Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue Rs. 7,517.7 Cr +23.9% y-y; H1 FY27 revenue Rs. 15,449.5 Cr +47.3% y-y - Q2 EBITDA Rs. 1,335.2 Cr margin 17.8%; H1 EBITDA Rs. 2,775.1 Cr margin 18% - PAT Q2 Rs. 753.6 Cr; H1 Rs. 1,645.5 Cr; net cash Rs. 3,224 Cr; ROCE 28.7%, ROE 24.2% - Retail revenue Rs. 5,753 Cr H1 FY27, 37% of total; US manufacturing revenue +113% y-y - Order book Rs. 59,200 Cr; module capacity 25.8 GW; US module capacity ramping to 4.8 GW - Capex Rs. 30,000 Cr plan; 35% deployed; focus on solar PV, cell, BESS, inverters, transformers - FY27 EBITDA guidance reaffirmed Rs. 7,000-7,700 Cr; H2 expected 55-60% of full year - BESS phase 1 commissioning Q3 FY27; cell manufacturing pilot Q4 FY27; phase 2 planned - Ingot wafer plant commissioning targeted Sep 2027; capex Rs. 5,500 Cr; no China supply risk - US market impacted by Section 232; export orders rationalized; local US manufacturing margins higher - Retail channel expanded to 775+ stores, 3,000+ distribution points; 30%+ retail market share - New businesses (BESS, EPC, transformers, inverters) to contribute 30-35% revenue in 2-3 years - Renewable power infrastructure business with 10 GW connectivity, 2 GW PPAs; asset monetization model - IRA benefits included in US sales; pricing and margin outlook improved post 232 - Industry demand strong: India annual solar demand ~55-60 GW AC; rooftop growing rapidly - Management expects industry consolidation; scale and integration critical for future competitiveness