• Event Type: Earnings call for Q2 and H1 FY27 results discussion and business update, hosted by Finportal.
  • Date and Time: The call was held on November 03, 2026 (time zone not specified in transcript).
  • Purpose: Discussion of operational and financial performance for second quarter ended September 30, 2026, followed by business developments, strategic priorities, and outlook.
  • Management Participants: Mr. Vijay Sanghavi (Managing Director), Mr. Ajay Panchal (General Manager of Finance), Ms. CA Swati Jagtap (Finance Analyst).
  • Presentation Availability: The presentation was shared on the exchange and referenced during the call.
  • Compliance Statement: The transcript includes forward-looking statements disclaimer noting they are based on current expectations and subject to risks and uncertainties.

Financial Highlights Discussed

  • Q2 FY27 Financial Performance: Revenue from operations ₹387 crores (35.46% YoY growth), EBITDA ₹42.13 crores (38.85% YoY growth), PAT ₹24.07 crores (55.97% YoY growth).
  • Margins: PAT margin at 6.22%, EBITDA margin at 10.82%.
  • Returns: Return on equity at 9.66%, return on capital employed at 13.31%.
  • Annual Guidance: Previous guidance of ₹750 crores top line from five CCL lines with 20% EBITDA and 13% PAT margins, pending revision due to 300% CCL price increases.

Business Updates

  • CCL Project Status: Civil work 75% complete, machinery expected mid-November arrival, 45-day installation period, trial runs targeted December 20th - January 20th.
  • Capacity Ramp-up Plan: First line target 30% utilization February, 60% March, 85% April 2027; subsequent lines planned June 2027, September 2027, January 2028, April 2028.
  • Market Context: Indian PCB market expected ₹1,76,790 crores by 2032; Indian CCL market expected ₹30,000 crores by 2031.
  • Investment: ₹338 crores planned investment over 2-3 years under ECMS scheme, plus ₹86 crores for captive solar plant.

Additional Notes

  • Attachments: Transcript was annexed to the regulatory filing and available at https://ratnaveer.com/documents/audiorecording/2627/RatnaveerQ2H1FY27EarningsCallTranscript.pdf
  • Financial Data: Extensive financial data was disclosed and discussed during the call including quarterly results, margins, and future projections.
  • Regulatory Compliance: Filed pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.