Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 77% sequentially to INR9,026 million; EBITDA margin 7.7%, PAT INR202 million - Odisha integrated manufacturing phase one: 1.3 GW module capacity started Nov 2, full 4 GW by Dec 2026; 2.4 GW cell line trial runs, ramp-up by Dec - FY28 revenue guidance INR6,000 crore with 12% EBITDA margin; EBITDA improvement expected in H2 FY27 - Order book at 6.68 GW (60% DCR, 40% non-DCR); new orders 1.76 GW in H1 FY27 - Cell capacity target 6 GW by FY28; module utilization expected to rise to ~80% in FY28; cell utilization target above 90% - Expansion into B2C with SuryaConnect solar kits; non-module revenue to reach 15% in 2 years - Backward integration into ingot and wafer manufacturing planned by FY29 to reduce import dependence - Management focused on ramping Odisha capacity, ALMM compliance, order execution, and balance sheet discipline