Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q1 FY27 steam sales grew 16.7% y-y to 305,816 tons; revenue rose 13.35% to INR128.62 Cr - EBITDA surged 60.08% y-y to INR30.93 Cr; margin expanded 702 bps to 24.05% - PAT increased 80.25% y-y to INR18.34 Cr; PAT margin improved 529 bps to 14.26% - Capacity utilization improved to 41.4% in Q1 FY27 from 36.06% in Q1 FY26 - Expansion underway: capacity to rise from 345 TPH to ~705 TPH by FY29; new projects in Gujarat and Himachal Pradesh - Industrial gases vertical launched with nitrogen generation; plans to expand to oxygen and hydrogen - Waste-to-energy boilers contribute to margin improvement and sustainability - Contracts mostly long-term (1-10 years) with non-exit clauses; 70% of current capacity tied up - Government support strong for community boilers; opportunities in Bulk Drug Parks and PM MITRA Parks - Working capital cycle improved; coal purchases shifted from credit to cash to reduce costs