The call ran from 3:29 PM to 4:02 PM IST (33 min).

Key takeaways

Q2 consolidated revenue ₹2,364 Cr, PAT ₹100 Cr, EBITDA ₹227 Cr; no YoY stated. Order book shrank to ~₹21,000 Cr with only ~₹200 Cr inflow to 30 Sept; management leans on 'hopeful' language.

Highlights
Revenue growth	Q2 revenue ₹2,364 Cr; YoY not stated; FY27 growth guided 5-6%.
Margins	Guidance maintained: EBITDA 8-9% consolidated, PAT 6-7% standalone.
Order book	~₹21,000 Cr, ~2x revenue; down from ~₹25,000 Cr at March 2026.
Demand visibility	₹25,000 Cr quoted; bid openings pending; order visibility weak.
Management confidence	Defensive-optimistic: 'challenging' headwinds, repeated 'hopeful' on orders.

Growth

No YoY growth disclosed; execution-led; FY27 turnover guided 5–6% growth. Q2 EBITDA ~10% of operating revenue (derived).

Outlook

FY27 standalone turnover ₹9,000–9,500 Cr; order inflow target ₹9,000–10,000 Cr; FY28 growth only 'hoped' marginal, unquantified.

Risks

Order inflow ~₹200 Cr by 30 Sept vs ₹9,000–10,000 Cr FY27 target; JV losses persist, break-even ~2 years away.

Last quarter's promises, checked

Delivered

Consolidated EBITDA ~9% → Q2 ~9.6% derived (= BEAT)

Partly delivered

Order book ~2X rev (~₹25,000 Cr) → ~₹21,000 Cr (= PARTIAL)
SPV/JV funding ₹700–800 Cr → ₹800–900 Cr due, ~₹100 Cr added (= PARTIAL)
CERL break-even ~2 yrs → still ~2 yrs, losses persist (= PARTIAL)

Missed

FY26 revenue ₹10,000–11,000 Cr → ₹9,502 Cr (= MISS)
Consolidated PAT 6.1–6.3% → Q2 ~4.2% derived (= MISS)
107 bids ~₹48,000 Cr → ~₹200 Cr inflow (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 8:05 PM IST. Open it on ALFA Filings ›