Consolidated Financial Results (₹ crore)

Q2 FY27 Performance

  • Revenue from Operations: ₹661 crore (up 30% YoY from ₹509 crore in Q2 FY26)
  • Operating EBITDA: ₹84 crore (up 34% YoY from ₹63 crore)
  • Operating EBITDA Margin: 12.8% (improved 40 bps YoY from 12.4%)
  • PAT: ₹53 crore (up 51% YoY from ₹35 crore)
  • PAT Margin: 7.9% (improved 109 bps YoY from 6.8%)
  • Basic EPS: ₹2.0 (up 40% YoY from ₹1.4)

QoQ Performance (Q2 FY27 vs Q1 FY27)

  • Revenue increased 27% from ₹521 crore
  • Operating EBITDA increased 19% from ₹71 crore
  • Operating EBITDA Margin declined 82 bps from 13.6%
  • PAT increased 32% from ₹40 crore
  • PAT Margin improved 30 bps from 7.6%
  • Basic EPS increased 23% from ₹1.6

H1 FY27 Performance

  • Revenue from Operations: ₹1,183 crore (up 25% YoY from ₹946 crore in H1 FY26)
  • Operating EBITDA: ₹155 crore (up 34% YoY from ₹116 crore)
  • Operating EBITDA Margin: 13.1% (improved 91 bps YoY from 12.2%)
  • PAT: ₹93 crore (up 42% YoY from ₹66 crore)
  • PAT Margin: 7.8% (improved 99 bps YoY from 6.8%)
  • Basic EPS: ₹3.7 (up 37% YoY from ₹2.7)

Segment-wise Performance (₹ crore)

Manufacturing Business

Q2 FY27:

  • Revenue: ₹460 crore (up 39% YoY from ₹331 crore)
  • Operating EBITDA: ₹58 crore (up 52% YoY from ₹39 crore)
  • Operating EBITDA Margin: 12.7% (improved 110 bps YoY from 11.6%)

QoQ:

  • Revenue increased 24% from ₹371 crore in Q1 FY27
  • Operating EBITDA increased 18% from ₹49 crore
  • Operating EBITDA Margin declined 60 bps from 13.3%

H1 FY27:

  • Revenue: ₹831 crore (up 22% YoY from ₹679 crore)
  • Operating EBITDA: ₹108 crore (up 36% YoY from ₹79 crore)
  • Operating EBITDA Margin: 13.0% (improved 130 bps YoY from 11.7%)

EPC Business

Q2 FY27:

  • Revenue: ₹201 crore (up 13% YoY from ₹178 crore)
  • Operating EBITDA: ₹26 crore (up 6% YoY from ₹24 crore)
  • Operating EBITDA Margin: 12.9% (declined 80 bps YoY from 13.7%)

QoQ:

  • Revenue increased 34% from ₹150 crore in Q1 FY27
  • Operating EBITDA increased 21% from ₹21 crore
  • Operating EBITDA Margin declined 140 bps from 14.3%

H1 FY27:

  • Revenue: ₹352 crore (up 32% YoY from ₹267 crore)
  • Operating EBITDA: ₹47 crore (up 31% YoY from ₹36 crore)
  • Operating EBITDA Margin: 13.5% (declined 10 bps YoY from 13.6%)

Order Book Position (as of September 30, 2026)

  • Manufacturing Order Book: ₹922 crore
  • EPC Order Book: ₹1,963 crore
  • Total Order Book: ₹2,885 crore

Post-Quarter Order Updates

  • Received new orders worth ₹386 crore across conductors, cables and underground distribution infrastructure
  • Currently L1 (lowest bidder) in tenders worth ₹555 crore

Expansion Project - Ranihati Facility

  • Location: Ranihati (Amta Road, Ganesh Complex, Gate No. 1), Howrah, West Bengal
  • Land area: 15 acres
  • Capacity addition: 35,000 MT annually in phases
  • Current capacity: 40,000 MT of aluminium consumption per year
  • Expanded capacity: 75,000 MT total
  • Product expansion: Will include HT power cables up to 66 kV
  • Timeline: Commercial production under first phase expected to commence in Q4 FY27

Cash Flow and Operational Highlights

  • H1 FY27 generated positive Cash Flow from Operations of ₹56 crore
  • Company operates two manufacturing facilities in Howrah, West Bengal
  • Products used across power transmission and distribution, industrial applications, renewable energy projects, communication systems, electrical panels and railway networks
  • Operations span 26 states and four union territories in India
  • Exports to 17 countries
  • Manufacturing facilities hold multiple ISO certifications
  • In-house testing laboratory accredited by National Accreditation Board for Testing and Calibration Laboratories

Management Commentary

Mr. Devendra Goel, Managing Director, commented on growth drivers including renewable energy capacity additions, data center expansion, and continued investment in power infrastructure. Specific initiatives mentioned include Green Energy Corridor Phase III and infrastructure development under PM Gati Shakti. The company sees opportunities for specialized products, particularly HTLS conductors, as utilities seek to increase power transfer capacity across existing networks.

Forward-looking Priorities

  • Advance Ranihati expansion
  • Increase contribution of specialized conductors and cables
  • Execute order book efficiently
  • Focus on EPC opportunities where manufacturing capabilities and project experience offer competitive advantage, particularly in substations, distribution infrastructure and HTLS reconductoring