Transcript of the Earnings Conference Call

AI summary - Q1 FY27 consolidated revenue INR2,034 Cr +35.2% y-y; EBITDA INR156.2 Cr +12.1%, margin 7.7%; PAT INR75.3 Cr +12.9% - RAC volume grew ~20-22% with 10-12% ASP increase; washing machine sales up 67% - New washing machine plant capacity 3 mn units; 70-80% utilization expected by FY28 - Compressor plant mass production targeted Dec-Jan; 2 mn capacity line planned - Refrigeration plant on track for Q4 FY27 start; anchor customer commitments secured - Industry RAC primary sales grew 10-15% in Q1; channel inventory near normal - Commodity inflation partially passed; price hikes expected from Dec quarter - Operating margin expected ~8% for FY27; normalized per-unit margins anticipated - Backward integration and R&D focus to enhance competitiveness and capital efficiency - Multiple analyst queries on margin recovery, capacity ramp-up, and outsourcing trends