The call ran from 11:27 AM to 12:28 PM IST (1 h 1 min).

Key takeaways

Revenue surged 38.4% YoY, but margins faced severe compression from volatile raw material costs (copper/silver).

Guidance and delivery
Management target	Revenue 30.0% FY27

Highlights
Revenue growth	₹579.77 Cr, up 38.4% YoY; H1 growth at 25.3%.
Margins	EBITDA margin at 6.89% vs 8.73% YoY; recovery expected in H2.
Demand visibility	Strong visibility in power infra, renewables, and industrial automation segments.
Management confidence	Balanced, but defensive regarding margin lag and rising debt levels.

Growth

Strong revenue growth driven by industrial switchgear and wires; exports grew 11% in absolute terms.

Outlook

Targeting ₹2,100 Cr revenue for FY27; EBITDA margins expected to reach 8% by year-end.

Risks

Escalating debt levels (0.92 D/E) and delayed smart meter execution (₹3Cr revenue) remain key concerns.

Last quarter's promises, checked

Delivered

Q2 margin 'better than Q1' (Q1 6%) → 6.89% (= BEAT)
Switchgear growth 23–25% → 23.8% (= BEAT)
W&C +11% Q1 'continue' → +57.5% (= BEAT)

Partly delivered

Saudi plant start Sep–Oct 2026 → 'slow start' reported (= PARTIAL)
Minimal FY27 capex → ₹15Cr Saudi capex; D/E 0.92 (= PARTIAL)

Missed

FY27 EBITDA 10% → cut to 8–8.5%; current qtr 6.89% (= MISS)
Export share 19%→25% medium term → exports +11% vs revenue +38.4% (= MISS)
RM pass-through <2 months → margin lag persists (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 13 Nov 2026, 3:03 PM IST. Open it on ALFA Filings ›