Financial Performance (Consolidated, ₹ mn)
The company reported a breakout quarter with significant year-on-year growth across all key metrics.
Q1 FY27 vs Q1 FY26 Comparison:
- Revenue from operations: ₹6,899M vs ₹3,018M in Q1 FY26, an increase of +129%.
- Cost of goods sold: ₹5,676M (82.3% of revenue) vs ₹2,434M (80.6% of revenue), an increase of +133%.
- Contribution: ₹1,223M (17.7% of revenue) vs ₹585M (19.4% of revenue), an increase of +109%.
- Employee benefits expense: ₹83M (1.2% of revenue) vs ₹46M (1.5% of revenue), an increase of +80%.
- Other operating expenses: ₹370M (5.4% of revenue) vs ₹230M (7.6% of revenue), an increase of +61%.
- Other income: ₹77M (1.1% of revenue) vs ₹2M (0.1% of revenue).
- EBITDA: ₹846M (12.3% margin) vs ₹311M (10.3% margin), an increase of +172%.
- Depreciation & amortisation: ₹117M (1.7% of revenue) vs ₹73M (2.4% of revenue), an increase of +60%.
- Finance cost: ₹142M (2.1% of revenue) vs ₹37M (1.2% of revenue), an increase of +286%.
- Profit before tax (PBT): ₹587M (8.5% margin) vs ₹201M (6.7% margin), an increase of +191%.
- Tax expense: ₹2M (0.0% of revenue) vs ₹0M (0.0% of revenue).
- Net profit (PAT): ₹585M (8.5% margin) vs ₹201M (6.7% margin), an increase of +191%.
- EPS (₹, face value ₹1): ₹1.11 vs ₹0.38, an increase of +191%.
Context vs Full Year FY26:
- FY26 Revenue: ₹19,101M
- FY26 EBITDA: ₹2,316M (12.1% margin)
- FY26 PAT: ₹1,582M (8.3% margin)
- The company highlights a 2-year (L2Y) Revenue CAGR of ~136% and a PAT CAGR of ~205%.
Order Book
The company's outstanding order book as on 11-August-2026 is ₹3,687.55 Cr (₹36,876 mn), up from ₹32,404 mn at March 2026.
Order Book Breakdown by Product Category:
- Conductors: ₹1,896.13 Cr (51.4% of total). ₹845 Cr of this is executable in FY28.
- Cables: ₹1,791.42 Cr (48.6% of total). This includes ₹435.00 Cr for Data-Centre Cable, which is 11.8% of the total order book.
Detailed Order Book by Product Line:
1. LT Cable (1.1 kV): ₹87.49 Cr (2.4% share)
2. Solar Cable (1.9/3.3 kV): ₹199.42 Cr (5.4% share)
3. MV Cable (11/22 kV): ₹545.17 Cr (14.8% share)
4. MV Cable (33 kV): ₹414.18 Cr (11.2% share)
5. MV Cable (66/6.6 kV): ₹110.00 Cr (3.0% share)
6. EHV Cable (110/132 kV): ₹0.16 Cr (0.0% share)
7. Data-Centre Cable (MV Cables): ₹435.00 Cr (11.8% share)
8. AL-59 Conductor (Zebra): ₹531.40 Cr (14.4% share)
9. AL-59 Conductor (Moose): ₹378.56 Cr (10.3% share)
10. AL-59 Conductor (Panther): ₹11.72 Cr (0.3% share)
11. AL-59 Conductor (Lapwing): ₹973.81 Cr (26.4% share)
12. ACSR Conductor (Bison): ₹0.64 Cr (0.0% share)
Revenue Breakdown (Q1 FY27)
Consolidated revenue of ₹6,899 mn was comprised of:
- Cables: 63% (₹4,572 mn)
- Conductors: 34% (₹2,327 mn)
- Others: 3%
Cables Revenue by Voltage:
- 1.1 kV: ₹514 mn
- 3.3 kV: ₹555 mn
- 11 kV: ₹1,093 mn
- 22 kV: ₹87 mn
- 33 kV: ₹1,907 mn
- 66 kV: ₹414 mn
- 132 kV: ₹2 mn
Conductors Revenue by Type:
- AL-59 · Zebra: ₹1,209 mn
- AL-59 · Moose: ₹869 mn
- AL-59 · Panther: ₹187 mn
- AL-59 · other sizes: ₹62 mn
Capacity & Utilization
- The company is ramping off its FY26 base utilization rates: Cables at 34% and Conductors at 20%.
- This capacity headroom is noted as a core turnaround lever.
- The integrated manufacturing campus in Vadodara, Gujarat, spans 110 acres.
- Stated capacities: 43,000 MTPA rods, 33,060 KMPA cables, 1,00,000 MTPA conductors.
- A plan is noted to convert 1,50,000 Mt of Conductor capacity for cable cores over the next 36 months, restating conductor capacity to 1,00,000 Mt.
Strategic Initiatives & Capex Programme
Six key workstreams are highlighted:
1. TS Conductor AECC Alliance: Licensed manufacturing partner for cost-effective reconductoring. Product type-tested; participated in tenders worth ₹1,200 Cr.
2. Data-Centre Products: Focus on EHV/HV/LV cables and HTLS conductor; ₹435 Cr MVCC order book in hand.
3. ECO / HTLS Conductors: 850 km order secured and executed; 2,000 km expected in FY27.
4. Capacity Additions: 4 CCV and 4 Silane lines commissioned; 1 CCV + 1 Silane line under commissioning before March 2027.
5. Export & Certifications: 145 type tests done; NABL-accredited 700 kV UHV lab; BIS certified; BASEC/CPR/UL roadmap underway.
6. EHV Range up to 400 kV: Deepening EHV capability; adding 2 aluminium corrugation lines.
Detailed Capex Projects:
- Project A - LV Cables Expansion (₹133.59 Cr): Upgrading old rod mill & conductor plant into a modern LV facility. Commercial production from FY27-28. Capacity: 3,502 km/month (42,024 km p.a.). Project IRR 25.8%, NPV @12% ₹293 Cr. Break-even utilisation 17.5%.
- Project B - Corrugation Lines (₹17.03 Cr): Adding two corrugated aluminium sheathing lines to debottleneck 66 kV and 132 kV completion. Expected to add ₹375 Cr/yr revenue. Break-even 102 km/month. Payback estimated in 2-3 months on a contribution basis.
- Project C - 6th CCV Line (In-principle approval): One additional CCV extrusion line. PO targeted August 2026, commissioning before Dec 2027. Expected to unlock ₹652.9 Cr of FY28 HV/EHV plan.
Additional Business Details
- Clients: 665 clients including marquee names.
- Testing Infrastructure: World-class, NABL-accredited labs including India's first 700 kV / 28,000 KVA UHV type-test lab.
- Certifications: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 certified by TUV NORD.
- ESG Commitment: Highlights environmental (energy efficiency, zero waste to landfill), social (100% statutory compliance), and governance (Board with independent directors) initiatives.
- Post-QIP Shareholding: A stronger, broader shareholder base is noted after the ₹1,614 Cr QIP, with a pattern filed under Reg. 31 as of 28-Jul-2026.
Industry & Demand Outlook
The presentation cites strong demand drivers for cables and conductors, including data-centre capacity growth, RE generation investment, railway electrification, transmission capex (RE integration, grid modernisation), distribution capex (RDSS), and the Green Energy Corridor.
Safe Harbour Statement
The presentation includes a standard safe harbour statement noting that forward-looking statements are subject to risks and uncertainties and do not constitute an offer or solicitation.