Event Type: Q2 and H1 FY27 Earnings Conference Call hosted by HDFC Securities Limited.

Date and Time: Thursday, 05th November 2026. Specific time not mentioned in the transcript.

Purpose: Discussion of quarterly results for the quarter ended 30th September 2026, including financial performance, operational updates, and industry overview.

Management Participants:

  • Mr. Ajendra Kumar Agarwal, Managing Director
  • Mr. Ankit Maheshwari, Deputy Chief Financial Officer

Financial Period Discussed: Q2 FY27 (quarter ended 30th September 2026) and H1 FY27.

Financial Highlights Disclosed:

  • Standalone revenue from operations: INR2,019 crores (64% YoY growth from INR1,234 crores in Q2 FY26)
  • Consolidated revenue from operations: INR2,325 crores (45% YoY growth from INR1,602 crores)
  • Standalone EBITDA margin: 9.49% (vs 9.76% in Q2 FY26)
  • Consolidated EBITDA margin: 18.63% (vs 24.16% in Q2 FY26)
  • Standalone PAT: INR161 crores (vs INR131 crores in Q2 FY26)
  • Consolidated PAT: INR290 crores (vs INR189 crores in Q2 FY26)
  • Standalone net worth: INR9,235 crores (vs INR8,869 crores at FY26 end)
  • Consolidated net worth: INR10,042 crores (vs INR9,391 crores at FY26 end)
  • Standalone debt: INR340 crores (debt-to-equity 0.04x)
  • Consolidated debt: INR5,938 crores (debt-to-equity 0.60x)
  • Order book: INR24,577 crores as of 1st October 2026
  • Pending bids: INR19,346 crores
  • Working capital days: 152 days (vs 128 days at FY26 end)
  • Trade receivables (standalone): INR2,636 crores (includes HAM debtors of INR1,490 crores)
  • Unbilled revenue (standalone): INR1,132 crores
  • Unbilled revenue (consolidated): INR618 crores
  • Inventory: INR842 crores (vs INR739 crores at FY26 end)

Forward-looking Statements and Guidance:

  • FY27 revenue growth guidance revised to ~20% (from earlier 15% projection)
  • FY28 growth target of ~15% subject to order inflows
  • Order inflow target of INR20,000 crores for FY27
  • Equity commitment of INR3,163 crores for HAM/BOT projects, with INR500 crores planned for remainder of FY27
  • Capex guidance: INR200-250 crores for FY27, ~INR200 crores for FY28
  • Plan to monetize 5-6 completed HAM projects with ~INR1,250 crores equity investment
  • Oil & gas revenue target: INR1,200 crores for FY27, INR1,000 crores for FY28
  • Agra-Gwalior project revenue target: INR250 crores for FY27, INR1,200-1,400 crores for FY28

Compliance Statement: The conference call contained forward-looking statements based on beliefs, opinions, and expectations of the company as of the call date, with appropriate risk disclosures about future performance.

Additional Notes Section

The document is a transcript of an earnings conference call submitted as a regulatory disclosure under SEBI LODR Regulations.

Financial data was extensively disclosed including revenue figures, margins, order book status, working capital metrics, and forward guidance.

The transcript includes a detailed Q&A session with analysts from Dolat Capital, ICICI Securities, JM Financial, Ambit Capital, and Nuvama Wealth.

Key operational updates discussed include:

  • Received appointed date for Agra-Gwalior DBFOT toll project
  • Two projects worth INR3,562 crores awaiting appointed date
  • BharatNet project facing right-of-way challenges, expected resolution by January
  • NTPC battery project affected by force majeure due to war impact on prices
  • Oil & gas segment receivables at INR740 crores with 90-100 day payment cycle
  • Impact of commodity price inflation on margins (1.5-2% impact)
  • Government compensation for bitumen price increases