CONCALLS

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.

CHEMICAL INDUSTRY | FROM CHINA+1 TO QUALITY+MOAT Pre-2010 | Commodity Era - Focused largely on bulk chemicals. - Key products included caustic soda and soda ash. - Competition driven mainly by scale and cost. - Low differentiation across producers. 2010–2020 | China+1 Boom - China's environmental crackdown disrupted global supply. - Global customers searched for reliable alternatives. - India emerged as a major beneficiary. - Indian chemical companies gained new customers. - Volumes and margins improved significantly. - Chemical stocks received strong valuation premiums. 2020–2022 | Pandemic Supply Panic - COVID disrupted global supply chains. - China's Zero-COVID policy intensified supply concerns. - Global customers built unusually high inventories. - Agrochemical inventories reportedly rose from ~2 to ~4 months. - Strong demand partly reflected inventory stocking. 2022–2025 | Destocking Downturn - China reopened and manufacturers cut prices aggressively. - Higher interest rates increased inventory carrying costs. - Customers shifted back towards lean inventories. - Destocking hit volumes and realizations. - Chemical margins compressed sharply. - Several segments experienced significant price deflation. 2026 Onwards | Quality + Moat Cycle - Major destocking cycle appears to be moving towards normalization. - Being classified as a specialty chemical company may no longer be enough. - Companies with genuine competitive moats could emerge stronger. - Sticky customers can provide better demand visibility. - High switching costs can protect market position. - Regulatory barriers can limit competition. - Technology advantages can support superior margins. - Cost advantages can strengthen competitiveness. - Long-term contracts can improve earnings visibility. THE BIG SHIFT - First chemical boom: China +1 - Next potential cycle: Quality + Moat - Focus shifts from sector label to business quality. - Competitive advantage may matter more than capacity alone. - Companies with durable moats could capture the next upcycle.

INNOVA CAPTAB | GROWTH & EARNINGS INFLECTION Q1 FY27 Performance - Revenue: ~₹471 Cr, up 34% YoY. - EBITDA: ~₹75 Cr, up 33% YoY. - EBITDA margin: ~16%. - PAT: ~₹44 Cr, up 42% YoY. - CDMO revenue: ~₹329 Cr, up 32%. - Branded-generics revenue: ~₹142 Cr, up 39%. - Volume growth: ~22%. Jammu Facility | Key Growth Driver - Q1 revenue: ~₹107 Cr. - Current utilisation: ~25–30%. - Mature utilisation potential: ~65–70%. - Revenue potential at maturity: ~₹1,400 Cr. - Facility is nearing EBITDA breakeven. - Rising utilisation can create strong operating leverage. Baddi Expansion - New facility investment: ~₹150–170 Cr. - Potential revenue: ~₹450–500 Cr. - Provides another medium-term growth leg. - Expansion adds capacity beyond Jammu. CDMO & Branded Generics - FY26 revenue: ~₹1,630 Cr. - CDMO contribution: ~₹1,133 Cr. - Branded-generics contribution: ~₹497 Cr. - FY26 branded-generics growth: ~51%. - Q1 FY27 branded-generics growth: ~39%. - Both segments continue to grow strongly. Sharon Bio | Turnaround Optionality - FY26 revenue contribution: ~₹240 Cr. - Focus on regulated markets. - Canada, UK, Europe and Australia remain key markets. - Sustained improvement could add earnings upside. Margin & API Risk - API/raw-material price changes have pass-through mechanism. - Q1 gross-margin movement mainly reflected business mix. - No structural pricing issue indicated. - Margin improvement depends on product mix and utilisation. Cash Flow & Balance Sheet - FY26 operating cash flow: ~₹117 Cr. - Working capital needs to be monitored. - Jammu ramp-up will increase funding requirements. - New capacity will also require capital. - Normalised working-capital cycle targeted around 90 days. Earnings Potential - Revenue scenario: ₹2,400–2,600 Cr. - EBITDA margin assumption: 16–17%. - PAT scenario: ₹220–260 Cr. - EPS scenario: ₹39–46. - 30–35x multiple implies ₹1,170–1,610 framework. - This is an illustrative valuation framework, not a price target. Q2–Q3 FY27 Scorecard - Jammu revenue moving above ₹120–130 Cr/quarter. - Meaningful improvement in Jammu EBITDA. - Volume growth around or above 20%. - Continued double-digit CDMO growth. - Sustained branded-generics growth. - Working capital remains controlled. - Continued improvement at Sharon Bio. - Progress on Baddi expansion. VALUATION - CMP mentioned: ₹1,040. - Trailing valuation around 40x FY26 earnings. - Not deeply undervalued at current levels. - Valuation becomes more reasonable if earnings compound strongly. - Investment thesis depends on execution of the growth pipeline. KEY THESIS - Jammu is the primary earnings inflection point. - Low current utilisation leaves significant operating leverage. - Baddi provides an additional capacity-led growth opportunity. - CDMO provides the core revenue base. - Branded generics adds a faster-growing business. - Sharon Bio offers turnaround optionality. - Strong execution and cash-flow discipline remain critical.

They can imitate your style, but they can't imitate your creativity.

“Air cooling will be continue.” 🔥 “Around 50% of capacity utilisation.” ( On New Capex Utilisation in FY27) “We will be the first manufacturer.” (On Micro channel hear exchangers) “Planning to achieve around ₹200 Cr” ( On Exports) Mgmt., KRN Heat Exchanger and Refrigeration Ltd, Q1FY27 Concall.

XTRANET TECHNOLOGIES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue from operations grew 11% YoY to ₹51 Cr. - Operational EBITDA surged 89% YoY to ₹10 Cr. - EBITDA margin expanded 855 bps to 20.59%. - PAT increased 77% YoY to around ₹6 Cr. - PAT margin improved 444 bps to 11.88%. - FY26 ROE and ROCE remained above 30%. - Stronger services mix drove major profitability improvement. Business Mix - Data center & IT operations contributed 48% revenue. - Enterprise applications contributed 26%. - Proprietary platforms contributed 14%. - Digital services contributed 12%. - Services contributed around 65–68% of Q1 revenue. - Services mix was around 45% in Q1 FY26. - Management targets 60%+ services mix sustainably. - Product deployment margins are around 6–8%. - Services margins are around 20–22%. Order Book & Pipeline - Q1 order inflow stood around ₹60 Cr. - Order book reached approximately ₹373 Cr. - Order book covers around 55 projects. - Around 55–60% should execute in FY27. - Active bid pipeline stands around ₹1,200 Cr. - Around 40–45% of pipeline is at advanced stages. - Management expects around 30% pipeline conversion next quarter. - Government order conversion typically takes 60–90 days. - Enterprise/BFSI/aviation conversion takes around 30–60 days. FY27 Growth Outlook - FY26 revenue stood around ₹365 Cr. - Management targets ₹500+ Cr revenue in FY27. - Target implies approximately 35–40% growth. - Existing order book provides significant execution visibility. - Further similar-sized projects are expected over 3–6 months. - Management targets around 35–40% CAGR over next three years. Data Center Growth - Data center remains the largest growth vertical. - Management wants data center near 50–55% revenue. - Segment revenue growth target is 35–40% annually. - Growth areas include data-center infrastructure modernization. - Disaster recovery setups offer significant opportunities. - NOC and SOC projects are also targeted. - More than 50 data center-related setups have been executed. - Active data-center pipeline exceeds ₹600 Cr. - Around 50–60% of ₹1,200 Cr pipeline relates to this segment. Services-Led Transformation - Services mix increased sharply over recent years. - Earlier business mix was around 80% product / 20% services. - Services now generate substantially higher margins. - Managed services improve customer stickiness. - Company targets 60%+ services contribution. - Management expects another 50–75 bps margin improvement. - Higher services contribution should strengthen recurring revenues. Proprietary Platforms - ExtraTrust operates in digital trust and PKI. - Around 11 private Certifying Authorities operate in India. - ExtraTrust has 10,000+ partners nationwide. - Platform has around 8.5 lakh subscribers. - Subscribers largely operate on recurring models. - Digital certificates/e-sign services have 24x7 support. - Services can be delivered within around 30 minutes. - Company competes primarily with eMudhra. - ExtraTrust serves enterprise, government and BFSI customers. - Data-center and DR capacity is being expanded. Synergy & AI - Synergy is the company's proprietary low-code platform. - Platform supports automation and workflow solutions. - Applications include smart machines and document management. - Visa management and decision-support systems are also developed. - Company is increasingly focusing on AI-led solutions. - B2B focus includes BFSI and aviation. - Government, railways and large enterprises are customers. Recurring Revenue Model - Projects operate under CAPEX-OPEX and subscription models. - CAPEX typically represents 50–60% of project value. - CAPEX execution generally takes 6–18 months. - OPEX revenues continue for 3–7 years. - Subscription contracts can extend to 5–10 years. - Around 50% of current order book is recurring. - Around 40% of submitted pipeline is recurring in nature. - Recurring contracts strengthen long-term revenue visibility. - Revenue is recognized based on customer billing. - O&M revenue is recognized on a sustained basis. Project Economics - Data-center deployment generally takes 12–15 months. - CAPEX cycle can take around 9–15 months. - Government working-capital cycle is around 120–150 days. - O&M/service receivables cycle is around 45–60 days. - Company evaluates projects using internal IRR benchmarks. - Minimum targeted project IRR is around 17–18%. - Management focuses on order quality, not just order size. Hardware Cost Inflation - Hardware prices have increased around 3–4x. - Company had strategically stocked inventory for existing projects. - Existing government projects have protected pricing economics. - New bids incorporate current hardware costs. - Price-escalation mechanisms are increasingly included. - USD variation and supply-chain risks are considered. - No order cancellations have been reported so far. - New projects are being evaluated cautiously. Customer & Revenue Diversification - Government and PSU customers contributed around 47% of FY26 revenue. - Q1 order book mix was 55% non-government / 45% government. - Direct orders represent around 45%. - Indirect orders represent around 55%. - Diversification reduces customer concentration risk. - Company continues pursuing international opportunities. Medium-Term Revenue Mix - Data center targeted around 50–55% revenue. - Enterprise applications targeted around 20–25%. - Proprietary platforms and digital services targeted above 30%. - Management targets 35–40% CAGR over three years. - Focus remains on sustainable margins and recurring revenue. KEY TAKEAWAY - ₹373 Cr order book; services-led margins driving growth.

PATEL RETAIL LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Total income grew 69.35% YoY to ₹310.24 Cr vs ₹183.19 Cr. - EBITDA rose 23.92% YoY to ₹19.68 Cr. - PAT increased 37.43% YoY to ₹9.52 Cr. - EPS stood at ₹2.85. - Strong growth driven by retail expansion, consumer reach and product portfolio traction. Retail Store Expansion - Q1 saw new stores at Rasayani and Babgaon. - Post quarter-end, 53rd store opened at Uran, Raigad. - Company plans to add another 8–10 stores in FY27. - New stores are largely operationally break-even from day one. - Typical new-store CAPEX + inventory payback is around 24 months. - Average monthly sales per store are around ₹80 lakh–₹1 Cr. - Mature stores generate around ₹80–90 lakh monthly sales. - Retail sales per sq ft currently around ₹30,000 annually. - Q1 retail sales were around ₹101 Cr. Store Economics & Expansion Strategy - Company follows a cluster-based expansion model. - Focus remains on Tier-2 and Tier-3 markets with lower competition. - Outskirts of Navi Mumbai remain an opportunity rather than core city locations. - Pune/PCMC has identified 2–3 potential pockets, with further clusters being evaluated. - Existing infrastructure can support 1 lakh+ additional sq ft with limited incremental overhead. - New stores are expected to contribute around ₹1 Cr/month once scaled. Margins - Q1 EBITDA margin was around 6.3%. - Management attributed the margin pressure to manufacturing/export/commodity mix and higher raw-material intensity. - Volatile raw-material prices and timing of orders impacted Q1 margins. - Management expects margins to improve in coming quarters. - Earlier indicated EBITDA margin range remains around 8–9%. - Focus remains on volume growth and disciplined working capital. Private Labels & Indian Chaska - Private labels contributed around 17.5% overall. - Private labels contribute around 17.55% of retail sales. - Export sales contribution from private labels around 37%. - Domestic private-label contribution around 45%. - Indian Chaska expanded into Madhya Pradesh, taking presence to 8 states + 1 UT. - Madhya Pradesh currently generates around ₹10–12 lakh/month. - Company sees strong acceptance for spices in MP. - New whole-spice category planned in Q2. - Further 2–3 categories planned from next quarter. - Focus is on large categories addressing genuine consumer needs. E-Commerce & Quick Commerce - App has crossed 60,000 downloads, but Q1 online sales were only around ₹50 lakh. - Tier-2/3/4 consumers still show strong preference for physical shopping in staples. - Society-focused activations are being used to increase online adoption. - Quick-commerce pilot is already underway. - Company is targeting delivery in around 20–30 minutes. - Home delivery target is around 1 hour. - Discussions underway to list private-label products on Blinkit and Zepto. - Combo SKUs will be used to improve economics and offset listing/marketing costs. - Focus will be on own products with better margins. Processing Capacity - Current processing capacity utilisation is around 50–55%. - Management targets around 80–82% utilisation by FY27–FY28. - Automation should reduce labour costs. - Automation is also expected to improve quality control and consistency. - Better utilisation should provide operating leverage. B2B, Exports & Business Mix - Around 40% of revenue comes from exports. - Export contribution to bottom line is around 35–40%. - Company intends to remain focused on retail + B2B + exports. - Management will prioritize segments offering better profitability and cash generation rather than fixed revenue mix targets. Competitive Advantage - Integrated model covers processing → packing → distribution → own stores. - Reduced dependence on middlemen helps improve economics. - Company can offer aggressive pricing on essential products. - Strong backend provides relatively higher margins in select essential categories. - Consumer feedback, product quality and local-market understanding remain key before aggressive expansion. Inventory & Working Capital - Retail product wastage/expiry loss is below 0.1%. - Manufacturing process has very limited wastage due to full utilisation of by-products. - H1 FY27 expected to see better positive operating cash flow. - FY26 involved significant deployment into current assets. - Management expects conversion of current assets into cash during FY27. Apparel & General Merchandise - Apparel/fashion contributes around 8–9% of retail sales. - Inventory holding period for this category is only around 15–20 days. - Company continues to monitor category-level profitability and inventory efficiency. 5-Year Vision - Expansion planned across Western suburbs, Pune and PCMC. - Company will continue using cluster-based expansion. - Focus remains on steady revenue growth, profitability and cash generation. - Management does not intend to chase growth purely through store count or volume. - Capital allocation and sustainable profitability remain key priorities. KEY TAKEAWAY - Strong 69% revenue & 37% PAT growth; store-led expansion continues.

MAN INFRACONSTRUCTION LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Consolidated revenue grew 8% YoY to ₹518 Cr. - PAT grew 29% YoY to ₹72 Cr. - Cash and equivalents stood at ₹768 Cr. - Total borrowing remained only ₹78 Cr. - Company continues to remain net debt-free. - Strong profitability and liquidity remain key strengths. Residential Portfolio - Aaradhya Parkwood achieved 50% OC during Q1. - Parkwood sales potential stands around ₹925 Cr. - Around 90% inventory has already been sold. - Remaining towers targeted for completion by FY27 end. - Jade Park achieved over 60% sales. - Jade Park has 3.5 lakh sq ft carpet area. - Aaradhya OnePark achieved over 60% sales. - OnePark targeted for completion by March 2027. - Atmosphere Tower G is 75% sold. - Tower G targeted for delivery by December 2027. Ultra-Luxury Projects - Marina Vista launched at Pali Hill in June. - Project GDV is approximately ₹500 Cr. - Around 30% inventory sold within two months. - Artec Park at BKC has crossed 25% sales. - Berkeley House received IOA. - Berkeley House has over ₹1,000 Cr GDV. - Tardeo 2.0 received IOA. - Tardeo 2.0 has over ₹2,000 Cr GDV. - Tardeo 2.0 launch expected within FY27. - Marine Lines launch targeted by March 2027. Aaradhya Avaan - Avaan has 6.5 lakh sq ft carpet area. - Project has crossed 60% sales. - Tower exceeds 306 metres in height. - Construction has crossed 40+ slabs. - Phase 1 targeted for delivery by March 2028. - Delivery could be nearly 2 years ahead of RERA schedule. - 100% RCC targeted by August 2027. - Marine Lines will surpass Avaan in height. Launch Pipeline - Upcoming launches total around 1.1 Mn sq ft. - Launch pipeline represents approximately ₹6,600 Cr GDV. - Pali Hill and Mulund launches already completed. - Mount Mary and Tardeo 2.0 launches follow. - Marine Lines remains a major upcoming launch. - Strong launch pipeline provides multi-year sales visibility. Presales & Sales Outlook - Q1 presales exceeded 85,000 sq ft. - Q1 presales stood around ₹290 Cr. - Management maintains ₹5,000 Cr cumulative presales target. - Target covers the next two years. - Management believes target can potentially be exceeded. - Sales are expected to accelerate after major launches. - Ready projects at Ghatkopar and Dahisar support near-term sales. - December onwards expected to see significant sales turnaround. Development Strategy - Vision 2031 targets ₹35,000 Cr GDV in Mumbai. - Management now expects this potentially by 2028–29. - Portfolio could rise significantly from current levels. - Several large projects are under advanced negotiations. - Company targets 25–30% annual portfolio addition. - Partnerships help reduce capital deployment. - JV structure enables faster portfolio expansion. - Company prefers maintaining a debt-free strategy. Project Economics - DM projects require less than 10% GDV investment. - DM projects can generate 2.5–3x returns on invested money. - Other projects target around 20–25% bottom-line margins. - Ultra-luxury projects offer significantly higher per-sq-ft margins. - Mumbai remains preferred due to superior margins. - Company has no immediate plans to expand into Pune or Delhi. EPC & Construction - Large EPC order is under final negotiations. - Announcement expected within next two quarters. - Port business remains a significant opportunity. - In-house construction pipeline is around ₹9,000–10,000 Cr. - Internal execution allows MICL to retain EPC margins. - EPC capability is supported by decades of execution experience. - Company has around 60 years contracting experience. Goregaon Opportunity - Goregaon SRA project remains under development. - Current plan covers around 12 acres. - Potential expansion could reach 30 acres. - Project may take around two years to stabilize. - Potential construction area could reach 1 Cr sq ft. - Carpet area could reach around 30 lakh sq ft. - Potential GDV estimated above ₹10,000 Cr. - Goregaon is not included in near-term projections. Mumbai Focus - Company remains focused on Mumbai MMR. - No immediate plans to enter other Indian cities. - Mumbai offers superior profitability and ticket sizes. - Strong demand continues across premium micro-markets. - Bandra, South Mumbai and Central suburbs remain key. - Company continues evaluating redevelopment opportunities. US / Miami Business - US operations started around 1.5 years ago. - Two villas have already been completed. - One villa has been sold. - Third villa has expected value around $15 Mn. - Ritz-Carlton project has around $25 Mn presales. - Ritz-Carlton completion targeted for December 2030. - Around $35 Mn has been transferred to US operations. - US project margins are comparable or better than India. - Local JV partners help de-risk execution. - Management plans to recycle US cash flows into opportunities. Cash Flow & Funding - Previous-year negative cash flow reflected acquisitions. - Working capital was deployed into newly acquired projects. - Management says cash flow trajectory has improved. - Group cash flow exceeds ₹700 Cr. - Company does not currently require external fundraising. - Management intends to remain debt-free. - Excess liquidity supports future acquisitions. - Portfolio could potentially double over the coming year. FY27 Outlook - Management maintains 25%+ PAT growth guidance. - Strong launches should support earnings growth. - Bottom-line target of ₹500 Cr remains an ambition. - Significant earnings jump expected over 2–3 years. - Growth expected from project launches and deliveries. - New projects should begin revenue recognition progressively. KEY TAKEAWAY - ₹6,600 Cr launch pipeline; 25%+ PAT growth maintained.

TRITON VALVES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Group consolidated revenue reached ₹186.5 Cr. - Revenue grew 38.5% YoY. - Revenue increased 17.5% QoQ. - EBITDA stood at ₹12.41 Cr. - EBITDA increased from ₹8.8 Cr YoY. - EBITDA rose from ₹11.3 Cr QoQ. - Reported PAT reached ₹9.75 Cr. - PAT included ₹4.75 Cr merger tax credit. - PAT excluding merger benefit was ₹5.25 Cr. - Group ROCE improved to 12.5%. - Net worth increased to ₹138 Cr. Segment Performance - Automotive revenue reached ₹103 Cr. - Automotive contributed around 55% of revenue. - Metals revenue reached approximately ₹79 Cr. - Metals contributed around 42% of revenue. - Climate control revenue was ₹3.89 Cr. - Climate control contributed around 2%. - Automotive grew from ₹78 Cr to ₹103 Cr YoY. - Metals grew from ₹50 Cr to ₹79 Cr YoY. - Climate control declined during the quarter. Automotive Growth - Automotive demand remains strong across segments. - Around 80% growth was organic industry growth. - Around 20% growth came from market-share gains. - Tubeless valve volumes grew around 25% YoY. - TPMS volumes grew approximately 75–80% YoY. - EV component volumes grew approximately 103% YoY. - Remaining tube-valve business grew around 20% YoY. - Import substitution supports additional market-share gains. - New programs should support Q3 and Q4 growth. EV & New Products - EV components are becoming a major growth engine. - Existing EV products are seeing strong demand. - Company is engaged with multiple EV manufacturers. - Charging-infrastructure components are under development. - Charger cable components have been prototyped. - Battery terminals are also being evaluated. - New EV products require 6–12 months development. - Vertical integration supports new material development. - EV portfolio is expected to broaden. TPMS & Global Customers - TPMS remains a major high-growth product. - LOIs received from All-Ovio and Sensata. - Bosch remains an existing customer. - New global programs provide future growth visibility. - Higher-value products are improving product mix. - Global customer relationships are being expanded. Capacity Expansion - Automotive capacity utilization is already very high. - Tubeless, TPMS and EV exceed 85–90% utilization. - Traditional tube valves retain additional capacity. - Demand is currently exceeding available capacity. - Planned group CapEx is around ₹15 Cr. - Around ₹10 Cr allocated to automotive. - Around ₹5 Cr allocated to metals. - Automotive CapEx targets tubeless, TPMS and EV. - Capacity expansion should prevent lost opportunities. - Around 50–60% CapEx commercializes in FY27. - Remaining CapEx benefits FY28. Metals / Future Tech - Metals utilization remains around 65–70%. - Approximately 30% volume headroom remains. - Company is moving toward special alloys. - Current sales largely comprise lower-margin 60:40 alloys. - Special alloys should deliver better margins. - CapEx supports foundry and extrusion capabilities. - Drawing-line capacity will also be upgraded. - Naval brass opportunity exists in marine applications. - Shipyards are showing interest in special grades. - Import substitution remains a major opportunity. Metals Profitability - Metals business currently generates 16%+ ROCE. - Management targets 20%+ ROCE. - 25% ROCE is possible with execution. - Special alloys should improve value addition. - Absolute EBITDA growth remains more important. - Commodity inflation suppresses percentage margins. Margin Outlook - Gross contribution declined 145 bps QoQ. - Gross contribution declined 181 bps YoY. - Management does not view this as margin erosion. - Commodity price increases inflate selling prices. - Automotive pricing largely passes through commodity changes. - Absolute margins remain relatively stable. - Q1 EBITDA annualizes to nearly ₹50 Cr. - Double-digit margins remain a long-term objective. - Management eventually targets margins in the teens. - Margin expansion depends on commodity stabilization. Climate Control - Climate control remained weak during Q1. - Industry demand has been relatively subdued. - High copper prices pressured industry margins. - Weak summer demand affected AC production. - Chinese dumping remains a major challenge. - Company is lobbying for stronger trade protection. - QCO implementation could support the segment. - Management is seeking Minimum Import Price. - Q2 is seasonally weak for climate control. - Recovery expected from October–November. - Meaningful turnaround may require 2–3 quarters. Growth Outlook - Management remains confident about sustaining growth. - Automotive growth should continue through FY27. - Existing programs provide organic growth. - New programs support Q3 and Q4 growth. - EV two-wheeler demand remains strong. - Metals offers significant additional volume headroom. - Climate control provides future optionality. - Growth engines are increasingly diversified. - Management expects FY27 to outperform FY26. - No specific FY27 revenue target was disclosed. Revenue Mix Outlook - Metals is expected to become increasingly significant. - Commodity prices are boosting reported metals revenue. - Metals could reach 60%+ group revenue in 2–3 years. - Automotive and climate control form the balance. - Special alloys could further improve metals economics. Merger & Tax Benefit - Climatec merger with Triton Valves was completed. - Merger enabled utilization of tax credits. - Approximately ₹4.75 Cr tax credit benefited Q1 PAT. - Brass scrap sales are now reported net. - Standalone revenue will appear optically lower. - EBITDA and bottom-line economics remain unchanged. - Consolidated financials remain unaffected by accounting change. - Further tax credits of ₹30–40 lakh may emerge. - Company expects no advance tax for 14–15 months. Working Capital & Balance Sheet - High copper prices increased working-capital requirements. - Inventory increased to support business requirements. - Management considers inventory fast-moving. - Q1 CapEx outflow was around ₹4.2 Cr. - Operating cash profit was around ₹12–12.5 Cr. - Debt/EBITDA remains around 3x. - Management targets 2.5–3x by year-end. - Net worth increased from ₹128 Cr to ₹138 Cr. KEY TAKEAWAY - EV, TPMS and metals drive strong growth.

CONFIDENCE PETROLEUM INDIA LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue from operations reached ₹2,408 Cr, up 117% YoY. - Revenue grew 98% QoQ from ₹1,216 Cr. - EBITDA stood at ₹147 Cr, up 64% YoY. - EBITDA increased 45% QoQ. - PAT reached approximately ₹62.6 Cr, up over 3x YoY. - PAT grew nearly 82% QoQ. - Basic EPS stood at ₹1.86. - Company delivered its highest-ever quarterly performance. - Growth was driven primarily by strong LPG volumes. LPG Market Opportunity - India's LPG consumption currently stands around 35.04 MMT. - Market expected to reach 40–42 MMT by FY30. - India could become world's largest LPG consumer by 2030. - OMCs account for approximately 94% of LPG sales. - Private marketers contribute around 6%. - CPIL holds around 33% share of private marketing. - Company operates across the entire LPG value chain. Integrated Business Platform - Operates 68+ LPG bottling/blending plants. - Network includes 478+ LPG road tankers. - Operates 225+ LPG HCVs/LCVs. - Dealer network exceeds 3,150. - HORECA customer base exceeds 3,400. - Serves 300+ industrial customers. - Operates 315+ auto LPG stations. - CNG network exceeds 50 stations. - Operates 82 CNG road vehicles. - Has 15 cylinder manufacturing plants. - Also operates 3 high-pressure cylinder plants. LPG Volume Growth - Q1 growth was not purely price-driven. - LPG volumes nearly doubled YoY. - Higher LPG prices also boosted reported revenue. - Management highlighted strong underlying volume growth. - New bulk and institutional customers were added. - Short-to-medium-term supply arrangements improve visibility. - Industrial and HORECA customer additions remain strong. - Management expects volumes to remain sustainable. West Asia Disruption Benefit - Supply disruption created opportunities for Confidence. - Company maintained adequate LPG inventory. - PSUs temporarily reduced commercial supply. - Confidence stepped in with uninterrupted supplies. - Alternate sourcing expanded across North America and Africa. - Middle East sourcing also remained active. - New customers entered longer-term procurement arrangements. - Management expects these volumes to remain sustainable. Auto LPG Expansion - Company currently operates 315+ auto LPG stations. - All existing stations are operational. - Target is 500 stations eventually. - Plan includes 75 additions in FY27. - Another 100 stations targeted in FY28. - New ALDS station payback is under 18 months. - Auto LPG demand temporarily slowed due to high prices. - Volumes are now showing recovery. - Marketing and customer outreach are being strengthened. CNG Expansion - Company operates 50+ CNG stations. - Bengaluru network is targeted toward 100 stations. - Current CNG volume is around 3 lakh kg/day. - Average station volume is approximately 6,000–6,200 kg/day. - Additional stations will reduce transportation costs. - Talks ongoing for Mumbai, Hyderabad and Indore. - Further expansion depends on partnerships with CGD players. - Company plans another 50 CNG stations gradually. Packed LPG / GoGas - GoGas dealer network exceeds 3,150 dealers. - Packed LPG sales are around 18,000–20,000 MT/month. - Company focuses mainly on commercial customers. - GoGas HORECA customer base exceeds 3,400 accounts. - GINKARLO GINKARDO promotes pay-for-actual-consumption. - Returned cylinders are weighed for unused LPG credit. - Focus remains on transparency and customer retention. - Reliability and availability remain key differentiators. Type 4 Cylinder Opportunity - Type 4 high-pressure cylinder capex is completed. - Manufacturing facility is located at Butibori/Nagpur. - Machinery has already been installed. - Plant operationalization awaits order finalization. - Deliveries could begin within 1–2 months. - Cylinders target CNG cascades and automotive applications. - Customers include CGD players and OEMs. - Existing 82 CNG cascades support internal requirements. - Management has not yet provided margin guidance. Margins & Profitability - Higher LPG prices inflated reported revenue. - Percentage PAT margin appears lower due to price impact. - Management said underlying margins remain intact. - Higher volumes should improve fixed-cost absorption. - Larger overseas procurement can improve margins. - Management expects margins to gradually improve. - Future revenue/PAT growth targeted around 10–15% QoQ. - No specific multi-year margin target was provided. Backward Integration - Backward integration remains a major strategic priority. - Company wants greater control across LPG value chain. - Small storage terminals are being evaluated. - Potential coastal locations are under discussion. - Objective is lower intermediary dependence. - Integration should improve operational efficiency. - Management expects stronger long-term margins. Capital Allocation & Expansion - Company is evaluating multiple expansion models. - Growth includes company-owned new stations. - Strategic JVs are also being considered. - Existing infrastructure acquisitions remain an option. - Packed LPG bottling network will expand. - Focus remains on improving asset utilization. - Cash generation supports further expansion. - Company remains focused primarily on LPG and CNG. Promoter & Management - Promoters continue increasing stake gradually. - Management reiterated confidence in long-term LPG opportunity. - Second generation is already involved in operations. - Family members oversee different business segments. - BW exited through the secondary market. - BW's exit does not impact company operations. - Confidence remains focused on LPG retail and CNG. Key Risks / Watchpoints - LPG price volatility can impact reported revenue. - Auto LPG demand remains price-sensitive. - CNG expansion depends on station commissioning. - Type 4 ramp-up depends on order book. - Margin percentages can fluctuate with LPG prices. - Tax assessment from October 2025 search remains pending. - Management does not expect a significant tax liability. - No specific FY27 revenue number was provided. KEY TAKEAWAY - Record growth with sustainable LPG volume momentum.

ORCHID PHARMA LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue from operations reached ₹304 Cr, up 15% YoY. - Gross margin improved to 33% vs 30% YoY. - EBITDA increased to ₹25 Cr vs ₹10 Cr. - FY26 revenue stood at ₹1,233 Cr on combined basis. - FY26 gross margin moderated to 32%. - Cephalosporin pricing remains highly competitive. - Industry continues to face significant overcapacity. - Management remains focused on volume growth. - Product mix improvement remains a key priority. - Cost discipline remains firmly in focus. Merger & Synergies - Dhanuka Laboratories merger became effective 10 July 2026. - Appointed date remains 1 April 2024. - FY25 and FY26 numbers were restated. - Combined platform provides greater diversification. - Integration projects have already commenced. - Initial synergy benefits expected from FY28. - Cost savings remain a major integration objective. - Management expects progressive profitability improvement. Core Business Outlook - Q1 FY27 performance showed early improvement. - Industry pricing pressure remains elevated. - Non-regulated markets remain highly competitive. - Regulated-market demand is cyclical. - Q1 regulated-market demand was described as mediocre. - Management expects better regulated demand over next 2–3 quarters. - Historically, H2 sees stronger regulated-market demand. - No specific FY27 revenue-growth guidance provided. - Management avoided giving a 20% growth target. Xblyseb / Advanced Pharma - Russia licensing arrangement estimated at $178 Mn over 10 years. - This represents estimated long-term value, not current revenue. - European vial volumes continue showing strong growth. - Q3FY26 volume growth was 300% QoQ. - Q4FY26 growth reached around 175% QoQ. - Q1FY27 volumes increased another 50% QoQ. - Big Five European markets have been launched. - South Africa registration has been completed. - GCC market coverage has been achieved. - Middle East launch timing affected by regional conflict. - Discussions underway across multiple international markets. - Russia registration and launch may take 1.5–2 years. - Long-term sales ambition remains $1.1–2 Bn. 7-ACA Project - Jammu 7-ACA facility remains targeted for March 2027. - Project capex is approximately ₹750 Cr. - First commercial batch targeted by March 2027. - Ramp-up expected to reach 80–100% within first year. - Long-term utilization targeted at 80% captive / 20% third-party. - Initial output will largely be captive. - Third-party sales require customer GMP approvals. - Management sees limited scope for drastic China price cuts. - 7-ACA prices have remained stable for 10–12 years. - Weighted average price is around $60. - Technology partner supports production stabilization. - Partner will continue developing improved strains. - Management acknowledges fermentation ramp-up remains unpredictable. - Pilot plant has already scaled 20x. - Jammu requires further approximately 800x scale-up. Cefiderocol Project - Facility commissioning remains targeted for December 2026. - Validation and initial batches follow commissioning. - India launch depends on DCGI approval. - First approval may take 6–9 months after facility readiness. - India commercial operations could begin around Q3 FY28. - GARDP global RFP process is underway. - WHO prequalification remains a strategic objective. - WHO PQ process may take around 2 years. - Management is engaging stakeholders regarding trial waiver. - Previous Orchid waiver provides some precedent. US Injectable Strategy - US strategy remains targeted around 2030. - Six molecules identified for future opportunity. - Three newer molecules include Cefta-Avi, Ceftaroline and Ceftolosine-Tazobactam. - Older molecules include Cefepime, Ceftriaxone and Cefazolin. - Generic filings will use Orchid's facility. - Newer molecules may use CMOs initially. - Meaningful launches are not expected before FY28. - Validation, FDA approval and ANDA filings remain multi-year processes. Cephalosporin Strategy - Cefixime faces the strongest margin pressure. - Pressure is mainly in rest-of-world markets. - Cefuroxime and other 7-ACA products remain relatively stable. - Orchid is diversifying beyond low-margin products. - Company focuses on value-based rather than volume-led business. - Orchid manufactures around 20–25 products. - Competitors generally focus on fewer products. - Backward and forward integration aim to de-risk APIs. - 7-ACA and injectable capacity support this strategy. - Ceftriaxone offers significant scaling opportunity. - Orchid plans to supply non-sterile Ceftriaxone to other players. - Competitors could become Orchid's customers. AMS Business - AMS revenue was approximately ₹5 Cr in Q1. - EBITDA loss reduced to around ₹0.5 Cr. - Quarterly drag has reduced significantly. - Distribution network is being built for Cefiderocol. - Distribution agreement discussions are at advanced stage. NPMC / Synthetic Business - NPMC sales were approximately ₹21 Cr in Q1. - Company is developing additional high-value molecules. - Backward integration is planned for select molecules. - New products and capacity additions remain ongoing. - Business continues to be developed incrementally. CAPEX & Execution - Major FY27 capex is focused on strategic projects. - 7-ACA project requires ₹750 Cr. - Cefiderocol project requires $20–25 Mn. - Management expects project execution to remain disciplined. - PLI benefit is currently expected for 2 years. - Extension may be pursued after plant commencement. - Capital allocation remains focused on strategic integration. KEY TAKEAWAY - Core recovery + 7-ACA/Cefiderocol create long-term upside.

RANE (MADRAS) LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Q1 revenue stood at ₹1,050.6 Cr. - Revenue grew 18.8% YoY. - New business wins reached ₹2,040 Cr LTV. - Export programs formed around 54% of new-business LTV. - Margin remained impacted by elevated input costs. - Commodity and logistics costs remained elevated. - Cost-reduction initiatives are being implemented. - Management aspires for double-digit margins. - Q3 is targeted for achieving double-digit margins. - Full-year FY27 margin target remains double-digit. Margin Recovery - Commodity pass-through has already started. - Some price recovery reflected in Q1. - Additional recovery expected during Q2. - Pass-through timing varies by customer. - Some customers operate monthly adjustments. - Others operate quarterly adjustments. - Premium freight and overtime increased costs. - Internal cost initiatives should reduce these expenses. - Improving export and aftermarket mix supports margins. - Cost-reduction benefits should mature in FY28. Rane Steering Systems - FY27 margins expected to remain muted. - Legacy low-priced orders remain a key drag. - Prior-year benefited from retrospective price increases. - Cost-reduction efforts remain ongoing. - Better margins expected from FY28. - Steering export programs remain a growth focus. - Rack-and-pinion and ball-joint exports are targeted. - Some exports are deemed exports. - Deemed exports do not benefit from forex movements. Hindustan Composites Acquisition - Friction business acquisition has been completed. - Transaction was completed after required conditions. - Acquisition strengthens RML's friction business. - Business complements existing brake components. - Existing business has PV and two-wheeler strength. - Acquired business is strong in CV and railways. - Around 40% of acquired friction revenue is railways. - Acquired business has 11–12% EBITDA margins. - Management believes current EBITDA is around 13–14%. - Acquired margins are accretive to RML. - Two Maharashtra manufacturing locations added. - Integration planned over 12–18 months. - Brand and aftermarket synergies are being evaluated. - New formulations may create additional synergies. Railway Opportunity - Railway business is tender-driven. - Order visibility is around 12–14 months. - Acquired friction business has strong railway exposure. - Railway penetration provides significant growth opportunity. - RML expects synergies from existing railway presence. - Friction business supports commercial vehicle growth. - Aftermarket offers additional growth opportunities. Brake Business & Aftermarket - Brake division sees strong growth opportunities. - Two-wheeler demand remains a key driver. - Railway and CV friction businesses add growth. - Aftermarket remains a sizeable business. - Aftermarket sales growth has improved. - Price increases have been implemented. - Around 20–22% aftermarket sales are outsourced. - Integration should improve aftermarket synergies. - Management remains positive on 2–3 year growth. Automotive Market - Indian auto industry started FY27 strongly. - Several vehicle segments posted record Q1 sales. - PV growth led by SUVs. - CV growth supported by replacement demand. - Mining and cement sectors supported CV demand. - Tractor demand remained healthy. - Two-wheelers benefited from domestic demand. - Export volumes also improved. - EV two-wheeler adoption supported growth. - Supply-chain challenges remain. - West Asian crisis increased cost pressures. Market Share & Growth - Management sees no broad market-share loss. - Growth differences reflect vehicle-model mix. - Some OEMs and models are growing faster. - Technology migration has limited impact. - LCV systems are gradually shifting technologies. - Tractor hydraulic steering penetration remains healthy. - Pack values differ across vehicle applications. - New business wins remain healthy. Capex & Expansion - RML FY27 capex planned at ₹270–300 Cr. - RSSL capex planned around ₹70 Cr. - ZF group capex planned around ₹250–280 Cr. - RML capex increased due to order advancement. - Some FY28 capex was pulled into FY27. - Acquisition consideration is around ₹370 Cr. - Funding will use internal accruals and debt. - Velachery land proceeds support funding. - Peak debt may reach around ₹1,100 Cr. - Year-end debt expected below ₹1,000 Cr. - Net debt-to-equity target remains 0.5x. - Target remains achievable by March 2028. Debt Reduction - Velachery property sale is underway. - Proceeds are being received in phases. - Other land parcels may be monetized. - Sales depend on achieving appropriate valuations. - Management remains committed to deleveraging. - Debt reduction planned over 12–18 months. - Target net debt-to-equity remains 0.5x. Aluminium Casting - Lightweighting remains a favorable structural theme. - Aluminium casting continues to grow strongly. - Export growth has been particularly strong. - Domestic growth also remains healthy. - Higher aluminium prices boosted reported revenue. - Volume growth remains reasonably good. - Growth reflects both volume and pricing. Operating Efficiency - External consultants support cost transformation. - Support includes merger-related activities. - Aftermarket restructuring is also underway. - Logistics and packing costs are being reviewed. - Direct and indirect costs are being optimized. - Cost initiatives should support FY28 profitability. - Aftermarket integration offers additional synergies. KEY TAKEAWAY - 18.8% growth; double-digit margins targeted from Q3.

😁🙈

KRN HEAT EXCHANGER AND REFRIGERATION LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Business & Growth - Consolidated revenue grew 119% YoY. - Core heat exchanger capacity is nearing full utilization. - Growth increasingly driven by newer product categories. - Business now spans multiple HVAC applications. - Products include fin & tube, bar & plate. - Also includes refrigeration, bus AC and complete HVAC. - Exports now reach 14 countries. - Focus markets include North America, Europe and UAE. - Domestic opportunities include data centers and industrial cooling. - Mobility, infrastructure and defence offer additional opportunities. Data Center Business - Data center revenue reached around ₹65 Cr in Q1. - Q1 last year revenue was around ₹20 Cr. - Business increased nearly 3x YoY. - Around 20% of Q1 data center revenue was exported. - Management expects around 3–3.5x annualized growth. - Fin & tube remains the current data center product. - Supplies cover chiller-side and indoor-side applications. - Vertiv vendor quality audit has been successfully completed. - Sample order received from Vertiv. - Sample supply expected within 2–3 weeks. - Mass production follows customer approval. Liquid Cooling & Microchannel - Microchannel heat exchanger is under development. - Machine ordering expected within 4–5 weeks. - Commercial production targeted within ~1 year. - Microchannel will primarily address liquid cooling. - Margins expected similar or slightly higher. - Product value will be lower than fin & tube. - KRN expects an early-mover position commercially in India. - Plate heat exchanger is also under development. - PHE targeted for CDU indoor applications. - Fin & tube demand will continue alongside new products. Margin Outlook - Management targets 18–20% EBITDA margins. - Margin expected to remain sustainable going forward. - PLI and RIPS incentives can provide upside. - Operating leverage remains a key margin driver. - Raw material inflation is largely passed through. - New customers offer better margins than legacy business. - Bar & plate supports higher overall margins. - Bus AC also carries slightly higher margins. - Product mix and exports support profitability. KRN HVAC Subsidiary - New subsidiary is the primary incremental growth driver. - Current core KRN capacity is nearly fully utilized. - Subsidiary targets around 50% utilization in FY27. - Utilization targeted at 80% next year. - Additional Bangalore unit planned within ~1 year. - New unit will manufacture fin & tube products. - Backward integration includes sheet metal and manifolds. - Operating leverage should improve margins. - PLI and RIPS incentives provide additional upside. Bus Air Conditioning - Indian bus AC market is around ₹1,000 Cr. - Company targets 10–15% market share initially. - Industry growth estimated around 20–30%. - KRN expects 30–40% YoY growth. - Bus AC margins are slightly above core products. - New Rajasthan facility planned for bus AC. - Complete bus AC operations will shift there. - Facility expected to be ready within ~1 year. Refrigeration & Bar & Plate - Bar & plate revenue target is ₹40–50 Cr this year. - Bar & plate expected to grow 20–40%. - Capacity available around ₹150–200 Cr. - Major demand expected from Indian Railways. - Refrigeration revenue target around ₹150 Cr. - Refrigeration growth expected above 40%. - New large OEM customers are being added. - Refrigeration margins are slightly below core products. Exports - Export revenue target is around ₹200 Cr in FY27. - Previous-year exports were around ₹100 Cr. - Export growth expected to nearly double. - North America expected to drive major growth. - Europe remains the second key export market. - UAE contribution expected to decline due to geopolitical issues. - Fin & tube export share targeted at 50% within 3 years. - Dedicated export sales team is now operational. - Company sells directly to OEMs. - No distribution network is required. - US warehouse and sales office remain under evaluation. North America Opportunity - North America has only a few major competitors. - Competitors include Modine and Direct Coil. - Local capacity remains insufficient for data center demand. - Rising data center demand creates supply gaps. - KRN already has 2–3 customers onboard. - Customer engagement started around 3–4 months ago. - Better lead times support competitive positioning. - US exports currently face around 25% duty. - Duty impact is considered while pricing. - Local US expansion remains a future possibility. Railway Expansion - New Rajasthan facility will house railway HVAC. - Railway team is already onboard. - Development orders received from BLW. - Cab air-conditioning development is underway. - Vendor approval expected after development completion. - Complete railway HVAC supply is targeted thereafter. - Vande Bharat and Metro opportunities are planned. - Commercial entry could take around 1.5 years. Capacity & Expansion - Existing first plant revenue capacity is around ₹400 Cr. - Inter-company billing can make reported capacity appear higher. - New facility targets 50% utilization this year. - New facility targets 80% utilization next year. - Bangalore facility is being developed for South India. - Existing customers requested local manufacturing support. - Around ₹100 Cr Bangalore business opportunity identified. - Logistics savings are a key expansion driver. - New plant gestation period is around 1 year. Raw Material & Working Capital - Customer contracts are linked to metal prices. - LME aluminium, copper and USD/INR are covered. - Around 99% raw material changes are passed through. - Inventory is maintained around 2.5 months. - Additional inventory remains in transit. - Price adjustments are generally passed quarter-on-quarter. - Export factoring is being explored. - Alternative working-capital platforms are being utilized. - Better financing management should reduce finance costs. KEY TAKEAWAY - 119% growth with multi-product expansion underway.

MANIPAL HEALTH ENTERPRISES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Q1 revenue stood at ₹3,091 Cr. - Revenue grew 38% YoY. - Network EBITDA stood at ₹749 Cr. - EBITDA grew 26% YoY. - Excluding one-off gain, EBITDA growth exceeded 30%. - Network EBITDA margin stood at 24.2%. - Ex-Sahyadri operating margin stood at 25%. - Inpatient volumes grew 39% YoY. - OP volumes grew 26% YoY. - Occupancy improved 290 bps to 65%. - ALOS remained industry-leading at 2.7 days. - Ex-Sahyadri ARPOB stood at ₹77,200/day. - ARPOB grew around 9% YoY. Digital & Out-of-Hospital Business - Digital revenue stood at ₹710 Cr. - Digital revenue contributed around 23%. - E-pharmacy processed 15,000+ orders. - E-pharmacy operated across 23 hospitals. - Telehealth completed 17,000+ consultations. - MAI chatbot handled 9,600+ interactions. - Digital penetration is also being expanded across Sahyadri. - Out-of-hospital initiatives remain a growth focus. Centers of Excellence - Six high-acuity specialties remain key growth drivers. - Includes cardiac sciences, oncology and neurology. - Gastroenterology, orthopedics and renal sciences included. - These specialties contributed around 65% revenue. - IP revenue across specialties grew 45% YoY. - Oncology contribution increased to 12.2%. - Oncology contribution was 10.8% previously. - Oncology remains a major growth focus nationwide. - Bangalore capacity additions further strengthen oncology. Sahyadri Performance - Q1 revenue stood at ₹332 Cr. - Revenue grew 13% YoY. - EBITDA stood at ₹58 Cr. - EBITDA grew around 19% YoY. - EBITDA margin reached around 17.5%. - ARPOB increased 15% to ₹45,000/day. - Occupancy reached 63%. - ALOS improved 8% YoY to 2.8 days. - Integration is progressing as planned. - Clinical programs and talent additions continue. - Conversion efficiencies are improving. - Digital adoption is being phased in. - Infrastructure upgrades are underway. Sahyadri Integration Strategy - Full integration planned over 16–18 months. - Regional HR structure has been established. - Around 58 clinicians now work across brands. - Clinician interoperability is expanding. - Digital penetration is around 22–23%. - Up-country markets are being developed. - Service strategy is being strengthened. - Clinical complexity is being increased. - Higher complexity should improve ARPOB. - Full Manipal branding planned over coming months. - Management expects further operating efficiencies. Margin Improvement - Ex-Sahyadri margin stood at 25% in Q1. - Prior-year margin was 26.5%. - A prior-year one-off benefit impacted comparison. - Normalized margin decline was only around 0.9%. - Greenfield doctor costs impacted margins by 0.5%+. - Collections from scheme patients were slower. - Management does not view these as structural issues. - Greenfield ramp-up should improve doctor leverage. - Several mature hospitals already exceed 30% margins. - Management aims to improve overall network margins. - No specific long-term margin guidance provided. Greenfield Hospitals - Kanakapura and Yelahanka are ramping up ahead of plan. - Kanakapura reached EBITDA break-even in month 5. - Yelahanka reached EBITDA break-even in month 2. - Both facilities are still in early ramp-up. - Electronic City launched as the 50th hospital. - Electronic City added around 300 beds. - Bangalore now has 13 facilities. - Bangalore licensed capacity is nearly 3,000 beds. - Raipur expected to commission in Q4 FY27. - Greenfields remain important organic growth drivers. Capacity Expansion - Company remains on track for planned bed additions. - FY27 includes around 1,000 additional beds. - Nashik added 103 beds during Q1. - Nashik licensed capacity increased to 307 beds. - Electronic City adds nearly 300 beds. - Kinder acquisition could add around 100 beds. - Kinder integration could accelerate during FY27. - Ahilya Nagar may add around 80 beds in FY28. - Expansion will happen in a staggered manner. Kinder Hospital Acquisition - Company agreed to acquire Kinder Hospital, Whitefield. - Facility currently focuses on women and children. - Manipal plans to remodel it into a multispecialty hospital. - Existing Kinder revenue/EBITDA is not the focus. - Strategic value comes from Whitefield micro-market. - Land and building are included in acquisition. - No rental leakage expected after acquisition. - Facility will temporarily close for remodeling. - Transfer expected within around 60 days after CPs. - Remodeled facility will complement existing Whitefield/Varthur hospitals. - Infertility capabilities already exist at Whitefield. Capex & Leverage - Around 3,000 beds planned over next 3–4 years. - Total capex expected around ₹4,000 Cr. - FY27 capex expected around ₹2,000 Cr. - Around ₹900 Cr capex spent in Q1. - IPO proceeds will be used to repay debt. - Net debt/EBITDA currently around 2.8x. - Expected to fall to around 0.9x after repayment. - Management comfortable around 1.5–2x leverage. - Higher leverage only for compelling opportunities. - Management intends to use debt judiciously. Clinical Excellence - World-first robotic pancreatic surgery performed in Bangalore. - Vijayawada performed state's first emergency living donor liver transplant. - New Bangalore facilities completed robotic renal transplants. - Linear accelerator and PET CT installed at Nashik. - AI-assisted neuro biplane cath lab commissioned Kolkata. - Advanced clinical capabilities support higher-acuity case mix. Growth Strategy - Growth remains primarily volume-led. - Management prefers sustainable patient-volume growth. - Higher clinical complexity supports ARPOB growth. - Greenfields provide significant organic growth runway. - Sahyadri offers substantial integration upside. - Oncology remains a key specialty growth driver. - Digital and out-of-hospital initiatives add diversification. - Expansion remains focused on high-growth micro-markets. KEY TAKEAWAY - 38% growth + 3,000-bed expansion runway.

LOHIA CORP LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue from operations stood at ₹503 Cr. - Revenue grew 60% YoY. - EBITDA stood at ₹100 Cr. - EBITDA grew 276% YoY. - EBITDA margin improved to 19.9%. - PAT stood at ₹66 Cr. - PAT margin stood at 13%. - Domestic business contributed 59% revenue. - Exports contributed 41% revenue. - Performance driven by higher volumes and operating leverage. Order Book & Revenue Visibility - Order book stood at around ₹1,780 Cr. - Order book grew 30% since March 2026. - Order book grew 195% since June 2025. - Around 20% order book is backed by customer advances. - Order book provides strong execution visibility. - Management does not see current order book as peak. - Industry capex cycle is expected to continue. - Majority demand comes from customer capacity expansion. - Replacement currently contributes around 3–5%. - Replacement opportunity expected to increase gradually. Growth Outlook - Management expects 20–25% revenue growth. - Current applications continue expanding across markets. - Management sees further growth beyond current levels. - Export share expected to stabilize around 50%. - Domestic demand is currently driving order book growth. - Export markets are expected to make a comeback. - Higher revenue should support operating leverage. - Management internally targets around 20% EBITDA margin. Capacity Utilisation - Current capacity utilisation is around 70–72%. - Ideal capacity utilisation is around 85%. - Existing capacity can support ₹2,400–2,500 Cr revenue. - Manufacturing capacities are highly fungible. - Components can be manufactured internally or outsourced. - Large vendor base provides additional flexibility. - Balancing capex will continue as required. - Major capacity expansion is not immediately required. Capex & Asset Turnover - Company remains light on capex. - Existing land is available at Kanpur. - Capacity expansion can be implemented within 5–6 months. - Major capex required only beyond ₹2,500 Cr revenue. - For every additional ₹500 Cr turnover, capex may be ₹80–100 Cr. - Asset turnover ratio remains around 3–4x. - Future capex will remain measured and demand-driven. Product & Business Mix - Around 80–85% revenue comes from woven-plastic machinery. - Spare parts contribute around 10–12% revenue. - New initiatives contribute around 5–6% currently. - New initiatives expected to become materially larger. - Company serves packaging and non-packaging applications. - Applications include FIBC, geotextiles and tarpaulins. - Automation and productivity remain key product priorities. Export Business - Export revenue historically ranges around 45–55%. - Management expects exports to stabilize near 50%. - Export sales prices are 10–15% higher than domestic. - Export margins can be lower due to freight. - Agency commissions can also impact export margins. - Rupee depreciation supports export negotiations. - Company primarily exports to developing countries. - Tariffs do not directly materially impact the business. - Developed markets mainly import finished fabrics and bags. Competitive Position - Company commands around 15–20% price premium over China. - Customers continue paying for technology and quality. - Chinese competition remains a global reality. - Service capability remains a key differentiator. - Chinese players face challenges in Indian market. - Technology creates a significant entry barrier. - Company has around 2,000 customers globally. - Only a few major machine suppliers exist globally. - Lohia remains a market leader in India. Customer Expansion & Industry Demand - Current demand primarily comes from existing customers. - Customers are undertaking fresh capacity expansion. - Technical textile applications continue increasing. - Non-packaging applications are expanding rapidly. - Products benefit from reduced single-use plastic usage. - Government focus on plastic reduction supports applications. - Management does not see order-book peak currently. - Replacement cycle should become increasingly important. After-Sales & Spare Parts - New machine orders typically execute within 6–9 months. - Spare parts generate recurring revenue after installation. - ₹100 Cr plant can generate around ₹2–3 Cr annually. - Consumable parts are required on a perpetual basis. - Spare-parts gross margins are 2–3% higher. - Installed machine base creates recurring revenue opportunity. - Customer support remains an important competitive advantage. R&D & Innovation - R&D spending averages around 3% of revenue. - Management expects around 3% R&D spend going forward. - Automation remains a major R&D focus. - IoT offerings are continuously being improved. - New technologies are being developed internally. - Potential future hero products remain confidential. - Innovation supports productivity and margin improvement. Recycling & New Initiatives - Company recently entered recycling machinery. - Current focus is polyolefin recycling. - Applications include polypropylene and polyethylene recycling. - Polyester recycling is not currently offered. - Shredding and granulating are adjacent opportunities. - Plastic machinery adjacencies will be evaluated. - New initiatives currently form 5–6% revenue. - Management expects these businesses to become material. Long-Term Growth Strategy - Existing capacity supports ₹2,400–2,500 Cr turnover. - Current order book provides strong visibility. - Domestic expansion is currently driving demand. - International markets should gradually recover. - Higher automation should support future growth. - Replacement demand offers another long-term opportunity. - Service and spare parts provide recurring revenue. - Company remains focused on technology-led growth. KEY TAKEAWAY - ₹1,780 Cr order book + 20–25% growth outlook.