Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q1 FY27 revenue grew 34% y-y to INR 2,508 Cr; EBITDA up 27% to INR 759 Cr; PAT up 53% to INR 472 Cr - Margins steady at 30.3% EBITDA and 18.8% PAT - 5.6 GW solar module plant operational; 7 GW TOPCon cell line commissioning trial runs starting August - New orders of INR 3,011 Cr raised; total order book INR 15,000 Cr including transformers - Transformer business revenue INR 110 Cr with 27% EBITDA margin; capacity to triple in 3 years - FY27 capex INR 1,500 Cr; INR 1,250 Cr in solar, INR 250 Cr in transformers - DCR module share expected to rise over 18-24 months; cell sales pipeline remains strong - FY27 margin guidance stable around 29-30%; operational leverage and integration to support - US cell manufacturing JV planned; output expected in 24-30 months - European market entry via exports and office setup; potential local manufacturing depends on policy - Industry consolidation expected favoring large, integrated, technology-advanced players