• Event Type: Q2 FY27 Post Results Earnings Conference Call hosted by ICICI Securities
  • Event Date & Time: Monday, October 26, 2026 at 3:30 PM (time zone not specified)
  • Purpose: Discussion of quarterly results and business updates for Q2 FY27
  • Management Participants:
  • CMD Mr. Sanjay Lodha
  • Whole-time Director Mr. Navin Lodha
  • CFO Mr. Ankit Kumar Singhal
  • Chief Sales and Marketing Officer Mr. Hirdey Vikram
  • Chief Strategy Officer Mr. Mukul Kedia
  • Head of Uirtus Advisors (IR Advisor) Mr. Sanjeev Sancheti
  • Moderator: Ms. Seema Nayak from ICICI Securities
  • Recording Availability: The conference was recorded (specific hosting details not provided)
  • UPSI Statement: The management referenced the safe harbor statement in the earnings presentation, indicating standard compliance language regarding forward-looking statements

Financial Highlights Discussed

Q2 FY27 Performance:

  • Revenue from operations: INR1,323 crores (335.7% YoY growth, 61.4% QoQ growth)
  • Operating EBITDA: INR197 crores (334% YoY growth, 63.7% QoQ growth)
  • Operating EBITDA margin: 14.9%
  • PAT: INR137 crores (334.8% YoY growth, 60.2% QoQ growth)
  • PAT margin: 10.2%

H1 FY27 Performance:

  • Revenue from operations: INR2,143 crores (254.2% YoY growth)
  • Operating EBITDA: INR323 crores (257.7% YoY growth)
  • Operating EBITDA margin: 15.1%
  • PAT: INR222 crores (258.5% YoY growth)
  • PAT margin: 10.3%

Segment-wise Revenue Breakdown (Q2 FY27):

  • AI systems: INR773 crores (58.4% of revenue, 1,068.1% YoY growth)
  • HPC: INR248 crores
  • Private cloud: INR245 crores

Order Book & Pipeline:

  • Order book as of September 30, 2026: INR2,629 crores
  • Additional L1 position: INR653 crores
  • Active pipeline: Approximately INR11,152 crores
  • Conversion rate: ~60%

Balance Sheet Highlights:

  • Net cash position: INR14 crores (zero net debt)
  • Unutilized QIP proceeds: ~INR403 crores
  • Cash conversion cycle: 94 days
  • Receivable days: 62 days
  • Inventory days: 117 days (intentional for order book execution)
  • Return on equity: 31.4%
  • Return on capital employed: 38.6%

Strategic Updates:

  • Successfully raised INR1,200 crores through QIP (first capital raise since July 2023 listing)
  • Board approved establishment of wholly owned subsidiary in Taiwan for R&D advancement
  • Advancing initiatives in physical AI and quantum computing (R&D on quantum simulators and emulators)
  • Targeting INR4,000 crores revenue for FY27
  • Expecting 30-40% CAGR growth for next 2-3 years
  • Execution timeline: 10-16 weeks for orders
  • Working capital cycle expected to operate between 90-110 days

Additional Notes Section

  • The document includes the full transcript of the earnings conference call
  • No financial data attachments were mentioned in the disclosure
  • The company emphasized its focus on Make in India, chip-agnostic design philosophy, and end-to-end solution deployment expertise
  • Management highlighted strong demand from both government and enterprise segments for AI infrastructure