Event Type: Earnings Conference Call to discuss Q2 & H1 FY27 financial performance

Event Date: November 02, 2026

Purpose: Discussion of quarterly results and business updates

Management Participants:

  • Mr. Niral Krupeshbhai Patel – Chairman and Managing Director
  • Mr. Akshaykumar Mathur – Chief Executive Officer
  • Mr. Anand Sharma – Chief Operating Officer
  • Mr. Mehul Mehta – Chief Financial Officer

Moderator: Mr. Mohit Upadhyay – ADFACTORS PR

The transcript was submitted to exchanges on November 06, 2026, in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015, following the company's intimation dated October 28, 2026. The transcript is available on the company's website at www.aetrafo.com.

Financial Highlights Disclosed in Transcript

Q2 FY27 Performance:

  • Consolidated revenue from operations: INR390.1 crores (23.1% YoY growth from INR317 crores in Q2 FY26)
  • Gross profit: INR103.6 crores (6.1% YoY growth from INR97.8 crores)
  • Gross profit margin: 26.6% (vs 30.9% in Q2 FY26)
  • EBITDA: INR59.6 crores (8.8% YoY growth from INR54.8 crores)
  • EBITDA margin: 15.3% (vs 17.3% in Q2 FY26)
  • Profit after tax: INR32.1 crores (28% YoY growth from INR25.1 crores)
  • PAT margin: 8.2% (vs 7.9% in Q2 FY26)
  • Basic and diluted EPS: INR4.18 (vs INR3.50 in Q2 FY26)
  • Finance costs: INR8.5 crores (vs INR13.2 crores a year ago)

H1 FY27 Performance:

  • Revenue from operations: INR856.4 crores (35.5% YoY growth from INR632.1 crores)
  • Gross profit: INR230.9 crores (28.6% YoY growth)
  • EBITDA: INR136.7 crores (32% YoY growth from INR103.6 crores)
  • EBITDA margin: 16% (vs 16.4% in H1 FY26)
  • Profit after tax: INR79 crores (40.4% YoY growth from INR56.2 crores)
  • PAT margin: 9.2% (vs 8.9% in H1 FY26)
  • Depreciation and amortization: INR20.1 crores (vs INR7.9 crores in H1 FY26)

Operational Challenges:

  • Unusually heavy rainfall in Gujarat caused temporary manufacturing shutdowns and transportation disruptions
  • INR180 crores worth of finished orders could not be delivered during Q2 due to customer site unreadiness
  • Approximately 70% of deferred orders were dispatched in October 2026, with remainder expected in Q3 FY27
  • Elevated commodity prices (transformer oil, copper, steel) impacted margins
  • 15% of quarterly revenue came from firm price orders without price variation clauses

Business Updates:

  • Order book as of September 30, 2026: INR3,196.97 crores (54.5% YoY growth from ~INR2,069 crores)
  • Inquiry pipeline: ~INR19,464 crores
  • Q2 order intake: ~INR421 crores
  • Key order: Letter of intent worth INR193.92 crores from APTRANSCO for 12 units of 160 MVA, 220 kV autotransformers
  • Added 12 new customers including first US export customer

Strategic Initiatives:

  • 400 kV development: Manufacturing of first 315 MVA, 400 kV class transformer commenced October 26, 2026
  • 765 kV development: Engineering team commenced in-house design of first 765 kV reactor
  • Dedicated IDT plant: Civil construction complete, machinery installation underway, commissioning expected Q3 FY27 (5,000 MVA capacity, INR65 crores capex)
  • Tank and radiator backward integration: Ground breaking completed, commissioning targeted October 2027 (INR193 crores capex)
  • International expansion: First US order secured, targeting 15% export revenue contribution within 2 years
  • Active US inquiries: ~120 transformers aggregating 9,300 MVA

Capacity Utilization:

  • Unit 1 (Anand): 60%
  • Unit 2 (Anand): 40%
  • Bangalore plant: 90%
  • Vadod facility: 30%
  • Jambusar facility (765 kV): 7-8%

Guidance and Outlook:

  • Maintains 3-year revenue growth aspiration of ~40% CAGR
  • EBITDA margin guidance of 16-18% for FY27 and FY28
  • Expects margin improvement in H2 FY27 due to better utilization and reduced firm price orders
  • Focus on accelerating execution, improving capacity utilization, and converting inquiry pipeline

Additional Notes Section

The document is a regulatory filing containing the complete transcript of the earnings conference call. No unpublished price sensitive information (UPSI) was indicated to be shared during the call. The transcript includes detailed financial results, operational updates, and Q&A session with analysts.