The call has ended.

Key takeaways

Q2 brand revenue rose 65% to ₹150.4 Cr at a 17.7% brand margin; total revenue ₹198.6 Cr (+22%). Management is upbeat on festive demand but cautious on input costs and the unresolved West Asia situation, and is winding down OEM business.

Highlights
Revenue growth	Brand revenue +65% YoY in Q2; total +22%, OEM shrinking.
Margins	Brand margin 17.7%, +470 bps YoY ex one-offs; OEM margin low single digit.
Demand visibility	Festive demand positive; North/East AC demand still weak; channel stocked up.
Management confidence	Balanced to optimistic; evasive on quantification of price hikes and ESOP targets.

Growth

Q2 brand revenue +65% YoY versus total revenue +22%, implying OEM drag. H1 brand +48%, total +25%.

Outlook

No numeric FY27 guidance. Management is 'hopeful' on profitability and loosely references 'double digit' growth. OEM wind-down in 8-12 months.

Risks

Input cost inflation (copper, aluminium, memory chips) with West Asia unresolved. Unrecovered 200-400 bps margin hit in some categories.

Last quarter's promises, checked

Delivered

100-inch QD Mini-LED TV 'going to market as we speak' → launched; listed in Q2 launches (= BEAT)

Partly delivered

Guided sustained Q1 momentum (total rev +29.5%) → Q2 total rev +22%, decelerating (= PARTIAL)
Guided reach doubling in 6-12 mo (base ~4,000+ stores) → 57 distributors + ~120 dealers added in H1 (= PARTIAL)

Missed

Guided ~30% further revenue rise to reach PAT contribution → Q2 total revenue +22% YoY, PAT N/A (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 4 Nov 2026, 6:55 PM IST. Open it on ALFA Filings ›