The call has ended.

Key takeaways

Q2 revenue hit a record ₹501 Cr and H1 rose 19% to ₹867 Cr, but profit rose only 2% and operating cash flow turned negative. Working capital is about 60 days against a 40–45 day guidance, and steel cost pass-through lagged.

Guidance and delivery
Management target	Revenue 25.0%

Highlights
Revenue growth	H1 +19% to ₹867 Cr; Q2 ₹501 Cr, a record quarter.
Margins	EBITDA margin 10.1% Q2 vs 9.4% Q1; gross margin down ~2.3%.
Order book	₹1,462 Cr, about 8–9 months execution visibility.
Demand visibility	H1 order inflow +71% to ₹1,124 Cr; data-centre demand emerging.
Management confidence	Over-optimistic: firm H2 claims; escalations not standard yet.

Growth

H1 revenue rose 19% to ₹867 Cr while profit rose only 2%. Gross margin fell about 2.3%, and EBITDA margin recovered to 10.1% in Q2 from 9.4% in Q1.

Outlook

FY27 revenue guidance of ₹1,900 Cr and 10–10.5% EBITDA margin maintained. Management targets 25–30% growth for the next couple of years, with no named year.

Risks

Negative operating cash flow and working capital near 60 days versus a 40–45 day target. Steel prices rose 17–18%, and price escalation clauses are not yet standard.

Last quarter's promises, checked

Delivered

H1 orders ≥50% of ₹2,000 Cr FY27 target → ₹1,124 Cr (= BEAT)
Order book 6–8 mo cover on ₹1,380 Cr → ₹1,462 Cr, 8–9 mo (= BEAT)
Ghiloth line commission by Q1-end → commissioned (= BEAT)

Partly delivered

FY27 revenue ₹1,900–1,950 Cr → H1 ₹867 Cr, H2 open (= PARTIAL)
1 turnkey data-centre order by Q2-end → none named (= PARTIAL)

Missed

EBITDA 10.5–11.5% from Q1 → Q2 10.1% (= MISS)
FY27 growth 25–30% → H1 +19% (= MISS)
Sandwich utilisation 70%+ FY27 → Q2 47–48% (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 4 Nov 2026, 5:53 PM IST. Open it on ALFA Filings ›