The call ran from 10:59 AM to 11:51 AM IST (52 min).

Key takeaways

Standalone revenue grew 25% in Q2, but EBITDA margin fell to 9.1% from 14.4% and consolidated PAT fell about 70%. Management blames unrecovered price escalation and delayed NOPL funding.

Highlights
Revenue growth	Standalone H1 +26%; consolidated H1 only +5%.
Margins	Standalone EBITDA margin 9.1% vs 14.4%; guides ~15% ±1% on substation EPC.
Order book	Analyst-cited ₹6,200 Cr order book; ~30% substation; mgmt didn't dispute.
Demand visibility	Pipeline-led; NOPL solar execution depends on lender disbursement timing.
Management confidence	Confident-optimistic; repeatedly deflects margin miss to pending price variation.

Growth

Standalone revenue +25% Q2, +26% H1; H1 EBITDA flat at ₹48 Cr, margin 11.3% vs 14.3%.

Outlook

FY27 standalone revenue targeted above ₹2,300 Cr; Q3 hoped ₹850–900 Cr; FY28 consolidated ₹2,400–2,500 Cr.

Risks

Consolidated Q2 PAT ₹2.75 Cr (1.3% margin) vs ₹9.12 Cr; NOPL funding delays, NCD-driven finance cost, unrecovered escalation pending certification.

Last quarter's promises, checked

Delivered

Guided ~₹120 Cr Power Grid order → ₹120.69 Cr (= BEAT)

Partly delivered

Guided IREDA financial close/disbursement this quarter → ₹2,941 Cr loan at 9.15} in place; disbursement delayed (= PARTIAL)
Guided FY27 execution ₹2,200–2,500 Cr → now 'above ₹2,300 Cr'; H1 standalone +26% (= PARTIAL)

Missed

Guided 14–17% EBITDA margin → Q2 standalone 9.1%, H1 11.3% (= MISS)
Guided ~₹100 Cr NOPL revenue in Sept → ~₹7 Cr Q2 standalone (= MISS)
Guided Q1 EBITDA +24% YoY → H1 standalone EBITDA flat at ₹48 Cr (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 6 Nov 2026, 10:06 PM IST. Open it on ALFA Filings ›