Event Type: Q2 & H1 FY27 Earnings Conference Call

Date and Time: Thursday, November 05, 2026 at 03:30 PM (IST)

Purpose: Discussion of quarterly results and business outlook for Q2 and H1 FY27 ended September 30, 2026

Management Participants:

  • Mr. R.S. Jalan - Non-Executive Director
  • Mr. Raman Chopra - Non-Executive Director
  • Mr. Marshal Sonavane - Chief Executive Officer
  • Mr. Parasuraman - Chief Financial Officer

Moderator: Ms. Garima Singla - Go India Advisors LLP

Financial Period Discussed: Q2 FY27 and H1 FY27 (ended September 30, 2026)

Key Financial Highlights:

Q2 FY27 Performance:

  • Revenue: INR446 crores, up 31% YoY
  • EBITDA: INR92 crores, up 141% YoY
  • EBITDA Margin: 20.6% (vs 11.2% YoY)
  • Adjusted PAT (excluding exceptional items): INR56 crores, up 249% YoY
  • Reported PAT: INR36 crores, up 124% YoY

H1 FY27 Performance:

  • Revenue: INR856 crores, up 40% YoY
  • EBITDA: INR162 crores, up 129% YoY
  • Adjusted PAT: INR95 crores, up 223% YoY
  • Reported PAT: INR75 crores, up 155% YoY

Exceptional Item: One-time loss of INR27 crores due to inventory lost in fire incident at rented warehouse in Tuticorin in August 2026. Inventory was adequately insured and claim is under progress with investigation expected to conclude by Q3 end.

Operational Highlights:

  • Capacity utilization at 99%
  • Meenakshi unit reached full capacity
  • Fabric contribution increased to 16% of revenue from 11% YoY
  • Net debt reduced to INR48 crores (net debt-to-equity 0.03x)
  • INR74 crores debt repaid during H1

Strategic Updates and Guidance:

  • FY30 revenue target: INR2,500 crores at 15-18% EBITDA margin
  • FY28 revenue expectation: ~INR1,800 crores
  • Q3 FY27 margins expected between Q1 (17%) and Q2 (20.6%) levels
  • Q4 margins expected to improve toward Q2 levels

Capex and Expansion Plans:

  • INR1,035 crores MOU with TN government: INR675 crores already invested
  • INR410 crores board approval for 58,368 spindles + 5 MW rooftop solar
  • Expected revenue from new project: INR400-420 crores at 14-15% EBITDA margin
  • Project completion expected by FY28 end, full benefits in FY29
  • 11 MW ground solar project commissioning by Q3 FY27 end
  • Knitting expansion completion in Q3 FY27 with 40 machines
  • PM MITRA Park: 56 acres land allocation received for processing unit (INR275-300 crores investment)
  • Total green energy installation to reach 76 MW after solar projects

Market Environment:

  • Domestic demand steady with strong order flow
  • Export markets stable with no volume challenges
  • Cotton prices rose from INR64,000 to INR69,000 per candy during Q2, stabilized around INR67,000
  • UK and New Zealand FTAs in force, benefits expected in a year
  • India-EU agreement expected operational in early 2027
  • Government removed duty on imported cotton until December 2026

Compliance Statement: The transcript was filed pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company indicated that forward-looking statements were made during the call, which should be viewed in conjunction with the risks the company faces.

Additional Notes Section

Attachments: The filing included the complete transcript of the earnings conference call held on November 05, 2026.

Financial Data Disclosure: The announcement contained detailed financial results for Q2 and H1 FY27, including revenue, EBITDA, PAT, and operational metrics.