Earning Call Transcript - Q1 - FY 2026-27

AI summary - Q1 FY27 standalone revenue grew 10% y-y to INR559 Cr; EBITDA margin 15.6%, PAT margin 8.9% - Consolidated revenue INR572 Cr; EBITDA margin 19.2%, PAT INR64 Cr - Unexecuted order book INR6,630 Cr (+26% y-y), executable over 18-24 months - FY27 guidance: 25% revenue growth, 16% EBITDA margin, 9-10% PAT margin - Backward integration capex INR900-1000 Cr, phased commissioning by Q1 FY28 - Changodar plant expansion impacting Q1 capacity utilization; normalized by Q3 FY27 - Export orders growing; USA market to contribute 10-15% of revenue - Targeting $1 billion revenue by FY28-FY29 (~INR8,000 Cr adjusted for currency) - Working capital days targeted to reduce to 120-130 days - EBITDA margin improvement of 200-300 bps expected from backward integration starting FY28