The call ran from 5:01 PM to 5:43 PM IST (42 min).

Key takeaways

Q2 FY27 revenue ₹854 Cr (~25% YoY), EBITDA margin 11.7%. FY27 revenue guidance held at high single digits. EBITDA margin uplift raised to 2–2.5 ppt, helped by full price pass-through.

Guidance and delivery
EBITDA Margin guidance	1.0% → 2.0% Raised by 1.0 percentage points

Highlights
Revenue growth	~25% YoY to ₹854 Cr; volume ~5.5%, rest price-led.
Margins	EBITDA 11.7%; FY27 uplift raised to 2–2.5 ppt; FY28 guided 11.5–12%+.
Demand visibility	Domestic demand resilient; exports down ~31% in five months.
Management confidence	Over-optimistic: 'very bullish', 'quite sure'; FY28 revenue sidestepped.

Growth

Revenue up ~25% YoY with volume ~5.5%, so growth is mostly price-led (16–17% hikes since April).

Outlook

FY27: high single-digit revenue growth; bathware +20%; EBITDA margin +2–2.5 ppt over FY26.

Risks

Exports down ~31% in five months; ~35% of Morbi shut; gas ~₹70/SCM and volatile, with H2 pass-through untested.

Last quarter's promises, checked

Delivered

Guided FY27 EBITDA margin ~11.3% (9.3% + 2.0ppt) → Q2 11.7%; uplift raised to 2–2.5ppt (= BEAT)

Partly delivered

Guided South India expansion 9+ MSM, ₹220 Cr capex, 12–15 months commissioning → current call says 'south plant started last quarter', no MSM/capex update (= PARTIAL)

Missed

Guided FY27E bathware ₹400 Cr (FY26 base ₹319 Cr) → current guidance bathware +20% (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 9:52 PM IST. Open it on ALFA Filings ›