Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 35% y-y with strong growth across cables, switchgear, and renewables - Contribution margin softer due to aluminium price decline in cables; H1 cables margin ~15%, near long-term average - Lloyd revenue grew with volume and value; margins subdued due to raw material inflation and seasonal under-absorption - Operating leverage led to ~30% EBITDA growth; PBT growth moderate due to high base from one-time income - Calibrated price hikes of 10-25% over last 12 months; further 5-7% hikes planned in Q3 due to raw material cost - Switchgear margins normalizing to 38-40% contribution margin; volume growth double-digit - Renewables business focused on brand and distribution; peak revenue and margin targets not yet defined - Cables business aluminium-heavy (~80-90%); medium and high voltage capacity expansions underway - Distribution shifted to pull-led model improving channel inventory and consumer demand - ROCE currently ~23%; management targets improvement towards long-term 25%+ through asset sweating and margin management