The call ran from 3:29 PM to 4:15 PM IST (46 min).

Key takeaways

Q2 revenue rose 10% to ₹413.2 Cr, but EBITDA margin fell to 3.4% from 5.4% on input and wage inflation. Management was cautious on margins. FY27 revenue is guided at about ₹1,400 Cr.

Highlights
Revenue growth	Revenue ₹413.2 Cr, +10% YoY; mostly price-led, Diwali-delayed.
Margins	EBITDA margin 3.4% vs 5.4% YoY; up from 1.1% in Q1.
Order book	No order book system; Bhiwadi visibility ~₹150 Cr non-binding.
Demand visibility	Diwali spillover expected into Q3; volumes low single-digit.
Management confidence	Balanced; declined margin assurances, cited macro volatility.

Growth

Revenue +10% YoY to ₹413.2 Cr, mostly price-led with low single-digit volume growth. EBITDA ₹14.1 Cr vs ₹20.3 Cr.

Outlook

FY27 revenue ~₹1,400 Cr ±3%. FY27 EBITDA margin ~2.5-3.5%. Bhiwadi FY28 revenue ~₹150 Cr.

Risks

Polymer +30%, steel +12-15%, Ghaziabad wages +25% then further hike. Pass-through is slow, and about 4% more price is needed.

Last quarter's promises, checked

Delivered

Q1 call: margin to rise in Q2 from 1.1% → 3.4% (= BEAT)
Battens scale-down → cut from August (= BEAT)

Partly delivered

FY27 revenue ₹1375 Cr → ~₹1,400 Cr ±3% (= PARTIAL)
Bhiwadi FY27 ₹70-90 Cr → not disclosed (= PARTIAL)

Missed

Bhiwadi commercial output 'this month' (Aug) → mid-Sep (= MISS)
Price hikes recovered by Sep → ~4% more still needed (= MISS)
Bulk Bhiwadi capex concluded → ₹12-14 Cr more capex (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 7 Nov 2026, 11:11 PM IST. Open it on ALFA Filings ›