A conference call is scheduled for Thursday, July 30, 2026, at 10:30 AM (IST), details of which were previously intimated via letter dated July 24, 2026.

Financial Performance Highlights - Q1 FY27 (₹ in Million)

The company reported significant year-on-year growth in profitability:

  • Profit Before Tax (PBT): ₹1,408 million, up 109.7% YoY (from ₹671 million in Q1FY26) but down 6.4% QoQ (from ₹1,504 million in Q4FY26)
  • Profit After Tax (PAT): ₹1,057 million, up 111.7% YoY (from ₹499 million in Q1FY26) but down 11.4% QoQ (from ₹1,192 million in Q4FY26)
  • Revenue from Operations: ₹15,886 million, up 66.7% YoY (from ₹9,531 million in Q1FY26) and up 8.4% QoQ (from ₹14,650 million in Q4FY26)
  • Total Revenue: ₹16,037 million, up 67.0% YoY (from ₹9,600 million in Q1FY26) and up 8.6% QoQ (from ₹14,768 million in Q4FY26)

Profitability Metrics

  • Gross Profit: ₹3,894 million, up 60.6% YoY but only 2.6% QoQ
  • Gross Margin: 24.5% (down from 25.4% in Q1FY26 and 25.9% in Q4FY26)
  • EBITDA (Ex Other Income): ₹1,616 million, up 68.8% YoY but down 7.2% QoQ
  • EBITDA Margin (Ex Other Income): 10.2% (compared to 10.0% in Q1FY26 and 11.9% in Q4FY26)
  • EBITDA (Incl. Other Income): ₹1,766 million, up 72.1% YoY but down 5.0% QoQ
  • EBITDA Margin (Incl. Other Income): 11.0% (compared to 10.7% in Q1FY26 and 12.6% in Q4FY26)
  • PBT Margin: 8.8% (compared to 7.0% in Q1FY26 and 10.2% in Q4FY26)
  • PAT Margin: 6.6% (compared to 5.2% in Q1FY26 and 8.1% in Q4FY26)

Cost Structure

  • Cost of Materials Consumed: ₹11,992 million, up 68.7% YoY and 10.5% QoQ
  • Operating Expenses: ₹2,278 million, up 55.3% YoY and 11.0% QoQ
  • Depreciation and amortization: ₹225 million, up 9.3% YoY and 5.1% QoQ
  • Finance Cost: ₹133 million, down 10.7% YoY but up 2.5% QoQ
  • Tax: ₹351 million, up 103.9% YoY and 12.8% QoQ

Financial Ratios and Position

  • Net Debt/(Net Cash) to EBITDA (LTM): -0.2 (net cash position, improved from 0.9 in Q1FY26 and -0.9 in Q4FY26)
  • Debt to Equity: 0.3 (improved from 0.4 in Q1FY26 but increased from 0.1 in Q4FY26)
  • ROCE (%): 17.3% (improved from 13.5% in Q1FY26 and 16.9% in Q4FY26)
  • ROCE (% Adj. for Goodwill): 20.1% (improved from 16.9% in Q1FY26 and maintained from 20.1% in Q4FY26)
  • NWC Days: 71 (increased from 69 in Q1FY26 and 63 in Q4FY26). The disclosure notes that NWC days are higher due to maintaining higher strategic inventory levels to avoid supply chain constraints for critical components and cater to early ramp-up of select new customers.

Debt and Cash Position (as of 30-Jun-26)

  • Term Loan: ₹667 million (slight decrease from ₹676 million as of 31-Mar-26)
  • Working Capital Loan: ₹6,193 million (significant increase from ₹2,855 million as of 31-Mar-26)
  • Total Debt: ₹6,860 million (increased from ₹3,531 million as of 31-Mar-26)
  • Investments: ₹4,917 million (decreased from ₹5,092 million as of 31-Mar-26)
  • Cash and cash Equivalents: ₹3,167 million (slight increase from ₹3,111 million as of 31-Mar-26)
  • Total Cash & Equivalents: ₹8,084 million (including investments, decreased from ₹8,203 million as of 31-Mar-26)
  • Net Debt/(Cash): (₹1,224) million net cash position (reduced from net cash of ₹4,672 million as of 31-Mar-26)

Disclaimer Note

The presentation includes forward-looking statements subject to risks and uncertainties including pending regulatory proceedings, earnings fluctuations, growth management, intense competition, wage increases, customer acceptance, talent retention, acquisition integration, client concentration, reduced electronics demand, industry disruptions, strategic investments, withdrawal of government incentives, political instability, and unauthorized use of property.