Date: October 29, 2026

Financial Performance Summary

Q2 FY2027 (Quarter Ended September 30, 2026) Performance

Revenue & Profitability:

  • Revenue from Operations: ₹684.19 crores, representing a 42% increase compared to Q2 FY2026 (₹482.56 crores)
  • Operating Profit: ₹103.10 crores, showing 15% growth compared to Q2 FY2026 (₹90.00 crores)
  • EBITDA Margin: 15.46%, representing a 393 basis point contraction compared to Q2 FY2026 (19.39%)
  • Earnings Per Share (EPS): ₹84.10 per share, compared to ₹77.94 per share in Q2 FY2026

H1 FY2027 (Half Year Ended September 30, 2026) Performance

Revenue & Profitability:

  • Revenue from Operations: ₹1,227.98 crores, representing a 36% increase compared to H1 FY2026 (₹906.14 crores)
  • Operating Profit: ₹180.02 crores, showing 13% growth compared to H1 FY2026 (₹159.44 crores)
  • EBITDA Margin: 15.15%, representing a 319 basis point contraction compared to H1 FY2026 (18.34%)
  • Earnings Per Share (EPS): ₹174.26 per share, compared to ₹156.57 per share in H1 FY2026

Operational and Business Highlights

Order Book Position:

  • The company began FY2026-27 with an order backlog of ₹1,200 crores (10,270 MVA)
  • Fresh orders worth ₹1,941 crores (13,350 MVA) have been booked from April 2026 to date
  • The company is witnessing a healthy enquiry pipeline

Capacity Expansion:

  • The new state-of-the-art Extra High Voltage (EHV) Transformer manufacturing facility at Jarod commenced operations from October 7, 2026

Macroeconomic Context and Challenges

Global Economic Environment:

  • The global macroeconomic environment remains challenging with heightened uncertainty and volatility
  • Ongoing West Asia crisis and continuing Russia-Ukraine conflict contributing to market volatility
  • Brent crude oil prices have remained above USD 100 per barrel
  • Broader commodity price index, including metals and food grains, has witnessed an upward trend over the past year
  • Sustained increase in commodity prices has intensified inflationary pressures across major economies

Currency Impact:

  • Indian Rupee has remained under pressure amid geopolitical tensions from the West Asia conflict
  • Rupee has depreciated by approximately 7.5% over the past year
  • Prolonged period of geopolitical and policy uncertainty likely to continue with no immediate resolution in sight

Margin Pressure Factors:

  • Margins in the last 6 months impacted by multiple factors:
  • Elevated energy costs
  • Intensifying competition
  • Rise in commodity prices
  • Currency depreciation
  • Persistent inflationary pressure

Investment Impact:

  • During Q2 FY2027, increase in long-term GSEC yields compared to Q1 FY2027 resulted in negative Mark-to-Market (MTM) gains
  • Company states investment strategy is guided by long-term perspective
  • Reported losses characterized as mere accounting book entries

Management Outlook and Strategy

  • Management team described as well equipped to navigate challenging times
  • Company continues to pursue long-term growth strategy without running balance sheet risk
  • Aiming for healthy growth in top line in the current financial year
  • New orders will continue getting added to present order book
  • Some new orders expected to be invoiced in the current financial year