Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - FY27 volume growth guidance: 25% y-y; FY28 expected >35% growth - Q2 FY27 steam sales: 301,642 tons (+12.06% y-y), capacity utilization 42.41% - Q2 FY27 revenue: INR128 Cr (+2.4% y-y), EBITDA INR24.68 Cr (+73.38% y-y), PAT INR7.77 Cr (+167.14% y-y) - H1 FY27 EBITDA margin improved to 21.67% from 14.08% y-y; EBITDA per ton INR916 (+44.93% y-y) - Waste-to-steam plants under commissioning expected to boost EBITDA per ton to INR1,100-1,200 in FY28 - Net debt-to-equity improved to 0.16x; interest cost expected to reduce in Q3 - Monsoon season caused Q2 sequential margin moderation; pass-through coal pricing mitigates fuel cost volatility - Expansion projects progressing: Jhagadia commissioning imminent; new facilities in Nandesari, Vapi, Tarapur, Pirana, Dahej, Haldia planned - Industrial gases (nitrogen) business developing leveraging existing infrastructure - Penalty clauses for steam supply disruptions minimal; customer retention strong at 99.48% revenue from repeat clients - Management confident of meeting volume and margin guidance despite seasonal challenges