Transcript of the Conference Call heid on 27.07.2026.

AI summary - Q1 FY27 revenue grew 25.27% y-y to INR5,533 Cr; PAT up 8.17% to INR1,048 Cr - EBITDA margin for Q1 at 25.83%; FY27 margin guidance maintained at 28% - Order book at INR72,258 Cr as of July 1, 2026; Q1 order inflow INR3,754 Cr - FY27 revenue growth guidance at 15%; confident to meet or exceed this - Capex guidance INR1,200+ Cr; R&D investment over INR2,200 Cr for FY27 - Indigenization target: zero import of modules/sub-modules in 5 years - Employee cost to turnover expected around 12% despite upcoming pay revision - Export order book USD465 million; aiming for 10% revenue from exports in 5 years - Major programs: QRSAM, LRSAM, Shatrughat, Samaghat, HAMMER, Shakti Phase 4 - Multiple analyst queries on order inflows and margin variability; management confident on guidance