The call ran from 1:59 PM to 2:42 PM IST (44 min).

Key takeaways

Q2/H1 FY27: Vi share rose to ~31%, BSNL billing stalled on ~300 built sites, no firm roll-out guidance; reported figures are internally inconsistent.

Highlights
Revenue growth	Flat QoQ, ~₹71 Cr core revenue; Q3 uplift expected from ramp.
Margins	Net margin claimed 21.4%; figures inconsistent with ~₹40 Cr PBT.
Order book	Vi 6,000+ orders; ~200-250 converted; BSNL ~300 built, unbilled.
Demand visibility	45,000 operator sites over 3 years; monthly timing unconfirmed.
Management confidence	Over-optimistic on roll-out; defensive on capex funding.

Growth

Net profit ~₹15.3 Cr, 21% margin claimed; revenue per tower ~₹30k monthly, slightly down; no YoY growth disclosed.

Outlook

H2 FY27 capex target ~₹200 Cr (₹120 Cr internal, ₹80 Cr debt); FY28 capex withheld.

Risks

BSNL ~300 sites unbilled, no firm date; Vi guidance unconfirmed; ~₹8-9 Cr cash vs ~₹200 Cr H2 capex, debt unanswered.

Last quarter's promises, checked

Delivered

Guided ~20% PAT margin → delivered 21.4% claimed, PBT inconsistent (= BEAT, headline only)

Partly delivered

Guided Vi share 30-32% → delivered ~31%, conditional on unmet 3,000 sites (= PARTIAL)
Guided ~₹31k revenue/tower, flat → delivered ~₹30k, slightly down (= PARTIAL)

Missed

Guided 3,000 Vi tenancies FY27 → delivered ~200-250 converted (= MISS)
Guided 186 BSNL sites billed in Q2 → delivered ~300 built, unbilled, no date (= MISS)
Guided no fundraise needed → delivered ₹80 Cr debt sanctioned, ₹8-9 Cr cash vs ~₹200 Cr H2 capex (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 6:59 PM IST. Open it on ALFA Filings ›