Concall Talks

Structured earnings insights | Indian Equities |
Not investment advice.

[Concall Talks @ConcallT]

Exicom Tele-Systems Ltd - Q2 & H1FY27 | Concall Insights

Financial Performance
•Q2 consolidated revenue ₹388.3 Cr (+37.8% YoY, +17% QoQ); H1 revenue ₹719.4 Cr (+47.7% YoY)
•Standalone Q2 revenue ₹277 Cr (+21.3% YoY); standalone EBITDA ₹25.6 Cr (+69% YoY, margin 9.2%)
•Consolidated EBITDA turned positive at ₹1.8 Cr (vs loss of ₹32.7 Cr YoY)
•Consolidated net loss narrowed to ₹57.8 Cr (vs ₹68.8 Cr YoY); standalone PAT ₹7.8 Cr (vs ₹5.9 Cr)
•Standalone EV charging revenue crossed ₹100 Cr for the first time; operating leverage becoming visible

Segment Performance & Demand
•EV charging (standalone) grew strongly (~59% YoY to ~₹106 Cr); AC production up 2.5x and DC up 2x
•Critical Power revenue stable-to-growing; secured ~5,000 DC power systems order from a tier-1 telecom operator
•Exports expanding; entered 10 new countries and onboarded 10 new distribution partners
•Customer diversification improving; top-customer concentration reducing; mix of tower/telco, system integrators and other verticals rising

Growth Visibility Drivers
•Strong order book and advanced pipeline of ~₹1,600 Cr providing visibility into FY28 revenue
•Board approved divestment of Tritium (global DC fast-charging) at indicative enterprise value of USD 85 Mn (cash-free, debt-free); company retains perpetual TRI-FLEX technology licence
•Capital from Tritium exit to be redeployed toward India EV charging, capacity and other growth areas
•New products (DCplex, RIPplex) commercialising with large multi-year rate contracts starting next year
•Battery Energy Storage Systems (BESS) scaling with orders in hand and long-term distribution agreements

Capacity Expansion & Manufacturing
•Capacity expansion underway for AC chargers to meet rising demand; production volumes already ramping
•Manufacturing consolidation and operational efficiency supporting margin improvement
•Focus on reliability, cost control and operating leverage as volumes scale
•Hybrid power and battery solutions maintaining strong share in government programmes (e.g. BharatNet)

EV Charging & Technology
•First-ever ₹100 Cr+ quarterly EV charging revenue; strong industry tailwinds and market share gains
•Product portfolio expansion across AC/DC chargers with AI-enabled features and new generations
•Critical Power supporting telecom 5G expansion and uncovered-village connectivity
•Technology retention (TRI-FLEX licence) preserves access to advanced DC charging capability post-divestment

Margins & Working Capital
•Standalone EBITDA margin expanded to 9.2%; consolidated EBITDA turned positive on higher revenue and better gross margins
•Operating leverage visible as volumes rise faster than fixed costs
•Depreciation and finance costs remain elevated due to prior investments and Tritium; expected to moderate with portfolio actions
•Focus on balance-sheet strength and selective capital allocation

Growth Guidance & Outlook
•Management confident of continued growth trajectory in India EV and Critical Power; pipeline supports FY28 visibility
•Tritium divestment sharpens focus on core India EV charging and international markets while unlocking capital
•Export mix targeted to rise further; BESS and new product lines expected to contribute meaningfully
•No specific full-year numerical guidance; emphasis on volume ramp, operating leverage, customer diversification and capital efficiency
•Overall, turnaround quarter with revenue growth, first ₹100 Cr EV quarter and positive consolidated EBITDA; ₹1,600 Cr pipeline, Tritium exit and capacity/product actions support multi-year growth with improving profitability

Overall, strong Q2 turnaround (consolidated revenue +38%, EBITDA positive, EV charging >₹100 Cr) backed by a ₹1,600 Cr order pipeline and strategic Tritium divestment, supporting sustained growth visibility in EV charging and critical power.

[Concall Talks @ConcallT]

Gujarat Alkalies & Chemicals Ltd - Q2 & H1FY27 | Concall Insights

Financial Performance
•Q2 revenue from operations ₹1,357.5 Cr (+25% YoY); sales revenue ₹1,334.8 Cr (+26% YoY)
•H1 revenue from operations ₹2,602.4 Cr (+19% YoY); sales revenue ₹2,559.6 Cr (+20% YoY)
•Q2 EBITDA ₹221.9 Cr (+67% YoY); H1 EBITDA ₹451.2 Cr (+75% YoY)
•Q2 standalone PAT ₹79.2 Cr (+387% YoY); consolidated PAT ₹82.6 Cr (+405% YoY)
•H1 standalone PAT ₹132.6 Cr (+451% YoY); highest-ever quarterly and H1 revenue in two decades

Segment Performance & Demand
•Broad-based improvement driven by better realizations and favourable product/market mix
•Key products include caustic soda, soda ash, hydrogen peroxide, phosphoric acid, aluminium chloride and chlorotoluenes
•Domestic sales strong; exports expanded with new markets in US and Europe and higher share of value-added products
•Portfolio optimisation and operational efficiency supported volume recovery and pricing gains

Growth Visibility Drivers
•Ongoing projects worth ~₹2,100 Cr progressing; several expected to commission in current/next year
•6.6 MW captive hybrid power unit commissioned (Oct 2026); phosphoric acid plant (33,870 TPA) groundbreaking completed
•Higher renewable energy share (reached 55% in Q2) reducing power costs and supporting margin stability
•Focus on product mix optimisation, new export markets and long-term commercial arrangements
•Hydrogen hydrate and related technologies supporting specialised product positioning

Capacity Expansion & Manufacturing
•Capacity additions and reliability improvements across chlor-alkali and downstream plants
•Increased renewable energy integration and short-term power procurement to manage costs
•Plant utilisation improving with better operational stability and reduced disruptions
•Downstream integration and new product lines supporting volume and value growth

Energy & Cost Initiatives
•Significant rise in renewable energy share driving structural cost improvement
•Focus on energy management, power mix optimisation and efficiency gains
•Power, fuel and utilities remain key monitorable but renewable shift providing offset
•Cost discipline and portfolio actions supporting operating leverage

Margins & Working Capital
•Sharp EBITDA and PAT expansion on better realisations, mix and operating leverage
•Margin trajectory supported by renewable energy, product optimisation and scale
•Other income aided sequential profitability; core operations improving off a weak base
•Focus on working capital efficiency alongside growth

Growth Guidance & Outlook
•Management confident of sustaining improved performance with stabilised plant running, higher caustic soda and hydrogen sales, and cost regularisation
•Multi-year visibility from ₹2,100 Cr project pipeline, renewable capacity and downstream expansion
•Export footprint expansion and value-added product focus supporting growth beyond domestic cyclicality
•No specific numerical guidance; emphasis on operational excellence, energy transition and portfolio diversification for sustained profitability
•Overall, record H1 driven by realisations and mix; renewable shift, capacity projects and export expansion support multi-year growth with improving operating leverage

[Concall Talks @ConcallT]

Talbros Automotive Components Ltd - Q2 & H1FY27 | Concall Insights

Financial Performance
•Q2 consolidated revenue ₹267.5 Cr (+23% YoY); H1 revenue ₹509.7 Cr (+19% YoY)
•Q2 EBITDA ₹47.2 Cr (+33% YoY); margin 17.6% (+120 bps YoY)
•Q2 PAT ₹32.9 Cr (+43% YoY); H1 PAT ₹63 Cr (+39% YoY)
•Strongest-ever quarterly performance; profitability growth outpaced revenue on operating leverage

Segment Performance & Demand
•Gasket & Heat Shield ₹176.4 Cr (+23% YoY); Forgings ₹92.5 Cr (+23% YoY)
•Marelli Talbros Chassis Systems (MTCS) +54% to ₹60.8 Cr; Talbros Marugo Rubber (TMR) +33% to ₹23.3 Cr
•Exports contributed 28% of Q2 revenue (vs 25% YoY); OEM ~62%, aftermarket ~2%
•Broad-based growth across passenger vehicles, HCV/LCV and other segments with sustained OEM demand

Growth Visibility Drivers
•New orders worth over ₹1,000 Cr secured (with JVs) for execution over next 5 years; ~₹700 Cr exports and ~₹100 Cr EV-related
•Management on track for 18-20% organic revenue growth guidance for FY27
•New customer nominations, higher content per vehicle and premium product mix supporting growth
•Capacity additions and programme ramp-ups aligned with order pipeline; H2 expected stronger than H1

Capacity Expansion & Manufacturing
•Continued investments in capacity to support new orders and volume ramp-up
•Focus on automation, precision manufacturing and advanced engineering capabilities
•Operating leverage expected as new programmes commercialise and utilisation improves
•Exploring selective opportunities in newer segments such as data centres alongside core auto

Automotive & EV Opportunities
•Expanding presence in suspension systems, anti-vibration products, hoses and related solutions
•EV-related orders already part of the ₹1,000 Cr pipeline; EV-agnostic and hybrid platform readiness
•Higher content per vehicle through OEM partnerships and customised engineering
•Strong demand from domestic OEMs and global supply-chain shifts supporting export growth

Technology & R&D
•Focus on product development, quality standards and cost discipline
•Co-development and engineered solutions improving customer stickiness and differentiation
•R&D supporting automotive, electrification and emerging application areas

Margins & Working Capital
•EBITDA margin expanded to 17.6%; management targeting further improvement toward 17-17.5% range
•Operating leverage from volume growth and premium mix supporting margin trajectory
•Key monitorables include freight, energy and steel costs
•Selective focus on quality orders to protect profitability while scaling

Growth Guidance & Outlook
•18-20% organic growth guidance for FY27 on track; H2 expected to be stronger than H1 on order ramp-ups and new programmes
•Multi-year visibility from >₹1,000 Cr order book (5-year execution window) including significant export and EV content
•Margin expansion path supported by operating leverage, mix improvement and scale
•No specific segment-wise forward guidance; overall focus on sustaining growth momentum and improving profitability
•Overall, strong H1 driven by gaskets, forgings and JVs (MTCS +54%, TMR +33%); large multi-year order book, export traction and capacity ramp support sustained growth with improving operating leverage

[Concall Talks @ConcallT]

Blue Water Logistics Ltd - Q2 & H1FY27 | Concall Insights

Financial Performance
•Q2 consolidated revenue ₹272.1 Cr (highest since listing); H1 revenue ₹483 Cr (~125% of full FY26 revenue of ₹386 Cr)
•Strong revenue momentum with H1 already exceeding full prior-year revenue
•Healthy receivables maintained with negligible write-offs despite rapid growth; credit period ~90 days
•Operating performance supported by fixed-cost leverage as volumes scale

Segment Performance & Demand
•Ocean freight largest contributor (~67.9% of H1 revenue), followed by air freight (~20.3%) and NVOCC (~8.2%)
•Surface/railway freight ~3% and customs clearance ~0.6%
•Volume growth: ocean ~18% YoY; NVOCC and air freight showing stronger sequential and YoY traction
•Broad-based demand across cargo volumes with leading global shipping lines

Growth Visibility Drivers
•Management focused on sustaining current growth momentum; H1 performance already well ahead of FY26 base
•New customer onboarding, strategic partnerships and gradual ramp of facilities strengthening revenue visibility
•Launch of dry container division and related initiatives supporting volume expansion
•Diverse customer base and disciplined onboarding process supporting healthy realisations and operating efficiencies

Capacity Expansion & Manufacturing / Operations
•Continued investments aligned with volume growth and new service lines
•Bank limits utilised for operational working capital and new dry container division
•Scale-up of existing operations expected to drive further operating leverage
•Focus on compliance, timely execution and business quality supporting sustained volume growth

Service Line Expansion & Opportunities
•Expanding presence across ocean, air, NVOCC, surface/railway and customs clearance
•Growing scale in air cargo operations driven by time-sensitive logistics demand
•NVOCC and container-led operations contributing to broader service portfolio
•Partnerships and new service launches adding to medium-term volume pipeline

Technology & R&D / Process
•Emphasis on operational efficiency, timely execution and disciplined customer onboarding
•Process improvements supporting receivables quality even at higher scale
•Focus on maintaining service standards while scaling volumes

Margins & Working Capital
•Margin improvement expected as revenue scales against largely fixed cost base
•Receivables remaining healthy with controlled credit risk
•Working capital funding supporting growth phase; intent to optimise debt levels over time
•Selective focus on quality business supporting realisations and operating efficiencies

Growth Guidance & Outlook
•Management aiming to continue current growth trajectory; earlier indication around ₹650–700 Cr range for the year, with H1 already at ₹483 Cr
•H2 expected to remain strong, with potential to match or exceed H1 run-rate depending on volumes
•Multi-year visibility from existing customer relationships, new service lines and volume ramp
•No specific segment-wise or precise full-year EBITDA guidance; focus on sustaining momentum and improving operating leverage
•Overall, strong H1 driven by ocean and air volumes; new initiatives and scale-up support sustained growth with improving efficiencies as volumes expand

[Concall Talks @ConcallT]

NRB Bearings Ltd - Q2 & H1FY27 | Concall Insights

Financial Performance
•Q2 consolidated revenue ₹386.4 cr (+18.8% YoY); H1 revenue ₹755.9 cr (+19% YoY)
•Q2 adjusted EBITDA ~₹71 cr; margin ~18.2%; normalized EBITDA margin 18.6% (+23.5% YoY)
•Q2 PAT ₹36.2 cr (vs ₹41.4 cr YoY); H1 PAT ₹74 cr (vs ₹74.2 cr YoY)
•Standalone Q2 revenue ₹342 cr (+17.6% YoY); PAT ₹31.8 cr
•Higher depreciation from capacity additions impacted PAT despite stronger operating performance

Segment Performance & Demand
•Commercial vehicles +47%, industrial +48% and exports >16% YoY
•Growth across 2/3-wheelers, passenger vehicles, farm equipment and industrial applications
•Aftermarket contributes ~9–12% of revenue; no single customer accounts for >10% of sales
•Management highlighted ~30% global market share in truck and two-wheeler bearing applications

Growth Visibility Drivers
•Management confident of sustaining or exceeding ~19% H1 revenue growth; earlier growth expectation ~15%
•New customer nominations, higher content per vehicle and premium engineered products supporting growth
•Strong demand from domestic industrial, exports, global OEMs and infrastructure mechanization
•Capacity additions aligned with customer programs; growth momentum expected to strengthen as facilities ramp up

Capacity Expansion & Manufacturing
•Unitec JV at Aurangabad targeting commissioning by April 2027, focused on high-value industrial gearbox applications
•JV utilization to ramp gradually; full utilization not expected in FY28
•Continued investments in automation, precision manufacturing and advanced engineering
•Capacity expansion expected to support operating leverage and higher-value product growth

Automotive & EV Opportunities
•Expanding into tapered bearings, ball bearings, wheel hubs, steering systems and advanced bearing solutions
•New BMW steering applications expected from January 2027
•EV-agnostic strategy covering ICE, hybrid and electric platforms
•Higher content per vehicle through OEM partnerships and customized engineering

Aerospace & Defence Expansion
•Mahan Tool Room acquisition strengthens aerospace and defence precision-engineering capabilities
•AS9100D certification supports access to global aerospace OEM programs
•Mahan Q2 revenue ~₹55 lakh; quarterly revenue expected to approach ₹1 cr within 9–12 months
•Long-term revenue aspiration ~₹300 cr by 2031; meaningful scale-up expected in later years
•Aerospace qualification cycles ~18 months, making this a medium-to-long-term growth driver

Technology & R&D
•Focus on proprietary friction-management solutions, precision engineering and advanced material science
•Co-development with global OEMs to improve product differentiation and customer stickiness
•R&D investments supporting automotive, aerospace, electrification and industrial applications

Margins & Working Capital
•Management targeting sustained operating EBITDA margins with improvement from premium product mix
•Other expenses +19% YoY; COGS increased only ~1%, supported by efficiency initiatives
•Higher depreciation expected as new capacities become operational
•Receivable days broadly stable despite revenue growth; focus on working capital efficiency
•Selective avoidance of low-margin commoditized orders to protect profitability

Growth Guidance & Outlook
•~19% revenue growth considered sustainable, with potential upside from capacity ramp-up and new programs
•H2 FY27 expected strong across automotive, industrial and exports
•Unitec JV, aerospace expansion and higher-value products to support multi-year growth
•Focus on operating leverage, technology differentiation and margin protection
•No specific forward EBITDA or segment-wise revenue guidance provided

Overall, strong H1 growth driven by industrial (+48%), CV (+47%) and exports (>16%); capacity expansion, automotive premiumization, Unitec JV and aerospace diversification support sustained multi-year growth with improving operating leverage.

[Concall Talks @ConcallT]

Susan Electricals India Ltd - Q2 & H1FY27 | Concall Insights

Financial Performance
•H1 revenue ₹202 cr (+190% YoY); operating profit ₹23.78 cr (+160% YoY); PAT ₹13.15 cr (+191% YoY)
•H1 EBITDA margin 11.77% (vs 13.13% YoY); decline attributed to abnormal metal-price gains in H1 FY26; normalized margin range ~11.5–12%
•Q2 revenue ~₹107 cr; HT cables & MVCC contributed ~30%, winding wires ~33% and LT cables ~31% of revenue
•Operating cash flow turned positive, supported by improved profitability and collections

Segment Performance & Margins
•HT & MVCC sales increased to ~₹39 cr in H1 FY27 (vs ₹0.52 cr YoY); winding wire sales +109% YoY
•Q2 segment EBITDA margins: HT & MVCC 13.13%, winding wires 11.82%, LT cables ~11%
•Q2 sales volumes: HT & MVCC 518 km (vs 176 km QoQ); LT cables & conductors 1,498 km (vs 3,641 km); winding wires 937 tons (vs 554 tons)
•HT and winding wires together account for >80% of order book, supporting structural improvement in profitability

Order Book & Execution Visibility
•Order book ₹147 cr as of 30 Sep 2026; HT & MVCC ₹54 cr, winding wires ₹69 cr, LT cables ₹24 cr
•Active pipeline ₹200 cr; combined order book and pipeline ₹347 cr
•~₹111 cr fresh orders secured in Q2 against ~₹107 cr execution
•Management indicated ~90% of identified orders/pipeline scheduled for execution or award before March 2027, subject to conversion and execution
•Focus on converting ₹200 cr pipeline into confirmed orders and executing a substantial portion during H2

Capacity Expansion & CapEx
•Cable manufacturing capacity expanded from 7,500 km to 11,000 km; further expansion to 16,000 km targeted by March 2027
•Winding wire capacity increased from 3,307 tons to 4,200 tons; further expansion to 5,500 tons planned (~66% increase from original capacity)
•New land acquisition planned to enable substantial expansion in FY28–FY29; existing facilities considered sufficient for planned expansion through March 2028
•Major CapEx supported by IPO proceeds and internal accruals; management does not expect significant near-term funding constraints

Product Mix & Margin Expansion
•FY27 product-mix aspiration: HT & MVCC ~40–50%, winding wires ~40%, LT cables ~10–20%
•Management expects further shift toward higher-value products in FY28
•Margin improvement expected from rising HT/MVCC and winding wire contribution; no specific future consolidated EBITDA margin target provided
•Continued emphasis on high-margin, specification-driven cables rather than lower-margin LT products

Technology & Product Development
•CCV line nearing commissioning in November 2026; enables participation in larger HT/MVCC projects requiring dry-curing technology
•Exploring HT cables above 33 kV, subject to BIS certification
•CTC specialized winding wires under R&D, with commercial entry dependent on initial orders and equipment
•Technology upgrades expected to improve product competitiveness and support entry into higher-value projects

Industry Demand & Market Expansion
•Strong domestic demand from power transmission, distribution, transformer installations and EPC projects
•Operating across ~15–16 states with continued tender participation
•Government and private/EPC business mix ~50:50
•Increasing EPC focus due to faster payments, advances and letter-of-credit arrangements
•Domestic market remains priority over exports given attractive demand and margins

Growth Guidance & Outlook
•Management aspires to ~100% YoY revenue growth, including next year, but has not provided a firm revenue commitment
•H2 FY27 expected significantly stronger than H1, supported by seasonality, improving order execution, CCV commissioning and capacity additions
•Margin improvement expected from better product mix and operating leverage
•Strong order pipeline, capacity additions and domestic demand support continued growth visibility
•Focus on profitable execution, sustained cash generation and higher-value product contribution

[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.