Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 standalone revenue 709 Cr +66% y-y, EBITDA 114 Cr +203% y-y, margin 16.1% - H1 FY27 revenue 1,268 Cr +35% y-y, EBITDA 185 Cr +47% y-y, margin 14.6% - Order book 7,237 Cr, up 32% y-y, executable over 18-24 months - New orders include nuclear power sector and large transformer contracts - Changodar plant expansion (35,000 MVA capacity) to start commercial production by Diwali - Backward integration projects progressing; expected margin expansion of 200-300 bps by FY29 - Export revenue ~8% of Q2; order book export share ~15% - Working capital days targeted to reduce to 110-120 days in FY27 - Capacity utilization target ~90%; production Q2 at 9,500 MVA - HVDC transformer manufacturing qualification underway; commercial orders expected in 1-1.5 years - USD 1 billion revenue target by late FY29/early FY30 including ancillary products - No additional capex planned beyond current expansions - Data center transformer orders ongoing domestically and internationally