Earnings Call Transcript Summaries

Power Grid Corporation of India Limited POWERGRID Q1FY27 📝 Transcript · Power

Filed 14 Aug 2026

Capex guidance Rs. 37,000 crore; Q1 capitalization Rs. 5,277 crore, over 3x Q4 FY26
Q1 FY27 consolidated transmission charges increased 3% to Rs. 10,905 crore; PAT at Rs. 3,598 crore, down 1% due to regulatory drag
BESS projects included under transmission; petitions filed for regulatory approval
Grid strengthening projects awarded via RTM or bidding; One Sun, One World, One Grid integration progressing
Equipment supply constraints easing with increased OEM capacity and new players
Strong order pipeline of Rs. 1.19 lakh crore; Rs. 7.9 lakh crore transmission capex planned by 2035-36

Quality Power Electrical Equipments Limited QPOWER Q1FY27 📝 Transcript · Capital Goods

Filed 14 Aug 2026

Q1 FY27 revenue INR256.4 Cr; EBITDA INR64.7 Cr (25.2% margin); PAT INR46.7 Cr; EPS INR4.66
FY27 revenue growth guidance 20%; EBITDA margin guidance ~20%
Multiple analyst queries on margin trajectory and capacity ramp-up addressed
Winwin Speciality Insulators acquisition progressing; consolidation expected Q4 FY27
Order book INR1,945 Cr (~1.9x last year's revenue), execution over next 15 months
Procurement consolidation underway to improve cost efficiency

Anupam Rasayan India Limited ANURAS Q1FY27 📞 Audio · Chemicals

Filed 14 Aug 2026

Flow chemistry commercialization of ETFA expected to deliver better-than-average margins due to cost efficiencies and value creation.
Major capex cycle completed; FY27-28 capex expected ~₹70-80cr, mainly maintenance/repurposing; no significant capex for Jayhawk expected.
EBITDA margin guidance: standalone 24-26%, consolidated 20-24% over next 2-3 years.
FY27 seen as first full year of GEOC (Jayhawk) integration, boosting global specialty chemicals platform.
LOI with Baskov for ~$300mn over 10 years, commercialization starting FY27 H2, ramping over 2-3 years.
Organic revenue growth guidance of 20-25% plus 10-15% from Jayhawk addition for FY27.

KSH International Limited KSHINTL Q1FY27 📝 Transcript

Filed 14 Aug 2026

Installed capacity 43,445 MT; phase 2 expansion to 59,000 MT by FY27 end; utilization improved to 73.5%
New upcast facility commissioned with 5,000 MT capacity for copper scrap recycling, modest efficiency gains expected
Capacity expansion phase 2 capex ~INR 150-160 Cr; additional land acquisition planned for future expansion
Q1 FY27 revenue 1164 Cr +108% y-y; EBITDA 74.4 Cr (up from 40.3 Cr Q1FY26); PAT 42.2 Cr +86% y-y
EBITDA per ton at INR 93,000 in Q1, up from INR 66,000 Q1FY26; sustainable level guided at INR 75,000 per ton for FY27
Export revenue grew 76% y-y; exports contributed ~27% of revenue; target to reach ~40% over time

Ceigall India Limited CEIGALL Q1FY27 📝 Transcript

Filed 14 Aug 2026

Capex Q1 FY27: 14cr; full year guidance 30-35cr
Q1 FY27 standalone revenue 901cr +10.2% y-y; EBITDA 121cr, margin 13.4% (11.4% Q1 FY26); PAT 75cr, margin 8.4% (6.8% Q1 FY26)
Equity infusion planned: 859cr in FY27 (310cr solar, 550cr HAM), 744cr in FY28
Revenue growth guidance raised to minimum 15% for FY27
Order inflows expected to accelerate in Q3-Q4; INR600cr booked in Q1
Margins expected to remain 11-12.5%; no one-offs in Q1

Hitachi Energy India Limited POWERINDIA Q1FY27 📝 Transcript · Capital Goods

Filed 14 Aug 2026

Data center orders growing; multiple wins including 40x2500 kVA project in Hyderabad
HVDC revenue contribution in Q1 is low; pipeline remains strong with new bids expected
Commodity cost pass-through largely managed; product mix impacts gross margin YoY
Q1FY27 order intake INR 5,096.5 crs; 26.1% YoY growth excluding HVDC
Revenue grew 68.6% YoY to INR 2,493.7 crs; EBITDA INR 399.9 crs (+135% YoY)
Profit before tax margin 15.6%, profit after tax margin 11.8%

Jyoti CNC Automation Limited JYOTICNC Q1FY27 📝 Transcript · Capital Goods

Filed 14 Aug 2026

Capex for FY27 expected INR200-250 Cr; plant utilization at 86% in Q1
Q1 FY27 standalone revenue grew 37% y-y to INR509 Cr; EBITDA margin 28.4% adjusted for forex losses
Huron revenue impacted by accounting change; FY27 revenue guidance INR300-325 Cr with 8-10% EBITDA margin
Management confident of 25-30% revenue growth and 25% EBITDA margin for FY27
Sold 1,406 machines in Q1 FY27 vs 1,117 last year; entry-level machines increased
New manufacturing facility to start by end-Sept 2026, adding 10,000 machine capacity

GE Vernova T&D India Limited GVT&D Q1FY27 📝 Transcript · Capital Goods

Filed 14 Aug 2026

Gross margin at 41.3%, down 4% from FY26 due to lower exports, commodity prices, and HV business ramp-up
Q1 FY27 revenue grew 38% y-y to INR18.4bn; order book at INR11.4bn, down 30% y-y
Capex plan INR10bn announced; INR2.5bn dividend proposed
EBITDA margin steady at 25.1%, mid-20s guidance maintained for FY27
Profit before tax INR4.9bn, up from INR3.9bn in Q1 FY26
Management confident of INR7,000-8,000cr base orders for FY27

JK Tyre & Industries Limited JKTYRE Q1FY27 📝 Transcript · Automobile and Auto Components

Filed 14 Aug 2026

Capacity utilization ~95% in India; expansion capex Rs.4,980 Cr underway, adding ~7% capacity by FY27 end
Raw material costs up ~20% sequentially; margins expected to improve from H2FY27 with price hikes and cost measures
Natural rubber prices softening; price hikes expected to cover RM cost increases except minor 1-2%
Management expects FY27 revenue growth in double digits (~10-11%) and operating margin around 10-11%
Domestic volumes +25% y-y; OEM volumes +42%; price hikes of ~5% taken in Q1, 8-9% expected in Q2
Mexico operations impacted by supply chain and IR issues; normalized production expected in remaining quarters

Azad Engineering Limited AZAD Q1FY27 📝 Transcript · Capital Goods

Filed 14 Aug 2026

Capex for FY27-29 planned to support contracts; next phase capex under internal review for post-FY29 growth
Q1 FY27 standalone revenue grew 26.8% y-y to INR170.5 Cr; EBITDA up 32.1% y-y to INR64 Cr; EBITDA margin expanded to 37.6% from 36.1%
Long-term revenue growth guidance reiterated at over 25% annually with strong margin profile
India's first indigenous expendable turbojet engine delivered; production scale-up expected after testing in 4-6 weeks
New 7,600 sqm Baker Hughes facility operational; multi-facility expansion progressing with full production ramp expected from Q3 FY27
Working capital days targeted to reduce from ~170-180 to 160-180 by H2 FY27

AXISCADES Technologies Limited AXISCADES Q1FY27 📞 Audio · Capital Goods

Filed 14 Aug 2026

Normalized EBITDA margin at 11.8% in Q1 FY27, up from 20.5% YoY after adjusting for divestment-related provisions and transaction costs.
Manufacturing revenue ₹6.1 crore in Q1 FY27; ramp-up ongoing with capacity build aligned to partner requirements.
Q1 FY27 net loss of ₹14.8 crore due to divestment transaction costs (₹21.8 crore exceptional) and conservative provisions (₹13 crore).
FY27 continuing operations revenue guidance at ₹1,377 crore; normalized EBITDA target ₹270 crore.
Aerospace manufacturing acquisition expected to close by Q2 FY27; targeting ₹375 crore revenue and ₹84 crore EBITDA by Q4 FY27.
ADD Solutions non-core European unit loss-making (₹4.8 crore EBITDA loss); exit targeted by Q4 FY27.

Ola Electric Mobility Limited OLAELEC Q1FY27 📝 Transcript · Automobile and Auto Components

Filed 13 Aug 2026

Capex largely complete; ₹30-50 crore expected for FY27
Q1 FY27 deliveries doubled sequentially to ~39,200 units; orders ~44,000
Cell factory capacity expanded to 6 GWh; own-cell vehicles already deployed
LFP cells BIS-certified; Shakti Gen 2 with LFP to launch 15 Aug
Auto revenue grew 72% q-q to ₹455 crore; gross margin steady at 30.5%
Consolidated opex down 22% q-q to ₹333 crore; adjusted EBITDA loss narrowed to ₹195 crore

Kirloskar Oil Engines Limited KIRLOSENG Q1FY27 📝 Transcript · Capital Goods

Filed 13 Aug 2026

Pricing actions taken to offset commodity inflation; margin improvement expected as price realization lags
Standalone Q1 FY27 revenue grew 16% y-y to INR1,461 Cr; EBITDA down 4% y-y at INR165 Cr; PAT down 9% y-y at INR99 Cr
FY30 revenue target $2bn (~INR16,600 Cr) with aspiration to improve EBITDA margin beyond current levels
Export markets impacted by Middle East geopolitical issues; normalization expected in 3-6 months
Employee costs rose 40% y-y due to increments, ESOPs, and capability investments
Domestic power gen revenue up 18%, industrial 19%, distribution & aftermarket 20%; international revenue down 11%

Honasa Consumer Limited HONASA Q1FY27 📞 Audio · Fast Moving Consumer Goods

Filed 13 Aug 2026

Calibrated price increases taken late Q1 to offset rising packaging and crude-related RM costs; impact expected in Q2.
Targeting high teens CAGR over next 5 years; this year expected to outperform that average.
Inflationary pressures on packaging and crude derivatives expected to impact Q2; mitigated by price hikes and inventory management.
Q1 EBITDA margin improved by ~350bps organically plus ~100bps seasonal benefit; normalized margin ~12.5%.
Operating leverage and mix improvements driving margin expansion; committed to 100-150bps margin expansion annually to reach 15% in 5 years.
Seasonal margin benefits in Q1 unlikely to repeat in subsequent quarters.

Max Financial Services Limited MFSL Q1FY27 📞 Audio · Financial Services

Filed 13 Aug 2026

VNB margin expanded to 23.2% from 20.3% YoY, driving 33% VNB growth; target VNB growth faster than APE for FY27.
Q1 FY27 APE grew 15%, with 2-year CAGR at 20%, outpacing private sector (12%) and industry (10%).
Launched USD-denominated smart gift plan and ORUS for HNIs; variable annuity product SmartRise launched.
Potential margin pressure in Q2 due to lower June-end yield curve; dynamic repricing ongoing.
Margin uplift: ~70% from favorable yield curve, ~30% from protection product mix and operating leverage.
Protection and annuity businesses are key growth drivers, with annuity up 116% in Q1.

Samvardhana Motherson International Limited MOTHERSON Q1FY27 📝 Transcript · Automobile and Auto Components

Filed 13 Aug 2026

Aerospace revenue grew over 20% y-y; order book up 17% since FY26 end
Emerging businesses ramping; consumer electronics facility commissioning expected in H2 FY27
Capex INR 1,614 Cr in Q1, on track for INR 6,000 Cr FY27 guidance
Consumer electronics capex INR 65bn over 3 years for 40mn units annual capacity
Q1 FY27 revenue grew 17% y-y and 3% q-q, highest-ever quarterly revenue
EBITDA grew 26% with 60 bps margin improvement y-y; restructuring aided margin

VA Tech Wabag Limited WABAG Q1FY27 📞 Audio · Utilities

Filed 13 Aug 2026

Geopolitical tensions in Middle East ongoing but no material impact on project execution or demand; projects located away from conflict zones.
Asset-light model with no CAPEX constraints; modular business supports order intake without capacity bottlenecks.
Medium-term EBITDA margin outlook of 13-15%, targeting gradual improvement towards 15%.
Margin variations linked to project mix (EPC vs EP), with design-build (EP) projects offering higher margins.
Revenue growth guidance maintained at 15-20% for FY27; confident of meeting or exceeding this range.
Execution timelines: 24-30 months internationally, ~36 months in India; commissioning phases indicate project completions within quarters.

Bharat Forge Ltd BHARATFORG Q1FY27 📝 Transcript · Automobile and Auto Components

Filed 13 Aug 2026

Q1 FY27 standalone revenue 23.47bn INR +11.5% y-y; EBITDA 6.14bn INR +4.5% y-y; margin 26.2% impacted by 160 bps cost inflation
Capex guidance ~18bn INR for FY27-28 focused on forging, machining, ring rolling, energetics plant
US steel operations faced 3-month press breakdown causing EBITDA loss; recovery expected in Q2
Manpower and energy supply issues easing; margin recovery gradual through FY27
New Odisha mega site approval expected by end 2026; plant operational ~2.5 years post-approval
Defense order book at 111.96bn INR; new orders in forging, defense, casting secured

STATE BANK OF INDIA SBIN Q1FY27 📝 Transcript · Banking

Filed 13 Aug 2026

Domestic Net Interest Margin stable at 3%, full year guidance maintained
Credit growth guidance revised to 14-15% anchored on nominal GDP expectations
Pension provisions declining; significant reduction expected post 2035
Expected Credit Loss (ECL) framework impact to be disclosed in Q2; no major capital hit expected
Q1FY27 net profit reached ₹21,121 crore with 9.77% y-y operating profit growth
Total business crossed ₹110 trillion; deposits ₹60 trillion+, advances ₹50 trillion+

Blue Star Limited BLUESTARCO Q1FY27 📝 Transcript · Consumer Durables

Filed 13 Aug 2026

Expect margin recovery in segment II to 6.5%+ by FY27 end via product rejig and pricing
Segment II revenue +12.8%, margin dropped to 2.9% due to commodity costs, delayed summer
Industry margin outlook 7.5%-8%; Q2 margin improvement marginal, better in Q3-Q4
Q1 FY27 revenue grew 13.3% to Rs.3,378 Cr; PBT down 23.7% to Rs.125.6 Cr
Data center MEP segment revenue to reach Rs.1,400 Cr in FY27, order inflow Rs.3,000 Cr
Export growth strong; FY26 exports ~USD85M, targeting +USD100M by FY28

🎙 Transcript Summaries