Transcript of the investors'' conference call held on Tuesday, July 28, 2026.

AI summary - Q1 FY27 consolidated revenue 145.97 Cr, +72.4% y-y; EBITDA 33.5 Cr, +116% y-y; EBITDA margin 23.04%, +468 bps y-y; PAT 18.79 Cr, +162% y-y - Flexible hose business grew 41% y-y; assemblies and value-added products faster growth - SFN Skid Assemblies revenue 32.4 Cr (23% of total); capacity expanded from 6,000 to 9,000 units, targeting 15,000 units by Q3 FY27 - Flexible hoses production to increase from 17.5m to 20m meters by Q3 FY27 - EBITDA margin target 25% over next few years; current flexible hose assembly margins 22-26% - Export growth 43% y-y; international skid assembly business expected in FY27 - Capex for skid assembly expansion to 15,000 units budgeted at 48 Cr; flexible hose capex 54 Cr, completing by Q3 FY27 - Skid assembly optimal utilization expected at 80% in FY28 - R&D ongoing for new products; fire hose assembly commercialization expected by Q3/Q4 FY27 - Management emphasizes engineering innovation, speed, and cost arbitrage as competitive advantages internationally