Transcript of earnings call pertaining to the Unaudited Financial Results for the quarter and half year ended September 30, 2026.

AI summary - Q2 FY27 consolidated revenue grew 38.2% YoY to INR 1,853 Cr; H1 revenue up 30.5% YoY to INR 3,664 Cr - Electronics segment revenue grew 60% YoY; Solar Power, Inverter, Battery contributed strongly - Electricals segment revenue up 41.2% YoY; wires growth mainly price-driven, volumes flat - Consumer Durables segment revenue grew 20% YoY; Sunflame grew 20.5% YoY - Gross margin at 34.3% in Q2 vs 37.6% YoY decline due to input costs and mix; EBITDA margin improved to 9.1% - PAT rose 71% YoY to INR 112 Cr; capex guidance INR 150 Cr for FY27 - Volume growth expected mid-teens in H2 FY27; pricing lag remains with 2-3% price increase pending - Electronics margins expected 16-17% normally, 18% in good years; Consumer Durable margins improving - Solar business nascent, mainly residential rooftop with system integrators; no working capital difference - Innovation center focused on electronics capability and product reliability for next 3-4 years - Channel inventory normal; demand momentum expected to sustain through festive and summer seasons - Management confident on sustaining growth and margin improvement despite commodity volatility