We are submitting the earning call transcript for the earning call held on 14th May, 2026

AI summary - FY26 revenue 18.4bn INR +24.2% y-y; EBITDA 857.8m INR margin 4.66% +35 bps y-y; PAT 576.1m INR - ALCU Industries plant started Feb 7, 2026; phased ramp-up with 800 MT volume in Q4; full 36,000 MT capacity expected by Oct 2026 - FY27 volume growth expected strong with new product mix in EV, renewables, transformers; EBITDA per ton to improve - Working capital cycle targeted to reduce from 60 to ~50 days by improving debtor days and credit period - Export share currently 12%, targeting 25%; export margins higher than domestic - New products like aluminium paper conductors, PV round ribbon, CTC, copper foils to drive margin expansion - Tax subsidy on new plant expected to cover 45-50% of investment over 10 years - Optimum capacity utilization of new plant expected at 50-60% in FY27 and ~80% in FY28 - Competition present but diversified product portfolio and capacity expansion to support market share gains - Multiple analyst queries on volume growth, margin trajectory, new product ramp-up addressed