Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue from operations 1,143 million, +28% y-y, +16% q-q; H1 FY27 revenue 2,130 million, +23% y-y - Core gases business revenue grew ~27% y-y; segment EBITDA margin ~39% in Q2 - Commissioned new 325 TPD on-site plant in Durgapur under 15-year take-or-pay contract; full benefit expected from Q3 FY27 - Awarded 480 crore EPC contract from BHEL for 1,200 TPD air separation unit in Odisha; execution over 8 quarters, commissioning in FY29 - FY27-FY28 capex plan of 450 crore on track; focus on utilization, merchant capacity additions in north/central India - Long-term gases segment margin target ~40%; argon contribution increased to mid-teens percent of sales - Freight cost pass-through to customers with 2-3 months lag; power cost ~22% of gases revenue - EPC contracts have lower margin (high single to low double digits) but strong cash flow and ROCE; core gases business remains priority - Merchant plants in north and central India expected online in H2 FY28 with 6-8 quarters ramp-up - Peak revenue potential estimated 450-500 crore incremental on current ~400 crore run rate - Industry demand stable; steel on-site covered, pharma and healthcare showing encouraging growth - No imminent capital raise; capex funded by cash and project-level debt - No current plans for international EPC projects; focus remains on India