Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 consolidated revenue INR 4,108 Cr; lead-acid +18%, new energy +30% - Lead-acid aftermarket growth ~6-7%; OEM 4W +17%, 2W +30%; home energy +50% - New energy capex INR 2,320 Cr for 5 GWh LFP cell gigafactory, completion in 30 months - EBITDA margin Q2 standalone ~10.1%, consolidated 8.8%; margin pressure from raw material costs and strategic spends - Price hikes of 5% cumulative in H1 FY27 to offset cost inflation - BESS capacity ramp-up starting Jan-Feb 2027; 50-60% utilization FY28, full by FY29 - Lead-acid business growth guidance 8-10% medium term; aftermarket 6-8%, home UPS ~10% - Recycling plant to improve gross margin by 0.3-0.4% over 2 years - Lithium NMC cell samples ready for OEM testing soon; LFP cells under development - Capex INR 2,200 Cr FY27; INR 1,600 Cr in new energy; expect ROCE improvement in 3 years - Amaron Assist spun off to subsidiary; standalone margin to improve slightly - Competitive intensity in BESS moderate; 10-15% cost disadvantage vs imports mitigated by govt support - Confident in long-term growth and returns from lithium and lead-acid businesses