Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 40.8% y-y to INR 221 Cr; EBITDA up 84.4% at INR 32 Cr; PAT rose 88.5% to INR 19 Cr - H1 FY27 revenue at INR 400 Cr, +45.4% y-y; EBITDA INR 57 Cr, +82.6%; PAT INR 34 Cr, +77.9% - EBITDA margin improved to 14.5% in Q2 and 14.2% in H1 FY27 - Order book INR 1,575 Cr, +47% y-y, with 60-65% public and 35-40% private sector mix - Manufacturing capex underway: Gangad facility operational by Q4 FY27; 2.5 GWh BESS plant to start by Q4 FY27 - NRE segment to grow to 50%+ of order book in 1.5-2 years; manufacturing share to rise to 70-75% by FY29 - 150 MW standalone BESS order secured; electrolyser capacity 30 MW started, 150 MW expansion planned by Q4 FY27 - FY27 revenue target INR 1,100 Cr with 55-60% growth expected; EBITDA margin guidance ~14% - Debt-to-equity at 0.86x; cautious capital allocation with target 0.5-0.7x for manufacturing business - Green hydrogen and fuel cell markets developing; fuel cell opex competitive vs DG sets; government support noted - BESS plant expected 40-60% utilization in first year; revenue potential INR 1,000 Cr per GWh - Long-term vision to reach INR 5,000 Cr revenue in 5 years with disciplined execution and cash flow focus