The document is a transcript of an earnings conference call held on Tuesday, November 03, 2026, at 11:00 a.m. IST, following the announcement of the company's Unaudited Financial Results (Standalone & Consolidated) for the quarter and half year ended September 30, 2026 (Q2 & H1 FY27).
The call was hosted for analysts and investors to discuss the company's financial performance and business updates.
Management Participants: Mr. Ankit Mehta (Chief Executive Officer and Whole-Time Director), Mr. Vipul Joshi (Chief Financial Officer and Whole-Time Director), Mr. Rahul Singh (VP Engineering), and representatives from SGA (Investor Relations Advisors).
The audio recording of the call was previously submitted to the exchanges on November 03, 2026. The transcript is made available on the company's website as per SEBI LODR Regulations.
The transcript includes a standard disclaimer that it may contain forward-looking statements and that it has been edited for factual errors, with the audio recording being the prevailing version in case of discrepancy.
Financial Highlights Discussed:
Q2 FY27 Consolidated Performance: Revenue from operations stood at INR 91.3 crores (up 124% YoY, 33% QoQ). Gross profit was INR 49.6 crores (Gross Margin: 54.3%). EBITDA was INR 23.2 crores (EBITDA Margin: 25.4%). Profit After Tax (PAT) was INR 6.5 crores (vs. loss of INR 19.6 cr in Q2 FY26).
H1 FY27 Consolidated Performance: Revenue was INR 159.9 crores (highest ever H1). Gross profit was INR 83.2 crores (Gross Margin: 52%). EBITDA was INR 27.5 crores (vs. loss of INR 23.1 cr in H1 FY26). PAT was INR 3.9 crores (vs. loss of INR 43.2 cr in H1 FY26).
Order Book: The closing order book as of September 30, 2026, stood at INR 202.2 crores, down from INR 256.8 crores in Q1, reflecting execution. The majority is from the defense sector.
Strategic & Business Updates:
Execution: The company executed over 50% of its FY27 opening order book in H1 despite global supply chain constraints.
Product Development: Significant progress was reported on multiple fronts:
ZOLT Hybrid UAV: Development incorporating an internal combustion engine for extended endurance (100 km range, 6+ hours flight time).
ZOLT UCAV Variant: Launched in October, expanding into combat capabilities (air-launched precision effects).
Combat UAV Roadmap: Progress on loitering munitions, one-way attack systems, and autonomous hunter-killer configurations. Focus is on maturing systems for customer field trials in H2 FY27.
YETI Logistics UAV: Continued testing. Signed an agreement with the Technology Development Board for INR 151 crores in debt funding (4% interest, 10-year term) under the Govt. of India's RDI scheme. This is a matching grant, requiring equal contribution from the company.
FLYGHT CLOUD Software: Released new features for automated stockpile monitoring, AI-powered video analysis, and regional language support.
Market Opportunities: Management highlighted an estimated INR 20,000 crore Fast-Track Procurement (FTP) opportunity across ISR and combat UAV categories. Recent Defence Acquisition Council (DAC) approvals worth INR 2.12 lakh crore were noted, with RFPs expected soon.
Exports & International Markets: The proposed joint venture with First Breach in the U.S. was mutually terminated (was not operationalized, no capital contributed). The company continues to pursue the U.S. market independently via its subsidiary, focusing on Blue SUAS certification. Engagement continues in South America, Africa, and Japan (eVTOL opportunities). Demonstrations were conducted in South America.
Additional Notes Section
The document is an enclosed transcript submitted to the stock exchanges (BSE, NSE) as a regulatory compliance filing.
The transcript contains detailed financial data and forward-looking strategic commentary as presented by management during the call.
The summary is based strictly on the disclosed transcript; no unattached presentations or decks are referenced in this specific filing.
