CONCALLS

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.

JUNGLE CAMPS INDIA LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Q1 revenue stood at ₹5.97 Cr. - Total income stood at ₹6.25 Cr. - EBITDA stood at ₹1.69 Cr. - EBITDA margin stood at 27%. - PAT stood at ₹0.47 Cr. - PAT margin stood at 8%. - Revenue grew around 12% YoY. - Q1 included ₹0.52 Cr exceptional expense. - Exceptional expense related to discontinued Parsili project. - Management expects stronger H2 performance. Occupancy, ADR & RevPAR - Q1 occupancy stood at 45%. - Q1 FY26 occupancy was 43%. - ADR stood at ₹10,539. - ADR increased 5% YoY. - RevPAR stood at ₹4,763. - RevPAR increased 9% YoY. - FY26 occupancy stood at 40%. - Wildlife occupancy normally ranges 50–60%. - Management sees around 60% as practical upper limit. - October–March remains the strongest season. - Management expects around 5% ADR growth in FY27. Business Portfolio - Portfolio currently has 137 keys. - Properties span four states. - Company has 250+ employees. - Core expertise remains wildlife hospitality. - Pench contributed 39% room revenue. - Tadoba contributed 38% room revenue. - Kanha contributed 17% room revenue. - Rukhad contributed 4% room revenue. - Bison contributed 2% room revenue. New Property Additions - Palash Kothi added in Bandhavgarh. - Operates under a 5-year management agreement. - Property has 20 rooms. - Expected ADR ranges ₹8,000–₹12,000. - Devprayag property has 22 rooms. - Devprayag operations commenced with soft opening. - Expected ADR ranges ₹4,000–₹6,000. - New properties should support FY27 growth. - People Restaurant has reached operational stability. - Management expects top-line and bottom-line improvement. Mathura Hotel - Planned capacity increased from 60 to 105 rooms. - Developed under Holiday Inn Express brand. - Partnership is with IHG. - Includes banqueting and dining facilities. - Targeted opening is FY28. - Mathura will operate as a 12-month destination. - Project cost estimated around ₹49 Cr. - IPO contribution stands at ₹11.5 Cr. - Around ₹32 Cr HDFC loan tied up. - Loan interest rate is 8.14%. - Annual revenue estimate is ₹18–20 Cr. - Management sees around 30% EBITDA margin. - Holiday Inn revenue share estimated around 7–8%. - Lower staffing should support margins. Sheopur Fort - Heritage hotel development has commenced. - Property has 90-year lease. - Planned capacity is 60 keys. - First phase targets 35–40 rooms. - Total project cost targeted around ₹25 Cr. - IPO contribution stands at ₹7.5 Cr. - HDFC loan expected at ₹17.5 Cr. - Targeted opening is FY28. - Property will operate as a 12-month destination. - First-year revenue estimate around ₹12 Cr. - Wildlife and wedding demand targeted. - Management expects 8–10 weddings annually. - Around 15% occupancy could support debt servicing. Kukru Jungle Camp - New property near Melghat Tiger Reserve. - Land awarded by Madhya Pradesh Tourism Board. - Development funded through internal accruals. - Expected operationalisation by March FY28. - Property targets a premium wildlife segment. - Kukru adds another wildlife destination. Expansion Pipeline - Discussions ongoing for Panna, Satpura, Sariska and Jawai. - Ratapani land already held by company. - Ratapani permissions are progressing. - Construction expected to start shortly. - Pipeline remains largely asset-light. - Management remains focused on capital-efficient expansion. Seasonality & Growth - Wildlife parks remain closed for three months. - July–September impacts annual occupancy. - Adjusted occupancy is materially higher. - Mathura provides year-round revenue support. - Devprayag supports the off-season. - Diversification should reduce seasonal volatility. - Bandhavgarh adds another high-ADR property. - Management expects H2 to outperform H1. Margin Outlook - New properties initially require stabilization. - Properties typically stabilize within ~6 months. - People Restaurant has moved beyond initial stabilization. - Initial staffing costs impacted margins. - Marketing expenses were also elevated initially. - Current-year EBITDA improvement expected. - H2 margins expected to improve YoY. - Management remains confident about margin recovery. Debt & Cash Flow - Debt mainly funds Mathura and Sheopur. - Working-capital debt is not required. - Peak debt could reach around ₹50 Cr. - Debt has a 2-year moratorium. - Repayment period is 7 years. - EMI estimated around ₹53 lakh monthly. - Annual repayment around ₹6.5 Cr. - Debt servicing expected from new properties. - Mathura revenue should support repayment. Parsili Project - Parsili project discontinued due regulatory constraints. - ₹1.22 Cr upfront premium expected refundable. - ₹0.50 Cr performance security expected returned. - Project-related write-off was ₹0.52 Cr. - Expense is non-recurring. - IPO proceeds redeployed toward Sheopur Fort. KEY TAKEAWAY - H2 recovery + FY28 Mathura/Sheopur expansion drive growth.

One important caution from Lumax Auto’s management for Auto Ancillary investors: Q1FY27 was very strong, with REV growth of 33% & margins holding up well despite input cost pressures Management highlighted that Q1 & Q2 are benefiting from a very low base last year However, this should not be extrapolated for the full year Management expects industry growth rates to reduce significantly in Q3 & Q4 because H2FY26 had already seen hyper growth following GST rationalisation. So while near term numbers may continue to look impressive for many auto ancs, the base effect will start catching up from H2FY27.

Sona Comstar says "We may be the first Indian Auto company to receive royalty income from one of the global mobility tech companies, and that is certainly something that, as an Indian, everybody could be proud of." Src - Q1 Concall, no reco

DHRUV CONSULTANCY SERVICES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Q1 net sales stood at ₹15.55 Cr. - Total income stood at ₹15.95 Cr. - Q1 operating loss stood around ₹3–4 Cr. - Operating loss reduced by over 50% QoQ. - Q4 revenue was around ₹8 Cr. - Higher employee and project costs impacted Q1. - Management expects operating leverage with execution. - Q3 and Q4 expected to perform better. Order Wins & Order Book - Q1 order inflow reached around ₹90–100 Cr. - Last year’s full-year inflow was ₹90–100 Cr. - Additional Q2 orders worth ₹60–65 Cr secured. - Existing unexecuted order book stands around ₹300 Cr. - Order book is executable over around 3 years. - Around 15–20% order book converts annually. - Order sizes are increasing significantly. - Earlier tickets were around ₹5–10 Cr. - New opportunities range around ₹20–40 Cr. - Company received its largest-ever ₹40.92 Cr order. Major New Orders - ₹19.34 Cr Rowghat-Jagdalpur railway assignment. - Railway project covers around 140 km. - ₹8.34 Cr MPRDC Ujjain-Jaora highway assignment. - ₹40.92 Cr OBCC assignment is largest-ever order. - Railway project requires 108 manpower. - Recruitment for railway project is already underway. - Around 60–70% manpower hiring completed. Railway Expansion - Dedicated railway consultancy team being established. - Railway sector expected to become a major vertical. - Government continues strong railway spending focus. - New manpower strengthens railway execution capabilities. - Company aims to replicate highway-sector positioning. - Railway projects generally have 3-year construction. - Defect liability period extends another 3 years. - Around 70–80% revenue comes during construction. - Balance revenue comes during maintenance period. NHAI Rating & Competitive Position - Company ranked 9th among 100 consultants. - Technical rating improves bidding competitiveness. - Technical score now carries greater importance. - Higher rating supports larger assignments. - Company can bid more confidently for large projects. - Assam bridge project demonstrates improved pricing power. - Company bid ₹33 Cr against competitors at ₹12–20 Cr. - Dhruv still emerged H1 in the assignment. - Management expects better project profitability. Margin Recovery - Q1 loss partly reflected accounting estimate corrections. - NHAI changed certain project scopes. - Network survey vehicle scope was removed. - Company corrected estimates proactively. - Management considers this largely a paper loss. - New bids are being priced with better margins. - Larger assignments should improve cost absorption. - Current revenue base cannot absorb fixed costs. - Employee and project management costs remain high. - Profitability is highly execution-scale sensitive. - Billing conversion is now the key priority. - Meaningful margin improvement expected from Q3. Project Execution & Revenue Recognition - Q1 and Q2 mainly focus on order securing. - Q2 involves project mobilization. - Q3 and Q4 drive revenue recognition. - New assignments typically require mobilization time. - Construction revenue recognition starts after mobilization. - Project execution generally spans 3 years. - Defect liability period follows construction. - Existing order book provides strong revenue visibility. AI & Technology - Company is developing AI dashboards. - Around 65–70 assignments are being executed. - Dashboards will track project progress in real time. - Manpower deployment will also be monitored. - Material utilization and schedules will be tracked. - Technology should improve project monitoring efficiency. - Long-term target is handling 120 assignments annually. - BIM training is also underway. - Current capability includes 3D BIM. - Company aims to progress toward 6D BIM. - Digital twin capabilities are being explored. - Technology should support global bidding opportunities. International Expansion - International strategy covers Africa and Southeast Asia. - Gulf and South/Central Asia remain focus markets. - Mozambique empanelment completed in Q2. - Ghana assignment has Dhruv as preferred bidder. - Saudi Arabia private opportunities are being pursued. - International order conversion takes 4–6 months. - Management targets 10–15% order book internationally. - India Exim Bank empanelment opens overseas opportunities. - Services include DPR and technical advisory. - Lender’s Independent Engineer opportunities also available. - Projects may include PPP and BOT structures. Wayside Amenities - Company formed SPV with 55% Dhruv stake. - Four wayside amenity assignments have been won. - First agreement signed on 4 August. - 15-year concession period has commenced. - Existing site has 50–60% construction completed. - Fuel pump installation is critical. - First project revenue expected around February 2027. - Three additional projects are expected around September. - Projects located near Nanded, Latur and Solapur. - Revenue expected around 7–8 months after possession. Quality & Project Monitoring - Around 14–15 key professionals deployed per site. - Site teams have around 15 years experience. - Head office monitors projects in real time. - Senior management controls major approvals. - AI dashboards will strengthen quality monitoring. - Consistent monitoring supports multi-state execution. Receivables & Cash Flow - Normal collection cycle is 60–90 days. - Northeast collections can reach around 120 days. - No major collection deterioration highlighted. - Working capital remains linked to project execution. KEY TAKEAWAY - ₹300 Cr order book; Q3 execution should drive margin recovery.

PRIME FRESH LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue increased 15.7% YoY to ₹61.71 Cr. - EBITDA increased 51% YoY to ₹6 Cr. - EBITDA margin improved to 9.83% vs 7.53%. - PAT increased 51% to ₹4.35 Cr vs ₹2.89 Cr. - Management cautioned Q1 margins are not fully sustainable. - Higher margins benefited from old service recoveries. - Strong service volumes supported profitability. - Inventory gains also supported Q1 margins. FY27 Growth Guidance - F&B volume growth targeted at 15–20% minimum. - Value growth expected at 25–30%. - FY27 EBITDA margin guidance remains 7–7.5%. - Net profit margin guidance remains around 5–5.5%. - Higher investments and corporate costs may impact margins. - Onion and pomegranate remain key growth drivers. - Four-five new food processing customers added. - General trade and APMC expansion continues. Business Scale & Network - Operations span 19 states across India. - Farmer network exceeds 1.30 lakh farmers. - Supplier network exceeds 2,400 suppliers. - Company has 90+ APMC relationships. - Network includes 100+ FPOs. - Customers include modern retail and e-commerce. - Also serves HORECA and food processors. - Export activity remains restricted due to volatility. - Domestic market remains the primary focus. - B2C contributes only around 1–2% currently. Working Capital Improvement - Management remains highly focused on receivables. - Standalone debtors reduced by around ₹12 Cr. - Slow/non-moving debtors total around ₹7–8 Cr. - Credit exposure systems have been strengthened. - Customer onboarding norms are becoming stricter. - PDCs and security deposits being implemented. - Target is debtors below 25% of sales. - Target is 4x sales against outstanding debtors. - Bank of Baroda credit limit increased to ₹20 Cr. - Working capital facility costs around 8.5%. - Management does not expect equity for working capital. Supplier Credit Opportunity - Supplier payment cycle is gradually improving. - Strong farmer credibility supports better payment terms. - FY28 target: ₹10–15 Cr average supplier credit. - Could enable around ₹60 Cr incremental sales. - Potentially without additional equity or working capital. - Better credit should improve capital efficiency. Operating Margin Potential - Current sourcing capacity is around 2.5 lakh tonnes. - Last year's sales were around 65,000 tonnes. - Existing capacity provides significant operating leverage. - Technology and field apps should reduce costs. - Farmer acquisition costs should decline with scale. - Margin improvement expected from mid-FY28. - Internal target: 9.5–11% EBITDA margin in 2–2.5 years. - Long-term vision targets ₹2,000 Cr revenue by FY31. - Forward and backward integration could lift margins. - Management sees 14–16% EBITDA margin possible long term. Nashik Sinnar Cluster Development - Nashik project expected to receive award in current month. - Project combines farmer and infrastructure components. - Farmer component worth around ₹60 Cr. - Government subsidy could be around 35%. - Infrastructure investment around ₹75 Cr. - Includes packhouse, cold chain and reefer vehicles. - Also includes processing unit and laboratory. - Around ₹50–52 Cr eligible for subsidy. - Expected government grant around ₹24 Cr. - First major CAPEX expected around Oct–Nov. - Project execution expected over 18–20 months. - Peak project debt expected around ₹35 Cr. - Post-grant debt could reduce to ₹18–20 Cr. Nashik Growth Potential - Project targets around 15,000 farmers initially. - Year-one sourcing capability could rise 15,000 tonnes. - Long-term target: 2 lakh tonnes additional sourcing. - Technology includes soil sensors and weather stations. - Farm ERP and agronomy support also planned. - Integrated infrastructure should enable order-book model. - Project could improve farmer and customer credit. - Management sees it as a game-changing project. - Similar projects may be explored through SPV/subsidiary. Direct Farmer Sourcing - Direct sourcing can offer 3–15% product-level advantage. - Initial operating costs reduce part of this benefit. - Long-term expected advantage is around 5–8%. - Farmer relationships should improve sourcing economics. - Storage and value addition can further enhance margins. - Goal is to reduce dependence on intermediaries. Product & Strategic Expansion - Current focus remains on 9–12 F&B products. - Another 3–4 categories may be added within one year. - Onion and pomegranate expected to drive growth. - Pomegranate farmer network exceeds 13,000 farmers. - Over 40 local aggregator partners support pomegranate. - 51% stake acquired in value-added/ready-to-eat business. - Value-added products should support future margins. - Florence Farming is being developed for own farming. - Subsidiaries currently contribute around 10% of F&V. - Own farming could begin contributing meaningfully next year. B2C Strategy - Company remains focused on core B2B F&B business. - B2C remains only 1–2% of business. - Management does not currently plan major B2C expansion. - B2C requires substantial upfront capital and infrastructure. - Focus remains on scaling the existing B2B platform. KEY TAKEAWAY - Strong volume growth with major margin upside ahead.

ESTER INDUSTRIES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Consolidated revenue increased 27.4% YoY to ₹441.9 Cr. - Consolidated EBITDA increased 103.4% YoY to ₹58.9 Cr. - EBITDA margin expanded to 13.3% from 8.3%. - PAT turned positive at ₹18.6 Cr vs ₹7.2 Cr loss. - Consolidated PAT margin stood at 4.2%. - Film segment remained the principal profit contributor. - Standalone EBITDA rose 25.2% to ₹40 Cr. - Standalone PAT increased 50.5% to ₹14.5 Cr. BOPET Film Performance - Consolidated film volumes increased 2.7% YoY to 22,120 MT. - Film revenue increased approximately 38% YoY to ₹399.5 Cr. - Consolidated film utilization improved to 84%. - Film EBIT increased to ₹39.1 Cr from ₹6.9 Cr. - EBIT margin improved to 9.8% from 2.4%. - Better realizations supported revenue growth. - Product mix improvement boosted margins. - Global BOPET prices remain stable. - Supply-demand balance has improved significantly. - Management expects sustained favorable industry conditions. - Earnings visibility extends for 6–8 quarters. Value Added Specialty Films - VAS volumes increased 23% YoY to 6,368 MT. - VAS contribution reached 29% of film volumes. - VAS contribution was 24% in Q1 FY26. - Exit quarter target is around 35% VAS contribution. - Target is 50–60% VAS mix within 2–3 years. - Higher VAS mix should improve realizations. - Specialty products command significantly higher premiums. - Focus remains on customer approvals and new applications. Specialty Polymers - Sales volume declined to 725 MT from 954 MT. - Revenue declined to ₹32.7 Cr from ₹48.1 Cr. - Demand pressure affected one high-margin product. - EBIT margin improved sharply to 45.3%. - Previous-year EBIT margin stood at 31.7%. - Improvement was driven by better product mix. - VAP pipeline should mature progressively. - FY27 likely to see flat/single-digit growth. - Growth expected to accelerate from H2. - Management targets 20% CAGR over 3–5 years. - Absolute EBITDA and EBIT should rise. - Margin percentage may normalize as VAP scales. RPET Business - RPET volumes increased 19% YoY to 1,394 MT. - RPET revenue increased 24% to ₹17.5 Cr. - Rated capacity stands around 28,000 TPA. - Production expected above rated capacity by FY27 exit. - Higher internal consumption reduced external sales. - Internal RPET demand increased for BOPET films. - Captive use captures supplier margin internally. - RPET can also be cheaper than virgin material. - External specialty-grade sales remain flexible. - Internal integration remains the primary objective. Ester Filmtech - Capacity utilization reached a record 83%. - Sales volume increased 22.7% YoY to 9,807 MT. - Revenue increased 62.7% to ₹159.6 Cr. - EBITDA reached ₹19.5 Cr vs ₹2.7 Cr loss. - EBITDA margin reached 12.2%. - PAT turned positive at ₹4.7 Cr. - Higher utilization is improving operating leverage. - Better product mix supports profitability. - Further utilization ramp-up remains a key focus. Elite JV & Textile Recycling - Elite is a 50:50 JV with Loop Industries. - Project targets commercial operations in CY28. - Engineering phase is currently progressing. - Land acquisition expected within 2 months. - Toyo Engineering India appointed for detailed engineering. - Tata Consulting Engineers completed field study. - Technology enables textile-to-textile recycling. - Technology can process blended textile waste. - Virgin-quality monomers can be produced. - Global customer validations are progressing. - LOI covers potential offtake up to 15,000 TPA. - Planned Elite output is targeted for exports. - Management expects premium market positioning. Industry Outlook - Global BOPET prices have stabilized. - Restricted trade flows support pricing. - Raw material and freight costs remain elevated. - India has favorable US import tariff conditions. - US market share has been regained. - Domestic demand is growing faster than capacity. - Few BOPET capacities were added recently. - Further additions remain moderate and phased. - Domestic BOPET capacity is around 1.35 Mn TPA. - Industry utilization is around 85%. - Indian exporters see profitable global opportunities. - Sustainability rules are boosting BOPET demand. Long-Term Growth Opportunity - Existing facilities can generate ₹2,000–2,200 Cr revenue. - Management expects this target within 2–3 years. - Growth driven by higher utilization. - Higher VAS mix should lift realizations. - Specialty polymers add higher-value growth. - RPET integration provides additional value creation. - Operational excellence should improve asset productivity. Debt & Capex - Gross debt stood around ₹720 Cr. - FY27 debt repayment target is ₹100 Cr. - Expected year-end gross debt is ₹620 Cr. - Current cash and equivalents around ₹235 Cr. - Sustainable liquidity expected around ₹100 Cr. - Around ₹140 Cr liquidity earmarked for Elite. - No major FY27 capex beyond maintenance. - Elite debt will be raised at JV level. - Elite debt will not consolidate into Ester. - Management aims gradual overall deleveraging. Other Key Updates - Commodity film spread remains around ₹28–30. - Current spreads continue to hold. - PTA and MEG are sourced domestically. - Long-term contracts secure raw material availability. - No production loss from raw material shortages. - Rating review expected by end-August. - R&D remains focused on specialty innovation. - New specialty polymer patents were filed. - Management remains optimistic about FY27 performance. KEY TAKEAWAY - BOPET upcycle + VAS mix driving earnings growth.

RATHI STEEL & POWER LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Total income increased 24.6% YoY to ₹193.67 Cr. - EBITDA increased 24.83% YoY to ₹7.77 Cr. - PAT increased 84.5% YoY to ₹3.48 Cr. - PAT margin improved to 1.8%. - PAT margin expanded 58 bps YoY. - Total volumes increased 30% YoY to 28,372 MT. TMT Bar Performance - TMT volumes more than doubled to 18,677 MT. - Q1 FY26 TMT volumes were around 8,200 MT. - Strong TMT growth supported overall product mix. - NCR infrastructure and real estate demand remains strong. - Retail and institutional customer base remains diversified. - Management expects continued volume momentum. - Post-monsoon demand should support stronger execution. Stainless Steel Business - Stainless steel volumes were around 9,000 MT. - Volumes declined approximately 10–12% YoY. - Export-oriented customers faced geopolitical disruptions. - Higher ocean freight impacted export demand. - West Asia uncertainty continues to affect markets. - Management aims to restore previous volume levels. - Focus remains on margin-accretive stainless products. - Around 80–90% portfolio comprises 200-series grades. - Product flexibility allows shifting toward better margins. Capacity Utilization - Rolling mill utilization was around 51–52% in FY26. - FY27 utilization target remains 60%+. - Management remains on track for this target. - TMT and melting operations are being integrated. - Trial runs for TMT integration completed. - Further melting expansion considered above 70–75% utilization. - Additional refining equipment is also being evaluated. - Existing assets provide significant capacity headroom. Product Mix & Margins - TMT contributed around 45–48% of Q1 revenue. - Stainless steel contributed roughly the balance. - Revenue mix remains broadly balanced. - Stainless steel currently offers better margins. - Higher integration supports stainless steel profitability. - TMT integration should improve margins progressively. - Company prioritizes margin over revenue growth. - Product mix is adjusted toward better profitability. - Cost-saving initiatives have already delivered benefits. - Management targets 2–3% EBITDA margin improvement. - Lower borrowing costs can further support margins. Growth Strategy - Management maintains 20% CAGR growth aspiration. - FY25 remains the base year for guidance. - Current growth trajectory remains broadly achievable. - Volume growth is the primary growth driver. - Existing capacity has substantial headroom. - Further capacity expansion remains under consideration. - Management describes strategy as “Rathi 2.0”. - Focus remains on profitable manufacturing-led growth. - Positive cash flows have strengthened the business. TMT Integration & Direct Charging - Direct charging integration is progressing. - Trial runs completed across multiple TMT sizes. - Initial technical issues are being resolved. - Products are meeting required customer standards. - Full-scale ramp-up expected around Q4. - Monsoon impacts Q2 construction demand. - NCR pollution restrictions can impact Q3 activity. - Q4 expected to be stronger for construction. Capex & Modernization - FY27 capex incurred so far around ₹4–5 Cr. - Normal annual capex is around ₹10–12 Cr. - FY27 total capex expected around ₹15 Cr+. - Modernization and debottlenecking remain priorities. - Most capex funded through internal accruals. - Additional value-added projects would require incremental capex. - Plant modernization continues to improve efficiency. Working Capital & Financing - Steel business remains working-capital intensive. - Higher volumes require additional working capital. - Supplier credit currently supports working capital needs. - Company is exploring refinancing with existing lenders. - Lower borrowing costs could improve margins. - Higher bank limits are being evaluated. - Balance-sheet debt remains relatively moderate. - Management remains cautious about expensive borrowing. Raw Material Strategy - More than 95% raw materials are domestically sourced. - Q1 sourcing was almost entirely domestic. - Domestic sourcing reduces currency risk. - Shorter procurement cycles improve flexibility. - Major inputs are covered against order visibility. - Purchase hedging is used where practical. - Raw material volatility remains closely monitored. Green Steel & Market Reach - Green Pro certification improves institutional access. - Certification is increasingly required by builders. - It strengthens preference during large project bidding. - Direct margin premium is not currently significant. - Certification helps access larger institutional customers. - BIS approvals support future TMT opportunities. - Around 80–90% sales remain within NCR. - TMT sales are entirely NCR-focused. - Stainless steel also reaches West India, especially Gujarat. - Regional focus reflects freight economics of secondary steel. Power & Sustainability - Renewable power contributes around 20% of consumption. - Renewable sourcing can be adjusted based on pricing. - Power is procured through exchanges and suppliers. - Rooftop solar remains under evaluation. - Technical feasibility is still being assessed. - No final rooftop solar capex decision yet. - Open-access renewable power already provides savings. KEY TAKEAWAY - 30% volume growth; capacity and integration drive margin upside.

50+ Best Smallcap & Midcap Stocks FY27 Future Guidance Above 20%+ to 50%

JUPITER WAGONS LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue increased 46% YoY to ₹671 Cr. - EBITDA increased 9% YoY to ₹65 Cr. - EBITDA margin stood at around 10%. - PAT stood at ₹26 Cr. - PAT margin stood at around 4%. - Profitability expected to improve with operating leverage. - Q1 revenue saw marginal sequential decline. - New wagon designs caused temporary execution transition. Order Book & Execution - Overall order book stood at around ₹4,500 Cr. - Railway wagon order book stood at ₹3,000 Cr. - Wheelset order book stood around ₹700 Cr. - Commercial vehicle order book stood around ₹500 Cr. - BES order book stood around ₹500 Cr+. - Around 60–70% order book expected in FY27. - Around 80% wagon order book is private. - Nearly 7,000 wagons remain outstanding. - Fresh orders worth ₹264 Cr secured. - Additional orders worth ₹211 Cr secured. - JSW order includes 7 BOSM rakes. - BOSM order covers 329 wagons. - Orissa Alloy order covers 150 wagons. Wagon Business - Q1 production stood at 1,141 wagons. - Production was lower due to design transition. - New private wagon designs required prototype approvals. - Execution expected to improve from Q2. - Next three quarters expected to show higher production. - Wagon realization remains broadly stable. - Average realization increased to ₹41.5 lakh. - Prior-year average realization was around ₹38 lakh. - Higher non-railway contribution supported realization. - Non-railway business carries better margins. - Railway freight demand remains strong. - Indian Railways maintains freight loading targets. - New railway orders are awaited. - Management sees no demand-side slowdown. Rail Wheel Platform - Remaining 1.94% JTRWF stake acquired. - Jupiter now owns 100% of JTRWF. - Lucchini RS and SIMEST to acquire 25% stake. - Investment from partners around ₹290 Cr. - Partnership brings global wheel technology. - Also brings engineering expertise and market access. - Total project capex remains ₹2,600 Cr. - Jupiter's planned infusion reduced to ₹600 Cr. - New partner contributes around ₹300 Cr. - Odisha facility has 100,000 wheelsets capacity. - Axle line targeted for FY27 commissioning. - Wheel line targeted for FY28 commissioning. - Full facility revenue target is ₹2,500–3,000 Cr. - EBITDA target is 15%+. - Around 50% capacity for captive/domestic demand. - Around 50% capacity earmarked for exports. Wheelset Market Opportunity - Indian passenger segment currently imports wheelsets. - Passenger opportunity estimated at 10,000–20,000 wheelsets annually. - Railway wagon production requires around 120,000 wheelsets annually. - Replacement demand adds around 1.5–2 lakh annually. - Domestic opportunity estimated at 3–4 lakh wheelsets annually. - Tatravagonka committed offtake around 20,000–30,000 annually. - Lucchini provides international marketing access. - Management sees strong export visibility. - Key focus remains production ramp-up. - Homologation and technical approvals remain critical. - Higher-speed trains support forged wheel adoption. - India uses both cast and forged wheels. - Forged wheels gain relevance at higher speeds. - Management sees sufficient domestic headroom. Energy Storage / BES - Secured 110 MW BES orders for FY27. - MOUs signed with Chalukya Power and PIC Renew. - GEM won 100 MW and 400 MW projects. - West Bengal projects involve around ₹400 Cr. - Projects follow 15-year BOO model. - BES order book reached around 500 MW. - BES order book value exceeds ₹500 Cr. - FY27 BES order book target is ₹1,000 Cr. - C&I segment growth is around 80–100% MoM. - FY27 BES order book target around ₹1,000 Cr. - Three-year target is around ₹5,000 Cr. - Demand remains strong across C&I and utility. - Project IRR expected at 15%+. - Funding mix is yet to be finalized. Stone India & Brake Systems - RDSO approval received for freight brakes. - Commercial production commenced July 2026. - Stone India expected to turn profitable from Q3. - Production ramp-up is the key near-term focus. - EBITDA expected around 15%+ from FY28. - Capacity ramp-up expected by year-end. - Stone India expected to supply 100% requirements. - Full internal requirement coverage targeted within 3–6 months. Jupiter Electric Mobility - FY27 focused on technology and order-book development. - Business expected to ramp up quickly. - EBITDA positivity targeted from FY28. - Energy storage remains a major growth platform. - Mobility and engineering capabilities support expansion. Strategic Outlook - Manufacturing footprint continues expanding. - Backward integration remains a key priority. - Technology partnerships strengthen capabilities. - Product portfolio is being diversified. - Private wagon ownership remains a major opportunity. - Rail wheels provide significant future growth. - Energy storage adds a new growth engine. - Passenger mobility partnership expected by year-end. - Execution remains the key near-term priority. - Management remains confident on structural demand. KEY TAKEAWAY - Diversification strengthens growth beyond traditional wagon business.

MITSU CHEM PLAST LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Strong Financial Performance - Total income grew 11.62% YoY to ₹95.33 Cr. - EBITDA surged 209.50% YoY to ₹15.49 Cr. - EBITDA margin improved to 16.29% from 5.87%. - PAT increased 566.23% YoY to ₹8.74 Cr. - PAT margin improved to 9.18% from 1.54%. - EPS stood at ₹6.44 vs ₹0.97 YoY. - EBITDA increased from ₹14.23 Cr QoQ. - PAT increased from ₹7.72 Cr QoQ. Margin Improvement - Improvement driven by operating efficiency. - Product mix also supported profitability. - Manufacturing efficiency improved progressively. - Product rationalization enhanced overall profitability. - Low-margin products are being discontinued. - Higher-margin products are being introduced. - Raw material prices are passed through customers. - Local sourcing reduces import dependency. - Management expects 10–12% sustainable EBITDA margin. - Double-digit EBITDA margin remains the objective. - Q1's 16.3% margin benefited from efficiencies. - Seasonal product mix can impact quarterly margins. Capacity Expansion - Existing installed capacity exceeds 32,450 TPA. - FY26 capacity utilization stood at 64%. - Proposed capacity addition is 3,550 TPA. - New capacity is already operational. - Approximate expansion capex is ₹2 Cr. - Capex funded through internal accruals and debt. - Expansion covers all three product verticals. - Management targets around 64–70% utilization. - Machinery procurement requires advance planning. - Typical expansion cycle takes 6–9 months. - Capacity expansion supports FY28 revenue ambitions. Business & Product Mix - Packaging remains the core business. - Packaging contributes around 80% of business. - Furniture and healthcare contribute around 20%. - Containers continue seeing strong demand. - Furniture parts also seeing strong demand. - Other verticals are performing well. - Blow molding remains the major revenue contributor. - Injection molding provides additional revenue support. - Company operates 53 blow molding machines. - Company operates 22 injection molding machines. - Four manufacturing facilities are operational. Customer Expansion - Customer base exceeds 700 customers. - Added 30+ customers during Q1. - More than 150 customers added last year. - Customer additions remain a quarterly focus. - Low-profit customers may be exited. - Focus remains on better throughput. - Better turnover and profitability drive customer selection. - Diversified customer base supports growth. Packaging & Healthcare - Packaging includes pails and containers. - Jerry cans remain part of portfolio. - Specialized caps and closures remain focus. - Furnastra remains healthcare growth opportunity. - Healthcare products target hospital furniture applications. - CPR-related hospital bed is fully patented. - Company owns full rights to CPR patent. - Additional healthcare products are under development. - Healthcare international expansion remains ongoing. - Healthcare contribution currently remains limited. - Company continues pursuing value-added opportunities. Exports & International Opportunity - Export contribution is around 2%. - Domestic business contributes roughly 98%. - International market expansion remains ongoing. - Furnastra international relationship is still developing. - Establishing products internationally takes time. - Management expects results as relationships mature. - Export growth remains a longer-term opportunity. Raw Material & Pricing - Raw materials are primarily sourced domestically. - Company has reduced import dependence. - Strong supplier relationships support sourcing. - Raw material prices reflect crude movements. - Higher input costs are passed to customers. - Customers generally accept price increases. - Standard price pass-through occurs monthly. - Specialized cases require customer-level discussions. - Higher volumes help absorb operating expenses. - Working capital rises with higher prices. Revenue Growth & FY28 Target - Management continues targeting ₹1,000 Cr revenue by FY28. - Q1 revenue was considered relatively low. - Bottom-line improvement remains a priority. - Management also remains focused on top-line growth. - Quarterly growth is expected to remain strong. - New capacity should support revenue expansion. - IBC project expected around Q3 FY27. - Expansion initiatives are aligned with FY28 target. - Management acknowledged higher quarterly run-rate is required. - Revenue growth expected to improve going forward. Transformation & Strategy - Focus remains on operational excellence. - Data-driven marketing remains a priority. - Scientific innovation supports product development. - Product rationalization continues. - Value engineering remains important. - Empowered teams form part of transformation agenda. - Growth focus spans packaging and healthcare. - Management remains more focused on profitability. KEY TAKEAWAY - Strong margin turnaround; capacity expansion supports ₹1,000 Cr FY28 ambition.

APEX FROZEN FOODS LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Net revenue stood at ₹257 Cr, broadly flat YoY. - EBITDA increased 79% YoY to ₹33 Cr. - EBITDA margin improved to 12.7% from 7.1%. - PAT increased 138% YoY to ₹22 Cr. - PAT margin improved to 8.4% from 3.5%. - Profitability benefited from higher shrimp realizations. - Stable farm gate prices supported margins. - Cost-efficiency measures further improved profitability. Shrimp Realization & Volumes - Average realization increased 15% YoY to ₹930/kg. - Q1 FY26 realization was around ₹811–812/kg. - Realization supported by rupee depreciation. - Higher value-added product mix also aided realizations. - Shrimp sales volume declined to 2,624 MT. - Q1 FY26 volume stood at 3,015 MT. - Labor shortages impacted April-May production. - Transportation disruptions affected export shipments. - Management expects volume recovery from Q2. - FY27 production target remains around 12,000 MT. - Longer-term target is 14,000–15,000 MT. US & International Markets - USA contributed 70% of Q1 shrimp sales. - USA share was 54% in Q1 FY26. - US sales increased 13% YoY. - US sales increased 121% QoQ. - Tariff uncertainty easing supported US orders. - Europe and UK contributed 25% of sales. - Europe-UK contribution fell from 39% YoY. - European shipments faced logistical and certification delays. - Delayed Europe volumes should shift into subsequent quarters. - Japan business has restarted after over a decade. - Russia business expected from Q2/Q3. - Australia remains under customer audit process. Value-Added Products - RTE contributed around 16% of Q1 volume. - RTE contribution was similar to last year. - FY27 RTE volume target is around 20%. - RTE currently carries better margins than RTC. - RTE-RTC margin difference is at least $0.50/kg. - Company continues increasing value-added products. - New proprietary customer products are already commercialized. - Specific new products may contribute 3–4% of sales. - These products could reach around 500 MT annually. - Higher value-added mix should support margins. Capacity Utilization - Q1 capacity utilization stood at around 38%. - Q1 FY26 utilization was around 39%. - Management targets 35–40%+ utilization through FY27. - Labor shortage restricted Q1 utilization. - Labor-related issues were largely resolved. - New crop should improve raw material availability. - Stronger order book supports future utilization. - RTE capacity is around 5,000 MT. - RTE utilization was around 16% in Q1. - FY27 RTE utilization target is around 25%. - Current RTE run-rate capacity is 2,500–3,000 MT. Margin Outlook - Management expects margins to remain broadly stable. - Stable dollar realizations support profitability. - Rupee depreciation remains favorable. - Farm gate prices have started increasing. - Farm gate prices rose around 6–7% recently. - Freight costs have increased significantly. - Ocean freight has more than doubled versus Q4. - Higher freight remains a key watchpoint. - Volume growth should improve cost efficiency. - Management does not expect significant margin decline. US Tariffs & Duties - Current US tariff stood at 10% during Q1. - Tariffs were largely absorbed by customers. - No tariff refund has been received yet. - Refund timing remains uncertain due to regulatory issues. - ADD currently stands at 3.44%. - ADD was earlier around 1.35%. - ADD final determination expected around September. - CVD update expected around December. - Management expects potential CVD reduction. - Potential CVD reduction could be around 5.77%. - Any reduction could result in refunds. - Any increase could create additional liability. FTA Opportunity - India-UK FTA became effective from 15 July 2026. - Benefits expected gradually over coming quarters. - Full FTA benefits may take around one year. - Management is more optimistic about EU FTA. - EU FTA could support significant volume growth. - Non-tariff testing barriers remain an issue. - Removal of barriers could improve Indian exports. - EU FTA expected potentially by year-end/early FY28. Farm Gate & Supply - Farm gate prices remained stable during Q1. - Farmers were broadly comfortable with pricing. - Recent prices increased around 6–7%. - Individual farm economics remain variable. - Weather and disease risks remain farm-specific. - New crop should improve raw material availability. - Sustainable farmer economics remain important. Order Book & Outlook - Current order book provides visibility through mid-Q3. - Orders remain healthy despite logistics uncertainties. - US customer order visibility has improved. - Europe demand remains stable. - Volume recovery expected from Q2. - Value-added products remain a key growth driver. - Geographic diversification remains a strategic priority. - Company remains focused on disciplined working capital. - Balance sheet remains prudently managed. - Available capacity provides room for future growth. KEY TAKEAWAY - Margins strong; volume recovery and utilization remain key triggers.

HIGHWAY INFRASTRUCTURE LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Consolidated revenue stood at ₹304.3 Cr, up 170.6% YoY. - EBITDA stood at ₹4.8 Cr. - PAT stood at ₹1.1 Cr. - Q1 profitability impacted by temporary factors. - Management expects recovery as traffic normalizes. - Business remains diversified across multiple verticals. Order Book & Revenue Visibility - Consolidated order book stood at ₹778 Cr. - Management later indicated order book near ₹900 Cr. - EPC order book stands around ₹500 Cr. - Toll segment forms the balance order book. - EPC has 24 executable projects. - FY27 EPC revenue realization targeted at ₹150 Cr. - FY28 EPC revenue realization targeted at ₹200 Cr. - FY27 turnover target stands at ₹850 Cr. - FY28 turnover target stands at ₹1,200 Cr. - FY27 toll revenue target is ₹700 Cr. Tollway Collection - Toll business follows an asset-light model. - Q1 impacted by geopolitical and trade disruptions. - Moti Naroli traffic was significantly affected. - NHAI bidding restriction temporarily impacted operations. - One unfavorable toll project was voluntarily surrendered. - Traffic trends have started recovering. - July traffic trends showed significant improvement. - Management expects margins to recover progressively. - New Tamil Nadu toll contract worth ₹28.7 Cr. - Krishnagiri-Thoppur toll LOA worth ₹89 Cr. - Recent Tamil Nadu wins total around ₹120 Cr. - Tamil Nadu marks first entry into the state. - Large toll contracts remain a strategic focus. - Kaza toll project has outperformed expectations. - Company prefers a mix of contract sizes. EPC Business - Focus remains on profitable project selection. - Roads, bridges and urban infrastructure remain focus. - Industrial and commercial projects also targeted. - Beverly Hills project execution commenced. - Project value stands at ₹70 Cr. - Expected execution period is 15–16 months. - Project could contribute significantly to EPC revenue. - EPC revenue expected around ₹150 Cr this year. - Q2 is seasonally slower due to monsoon. - Q2 focus remains on quality tenders. - Company is increasing private-sector EPC exposure. - Government-private mix will reduce concentration risk. - MES and CPWD opportunities are being evaluated. - Higher PQ can enable larger projects. - Larger projects may offer better margins. - Strategic JVs may support larger tender participation. Geographic Expansion - Company is actively diversifying across India. - Eastern and southern regions remain key focus. - Andhra Pradesh and Telangana offer opportunities. - West Bengal is being evaluated. - Assam and Northeast markets are being researched. - Expansion decisions remain research-driven. - Management avoids entering markets prematurely. - Geographic diversification reduces regional risk. - NH-44 strengthens southern India presence. Bid Pipeline & Success - Toll bid success ratio around 25–30%. - EPC bid success ratio around 25–30%. - Active bidding continues across verticals. - Management prioritizes quality over order-book size. - Near-term tenders are preferred for execution. - Higher PQ should improve future bidding opportunities. - Larger tenders may have lower competition. Technology Integration - Technology integration is a major strategic priority. - Company aims to become technology-backed infrastructure player. - Data is being centralized across projects. - AI may improve project analysis. - Technology can reduce manpower requirements. - Centralized management can improve site efficiency. - Data analytics can reduce execution errors. - Technology should improve margins and resource deployment. - BIM adoption demonstrates efficiency potential. - Future infrastructure execution will become technology-driven. New Growth Opportunities - Renewable energy is a future EPC focus. - Renewable generation and transmission opportunities are being evaluated. - Company is cautious entering new segments. - Significant groundwork is required before bidding. - Management sees ample infrastructure opportunities in India. - Water, electricity and urban infrastructure offer opportunities. - New technology-related infrastructure tenders are emerging. Margin & Recovery Outlook - Q1 margin pressure was largely temporary. - Geopolitical disruptions affected Moti Naroli traffic. - Factory and logistics disruptions reduced traffic. - Traffic has moved close to normal levels. - Management expects faster recovery ahead. - Q1 impact considered largely absorbed. - Q3 and Q4 typically deliver stronger recovery. - No major full-year impact expected. - Margin improvement expected with traffic recovery. Strategic Priorities - Balance government and private-sector projects. - Diversify toll operations geographically. - Increase pre-qualification for larger EPC contracts. - Focus on commercially viable projects. - Maintain disciplined capital allocation. - Integrate technology across business verticals. - Build a diversified infrastructure platform. - Sustainable growth remains the long-term objective. KEY TAKEAWAY - Traffic recovery + ₹850 Cr FY27 target drive near-term outlook.

INDOGULF CROPSCIENCES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Consolidated revenue stood at ₹168.5 Cr, down 11% YoY. - Revenue increased 12% QoQ from ₹150.8 Cr. - Gross profit increased 12% YoY to ₹46.6 Cr. - Gross margin improved to 28% from 22%. - EBITDA stood at ₹9.6 Cr, down around 4% YoY. - EBITDA margin improved to 5.7% from 5.2%. - PAT stood at ₹2.4 Cr vs ₹3.9 Cr YoY. - PAT margin stood at 1.4% vs 2.1%. - Capacity utilization improved to 70% from 52% in FY26. - Margin resilience supported by better product mix. - Procurement discipline also supported profitability. Industry & Monsoon Environment - Q1 faced delayed and uneven southwest monsoon. - Delayed sowing impacted crop protection demand. - Some regions witnessed crop resowing. - Herbicide demand was particularly affected. - Crop patterns shifted across key crops. - Farmer spending remained cautious. - Dealers remained cautious on inventory stocking. - Fertilizer stocking absorbed channel liquidity. - Lower commodity realizations affected farmer economics. - Global supply remained elevated, especially from China. - Pricing remained under pressure during Q1. - Management views weakness as largely time-related. - Kharif and Rabi demand expected to remain sustainable. - Management does not expect exceptionally high growth FY27. Business Mix & Distribution - Crop protection contributed 87% of Q1 revenue. - Biologicals contributed around 3%. - Plant nutrients contributed around 3%. - B2C contributed 47% of revenue. - B2B contributed 40% of revenue. - Exports contributed 13% of revenue. - More than 100 development officers across India. - Farmer engagement crossed 1 lakh farmers. - Field trials and advisory programs support adoption. - Channel partner engagement continues to deepen. Backward Integration - Captive technical consumption increased to 34%. - Earlier captive consumption was around 22%. - Backward integration improves cost competitiveness. - It also improves technical availability. - Timely supply supports formulation opportunities. - Company plans to expand backward integration. - Product portfolio will increasingly utilize captive technicals. - Some molecules remain dependent on China. - Biologicals and nutrients are largely captive sourced. - Backward manufacturing provides a competitive edge. Biologicals & Plant Nutrition - Segment is a major emerging opportunity. - Product basket is being expanded aggressively. - Focus includes stress-tolerance products. - Plant-signaling products are under development. - Physics and biology-based technologies are being explored. - ICAR-IARI collaboration is underway for 3 years. - Focus includes heat and drought resistance. - New formulation types are being developed. - USP creation through formulation and packaging continues. - Certification and process technology remain priorities. - Biologicals and plant nutrition sales mix improved. - Mix increased from 11% to 22% YoY. - Higher-margin products should improve profitability. International Expansion - Global registrations reached 189. - More than 120 registrations are valid. - Over 10 registrations are under renewal. - Mancozeb 80% WP registered in Taiwan. - Spiromesifen technical shipment completed in Taiwan. - Additional Taiwan formulation registration underway. - Vietnam formulation registration is progressing. - Indo Apache received Sri Lanka import permission. - Five technical registrations secured in Saudi Arabia. - Expansion continues across Kenya, Nigeria and Tanzania. - Venezuela remains an important market. - Brazil is being strategically evaluated. - LATAM, Africa and Middle East remain priorities. - China export incentive changes create opportunity. - Benefits expected more meaningfully over longer term. Australia Subsidiary - Australia entity primarily supports registrations. - It supports OECD registration requirements. - Australia is not currently a marketing focus. - Near-term focus remains India and other regions. - LATAM, Africa and Middle East offer opportunities. - Australia marketing may not start for 1–2 years. Innovation & New Products - Two of three FY27 specialty products launched. - New fungicide remains on track for Q2 launch. - Launch subject to relevant patent expiry. - Specialty products remain strategic growth focus. - Higher-value products should improve portfolio quality. - ICAR-IARI collaboration supports next-generation solutions. - Heat and drought products remain under development. Manufacturing & Capacity - Existing capacity can support ₹1,100–1,200 Cr turnover. - Extended capacity can support around ₹1,800 Cr+. - New capacity should support next several years. - Management expects ₹1,800 Cr over 4–5 years. - Barwasni expansion is progressing. - DF manufacturing facility is under development. - Capital work-in-progress stood at ₹76.4 Cr. - FY25 capital work-in-progress was ₹57.1 Cr. - Manufacturing efficiency remains a key focus. Margins & Return Ratios - Product mix is the key ROCE lever. - Biologicals and nutrients offer higher margins. - Manufacturing yield improvement remains important. - Energy efficiency initiatives continue. - Procurement and supply-chain optimization remain priorities. - Higher asset utilization should improve returns. - Working-capital efficiency remains a key focus. - Goal is earnings growth faster than capital employed. - Management expects gradual margin improvement. Working Capital & Finance Cost - Finance cost increased 19% YoY. - Inventory was built anticipating stronger sales. - Delayed demand resulted in inventory buildup. - Management expects inventory liquidation ahead. - Better collections should reduce finance costs. - Cost discipline remains a key priority. M&A & Growth Strategy - Company is evaluating inorganic opportunities. - Focus remains on domestic organic expansion. - Existing brands have significant India opportunity. - M&A discussions cover global opportunities. - Technology acquisition is one focus area. - Market expansion is another focus area. - No concrete transaction has been finalized. - Integrated agri-solutions platform remains long-term vision. - Focus spans crop protection, nutrients and biologicals. - Geographic integration remains an important advantage. FY27 Outlook - Management did not provide specific growth guidance. - Company aims to deliver strong growth. - Q1 industry weakness was largely seasonal. - Kharif performance is being closely monitored. - Rabi sustainability remains an important focus. - Management expects continued business growth. - Cost and operational actions aim to protect margins. KEY TAKEAWAY - Weak monsoon hurt Q1; mix and integration support recovery. Daily Live Quarterly Result Updates @Stockupdate9