Date: 07th November 2026

Financial Results (Consolidated)

Q2 FY2027 Performance:

  • Revenue from operations: ₹5,809.4 million, up 52.5% YoY from ₹3,809.4 million in Q2 FY2026
  • Quarter-over-quarter growth: 5.68% from Q1 FY2027
  • EBITDA: ₹239.55 million
  • Profit after tax: ₹148.4 million

H1 FY2027 Performance:

  • Revenue: ₹11,306.5 million, up 42.63% YoY from ₹7,927 million in H1 FY2026
  • EBITDA: ₹491.8 million against ₹382.64 million in H1 FY2026
  • Profit after tax: ₹319.7 million against ₹225.3 million in H1 FY2026
  • EBITDA per kg: ₹59, representing a 34% increase from approximately ₹44 per kg in H1 FY2026

Operational Updates

ALCU Subsidiary Progress:

  • Contributed approximately 20% of Q2 FY2027 revenue
  • Q1 ALCU revenue: ₹60 Crores, Q2 ALCU revenue: ₹110 Crores
  • Copper production lines running at healthy capacity utilization within 8 months of starting production (February 2026)
  • Aluminum line testing ongoing with customer approvals in process
  • New products launched: EV wires, round ripple wires, aluminum paper-covered wires
  • Production lines installed for: aluminum enameled wires and strips, paper-covered aluminum strips, PV ribbon for solar modules, copper busbars and foils
  • Exports commenced to Israel and Nepal
  • Target: Exports to contribute 25% of revenue once expansion complete

CTC (Copper Tin Coated) Project:

  • Plant nearing completion
  • Expected trial production by mid-December 2026
  • Expected revenue contribution from Q4 FY2027
  • Target market: large power transformers
  • Certification process for HVDC transformers may take 6-9 months after initial production

Capacity Expansion

ALCU Capacity Status:

  • Currently installed capacity: 10,000-11,000 metric tons
  • Expected full capacity installation: January 2027 (slight delay from original Diwali 2026 target)
  • Total planned capacity: 18,000 metric tons
  • Capex largely complete by end of Q3 FY2027
  • IPO funds for ALCU capex being used as planned, unspent amounts kept in fixed deposits

Market Outlook & Guidance

Management Commentary on Growth Drivers:

  • Renewable energy sector described as "very, very bullish" with expected acceleration
  • Power transmission segment showing growth
  • EV sector creating demand for charging infrastructure and related components
  • Data center applications generating orders for copper busbars
  • Middle East geopolitical issues creating focus on renewable power alternatives

Volume Expectations:

  • Q3 and Q4 traditionally better quarters
  • Expect improved volumes as operational issues resolved
  • Focus shifting from installation/construction to sales management

Margin Outlook:

  • Current EBITDA pressure due to fixed costs from new capacity before full volume ramp-up
  • Expect improved profitability as copper volumes rise, aluminum approvals convert to orders, and CTC production begins
  • FY2028 EBITDA per kg guidance: approximately ₹60-65

Q&A Highlights

Tax Notice Clarification:

  • Received tax notice for approximately ₹50 Crores
  • Assessment completed and filed for next stage
  • Management confident amount will reduce to "almost zero"

Volume Data Request:

  • Multiple analysts requested volume breakdown between old facility and ALCU
  • Management committed to including volume data in future investor presentations

Product Segment Focus:

  • PV ribbon business growing with solar module industry recovery
  • Initial exports to USA clients for PV products
  • Domestic focus for PV ribbon due to DCRP module requirements

Corporate Calendar

Next Update: Progress update on next earnings call

Investor Relations Commitment: Management committed to providing enhanced investor presentation including:

  • Volume data
  • Industry segment breakdown
  • Revenue by end-market (power transmission, renewable energy, EV, data centers)