Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q1 FY27 revenue INR3,819 Cr +23% y-y; EBITDA INR595 Cr; PAT INR305 Cr - Delivered 506 MW in Q1, highest ever first quarter; 1,257 MW erected awaiting commissioning - Order book strong at 6.1 GW; 60% new orders from DevCo model - ASP rose to INR6.3 Cr/MW from INR5.6 Cr, aided by project mix and higher EPC share - Suzlon 2.0 investments ongoing; new S175 turbine launched with first order; payback expected in 12-18 months - Capex guided at ~INR700 Cr for FY27, focused on AI-enabled blade factories and capacity expansion - Repowering opportunity in India ~25 GW; pilot orders expected by year-end - BESS partnerships progressing; target 3.1 GW capacity by FY31 - AMS segment EBITDA margin ~40%; higher margin than WTG segment - Net cash INR2,322 Cr; working capital management improving; interest cost up due to higher utilization - Multiple analyst queries on fixed cost impact and DevCo investments; management expects margins around 17-18% for FY27