition program); option for up to €13 mn systems (included in contracts under negotiation)
•Tactical systems (sights, binoculars) currently 70–80% of business; platform systems (gimbals, fire control, weapon stations, seekers) expected to grow share over time
•Large Indian Army opportunity: ~80,000 thermal weapon sights + handheld imagers and ~27,000 image intensifier sights; procurement activity over next 6–18 months
•International near-term opportunity: ~10,000 thermal sights and monoculars
•Platform programs underway: see-through armor and EO/fire control for BMPs, light tanks, Arjun RCWS; thermal upgrades for Konkurs ATGM; counter-drone EO systems; smaller lightweight gimbals for loitering munitions and reconnaissance drones; naval EO replacements
•Directed energy (high-power microwave) as multi-year option: TRL4; LOIs for 11 units (5 Indian Navy, 6 European); first production deliveries expected 2029–30; India market size ~₹28,000 cr long-term (140 systems); global DEW market growing ~50% CAGR to ~$4 bn by 2030
•Fabless model with 100% proprietary IP (15+ years R&D, 130+ engineers); ITAR-free; 28,000+ systems in service across 24+ countries
•Global-first approach: prove overseas then drive India adoption; OEM/white-label partnerships in select geographies
•Tactical delivery cycle 3–6 months (with inventory); platform systems 6–18 months

Outlook
•Positive medium-term outlook supported by order book, contracts under negotiation and qualified pipeline
•Continued R&D investment in proprietary technology and directed energy over next 3–4 years (treat DEW as option, not near-term revenue)
•Expect increased adoption of platform subsystems domestically and globally to reduce quarterly volatility and support sustained growth
•Strong balance sheet and working capital facilities support execution; cash credit limits being expanded
•Business best evaluated on annual basis given inherent quarterly revenue variability
•Overall, strong H1 recovery with solid order visibility and pipeline; shift toward higher-value platform systems and directed energy optionality provide multi-year growth potential in autonomous defense technologies.

[Concall Talks @ConcallT]

Virtuoso Optoelectronics Ltd - Q2 & H1FY27 | Concall Insights

Performance
•H1 standalone revenue ₹534 cr (+78% YoY); EBITDA ₹51.16 cr (+60% YoY); PAT ₹10.22 cr (+213% YoY)
•H1 consolidated revenue ₹544.8 cr (+83% YoY); EBITDA ~₹56 cr (+77% YoY); PAT ₹11.74 cr
•On track to meet initial projections; order book described as very encouraging

Growth Visibility Drivers
•Targeting consistent 30%+ CAGR over next 2–3 years driven by AC, compressors, deep freezers and EMS
•AC IDU capacity expansion: 70% complete; remaining 30% by December 2026; additional ~1.5–1.6 mn units expected by January 2027; overall capacity ~10 mn units; annual utilization targeted at 55–60%
•Compressor capacity: current 2.8 mn units expanding to 6 mn units by end-FY27; utilization 70–75% now, expected to reach 80% in Q3/Q4; FY28 utilization guided at 40–60% post expansion; backward integration to improve margins (currently 10–25% value-add, targeting ~60% within a year); minimal captive use
•Deep freezers: capacity expanding from 1.5 lakh to 2.5 lakh units by June/July 2027; utilization 65–70%
•EMS facility expected operational in ~45 days for captive consumption; audio expansion to follow AC IDU completion
•Three new tier-1/tier-2 clients added in AC; one large client in deep freezers; ongoing client additions in compressors; anchor client contributes 40–50% of AC order book
•Backward integration: IDUs 85–90% integrated, ODUs ~60% with further plans; benefits to margins from Q4 FY27
•PLI subsidy: ₹20 cr expected in Q4 FY27 and another ₹20 cr in FY28
•Industry outsourcing mix expected to remain 40–60%, supporting contract manufacturing demand

Outlook
•EBITDA margins guided at 9–10%; PAT margin target ~2.5–3% with improvement from higher utilization, lower interest costs and better working capital
•Inventory elevated in H1 (for season and expiring import allowances); expected to normalize in H2
•CapEx guidance FY27: ₹80–100 cr overall (₹20–25 cr refrigeration); majority of compressor CapEx already invested
•Total debt ~₹400 cr; ~₹150 cr OCDs to be refinanced with bank debt within 15–16 months; debt-to-equity target below 1x
•Strong Q3 and Q4 expected on healthy order book and capacity ramp-up; supply chain improving but not fully normalized
•Overall, robust H1 growth with clear capacity expansion roadmap and order visibility supporting 30%+ CAGR; backward integration and higher utilization to aid margins over the next few years.

[Concall Talks @ConcallT]

Arvind SmartSpaces Ltd - Q2 & H1FY27 | Concall Insights

Performance
•H1 bookings ₹1,338 cr (+120% YoY), covering ~90% of full-year FY26 bookings
•Q2 bookings ₹906 cr (+>100% YoY); highest-ever quarterly pre-sales and collections
•New launches contributed ~65% of Q2 bookings; sustenance sales 35%
•H1 collections ₹754 cr (+77% YoY); Q2 collections ₹418 cr; net operating cash flow H1 ₹233 cr (Q2 ₹152 cr)
•H1 revenue ₹475 cr (+96% YoY); EBITDA ₹197 cr (3.5x YoY); PAT ₹120 cr (4x YoY)
•Q2 revenue ₹157 cr; EBITDA ₹45 cr (+46% YoY); PAT ₹23 cr (+25% YoY)
•Net debt ₹200 cr as of 30 Sep 2026 (slightly lower QoQ); debt-equity ~0.26
•Unrealized operating cash flows from existing portfolio ~₹5,197 cr

Growth Visibility Drivers
•FY27 bookings guidance revised upward to ₹2,600–2,700 cr (70–75% YoY growth) from earlier 25–40%
•Business development: ₹3,100 cr GDV added in H1 FY27; confident of achieving upper end of ₹4,000–5,000 cr GDV guidance for the year
•H2 launches: Four projects (~₹2,200–2,500 cr inventory) targeted — two in Mumbai (MMR) and two in Bengaluru; expected toward end-Q3 or Q4
•Arvind Silva (Bengaluru premium high-rise) launched with >₹500 cr bookings in 30 days (~60% of inventory by value); validates premium vertical strategy
•Added new Bengaluru residential project (Rajajinagar Road) with ~₹470 cr top-line potential
•Long-term growth guidance of ~30% YoY sustained; current year seen as a reset base with multi-city portfolio enabling continued growth
•Medium-term target of ~₹5,000 cr pre-sales achievable; need to continue adding ₹4,000–5,000 cr GDV annually
•Portfolio mix target: ~70:30 JD to outright over medium term for capital efficiency; HDFC platform provides additional firepower
•Focus on mid-to-premium residential (ticket size ~₹2.5–5 cr in Mumbai); vertical developments expected to form majority of portfolio
•Decentralized regional leadership in Ahmedabad, Bengaluru and MMR driving better local execution and consistent sustenance sales
•Brand strength supported by high NPS, referral bookings and Arvind Group expertise; expanding digital marketing

Outlook
•EBITDA margin guidance maintained at 22–25% (underwriting basis; actuals have been stronger due to price growth and cost control)
•Strong visibility from launch pipeline, existing portfolio cash flows and selective high-quality BD
•Construction spend more than doubling YoY; on track for deliveries
•Three-city focus with potential evaluation of fourth market in ~3 years once depth is established in current markets
•Structural demand drivers (urbanization, formalization, GCC growth) intact despite near-term cost pressures
•Overall, exceptional H1 bookings and profitability with upward guidance revision; multi-city launch pipeline, vertical premium shift and disciplined BD support sustained 30% growth trajectory.

[Concall Talks @ConcallT]

Aditya Infotech Ltd - Q2 & H1FY27 | Concall Insights

Performance
•Q2 revenue ₹1,746 cr (+89.9% YoY); EBITDA ₹307 cr (+177% YoY, margin 17.6%); PAT before exceptional ₹220 cr (+214% YoY)
•H1 revenue ₹3,148 cr (+89.7% YoY); EBITDA ₹515 cr (margin 16.3%); PAT before exceptional ₹362 cr (+252% YoY)
•Reported Q2 PAT ₹185.5 cr after ₹34.4 cr exceptional loss from Kadapa plant fire (fully insured)
•CP Plus ~88% of Q2 revenue; IP products now ~79% of portfolio (up from 71%)
•Market share (incl. unorganized) ~42% in 12 months to Sep 2026 (vs ~30% at IPO); guiding 43–45% for FY27
•Gross margin H1 30.4% (+374 bps YoY); Q2 30% (absorbing part of SoC/memory cost increases)
•Raised ₹1,500 cr via QIP; fully debt-free post October repayment; cash & equivalents ₹1,434 cr as of 30 Sep
•Receivable days improved to 87 (from 93 in Q1 and 105 YoY)

Growth Visibility Drivers
•FY27 guidance raised: Revenue ₹6,500–6,800 cr (54–61% growth); EBITDA margin maintained at 14–15%; PAT margin raised to 9–10%
•Strategic inventory build on SoC, DDR and flash to protect supply and H1 margins; price increases being passed gradually to sustain market share gains and channel momentum
•Manufacturing expansion: Kadapa capacity at 2.5 mn units/month; Phase 3 + new Greater Noida facility (QIP-funded) to more than double capacity; target doubling overall capacity by late FY29 / early FY30 (~₹650 cr CapEx)
•Localization: Integrated lens plant (2 mn lenses/month) planned in Greater Noida; housing/enclosures plant in Kadapa starting trials (commercial from next quarter); cable plant live in Q4; IoT modules also in focus — benefits to flow from FY28
•Multi-brand strategy: CP+ (mainstream), CP+ Pro (premium enterprise, rollout Q4), Nexiview and Aira (entry/mid-market to counter unorganized)
•Investment of ₹45.4 cr for 30% stake in Blue K Graph AI (video compression layer cutting storage/bandwidth up to 90%, no GPU needed); enables recurring software/cloud/AI analytics layer on installed base
•CP+ 2.0 strategy: Evolution toward solutions, services, cloud and AI with global footprint; focus areas include capabilities/IP, product adjacencies and geographic expansion (China+1 markets targeted in 18–24 months)
•Unit volume CAGR expected at 18–20% over 3–5 years; value growth higher near-term due to pricing; aim to continue beating market growth
•No material traction yet from new entrants despite certifications; government stance on trusted supply chains remains supportive

Outlook
•H2 growth to normalize from H1 levels (softer base last year due to STQC backlog) but remain strong per revised guidance
•Q2 margins not the run-rate; full-year EBITDA guidance of 14–15% maintained to allow cushion for market share strategy amid volatile input costs
•Backward integration and localization benefits expected to support margins from FY28 onward
•Focus on disciplined execution, capacity build-out and technology investments for sustainable long-term growth
•Overall, exceptional H1 growth with market share gains and strengthened balance sheet; capacity expansion, localization and shift toward intelligent/cloud/AI solutions support continued strong growth and margin trajectory.