Submission of Transcript of Earnings Call held on July 16, 2026

AI summary - Consolidated revenues grew 39% y-y in Q1 FY27; EBITDA up 32%, margin 13.8% - PAT reached INR 7,967 mn, +33% y-y; PAT margin 9.7% - Wires & Cables grew 39% y-y; domestic wires up 43%, volume low to mid-single digit - FMEG segment grew 71% y-y; solar business doubled; EBIT margin 8% - EPC revenues declined 11% y-y; EBIT margin 11%; revenue timing affected by milestone payments - Working capital cycle improved to 15 days; capex INR 3.2 bn in Q1 - Export impacted by Middle East geopolitical issues; US and Europe order book strong - Management confident on 1.5x industry volume growth for FY27; data centre and T&D demand seen as growth drivers - FMEG margin improvement driven by operating leverage and premium product mix - Export growth expected to pick up with expanded global footprint and distribution