Type of Event: Q4 FY26 Earnings Conference Call held post-approval of audited financial results

Date and Time: Wednesday, May 27, 2026 (specific time not mentioned in transcript)

Purpose: Discussion of quarterly results and strategic update following approval of audited financial results for quarter and year ended March 31, 2026

Timing Relative to Earnings: Call held after earnings announcement and results approval

Management Participants:

  • Mr. Randeep Narang – Managing Director and Chief Executive Officer
  • Mr. Deepak Khandelwal – Chief Financial Officer

Moderator: Mr. Harshil Shah – PhillipCapital India Private Limited

Availability of Materials: Transcript edited for factual and grammatical errors; audio recordings uploaded on stock exchange and company website on May 27, 2026, will prevail in case of discrepancy

UPSI Statement: The conference call contained forward-looking statements based on beliefs, opinions, and expectations of the company as of the call date, with disclaimer that these statements are not guarantees of future performance

Financial Period Discussed: Q4 FY26 and Full Year FY26 (ended March 31, 2026)

Forward-Looking Statements and Strategic Themes:

  • FY27 revenue growth guidance: 20-22%
  • FY27 EBITDA margin guidance: ~11%
  • Order intake target for FY27: INR10,000-11,000 crore
  • Focus on maintaining ROCE above 24%
  • Working capital days target: sub-80 days (from current 81 days)
  • Continued international expansion in Africa, SAARC, GCC regions
  • Emphasis on multilateral development bank funded projects for risk management

Financial Highlights from Call:

  • FY26 Revenue: INR6,880 crore (30% YoY growth)
  • FY26 EBITDA: INR820 crore (21% YoY growth)
  • FY26 EBITDA Margin: 11.92%
  • FY26 PAT: INR421 crore (28% YoY growth)
  • Q4 FY26 Revenue: INR1,863 crore
  • Q4 FY26 EBITDA: INR207 crore (11.08% margin)
  • Q4 FY26 PAT: INR96 crore
  • Working Capital Days: 81 days (improved from 91 days in FY25)
  • Operating Cash Flow: INR817 crore (more than doubled YoY)
  • Net Debt Reduction: INR80 crore (30% reduction YoY)
  • ROCE: 25.79% (consistently over 24% for three years)
  • Dividend: 100% on equity share capital (INR2 per equity share)

Operational Highlights:

  • Order Book: INR16,361 crore (including L1 positions)
  • FY26 Order Inflows: INR8,520 crore
  • Capacity Expansion: Tower manufacturing capacity more than doubled; conductor capacity to double by Q2/Q3 FY27
  • Projects Completed: Seven 765 kV transmission projects in India; Phase 1 of Bangladesh river crossing transmission line
  • International Presence: Expanded to Abu Dhabi, Tunisia, Djibouti, Botswana
  • Business Mix: ~90% Power T&D, ~10% other businesses (civil, railways)
  • Geographic Mix: ~50% domestic, ~50% international revenue

Additional Notes Section

Attachments: The regulatory filing indicates the transcript was enclosed as an attachment to the exchange communication

Financial Data Disclosure: The announcement contained extensive financial data from the earnings call including actual FY26 results, Q4 FY26 results, and forward guidance for FY27

Compliance Language: The document includes standard forward-looking statement disclaimers but does not explicitly state that no UPSI will be shared