Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 consolidated revenue approx INR2,000 Cr, +73% y-y; H1 revenue INR3,603 Cr, +71% y-y - EBITDA Q2 INR193 Cr (+68% y-y), H1 INR355 Cr (+68% y-y); margin ~9.9% H1 FY27 - PAT Q2 INR124 Cr (+87% y-y), H1 INR230 Cr (+98% y-y); PBT margin improved to 8.5% - FY27 revenue guidance raised to 40-45% growth (~INR7,000 Cr); FY28 target $1bn revenue - PCB project capex INR800-900 Cr by FY28 end; revenue expected INR200-300 Cr in FY28, INR900-1,000 Cr in FY29 with 15-18% EBITDA margin - Export revenue H1 INR901 Cr (+80% y-y); exports to cross INR1,700 Cr in FY27, INR2,000 Cr in FY28 - ODM revenue H1 INR591 Cr (+117% y-y); growth in healthcare, defense, RFID, industrial segments - Working capital cycle improved to 63 days; operating cash flow positive INR120 Cr in H1 - Order book INR7,420 Cr with 30% auto, 25% consumer and industrial each; new customers onboarded 18 in H1 FY27 - Technology adoption (ARC system) improved OEE by 5-6%, targeting 6-10% across plants - Capex FY27 includes INR200 Cr on PCB, INR30-50 Cr on camera modules and JVs - Margin outlook FY27 at 10-10.5%, improving to 10.5-11%+ in FY28 with margin-accretive projects - Supply chain constraints expected to ease by Q1 FY28; demand remains strong - Multiple analyst queries on ODM expansion, PCB ramp-up, supply chain impact, export growth, and capex plans