Financial Performance Summary

Revenue Performance:

  • Revenue from Operations for Q1 FY27: ₹529.4 crores
  • Year-over-Year Growth: +17.4% (vs. ₹450.9 crores in Q1 FY26)
  • Quarter-over-Quarter Change: -7.7% (vs. ₹573 crores in Q4 FY26)

Profitability Metrics:

  • EBITDA including other income: ₹37.8 crores
  • EBITDA Margin: 7.1% (improved 44 bps QoQ and 3 bps YoY)
  • Operating Profit (excluding other income): ₹34.7 crores, up 129.2% YoY
  • Operating Margin: 6.6% (expanded 320 bps YoY and 136 bps QoQ)
  • PAT: ₹19.7 crores, up 3.7% YoY and down 4% QoQ
  • PAT Margin: 3.7%
  • Earnings Per Share: ₹0.64

Business Segment Performance

Geographic Revenue Mix:

  • Export Revenue: ₹155 crores (29% of total revenue), up ~77% QoQ
  • Domestic Revenue: ₹374 crores (71% of total revenue)

Domestic Business Breakdown:

  • B2B Industrial Business: ₹296 crores (92% YoY growth)
  • B2C Retail and Distribution: ₹44 crores (15% YoY growth)
  • B2G Government and PSU Business: ₹35 crores

Product Segment Performance:

  • Power Cable Segment: 57.2% of Q1 revenues

Order Book Position

  • Total Order Book as of 30th June 2026: ₹615 crores
  • Domestic Orders: ₹518 crores
  • Export Orders: ₹97 crores
  • Power Cable Orders: ₹455 crores (74% of total order book, up 27% YoY)

Operational Metrics

  • Working Capital Cycle: 96 days (improved from 101 days in Q4 FY26)
  • Receivable Days: 64 days (improved from 79 days at March 2026 end)
  • Capacity Utilization: Optimal utilization at Dharuhera and Khushkhera plants

Capital Structure and Financing

Equity Raise:

  • Successfully completed fresh equity raise of approximately ₹122 crores during the quarter
  • ₹65 crores earmarked for Narmadapuram capex
  • Balance strengthens working capital position

Balance Sheet Position:

  • Net Worth: Strengthened from ₹778 crores (March 2026) to ₹894 crores (June 2026)
  • Debt-Equity Ratio: Remained comfortable at 0.15x
  • Target debt-equity ratio for Narmadapuram project: below 0.3x

Expansion Project - Narmadapuram Facility

Project Status:

  • Greenfield manufacturing facility in Madhya Pradesh
  • Critical plant and machinery already ordered
  • Civil construction mobilization has begun
  • Expected partial commissioning: Q1 FY28

Financial Projections:

  • FY28 Revenue Target: ₹500 crores
  • FY29 Revenue Target: ₹1,200 crores (at ~75% capacity utilization)
  • Total Project Cost: Approximately ₹300 crores for Phase 1
  • Capex Spent Till Date: ₹30+ crores

Product Focus:

  • Facility fungible with existing 11KV, 33KV, and 66KV products
  • 132KV approvals expected within 6-12 months of production commencement
  • Exploring 220KV and 400KV capabilities
  • E-Beam cables part of Phase 1 capex with longer gestation period

Market Outlook and Guidance

Export Market Recovery:

  • US market normalized following Supreme Court invalidation of IEEPA tariffs
  • Export guidance for FY27: ₹700-800 crores
  • US remains single largest and most important export market

Margin Guidance:

  • Target to return to FY25 margin levels by Q4 FY27
  • Expect gradual margin improvement throughout FY27
  • Pre-tariff export margins were 1.5% higher than domestic margins

Growth Outlook:

  • FY27 Revenue Growth Expectation: 15-20%
  • Five-year vision: Reach revenues of ₹5,000 crores by FY31

Product Development Initiatives

US Market Expansion:

  • Expanding beyond 600V cables to include solar cables (higher voltage)
  • Data center-related products with existing approvals
  • Solar cable exports already commenced

New Product Initiatives:

  • HTLS (High Temperature Low Sag) conductors: ₹100 crores business in hand
  • E-Beam cables for defense, railways, and shipbuilding applications
  • Optical fiber cables participating in data center demand

Risk Management

  • Metal price volatility managed through immediate hedging (book metal next working day after order receipt)
  • Firm price orders limited to 3-4 month delivery period
  • Export customers now accepting tariff risk (duty changes charged to buyer account)

Management Commentary Highlights

  • Industry backdrop supportive with power infrastructure spending, renewable capacity addition, and construction momentum
  • Domestic demand remains healthy across power, infrastructure, railways, metro electrification, and data centers
  • Multi-year structural expansion phase for Indian wires and cables industry
  • Organized players with diversified portfolios and export relationships positioned to capture disproportionate share