The call has ended.

Key takeaways

Record Q2 revenue (+40%) masks EBITDA margin compression to 11.7% from 12.3%; net profit ₹23 Cr. Management stresses volume growth and H2 recovery while metering cost pressures persist under fixed contracts.

Highlights
Revenue growth	Q2 revenue +40% YoY to ₹600+ Cr; H1 +37%.
Margins	Q2 EBITDA margin 11.74% vs 12.26% in Q1; contraction.
Order book	₹2,700 Cr (2 Nov 2026), >96% metering; slight dip, mgmt downplayed.
Demand visibility	Metering ₹2,700 Cr order book, ~2 years visibility; C&I demand broad-based.
Management confidence	Balanced: upbeat on demand, margin recovery hedged to pricing lag.

Growth

Revenue +40% to ₹600+ Cr, led by C&I (+64%) and wires (+159%). EBITDA only +8% to ₹71 Cr: margin-diluting.

Outlook

C&I to exceed ₹1,000 Cr FY27; margins to stabilise ~12–12.5%; H2 expected better than H1. No growth % guided.

Risks

Input-cost pressure with fixed-price metering contracts; demerger undefined; order-book dip flagged.

Last quarter's promises, checked

Delivered

C&I high-double-digit growth → +64% to ₹337 Cr (= BEAT)
Wires strong next 2 qtrs → +159% (= BEAT)
Metering steady growth → +18% to ₹271 Cr (= BEAT)

Partly delivered

~2-yr execution visibility → ~2 yrs stated, book down (= PARTIAL)

Missed

EBITDA margin 12.26% baseline, improving by Q3 → 11.74% (= MISS)
Margins back to 16–17% if Middle East eases → outlook ~12–12.5% (= MISS)
Metering order book ₹3,200 Cr 'strong visibility' → ₹2,700 Cr (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 6 Nov 2026, 5:55 PM IST. Open it on ALFA Filings ›