The call ran from 3:59 PM to 5:06 PM IST (1 h 7 min).

Key takeaways

Q2 revenue rose 14% to ₹1,512 Cr, but PBDIT margin fell to 6.01% from 7.73%. Management dropped its 10% appliance EBITDA target, and PAT fell about 20%.

Guidance and delivery
Management target	Revenue 20.0% FY27

Highlights
Revenue growth	Revenue +14.04% YoY to ₹1,512 Cr; Q2 appliances slowed to 10.5%, Diwali-shift hit.
Margins	PBDIT margin 6.01% vs 7.73%; 10% appliance EBITDA target not intact.
Order book	Engineering orders ₹220 Cr versus ₹500 Cr target, per analyst slide reference.
Demand visibility	Good Q3 presumed on festive season; no forward guidance given.
Management confidence	Defensive on margins; calls 20% growth 'aspirational'; evasive on rent queries.

Growth

Revenue +14.04% YoY, but PBDIT -11.3% and PAT -20.5%. Q2 appliance growth slowed to 10.5% on Diwali timing shift.

Outlook

20% FY27 appliance growth called 'aspirational'; ₹103 Cr Gujarat EV capex; no margin guidance given.

Risks

Unrecovered commodity/forex (BOM +4.3%); associate loss rose to ₹6.23 Cr; lease principal outflow up to ₹57 Cr.

Last quarter's promises, checked

Partly delivered

Guided ₹120–150 Cr FY27 cost savings (₹42–43 Cr in Q1) → Q2 savings not disclosed; PBDIT -11.3% (= PARTIAL)
Guided ~₹110 Cr FY27 capex → Gujarat EV capex ₹103 Cr, scope unverified (= PARTIAL)

Missed

Guided ~20% growth, same rate as Q1 (+18%) → revenue +14.04%, appliances +10.5% (= MISS)
Guided PBDIT 'early double digit' → PBDIT margin 6.01% (= MISS)
Guided ~₹250 Cr+ OEM engineering business near closure → order book ₹220 Cr (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 10 Nov 2026, 6:23 PM IST. Open it on ALFA Filings ›