Earnings Call Transcript Summaries

ESDS Software Solution Limited ESDS Q1FY27 📝 Transcript

Filed 29 Sep 2026

Own GPU capacity target: 1,500 GPUs by Q4 FY27; domestic demand growing at 30-40% CAGR
Employee strength ~993; expected to remain near 1,000 despite capacity expansion
Capex planned INR 1,500 Cr in FY27 funded by customer advances, IPO proceeds, and debt
Sharon AI deal: 8,200 GPUs deployment delayed to Q3 FY27; revenue to start Nov 2026 to early Q1 FY28
Q1 FY27 revenue INR 133.66 Cr, +7.28% y-y; PAT INR 29.28 Cr, +14%; EBITDA INR 559 mn, margin 42%
Target PAT margin on GPU deals: 15-20%; GPU prices expected to rise over next 3-5 years

PB Fintech Limited POLICYBZR Q1FY27 📝 Transcript · Financial Services

Filed 25 Sep 2026

Combined operating ratio model may enable volume growth via consumer pricing adjustments
Cost rationalization planned in digital marketing, sales, and customer support amid revenue pressure
Regulatory consultation ongoing; implementation expected April 1, 2027, with FY27 unaffected
No plans for acquiring small brokers; focus on internal DNA and employee growth
Emphasis on improving customer service and claims to drive industry growth
Exploring manufacturing and MGA models to capture value from underwriting and risk management

SKYWAYS AIR SERVICES LIMITED 544890 Q1FY27 📝 Transcript

Filed 23 Sep 2026

Management confident of sustaining volume growth around 23-25% going forward
Net debt reduced by ~140 Cr post-IPO; finance cost expected to ease in H2FY27
Q1 FY27 operating revenue 1,216.53 Cr, +90.4% y-y; EBITDA 50.12 Cr, +83.5% y-y; PAT 26.79 Cr, +143.3% y-y
Legal matter under investigation; no expected material financial impact
Air cargo volume growth 23%, ocean freight volume +18%, express revenue +64%
Technology platform ASAP to launch in 30-60 days for integrated logistics booking

Cochin Shipyard Limited COCHINSHIP Q1FY27 📝 Transcript · Capital Goods

Filed 18 Sep 2026

Capex of INR ~6,000 Cr planned over 5 years across ISRF, Vadinar, Tuticorin, and block fabrication; expected revenue scaling to INR 1,000-2,000 Cr per facility over 3-8 years
Q1 FY27 turnover INR 1,094.21 Cr (+2.4% y-y); PAT INR 151.45 Cr (-19.4% y-y); EBITDA margin ~24%, PAT margin ~14%
FY27 revenue growth guidance ~12-15% y-y; blended EBITDA margin ~14%; shipbuilding margin 10-12%, ship repair 20-24%
JV to operate ISRF and add 10 workstations; transaction targeted before FY27 end subject to approvals
Vadinar ship repair facility expected operational within 36 months post environmental clearance; Tuticorin hybrid shipyard land leased for 30 years
Cash flow expected positive in FY27 due to vessel deliveries; new investments target ROC of 14-15%

Gaja Alternative Asset Management Limited GAJA Q1FY27 📝 Transcript

Filed 17 Sep 2026

Q1 FY27 total income grew 26% y-y to INR51.8 Cr; LTM income up 39% to INR168.4 Cr
Q1 FY27 PAT rose 35% y-y to INR27.2 Cr; LTM PAT increased 38% to INR89.1 Cr
Management fee income grew 7%, performance income up 17% y-y in Q1 FY27
Fund IV deployed 81%, tracking 29% gross IRR; Fund V approved with INR2,500 Cr target
Cost-to-income ratio improved to 38.4% from 42.3% y-y; operating leverage evident
No future guidance issued; historical profit CAGR ~35% over last two years

Horizon Industrial Parks Limited HORIZONIND Q1FY27 📝 Transcript

Filed 13 Sep 2026

Q1 FY27 revenue INR200 Cr +23% y-y; EBITDA INR161 Cr +36% y-y; EBITDA margin 80%
FY27 development target 6.5 mn sq ft; in-city Pune asset delivery by Q4 FY27
In-city assets 7 mn sq ft (~10% area) expected to contribute 25% revenue at maturity
Q2/Q3 FY27 expected to turn P&L profitable
Capex INR1,500-2,000 Cr over 3 years; 1/3 internal accruals, 2/3 incremental debt
In-city yields 13-14% vs 11-12% for big parks; construction cost INR4,500/sq ft

Shiprocket Limited SHIPROCKET Q1FY27 📝 Transcript

Filed 11 Sep 2026

Q1 FY27 revenue grew 34% y-y to INR592 Cr; core revenue up 22%, emerging up 70%
Core EBITDA margin improved to 12.8%, emerging EBITDA loss narrowed from -38% to -24%
Adjusted EBITDA per transaction rose from INR0.22 to INR1.45, reflecting strong unit economics
Transactions grew 36%, GMV up 31%; merchant count up 14%, ARPU up 18%
Emerging business share rose from 24% to 30%, driven by omnichannel (up 92%) and rapid Martech growth
Management highlighted platform's data-driven routing, modular stack, and cross-sell growth

Shiprocket Limited 544871 Q1FY27 📝 Transcript

Filed 11 Sep 2026

Q1 FY27 revenue grew 34% y-y to INR592 Cr; core revenue up 22%, emerging up 70%
Customer acquisition cost fluctuates but breaks even quickly; focus on profitable growth
Core EBITDA margin improved to 12.8%, emerging EBITDA loss narrowed from -38% to -24%
Adjusted EBITDA grew 9x to INR8.9 Cr; EBITDA per transaction rose from INR0.22 to INR1.45
Larger merchants grow faster; mix shift and operating leverage improving margins
Transactions grew 36%, GMV up 31%; merchant count up 14%, ARPU up 18%

Behari Lal Engineering Limited BLEL Q1FY27 📝 Transcript

Filed 11 Sep 2026

Capacity utilization 90.5%; Unit 3 under construction, expected commissioning Q1 FY28
FY27 capex targeted at 80cr including IPO-funded upgrades and Unit 3
Q1 FY27 revenue 151.7cr +18% y-y; EBITDA 29.7cr +23%, margin 19.6% +85bps; PAT 19.2cr +24.5%
High-value products 60.4% of revenue, up from 57.8% in FY26; EBITDA per ton ~13,500 INR
Target high-value product share ~70% and operating EBITDA margin 20-25% over 2-3 years
Defense sector revenue to start FY28; currently in prototyping and approvals

Dhoot Transmission Limited 544867 Q1FY27 📝 Transcript

Filed 10 Sep 2026

Capex underway to add 15-20% capacity at Jhajjar and Hosur plants in FY27
EBITDA margin improved 110 bps to 15% vs Q4 FY26; copper prices impact ongoing
Multilink acquisition integration progressing; expected 25-30% growth with margin in line with Dhoot
Q1 FY27 revenue grew nearly 50% YoY; wiring harness up 44.6%, non-wiring harness up 67.7%
Confident of 25-30% growth for FY27; IPO proceeds utilization update next quarter
Ride Vision JV for two-wheeler ADAS progressing; product ready ahead of regulations

Dhoot Transmission Limited DHOOTTRANS Q1FY27 📝 Transcript

Filed 10 Sep 2026

EBITDA margin improved 110 bps QoQ to 15%; margin guidance 15%-16% for FY27
Q1 FY27 revenue grew nearly 50% YoY; wiring harness up 44.6%, non-wiring harness 67.7%
Multilink acquisition integration ongoing; expected 25%-30% growth with margins in line
Ride Vision JV progressing for ADAS two-wheeler products; regulatory-driven adoption expected
Net debt Rs 220 Cr at Q1 end; cash surplus post IPO equity infusion expected
IPO proceeds funding capacity expansion adding 15%-20% capacity this year

Milky Mist Dairy Food Limited MILKYMIST Q1FY27 📝 Transcript

Filed 07 Sep 2026

Capacity utilization ~50%, with potential to triple FY26 revenue from current plant
Strong growth outlook driven by organized paneer market expansion, analogue paneer ban, and protein-rich product demand
EBITDA margin improved to 14.9% from 12.24% in Q1 FY26; PAT margin at 6.6%
Expect operating margin leverage of ~0.5% with scale; potential for margin expansion beyond 15%
Q1 FY27 revenue grew 44% y-y to INR973.45 Cr, led by paneer (+34%), cheese (+38%), curd (+27%), ice cream (+60%), and yogurt (+153% q-q)
Gross margin expanded 270 bps to 34.2% driven by product mix, pricing, and scale

Sterlite Technologies Limited STLTECH Q1FY27 📝 Transcript · Telecommunication

Filed 07 Sep 2026

India data center capacity expected to grow at 46% CAGR to 10 GW by 2030
EBITDA margin target 27%+ by FY29, up 1380 bps from 13.2% in FY26
Q1 FY27 marked highest quarterly revenue and EBITDA impact
Lakshya growth ambition targets 20,000 crore revenue by FY29, 4x FY26 level
Investing ~1000 crore annually in capacity expansion and 2% revenue in technology innovation
Open order book over $2 billion provides strong revenue visibility

Indigo Paints Limited INDIGOPNTS Q1FY27 📝 Transcript · Consumer Durables

Filed 03 Sep 2026

New wood coatings products to launch Sep-Oct; water-based Jodhpur plant commissioning in Aug, no major capex expected next 3 years
Q2 margins uncertain due to monsoon mix effects and raw material price volatility; no concrete margin guidance
Management to pursue aggressive top-line growth in FY27, willing to trade some margin for volume gains
Q1 FY27 standalone revenue grew 18.7% y-y to INR350 Cr; consolidated revenue up 19.7% to INR369.7 Cr
Management confident of widening growth gap versus industry going forward
Volume growth was double-digit across all product categories; distribution expanded to 19,400 dealers and 12,400 tinting machines

Triton Valves Ltd 505978 Q1FY27 📝 Transcript

Filed 28 Aug 2026

Margin pressure from commodity price inflation; absolute EBITDA growing, double-digit margin expected post stabilization
Capex of 15 Cr planned for FY27: 10 Cr automotive (EV, TPMS, tubeless valves), 5 Cr metals (special alloys)
Automotive capacity utilization >85-90% in tubeless, TPMS, EV; growth driven 80% by volume, 20% by pricing
FY27 revenue expected to exceed previous year; business model diversified to mitigate risks
Q1 FY27 group consolidated revenue grew 38.5% y-y and 17% q-o-q
EV component vertical targeted to reach 100 Cr revenue in next few quarters; climate control and metals also expected to grow

Rane (Madras) Limited RML Q1FY27 📝 Transcript

Filed 27 Aug 2026

Industry outlook positive for FY27 festive season; cost pressures from commodity prices and West Asia tensions
Aspiration for double-digit margins in FY27 full year; price hikes and cost initiatives underway
Capex: RML 270-300 Cr, RSSL 70 Cr, ZF Rane 250-280 Cr; Hindustan Composites capacity utilization not disclosed
Q1 FY27 revenue 1050.6 Cr, +18.8% y-y; new business wins LTV 2040 Cr
Rane Steering margins muted in FY27 due to legacy low-price orders; improvement expected FY28
Net debt to equity target <0.5 by Mar 2028; peak debt ~1100 Cr expected briefly

Borosil Limited BOROLTD Q1FY27 📝 Transcript

Filed 25 Aug 2026

Glassware and Opalware segments at ~90% utilization; volume-led growth expected to continue
Capex guidance INR125-150 Cr for FY27 including glassware furnace expansion and Bharuch facility
Margin pressure due to input cost inflation from West Asia conflict; INR10 Cr impact partially offset by price hikes of 5-7%
Q1 FY27 consolidated revenue grew 9% y-y to INR253.6 Cr; EBITDA INR35.9 Cr, margin 14.6% vs 17.8% last year
Solar power savings estimated INR27-28 Cr EBITDA in FY27; solar now meets 61% of energy needs
Medium-term EBITDA margin target 18-20% excluding West Asia impact; ROCE expected to improve from ~11% to 20-24% over time

Tembo Global Industries Limited TEMBO Q1FY27 📝 Transcript

Filed 25 Aug 2026

Defense FY28 revenue target INR 300-350 Cr with 30-35% PAT margin; aerospace revenue INR 100 Cr with 45-50% EBITDA margin
Q1 FY27 revenue grew 21.9% y-y to INR 302 Cr; PAT rose 55.3% y-y to INR 31.2 Cr
Solar projects commissioning on track; revenue expected INR 50-60 Cr in FY27, INR 80-90 Cr peak
Defense & aerospace: ammunition license received; Amravati plant production starts Q3 FY27, revenue INR 70-100 Cr in FY27
Vasai facility utilization 35-40% now, targeting 65-70% by FY27 end; peak utilization in 1.5-2 years
Multiple analyst queries on defense and solar growth; management confident on FY27 guidance and long-term growth

Orchid Pharma Limited ORCHPHARMA Q1FY27 📝 Transcript

Filed 24 Aug 2026

Industry pricing pressure persists; better demand expected in H2 FY27, especially in regulated markets
Capex for FY27 mainly INR750 Cr for 7-ACA and USD20-25 million for cefiderocol project
Q1 FY27 revenue grew 15% y-y to INR304 Cr; EBITDA improved to INR25 Cr from INR10 Cr in Q1 FY26
FY26 combined revenue INR1,233 Cr vs INR1,398 Cr in FY25; gross margin declined to 32% from 36%
AMS division EBITDA loss reduced to INR0.5 Cr in Q1 FY27; revenue INR5 Cr
Cefiderocol facility commissioning by Dec 2026; product approval expected Q3 FY28 subject to DCGI trial waiver

Simplex Castings Ltd 513472 Q1FY27 📝 Transcript

Filed 24 Aug 2026

Capacity utilization currently 50-60%, targeting 80% by FY27 end
Q1 FY27 revenue 60.95 Cr +35% y-y; EBITDA 11.52 Cr +25% y-y; PAT 6.86 Cr +45% y-y
Working capital cycle targeted to improve to 60-70 days by FY28 via product mix shift
FY27 revenue guidance of 300 Cr on track; exploring growth in railways, defence, shipbuilding
Defence and shipbuilding expected to contribute 10-15% of revenue by FY28
Near-term order book expanded to 150+ Cr, providing strong revenue visibility

🎙 Transcript Summaries