The call ran from 1:59 PM to 3:02 PM IST (1 h 3 min).

Key takeaways

Record Q2 FY27 revenue of ₹379 Cr with 23.4% EBITDA margin and ₹54 Cr PAT. Growth is real, but receivables are rising and margin questions were deflected to a through-cycle target.

Guidance and delivery
Management target	Revenue 24.0% FY27

Highlights
Revenue growth	+37% YoY record quarter; growth reported as largely organic.
Margins	EBITDA 23.4% Q2; lower treasury income; raw-material pass-through lags.
Order book	New business wins ₹225 Cr trailing twelve months; no order slowdown reported.
Demand visibility	Construction strong on multi-year data-center contracts; large ag recovery expected FY27.
Management confidence	Over-optimistic: 'built to last' language masks receivables and margin deflection.

Growth

Revenue ₹379 Cr, +37% YoY (CEO said 7%; H1 math supports 37%), 9% QoQ. Construction +49%, small ag +25%.

Outlook

FY27 revenue guided +24% YoY; H2 implied ~17-18%. Capex ~₹60 Cr next year; Mexico single-digit $m revenue this year.

Risks

Receivables up on US OEM delays; Q3 seasonally weak; margin answered with through-cycle 20% target, not guidance; freight cost pressure.

Last quarter's promises, checked

Delivered

Cycle EBITDA >20% → Q2 23.4% (= BEAT)
Q2 in line with Q1 ₹347 Cr → ₹379 Cr, +9% QoQ (= BEAT)
Aftermarket back to growth (Q1 flat) → +50% (= BEAT)

Partly delivered

Mexico first warehouse deliveries Q3 → dispatch only starting 'this month' (= PARTIAL)
FY27 growth ~23% (FY26 21% + couple pts) → Q1 +27%, Q2 +37%, H2 implied 17–18% (= PARTIAL)
~Half-dozen acquisition targets → ~6 targets, no deal (= PARTIAL)

Missed

Q1 margin ~25% trend → Q2 23.4% (= MISS)
Net cash ₹190 Cr stated → ₹172 Cr (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 9:23 PM IST. Open it on ALFA Filings ›