Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 consolidated revenue grew 49% y-y to INR6,185 Cr; EBITDA rose 112% y-y to INR220 Cr with 3.56% margin (+106 bps); PAT increased 121% y-y to INR131 Cr - Standalone Q2 revenue grew 42% y-y to INR5,708 Cr; EBITDA up 96% y-y to INR196 Cr with 3.44% margin (+95 bps); PAT rose 172% y-y to INR153 Cr - Inventory built to secure supply and fund VDA acquisition; focus on converting inventory to cash in H2 - Growth drivers: 30% price increase, 10-11% volume growth, 10% new business; VDA and semiconductor businesses to contribute >10% revenue in future - Sustainable EBITDA margin guidance ~2.75% by FY29-FY30; cautious on consumer demand, confident on commercial and AI-related growth in India - Semiconductor JV with Restar to add new products, design capabilities, and access to Japanese manufacturers - Working capital days improved to 55 from 61; net debt to equity at 0.76x including acquisition debt - Enterprise business targeted to be ~20% of revenue next year; cautious on large AI data center projects due to ROI and exposure - Price increases expected 10-15% in H2 FY27; volume growth flattish to positive; sustained growth expected from new product lines and geographies