CONCALLS

MILKY MIST DAIRY FOOD LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 PERFORMANCE - Revenue grew 44% YoY to ₹973.45 Cr. - EBITDA increased to ₹144.89 Cr, with EBITDA margin at 14.9%. - PAT stood at ₹64.67 Cr, with PAT margin at 6.6%. - Gross margin stood at 34.2%, up nearly 270 bps. CATEGORY PERFORMANCE - Paneer volume/sales growth stood at 34%. - Cheese revenue grew 38%. - Curd revenue grew 27%. - Ice cream volume grew 45%, while revenue grew 60%. - Yogurt revenue grew 153% QoQ to ₹84.5 Cr. PANEER - GST on paneer becoming 0% has narrowed the price gap between organized and unorganized players. - FSSAI/state action against analog paneer is driving volume shift toward organized players. - Management expects strong paneer growth ahead. - Around 90% of India's paneer market remains unorganized, indicating significant opportunity. PROTEIN & WHEY - High-protein paneer, cheese and yogurt are already part of the portfolio. - Company generates around 1 million litres of cheese whey/day. - Whey protein extraction project will cater to B2B, B2C and internal consumption. - Plant expected to be operational in around 15–18 months. - Management expects meaningful margin and bottom-line contribution from whey protein. MILK PROCUREMENT - Daily milk procurement reached 13.2 lakh litres, up 28% YoY. - Landed procurement cost is around ₹45/litre, with ₹41–42/litre paid to farmers. - Third-party procurement is around 10–12% and is expected to decline gradually. - Procurement network is expanding across Tamil Nadu, Karnataka and Maharashtra. MARGINS - Value-added product mix is helping offset higher milk costs. - Company took around 10.5% price increase to offset input inflation. - Milk represents around 50–55% of total input cost. - EBITDA margin improved from 12.2% to 14.9% QoQ. - Management expects around 0.5% operating leverage from scale. - Further margin expansion expected from capacity utilization, product mix, asset sweating and market expansion. CAPACITY & CAPEX - New natural cheddar cheese plant commissioned with 120 MT/day capacity. - Significant headroom remains in ice cream, yogurt, cheese and other categories. - Current Perundurai infrastructure can potentially support revenue of around 3–3.5x FY26 at current MRP. - Planned investments include whey protein concentrate, lactose, natural cheese, processed cheese and yogurt. REGIONAL EXPANSION - Current revenue mix: approximately 69% South / 31% non-South. - South grew around 44% YoY, while non-South grew around 50% YoY. - Long-term mix could gradually move toward 60:40. - Maharashtra milk procurement has already started. - Proposed Maharashtra manufacturing setup is still at the drawing-board stage. - Procurement will be built ahead of the plant to target at least 40% utilization from day one. DISTRIBUTION - Presence across 22 states + 5 UTs. - Network of 4,200+ distributors. - More than 41,000 coolers/freezers/chocolate coolers deployed. - Plans to add 50,000+ additional coolers/freezers over 3 years. - Around 140 exclusive brand outlets currently operational. KEY TAKEAWAY - 44% growth + 14.9% EBITDA margin; paneer, protein & capacity utilization remain key growth drivers.

HAPPIEST MINDS TECHNOLOGIES LTD – COMBINATION UPDATE #Q1FY27 Proposed ITC Infotech Combination - Happiest Minds and ITC Infotech announced a proposed merger to accelerate the $1 Billion revenue target from FY31 to FY28. - Combined entity targets around $1 Billion revenue by FY28 with operating margin of around 18.3%+. - FY26 pro-forma combined revenue stood at approximately ₹7,033 Cr. - Combined entity would have 19,000+ professionals, 800+ customers and presence across 30+ countries. - On FY26 revenue, the combined company would rank around the 11th largest IT services company in India. Transaction Structure - Promoter Suta will sell 22.1% of his 44.2% holding in two tranches for aggregate cash consideration of around ₹1,330 Cr. - First tranche is linked to expected CCI approval in Q3, while the second follows shareholder approval. - Happiest Minds shareholders will receive 25 ITC Infotech shares for every 81 Happiest Minds shares. - Listing of the combined entity is expected in Q2–Q3 FY28. - Post-merger, ITC will hold ~73.4%, while public shareholders will hold 26.6%. - Suta is expected to hold around 7.55% in the combined listed entity and will no longer be a promoter. - Merger is expected to be completed over approximately 15 months, subject to regulatory and statutory approvals. Valuation - Happiest Minds valued at 15.1x FY26 EBITDA. - ITC Infotech valued at around 13.6x FY26 EBITDA. - Implied valuation: Happiest Minds around ₹6,167 Cr and ITC Infotech around ₹11,920 Cr. - Combined implied valuation stood at approximately ₹18,087 Cr. - Promoter transaction price averages around ₹395/share, versus assessed valuation of around ₹405/share. Strategic Rationale - Happiest Minds brings strengths in AI, data, cloud, digital engineering and cybersecurity. - ITC Infotech adds capabilities in SAP, PLM, enterprise transformation, Industry 4.0 and enterprise applications. - Combination creates an end-to-end technology proposition from strategy/design to engineering, modernization, operations and security. - Management sees strong potential for cross-selling and deeper account penetration. - Large customer overlap appears very limited or nil, creating greater cross-sell potential. - Cross-selling discussions will accelerate after CCI approval. Customer & Geographic Scale - Combined company will serve 800+ customers. - ITC Infotech has 50+ Fortune Global 500 and 60+ FTSE 100 customers. - Combined revenue mix expected at approximately 38% Americas, 31% Europe and 31% Rest of World. - Key vertical mix includes CPG & Retail 28%, BFSI 20%, Manufacturing & Industrials 17%, Travel & Hospitality 12%, with Healthcare and EdTech around 6–7% each. Growth & Synergies - ITC Infotech revenue increased from ₹2,246 Cr in FY20 to ₹4,718 Cr in FY26, largely through organic growth. - Management indicated historical growth has been predominantly organic, with limited acquisitions. - Combined entity aims to maintain a similar growth trajectory and reach $1 Billion revenue by FY28. - Growth target of around 14–15% CAGR is in INR terms. - Revenue synergies expected from cross-selling, larger transformation deals, deeper strategic accounts and broader industry solutions. - Larger scale should improve ability to win turnkey transformation programs. - Partner relationships with Microsoft, SAP, ServiceNow, PTC, Amazon and Google can be leveraged more effectively. Margin Outlook - Happiest Minds FY26 EBITDA margin was around 17.3%. - ITC Infotech FY26 EBITDA margin was around 18.3%. - Combined FY26 margin is estimated at around 18.1%. - Management does not expect margin dilution from the combination. - Target includes around 100 bps margin expansion through scale and operating efficiencies. - Potential benefits include lower SG&A per revenue, office consolidation and better employee utilization. - Both companies currently carry bench; combined workforce should allow faster deployment and improved utilization. AI Opportunity - AI remains central to the combined strategy as enterprises shift from experimentation toward enterprise-wide GenAI and agentic AI deployment. - Combined entity will have 9,000+ AI-trained professionals. - Happiest Minds brings digital/data/GenAI capabilities, while ITC Infotech adds physical, manufacturing and industrial AI. - Happiest Minds' Relai Build and ITC Infotech's IQ Studio/K-Fabric could potentially be harmonized. - Management has not yet quantified AI revenue contribution for the combined entity. Integration & Employees - Both companies will operate independently until required approvals are received. - Detailed leadership structure, incentives and responsibilities will be discussed after CCI approval. - Management intends to retain the strengths and people of both organizations. - Operational synergies are expected mainly after the merger is completed. - Immediate priority is cross-selling and revenue growth, followed by operational optimization. Key Metrics To Track - Management will monitor cross-sell index, large-deal proposal generation and conversion. - Order booking and TCV will be key indicators of whether the combination is accelerating growth. - Further details on integration and synergy opportunities are expected over the coming months. KEY TAKEAWAY - Merger creates ₹7,033 Cr scale, 19,000+ employees and a credible path to $1B revenue by FY28.

ARDEE INDUSTRIES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue stood at ₹338.8 Cr, up 35.2% YoY vs ₹250.6 Cr. - EBITDA stood at ₹33.8 Cr vs ₹33.9 Cr YoY. - EBITDA margin stood at 10%. - PBT stood at ₹26.7 Cr, up 5% YoY. - PAT stood at ₹19.9 Cr, up 6% YoY. - PAT margin stood at 5.9%. - Sales volume increased to 17,645 MT vs 15,529 MT YoY. - Revenue mix: 61.3% domestic and 38.7% exports. Capacity Expansion - Installed capacity increased 50.9% to 1,56,950 MTPA from 1,04,025 MTPA. - Expansion became effective from 29 May 2026. - Expansion was achieved through brownfield debottlenecking of the existing facility. - Around ₹15 Cr CAPEX was incurred for the expansion. - New capacity is primarily refining capacity and provides a future growth buffer. - Current utilization is around 65%. - Optimum plant utilization is around 70–75%. - Higher utilization is expected progressively, with FY28 offering better scope. - No immediate further capacity expansion is planned. Volume & Growth Outlook - Management targets broadly 10–20% volume/revenue growth for FY27. - Around 20% growth is the broad upper-end target. - Management remains conservative because of geopolitical and supply-chain uncertainty. - H2 is expected to be stronger than H1. - FY26 volume was around 70,000 MT. - FY27 volume could broadly reach around 84,000–85,000 MT. - Growth is expected to be driven by volume, not metal-price inflation. - Q1 finished-goods realization was around ₹2.09 lakh/MT. - If geopolitical conditions improve, growth and margins could outperform current guidance. Raw Material & Supply Chain - Middle East disruptions affected imported raw-material availability. - Higher freight costs and route blockages remain challenges. - Company deliberately avoided aggressive procurement during the disruption. - Management is developing domestic sourcing to diversify supply. - Domestic procurement has already started through corporates and auctions. - Domestic scrap is currently more expensive than imports. - Domestic sourcing also faces availability, pricing and GST-related challenges. - Import/domestic sourcing mix is expected to remain broadly similar if conditions normalize. - If disruptions persist, imports could decline with higher domestic sourcing. Margin Outlook - FY26 EBITDA margin was around 13%. - Q1FY27 EBITDA margin declined to 10%. - Management currently guides for around 10% margin for FY27. - Geopolitical uncertainty and higher freight costs are key margin pressures. - Domestic raw-material and petroleum-linked costs also impacted gross profit per tonne. - Q1 gross profit per tonne was around ₹34,500 vs ₹38,000 in Q4. - If market conditions normalize, margins can improve. - Management prefers conservative guidance amid current uncertainty. Exports - Export revenue increased from ₹81.6 Cr in FY24 to ₹465 Cr in FY26. - Company currently exports to 8 countries. - Exports contributed 38.7% of Q1FY27 revenue. - Export strategy supports capacity utilization, customer diversification and margins. - Management indicated export margins are slightly better than domestic business. - Working-capital requirement is broadly similar. - Ardee LED 99.97 has been empanelled with the London Metal Exchange (LME). - LME registration has increased international inquiries. - Company also has the ARDEE brand listed on MCX. - LME/MCX presence strengthens pricing transparency and global credibility. Lead Recycling & Circular Economy - Core business focuses on recycling lead-acid batteries and non-ferrous scrap. - Recycled material is processed into high-purity lead and specialized lead alloys. - Lead demand is supported by automotive, backup power, telecom and renewable-energy storage. - Management views the business as more than a commodity opportunity. - Circular production provides both economic and environmental advantages. - Focus remains on improving recovery rates, technology and recycling infrastructure. Lead Alloys - Alloy business currently contributes around 30–35% of production. - Company is focusing on increasing the share of specialized alloys. - Alloy ramp-up is gradual because of OEM approvals and qualification requirements. - Existing refining capacity can be utilized for either pure lead or alloys. - Higher alloy production can improve product diversification and customer relationships. Working Capital & IPO Proceeds - Current working-capital cycle is around 90–100 days. - FY27 gross working-capital requirement is expected at ₹400 Cr+. - Around ₹220 Cr of IPO proceeds is earmarked for working capital. - Funds will primarily support additional scrap procurement. - Company is developing new scrap sources across different global geographies. - Additional working capital will support selected export origins requiring higher customer credit. - IPO proceeds are also being used for debt reduction. Balance Sheet - Around ₹20 Cr long-term debt was repaid on 14 August. - Working-capital limit utilization is currently almost zero due to IPO proceeds. - Around ₹150 Cr is held in FDRs as interim deployment of IPO funds. - Management expects a positive balance-sheet and cash-flow impact during FY27. - Return ratios are expected to normalize after the equity infusion. - Management expects to maintain 20%+ return ratios in coming years. Customer Concentration - Business naturally serves a limited number of large customers. - Top 4–5 customers continue to account for a major share of business. - Largest-customer concentration has reduced from around 70% to 40%. - Management expects concentration to decline further as the company grows. - However, top customers will continue to contribute a significant portion of revenue. New Opportunities - Company is evaluating multiple growth opportunities beyond lead recycling. - Lithium-ion battery recycling is being evaluated, but no concrete entry plan has been finalized. - Management is also evaluating opportunities in other metal-recycling segments. - No immediate further expansion has been committed. - Focus remains on utilizing existing expanded capacity efficiently. KEY TAKEAWAY - ₹1,500 Cr order visibility; 10–20% growth target with margin upside if conditions improve.

MODISON LTD | GROWTH CATALYSTS Advanced Alloys & High-Performance Contacts - Developing advanced alloys and high-performance contact materials. - Target applications include EV infrastructure. - Renewable energy systems provide another growth avenue. - Industrial automation is an additional end market. - EV integration alone has increased demand for these materials by 51%. - Higher-value, application-specific products can improve product mix. - Exposure is shifting towards structurally faster-growing markets. India Power Equipment Upcycle - India plans to add nearly 470 GW of solar and wind capacity over the next decade. - Large-scale renewable additions require transmission and grid investment. - Indian switchgear market projected to grow from ~$11.33 Bn in 2025. - Market projected to reach ~$18.95 Bn by 2034. - Modison supplies electrical contacts into the switchgear ecosystem. - Transmission and grid capex can drive long-term demand. Export Expansion - Foreign exchange earnings rose to ₹90.16 Cr in FY25. - FY24 foreign exchange earnings stood at ₹67.17 Cr. - Management is targeting new export markets and customers. - Export growth can diversify the revenue base. - Greater exports can reduce dependence on domestic OEM customers. - Provides exposure to global electrification spending. Bank Facilities Enhancement - HDFC Bank long-term facilities increased from ₹90 Cr to ₹115 Cr. - Citi Bank added ₹25 Cr of rated facilities. - Total rated limits increased to ₹157.50 Cr. - Credit ratings: CARE A/A1. - Additional working-capital availability supports revenue expansion. - Provides funding flexibility for a working-capital-intensive business. Vapi Plant Restoration - Vapi plant was affected by a fire on 7 February 2026. - Operations were fully restored by 24 February 2026. - Production resumed just 17 days after the incident. - Restoration removes the immediate production-disruption risk. - Facility is back contributing to output. - Recovery comes amid a year of ~45% revenue growth. Dividend Increase - FY26 final dividend recommended at ₹3/share. - FY25 dividend was ₹2/share. - Dividend increased 50% YoY. - Indicates management confidence in earnings sustainability. - Net profit nearly trebled in FY26. - Higher payout adds to shareholder-return potential. KEY TAKEAWAY - Advanced materials can move Modison towards higher-value applications. - Renewable, transmission, EV and automation demand provide structural growth drivers. - Export expansion can diversify the customer and geography mix. - Enhanced banking facilities support working-capital requirements. - Vapi restoration removes a key near-term operational overhang. - The 50% dividend increase reflects improving earnings and cash-return confidence.

PRECISION CAMSHAFTS LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Standalone total income stood at ₹173 Cr, up 6.6% QoQ. - Standalone PAT stood at ₹14.88 Cr, up 12.5% QoQ. - Standalone EBITDA margin stood at 13%. - Standalone PAT margin stood at 9%. - Consolidated revenue stood at ₹200.8 Cr, down 2.4% QoQ. - Consolidated EBITDA margin stood at around 10%. - Consolidated PAT margin stood at around 4.2%. - Performance was delivered despite disruptions from the Middle East conflict. Indian PV Business - Indian passenger vehicle market continues to show strong growth. - New programs with Mahindra, Tata Motors and Maruti Suzuki started production in Q1. - These programs have moved from development/validation into commercial production. - Volumes are expected to progressively ramp up with customer production. - Several additional programs are expected to start production in coming quarters. - New orders have been secured from key customers. - Customers continue investing in capacity, new vehicle platforms and localization. - PCL is investing ahead in capacity, automation and technology. Order Book & Pipeline - Cumulative order book is approximately ₹1,500 Cr. - Order book is over and above existing business from existing and new customers. - Order book is not annualized and is spread over 4–5 years. - Company continues to work on additional opportunities. - New program launches should provide progressive volume ramp-up. - Management remains confident about the medium- to long-term standalone growth outlook. Capacity & Investment - Capacity readiness remains a key focus area. - Investments are being made ahead of customer requirements. - Automation and technology upgrades are being undertaken. - Focus is on ensuring adequate capacity for new program ramp-ups. - Management expects strong customer demand to support capacity utilization. - Capital allocation will remain disciplined and linked to growth opportunities. Memco Business - Memco generated revenue of around ₹14 Cr in Q1FY27. - Business continues strengthening relationships with key customers. - Major customers include Bosch, Delphi and Endress+Hauser. - Memco is also pursuing several new products. - Management remains focused on expanding the Indian business through Memco. eMOS Europe - eMOS Netherlands revenue stood at ₹13.8 Cr vs ₹29 Cr QoQ. - European e-mobility business has experienced a significant slowdown. - Management is taking a cautious approach toward near-term outlook. - Electrification of European passenger cars continues to progress. - Electric commercial vehicles remain considerably more challenging. - Electrically chargeable trucks represented only 4.8% of new EU truck registrations in H1 2026. - Reduced subsidies and insufficient enabling conditions are affecting EV adoption. - European OEMs are under pressure to improve competitiveness and reduce costs. - Customer decision-making has slowed and program visibility has reduced. - Focus is on protecting the business and carefully managing costs and investments. - Future decisions will depend on customer traction, cash requirements and returns. - Management has not indicated any immediate decision to wind up eMOS. e-Mobility India - Indian e-mobility business continues to progress. - Electric heavy commercial vehicle platform has been developed. - Vehicle has been delivered to a customer. - Customer evaluation and field trials are currently underway. - Management remains positive about the long-term opportunity. - Commercial scale-up will depend on successful customer evaluation. Diversification Strategy - Company does not intend to remain limited only to camshafts. - New product and market opportunities are actively being evaluated. - Focus remains primarily on Indian operations. - Memco is being used to develop several new products. - Management is actively evaluating acquisition opportunities within India. - Acquisitions could provide entry into new products, markets and customers. - Strategy is to strengthen and scale the core Indian business while selectively diversifying. Customer Programs - Several new customer programs entered commercial production in Q1. - Mahindra, Tata Motors and Maruti Suzuki programs are already underway. - Further programs are expected to commence in upcoming quarters. - Customer investments in localization provide opportunities for PCL. - Strong OEM engagement supports medium-term visibility. - Company is focused on deepening relationships with key customers. Management Strategy - Core Indian business remains the highest-conviction growth opportunity. - Management intends to invest selectively in capacity and automation. - New program execution remains a major priority. - Cost and capital discipline will remain important. - Company will not pursue growth merely for the sake of growth. - Focus remains on Indian growth, selective acquisitions and profitable execution. KEY TAKEAWAY - ₹1,500 Cr order book; Indian PV growth drives the core opportunity.

AVANTI FEEDS LTD – CONCALL HIGHLIGHTS #Q1FY27 Financial Performance - Consolidated gross income stood at ₹1,966 Cr, up 19% YoY and 30% QoQ. - Consolidated PBT stood at ₹157 Cr, down 37% YoY and 15% QoQ. - Feed division gross income increased 27% YoY to ₹1,615 Cr, driven by higher volumes. - Feed sales volume increased 17% YoY to 1,93,852 MT. - Feed division PBT declined 45% YoY to ₹114 Cr due to sharply higher raw-material costs. - Feed PBT margin declined to 7.06% vs 17% in Q1FY26 and ~13% in Q4FY26. Raw Material Cost Pressure - Fish meal consumption price increased to ₹153/kg vs ₹93/kg YoY and ₹123/kg QoQ. - Soybean meal increased to ₹58/kg vs ₹40/kg YoY and ₹49/kg QoQ. - Current purchase prices: fish meal ₹225/kg, soybean meal ₹71/kg and wheat flour ₹33/kg. - Rising fish meal and soybean meal prices remain the key profitability concern for the feed business. - Management expects raw-material prices to stabilize in coming months with fresh crop arrivals and easing El Niño effects. Feed Volume Outlook - Shrimp production for CY26 estimated at 8-9 lakh MT, with feed consumption of 11-12 lakh MT. - FY26 feed sales were around 5.62 lakh MT. - FY27 feed sales target is around 5.85 lakh MT, implying roughly 4% growth. - Current shrimp culture activity is described as good, supported by favorable climate and farmgate prices. - Main concern remains the sharp increase in farmers' production costs. Feed Pricing - Company took around 10% price hike during 19-20 June. - Q2 could remain a pain point before the benefit of price hikes and potential government intervention flows through. - Pricing decisions remain dependent on farmer affordability, sustainability and government considerations. - Company is working on formulation and quality improvements to reduce raw-material usage without compromising feed performance/FCR. Shrimp Processing & Exports - Processing division gross income was ₹350 Cr, down 7% YoY and 22% QoQ. - Sales volume declined 16% YoY and ~15% QoQ. - PBT before exceptional items stood at ₹45 Cr vs ₹25 Cr YoY. - Profit remained resilient despite lower volumes due to better realization, operational efficiency, favourable FX and higher other income. - FY26 company shrimp exports stood at 16,976 MT, up from 14,149 MT. - FY27 export volume is expected at around 19,000 MT. Global Shrimp Market - India exported 7,92,647 MT of frozen shrimp worth around $5.62 Bn in FY26. - US accounted for 33%, China 21%, EU 17% and Southeast Asia 11% of exports. - US export volume declined 17.9%, while China and EU volumes increased 24% and 36%, respectively. - Management continues to focus on market diversification as global trade barriers and tariffs remain key risks. US Reciprocal Tariff - Refund related to reciprocal tariffs remains pending. - Entries are under ADD/CVD review and suspension, and CBP will not process the reciprocal tariff amounts until suspension is lifted. - Company has declared the relevant entries as advised by its legal counsel/customs broker. Pet Food Business - Avant First continues to see encouraging response across dog and cat food. - Q1FY27 sales increased to ₹1.80 Cr from ₹1.51 Cr in Q4FY26. - Company is expanding from Tier-1 into Tier-2 and Tier-3 cities. - Products are available through e-commerce platforms including Amazon and Supertail. - New flavours and variants are planned to broaden the product portfolio. - Around ₹175 Cr investment is estimated for the pet-food project; land worth around ₹25 Cr has already been purchased near Hyderabad. - Manufacturing facility construction will begin after required government approvals. Industry Outlook - Aquaculture industry is facing pressure from higher feed costs, volatile farmgate prices and global trade uncertainties. - Feed is the largest operating cost for shrimp farmers. - Management highlighted the need for a balance between farmers, feed manufacturers and exporters. - Government and industry stakeholders are working on a potential price mechanism linked to major feed inputs. - Management expects coordinated policy support and raw-material stabilization to improve industry economics. KEY TAKEAWAY - Volumes remain strong, but raw-material inflation is the key near-term margin risk.

METROPOLIS HEALTHCARE LTD – ANALYST MEET HIGHLIGHTS #Q1FY27 Business Overview - Metropolis has grown from a single lab to 209 laboratories and 5,000+ centres across 750 towns, with presence in 5 international markets. - FY26 revenue stood at ₹1,646 Cr; 57% of revenue comes from B2C and the balance from B2B. - North India contribution has increased to around 10% from 7-8% earlier and was the fastest-growing region in Q1. - Company processes around 4,500 tests, supported by 30,000 prescribing specialists. Industry Opportunity - Indian diagnostics market estimated at around $11 Bn, expected to reach $28.5 Bn over the next 8 years at around 11% CAGR. - Less than 6% of Indians have ever been diagnosed, highlighting significant headroom for testing penetration. - Management expects gradual shift from unorganized to organized diagnostics, supported by increasing healthcare awareness, branded providers and rising demand for specialized testing. Specialty Diagnostics - Specialty contributes around 40-42% of revenue and management intends to grow it faster than overall business. - Metropolis has 2,200+ specialty tests across oncology, neurology, nephrology and allergy. - Added around 380-400 new tests over the last 15 months. - Core Diagnostics acquisition strengthens oncology capabilities with around 350 specialized tests and access to 2,000+ oncologists. - Specialty prescriptions also bring routine tests, improving overall revenue per patient. - New offerings include blood-based Alzheimer's testing, hereditary cancer panels and genomics. Genomics & Precision Medicine - Genomics business has grown 2x in the last year. - Company has onboarded medical geneticists and genetic counsellors to support clinicians with interpretation and counselling. - Metropolis operates 2 CAP-accredited genomics labs, one each in West and North India. - Orthogonal testing capability spans histopathology to genomics, allowing multiple diagnostic modalities under one roof. - Precision medicine opportunity extends across oncology, neurology and reproductive medicine. True Health - True Health contributes around 20% of business currently. - Portfolio includes illness/wellness packages, radiology, doctor consultation, diet and obesity-related services. - Management aims to increase True Health contribution from around 18% to 25%. - Diet plans are increasingly being designed using individual blood-test parameters. - Obesity/vital check-up offerings can increase recurring customer visits and engagement. Network Expansion - Current network stands at 5,000+ centres, with around 750-800 own centres and the rest franchise-led. - Company aims to increase collection-centre density from 1:24 to 1:35. - Focus is on deeper penetration within existing 750 towns before entering many new markets. - Own B2C centres will remain concentrated in the top 6-7 towns, while smaller markets will largely be franchise-led. - Management is exploring ways to improve productivity of existing centres by using their infrastructure beyond the morning peak hours. Radiology & Mini-Hubs - Around 100 centres are planned to be developed into mini-hubs over the next couple of years. - Services may include X-ray, ultrasound, 2D echo and TMT. - Existing centres can be upgraded with limited incremental CapEx. - Mini-hubs can additionally serve corporates and insurance-led health checks. - Management sees scope to substantially improve productivity of existing real estate through healthcare adjacencies. B2C, B2B & Digital - B2C represents around 57% of revenue and grew approximately 18% in the latest quarter. - Home collection contributes around 11-12% of revenue, with service currently covering roughly 200 PIN codes. - Digital customers have nearly 2x lifetime value versus regular offline customers. - B2B grew around 15% in the latest quarter, aided by the Core Diagnostics test menu. - Digital initiatives currently contribute around 25% of business through app, website and customer platforms. - Management continues to invest in direct-to-consumer digital acquisition and customer experience. Technology & AI - Company aims to become a fully technology-enabled organisation over the next 2-3 years. - Focus areas include automation, digitisation, AI-based report summarisation and customer-service productivity. - Management is building more technology capabilities in-house to reduce vendor dependence and increase execution speed. - AI is also being explored for diet guidance and clinical decision support through MetroBot. Acquisition Strategy - Metropolis has completed around 25 acquisitions historically and has developed an integration playbook. - Core Diagnostics was acquired as a largely breakeven business and has moved to high-single-digit EBITDA within a year. - Management expects Core to approach company-level EBITDA margins by around Year 3. - Future acquisitions will focus on strategic geographies or capabilities where Metropolis currently has limited presence. Quality & Moat - Company maintains around 99.9% proficiency score, placing it among the top laboratories globally. - CAP accreditation and continuous external proficiency testing have been maintained for 20+ years. - Management believes the moat is not simply laboratories or machines, but the combination of science, quality, talent, culture and execution. - Global Reference Laboratory in Mumbai spans 38,000 sq ft, can process up to 25,000 tests/day and has 250+ scientific staff. Growth Track Record - Revenue CAGR over the last 3 years was 17.6%; FY26 growth was 23.6%. - EBITDA CAGR over 3 years was 18.6%; FY26 EBITDA growth was around 23%. - FY26 reported EBITDA margin was 24.4%, while organic margin was around 25.9%. - Growth has been primarily volume-led, supported by moderate pricing and improving product mix. KEY TAKEAWAY - Strong specialty + True Health + digital growth engines, with Core integration and network productivity offering further upside.

JUNIPER GREEN ENERGY LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue grew 79% YoY to ₹324 Cr vs ₹181 Cr. - EBITDA grew 86% YoY to ₹294 Cr; margin improved to 91%. - Operating income rose 81% YoY to ₹291 Cr. - Operating EBITDA increased 89% YoY to ₹261 Cr. - PAT grew 54% YoY to ₹33 Cr. - Cash PAT increased 50% YoY to ₹108 Cr. - Receivable days remained low at 19 days. - Q1 marked the company's highest-ever quarterly revenue, EBITDA and commissioning. Capacity & Execution - Fleet-wide Q1 COEF improved to 30.2% vs 28.2% YoY. - Generation increased 72% to 944 MU. - Wind portfolio of 190 MW delivered weighted average CUF of 49.9%. - Plant availability stood at 98.8% and grid availability at 99.6%. - Commissioned 601 MW during Q1: 458 MW solar + 143 MW wind. - Also commissioned around 400 MWh BESS during the quarter. - Since April, commissioned 760+ MW renewable capacity across 8 sites. - FY27 target remains around 2 GW capacity addition. - Management expects another 250–300 MW commissioning in Q2. - India's first FDRE project under the SJVN FDRE tender was commissioned. BESS Expansion - BESS installed capacity target: 4.5 GWh by June 2027. - Target rises to 10 GWh by March 2028. - Additional 4 GWh orders have already been placed. - Existing BESS round-trip efficiency is around 91%. - State of health stands at approximately 99.6%. - Company is primarily integrating BESS with renewable projects rather than pursuing standalone BESS. - Standalone BESS economics are currently considered unattractive. - Merchant BESS opportunities are also being evaluated. Order Wins & Portfolio - Won SECI FDRE tender for 870 MW + 2,200 MWh BESS. - Contracted capacity for the tender is 230 MW at ₹5.26/unit. - Won 50 MW wind project from GOVNL at ₹3.51/unit. - Signed 50 MW FDRE PPA with SJVN at ₹4.25/unit. - Total portfolio reached around 11.2 GW + 9 GWh BESS. - 84% of portfolio comprises FDRE and hybrid projects. - Blended weighted average tariff is around ₹3.70/unit. - Operational + PPA-signed capacity exceeds 6.2 GW. Pipeline & Development Resources - More than 4.5 GW surplus connectivity available over current pipeline. - Connectivity available for more than 20 GWh BESS for future bids. - Land bank exceeds 14,000 acres. - More than 200 identified wind locations available. - In-house EPC team handles parallel execution across multiple states. - 98% contracted capacity is with A-rated or better off-takers. - Around 98% portfolio is secured through long-term PPAs, typically 25 years. FY27 Capex & Growth - Total CapEx stood around ₹16,000 Cr as of June 2026. - Expected to rise to around ₹22,000 Cr by March 2027. - Includes capacity of around 3.9 GW expected to be commissioned by March 2027. - FY27 commissioning target remains around 4 GW. - Run-rate EBITDA for FY27 capacity expected around ₹2,750 Cr. - FY28 target is around 6 GW commissioned capacity. - FY28 run-rate EBITDA guidance is around ₹4,500 Cr. Balance Sheet - Gross/net debt stood at around ₹11,217 Cr. - Operating-project net debt was around ₹7,183 Cr. - Refinanced ₹1,700+ Cr across 3 projects at weighted interest rate below 8%. - Operational portfolio weighted average cost of debt is around 8.5%. - Pre-IPO net worth was ₹3,463 Cr. - IPO raised ₹1,800 Cr of primary capital. - Post-IPO net worth increased to around ₹5,200 Cr. - IPO has materially strengthened the balance sheet. FDRE & Thermal Mimic Opportunity - Company sees strong demand for peak and firm power. - Around 350 MW FDRE is in advanced discussions for PPA conversion. - Another 150 MW hybrid project is in advanced discussions. - Thermal mimic opportunity is around 1 GW peak + 2.2 GWh BESS. - Overall near-term conversion opportunity could exceed 2 GW peak + 4 GWh BESS. - Thermal mimic tender is designed to replicate thermal plant-like round-the-clock output. - Higher battery affordability makes solar + BESS increasingly competitive. - Management believes improved tender structure should support better LOA-to-PPA conversion. BESS Economics & Procurement - Entire 4.5 GWh BESS contracted capacity is from Envision. - Integrated solution includes battery containers, PCS and EMS. - LTSA provides warranty and O&M for around 15–20 years. - Earlier battery container procurement was around $58–60/kWh. - Current container pricing is around $65–68/kWh. - All-in pricing including BOS, taxes and duties is around $100–110/kWh. - Falling battery costs are making solar + BESS solutions increasingly attractive. Merchant Strategy - Around 1.5 GW BESS planned by June 2027 is currently unlinked to projects and expected to operate as merchant capacity. - Additional capacity may temporarily operate on merchant basis until GNA connectivity/PPA is available. - Around 700 MWh additional BESS expected by December 2026 will also initially support merchant operations. - Management expects charging power cost around ₹1–1.50/unit. - Higher merchant realization is expected, supported by favorable market opportunities. KEY TAKEAWAY - 11.2 GW portfolio + 9 GWh BESS; strong 4 GW FY27 execution visibility.

First Ever Concall by Annapurana Swadisht: - Management positions the company as a collection of brands with one distribution network catering to Eastern India, focused on the ₹5 to ₹20 segment. ₹5 and ₹10 price points still contribute 90–95% of Annapurna's portfolio. - Madhur had been stuck in the ₹90–100 crore range for 4–5 years before acquisition. Management projects ₹150 crores revenue and ₹25 crores EBITDA for FY27, with ₹250 crores and ₹25 crores PAT for FY28. - Once Madhur and Annapurna distribution networks are integrated, market penetration can increase from 400 km radius to 1,100 km radius from factory. Company will enter modern trade, general trade, and explore export markets. Disc: Not a buy/Sell Recommendations.

INDEGENE | GROWTH CATALYSTS Tectonic Scale-Up - Tectonic customers increased from 2 to 5 in FY26. - Largest customer engagement expanded from Germany to Spain. - Management expects this customer to become the first $50M+ account. - Tectonic could become a major FY27 Enterprise Commercial growth driver. Outcome-Based Omnichannel Deal - Multiyear deal secured with >$10M ACV. - Revenue recognition expected from Q3 FY27. - Client has already reported revenue upticks for 5 months. - Management describes early performance as very encouraging. BioPharm Integration - $106M BioPharm acquisition closed on Oct 1, 2025. - Integration and service transition progressing as planned. - BioPharm revenue grew 15% sequentially in Q4 FY26. - Joint business development has already generated 2 omnichannel wins. - Cross-selling into existing Indegene customers creates additional upside. Omnichannel Orchestration - Top-10 pharma customer selected Indegene for U.S. omnichannel orchestration. - Platform includes Invisage and Tandem. - Potential annual revenue exceeds $10M. - Revenue contribution expected from Q2 FY27. - Top-5 pharma customer also selected Indegene for content-platform migration. Agentic AOR Model - Agency-of-Record model reduced creative development from 3 months to 3 days. - Concept development cost reduced by ~50%. - Advanced discussions underway for the next phase with a multinational pharma company. - Successful proof of concept can support broader adoption. Client Base Expansion - Active clients increased to 105 in Q1 FY27. - Up from 70 clients a year earlier. - Customers outside the top 20 contributed 33.4% of revenue. - Million-dollar-plus clients increased from 40 to 54. - 12 customers now generate >$10M annually. - Broader customer base reduces dependence on individual accounts. Margin Recovery - Management targets 19–20% EBITDA margin by Q4 FY27. - Recovery expected around six quarters after Oct 2025 investment phase began. - Revenue per employee reached $77,100 in Q1 FY27. - Revenue per employee increased 14.2% YoY. - Employee growth expected to remain below revenue growth. - Operating leverage can support margin recovery. Launch Engine Wins - Secured $20M TCV deal with a midsized biotech. - Indegene to act as end-to-end commercialization partner. - First-year revenue potential: ~$5M. - European pharma customer added launch-readiness engagement. - Scope could expand into data analytics. Pharmacovigilance Expansion - Secured $7.5M multiyear TCV deal. - Customer is a large medical-devices company. - Programme went live in Jan 2026. - Uses AI-based NAEM technology. - Previous medical-device pharmacovigilance win demonstrates cross-sell potential. - Expanding beyond pharma into medical devices adds another growth avenue. KEY TAKEAWAY - Tectonic provides a potentially large FY27 growth driver. - BioPharm adds scale and cross-selling opportunities. - Omnichannel orchestration is generating sizeable enterprise contracts. - Agentic AOR can improve both speed and economics. - Client diversification is strengthening the revenue base. - Margin recovery could provide an additional earnings lever. - Launch Engine and pharmacovigilance expand the addressable opportunity.

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🚢 SHIPBUILDING ANCILLARY SERIES Company # — Rappid Valves (India) Ltd | NSE: RAPPID 299 India’s shipbuilding story isn’t only about shipyards. The bigger opportunity may sit with critical ancillaries supplying every vessel. 🔹 Rappid manufactures industrial & marine valves 🔹 Supplies into naval, shipbuilding & repair applications 🔹 Approved/registered with multiple Indian shipyards 🔹 ClassNK marine certification adds credibility 🔹 Moving beyond valves → valve + actuator + control-panel integration 🔥 Naval trigger Recent orders linked to the Indian Navy Fleet Support Ship programme: BHEL — ₹18.06 Cr Shree Refrigerations — ₹8.55 Cr Müller-BBM — ₹3.25 Cr Total: ~₹29.85 Cr Plus L&T — ₹2.84 Cr FSS-related order. Executable order book: ~₹40 Cr, versus FY26 revenue of ~₹53 Cr. 📈 FY26 Revenue: ₹53.2 Cr EBITDA: ₹10.3 Cr PAT: ₹6.5 Cr But there is a major red flag: CFO: –₹10.8 Cr Debtor days: ~170 Inventory days: ~258 So the thesis is NOT simply “order book = multibagger.” I want to see: Revenue growth + margin stability + positive cash flow + improving working capital. If those start appearing together, Rappid could become an interesting small-cap naval shipbuilding ancillary to watch. Series lesson: > In India’s shipbuilding boom, don't just track who builds the ship. Track who supplies the critical components inside it. 🚢⚙️

Peptide as a modality is expanding beyond GLP1

ALLCARGO LOGISTICS | TURNAROUND STORY? Business Update - Restructuring has created a more focused domestic logistics business. - New management is driving greater focus on operational efficiency and profitability. - Q1FY27 EBITDA grew 39% YoY to ₹20 Cr. - PBT before exceptional items jumped 258% YoY. - Express and Contract Logistics delivered record quarterly revenue. - Customer retention remains strong with 99%+ service quality adherence. Growth Drivers - Better pricing and yield improvement supporting margins. - AI, digital capabilities and network optimisation improving efficiency. - Management expects business activity to strengthen in Q2/Q3. - Restructuring could allow greater focus on core domestic logistics operations. Key Takeaway - Allcargo is an interesting turnaround candidate after restructuring. - Improving P&L, new management and operating leverage are key positives. - The key monitorable is whether margin improvement and growth remain sustainable.

WAKE UP WITH DETERMINATION GO TO BED WITH SATISFACTION

MV ELECTROSYSTEMS | Q1 FY27 CONCALL HIGHLIGHTS FY27 Revenue Ramp-Up - FY27 revenue target: ~₹400 Cr. - Scale-up expected from Sep’26 after IPO working-capital infusion. - ~10 loco propulsion sets/month in Sep’26. - ~25 sets/month targeted by Nov’26. - ~40 sets/month run-rate targeted from Jan’27. - ~₹70 Cr/month revenue at 40-set run-rate. - ~70 propulsion sets expected by Q3 FY27. - Balance of current loco order book to execute in FY28. Margin Expansion - Stabilised run-rate PAT margin guided above 10%. - Early months expected to remain margin-constrained. - Under-absorption is the key initial margin drag. - Bulk procurement of 200–300 sets can offset electronics inflation. - Existing orders have no price-escalation clause. Large Order Book - 564 loco propulsion sets worth ₹921.64 Cr. - 3-year AMC adds ₹67.68 Cr. - Total loco order value: ₹989.32 Cr. - MEMU developmental order: ₹91.23 Cr including AMC. - Cable management/control panels: ~₹20 Cr. - Total business visibility: ₹1,000 Cr+. Manufacturing Capacity - Unit 1 capacity: 114 sets/year. - Unit 2 capacity: 171 sets/year. - Combined capacity: 285 sets/year on single shift. - Peak capability: ~55 sets/month. - Planned operating rate: ~40 sets/month. - Spare capacity can absorb future EMU work. - Unit 2 already set up; box fabrication and assembly commencing. Working Capital & Execution - ~₹200 Cr working capital required for ~₹1,000 Cr run-rate. - IPO proceeds primarily support working-capital requirements. - Inventory for ~30 sets already available. - Long-lead components already ordered. - Other components typically require 30–45 days. - Recent Railway payments collected in ~15 days. - Full working-capital cycle: ~85 days vs 105-day prospectus assumption. Propulsion Technology - Indigenous IGBT-based 3-phase propulsion system. - Designed for 6,000 HP locomotives. - Uses 2 × 2.7 MW traction converters. - Includes 3 × 130 kVA auxiliary converters. - 2 VCUs and 2 driver consoles. - Completed 50,000 km trials. - CLW clearance received; commercial supplies started Mar’26. Platform Expansion - Load converter and composite converter planned for 6,000 HP locomotives. - 9,000 HP and 12,000 HP upgrades under study. - Distributed-power platform being developed in-house. - Target applications: EMU, MEMU, Vande Bharat and Vande Metro. - Design cycle: 8–10 months. - RDSO approval path: ~9–10 months. - Total development-to-approval cycle: ~15–16 months. SiC Technology Roadmap - Current platform uses IGBT technology. - Long-term transition towards SiC. - Higher switching frequency enables smaller cubicles. - Potential efficiency improvement towards ~98%. - EMI/EMC and thermal management remain key challenges. R&D Expansion - FY26 R&D spend: ₹7.90 Cr. - FY26 R&D represented ~15.97% of revenue. - Q1 FY27 R&D spend: ~₹2 Cr. - Long-term R&D target: 3–4% of revenue. - R&D expenditure fully expensed. - DSIR-recognised R&D facility. - 45-member R&D team. - Additional leased R&D facility under renovation. - Team expansion planned for distributed-power trains. EMU / MEMU Opportunity - 6-trainset MEMU developmental order worth ₹86.54 Cr. - AMC adds ₹4.69 Cr. - Total MEMU order value: ₹91.23 Cr. - 4–6 EMU tenders already live. - Future MEMU tenders to be bid with in-house IPR. - Bulk EMU orders expected after developmental approval. - 300–500 EMUs reportedly tendered this year. Railway Market Opportunity - India adds ~1,600 new locomotives annually. - Existing locomotive fleet exceeds 15,000 units. - Rehabilitation of existing fleet adds opportunity. - Vande Bharat, Amrit Bharat, Metro and RRTS provide additional demand. - CLW has published ~748 propulsion-set tender. - DLW and Patiala tenders expected in coming months. - Awards targeted by end-CY26. - Management expects loco order book to refresh annually. OHE & Auto Fault Locator - OHE/Auto Fault Locator is a second growth pillar. - Technology sourced through PNC Technologies, Korea. - 3-year exclusive arrangement started Aug’25. - Indicative value: ~₹1 Cr per transformer-to-transformer section. - Multi-year 5–7 year electrification opportunity. - Pan-India doubling and electrification cycle provides runway. Traction Motors & Critical Electrification - Future traction motors planned through Hansung, Korea. - Other critical electrical products under evaluation. - Potential additions include transformers and contactors. - JVs can broaden the railway product portfolio. - Global expansion planned after domestic scale-up. Marine & Other Applications - Marine converters provide longer-term optionality. - Existing 1.5 MW marine converter already type-tested. - 1–3 MW shipyard applications under study. - Power electronics and embedded applications can diversify beyond railways. Global Expansion - Global expansion planned after domestic scale-up. - InnoTrans Germany planned as a key showcase. - Global OEMs viewed as potential collaborators. - Southeast/global railway opportunities could diversify revenue. Competitive Landscape - Competitors include Siemens, Alstom, Medha, BHEL and CG Power. - Recent tender quotes were tightly clustered. - MV was L1 on one tender and L2 on two. - Management views global OEMs as collaborators as well as competitors. Q1 FY27 Investment Phase - Q1 impacted by high-cost R&D-phase inventory. - Manpower was built ahead of volume ramp-up. - ~₹2 Cr R&D expense in the quarter. - EBITDA: -₹5.4 Cr after R&D. - EBITDA: -₹3.4 Cr before R&D. - Profitability expected to improve with volume absorption. KEY TAKEAWAY - ₹1,000 Cr+ order visibility provides strong revenue runway. - FY27 revenue target stands at ~₹400 Cr. - 40 sets/month is the targeted operating run-rate. - IPO working capital is expected to unlock execution. - Railway propulsion remains the core growth engine. - EMU/MEMU, OHE and traction motors provide additional optionality. - Long-term opportunity extends into marine and other power-electronics applications.