The call ran from 11:59 AM to 12:53 PM IST (53 min).

Key takeaways

Q2 FY27 revenue rose 30% to ₹661 Cr at a 12.8% EBITDA margin. H1 operating cash flow of ₹56 Cr is reported, and management highlights ₹125 Cr excluding a ₹68 Cr payables payment. Order book is ₹3,093 Cr, but H1 volumes fell about 13%.

Highlights
Revenue growth	Q2 revenue ₹661 Cr, +30% YoY; H1 ₹1,183 Cr, +25% YoY.
Margins	Manufacturing EBITDA guided 12–13.5%; EPC 13–14%; H1 blended 13.1%.
Order book	Oct order book ₹3,093 Cr; EPC execution spans ~3 years.
Demand visibility	Order book ₹3,093 Cr (Oct); grid, renewables, data-centre demand cited.
Management confidence	Confident but defensive: adjusts cash flow by excluding ₹68 Cr payables.

Growth

Q2 revenue +30% YoY to ₹661 Cr; H1 +25%. H1 tonnage fell about 13%, so growth is mix-led, not volume-led.

Outlook

Capacity 40,000→75,000 MT by FY28–29; manufacturing EBITDA 12–13.5%, EPC 13–14%; finance cost savings ₹20–25 Cr/yr.

Risks

Receivables ₹700–800 Cr; 11–33 kV entry faces price competition; ₹75 Cr debt due 15 Nov.

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 4:20 PM IST. Open it on ALFA Filings ›