Revenue from Operations: ₹521 crore, representing a 19.3% year-on-year (YoY) increase from ₹437 crore in Q1 FY26, but a 26.7% quarter-on-quarter (QoQ) decrease from ₹712 crore in Q4 FY26.
Operating EBITDA: ₹71 crore, a 34.2% YoY increase from ₹53 crore in Q1 FY26, but a 21.6% QoQ decrease from ₹90 crore in Q4 FY26.
Operating EBITDA Margin: 13.6%, compared to 12.1% in Q1 FY26 (an improvement of 150 basis points) and 12.7% in Q4 FY26.
Profit After Tax (PAT): ₹40 crore, a 32.4% YoY increase from ₹30 crore in Q1 FY26, but a 39.5% QoQ decrease from ₹66 crore in Q4 FY26.
PAT Margin: 7.6%, compared to 6.8% in Q1 FY26 (an improvement of 80 basis points) and 9.1% in Q4 FY26.
Basic Earnings Per Share (EPS): ₹1.65.
Segment-wise Financial Performance
Manufacturing Business
Revenue from Operations: ₹371 crore in Q1 FY27, a 6.5% YoY increase from ₹348 crore, but a 28.1% QoQ decrease from ₹516 crore in Q4 FY26.
Operating EBITDA: ₹49 crore, a 21.2% YoY increase from ₹41 crore, but a 23.2% QoQ decrease from ₹64 crore.
Operating EBITDA Margin: 13.3%, compared to 11.7% in Q1 FY26 and 12.5% in Q4 FY26.
EPC Business
Revenue from Operations: ₹150 crore in Q1 FY27, a significant 69.6% YoY increase from ₹89 crore, but a 23.2% QoQ decrease from ₹196 crore in Q4 FY26.
Operating EBITDA: ₹21 crore, a 78.7% YoY increase from ₹12 crore, but a 17.4% QoQ decrease from ₹26 crore.
Operating EBITDA Margin: 14.1%, compared to 13.4% in Q1 FY26 and 13.1% in Q4 FY26.
Order Book
Total Order Book as of June 30, 2026, stood at ₹3,059 crore, a 2.9% year-on-year decline.
The order book composition is:
Manufacturing Business: ₹1,046 crore
EPC Business: ₹2,013 crore
Order inflows during Q1 FY27 were ₹176 crore.
A key order secured during the quarter was an EHV substation order from Haryana Vidyut Prasaran Nigam Limited.
The results are the first unaudited quarterly results following the company's listing on September 3, 2026.
The company completed an IPO of ₹700 crore, including a fresh issue of ₹500 crore. Net proceeds were primarily used for repayment of borrowings and capex for manufacturing facilities.
The company has transitioned over three decades from a manufacturer to an integrated business combining product manufacturing with infrastructure EPC capabilities.
Looking ahead, the strategic priority is to use additional capacity to increase contributions from specialised conductors and cables. In EPC, the focus will be on substations and HTLS reconductoring opportunities.
Expansion / Capex Update
The company is developing the Ranihati facility to add 35,000 MT of capacity across three phases:
Phase 1: 10,000 MT targeted to commence operations in H2 FY27.
Phase 2: Approximately 11,000 MT targeted for Q3 FY28.
Phase 3: Approximately 14,000 MT targeted for Q1 FY29.
Upon completion, the total installed capacity will increase from 40,000 MT to 75,000 MT.
The expansion will increase capacity across existing product categories and add the capability to produce HT power cables up to 66 kV.
Post-Quarter Update
Subsequent to the quarter end, CRISIL Ratings upgraded the rating on the company's long-term bank facilities from 'CRISIL A/Stable' to 'CRISIL A+/Stable'.
The rating on the short-term bank facilities was reaffirmed at 'CRISIL A1'.
The company will not conduct an earnings call for Q1 FY27 due to the proximity to the end of Q2 FY27 on September 30, 2026.
The document includes standard cautionary language regarding forward-looking statements, noting they are based on estimates and subject to risks and uncertainties.
