Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 consolidated revenue INR3,519 Cr +69% y-y; H1 revenue INR7,187 Cr +70% y-y - Q2 EBITDA INR1,021 Cr (29.02% margin); H1 EBITDA INR2,045 Cr; Q2 PAT INR650 Cr - Domestic explosives growth driven by mining/infrastructure demand; international business expanding via acquisitions and greenfield - Defense revenue INR1,002 Cr in Q2, INR1,935 Cr H1; large orders including Pinaka family (~INR9,000 Cr) expected soon - FY27 revenue guidance of INR14,000 Cr likely to be surpassed; EBITDA margin expected >29% - Volume growth guidance for domestic explosives 10-15% annually; industry ~7% - International defense orders and missile programs expected to materialize over next 2 years - Continuous capability upgrades in defense manufacturing; technology integration ongoing - Order book stands at INR20,178 Cr with INR17,568 Cr from defense segment