Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue 2,906 Cr, EBITDA 316 Cr (10.9% margin), PAT 41 Cr; H1 revenue 5,633 Cr, EBITDA 578 Cr (10.3%), PAT 71 Cr - Order book at 43,836 Cr excluding L1; H1 orders 19,500 Cr; FY27 order inflow guidance 30,000 Cr - Execution constrained by land, approvals, and payment delays; H2 execution expected stronger - High-speed rail TBMs progressing on schedule; FY28 revenue growth guidance 20-25% - Elevated net working capital at 147 days; cash flow negative in H1 but expected to improve in H2 - ECL provisioning increased due to new matrix and geopolitical risks; provisions may reverse if collections improve - Capex guidance unchanged at ~700 Cr FY27 and ~650 Cr FY28; gross debt expected ~3,500 Cr FY27 - Multiple analyst queries on execution pace, order pipeline, and provisioning; management confident on order inflow and execution recovery