CONCALLS

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.

TRANSPEK INDUSTRIES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Q1 revenue stood at ₹155.1 Cr. - Revenue declined 6.5% YoY. - EBITDA stood at ₹24.1 Cr. - EBITDA declined 32.4% YoY. - EBITDA margin stood at 15.6%. - PAT stood at ₹8.9 Cr. - International business contributed 84.4% revenue. - North America contributed over 52% revenue. - Company remained net debt-free. FY27 Growth Outlook - Management expects 15–20% revenue growth this year. - At least 15% growth targeted for FY27. - New acid chloride sales may reach ₹15 Cr. - Earlier sales from this product were around ₹4 Cr. - Company targets doubling business over 5–6 years. - New products are expected to drive future growth. - Management has become more aggressive on expansion. Product Development - Focus remains on higher-value complex products. - Two high-end polymers are under development. - Applications include medical and aerospace. - Other applications include electronics and semiconductors. - Polymer modifiers and additives are also developing. - Three additive products are under development. - One additive is nearing pilot stage. - Complex multi-step sulfonation products are being developed. - Chlorofluoro intermediates are another focus area. - New acid chloride products are being commercialized. New Product Revenue Potential - One product could generate around ₹50 Cr annually. - Commercialization expected toward FY27-end. - Second product could generate another ₹50 Cr annually. - Second product may commercialize by FY28. - Other products could individually offer ₹50–100 Cr potential. - Company targets growth through existing and new products. R&D & Pilot Plant - R&D team and infrastructure will double this year. - Multi-purpose pilot plant is being established. - Plant will support multiple chemistries and reactions. - Four streams are planned in the facility. - Pilot plant enables 2–5 ton scale-up. - Facility will support commercial process validation. - Commissioning expected around February. - AI models are being developed for R&D. - AI could reduce physical trial requirements. - Technology may accelerate product development timelines. Capacity Utilization - Capacity utilization is product-mix dependent. - Permission-level utilization can reach 100%. - Overall reported utilization may remain around 70–80%. - Current quarter is approaching full permission utilization. - All 4 sites are targeting full utilization. - Acid chloride capacity is being utilized through new products. - Product-specific capacity limits overall utilization. Odisha Expansion - Odisha government approved land interest in principle. - Board approval remains pending. - Feasibility study is being prepared. - Board review targeted within 25–30 days. - Decision could come by November-end. - Permissions may take around 3–4 months. - Greenfield plant could take 1.5–2 years. - Planned investment is around ₹250 Cr. - Capex will be deployed over 5–6 years. - Expected payback period is 4–5 years. - Odisha offers strong chemical ecosystem advantages. - Location has strong infrastructure and port connectivity. DuPont / Arkema Relationship - Existing DuPont contract has been assigned to Arkema. - Supplies continue as earlier. - No major change in demand currently. - Contract renewal discussions expected later this year. - Renewal discussions may extend into early next year. - Management currently sees no reason for non-renewal. - Company has maintained a strong supply track record. - No quality rejection reported over the relationship. - Logistics disruptions have not affected deliveries materially. - Around 300–400 ISO tanks are rotated for the customer. - Company is preparing for worst-case renewal scenario. Contract & Margin Risk - Non-renewal could cause a significant volume impact. - Margins could also be materially affected. - Alternative customers cannot replace volumes immediately. - Diversification is being pursued to reduce concentration risk. - Other customer discussions are already underway. - Cost-plus pricing applies to Arkema-related business. - Raw-material and currency movements are passed through. - Lower per-kg margins could be offset by higher volumes. Competitive Position - Core strengths remain chlorine and sulfur chemistry. - Specialized infrastructure creates entry barriers. - Strong compliance and safety standards support competitiveness. - Several new Indian competitors entered acid chlorides. - Company has largely sustained revenues despite competition. - Complex products provide better differentiation. - Focus increasingly shifting toward higher-value products. Margins Outlook - Management targets 15–20% EBITDA margins. - Q1 margin was within this targeted range. - Chemical margins remain sensitive to raw-material volatility. - Raw material prices can change sharply. - Maintaining market share can temporarily compress margins. - Product margins will vary across the portfolio. - Management expects sustainable overall margins. Capex Philosophy - Earlier capex was largely maintenance or integration. - Old plants required replacement due to corrosion. - Thionyl chloride capacity reduced external procurement. - Much past capex did not directly add revenue. - Future capex will be tied to specific products. - Management will disclose objectives for major capex. - Board is pushing for more aggressive growth. Silox Investment - Silox investment is valued around ₹300 Cr. - Investment is governed by shareholder arrangements. - Management considers it illiquid. - Company has offered shares to existing parties. - Immediate monetization remains difficult. - Management continues discussions regarding potential monetization. - Dividend received is around ₹5–7 Cr annually. - No near-term resolution is expected. KEY TAKEAWAY - 15–20% growth target with aggressive new-product expansion. All Brokerage Reports @Brokerage_report

VMS TMT LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Total income stood at ₹247.88 Cr. - Revenue grew 16.16% YoY. - TMT sales volume also increased YoY. - EBITDA declined due to raw-material cost pressure. - PAT stood at around ₹2.45 Cr. - Imported scrap prices increased sharply during Q1. - Dollar appreciation further increased landed material costs. - Management expects margins to improve over Q3–Q4. - Lower finance costs provide additional bottom-line support. Manufacturing & Capacity - Integrated setup includes 2 lakh TPA TMT capacity. - Billet capacity stands at 2.16 lakh TPA. - Existing facilities operate around 80% utilization. - Management targets improving utilization by 4–5% annually. - TMT peak practical utilization is around 90%. - Billet manufacturing strengthens backward integration. - In-house billets improve raw-material control. - IPO proceeds were used to repay debt. - Company currently has no fixed debt burden. Captive Solar Power - 15 MW captive solar plant is being commissioned. - 12 MW became operational on 7 August. - Remaining capacity expected within around 1.5 months. - Solar plant can cover around 30% of power needs. - Expected generation is around 2.7 Cr units annually. - Saving estimated around ₹4/unit. - Annual saving expected around ₹10 Cr. - Solar should directly support EBITDA and cash margins. - Further solar capacity planned next year. Raw Material & Margin Pressure - Around 50–60% scrap is imported. - Another 20–25% comes from sponge iron. - Remaining 20–25% sourced locally. - Imported scrap remains economically viable. - Q1 scrap prices rose sharply versus TMT prices. - Forex movement also increased landed costs. - Material procurement involves 30–90 day transit cycles. - Higher landed cost compressed Q1 profitability. - Management expects market conditions to normalize gradually. Dealer Network & Gujarat Focus - Products sold under the Kamdhenu brand. - Current network includes 3 distributors and 227 dealers. - Dealer network is growing around 10–15% annually. - Focus remains primarily within Gujarat. - Saurashtra and Kutch expected to be added post-merger. - Aditya Ultra Steel's dealer network will also strengthen reach. - Company targets Tier-2, Tier-3 and rural markets. - Institutional sales remain relatively limited. - Strong local distribution supports better pricing. - Dedicated transport network improves service levels. - Company can command around ₹10–15 premium locally. Aditya Ultra Steel Amalgamation - Amalgamation proposal has been approved. - Regulatory approvals remain pending. - Saurashtra and Kutch territories will be added. - Combined dealer network will become significantly larger. - Duplicate expenses should reduce after consolidation. - Larger procurement scale should improve vendor negotiations. - Combined sales team should strengthen market coverage. - Full operational integration may take around 6 months. - Management expects consolidated performance to improve. - Combined capacity could reach around 3 lakh tons. Growth Outlook - Management expects sales growth around 10–15% annually. - EBITDA and PAT expected to grow accordingly. - PAT expected to grow somewhat faster. - Higher utilization should improve operating leverage. - Solar savings should support profitability. - Debt reduction provides recurring finance-cost savings. - Gujarat remains the primary growth market. - Infrastructure and construction demand remains supportive. Long-Term Ambition - Management expects topline to cross ₹2,000 Cr. - EBITDA and PAT expected to improve alongside scale. - Integrated manufacturing platform supports expansion. - Dealer network remains a key competitive advantage. - Product quality and BIS compliance remain priorities. - Focus remains on sustainable volume and profitability growth. KEY TAKEAWAY - Integration + solar + merger can drive margin recovery. All Brokerage Reports @Brokerage_report

VIBHOR STEEL TUBES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Performance - Revenue grew around 20% YoY. - Growth mainly came from Jharsuguda. - Existing Mumbai and Hyderabad remained broadly stable. - New products had limited Q1 contribution. - EBITDA growth expected to accelerate ahead. - Q2 should see stronger new-product contribution. - Q3 and Q4 expected to show smoother growth. Order Book & Demand - Maharashtra ERW pipe orders at 5,500 tons. - Hyderabad ERW orders at 2,000 tons. - Hyderabad crash barrier orders around 850 tons. - Jharsuguda pipe orders at 1,800 tons. - Jharsuguda crash barrier orders around 600 tons. - Transmission tower orders near 2,000 tons. - Pole orders around 250 tons. - Strong domestic demand visible despite monsoon. - Infrastructure spending continues supporting demand. Jharsuguda Expansion - Sundargarh/Jharsuguda capacity stands at 1.56 lakh TPA. - Q1 utilization was around 18%. - Pipe utilization currently around 12%. - Pipe utilization can rise toward 24–30%. - New galvanizing tank expected by early September. - Additional galvanizing capacity should unlock orders. - Crash barrier capacity has reached full utilization. - Another crash barrier line is being installed. - Pole capacity is around 300 tons/month. - Pole dispatch target reaches 300 tons gradually. - Transmission tower dispatch expected at 300–400 tons monthly. New Product Ramp-Up - Transmission line towers gaining strong traction. - Around 2,000 tons tower orders secured. - Power Grid approval could unlock further orders. - Pole business received 250 tons orders. - Pole dispatch expected around 100–120 tons initially. - Management targets 200 tons and then 300 tons. - Monopole setup is ready. - Monopole certification remains pending. - Certification expected around Q3. - RSJ pole business being tested through job work. - RSJ could become meaningful in Q3/Q4. - Solar structures remain under research. - Railway bridge opportunities also under evaluation. Margin Outlook - Overall current margins are around 2%. - Crash barrier margins around 3%. - Transmission towers and poles can deliver around 10%. - Monopole expected to offer highest margins. - Margin profile improves with product diversification. - New products should support EBITDA growth. - Management expects stronger contribution from Q2 onward. Jindal Relationship - Around 80–82% revenue comes from Jindal. - Management targets reducing dependency toward 70%. - No intention to reduce organically growing pipe volumes. - Jindal relationship has existed since 2003. - Jindal-linked sales provide raw-material booking strength. - Jindal products command around 5–10% premium. - Company also receives significant independent demand. - Capacity constraints currently limit additional orders. Export Opportunity - Several export orders currently being declined. - Galvanizing capacity remains the key bottleneck. - European demand remains strong. - EN 10255 and EN 10217 orders are being declined. - Existing galvanizing tanks operate at full capacity. - Company prioritizes higher-margin galvanized products. - Low-margin hollow-section orders are avoided. - Management prioritizes profitability over volume. North India Expansion - Strong inquiries received from North India. - Company plans a new North India plant. - Land acquisition is currently under discussion. - Expansion expected to be announced shortly. - New subsidiary created for North expansion. - First focus will be crash barriers. - Poles and towers may follow later. - Local manufacturing should reduce logistics costs. - Management expects strong capacity utilization. Capex Strategy - Capex remains demand-driven. - Expansion begins after utilization strengthens. - New galvanizing tanks are being added. - Existing capacity constraints justify further expansion. - Separate galvanizing lines may serve products. - Products could get dedicated galvanizing capacity. - Management remains disciplined on expansion timing. Q2 Growth Outlook - Q2 expected to maintain around 20–25% growth. - New products should add further contribution. - Around 1,000 tons additional monthly sales targeted. - This could add roughly ₹10 Cr monthly. - Transmission towers and poles start contributing more. - Crash barriers should also support growth. - New galvanizing capacity should unlock execution. Infrastructure Growth Opportunity - Company increasingly positioned as an infra player. - Products cater directly to infrastructure and power. - Government infrastructure spending remains supportive. - Railway, road and power investments drive demand. - Transmission infrastructure demand remains particularly strong. - New products diversify beyond traditional steel pipes. - Management sees growth linked to India's infra cycle. - Product portfolio expected to expand further. KEY TAKEAWAY - Strong orders + new products can drive faster growth. Daily Live Business Updates @Stockupdate9

LAXMI INDIA FINANCE LTD – CONCALL HIGHLIGHTS #Q1FY27 Business Overview - Jaipur-based secured lending NBFC with 196 branches. - Presence across 6 states. - Employee strength exceeds 2,000. - MSME secured loans form 80%+ of AUM. - Focus remains rural and semi-urban customers. - Strong focus on secured, collateral-backed lending. - Typical MSME LTV remains around 45–50%. - Self-occupied residential/commercial properties preferred. Q1FY27 Performance - AUM grew 27% YoY to ₹1,721 Cr. - Q1 disbursements increased 38% to ₹230 Cr. - PAT stood at ₹16.43 Cr, up 70%. - ROE stood at 13.86%. - ROA stood at 3.45%. - NIM stood at 11.36%. - GNPA stood at 2.08%. - Excluding UPmoney, GNPA was only 0.83%. Growth Strategy - Management targets around 30% AUM CAGR. - Existing branch maturation supports growth. - New UP and Maharashtra branches gaining traction. - Main growth driver remains MSME secured lending. - Company sees significant untapped geographic potential. - Further state expansion planned over time. - 35 branches planned during FY27. Branch Expansion - Rajasthan has 94 locations. - Gujarat has 24 locations. - Madhya Pradesh has 44 locations. - UP has around 14–15 locations. - Maharashtra has around 6–7 locations. - Maharashtra and UP offer significant whitespace. - Chhattisgarh expansion capped around 15–20 branches. Product Portfolio - MSME secured lending remains core business. - Used personal and commercial vehicle finance follows. - Small exposure exists in other lending products. - Recently started wholesale lending to NBFCs. - Multi-product approach improves customer monetisation. - Existing customers can access multiple products. MSME Lending - Typical MSME ticket size is ₹6–6.5 lakh. - MSME yield stood at 22.48%. - Credit cost remains around 1%. - Underwriting uses digital KYC and bureau checks. - Bank aggregation supports income verification. - Family-level underwriting reduces default intent. - Only self-occupied properties generally financed. - Management expects credit costs to remain controlled. Vehicle Finance - Vehicle finance yield stood at 19.87%. - Focus primarily on used vehicles. - Deeper Tier-2/Tier-3 presence provides an edge. - Doorstep service differentiates against banks. - Used vehicle disbursement TAT is 24–48 hours. - Competition remains manageable due to niche positioning. Asset Quality - UPmoney exposure was around ₹18–19 Cr. - Entire principal outstanding recognised as NPA. - Around 70% provision already created. - Remaining provision depends on recovery outcome. - Management continues pursuing recovery. - GNPA excluding UPmoney remains 0.83%. - Additional due-diligence checkpoints implemented. - DA ticket sizes have been restricted. - DA exposure now restricted to existing geographies. Funding & Borrowing - Borrowing cost reduced from 11.73% pre-IPO. - Current incremental borrowing cost around 10.48%. - Around 80–82% borrowings sourced from banks. - Total lender base exceeds 50 institutions. - Around 28–29 banks currently provide funding. - ICICI Bank recently added as lender. - New bank funding available around 10%. - Management expects another 20–25 bps reduction. - Further sub-10% funding could lower overall costs. New Product Initiatives - Digital personal loan platform under development. - End-to-end digital onboarding planned. - Automated bank, bureau and obligation verification. - Subprime MSME secured product formulated. - Board approval remains pending for launch. - Supply-chain financing currently on hold. - Gold loans remain under evaluation. - Gold loan entry requires additional capex. - Co-lending remains a future opportunity. Technology & Operations - Complete onboarding journey is largely digital. - Mobile-based application and sanction process. - APIs support verification and underwriting. - AI and technology aimed at improving efficiency. - Digitalisation expected to reduce operating costs. - Branches act as frontline customer service points. - Six branches operate under one cluster. - Hub-and-branch model supports scalable expansion. Branch Economics - Typical branch break-even takes 7–9 months. - Break-even AUM around ₹1.5–2 Cr. - Average monthly branch expense around ₹1.5–2 lakh. - Sales team has around 900 employees. - Collection team has around 200 employees. - Credit team has around 60 employees. - Operations team has around 150 employees. Key Management Targets - Medium-term AUM growth target around 30% CAGR. - ROA target around 4%. - Focus on reducing borrowing costs. - Focus on lowering operating expenses. - Maintain disciplined secured underwriting. - Continue expanding profitable branch network. - Scale newer states before entering more markets. KEY TAKEAWAY - Strong growth, high-yield secured book and improving funding costs. Daily Live Business Updates @Stockupdate9

Rashi Peripherals Ltd Q2 FY27 is expected to be strong, and the company is now in a “three-cylinder firing” mode The company has also gained around 10% market share There is almost a 50% shortage of entry-level laptops. Medium and premium laptops are available if customers accept higher prices, while commercial demand has no major supply issues. The company is a direct beneficiary of the broader upcycle and is using JVs to build sustainable long-term growth. The VDA acquisition is expected to contribute around 5% of revenue initially, while the semiconductor JV aims to generate more than $100 million in revenue over the next three years.

RETAIL, CONSUMER & LIFESTYLE | FY27 GROWTH GUIDANCE Growth Guidance - V-Mart Retail: 90+ new stores in FY27. - ADF Foods: FY27 revenue target above ₹900 Cr. - Heritage Foods: Mid-to-high teens revenue growth. - Heritage Foods: FY27 capex of ~₹250 Cr. - Tips Music: Revenue growth guided at 20%. - Tips Music: PAT growth guided at 20%. - Bluestone Jewellery: 4-year revenue target of ₹12,000 Cr. - DOMS Industries: Revenue growth guided at 18-20%. - Aditya Vision: FY27 revenue growth of 20-25%. - Aditya Vision: 30+ new stores planned. - Arvind Fashions: Mid-double-digit revenue growth. - Bansal Wire Industries: FY27 volume growth near 20%. Key Growth Drivers - Store-led expansion remains a key growth driver. - Premiumisation supports higher consumer spending. - Brand expansion can accelerate market penetration. - Wider distribution increases product availability. - Rising consumption supports long-term demand growth. Key Metrics To Track - Same-store sales growth remains critical. - Margin expansion determines earnings quality. - Store productivity highlights expansion efficiency. - Cash flows validate reported earnings. - Return on capital measures growth efficiency. Key Takeaway - Consumer growth remains broad-based across segments. - Store expansion and premiumisation drive growth. - Revenue growth alone should not drive valuation. - Margins, cash flows and ROCE remain crucial. All Latest IPO Live Updates @Ipoinfo3

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RETAIL, CONSUMER & LIFESTYLE | FY27 GROWTH GUIDANCE Growth Guidance - V-Mart Retail: 90+ new stores in FY27. - ADF Foods: FY27 revenue target above ₹900 Cr. - Heritage Foods: Mid-to-high teens revenue growth. - Heritage Foods: FY27 capex of ~₹250 Cr. - Tips Music: Revenue growth guided at 20%. - Tips Music: PAT growth guided at 20%. - Bluestone Jewellery: 4-year revenue target of ₹12,000 Cr. - DOMS Industries: Revenue growth guided at 18-20%. - Aditya Vision: FY27 revenue growth of 20-25%. - Aditya Vision: 30+ new stores planned. - Arvind Fashions: Mid-double-digit revenue growth. - Bansal Wire Industries: FY27 volume growth near 20%. Key Growth Drivers - Store-led expansion remains a key growth driver. - Premiumisation supports higher consumer spending. - Brand expansion can accelerate market penetration. - Wider distribution increases product availability. - Rising consumption supports long-term demand growth. Key Metrics To Track - Same-store sales growth remains critical. - Margin expansion determines earnings quality. - Store productivity highlights expansion efficiency. - Cash flows validate reported earnings. - Return on capital measures growth efficiency. Key Takeaway - Consumer growth remains broad-based across segments. - Store expansion and premiumisation drive growth. - Revenue growth alone should not drive valuation. - Margins, cash flows and ROCE remain crucial. All Latest IPO Live Updates @Ipoinfo3

SIMPLEX CASTINGS LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue stood at ₹60.94 Cr, up 35% YoY. - Revenue grew 11% QoQ from ₹54.76 Cr. - EBITDA stood at ₹11.52 Cr, up 25% YoY. - EBITDA margin stood at 18.89%. - PAT stood at ₹6.86 Cr, up 45% YoY. - PAT margin improved to 11.25% from 10.48%. - Management termed Q1 a strong start. Order Book & Revenue Visibility - Near-term order book crossed ₹150 Cr. - Historical order book ranged between ₹80–100 Cr. - Management expects strong revenue visibility. - FY27 revenue guidance remains at ₹300 Cr. - Company remains on track for the guidance. - Order pipeline remains healthy across sectors. - Management aims to maintain ₹100–150 Cr order book. - Avoids excessive order book to ensure execution. Capacity Utilisation & Expansion - Current capacity utilisation stands at 50–60%. - Targeting 80% utilisation by FY28. - Current CWIP stands at around ₹30 Cr. - Current expansion is focused at Tedesara. - Tedesara expansion expected to complete in FY27. - Fabrication capacity can reach 18,000 tonnes annually. - Current fabrication output is around 6,000 tonnes. - Foundry expansion focused mainly on debottlenecking. - Railway bogie capex of around ₹15 Cr completed. - Additional CNC and material-handling investments planned. Railway Opportunity - Railways emerging as a major growth vertical. - Company targets 200 cast bogies monthly. - Capacity is conservatively estimated at 200 bogies. - Major bogie volumes depend on railway orders. - Railway tenders expected to progress around September. - Railway business targeted above ₹100 Cr next year. - Historically, 80% bogies came through wagon builders. - Around 20% came directly from railways. Power Sector Opportunity - Power sector orders have strengthened significantly. - Orders received from BHEL, L&T and others. - Around ₹100 Cr power-sector business expected. - Power fabrication has shorter execution cycles. - Shorter cycles should improve working capital. - Power business expected to support FY27 growth. Shipbuilding Opportunity - Company already supplies castings to shipyards. - Customers include Mazagon Dock, Goa Shipyard and others. - First Mazagon Dock order covers 5 sets. - First order value is around ₹4.5 Cr. - Another order worth around ₹8 Cr is pipeline. - Management expects significantly larger shipbuilding orders. - Company holds ABS and IBS certifications. - Exploring steering systems and other shipbuilding solutions. - Existing products include A/P brackets and stern bosses. - Future focus includes sub-assemblies and complete systems. Defence Opportunity - Defence remains a strategic growth opportunity. - Working closely with Gun Carriage Factory, Jabalpur. - Initial focus is on one ordnance factory. - Plan is to gradually expand across factories. - Defence and shipbuilding together targeted at 10–15%. - Management expects this contribution to remain sustainable. - Company has longstanding defence manufacturing experience. - Developed fifth road wheel for Sarath. - Earlier manufactured turrets for T72 tanks. - Flexible machining capability supports defence requirements. Working Capital Improvement - Working capital remains a key management priority. - Product mix shifting toward faster-moving products. - Railway bogies have 30–45 day execution cycles. - Certain railway payments can be upfront. - RXIL and InvoiceMart improve payment cycles. - Existing cycle targeted to reduce substantially. - FY28 working capital target is 60–70 days. - Management expects better cash-flow conversion. - FY27 is viewed as a transition year. - Higher operating cash flow should support free cash flow. Margin Strategy - Railway and power may carry similar margins. - Company remains selective with complex products. - Higher-value products should support PAT margins. - Niche products require fewer manpower resources. - Management aims to improve overall profitability. - Focus remains on higher-margin complex products. FY28 Growth Ambition - Company continues targeting ₹500 Cr revenue by FY28. - Existing two units support around ₹300–350 Cr. - Additional growth requires organic or inorganic expansion. - Specific plans are already under development. - Existing fundraise considered sufficient for ₹500 Cr. - No further fundraise currently required for FY28. - Additional facility could be funded through accruals. EPC Opportunity - Company is exploring selective EPC opportunities. - EPC focus remains metallurgical and power sectors. - FY28 ₹500 Cr target excludes EPC contribution. - Historical EPC revenue reached around ₹100 Cr annually. - Current EPC order size limited to ₹100–150 Cr. - Typical EPC project execution takes around 2 years. - Company targets minimum 15–20% margins. - Projects must meaningfully utilise manufacturing capacity. - EPC could potentially materialise sooner than expected. - Management does not want aggressive EPC expansion. Long-Term Growth Strategy - Focus areas: railways, power and EPC. - Defence and shipbuilding provide additional diversification. - Company exploring machine-tool castings. - Also evaluating more exotic materials. - Management sees significant opportunity beyond ₹500 Cr. - Existing infrastructure is difficult to replicate. - Company has around 1,200 workers. - Manufacturing base includes 100+ machine tools. - Manufacturing footprint spans around 30 acres. - Management sees strong scope to leverage infrastructure. KEY TAKEAWAY - Strong Q1 with ₹150 Cr+ order book and ₹300 Cr FY27 guidance.

BOROSIL LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue stood at ₹253.6 Cr, up 9% YoY. - EBITDA stood at ₹35.9 Cr. - EBITDA margin declined to 14.6%. - Q1 FY26 EBITDA margin was 17.8%. - PBT stood at ₹17.4 Cr. - PAT stood at ₹12.8 Cr. - West Asia conflict impacted Q1 by ~₹10 Cr. - Higher fuel and packaging costs hurt margins. - Price hikes partially offset cost inflation. - Management expects better realizations from Q2. Category-wise Performance - Larah Opalware revenue grew 9.8% YoY to ₹83.6 Cr. - Glassware revenue grew 16.8% YoY to ₹65.6 Cr. - Glassware growth was primarily volume-led. - Opalware growth was also largely volume-driven. - Non-glassware revenue grew 4.2% YoY to ₹98.1 Cr. - Hydra category remained under pressure due to BIS norms. - Strong growth in appliances and cookware offset Hydra weakness. Hydra Business - Two BIS-compliant manufacturing lines commissioned. - Commercial production started on 30 June 2026. - Third production line to start during Q2 FY27. - Domestic manufacturing improves product availability. - Better supply expected before the festive season. - Management expects Hydra performance to improve from Q2. Price Hikes & Margin Outlook - Price hikes announced during April 2026. - Market implementation started from mid-May. - Price hikes range between 5–7% across categories. - Realization benefits expected mainly from Q2 onwards. - Fuel cost inflation was the biggest margin pressure. - Gas prices have started cooling gradually. - Management targets ~18% EBITDA margin in FY27. - Guidance excludes impact of West Asia disruption. - Long-term EBITDA margin aspiration remains 18–20%. Solar & Cost Savings - Third captive solar plant commissioned in Bikaner. - New plant capacity stands at 20 MW. - Includes battery energy storage system. - Solar now meets 61% of total power requirement. - FY27 solar savings estimated at ₹27–28 Cr EBITDA. - Additional 6.5 MW solar project under evaluation. - Another 3–4 MW plant planned for Hydra facility. - Solar investments improve long-term competitiveness. Manufacturing Expansion - Bharuch glassware project progressing as planned. - Project capex stands at ₹142 Cr. - Commercial commissioning expected by Q3 FY27-end. - Facility will manufacture jars, bottles and jugs. - Existing sourced business is around ₹100 Cr. - Project will increase in-house manufacturing share. - Jaipur borosilicate furnace expansion also underway. - Capacity will increase from 25 TPD to 32 TPD. - Third forming line is being added. - Expansion capex stands at ₹50 Cr. - Commissioning targeted by Q4 FY28. - Current borosilicate capacity utilization is 90%. FY27 Capex & Capacity - FY27 capex guided at ₹125–150 Cr. - Major capex allocated to two glassware projects. - Maintenance capex planned for opal furnace rebuild. - Additional solar investments may also be undertaken. - Opalware capacity utilization is also around 90%. - Management expects healthy growth in both segments. Glassware Opportunity - Company continues expanding the glassware market. - Focus remains on replacing plastic with glass. - Strong demand seen across storage and microwavables. - Chinese dumping continues in the market. - Anti-dumping investigation is still under process. - Management remains focused on premium positioning. - Capacity expansion supports future growth. Distribution & Retail Expansion - Products available across 24,000+ retail outlets. - Strong presence across GT, MT and e-commerce. - Quick-commerce channels continue expanding. - First exclusive Borosil stores opened. - Stores launched in Pune and Gurugram. - Jaipur is the next planned location. - Store capex is around ₹40–50 lakh each. - Focus is on enhancing brand experience. Balance Sheet & ROCE - Cash and investments stood at ₹56.2 Cr. - Total debt stood at ₹155.2 Cr. - Net debt stood at ₹99 Cr. - Heavy capex impacted recent ROCE. - BIS-related inventory also increased capital employed. - Medium-term ROCE aspiration is 22–24%. - Better utilization and margins should improve returns. Growth Outlook - Glassware expected to maintain strong momentum. - Opalware growth expected around current levels. - Q2 and Q3 should benefit from price realizations. - Fuel cost pressure is gradually reducing. - Premium product mix should support margins. - Manufacturing expansion provides long-term growth visibility. - Brand, distribution and domestic manufacturing remain key strengths. KEY TAKEAWAY - Q2 margin recovery with Hydra ramp-up and price-hike benefits.

EXATO TECHNOLOGIES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue grew 50% YoY. - EBITDA increased 82% YoY. - PBT increased 102% YoY. - PAT increased 104% YoY. - Q1 revenue stood around ₹44 Cr. - International business drove margin improvement. - Strong order execution supported Q1 performance. - Around ₹30 Cr order book executed in Q1. - Services contribution improved overall profitability. Order Book & ARR - Order book increased from ₹600 Cr to ₹660 Cr. - New orders worth around ₹60 Cr added. - Around ₹410 Cr order book remains executable. - New bookings primarily came from international customers. - Icor BPO added around ₹60–65 Cr business. - TaskUs and Diligenta expanded existing engagements. - ARR increased from ₹118 Cr to ~₹140 Cr. - FY27 ARR target is ₹180–200 Cr. - Further upside to ARR remains possible. International Expansion - International business is becoming a major growth driver. - US expansion is receiving significant management focus. - CRO is currently based in the US. - Local presence should improve deal conversion. - UK delivered stronger-than-expected growth in Q1. - Agentic AI and services deals drove UK growth. - US and UK contribution expected to increase. - Singapore also remains a meaningful contributor. - Europe is being targeted beyond UK. - International deals provide better dollar realization. - International business expected to drive profitability. Customer Base & Growth - Company has 150+ active customers. - Added 4–5 large customers during Q1. - Additional smaller customers were also added. - Management targets 300–500 additions over 2–3 years. - Growth expected through organic and inorganic routes. - Product GTM should support customer additions. - AI infrastructure creates cross-sell opportunities. - Long-term ambition is 500 customers. CX & AI Services - CX Analytics remains the core growth engine. - Offering combines contact center and managed services. - Workforce management and interaction analytics included. - AI-driven omnichannel CX is being expanded. - Exato IQ enables integrated OEM solutions. - Cross-sell and upsell should improve margins. - CX and AI services remain strategic priorities. - More than 20 customers have 3–5 year contracts. - Long-term customer relationships create entry barriers. AI Infrastructure - AI infrastructure is a newly formed vertical. - Significant investment made over last 2 months. - Offering includes private AI and LLM solutions. - Secure networking and observability included. - LLM-in-a-box model being developed. - HPE partnership strengthens infrastructure capabilities. - Focus areas include private AI and secure infrastructure. - AI infrastructure GTM planned over next 3–4 quarters. - Strong leadership team added for the vertical. - Pipeline building is currently underway. HPE Partnership - HPE partnership is less than 2 months old. - Exato will own customer relationships. - HPE provides infrastructure products. - Strategy is not simple HPE reselling. - Focus is an integrated enterprise AI stack. - Hardware, software, AI and services bundled together. - Appliance model with LLM/SLM is being explored. - Addressable opportunity indicated around $30 Billion. - Revenue expected from both hardware and services. - Around 60–70% revenue may be one-time. - Around 30–40% could be recurring. Product & IP Strategy - Company is developing its own IP. - IP revenue expected earlier than originally planned. - Two new-client deals are near closure. - Revenue may start within coming months. - IP revenue will primarily come from new clients. - IP margins expected around 40–50%. - Product GTM has started generating traction. - Further announcements expected in coming quarters. Revenue Mix Outlook - CX expected to remain the largest contributor. - CX could contribute around 60% long term. - AI infrastructure could contribute 25–30%. - Remaining contribution will come from other verticals. - AI infrastructure may carry relatively lower margins. - CX and AI services offer better margins. - Infrastructure can create additional customer entry points. - Overall customer wallet share remains the priority. Technology Partnerships - NICE remains the largest revenue contributor. - Mitel partnership upgraded to Platinum. - Acumatica upgraded to Gold partnership. - HPE added as major infrastructure partner. - AWS partnership has been signed. - Fortinet partnership supports cybersecurity stack. - Amplify.ai partnership adds AI capabilities. - APAC opportunities are being actively pursued. Acquisition Strategy - Management is actively evaluating acquisitions. - Inorganic growth will strengthen existing verticals. - Potential acquisitions may add 1–2 verticals. - Application-as-a-service is being considered. - ERP and product opportunities are being evaluated. - Target companies may provide new geographies. - US, UK, Middle East and APAC are potential areas. - Acquisition funding could involve cash and equity. - Big Four is involved in due diligence. - Management prefers strategic skin-in-the-game structures. FY27 Guidance - Management expects revenue growth of 60–70%+. - Profitability expected to grow 70–80%+. - Industry growth estimated around 18–20% CAGR. - Margin uptick expected alongside revenue growth. - International business should drive bottom-line growth. - India should continue contributing to topline. - AI infrastructure expected to start contributing meaningfully. - Management remains aggressive on growth investments. KEY TAKEAWAY - 660 Cr order book + 60–70% growth target.

MAXIMUS INTERNATIONAL LTD – CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Performance - Revenue grew 52% YoY to ₹59.91 Cr. - EBITDA increased 18% YoY to ₹4.58 Cr. - EBITDA margin stood at 7.64%. - PAT stood at ₹2.05 Cr. - PBT stood at ₹2.41 Cr. - Margin declined due to higher input costs. - Middle East war impacted input and shipment costs. - Finance cost increased to ₹1.53 Cr. - FY26 revenue reached record ₹184.81 Cr. - FY26 EBITDA stood at ₹13.5 Cr. Business Scale - Manufacturing presence across UAE and Kenya. - Combined manufacturing capacity at 50,000 KL. - Current capacity utilization around 45%. - Serves 400+ customers globally. - Presence across 25+ countries. - Serves 50+ industries. - Manufacturing delivers highest EBITDA margins. Product Mix - Premium and specialty lubricants contribute around 40%. - Focus remains on premium specialty products. - Higher-value products to improve overall mix. - Specialty lubricants remain a key opportunity. - Company also targets petrochemical value-added solutions. Kenya Expansion - Grease manufacturing facility planned for Q3FY27. - Facility targets the broader East African market. - East Africa has limited grease manufacturing capacity. - Facility will support toll blending opportunities. - Capacity expected to serve the regional market. Geographic Expansion - East Africa remains a key growth market. - Tanzania expansion is currently being evaluated. - Initial Tanzania strategy involves warehousing. - Distribution will precede local manufacturing. - Manufacturing will follow sufficient business scale. Quepet Petroleum Acquisition - Company acquired 40% stake in Quepet. - Quepet will remain an associate company. - Quepet has established Indian manufacturing facilities. - Strong distribution network provides India entry. - Acquisition adds established domestic market presence. - Quepet profits will enter consolidated financials. - Maximus gains exposure to the Indian market. - Business footprint now spans India, Middle East and Africa. Revenue Mix Outlook - Manufacturing + toll blending targeted at 75–80%. - Trading expected at 20–25%. - Management remains aggressive on toll blending. - Discussions underway with an East African MNC. - Potential MNC relationship could boost toll blending. Capacity & Capex - Current 50,000 KL capacity sufficient for 2–3 years. - Existing capacity based on single-shift operations. - No major near-term CapEx planned. - Only marginal CapEx for facility upgrades. - Additional storage may be added at full utilization. - UAE and Kenya facilities undergoing modernization. - Automated batch blending being introduced. - Additional warehousing capacity added. - Filling lines are being improved. Margins & Raw Materials - Manufacturing currently has highest EBITDA margins. - Base oil and white oil are key inputs. - Raw-material prices correlate positively with crude. - Impact from crude movements is not immediate. - Product pricing does not directly track crude. - Higher input costs impacted Q1 margins. - Management aims to maintain/improve EBITDA margins. Working Capital - Receivables increased alongside revenue growth. - Revenue growth exceeded 50% YoY. - Higher product prices increased receivables. - Freight and insurance costs also increased. - Partial cost increases were passed through. - Management remains focused on working-capital discipline. FY27 Outlook - Management expects revenue to cross ₹200 Cr. - Target maintained despite Middle East disruptions. - Diversification remains key to margin protection. - Product basket is being broadened. - New customers have been onboarded. - Management remains focused on profitable growth. - Capital allocation discipline remains a priority. Customer Concentration - Top 10 customers contribute around 70–75% revenue. - Company primarily operates through distributors. - Business is predominantly B2B. - Industrial and specialty products sold to businesses. - Distributor network supports geographic expansion. KEY TAKEAWAY - Global expansion + capacity headroom + premiumization. - Quepet adds India as a strategic growth market.

SUSAN ELECTRICALS INDIA LTD – CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Performance - Revenue rose 279% YoY to ₹95.36 Cr. - Operating profit grew 980% YoY to ₹11.37 Cr. - PAT turned positive at ₹6.39 Cr. - Q1 performance benefited from scale and product mix. - EBITDA per unit improved across products. Product Mix & Margins - Focus shifting toward HT cables and MVCC. - HT and MVCC offer higher value addition. - HT/MVCC contribution targeted at ~15% by year-end. - HT cable EBITDA margin indicated at 20–25%. - LT cables/conductors margin around 10–15%. - Winding wire margin around 10–15%. - EBITDA per unit improved sharply across segments. - Winding wire EBITDA/unit rose to ₹45.65/kg. - LT EBITDA/unit increased to ₹21,359/km. - HT EBITDA/unit increased to ₹55,086/km. Order Book & Pipeline - Confirmed order book stood around ₹140 Cr. - Active order pipeline around ₹150 Cr. - Company bids around ₹800–1,200 Cr regularly. - Expected conversion from bids around 15–20%. - Pipeline includes several L1/L2 positions. - Government tenders remain a key order source. - Private EPC orders provide additional visibility. - Order execution generally starts around 45–60 days. - Management expects strong growth momentum to continue. Current Order Mix - HT cables & MVCC form roughly 30%. - LT cables & conductors form roughly 35%. - Winding wires form roughly 35%. - Government and private orders are roughly 50:50. Capacity Expansion - Current capacity utilization at 85–90%. - Capacity expansion progressing ahead of schedule. - New capacity expected to be utilized quickly. - Expansion continues alongside order growth. - Additional machinery orders are already underway. - Third unit area expanded from 20% to 100%. - Land remains available for future expansion. - Longer-term plan includes consolidating plants. - Management expects capacity to remain highly utilized. FY27 Capex - FY27 capex expected around ₹15–20 Cr. - Capex primarily focused on machinery. - Expansion is being funded alongside internal resources. - No major long-term debt increase planned. - Working-capital limits have been increased. Raw Material & Pricing - Key raw materials are copper and aluminium. - Around 95% orders are variable-price based. - Prices are linked to industry benchmarks. - Material price changes are passed through. - Firm-price orders are only around 5%. - This mechanism reduces raw-material margin risk. - Traditional financial hedging is therefore not required. Power Sector Opportunity - Management sees strong power-sector demand. - Demand expected to remain strong for next 5 years. - Electrification requires transformers and cables. - LT cables are replacing bare conductors. - HT underground cables are seeing increasing demand. - Winding wires remain a recurring requirement. - Company is an approved vendor across India. - Tender eligibility remains broadly strong. Specialized Products - MVCC is a key specialized product. - MVCC adoption has accelerated recently. - Company is targeting higher MVCC volumes. - HT cables are another strategic focus. - HT capacity is being expanded continuously. - Company recently bid for 11KV/33KV MVCC. - Company was L1 for 11KV and L2 for 33KV. - Specialized products can improve overall profitability. Railways & Defence - Company is exploring railway opportunities. - Defence opportunities are also being explored. - Empanelment with leading power companies underway. - Further customer approvals can unlock growth. - Management will announce new achievements after completion. Winding Wire Business - Winding wire remains a relatively safe business. - Competition is comparatively lower. - Orders typically grow around 30–40% annually. - Business has been operating since 2004. - Management views winding wires as an automatic-growth segment. - Focus is increasingly shifting toward HT/MVCC. Seasonality - First six months contribute around 25–30% historically. - Q3 and Q4 are stronger quarters. - Summer demand drives higher power-sector activity. - H2 therefore remains seasonally important. Growth Outlook - Management did not provide absolute FY27 revenue guidance. - Management expects growth momentum to remain strong. - Chairman indicated 50–55% CAGR could continue. - Power-sector demand remains the key growth driver. - Revenue growth will be supported by capacity additions. - Better product mix should support margins. - Management expects margins around current levels or higher. KEY TAKEAWAY - Strong growth + capacity expansion + higher-margin mix.

BRAND CONCEPTS LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Performance - Revenue grew ~11% YoY. - EBITDA growth remained strong. - Cost optimization supported EBITDA improvement. - PBT loss widened marginally. - Higher depreciation and interest impacted profitability. - Management prioritizes margin-led sustainable growth. Business Consolidation - Consolidation began from Q4 FY26. - Around 75–80% consolidation is completed. - Store closures targeted to complete by September. - E-commerce restructuring is largely completed. - E-commerce growth expected to recover from August. - Modern trade consolidation expected by September. - Company expects growth recovery from October. - Low-margin and weak SKUs are being removed. - Loss-making stores are being closed. - High-throughput stores continue to be added. Travel Gear & Market Share - Company has not lost market share. - Luggage business grew low-single digits. - Backpack consolidation impacted travel gear growth. - High-volume, low-margin SKUs were discontinued. - Management avoids unsustainable discounting. - New hard luggage plant improves competitiveness. - Premium consumers continue showing resilience. Manufacturing Expansion - PC plant utilization exceeds 80%. - PP plant production has started. - PP utilization targeted at 75–80% by Oct-Nov. - PC capacity stands at 25,000 pieces/month. - PP capacity stands at 25,000 pieces/month. - Combined current capacity is 50,000 pieces/month. - Output expected around 40,000 pieces/month by Oct-Nov. - Plant breaks even around 20,000 pieces/month. - Plant-level EBITDA potential estimated at ~12%. - Current pricing passes most manufacturing benefits. - Future industry rationalization should improve benefits. Manufacturing Opportunity - Existing facility can house 100,000 pieces/month. - Four production lines can fit within facility. - Additional ₹10 Cr can add 50,000 capacity. - Third-party manufacturing was part of original plan. - Export manufacturing offers significant opportunity. - Management prefers balanced captive/third-party utilization. - Current capacity expansion is not immediate. Capital & Balance Sheet - Promoters infused ₹20 Cr capital. - Around ₹15 Cr already deployed. - Inventory reduced around 20–25%. - Working capital pressure has eased. - Operating cash flow expected to improve. - Management sees sufficient funding currently. - No major debt increase planned. - Long-term vision is to become debt-free. - Major capex largely completed for next 2 years. Store Strategy - EBO stores represent around 10% of business. - Weak stores are being replaced by stronger locations. - New Off-White stores show strong initial traction. - Some new stores generate significantly higher sales. - Closures are aimed at improving profitability. - Company remains on track for ₹1,000 Cr revenue. - Management sees no change in long-term target. Brands & Licensing - Tommy Hilfiger 10-year business plan finalized. - Royalty terms are expected to remain unchanged. - Only formal paperwork remains pending. - Tommy market share remains broadly stable. - Tommy ASP growth remains healthy. - Benetton strategy has been revamped. - Benetton new strategy focuses on channel-specific products. - Benetton CSD entry expected soon. - Aeropostale exit is being pursued. - Focus remains on core brands. Superdry & Off-White - Superdry initial response is positive. - Off-White initial response is strong. - Off-White has Bengaluru and Delhi stores. - Kolkata location has also been secured. - Delhi launch planned for September. - Superdry is present across Reliance stores. - Management expects stronger performance with maturity. Juicy & New Categories - Juicy accessory products are fully in-house. - Juicy apparel is currently imported. - Apparel manufacturing is being brought in-house. - India capsule launches this year. - 70–75% Juicy apparel targeted in-house by next FY Q3. - In-house production should improve margins. - Juicy currently has 3 stores. - A couple more stores are planned. - Off-White target is 5 stores. - Store expansion will remain cautious. PP Product Opportunity - PP products planned for festive season. - PP production cost is lower than PC. - PP provides better pricing competitiveness. - Successful styles could add 20,000 pieces/month. - Management sees potential for volume growth. Phase 3 Outlook - Phase 1 foundation building is completed. - Phase 2 platform expansion is underway. - Phase 3 operating leverage is next. - Phase 3 expected in around 1.5 years. - Margin improvement remains a key objective. KEY TAKEAWAY - Consolidation ending; manufacturing-led growth ahead.

NIS MANAGEMENT LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Consolidated total income stood at ₹115.44 Cr. - Revenue grew 15.68% YoY. - EBITDA increased 36.24% YoY to ₹9.22 Cr. - EBITDA margin improved 121 bps to 7.99%. - PAT increased 35% YoY to ₹6.40 Cr. - PAT margin improved 81 bps to 5.54%. - EPS stood at ₹3.23. - Employee count increased to 19,154. - Employees stood at 18,673 in March 2026. FY27 Revenue Outlook - Management targets ₹500+ Cr revenue in FY27. - Existing contracts provide revenue visibility. - Last year's new contracts will contribute fully. - Management remains focused on profitable growth. - Growth will prioritize cash-flow discipline. - Management aspires to achieve 20% growth. - Contract quality remains a key selection criterion. - EBITDA margins may moderate during Q2-Q3. - Margins typically improve again during Q4. Order Wins - Reliance orders worth ₹30.77 Cr annually. - Orders cover housekeeping, MEP and ancillary services. - Seven Reliance entities added ₹14.94 Cr orders. - Total Reliance orders reached ₹45.71 Cr. - NESCO orders worth ₹1.94 Cr secured. - West Bengal government order worth ₹36.71 lakh. - DDU-GKY Odisha project worth ₹7.93 Cr. - Odisha project carries high margins. - Around ₹4 Cr billing expected this year. Business Segment Revenue - Security revenue stood at ₹54.98 Cr. - Housekeeping revenue stood at ₹41.88 Cr. - IFM revenue stood at ₹10.28 Cr. - Payroll services contributed ₹3.40 Cr. - CCTV revenue stood at ₹2.11 Cr. - Small security/housekeeping contributed ₹1.29 Cr. - Vocational training contributed around ₹0.50 Cr. - Manpower business EBITDA around 9.95%. CCTV & Electronic Security - CCTV currently has the longest working capital cycle. - Q1 segment reported a temporary loss. - Project businesses typically stabilize by September. - Completion certificates drive subsequent billing. - CCTV revenue targeted around ₹30 Cr FY27. - Last year's revenue was around ₹13–14 Cr. - Revenue expected to more than double. - PAT expected around ₹3.5–4 Cr. - Mumbai traffic tender worth ₹2.18 Cr secured. - Additional Mumbai projects worth ₹15–18 Cr expected. - HDFC command center is under final discussion. - HDFC opportunity covers 100–150 branches. - Subscription revenue expected from HDFC. - NKDA AMC opportunity worth around ₹6 Cr. - SAIL opportunities could add ₹4–5 Cr. Margin Improvement Strategy - Technology integration is key to margins. - CCTV and access-control systems being added. - Security contracts moving toward composite solutions. - Facility contracts increasingly use mechanization. - Machinery carries higher margins than manpower. - Airport facade cleaning uses specialized equipment. - AI-driven cleaning machines are being explored. - Electronics should increase contract profitability. - Management expects 1–2% EBITDA improvement over two years. - Project business growth remains crucial for margins. Free Cash Flow - Historical free cash flow averages ₹8–9 Cr. - Systems revenue currently around ₹13–14 Cr. - Target systems revenue is around ₹30 Cr. - FCF target could rise to ₹13–14 Cr. - High-margin projects should improve cash generation. - HDFC command center requires around ₹1 Cr investment. - HDFC revenue expected around ₹1.5–2 Cr. Debt & Balance Sheet - Standalone debt stood around ₹69 Cr. - Consolidated debt stood around ₹82 Cr. - Standalone cash stood around ₹60 Cr. - Management expects no debt increase. - Working capital cycle is around three months. - Vendor advances support IFM project execution. - CCTV business carries highest working capital requirement. IPO Funds & Capital Allocation - IPO proceeds raised around ₹51.75 Cr. - Around ₹36.85 Cr remained available in June. - Management does not plan a share buyback. - Capital remains focused on business expansion. - Skill development requires infrastructure investment. - Training centers and labs require capital. - Working capital will support higher growth. - Management targets stronger long-term capital returns. Skill Development - Skill development is becoming a major vertical. - Odisha DDU-GKY project recently awarded. - Project has around six-month setup period. - Training infrastructure requires upfront investment. - Government programs are showing renewed activity. - Management sees significant future opportunity. Geographical Expansion - West Bengal contributes around 72–73% revenue. - Gujarat and Maharashtra expansion is progressing. - Bihar and Odisha are emerging markets. - New regional teams are being established. - Management expects West Bengal growth to continue. - Geographic diversification remains a strategic priority. - Government CCTV tenders could accelerate expansion. Client Quality & Retention - Reliance is the largest client. - Reliance contributes around ₹46–47 Cr annually. - HDFC Bank contributes around ₹18 Cr. - Anjali Jewellers contributes around ₹12 Cr. - Airports contribute around ₹30 Cr annually. - Client retention averages 4.5–5 years. - Renewal rate is around 96–97%. - Reliance relationship spans around 14–15 years. - NESCO relationship spans around three years. FY28 Outlook - Management expects ₹630–640 Cr revenue. - Longer-term target is ₹650+ Cr. - Aggressive bidding is underway. - Government contracts remain a key opportunity. - Electronics should become a larger revenue contributor. - Technology-led services should improve margins. - Acquisitions may support future technology expansion. KEY TAKEAWAY - ₹500 Cr FY27 target + technology-led margin expansion.

JINKUSHAL INDUSTRIES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Standalone revenue stood at ₹51.29 Cr. - Revenue grew 37.4% YoY. - Consolidated revenue stood at ₹56.57 Cr. - Consolidated revenue grew 15.9% YoY. - Standalone PAT stood at ₹3.31 Cr. - Consolidated PAT stood at ₹2.20 Cr. - Consolidated PAT declined due higher business costs. - Shipping costs increased significantly during Q1. - Employee costs rose sharply with expansion investments. - Profitability impacted by geopolitical and logistics pressures. International Expansion - Africa contributed around 32% of Q1 revenue. - Africa contribution was 4.47% in Q1 FY26. - Middle East faced geopolitical and logistical challenges. - Africa compensated for part of Middle East weakness. - Latin America remains another key growth geography. - Management plans presence across all three regions. - International diversification remains a strategic priority. - Regional teams are being strengthened across markets. Inventory & Working Capital - Consolidated inventory stood at ₹96.8 Cr. - Overseas subsidiaries held around ₹84.4 Cr. - Inventory positioning supports faster customer delivery. - Business cycle typically spans around two quarters. - Inventory expected to convert within 1.5–2 quarters. - Inventory levels expected to remain broadly similar. - Working capital cycles remain elongated currently. - Management expects improvement as markets stabilize. - Overseas debtors increased due market penetration strategy. - Longer shipping times also increased debtor days. Shipping & Logistics Costs - Standalone shipping cost rose to ₹3.86 Cr. - Previous-year standalone cost was ₹2.36 Cr. - Consolidated shipping cost reached ₹4.72 Cr. - Previous-year consolidated cost was ₹2.76 Cr. - Geopolitical events increased freight and shipping costs. - Company absorbed part of logistics inflation. - Partial cost pass-through remains possible. - Management continues monitoring freight cost pressures. - Lower shipping costs would directly support profitability. Employee & Organization Expansion - Consolidated employee expenses reached around ₹3.83 Cr. - Previous-year employee cost was ₹2.21 Cr. - Hiring continues across key business functions. - Sales and procurement teams will expand further. - International sales teams are being strengthened. - Investment aims to create future operating leverage. - Company is transitioning toward a larger corporate structure. - Systems and professional processes are being established. - Management prioritizes long-term organizational capability. HexL Brand - HexL remains a key strategic initiative. - Investments continue in product development. - International marketing efforts are being expanded. - Dealer and distribution network is developing. - Brand incorporates technology and productivity features. - HexL targets gaps in legacy global equipment brands. - Products are positioned at 20–40% price advantage. - Long-term PAT margin target is 12–14%. - Initial marketing and promotion costs remain high. - Profitability should improve with higher volumes. - HexL expected to gain larger revenue share. Business Growth Outlook - Management avoids specific FY27 growth guidance. - Geopolitical uncertainty remains elevated. - Long-term revenue target remains ₹600–700 Cr. - Target is focused over the next 2–3 years. - New customized equipment currently sees strong demand. - Customers prioritize faster availability and lower downtime. - New customized equipment expected to drive near-term growth. - International business expected to remain dominant. - Revenue mix targeted toward balanced three verticals. Investment Payback & Profitability - Current investments are largely transient in nature. - Investments include inventory, manpower and working capital. - Benefits expected over 3–6 quarters. - Systems and teams require an induction period. - Marketing efforts should support future growth. - Management expects healthier profitability over 2–3 years. - Higher costs currently reflect deliberate business-building investments. - Recurring customers remain a key profitability focus. Used & Refurbished Equipment - Used equipment remains a core business vertical. - Refurbishment supports international market penetration. - Overseas inventory improves product availability. - Faster availability strengthens customer competitiveness. - Inventory deployment remains linked to demand. - Management expects continued recurring demand. - Used equipment expected to gain larger revenue share. Geographical Strategy - Africa, Latin America and Middle East remain key. - Each region offers significant long-term opportunity. - Africa growth partly reflects stronger regional efforts. - Partnership with a major African dealer helped. - Management wants recurring business across regions. - Goal is reducing dependence on individual markets. - Regional diversification should improve business stability. Key Cost & Margin Factors - Geopolitical conditions remain major uncertainty. - Shipping costs continue pressuring margins. - Commodity prices remain highly volatile. - Company is absorbing part of cost inflation. - Some costs are passed through pricing. - Strong revenue growth continues despite cost pressure. - Future scale should improve operating leverage. - Recurring revenue should support profitability. KEY TAKEAWAY - ₹600–700 Cr target; international scale-up remains key.

ORIENTAL RAIL INFRASTRUCTURE LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue from operations stood at ₹137.6 Cr. - Revenue grew 16.7% YoY. - EBITDA increased 43.7% YoY to ₹20.9 Cr. - EBITDA margin improved to 15.2%. - Margin expanded 286 bps YoY. - PBT increased 74.1% YoY to ₹14.5 Cr. - PAT increased 83% YoY to ₹10.7 Cr. - PAT margin improved to 7.8%. - Growth driven by product mix and operating leverage. - Wagons contributed around 75% of revenue. - Seat and berths contributed around 16%. - Upholstery contributed around 5%. Order Book & Execution - Consolidated order book stood at ₹1,692 Cr. - OFPL wagon order book stood at ₹1,526 Cr. - Coach interior order book stood at ₹166 Cr. - Wagon order book represents around 3,800 wagons. - Execution target is 200 wagons monthly from Q3. - 200 monthly wagons would fully utilize capacity. - Current wagon capacity stands at 2,400 wagons. - Capacity expansion blueprint already prepared. - Capacity targeted at 3,600 then 4,800 wagons. - Long-term expansion planned over 12–18 months. - Average wagon realization around ₹40 lakh. - FY27 revenue target is around ₹700 Cr. Q2FY27 Outlook - Q1 production was around 300 wagons. - Q2 target is around 500 wagons. - Management expects substantially better YoY growth. - US-Iran conflict impacted Q1 operations. - Fuel and gas supply disruption affected execution. - Supply situation is now largely under control. - Q2 operations are progressing at improved speed. Freight Wagon Business - Freight business remains the primary growth engine. - FY26 capacity utilization was around 50%. - Better utilization is driving volume growth. - Wagon business expected to grow 40%+. - Other businesses expected to grow 8–10%. - Backward integration improved supply reliability. - Springs, draft gears and couplers manufactured internally. - Earlier wheel shortages constrained utilization. - Integrated supply chain is now more stable. - Medium-term freight EBITDA target is 15–17%. Margin & Cash Flow - Consolidated EBITDA margin target is 15–17%. - Higher utilization should improve operating leverage. - Better capacity utilization should improve cash flows. - Working capital remains a key cash-flow requirement. - Management expects positive operating cash flow. - Debt reduction is also planned. - Improved output should strengthen cash conversion. - Commodity volatility is largely protected contractually. - Price escalation covers steel, fuel and labour. - Backward integration should support margin stability. Smart Wagon Technology - JV formed with HUM Industrial Technology, USA. - HUM holds 51% and ORIL holds 49%. - No royalty or technology fee is applicable. - Technology enables real-time condition monitoring. - Monitors bearing vibration and temperature. - Enables predictive maintenance and fault detection. - Helps reduce unscheduled downtime. - Initial capacity planned at 30,000 units annually. - Estimated realization is ₹2.5–3 lakh per unit. - Potential annual revenue estimated around ₹750 Cr. - Smart wagon market potential estimated at ₹10,000 Cr. - Revenue contribution expected mainly from FY28–29. - RDSO tender covers 400 smart wagons. - Financial bids expected by end-August. - Passenger coach smart technology tenders also underway. - Trial monitoring is already running on Indian Railways. Modern Wagon Development - Partnership with United Wagon Company and VNICT. - Developing 25-ton high axle-load wagons. - Design development is near completion. - RDSO submission expected in Q4 FY27. - New design should reduce maintenance requirements. - Maintenance interval could potentially double. - Design control remains with OFPL. - Technology provides potential competitive differentiation. Wagon Leasing - Railway Board has granted in-principle approval. - Company plans active participation in tenders. - Leasing should create recurring revenue. - Leasing can provide more stable order visibility. - Customers benefit from lower upfront capital requirements. - Modern and smart wagons provide competitive advantage. Coach Interior Business - Rolling stock interior business contributed around ₹33 Cr. - Seat and berth market share exceeds 30%. - Installed capacity around 3,600 coaches annually. - More than 40,000 coach sets supplied historically. - Upholstery capacity stands at 36 lakh metres annually. - Management targets 13–15% EBITDA margin. - Passenger coach modernization supports future growth. - JV with AB Composites enables turnkey furnishing. - JV should improve market share opportunities. - Backward integration supports profitability. Capacity Expansion - Current wagon capacity stands at 2,400 units. - First expansion planned toward 3,600 wagons. - Further expansion targeted toward 4,800 wagons. - Expansion initiation planned in Q1 FY28. - 2,400-to-3,600 expansion requires ₹60–70 Cr. - Funding approach will depend on internal resources. - Expansion requires relatively limited heavy infrastructure. Industry Outlook - Freight demand expected to rise continuously. - Rail remains more economical than road freight. - Government continues focus on logistics efficiency. - Railway FY27 capex estimated around ₹2.9 lakh Cr. - Investment through 2031 estimated at ₹16.7 lakh Cr. - National Rail Plan targets 6 lakh wagons. - Existing fleet is around 4 lakh wagons. - Freight wagon market could reach ₹25,000–30,000 Cr. - Private participation should support wagon demand. - Management sees highly positive growth potential. FY27 Priorities - Increase existing wagon capacity utilization. - Execute current order book efficiently. - Maintain quality and margin discipline. - Improve working capital efficiency. - Strengthen cash conversion. - Develop smart wagon technology. - Develop modern wagon platforms. - Build wagon leasing business. - Expand turnkey coach furnishing capabilities. KEY TAKEAWAY - ₹1,692 Cr order book + rising utilization drive FY27 growth.