Event Type: Q1 FY27 Earnings Conference Call held on Friday, 07 August 2026 at 4:00 PM IST.

Management Participants:

  • Mr. Madhav Kejriwal – Whole-Time Director
  • Mr. Sunil Katial – Whole-Time Director and CEO
  • Mr. Rajesh Daga – CFO
  • Mr. Gaurav Somani – General Manager, Finance

Financial Performance Highlights:

Consolidated Q1 FY27 Results:

  • Total Income: Rs. 1,465 crore
  • EBITDA: Rs. 139 crore
  • EBITDA Margin: 9.5%
  • PAT: Rs. 48.4 crore
  • Gross Debt: Rs. 1,658 crore
  • Net Debt: Rs. 876 crore

Standalone Q1 FY27 Results:

  • Total Income: Rs. 1,119 crore (down 21% YoY)
  • EBITDA including other income: Rs. 70.6 crore
  • EBITDA Margin: 6.3%
  • PAT: Rs. 5.9 crore

Operational Metrics:

  • Sales volume of DI pipes and fittings and CI pipes: 1.20 lakh tons (down 27% YoY)
  • Pig Iron volume: Approximately 45,000 tons
  • Export volume: 21,000 tons (Q1 FY27)

Strategic Updates:

  • Diversification into Industrial Paints: Planning to enter industrial paints and protective coatings business with target annual revenues of Rs. 800-1,000 crores in next 5 years. Phased capex of Rs. 250-300 crores planned. Initial investment of Rs. 100 crores for 17,000 kiloliters capacity expansion in West Bengal. Commercial production expected from Q1 FY28.
  • Valves Business: Target to double revenue from valve segment in next four years. Valves manufacturing facility in India to commence operations by end of FY27.
  • T.I.S. Acquisition Performance: Delivered EUR 10 million revenue in Q1 (sequential growth of 18.4%) with EBITDA margins improving to mid-teens (13% specifically mentioned).
  • Railway Components: Board approved manufacture of various rubber products for Indian Railways, with registration process expected to take 4-6 months.

Market Outlook & Guidance:

  • FY27 volume guidance: 575,000 tons (revised from earlier 650,000-700,000 tons)
  • Export expected to be 22-25% of total volumes
  • EBITDA margin expected to improve to 12-13% in Q3/Q4 FY27
  • Government water infrastructure allocations provide strong long-term visibility:
  • Jal Jeevan Mission 2.0: Rs. 8.69 lakh crores outlay
  • Union Budget FY27 allocation: Rs. 67,670 crore towards JJM
  • Rs. 10,344 crore already sanctioned to states in current financial year

Order Book:

  • Total order book: 3 lakh tons (approximately 5 months)
  • JJM constitutes about 50% of order book

Additional Notes Section

  • Transcript was made available on company website as per SEBI LODR Regulations
  • Document contains forward-looking statements with inherent risks and uncertainties
  • The call included extensive Q&A session with analysts from various brokerages