Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q1 FY27 standalone revenue 23.47bn INR +11.5% y-y; EBITDA 6.14bn INR +4.5% y-y; margin 26.2% impacted by 160 bps cost inflation - Consolidated Q1 revenue 46.4bn INR +18.7% y-y; EBITDA 7.52bn INR +10.3% y-y; margin 16.2% - Defense order book at 111.96bn INR; new orders in forging, defense, casting secured - US steel operations faced 3-month press breakdown causing EBITDA loss; recovery expected in Q2 - Capex guidance ~18bn INR for FY27-28 focused on forging, machining, ring rolling, energetics plant - Defense margins targeted at 22-23% steady state; marine gas turbine generator order won - Aerospace business to double in 2 years; semiconductor business targeting 30-40m INR revenue in 2 years - Fundraise of up to 25bn INR planned for growth capex and M&A - Manpower and energy supply issues easing; margin recovery gradual through FY27 - New Odisha mega site approval expected by end 2026; plant operational ~2.5 years post-approval