Nature of the Event

Key Quantitative Figures (Q1 FY27)

  • Revenue: ₹95.36 crore, a 279% increase year-on-year.
  • Operating Profit: ₹11.04 crore, a 980% increase year-on-year.
  • Profit After Tax (PAT): ₹6.39 crore, a positive swing from a loss of ₹0.42 crore in Q1 FY26.
  • EBITDA Margin: 11.9% for the quarter.
  • Unexecuted Order Book: ₹142.39 crore as of June 30, 2026.
  • Active Order Pipeline: ₹150 crore.
  • Total Order Visibility: ₹292 crore.

Product-wise EBITDA Margins (Q1 FY27)

  • LT Cables and Conductors: 6.5%
  • HT Cables: 7%
  • Winding Wires: 24.39%

Strategic Updates and Management Commentary

Product Mix Strategy: The primary focus is to shift the revenue mix towards higher-value HT and MVCC cables. The current contribution of these products is 5-10% of revenue. The target is to increase this to 50% by the end of FY27. The expected FY27 revenue mix is projected to be roughly balanced at ~30-35% each across HT/MVCC, LT/conductors, and winding wires.

Margin Potential: Management stated that HT and MVCC cables have the potential to generate approximately 20% net margins at the product level as volumes scale and operating leverage improves.

Capacity Expansion: A capital expenditure (capex) of ₹15-20 crore is planned for FY27, primarily for machinery and expansion. This will increase total manufacturing capacity from 7,500 Km p.a. to 12,000 Km p.a. (+60%), with commercial operations from the new capacity expected to commence in February 2027. The new capacity has a peak revenue potential of ₹700-800 crore.

Order Book & Bidding: The unexecuted order book of ₹142.39 Cr is expected to be executed over the next ~3 months. The order-book mix is ~30% HT cables + MVCC, ~35% LT cables & conductors, and ~35% winding wires, with a ~50:50 split between government/DISCOMs and private/EPC customers. The company is regularly bidding on ₹800-1,200 crore of tenders with an expected conversion rate of 15-20%.

Long-term Vision: The company's longer-term vision includes an aggressive capacity build-out to reach a much larger scale in 2-3 years, supported by industry tailwinds such as T&D expansion, RDSS, reconductoring, the 24-hour supply push, and replacement demand. Opportunities in railways and defence are also being explored.

Parties Involved

The conference call was organized by Moonwalk Capital. Management participants included Mr. Vishal Jain (Chairman and Managing Director) and Mr. Ved Prakash (Chief Financial Officer).