Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 consolidated revenue grew 38% y-y to INR6,655 Cr; PAT up 38% to INR420 Cr - EBITDA margin steady at 11%, with 33% EBITDA growth; margin guidance maintained at 11% +/- 50 bps for FY27 - Strong volume growth across switches, lighting, casting, seating, and green mobility segments - Capex of INR1,415 Cr approved for expansion; new facilities at Kharkhoda, Bawal, Hosur progressing - Net debt INR2,415 Cr; ROCE annualized at 20.7%, or 24.6% excluding non-deployed assets - Operating leverage and improved gross contribution expected to support margin expansion - Asset turn guidance 1.8-2x on new capex; target ROCE 18-20% pre-tax by third year - Ramp-up of Inovance plant expected by end FY27; sunroof business customer details to be shared post-launch - Employee costs and depreciation expected to remain controlled despite new capacities