Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue INR840 Cr, EBITDA INR105 Cr (12% margin), PAT INR61 Cr (7% margin) - Value-added product volume up 27% y-y; operating cash flow INR213 Cr - Stainless steel seamless pipe capex INR150 Cr; 14,400 ton capacity by FY29, 15-16% EBITDA margin expected - FY28 sales target 5.5 lakh tons, EBITDA INR550 Cr; FY29 volume 7 lakh tons, EBITDA INR750 Cr - Working capital days improved to 4-5; target 20-25 days optimum - Stainless steel mix: 90% 200 series, 10% 300 series; EBITDA margin INR12,000-13,000/ton sustainable - Captive power to save INR1,000-1,500/ton EBITDA; aiming 2.5-3% margin accretion by 2030 - Seamless pipe market growth strong; targeting import substitution and market consolidation - Capex phases 2 and 3 estimated INR1,500-2,000 Cr including power and expansions - FY27 EBITDA margin guidance revised upward to INR8,000-8,500 per ton - Debt/EBITDA ratio expected around 1.4-1.5x during capex cycle - No delays in ongoing projects; Kesda plant on track for March 2027 commissioning