Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 32% y-y to INR 2,056 Cr; EBITDA up 28% y-y at INR 238 Cr with 11.6% margin - H1 FY27 revenue INR 3,792 Cr; EBITDA INR 441 Cr; PAT INR 212 Cr; operating cash flow INR 435 Cr - Tower capacity expanded to 184,400 MT/yr; conductor capacity 40,800 km/yr; capex ongoing - Order book INR 14,218 Cr as of Sept 30; post-quarter orders INR 1,747 Cr; annual order intake guidance INR 10,000+ Cr - 20% revenue growth guidance for next 3 years; EBITDA margin targeted above 11% - New product breakthrough: HTLS conductor with French partner Epsilon; early mover advantage; margin accretive - Strategic diversification: 49% stake acquisition in 990 MW solar project; INR 3,900 Cr capex, mostly debt funded - Export/domestic mix targeted 40%/60%; new markets in US, Australia being developed - Working capital days stable at 82; net debt INR 143 Cr; tax one-off in Q2; normalized tax rate ~25-26% - BESS and data center segments under evaluation; initial bids underway; revenue expected from FY28 onward