Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY2027 revenue grew 36.53% y-y to INR1,057.84 Cr; EBITDA margin 15.12%; PAT INR81.48 Cr - H1 FY2027 revenue up 43.84% y-y to INR1,982.09 Cr; EBITDA margin 16.82%; PAT INR200.44 Cr - Executed 456 MW EPC in Q2; H1 total 1,345 MW; order book strengthened by 1.7 GW - Unexecuted order book INR5,500 Cr with INR3,300 Cr EPC/BESS and INR2,200 Cr T&D - T&D margins lower (~9-10%) but expected to improve; solar EPC remains core earnings driver - BESS segment growing; integrated solar+BESS EPC opportunities expanding - Acquisition of APSPL increased finance cost and depreciation; expected to stabilize - Working capital and bank limits adequate for bidding capacity; no constraints seen - Management confident of maintaining consolidated EBITDA margin ~15% for FY2027