Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 standalone revenue 5,026 Cr +20.3% y-y; H1 revenue 10,331 Cr +18.9% y-y - EBITDA Q2 606 Cr +53.6% y-y; margin expanded to 12.1% from 9.4% (+270 bps) - Lithium-ion 6 GWh plant commissioned Sept 23; revenue started from Oct for LFP cells - Lithium NMC revenue expected from Q4 FY27; OEM validations progressing well - Lead-acid core business growth strong; calibrated price hikes offset input cost inflation - Capital allocation: INR400-500 Cr annual capex for core; equity funding continues for lithium - Expect 80% utilization before phase two lithium capex decision; working capital factored - Localization of 50-60% raw material for lithium planned in 2-3 years; 20+ local suppliers engaged - Multiple new OEM launches won for automotive and auxiliary batteries - Margin corridor for lead-acid business maintained at 12-12.5% for next two quarters