Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 35% y-y to ₹1,546 Cr; EBITDA ₹356 Cr (+23%), PAT ₹223 Cr (+29%) - BEV revenue up 129% y-y, now 51% of automotive sales; traction motor demand surged 50% q-q - Commercialized 3 new products: helical LSD, air springs for railways, rear radar sensors for 2-wheelers - Order book at ₹251 bn, 3rd highest quarter for order additions; strong wins across product segments - Free cash flow at ₹446 Cr in H1 FY27, 1.5x FY26; net debt negative; capex ₹148 Cr in H1 - Margin pressure from product mix shift and inflation; EBITDA margin 23%, PAT margin 14.4% - Strategic focus broadened to EPIC mobility (Electric, Personalised, Intelligent, Connected) - Robotics and physical AI orderbook 4% of total; growth expected but timing uncertain - Management confident in 23-25% margin range over next 2-3 years barring major inflation shocks - European legacy business growing; India and East Asia now ~2/3 of revenue - JV with Denso expected to close by Dec 2026/Jan 2027; JV2 targeted H1 CY27 - R&D spend significant; capex ₹62 Cr for robotics and new tech - No forward-looking guidance on railways but multiple new products ramping - Inflation pass-through lag and mix effects cause margin % fluctuations - Evaluating humanoid robot deployment on production floors based on business case