Order Book: As of June 30, 2026, stood at ₹811 crores
Solar Cable Revenue: Approximately 20% of total revenue in Q1 FY27
Capacity Utilization: Currently at around 85% across existing facilities
Strategic Developments and Milestones
US Market Entry: Achieved first supply to US markets in Q1 FY27, marking significant global expansion
Capacity Expansion: ₹45 crores capex project progressing as planned, expected commissioning in September 2026
New Product Development: Focus on HTLS conductors and data center cables as futuristic growth areas
Technology: New plant will include E-beam setup (first time for company)
Raw Material Price Management
Company uses two contract types: variable price contracts (with price variation clauses) and fixed price contracts (with simultaneous raw material booking)
Approximately 20% of orders are fixed price contracts
Raw material price volatility caused order postponement and shorter order cycles in Q1
Inventory value increased 20-25% due to higher raw material prices, contributing to increased debt
Market Outlook and Guidance
Management maintains long-term growth guidance of 18-20% annually
Solar cable segment expected to grow at 25-30% for next 3-4 years
Volume growth in Q1 was 5-6% year-on-year (rest was price-led)
New plant expected to contribute meaningfully from Q4 FY27 onwards, with target of 80-85% utilization within 18 months of commissioning
Business Segments and Strategy
Temporarily held back railway signaling segment due to margin pressures and competition
Focusing on renewable energy cables, distribution power cables, export markets, data center play, and EV segment
Building wire segment expansion will focus on B2B only, not B2C distribution
US market approach is distribution-led model through local distributors
Working Capital and Financial Management
Working capital turnover ratio maintained at more than 4x
Managing borrowing costs through improved credit ratings
Debt increase attributed to higher inventory values due to raw material price increases
Receivable days remained stable when calculated based on last six months sales
Regulatory and Compliance
Conference call transcript filed pursuant to Regulation 30 of SEBI LODR Regulations
Technical glitch caused delayed press release upload for Q1 results
US market requires product approval process and licensing similar to BIS in India
Management Participants
Mr. Ashish Mangal, Managing Director
Mr. Murari Lal Poddar, Chief Financial Officer
Mr. Govind Saboo, Investor Relation Advisor
Ms. Natasha Jain, PhillipCapital India Private Limited (Moderator)
