Earnings call transcript

AI summary - Q2 FY27 revenue 20.3bn INR +32% y-y; H1 revenue 38.6bn INR +35% y-y - Order intake Q2 at 24.4bn INR +52% y-y; backlog steady at 214.4bn INR (~3 years revenue) - EBITDA margin at 27.1% in Q2, at higher end of mid-20s guidance band - Profit after tax 4.3bn INR, 21.3% of revenue; net zero debt, cash 32.5bn INR - Capex ongoing for 10bn INR capacity expansion; 20% incurred - Strong pipeline for HVDC projects; localization progressing with most components made in India - Export orders 21-29% of mix; order quality robust with private and PSU customers - Slight pricing pressure noted; export orders maintain higher margins than domestic - Data center segment small (<2% backlog), expected growth from Q4 FY27 onwards - Supply chain remains key operational risk; management confident in backlog conversion