Transcript of Earnings Call held on 05.08.2026

AI summary - Q1 FY27 revenue from operations INR722 Cr, EBITDA INR59 Cr (8.1% margin), PAT INR35 Cr (4.9% margin) - Sales volume grew 17.8% y-y to 118,513 MT; operational revenue per ton INR60,882 - EBITDA per ton guidance INR4,500-5,000; JTL Defence contributed INR200 per ton - Value-added products ~35% of mix; exports 5% in Q1, target 10% with strong order book - Capex INR100 Cr in FY27 to reach 2 mn ton capacity; ramp-up to 50-60% utilization by FY29 - JTL Defence Q1 EBITDA margin 12%; long-term margin target 10-15%; sales run-rate improving - Working capital cycle improved to 75 days; targeting 35-40 days by FY28 with dealer financing - Government capex contribution reduced to <5%; focus shifted to dealer network and exports - Multiple analyst queries on export markets, capacity ramp, and defence segment growth