Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q1 FY27 revenue INR 133.66 Cr, +7.28% y-y; PAT INR 29.28 Cr, +14%; EBITDA INR 559 mn, margin 42% - Infrastructure-as-a-Service contributed 51%, Managed Services 31.31%, SaaS 17.55% of revenue - Sharon AI deal: 8,200 GPUs deployment delayed to Q3 FY27; revenue to start Nov 2026 to early Q1 FY28 - Own GPU capacity target: 1,500 GPUs by Q4 FY27; domestic demand growing at 30-40% CAGR - Order book: INR 3,000 Cr domestic (3-year duration), larger international pipeline with 50,000+ GPUs - Target PAT margin on GPU deals: 15-20%; GPU prices expected to rise over next 3-5 years - Seasonality present with stronger Q3/Q4; expected to normalize as AI factories scale - Capex planned INR 1,500 Cr in FY27 funded by customer advances, IPO proceeds, and debt - Employee strength ~993; expected to remain near 1,000 despite capacity expansion - Strong partnership with Sharon AI locked for 7 years; renewal beyond 7 years uncertain - GPU supply constrained with delivery delays of 4-9 months; leveraging OEM and partner relationships - Older GPUs retain value due to NVIDIA CUDA platform; useful life up to 8 years - International client approvals managed via NVIDIA; no direct China client exposure disclosed - No forward-looking revenue or profitability guidance provided