Event Type: Q2 FY27 Earnings Conference Call hosted by Nuvama Institutional Equities

Event Date and Time: Wednesday, November 4, 2026 (time not specified)

Purpose: Discussion of Unaudited Financial Results for quarter and half year ended September 30, 2026

Management Participants:

  • Mr. Randeep Narang - Managing Director and Chief Executive Officer
  • Mr. Rajesh Neelakantan - Group Chief Financial Officer and Chief Strategy Officer
  • Mr. Deepak Khandewal - Chief Financial Officer

Moderator: Ms. Bhakti Shewale from Nuvama Institutional Equities

Availability of Materials: Transcript edited for factual and grammatical errors; audio recordings uploaded on stock exchange and company website on November 4, 2026

Financial Period Discussed: Quarter and half year ended September 30, 2026 (Q2 FY27)

Financial Highlights:

  • Revenue from operations: INR2,056 crores (32% YoY growth)
  • EBITDA: INR238 crores (28% YoY growth)
  • EBITDA margin: 11.6%
  • Profit before tax: INR158 crores (26% growth)
  • Profit after tax: INR104 crores (12% growth)
  • H1 FY27 revenue: INR3,792 crores
  • H1 FY27 EBITDA: INR441 crores
  • H1 FY27 PAT: INR212 crores

Operational Highlights:

  • Order book: INR14,218 crores as of September 30, 2026
  • Post-quarter orders: INR1,747 crores declared
  • Annual order intake guidance: INR10,000+ crores
  • Tower manufacturing capacity: 1,84,400 metric tons per annum
  • Conductor capacity: 40,800 kilometers per annum (after Phase 1 expansion)
  • Planned expansion to 200,000 tons for towers and 49,500 km for conductors by year-end
  • Cash flow from operations: INR435 crores in H1 FY27
  • Net working capital cycle: 82 days
  • Net debt: INR143 crores

Strategic Initiatives:

  • Won 5 conductor jobs in India using own manufactured carbon core HTLS conductors
  • Board approved acquisition of 49% stake in SPV for 990 MW AC solar projects in Maharashtra
  • Starting small quantities for US and other developed markets
  • Secured greenfield GIS project in Jordan (400kV and 765kV transmission lines)
  • Evaluating opportunities in BESS and data centers

Forward-looking Statements:

  • Guidance: 20% growth for at least next 3 years
  • EBITDA margin target: 11%+
  • PAT margin expectation: 5.5%-6%
  • Domestic-international mix target: 60-40
  • Product sales target: Increase from current 2-5% to 7%

Compliance 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 are not guarantees of future performance.

Additional Notes Section

Attachments: Transcript of earnings call (edited version)

Financial Data Disclosure: Extensive financial data was disclosed including revenue, EBITDA, PAT, margins, order book, capacity metrics, and cash flow information.

Geographic Business Mix: Currently 62% domestic, 38% international, targeting 60-40 mix going forward

Tax Note: One-off tax provision in September quarter; normal tax rate expected to be 25-26% going forward

Pledge Disclosure: Small 2-3% pledge with promoter for short-term borrowing, expected to be removed in 6-9 months