Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 consolidated revenue grew 38.2% y-y to INR 2,656 Cr; EBITDA up 17.8% to INR 760 Cr; PAT rose 30.8% to INR 462 Cr - 7 GW TOPCon cell line commissioned; commercial production expected Nov 2026; ramp-up to 70% CUF by Mar 2027 - New order wins of INR 4,001 Cr for cells and modules; total order book INR 16,260 Cr - Battery Energy Storage System operationalization planned for Q2 FY27 with 40% localization target - FY27 capex estimated at INR 2,400 Cr; focus on organic growth and selective acquisitions - Transformer business to triple revenues over 3 years; normalized margin ~15% - DCR module prices average INR 21.5-22/watt; non-DCR modules INR 12.75-13/watt - Demand outlook positive with government schemes Surya Ghar 2.0 and KUSUM 2.0 expected to improve mix and margins - US and Europe remain key international markets; US manufacturing JV planned within 12-18 months - Management confident on navigating China export controls and supply chain challenges