The call ran from 3:59 PM to 4:28 PM IST (29 min).

Key takeaways

Q2 revenue of ₹1,334 Cr rose 35% YoY, but a 11.82% EBITDA margin absorbs input-cost inflation. Management could not quantify how much cost will be passed on to customers.

Highlights
Revenue growth	Q2 revenue +35.03% YoY to ₹1,334.02 Cr; two-wheeler led.
Margins	Q2 EBITDA margin 11.82%; input-cost headwinds, pass-through pending.
Demand visibility	Festive demand robust; two-wheeler growth ~35% versus industry ~20%.
Management confidence	Defensive: 'could have been better'; unsure on margin recovery.

Growth

Revenue +35.03% YoY vs EBITDA +27.87%: negative operating leverage; H1 revenue +29.59%.

Outlook

No numeric growth guidance. Quantified: ₹350 Cr plastics capex over six quarters; demerger effective April 2027.

Risks

Unrecovered first-time BARPCB, memory, labour inflation; management 'not sure' of pass-through; margin outlook 'difficult to predict'.

Last quarter's promises, checked

Delivered

Guided outgrow industry in all divisions → 2W +35% vs industry ~20% (= BEAT)
Guided demerger ~12 months → effective Apr 2027 (= BEAT)

Partly delivered

Guided 12.5-13% steady-state margin by Q3 → Q2 11.82% (= PARTIAL)
Guided ₹400 Cr polymer capex → ₹350 Cr over six quarters (= PARTIAL)
Guided plastics 2.5x FY25 revenue → Q2 +35% YoY, one quarter only (= PARTIAL)

Missed

Guided ~75% revenue indexed in Q2 → pass-through deferred, unquantified (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 5:25 PM IST. Open it on ALFA Filings ›