Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 27% Q-o-Q to INR4,869 Cr; EBITDA INR720 Cr (+21% Q-o-Q); PAT INR394 Cr (+29% Q-o-Q) - H1 FY27 deliveries up 21% Y-o-Y to 1,217 MW; commissioning rose 168% to 723 MW - EBITDA margin impacted by lower WTG contribution (21.2%), FX/commodity volatility (~50 bps), and non-recurring Suzlon 2.0 costs (~100 bps) - Order book at 6 GW with 18 months coverage; strong pipeline including 900 MW DevCo orders - Manufacturing capacity 4.5 GW; exports growing with INR12,000 Cr industry export in FY26 - Suzlon 2.0 includes new turbine launches, AI-enabled blade factories, and expansion into FDRE, solar, BESS - Net cash position INR2,048 Cr; CRISIL ratings upgraded to AA-/Stable and A1+ - Multiple analyst queries on margin pressure and working capital; management expects margin normalization to 16.5-17% excluding non-recurring costs - Export certification underway for 5 MW and 6.3 MW turbines; repowering opportunities in India and abroad - Market share near 28-29%; target 40% by FY31 with 25% CAGR sales growth