Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q1 FY27 production 408 MW, sales 334 MW; revenue INR5.11bn, EBITDA INR425mn (8.33% margin), PAT INR54mn - Odisha Phase 1 cell (2.4 GW) and module (4 GW) manufacturing ramp-up starting Sep 2026; full 80% utilization expected by Q4 FY27 - Phase 2 cell capacity (3.6 GW) to start site activities by Q2 FY27, complete by FY28 - FY27 guidance: 3.5-4 GW sales, INR6,000 Cr revenue, 12% EBITDA margin, 6-7% PAT margin - Order book strong at 6.35 GW (~INR8,200 Cr), mix ~70% utility, 30% C&I; ~30% DCR orders - Capex incurred INR1,000 Cr; total Phase 1 and 2 capex ~INR3,500 Cr; net debt expected to peak ~INR2,200-2,400 Cr - Margin pressure in Q1 due to lack of cell manufacturing, commodity, logistics, forex volatility, and selective order execution - Integrated manufacturing and backward integration expected to improve margins significantly in H2 FY27 and beyond - Expansion into ancillaries like encapsulants, transformers, inverters, and storage targeting 15% revenue from non-module business by FY28 - Transformer business via Melcon acquisition aims for 8-10% market share and INR1,000-1,500 Cr revenue in 3-4 years