Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 consolidated revenue grew 45% y-y to INR1,760 Cr; EBITDA up 32% y-y at INR473 Cr; PAT rose 42% y-y to INR240 Cr - Fluoropolymers revenue grew 22% y-y; growth driven by volume and higher-value specialty products - Fluorochemicals revenue surged 135% y-y, led by refrigerants; R-32 capacity to be fully utilized by Q3 FY27 - Battery materials ramping: LiPF6 sales to 5 global players; commercial supplies of PVDF/PTFE expected from Q4 FY27 - INR3,000 Cr+ capex planned for FY27; battery materials capex of INR2,100 Cr delayed by ~1.5 quarters - Domestic electrolyte demand expected to pick up in H2 FY28; LFP capacity expansion underway with major ramp by Q3 FY28 - Long-term volume binding contracts for LiPF6; electrolyte qualification ongoing with 3 domestic cell makers - Management confident of sustaining 17-20% growth in fluoropolymers over next 2-3 years - Battery materials business has long gestation; revenues tied to end-product ramp-up with some delays - Capex funding mix: INR3,500 Cr equity (including INR2,300 Cr raised), INR1,500 Cr debt, balance from accruals