Transcript of the Earnings Conference call held on 28.07.2026 at 04:00 PM.

AI summary - Q1 FY27 total income grew 159% y-y to INR45.18 Cr; EBITDA INR9.2 Cr (+31% y-y); PAT INR6.3 Cr (+42% y-y) - Pelican Edu Supply platform contributed INR15 Cr (30% of Q1 sales); B2B:B2C mix remains 70:30 - Backward integration into notebook manufacturing underway to improve margins and supply reliability - FY27 revenue guidance INR220-250 Cr; PAT guidance around INR25 Cr - Expansion in UP, Rajasthan, Gujarat, Assam with target to grow market share to 5% in new states by FY29 - Technology-driven LMS platform offered free to schools, embedded in textbook pricing, strengthens customer retention - Major investments planned in technology upgrades and notebook manufacturing capacity expansion - EBITDA margin impact in Q1 due to raw material invoicing timing; full year margins expected at 17-18% PAT - Multiple analyst queries on receivables and margin trends addressed; receivables expected to normalize by Oct 2026