Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue 2,280 Cr +43% y-y; EBITDA 77 Cr +53% y-y; margin 3.39%; PAT 46.2 Cr +57% y-y - Steel volume 3.03 lakh tons +27% y-y; steel revenue 2,100 Cr +46% y-y; growth across tubes, flats, roofing - Non-steel revenue 181 Cr +17% y-y; 2nd consecutive quarter growth; H1 non-steel growth 16% - Working capital at 22 days; finance cost steady at 0.52%; ROC improved to 43% - Expansion: 134 stores/fulfillment centers; new centers in Jaipur and Nanded; 5 new additions in H1, 3 planned - West region now 20% of revenue and volumes; aggressive marketing in new markets impacting margins - Store CAPEX ~2.5-3 Cr; payback 4-5 years; mature stores EBITDA ~4%; mix of steel, non-steel, hybrid stores - Margin steady state targeted at 3.5%, aspiration 4% in 2-3 years via better product mix, volume growth, non-steel ramp - Non-steel EBITDA margin ~5%, steel ~2.5-3%; non-steel revenue target 12-15% of total in 2-3 years - Market share gains from unorganized players; omnichannel marketplace model with diverse customer base