The call has ended.

Key takeaways

Underwhelming Q2: standalone EBITDA margin halved to 7.6% on manpower costs despite 7.5% revenue growth. Management pins recovery on 12–15% price hikes from Q3, offering no margin number.

Highlights
Revenue growth	Standalone +7.5% YoY on flat cash volume; consolidated +4.4%.
Margins	Standalone EBITDA margin 7.6% vs 15.2% YoY; consolidated 6.8% vs 13.1%.
Demand visibility	Flat cash volumes; bank-led growth slowed; direct clients to drive growth.
Management confidence	Defensive on peer comparison; confident recovery, but no numbers given.

Growth

Standalone revenue +7.5% YoY (consolidated +4.4%) on flat cash volume; growth is price/mix-led, not volume-led.

Outlook

Declined to quantify margin recovery; analyst's 7.6%→20% path unconfirmed. Targets 50,000+ soundboxes in FY27; RVL profitability by year-end.

Risks

Manpower costs (70% of cost) rising; gunman shortage unresolved; price hikes only fully visible from Q4; RVL still loss-making.

Last quarter's promises, checked

Delivered

Guided Q2 price-revision close, effective Jul-Oct, 'substantial' → 12–15% hikes won, effective Q3 (= BEAT)

Partly delivered

Guided 50,000+ Soundboxes in FY27 → 21,000 deployed in Q2, H1 total not stated (= PARTIAL)

Missed

Guided 17–18% FY27 standalone EBITDA margin → Q2 7.6% (= MISS, trajectory)
Guided RVL breakeven in Q1 FY27 → still loss-making (= MISS)
Guided double-digit FY27 revenue growth → Q2 standalone +7.5% (= MISS, trajectory)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 13 Nov 2026, 6:55 PM IST. Open it on ALFA Filings ›