Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 consolidated revenue Rs. 808 Cr +51.5% y-y; H1 Rs. 1,364 Cr +51.4% y-y - Energy segment 80% revenue; telecom 20%; EBITDA margin blended 17-19% in H1 - BESS manufacturing capacity expanded to 5 GWh; targeting 10 GWh by Q4 FY27 - Executable order book Rs. 10,735 Cr; H1 order inflows Rs. 2,437 Cr - FY27 revenue guidance revised upward to Rs. 3,300-3,500 Cr; FY28 guidance Rs. 4,000-4,200 Cr - EBITDA margin expected 16-17% for energy; C&I segment to contribute 30% of energy revenue with better margins - Build-to-operate projects funded by increased borrowings; net debt Rs. 856 Cr; ROE 13.2% - Lithium-ion prices stabilized; container in-house fabrication to reduce BESS cost by 4-5%, improving EBITDA margin by 1.5-2% - PAT margin guidance ~10% for FY28; expected to improve with C&I growth and backward integration - Working capital improving; receivables expected to normalize to ~150 days; payables to reduce to Rs. 800-900 Cr - Competition in BESS bidding reduced; company maintains minimum EBITDA margin threshold of 16-17% - PLI application for 4 GWh cell manufacturing progressing; capex planned for next financial year