The call has ended.

Key takeaways

Q2 revenue rose 48% to ₹238 Cr, largely price-led, with EBITDA margin at 8.5% (vs 7.8%). Reaching the FY27 11–12% margin target needs about 2–3 ppt expansion from H1's 9%. Management redirected margin-sustainability questions to per-ton metrics.

Guidance and delivery
Management target	Revenue 15.0% FY27

Highlights
Revenue growth	Revenue +48% YoY to ₹238 Cr; H1 +42% to ₹460.5 Cr.
Margins	EBITDA margin 8.5% vs 7.8% YoY; H1 9%; FY27 target 11–12%.
Demand visibility	Demand firm; utilisation ~70%, targeting ~80% this FY.
Management confidence	Confident tone; redirected margin questions to per-ton metrics.

Growth

Revenue +48% (volume +21%, realisation +22%); EBITDA +61% to ₹20.3 Cr; PAT +54%. Price contributed ₹43.6 Cr of the ₹77 Cr revenue increase, so growth is mostly pricing.

Outlook

FY27: revenue growth ~15% (stated as an objective) and EBITDA margin 11–12%. Utilisation ~80%. FY27 capex ₹20–25 Cr. Kutch plant ₹22–25 Cr, commissioning by Mar-2027. Subsidies ₹35 Cr.

Risks

Finance cost +147% YoY. An analyst flagged negative H1 cash flow and management's answer was unclear. The FY27 margin target depends on utilisation ramp, solar savings and subsidies.

Last quarter's promises, checked

Delivered

Guided rev ~15% → H1 +42% (= BEAT)
Guided util ~70% → ~70% (= BEAT)

Partly delivered

Guided util 80% → ~70% (= PARTIAL)
Guided Kutch ₹20–25 Cr, Mar-27 → on track (= PARTIAL)
Guided ₹35 Cr subsidy → approved, cash timing unconfirmed (= PARTIAL)

Missed

Guided EBITDA >10% → Q2 8.5% (= MISS)
Guided finance cost ~₹3 Cr → +147% YoY (= MISS)
Guided debt repayment → H1 cash flow negative (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 7 Nov 2026, 9:15 PM IST. Open it on ALFA Filings ›