The call has ended.

Key takeaways

Q2 FY27 revenue of about ₹1,576 Cr and EBITDA of ₹207 Cr, with margin down to 13.2% from 13.9%. Cash conversion and working capital improved, but monsoon and polymer headwinds persist. H2 is guided flattish.

Highlights
Revenue growth	Q2 revenue up over 10% YoY; H1 up ~4% after weak Q1.
Margins	EBITDA margin 13.2% vs 13.9% YoY; high-tech steady ~18.8%.
Demand visibility	Weak: monsoon deficit hurts West/South; H2 seen flattish.
Management confidence	Balanced: upbeat on Q2, hesitant on H2 and drought.

Growth

Q2 revenue up over 10% YoY; H1 about ₹3,100 Cr, up ~4%. EBITDA up YoY; ~₹206 Cr of EBITDA converted to cash.

Outlook

H2 guided flattish YoY. Piping 8–10% FY27 growth expected. ~₹100 Cr beverage capex by June; FY28 interest saving ~₹20 Cr.

Risks

Worst monsoon in decades hits West/South (80–85% of business); high polymer prices; ~₹1,860 Cr receivables; ~₹450–500 Cr debt repayments due.

Last quarter's promises, checked

Delivered

Receivables ₹1,975 Cr (Jun) → ~₹1,860 Cr (= BEAT)
Aug/Sep good, Q1 −2.5% → Q2 revenue up >10% YoY (= BEAT)
Q1 cash conv 78% → ~₹206 Cr of ₹207 Cr EBITDA (= BEAT)

Partly delivered

Console margin 12–13% FY27 → Q2 13.2% (= PARTIAL)
₹690 Cr NCDs via cash flow → ~₹450–500 Cr due (= PARTIAL)
Adj PAT above FY26 → Q2 ₹40 Cr, YoY n/a (= PARTIAL)

Missed

H2 'really strong' → H2 guided flattish YoY (= MISS)
Polymer hikes mostly passed on → no pricing power (= MISS)
Monsoon 'not as bad' → 'worst in decades' (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 4 Nov 2026, 6:06 PM IST. Open it on ALFA Filings ›