Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q1 FY27 revenue 137.1 Cr, +103.5% y-y; EBITDA 38.8 Cr, +152.2% y-y; PAT 27.3 Cr, +140% y-y - 400 kV transformers contributed 70.16% of revenue; 1,725 MVA executed in Q1 - Order book at 2,026 Cr as of June 30, 2026; strong demand from Green Energy Corridor III and railways - EBITDA margin improved to 28.3%, gross margin 41.9%; margins stable with price variation clauses - Capacity utilization ~30-40%; brownfield expansion of 18,000 MVA planned for FY29 - Scott-connected transformers market opportunity ~20,000 Cr over 5-10 years - Working capital cycle ~120 days; no delinquencies; focus on premium, qualification-driven products - 765 kV technology ready; prototype expected in 3-4 years - Long-term demand growth expected 10-15% annually for 400 kV segment - Management expects FY27 revenue ~950 Cr with EBITDA margin similar to FY26