The call ran from 2:29 PM to 3:16 PM IST (48 min).

Key takeaways

Record Q2 FY27 revenue of ₹2,280 Cr (+43% YoY) and PAT of ₹46.2 Cr (+57%), but EBITDA margin of 3.39% remains below the 3.5% steady-state. Management attributes the margin shortfall to marketing spend and new-market entry.

Highlights
Revenue growth	Revenue +43% YoY; steel +46%; non-steel +17%; no one-time items discussed.
Margins	EBITDA margin 3.39%; mgmt cites Q2 marketing spend; 3.5% steady-state, ~4% aspiration.
Demand visibility	Q1 soft, Q2 improved; Oct–Nov seasonally lean; infrastructure-led steel demand.
Management confidence	Balanced-to-optimistic; 'aspiration' language on margins, 'still on track' on volumes.

Growth

Revenue +43% YoY to ₹2,280 Cr, volume-led: steel volume +27%, non-steel revenue +17%.

Outlook

Steady-state EBITDA 3.5%; aspires ~4% in 2–3 years; non-steel 12–15% of revenue in 2–3 years; ~8 stores this year.

Risks

Margin 3.39% still below 3.5% steady-state; marketing-led aggression and new-market entry costs; festive lean months Oct–Nov.

Last quarter's promises, checked

Delivered

Guided 20% steel volume growth → Q2 steel volume +27% YoY (= BEAT)
Guided 20% revenue growth → Q2 revenue +43% YoY (= BEAT)

Partly delivered

Guided 1.2 MT steel volume FY27 → H1 5.53 lakh t (2.5 Q1 + 3.03 Q2) (= PARTIAL)
Guided ~8–9 stores FY27 → 5 added in H1 (3 Q1, 2 Q2), 3 in pipeline (= PARTIAL)

Missed

Guided 25% non-steel growth → Q2 non-steel revenue +17% (= MISS)
Guided 3.5% steady-state EBITDA → Q2 EBITDA 3.39% (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 12 Nov 2026, 9:32 PM IST. Open it on ALFA Filings ›