Event Type: Q1 FY27 Earnings Conference Call held on August 10, 2026, to discuss quarterly results and business outlook.

Date and Time: The conference call was held on August 10, 2026. Specific time and time zone were not disclosed in the transcript.

Purpose: Discussion of Q1 FY27 performance, financial results, order book position, business developments, and outlook for upcoming periods.

Management Participants:

  • Mr. Rohit Sajja – Executive Director
  • Mr. S.K. Ramaiah – Director, Business Development
  • Mr. N. Nani Aravind – Chief Financial Officer

Moderator: Ms. Juili Baviskar from Ashika Institutional Equities

Financial Period Discussed: Q1 FY27 (Quarter ending June 2026)

Key Financial Highlights:

  • Total Revenue: INR 1,632 crores (26% YoY growth)
  • EBITDA: INR 176 crores at 10.8% margin (3% YoY decline)
  • Profit After Tax: INR 89 crores (11% YoY increase)
  • PAT after Minority Interest: INR 80 crores (53% YoY increase)
  • EPS: INR 25.23 (vs INR 16.61 in Q1 FY26)

Revenue Mix by Business Segment:

  • O&M Business: INR 431 crores (8% YoY growth)
  • Civil Segment: INR 796 crores (28% YoY growth)
  • Industrial Construction: INR 217 crores (13% YoY decline)
  • Industrial EPC: INR 96 crores
  • Mining Business: INR 84 crores (223% YoY growth)

Geographical Revenue Mix: 96% domestic, 4% international

Sector-wise Revenue: Power segment contributed 54%, non-power segments 46%

Order Inflow & Backlog:

  • Q1 Order Inflow: INR 1,864 crores (15.5% of annual target of INR 12,000 crores)
  • Key award: O&M of Mumbai Monorail (entry into urban mobility space)
  • Total Order Backlog (including MDO): ~INR 55,398 crores
  • Executable Order Book (excluding MDO): ~INR 16,229 crores

Business Outlook and Guidance:

  • FY27 Revenue Guidance: INR 7,300 crores
  • FY27 EBITDA Margin Guidance: 12.5%
  • MDO Revenue Target: INR 500 crores for FY27 (INR 350 crores from KBP, INR 150 crores from Tasra)
  • Expected MDO margins: 15-16% for KBP mine, blended 20-21% at peak capacity
  • Target 0.5% annual margin improvement reaching ~14% by 2030

Opportunity Pipeline:

  • Power sector opportunities: INR 20,500 crores
  • Infrastructure opportunities: INR 8,500 crores
  • Total mapped opportunities: INR 70,000-75,000 crores
  • Tracking 58,000 MW of power capacity ordering from BHEL, L&T, Adani, JSW

Compliance Statement: The document is a regulatory filing pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, containing the transcript of the earnings conference call.

Additional Notes Section

The document includes the complete transcript of the Q&A session with analysts covering detailed discussions on:

  • Margin drivers and cost impacts from Middle East conflict and royalty changes
  • MDO project execution timelines and ramp-up plans
  • KRBM project details (INR 700-750 crore revenue, 10% margin)
  • Raw material cost impacts (steel, diesel, gases) and escalation clauses
  • O&M business growth trajectory and margin profile (18% margins)
  • Execution capacity (4,000 engineers, 50,000 workforce, ability to handle INR 10,000 crore revenue)
  • Power sector capacity expansion plans (Adani: 18,330 to 42,000 MW; NTPC: 67 to 91 GW; JSW: 5,658 to 30,000 MW)
  • International business focus on Middle East and West Africa