Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 standalone revenue 25.26bn INR +30% y-y; EBITDA 6.55bn INR +20% y-y; margin 25.9% - Consolidated revenue 48.7bn INR +21%; EBITDA 7.78bn INR +9%; margin 16% - India manufacturing revenue growth driven by acquisitions; JSA revenue +16%, EBITDA +35% - Defense order book 109.5bn INR; ATAGS production approval received, revenue starts Q1 FY28 - Aerospace and semiconductor businesses expanding with new facilities; Baramati capacity to double by FY29 - Expect H2 FY27 stronger with ramp-up in new businesses and price recovery - US subsidiary profitability impacted by one-offs; turnaround expected by Dec 2026 - India manufacturing sales to exceed 50bn INR by FY27 end with 200-250 bps margin accretion - Defense margins expected 20-25% depending on product mix; ramp-up over 4 years for ATAGS - Multiple analyst queries on defense revenue recognition and margin outlook addressed