Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 112% y-y to INR208.6 Cr; EBITDA margin 35%, PAT margin 25.8% - H1 FY27 revenue grew 109% y-y to INR345.7 Cr; EBITDA margin 32.3%, PAT margin 23.5% - Order book INR2,711.2 Cr as of Sep 30, 2026, up 34% q-q; provides 24-30 months revenue visibility - Power transformers 78% of order book; shunt reactors 10%; Scott-connected transformers 9% of H1 revenue - Capacity utilization ~41% annualized in Q2; brownfield expansion planned by FY29 to double capacity - FY27 revenue guidance INR950 Cr with EBITDA margin similar to FY26 (~28%) - Management expects operational leverage with volume growth but maintains conservative margin guidance - 765 kV transformer capability ready; eligibility for regular tenders expected in 3-4 years - Domestic market focus; exports not targeted currently - Supply chain stable; lead times vary (bushings 12-24 months), no execution impact - Multiple analyst queries on margin sustainability; management cites quarter/order variation and prudence