Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2FY27 revenue grew 43.0% y-y to INR 613.8 Cr; EBITDA up 46.5% at INR 50.8 Cr; PAT rose 30.7% to INR 29 Cr - H1FY27 sales volume grew 20.2% y-y to 218,997 MT; EBITDA increased 88.7% to INR 109.5 Cr with 8.2% margin - EBITDA per ton improved 19% y-y to INR 5,053 in Q2; value-added products share to rise to 50% in FY28 - New capacities in Maharashtra expected to add 25,000-30,000 tons volume by Q4; GP line commissioning by Dec 2026 - Export volumes recovering; targeting 50,000-55,000 tons exports in FY27 with new markets in Canada and US - Working capital days expected to reduce to 60 by FY28 and 35 by FY29 through dealer-focused sales - Capex of INR 70 Cr in H1FY27; INR 125-150 Cr planned in H2FY27; maintenance capex INR 40-50 Cr and INR 75 Cr API pipe capex expected in FY28 - JTL Defence production ramping from 140 tons/month in Oct to 250 tons/month by Dec; capacity 1,000 tons/month by FY29 - Demand outlook positive for H2FY27; price gap between primary and secondary pipes INR 12-20/kg; supply constraints easing