Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue 379cr +37% y-y, EBITDA 89cr +38% y-y, EBITDA margin 23.4%, PAT 54cr +37% y-y - Construction segment revenue +49% y-y; growth driven by AI data centers in US and infrastructure in Europe - Large agriculture revenue +10% y-y despite 17% industry decline; 35% of new business awards from large ag - Small agriculture sales +25% y-y; recovery underway after 3 years decline - Capex planned ~60cr for FY28 focused on capability and growth; Mexico plant first dispatch started Nov 2026 - Working capital stable ~137 days; net cash 172cr after 41cr dividend paid in Q2 - Fabrication segment growing, 12-15% of new business wins; expected to reach high single-digit % revenue in 18-24 months - Management evaluating multiple acquisitions in hydraulics, PTO, and fabrication verticals; no deals finalized - FY27 revenue growth guidance 24% y-y; EBITDA margin structurally above 20% over cycle - Multiple analyst queries on construction demand sustainability post US midterm elections; management confident in multiyear contracts and order backlog