Earnings Call Transcript - Q1FY27

AI summary - Q1FY27 consolidated revenue 250cr +34% y-y; EBITDA 48cr +53%, margin 19.3% +260bps; PAT 17cr +67% - Dahej plant rebuild near completion; commercial production starts Q2 FY27; insurance claims receivable 186cr - Battery chemicals revenue 19cr in Q1, expected 300cr in FY27; electrolyte plant commissioning H1 FY27, salts H2 FY27 - Battery business revenue potential INR 2,400-2,900cr by FY29 at full utilization; 50% of 2025 revenue in Q1 FY27 - Board approved INR 600cr QIP for deleveraging and growth capex; peak net debt expected 1,000-1,500cr post QIP - Base business FY27 guidance revised to INR 950-1,050cr revenue; FY28 expected 10-15% growth; EBITDA margin ~18% - Battery chemicals EBITDA ROCE target 20% at full utilization by FY29 - International market focus on US; 4/5 major electrolyte makers approved Neogen; Japanese tech partnership key - Working capital cycle target 90 days for battery business, 140 days for base business by FY28; structural improvements expected - FY29 expected to be inflection year for cash flow conversion and optimized operations