Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 order inflow grew 25% y-y to INR 1,265 Cr; H1 orders up 50%+ y-y to INR 2,180 Cr - Q2 sales grew 20% y-y to INR 780 Cr; H1 sales up 12.5% to INR 1,400 Cr - EBIT margin improved sequentially to 7.2% in Q2; H1 margin at 6.2% - Commodity cost pressure from copper, transformer oil persists, impacting margins - Medium voltage breaker capacity in Kolkata expanded to 3.75 lakh units/year due to strong demand - Data center capacity in India expected to grow from 1.6 GW to ~8 GW by 2030; 2.5-3 GW projects under execution - Export revenue currently ~12-13% of total; capacity expansions planned to support exports - Price variation clauses present in ~20-25% of project orders; tendering uses current commodity prices with contingencies - Margin pressure due to commodity inflation; management expects margin recovery as prices stabilize and revenue grows