• The document contains the transcript of the Q2 FY27 Earnings Conference Call held on Thursday, October 29, 2026 at 11:30 a.m. IST.
  • The purpose of the call was to discuss the company's financial results for the 2nd quarter and half year ended September 30, 2026 (FY27).
  • Management participants included Mr. Dinesh Kumar Agarwal (Whole-Time Director and Chief Financial Officer) and Mr. Sonal Jain (Head, Accounts and Taxation).
  • The call was moderated by Ms. Vidhi Vasa from MUFG Intime.
  • The transcript and investor presentation were made available on the company's website and stock exchanges.

Financial Highlights (Standalone):

  • Q2 FY27 Revenue: INR 560 crores (36% YoY growth from INR 411 crores)
  • Q2 FY27 EBITDA: INR 91 crores (22% YoY growth from INR 74 crores)
  • Q2 FY27 PAT: INR 60 crores (13% YoY growth from INR 53 crores)
  • Q2 FY27 EBITDA Margin: 16%
  • H1 FY27 Revenue: INR 1,179 crores (55% YoY growth from INR 760 crores)
  • H1 FY27 EBITDA: INR 196 crores (72% YoY growth from INR 114 crores)
  • H1 FY27 PAT: INR 133 crores (55% YoY growth from INR 86 crores)

Business Segment Updates:

Ash & Coal Handling Business:

  • Reported 36% YoY revenue growth in Q2 despite monsoon challenges
  • Maintaining 20-25% revenue growth guidance for coming years
  • Current order book: ~INR 1,700 crores
  • Volume target: 90,000 metric tonnes by Q4 FY27

Ready-Mix Concrete (RMC) Business:

  • New business segment representing forward integration
  • First plant at Charholi, Pune commenced operations on September 25, 2026
  • Additional plants operational at Hoskote (Karnataka) and Kalyan (near Mumbai)
  • Phased rollout planned across Mumbai, Bangalore, Hyderabad, Kolkata, and Chennai
  • Asset-light, lease-based model with zero capex
  • Plant capacity: 60 cubic meters per hour
  • Target volume: 4,000-4,500 cubic meters per month per plant
  • Led by Mr. Anil Kulkarni, industry veteran with 30 years experience

Wind Energy Business:

  • Q2 FY27 Revenue: INR 201 crores (vs INR 297 crores previous quarter)
  • Q2 FY27 EBITDA: INR 11.32 crores (vs negative INR 3 crores previous quarter)
  • Current order book: ~INR 1,100-1,200 crores
  • Executing orders for Torrent, KP Energy, and Jindal
  • Expecting large new order finalization within 30-45 days
  • FY27 execution target: INR 1,300-1,400 crores
  • Margin target: 4-5% EBITDA, 2.5-3% PAT for FY27
  • Indigenous manufacturing plant expected operational in 12-14 months

Green Mobility Business:

  • Q2 FY27 Revenue: INR 36 crores (10% QoQ growth from INR 33 crores)
  • Achieved positive EBITDA of INR 1.3 crores (vs INR 0.8 crores previous quarter)
  • Targeting PAT profitability within one year
  • Demerger process awaiting final NCLT approval (next hearing November 11, 2026)
  • Expected completion within 2-3 months subject to approvals

Additional Information:

  • Company confirmed no unpublished price sensitive information (UPSI) was shared during the call
  • Working capital cycle remains at ~130 days with zero bad debts
  • Cash and cash equivalents: INR 322 crores
  • Bank balance: INR 153 crores
  • Trade receivables: INR 1,251 crores
  • Finance costs increased due to TReDS platform usage for vendor payments

Additional Notes Section

  • The document includes the full transcript of the earnings conference call
  • No financial data was disclosed in the announcement itself beyond what was discussed in the call
  • The transcript was edited for factual errors with audio recordings taking precedence in case of discrepancy