Event Type: Q1 FY27 Earnings Conference Call hosted by Dolat Capital Markets Private Limited

Date and Time: Monday, August 10, 2026 at 11:30 a.m. (IST)

Purpose: Discussion of quarterly results for the quarter ended June 30, 2026 (Q1 FY27)

Management Participants:

  • Mr. Jai Ram Oberoi - Whole-time Director
  • Mr. Pradeep Gupta - Whole-time Director
  • Mr. Ritesh Kumar Agrawal - Group Chief Financial Officer
  • SGA - Investor Relations Advisor

Moderator: Mr. Arafat Saiyed from Dolat Capital Markets Private Limited

Financial Period Discussed: Q1 FY27 (quarter ended June 30, 2026)

Financial Highlights Disclosed:

  • Revenue: INR780 crores (26.7% YoY growth)
  • EBITDA: INR106 crores (13.6% margin)
  • PAT: INR64 crores (8.3% margin)
  • Gross profit margin impacted by elevated commodity prices and changing revenue mix

Order Book Details:

  • DG set business order book as of July 31, 2026: INR1,700 crores
  • Data center-specific orders within DG business: INR900 crores (increased to INR1,100 crores by August 7, 2026)
  • Orders expected to be executed over next 12-18 months
  • Order book growth of 15-19% YoY

Business Segment Performance:

  • DG set business contributed 81.4% of total revenue with EBITDA margin of 5.6%
  • Within DG business, Cummins-powered engines contributed 72% of revenue
  • Allied business (EMI shelters, defense containers, acoustic enclosures, Schneider Electric Prisma panels) contributed 9% of revenue
  • Wind power contributed 18.6% of revenue with 28.8% YoY growth and 48.6% EBITDA margin
  • Within wind, IPP business contributed 11.5% and EPC/O&M for BOP contributed 7.1% of total revenue

Wind Power Business Update:

  • Executed PPA for 100 MW wind project for GUVNL at tariff of INR3.435/kWh for 25 years
  • Successful bidder for 50 MW wind project under GUVNL tender and 100 MW under SECI tender
  • Received LOA for SECI project, LOA awaited for GUVNL 50 MW project
  • Total IPP portfolio visibility: 638.35 MW (corrected from 633.55 MW mentioned on call)
  • Incorporated two wholly-owned subsidiaries: Windfusion Renewable Private Limited and Whisperwind Renewable Private Limited
  • Acquired 49% stake in Fuji-Kailash Energy Private Limited (renewable power generation)

Guidance and Outlook:

  • Reiterated double-digit revenue growth guidance for FY27
  • Margins expected to improve from Q3 FY27 onwards through operating leverage, product mix improvements, and growth in engineering-led solutions
  • Price hikes implemented in two phases: middle of Q1 and start of Q2

Awards and Recognition:

  • Excellence in Power Backup Solutions for Data Centers award at 25th Edition Data Center Summit and Awards 2026
  • Developer of the Year - Solar & Wind Award at MahaUrja Expo 2026 for Powerica Renewable Infra Private Limited

Additional Business Updates:

  • MSLG business: Won INR41 crores tender to be executed over 12-15 months; international inquiries resuming after geopolitical pause
  • RECD (Retrofit Emission Control Devices) business: INR16-17 crores revenue in Q1 affected by crisis and GRAP implementation in Northern Capital
  • Wind capacity addition timeline: 50 MW in FY27, 150 MW in FY28, 100 MW in subsequent year
  • EPC business expected to generate approximately INR400 crores revenue annually

Compliance Statement: The transcript represents the earnings conference call discussion and will be available on the company's website as required under Regulation 30 read with Para A of Schedule III of SEBI (LODR) Regulations, 2015.

Additional Notes Section

  • The document includes the full transcript of the earnings conference call held on August 10, 2026
  • The transcript contains detailed Q&A session with analysts from ICICI Securities, Nuvama Wealth, HS Investments, HUF Capital, ICICI Prudential, Dolat Capital, Growthx Capital, Capri Global, and Resonance Asset Managers
  • Financial data was disclosed as part of the earnings discussion