Nature of Disclosure: Earnings presentation for the quarter and half year ended September 30, 2026 (Q2 & H1 FY27), submitted to BSE and NSE pursuant to SEBI Listing Regulations.

Financial Performance Q2 FY27:

  • Total Income: ₹321.55 Cr, up 43.8% YoY and 22.2% QoQ
  • EBITDA: ₹36.91 Cr, up 25.3% YoY and 26.9% QoQ
  • PAT: ₹18.73 Cr, up 34.2% YoY and 32.8% QoQ
  • EBITDA Margin: 11.48% (up 42 bps QoQ)
  • PAT Margin: 5.83% (up 47 bps QoQ)
  • EPS: ₹1.75, up 23.1% YoY
  • ROCE: 6.39% (not annualized)
  • Net Debt to Equity: 0.37x

Financial Performance H1 FY27:

  • Total Income: ₹584.62 Cr, up 22.4% YoY
  • EBITDA: ₹66.00 Cr, up 13.7% YoY
  • PAT: ₹32.83 Cr, up 17.4% YoY
  • EBITDA Margin: 11.29%
  • PAT Margin: 5.62%
  • EPS: ₹3.09, up 9.3% YoY
  • ROCE: 11.30% (not annualized)
  • Net Debt to Equity: 0.37x

Operational Highlights:

  • Alu-Zinc Coated Steel capacity utilization: 60.05% in Q2 FY27
  • Pre-Painted Steel capacity utilization: 101.12% in Q2 FY27
  • Export contribution: 80% of order book (₹420 Cr out of ₹525 Cr total orders)
  • Domestic contribution: 20% of order book (₹105 Cr)

Strategic Expansion Plans:

  • Pre-Painted Steel capacity expansion: Increasing from 86,000 MTPA to 236,000 MTPA by Q2 FY27 (Phase 1)
  • Alu-Zinc Coating capacity expansion: Doubling from 180,000 MTPA to 360,000 MTPA by FY28 (Phase 2)
  • Cold Rolling Mill complex: 360,000 MTPA capacity targeted for FY28 with estimated capex of ₹200 Cr
  • Captive Solar Plant: 7MW capacity with dual axis tracker technology, expected commissioning by Q3 FY27 with capex of ₹30 Cr, expected to reduce power costs by 40% and generate annual savings of ₹7 Cr

Balance Sheet Position (H1 FY27):

  • Net Worth: ₹385.36 Cr
  • Total Borrowings: ₹185.30 Cr (Long Term: ₹121.52 Cr, Short Term: ₹63.78 Cr)
  • Cash & Bank Balance: ₹41.80 Cr
  • Inventories: ₹389.66 Cr
  • Trade Receivables: ₹139.58 Cr
  • Total Assets: ₹893.05 Cr

Management Commentary:

Strong performance driven by robust export demand, improved realizations, and growing Alu-Zinc contribution. Focus on niche applications including dry wall systems, metal ceilings, and metal roofing. Priorities remain centered on capacity expansion, cost optimization, and operational excellence. FY29 vision aims to triple output, revenue, and EBITDA.

Credit Ratings:

  • Acuité upgraded long-term and short-term ratings to A and A1 from A(-) and A2 respectively
  • D&B assigned credit rating of 4A2