Event Type: Q2 FY27 Earnings Conference Call

Date and Time: November 02, 2026 (specific time not mentioned in transcript)

Purpose: Discussion of Q2 FY27 and H1 FY27 financial results, business updates, and strategic direction

Management Participants:

  • Mr. Piyush Somani – Chairman and Managing Director
  • Mr. Nadukuru Sita Ramaiah (Ram) – Chief Financial Officer
  • Mr. Saurabh Daga – Accounts and Finance
  • Mr. Prasad Deokar – Company Secretary and Compliance Officer

Moderator: Mr. Pratik Jagtap – E&Y Investor Relations

Financial Period Discussed: Q2 FY27 (Quarter ending September 2026) and H1 FY27 (April-September 2026)

Key Financial Highlights:

  • Q2 FY27 Revenue from operations: INR 1,383.4 million (3.5% QoQ growth from Q1 FY27 INR 1,336.6 million)
  • H1 FY27 Revenue: INR 2,719 million (24.6% YoY growth from H1 FY26 INR 2,183.7 million)
  • H1 FY27 Total Income: INR 2,788 million (includes INR 68 million other income)
  • H1 FY27 EBITDA: INR 1,137.5 million (12.3% YoY growth from H1 FY26 INR 1,012.7 million)
  • H1 FY27 PAT: INR 603.7 million (26.3% YoY growth from H1 FY26 INR 477.9 million)

IPO Proceeds Utilization:

  • Total raised through IPO: INR 7,200 million
  • Utilized amount: INR 469.13 million
  • Unutilized amount: INR 6,730.87 million (with approximately INR 6,500 million in fixed deposits)

Cash Position:

  • Cash and cash equivalents: INR 16,368.31 million
  • Other bank balances: INR 3,419.80 million
  • Total assets: INR 41,095 million
  • Reserves: INR 12,822.76 million

Business Strategy Updates:

  • Company transitioning to focus on top 400-500 customers, moving smaller customers to internal virtual subsidiary
  • Three core business segments: Infrastructure as a Service, Managed Services, and Software as a Service
  • Emphasis on integrated AI-enabled sovereign technology ecosystem

Sharon AI Project Details:

  • 8,200 GPU cluster in final testing stages with NVIDIA
  • Expected commissioning: Between first week of December to December 17, 2026
  • Expected monthly revenue: INR 288 crores
  • Expected monthly PAT: INR 50-52 crores
  • Contract duration: 5-year commitment with 7-year price lock
  • Project represents USD 1,250 million contract value

Domestic Expansion Plans:

  • Targeting INR 3,000 crores pipeline for India business
  • Planning INR 1,500 crores capex from IPO proceeds and customer advances
  • Expected go-live for India AI factory: June-July 2027
  • Targeting INR 1,000 crores annual revenue from India expansion
  • Adding 1,150-1,200 GPUs in India by June-July 2027

Management Changes:

  • CTO and CIO positions became redundant due to organizational restructuring
  • Functions absorbed by Chief Artificial Intelligence Officer (CAIO) and Chief Product Officer (CPO)

Compliance Statement: The transcript submission is made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Additional Notes Section

Attachments: The regulatory filing includes the complete earnings conference call transcript

Financial Data Disclosure: The announcement itself contained no financial data beyond the submission context, but the referenced transcript contains extensive financial and operational details

UPSI Statement: The company did not explicitly state that no unpublished price sensitive information would be shared in the regulatory filing, but the earnings call contained forward-looking statements with appropriate risk disclosures