• The document contains the transcript for the Q1 FY27 Earnings Conference Call held on August 19, 2026, submitted to the National Stock Exchange of India Limited pursuant to Regulation 30 of SEBI LODR Regulations, 2015.
  • The earnings call was moderated by representatives from EY LLP, with management participation from Mr. Sanjay Patel (Managing Director), Mr. Shabbir Merchant (Director), and the finance team.
  • Financial Performance Highlights for Q1 FY27:
  • Revenue from operations: INR 302 crores (21.9% YoY growth)
  • PAT: INR 31.2 crores (55.3% YoY growth)
  • EBITDA: INR 49.2 crores (74.8% YoY growth)
  • EBITDA margin: 16.3% (493 basis points expansion)
  • PAT margin: 10.3% (vs 8.1% in Q1 FY26)
  • Business Segment Performance:
  • Engineering & EPC segment grew 172.7% YoY
  • Revenue mix shifted to 99:1 (Engineering & EPC:Textiles) from 44:56 in Q1 FY26
  • Order book: INR 1,500 crores
  • Bidding pipeline: INR 2,400+ crores
  • Growth Initiatives & Guidance:
  • FY27 revenue guidance: INR 1,600 crores
  • Solar projects: 4 sites operational, remaining to be commissioned in Q2 FY27, commercial operations expected Q3 FY27
  • Defense business: Received ammunition manufacturing license for subsidiary Tembo Classic Engineering Pvt. Ltd. (76% ownership)
  • Defense facility in Amravati: First production expected Q4 FY27
  • Aerospace JV: Agreement with JR UAV Europe Italy and JR PROPO Japan through JR UAV Limited
  • UAV component manufacturing from Vasai facility expected Q3 FY27
  • Capacity & Utilization:
  • Vasai facility: Current utilization 35-40%, target 65-70% by FY27 end
  • Capacity: 1 lakh MTPA (split between ERW pipes and strut channels)
  • Financial Position:
  • Consolidated debt: INR 400 crores (includes INR 350 crores for solar projects)
  • Additional defense debt requirement: INR 250 crores for Phase 1
  • Working capital days: ~90 days, target 80-90 days
  • Future Projections:
  • Defense revenue target FY28: INR 300-350 crores (ammunition) + INR 100 crores (aerospace)
  • Defense EBITDA margin: 45-50%
  • Defense PAT margin: 30-35%
  • Solar revenue FY27: INR 50-60 crores, peak: INR 80-90 crores
  • Solar IRR: 15-16%
  • The company indicated that no unpublished price sensitive information (UPSI) would be shared during the call, and forward-looking statements were subject to risks and uncertainties.

Additional Notes Section

  • The document represents the full transcript of the earnings conference call including management presentations and Q&A session with analysts.
  • The transcript includes detailed financial data and forward-looking guidance as disclosed by management during the call.
  • No attachments were mentioned in the submission to the exchange.