The call ran from 4:59 PM to 5:52 PM IST (53 min).

Key takeaways

Q2 income up 11% to ₹821 Cr; EBITDA up 41% to ₹202 Cr at 25% margin. Bliss GVS closed 28 Sep, so only three days are consolidated. Management avoided quantifying Bliss and M&A.

Highlights
Revenue growth	Q2 income +11% YoY; H1 +21%; last year's ₹180 Cr one-time base.
Margins	Consolidated EBITDA 25% (H1 25.5%) vs 19% (H1 22%); structural claim unverified.
Order book	₹17,496 Cr long-term contracts; ~6–7 year tenor; ₹2,200–2,500 Cr annual execution.
Demand visibility	₹17,496 Cr long-term contracts; Bliss CDMO discussions described as active, unquantified.
Management confidence	Balanced to defensive; repeatedly declined to quantify Bliss, CDMO, M&A.

Growth

Q2 income +11% to ₹821 Cr; EBITDA +41% on margin expansion 19%→25%; PAT +14%, margin ~8%.

Outlook

H2 FY27 consolidated revenue ~₹2,400–2,500 Cr; standalone margin guidance kept at 24–26% despite analyst-cited 34% print.

Risks

Standalone revenue hit by ₹180 Cr one-time base; working capital 271 days; deflects Bliss margin and CDMO questions.

Last quarter's promises, checked

Delivered

Consol EBITDA margin 22–24% → 25% (= BEAT)
Bliss debt ₹300 Cr term loan → ₹300 Cr term loan (= BEAT)

Partly delivered

Standalone EBITDA 24–26% → 34% analyst-cited print, unverified (= PARTIAL)

Missed

Bliss close first half Sep → closed 28 Sep (= MISS)
Organic growth 25%±2 + Jayhawk 10–15% → H1 +21%, Q2 +11% (= MISS)
Consol polymer share 30–35% → performance materials 28% (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 6 Nov 2026, 7:52 PM IST. Open it on ALFA Filings ›