Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q1 FY27 turnover INR 1,094.21 Cr (+2.4% y-y); PAT INR 151.45 Cr (-19.4% y-y); EBITDA margin ~24%, PAT margin ~14% - Board approved 50:50 JV with Drydocks World Dubai for International Ship Repair Facility; ISRF valued at INR 1,800 Cr on slump sale basis - JV to operate ISRF and add 10 workstations; transaction targeted before FY27 end subject to approvals - New block fabrication facility planned at Kochi with 60,000 ton capacity; existing 12,000 ton facility continues - Vadinar ship repair facility expected operational within 36 months post environmental clearance; Tuticorin hybrid shipyard land leased for 30 years - Order book INR 22,000 Cr; L1 for 5 next-gen survey vessels (~INR 5,000 Cr); defense order pipeline includes LPD (INR 32,000 Cr), MCMV (INR 36,000 Cr), P-17 Bravo (INR 49,000 Cr) - Green Maritime JV targeting INR 640 Cr revenue by 5th year with ~20% EBITDA margin; JV focuses on marinized marine batteries with HBL manufacturing - FY27 revenue growth guidance ~12-15% y-y; blended EBITDA margin ~14%; shipbuilding margin 10-12%, ship repair 20-24% - Cash flow expected positive in FY27 due to vessel deliveries; new investments target ROC of 14-15% - Capex of INR ~6,000 Cr planned over 5 years across ISRF, Vadinar, Tuticorin, and block fabrication; expected revenue scaling to INR 1,000-2,000 Cr per facility over 3-8 years