Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2FY27 revenue 361.1 Cr +23.9% y-y; H1FY27 revenue 681.6 Cr +20% y-y - EBITDA Q2FY27 51.7 Cr +9.1% y-y; margin 14.3% (Q2FY26: 16.3%); H1 margin 15.1% - Volume growth guidance FY27: ~15%, with H1 at 8% and stronger H2 expected - Spooling business order of ~29 Cr received; full LOI of 185 Cr expected to convert by Q2FY28 - Spooling margins: data center ~30%, power ~30%, oil & gas 20-25%, nuclear 35-40% - Export sales strong, 41% of revenue; USA and Europe key markets - Freight cost impact on margins; expected to ease and margins to improve in H2 - Preferential allotment of 372 Cr used to repay 344 Cr debt, lowering finance costs - Capex guidance FY27: 130-140 Cr including spooling, fittings, and solar power plant - Order book at 670 Cr (pipes 640 Cr + data center 30 Cr), execution over 4-5 months - EBITDA per kg at 62 INR, down from 64 INR due to freight; expected to improve - Capacity utilization: seamless >80%, welded >60%, expected to rise in H2 - Fittings business expected to reach 180-200 Cr revenue with 18-20% EBITDA margin - Working capital ~120 days; debtor days ~75-80 - Management focused on expanding value-added products and sectors