Transcript of the Q1 FY 2026-27 Investor Call held on 05th August 2026

AI summary - Q1 FY27 revenue grew 56% y-y to INR931 Cr; EBITDA up 30% to INR56 Cr; PAT up 32% to INR36 Cr - Copper production and sales volumes increased over 3x y-y; copper EBITDA per ton rose 66% y-y to INR48,488 - Copper cathode plant (36,000 MT p.a.) commissioning on track: Phase 1 by Dec 2026, Phase 2 by Q3 FY28 - Lead value-added products accounted for 85% of segment revenue in Q1; sustainable EBITDA per ton INR18,000-20,000 - FY27 targets: 15%+ volume growth, 20%+ CAGR revenue/profit, EBITDA margin >8%, ROCE >20%, 60%+ revenue from value-added - Copper blended EBITDA guidance INR60,000-65,000 per ton; recycling EBITDA above INR40,000 per ton - Copper capacity utilization expected 80-90% in FY28; lead new capacity utilization below 50% due to strategic focus on value-added - Supply chain disruptions impact lead volumes; demand remains intact; alternative sourcing underway - Working capital stable at 46 days; positive cash flow maintained