CONCALLS

MAC TRAVEL SOLUTIONS LTD #Q1FY27 Financial Performance - Revenue from operations at ₹144.33 Cr - Revenue grew 538% YoY - Revenue grew 73% QoQ - Q1FY26 revenue was ₹22.62 Cr - Q4FY26 revenue stood at ₹83.25 Cr - GMB stood at approximately ₹252 Cr - EBITDA stood at ₹8.92 Cr - EBITDA grew 437% YoY - EBITDA margin stood at 6.09% - Q1FY26 EBITDA margin was 7.17% - EBITDA grew from ₹3.81 Cr QoQ - EBITDA margin improved from 4.54% QoQ - PAT stood at ₹6.17 Cr - PAT grew 307% YoY - PAT margin stood at 4.22% - Q1FY26 PAT margin was 6.54% - PAT grew from ₹1.80 Cr QoQ - Management expects operating leverage ahead Business Transformation - Historically focused solely on MICE - Expanded into multiple travel verticals - Added corporate travel and B2B - Added leisure travel business - Added government and institutional projects - Building B2C OTA platform - Strategy targets recurring customer relationships - Technology aims to improve scalability - Cross-selling remains a key opportunity Corporate Travel - Corporate travel launched in April 2026 - Already onboarded 100+ corporate clients - Most signed corporates are actively transacting - Corporate contributes around 10–15% revenue - Business provides recurring year-round revenue - Self-booking tool handles complete travel workflow - Includes booking, approval and ticketing - Also supports invoicing and reporting - Maker-checker technology supports corporate approvals - Corporate relationships can create repeat business - Management expects client momentum to continue MICE Business - Core MICE business continues performing strongly - Q1 MICE revenue around ₹100 Cr - MICE remains largest revenue contributor - Oceania programs worth around ₹32 Cr - Programs covered 950–1,000 delegates - Management expects MICE momentum to continue - Revenue per event not disclosed - Profitability varies across individual MICE projects Government & Institutional Business - IRCTC empanelment opens multiple opportunities - IRCTC has only 4–5 empanelled vendors - Opportunities include rail tours and charter trains - Customized tours and packages also possible - Company secured initial IRCTC business - First IRCTC order worth roughly ₹75L–₹1 Cr - Punjab Yatra contract worth around ₹92 Cr - Contract covers approximately 1.85 lakh yatris - Around 1.15 lakh have already travelled - Around 1,100 people travel daily - Company handles 3,300–3,500 people daily - Punjab Yatra continues until November - Company expects target completion by November - Payment expected within around 15 days B2B & Leisure - B2B platform serves smaller travel agents - Provides agents access to airline deals - Company earns margins through transaction volumes - Leisure travel business performing well - HNI and corporate personal travel gaining traction - New verticals expected to scale further B2C OTA Strategy - B2C portal and app under development - Launch shifted from August to September - Platform currently in testing phase - Existing captive customer base is significant - Around 1.25 lakh annual travellers targeted - Company also cites 3 lakh weekly travellers - Existing customers provide captive OTA opportunity - App will centralize tickets, visas and itineraries - Pricing remains comparable with major B2C players - Strategy avoids aggressive cash-burning competition Growth Outlook - Management targets ₹500+ Cr FY27 revenue - Company expects to surpass ₹500 Cr - Q1 represented roughly 29% of target - Q2 is generally seasonally stronger - Corporate travel may soften during festivals - Management expects sustained growth momentum - Long-term milestone is ₹1,000 Cr revenue - New verticals expected to contribute increasingly - Management expects Q2 upward trend Margin Outlook - Current margins affected by expansion investments - Investments made in technology and talent - New offices and infrastructure increased costs - Management expects margins to improve gradually - Higher scale should improve buying power - Greater negotiation power should improve markups - Operating leverage expected as verticals scale - Company will remain profitable while scaling - Management will not burn money for volumes - Some markup sacrifice possible for market expansion Working Capital - Company remains largely debt-free - Current debt approximately ₹3 Cr - Rapid growth is increasing working-capital needs - Payment cycles are creating pressure - IPO funds have already been deployed - Management may raise bank OD facility - Working-capital requirement needs monitoring Key Milestones - Achieve ₹500+ Cr FY27 revenue - Target ₹1,000 Cr subsequently - Launch B2C OTA platform and app - Scale corporate client base - Expand IRCTC business opportunities - Increase contribution from new verticals - Open additional offices in South India - Potential main-board eligibility within 12 months KEY TAKEAWAY Rapid diversification is driving growth; ₹500+ Cr FY27 target remains key.

COLGATE-PALMOLIVE INDIA — INVESTOR DAY HIGHLIGHTS 📈 #InvestorDay Category Opportunity - Toothpaste penetration is universal, but consumption remains low. - Urban India consumption is 0.7x Philippines. - Rural India consumption is below 0.5x Philippines. - Urban non-twice-daily brushing improved from 80% to 76%. - Rural non-daily brushing improved from 55% to 45%. - Average Indian replaces toothbrush every nine months. - Toothbrush replacement remains a major growth opportunity. - Premium toothpaste penetration remains only 19%. - Premiumization increased from 14.8% to 18.6%. - Management sees significant premiumization headroom. Brand Strength - Colgate has 67% top-of-mind awareness. - 90% consumers consider Colgate. - Direct reach stands at 1.7 million outlets. - Total reach stands at 7.1 million outlets. - Colgate is three times the second-largest brand. - Colgate remains India's most distributed toothpaste brand. - Portfolio covers multiple oral-care benefits. Growth Strategy - Strategy focuses on four major growth pillars. - Grow core toothpaste through superior technology. - Accelerate premium toothpaste adoption. - Lead toothbrush category growth. - Rebuild personal-care business through Palmolive. - Consumption growth remains a key priority. - Premiumization remains the biggest structural opportunity. Premiumization - Key premium brands: Total, Visible White, PerioGard. - Premium business is growing 6x the market. - Visible White is Colgate India's most successful innovation. - Visible White awareness has improved sharply. - Premium toothpaste grows 5x faster than key competitor. - Premium packs now available below ₹100. - Harry Potter toothpaste and toothbrushes are launching. - Pump-format toothpaste is being introduced. - Bluey-themed kids products are being launched. - Premiumization is increasingly benefit-led. E-Commerce & Quick Commerce - Colgate's e-commerce contribution has crossed double digits. - Market-wide e-commerce contribution is around 6%. - E-commerce is growth and margin accretive. - E-commerce also supports premiumization and share gains. - Quick commerce further accelerates product discovery. - New products gain traction before modern-trade expansion. - Premiumization is highest in quick commerce. - Premium uptake is expanding beyond metros. Toothbrush Growth - Colgate remains India's number-one toothbrush brand. - Portfolio spans ₹10 to ₹299 handles. - Rural replacement volumes are improving. - Premium toothbrush segments are growing fastest. - Premium toothpaste-toothbrush regimens offer cross-selling opportunity. - Children's toothbrushes remain an underpenetrated opportunity. - Distribution remains key for value and mid-tier growth. Therapeutics & Sensitive - Colgate Sensitive grew 10x the category. - Growth is currently from a small base. - PerioGard received ISP recognition. - Colgate is building a therapeutics opportunity. - Dentist advocacy investment is increasing. - Oral-care experts are being added. - Sampling activity is being expanded. - Colgate remains number-one dentist-used toothpaste. Palmolive - Management remains dissatisfied with Palmolive performance. - Premium handwash segment leadership is an early green shoot. - Bombay Shaving Company partnership targets Palmolive growth. - Partnership focuses on digital and D2C execution. - Bombay Shaving manages consumer-facing E-commerce and D2C. - Colgate retains innovation, supply chain and product quality. - Traditional and modern trade remain with Colgate. - Early partnership performance shows encouraging green shoots. - Management remains optimistic about Palmolive turnaround. Financial Performance - First-half net sales grew nearly 12%. - Consecutive quarters delivered double-digit top-line growth. - First-half EBITDA grew 15.5% sequentially. - Q1 sales stood at ₹1,591 Cr. - Q1 profitability stood at ₹343 Cr. - Comparable profitability increased 10.6%. - PAT increased 22.3%. - Q1 gross margin stood at 69.7%. - FY24-FY26 gross margins were 69–70%. - EBITDA is 500 bps above nearest competitor. - ROCE stood at 121%. - FY26 cash generation stood at ₹1,800 Cr. - FY26 working capital stood at -15%. - ₹10,000 Cr returned to shareholders over decade. Margin & Efficiency - Manufacturing efficiencies support gross-margin expansion. - Localization is reducing imported-material dependence. - Automation continues across manufacturing and supply chain. - Favorable product mix supports margins. - Funding-the-growth program generates 4–5% savings. - Savings are being reinvested into growth. - Management prioritizes growth over near-term profitability. - EBITDA margin may moderate with higher advertising. - No specific EBITDA margin target is being pursued. - Gross margins expected to remain within range. Advertising Investment - Q1 advertising spend reached ₹252 Cr. - Advertising increased 34% YoY. - A&P reached around 15.8% of sales. - Around 60% of advertising spend is digital. - Premium receives disproportionately high advertising investment. - Premium A&P equals roughly 50–60% of premium turnover. - Premium investment will continue rising. - Management sees strong sales elasticity from investment. - Higher advertising remains a key growth lever. Growth Model - Management targets balanced growth across volume, mix and price. - Volume growth comes from strengthening core brands. - Mix growth comes through premiumization. - Pricing remains dependent on inflation and competition. - Management sees substantially more premium headroom. - Exact future growth guidance was not provided. - Growth will be prioritized ahead of profitability. Distribution - 1.7 million direct outlets remain core focus. - Focus is maximizing throughput per existing outlet. - Selective expansion will target urban agglomerates. - City-to-city corridors offer distribution opportunities. - Management avoids blanket distribution expansion. - Premium products will initially leverage existing reach. Rural Opportunity - Rural daily brushing improved from 45% to 55% previously. - Management now reports non-daily brushing at 45%. - Rising rural affluence supports consumption growth. - Information availability is improving oral-care habits. - Younger rural consumers are adopting better practices. - BSBF partnered with eight state governments. - Around 40,000 schools were covered last year. - BSBF reached 12 million children last year. - This year's reach expected around 10% higher. - Rural premiumization is increasingly democratized. Pricing & Demand - Management continues monitoring commodity inflation closely. - Low-single-digit price increases taken recently. - Pricing actions will remain measured and spaced. - Gross margin protection remains important. - ₹10 and ₹20 packs received higher grammage. - Management aims to protect vulnerable consumers. - Recent growth momentum remains healthy. - Rural demand has not shown major softness. New Categories - Colgate brand remains focused exclusively on oral care. - Global portfolio brands could enter India eventually. - Management is interested in additional profitable categories. - Low-margin mass categories are not preferred. - International brand expansion has no disclosed timeline. - Timing depends on oral-care and Palmolive priorities. KEY TAKEAWAY - Premiumization + consumption + digital drive growth ahead.

DISHMAN CARBOGEN AMCIS LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Financial Performance - Revenue declined 4% YoY to ₹677.6 Cr. - One ₹100 Cr order was deferred to H2. - EBITDA stood at ₹60 Cr vs ₹140.6 Cr YoY. - CDMO revenue stood at ₹534.3 Cr. - Marketable molecules revenue rose to ₹143.2 Cr. - CDMO EBITDA margin stood at 6.3%. - Marketable molecules margin stood at 18.6%. - Finance cost reduced to around ₹37 Cr. - Forex loss stood at ₹11.7 Cr. - Net loss before tax stood at ₹51.2 Cr. - Q1 capex stood at CHF 4.9 Mn. - Net debt stood at CHF 153.6 Mn. CDMO Business - Order inflow is showing improvement. - Market pressure still remains. - More than 13 late-phase projects are now active. - Multiple Phase 2 projects moved into late phase. - ADC molecules with high FDA priority secured. - One Big Pharma molecule recently gained USFDA approval. - New commercial product added to portfolio. - FDA inspections are scheduled later this year. - French drug-product business continues gaining RFPs. - Big Pharma audits delivered positive outcomes. - Cost-control initiatives remain ongoing. ADC & Commercial Pipeline - Q1 ADC revenue was around ₹150 Cr. - ADC revenue includes linker, payload and related molecules. - One Phase 3 molecule recently moved commercial. - Two additional molecules entered late Phase 3. - Incremental commercial revenue remains uncertain. - Customer forecasts will determine future volumes. - Japanese customer co-investment remains on track. - Additional capacity expected during next calendar year. India Operations - India revenue expected to grow 30–35% FY27. - India operating margin targeted around 10%. - Naroda and Bavla hold major global certifications. - Recent South Korea MFDS inspection was successfully completed. - Naroda also completed USFDA-related inspection. - Two new European CEPs were received. - New soft-gel products approved in Myanmar. - India continues receiving strong CDMO enquiries. - Bavla has several projects in final negotiations. - Naroda is seeing multiple international CDMO opportunities. Tech Transfers - One Swiss-to-India legacy project is officially signed. - Tech transfer has already started. - Project completion targeted within FY27. - Second major Swiss-to-India transfer has started. - Three additional transfers are under discussion. - Transfers should improve customer economics. - India manufacturing can support higher group margins. - Tech transfer is a key India growth driver. New Business Opportunities - Quaternary salt supported US launch of peptide therapy. - Semiconductor-related projects are progressing in Japan. - Fine-chemical opportunities are emerging in Europe. - New quaternary salt variants are under development. - Bavla RFP activity has increased sharply. - Analytical services are being explored. - Soft-gel business has grown significantly. - Long-term CDO/CMO partnerships remain targeted. - New markets include Vietnam, Africa and South America. Commercial Strategy - New Global Chief Commercial Officer has joined. - New India sales leadership has been added. - Sales force expansion remains a priority. - UK and Central Europe hiring is underway. - US West Coast sales hire starts September 1. - Inside-sales teams will strengthen prospecting. - Integrated Dishman-Carbogen offering is being promoted. - Drug substance and drug product offerings will be combined. - First Cellonic bioconjugation deal is being pursued. - Sprint initiative continues generating early-phase projects. Growth Guidance - FY27 revenue expected to grow single digit. - FY27 EBITDA margin expected around last year's level. - Management expects stronger growth in FY28-FY29. - India and Swiss CDMO operations should drive growth. - French entity targeted for double-digit growth. - India operations targeted for double-digit growth. - Group revenue growth expected above 10% in FY28-FY29. - EBITDA margin targeted around 25–26%. - Margin recovery depends on revenue execution. Debt & Refinancing - Gross debt stood around CHF 260 Mn. - Cash balance stood around CHF 106 Mn. - Net debt stood around CHF 153.6 Mn. - Promoter ECB facility approved up to CHF 200 Mn. - Funds will primarily refinance high-cost India debt. - Facility carries 4% all-inclusive interest. - Tenure planned at 10 years. - ECB execution targeted within 60–90 days. - RBI approval is already in place. - Current NCD funding is mainly short-term. - No concrete plan to pledge listed shares. Debt Outlook - Net debt expected around CHF 140–150 Mn. - Net debt could reduce by CHF 8–9 Mn. - Current quarterly interest expense around ₹35–40 Cr. - FY27 interest expense estimated at ₹130–140 Cr. - ECB should reduce expensive borrowing costs. - Promoter funds may also support future capex. - Overseas cash remains largely at Swiss entities. - Regulatory restrictions limit direct India debt repayment. Business Characteristics - Quarterly revenue can remain inherently lumpy. - Customer shipments depend on molecule demand. - Development portfolio spans 700–800 programs. - Business covers molecules from early to commercial stages. - Fixed costs create strong operating leverage. - Additional revenue can translate strongly into EBITDA. - Q4 is historically the strongest quarter. - Post-pandemic customer destocking still impacts demand. KEY TAKEAWAY - India growth, tech transfers and debt refinancing drive recovery.

RISHABH INSTRUMENTS LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Consolidated revenue stood at ₹198.3 Cr, up 4.2% YoY. - Consolidated EBITDA stood at ₹33.3 Cr, up 17.3% YoY. - Consolidated EBITDA margin stood at 16.8%. - PAT stood at ₹19.4 Cr, down 1.4% YoY. - PAT decline was mainly due to ₹2 Cr higher depreciation. - Standalone revenue grew 25.6% YoY to ₹77.6 Cr. - Standalone EBITDA grew 24.5% YoY to ₹17.8 Cr. - Standalone EBITDA margin stood at 22.9%. - Standalone PAT increased 20.2% YoY to ₹11.9 Cr. - Net cash stood at ₹160.6 Cr as of June 2026. EEI Business - EEI revenue grew strongly by 34% YoY. - Adjusted EBITDA increased 69.1% YoY to ₹38.2 Cr. - Adjusted EBITDA margin expanded to 24.8%. - Margin improved by 520 bps YoY. - PAT margin improved to 16.4% from 13.8%. - Growth came from multiple products and geographies. - Current transformer demand is benefiting from data centers and solar. - EMS business is also scaling up. - New products are gaining market acceptance. - Germany grid-upgradation projects are supporting Lumel SA. - US business continues strong growth from a small base. - Management sees EEI growth as sustainable. - FY27 guidance remains around 20% revenue growth. - EEI EBITDA growth guidance remains 20–22%. India Business - India revenue grew 25.6% YoY. - EBITDA margin remained healthy at 22.9%. - Domestic order bookings increased around 20% YoY in Q1. - Billing growth is lagging bookings due to backlog. - Data-center opportunities are scaling rapidly. - Company won multiple data-center projects. - Around 10 additional data-center opportunities are being quoted. - Traditional products remain the primary growth driver. International Business - Lumel SA revenue increased 39% YoY to ₹63.9 Cr. - Adjusted EBITDA rose 175.3% YoY to ₹15.3 Cr. - EBITDA margin improved to 24%. - PAT increased 321.1% YoY to ₹11.5 Cr. - US and UK businesses grew over 40% YoY. - China business grew 20.3% YoY. - US revenue target is around ₹45 Cr in FY27. - Management targets ₹100 Cr US revenue within 2–3 years. - US expansion includes Mexico, Canada and Latin America. - More ANSI and UL-certified products are being developed. - Additional sales resources are being added. - Selective inorganic opportunities are also being evaluated. Lumel Alucast - Revenue declined 41.2% YoY to ₹44.3 Cr. - Decline was planned as communicated earlier. - Adjusted EBITDA stood at -₹2.8 Cr. - Adjusted EBITDA margin stood at -6.4%. - Business remained at operating breakeven. - Management expects adjusted EBITDA breakeven by FY27-end. - Strong RFQ pipeline is progressing through approvals. - New projects require customer qualification and negotiations. - Production ramp-up takes around 6 months after awards. - Cost structure has been significantly optimized. - Higher revenue should flow quickly to profitability. - Double-digit EBITDA margin targeted over the medium term. Solar Inverters - Single-phase I-Ono inverter launched up to 5 kW. - Volumes have increased from hundreds to thousands. - Three-phase I-Neo launched up to 12 kW. - Range up to 50 kW planned by FY27-end. - Hybrid inverter development is underway. - Solar inverter business has achieved operational profitability. - Products are competitive with Chinese alternatives. - Demand is coming from distributors and EPC players. - New facility includes dedicated inverter manufacturing capacity. - Automation will support scalability and efficiency. - Solar remains below 5% of total business. - FY27 solar revenue target is around ₹24–25 Cr. - Larger solar growth is expected from next year. Current Transformers & EMS - Current transformer demand is rising globally. - AI/data centers are driving additional demand. - Current capacity is 5,000–6,000 units/day. - Capacity is being expanded to 8,000–10,000 units/day. - Expansion will cover low and medium voltage CTs. - Capacity is expected to nearly double. - Company operates 3 SMT lines. - High-end PCBAs are being manufactured for complex applications. - PCB capacity will expand as utilization increases. - Older SMT line is being upgraded. - EMS remains a lower-margin business than core products. - White-label products remain internally designed and manufactured. New Manufacturing Facility - Both new buildings have been completed. - Partial operations have already started. - Full completion expected within 1–2 months. - Facility is designed for the next 4–5 years. - Production capacity could increase by 2.5x+. - Expansion should improve capacity, quality and lead times. Margins & Product Mix - Core products deliver around 60–70% gross margins. - Core contribution margins are around 40–45%. - Solar and some EMS carry lower margins. - Solar/EMS contribution margins are around 15–20%. - Overall contribution margin averages around 45%. - Product mix improvement remains a key margin driver. - Higher-value application-led products are being prioritized. Inorganic Growth - Company continues evaluating acquisitions globally. - Typical acquisition size is ₹50–200 Cr. - Opportunities exist across US, Europe and India. - Management evaluates strategic fit very carefully. - Strong financial and ethical due diligence is followed. - No fixed acquisition target or timeline. - Organic growth remains the primary focus. Growth Outlook - Management retains 20–25% top-line growth guidance. - EEI EBITDA growth guidance remains 20–22%. - Q1 performance exceeded initial expectations. - Management expects to outperform guidance if possible. - Seasonality affects European and Indian quarterly performance. - Q4 generally remains the strongest quarter. - Structural growth drivers remain intact. - Key opportunities include AI data centers, grid modernization, renewable energy and automation. KEY TAKEAWAY - EEI momentum strong; CT, solar and global expansion add growth.

XT GLOBAL INFOTECH LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Financial Performance - Standalone revenue grew 8% YoY to ₹19.19 Cr. - Standalone EBITDA rose 76.3% to ₹2.82 Cr. - EBITDA margin improved to 14.7% from 9%. - Standalone EBIT increased 75.6% to ₹3.08 Cr. - Standalone PAT rose 96.8% to ₹1.82 Cr. - PAT margin improved to 9.5%. - Consolidated revenue increased 1.1% to ₹93.30 Cr. - Consolidated EBITDA rose 7.8% to ₹7.06 Cr. - Consolidated EBITDA margin reached 7.6%. - Consolidated EBIT grew 25.2% to ₹6.15 Cr. - Consolidated PAT increased 4.3% to ₹3.89 Cr. Demand Environment - Global IT services demand remained measured. - Clients remained selective on discretionary technology spending. - Project decision cycles remained longer. - Productivity and cost optimization remain key priorities. - AI adoption is shifting toward practical enterprise deployment. - Execution quality and automation remain important differentiators. Finance & Accounting Services - Added 7 new engagements during Q1. - New engagements span Australia, US and Ireland. - First finance outsourcing engagement secured in Ireland. - India delivery centers will support Irish operations. - Services include accounts payable and management accounting. - HR administration and finance support also included. - Finance and accounting remains a recurring revenue stream. - Existing clients continue adding resources over time. - Management sees high margins in this business. International Expansion - Australia and Ireland are key focus markets. - Ireland entry expands European market presence. - Management expects strong growth from these geographies. - Australia and Ireland could reach meaningful scale next year. - Combined contribution expected to remain below 10% initially. - US remains the company's largest international market. - Sales team is based in the US. - Offshore delivery remains an important operating model. US Public Sector Opportunity - Company recently entered US government bidding systems. - New RFP opportunities are being pursued. - State-sector bidding access has also expanded. - Public-sector technology spending offers incremental opportunity. - AI and Cloud are key focus areas. - Management expects US public-sector revenue to grow. - Individual RFP wins are still required before revenue conversion. AI, Cloud & Automation - AI remains a major growth opportunity. - Cloud technologies are also seeing increased demand. - Focus is moving toward practical AI deployment. - AI integration can improve enterprise productivity. - Automation capabilities remain strategically important. - Technology-led transformation is a key service opportunity. - Company is positioning for modern technology projects. Existing Client Expansion - Existing US clients remain a major revenue base. - Client wallet share is being increased gradually. - Product revenue contributes around 25% of total revenue. - SaaS/AP automation products provide recurring revenue. - Product engagements tend to be long-term. - Existing clients continue expanding resource requirements. - New client additions remain part of growth strategy. - One recently added client has strong expansion potential. GCC Strategy - GCC is a targeted growth opportunity. - Focus is primarily on mid-market GCC customers. - Engagements generally begin with small teams. - Initial teams can start with 3–5 members. - Successful engagements can scale toward 50 members. - Delivery infrastructure supports GCC expansion. - US market is currently the main GCC focus. - Management sees GCC as an ongoing opportunity. Onsite-to-Offshore Shift - Consolidated revenue growth was affected by delivery mix. - Business is shifting from onsite toward offshore delivery. - Offshore resources have significantly lower billing rates. - Example: onsite resource around $70 versus $35 offshore. - Revenue may appear lower despite real business growth. - Offshore delivery provides substantially better margins. - Management considers the margin improvement sustainable. - Lower offshore costs support operating leverage. High-Margin Revenue Streams - Product business carries around 25% margin. - Finance and accounting contributes around 14% of revenue. - Both businesses have recurring characteristics. - Accounts payable automation provides sustainable profitability. - Clients can expand from AP into AR and R2R. - Resource additions create recurring revenue growth. - Product and F&A remain strategic focus areas. Operational Transformation - Company continues its paperless transformation. - Zoho implementation reached 90% completion. - Implementation covers around 13 products/modules. - Remaining work involves final go-live and stabilization. - Automation should improve operational efficiency. - Digital processes are expected to strengthen execution discipline. - Transformation supports scalable future growth. Growth Outlook - International expansion remains a key growth driver. - Australia and Ireland offer new revenue opportunities. - US public-sector access provides additional upside. - AI and Cloud demand can broaden service offerings. - Recurring product and F&A revenues support visibility. - Existing-client expansion remains a core strategy. - Management remains focused on sustainable profitability. Dividend - Management is considering dividend distribution this year. - Dividend may be considered after the next quarter's results. - Final decision remains subject to management consideration. KEY TAKEAWAY - Better margins, recurring revenue and global expansion support growth.

GUFIC BIOSCIENCES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue from operations stood at ₹260.8 Cr, up from ₹226.9 Cr YoY. - EBITDA stood at ₹47.2 Cr, up from ₹33.2 Cr YoY. - EBITDA margin improved to 18.09% from 14.6% YoY. - PBT increased to ₹30.1 Cr from ₹16.3 Cr YoY. - PAT stood at ₹22.46 Cr vs ₹12.1 Cr YoY. - PAT margin improved to 8.61% from 5.3% YoY. - Revenue increased from ₹252.1 Cr in Q4 to ₹260.8 Cr. - EBITDA increased from ₹44.7 Cr in Q4 to ₹47.2 Cr. - Management sees margin expansion continuing ahead. Indore Facility - Indore plant is fully operational. - Qualification and validations are substantially completed. - Product technology transfers are progressing as planned. - Contract clients continue migrating from Navsari. - Depot and microsphere capabilities are nearing completion. - Long-acting depot products will be manufactured in-house. - Lipid-based antifungal capability is being established. - Both new capabilities targeted for operation during FY27. - Capacity utilization reached around 22–25% last year. - FY27 utilization expected to reach 40–45%. - EU certification remains a key utilization catalyst. - EU approval expected potentially within 1–2 months. - US partner submission has also been initiated. - Higher exports should improve utilization and margins. Product Mix & Operating Leverage - Indore has four production lines. - Liquid/suspension line could reach ~80% utilization over three years. - Six lyophilizers support the two lyophilization lines. - Four lyos have 100,000-vial capacity each. - Two lyos have 44,000-vial capacity each. - Smaller lyos will focus on high-value complex injectables. - Larger lyos will handle essential and fast-selling products. - Depot and liposomal products will enhance product mix. - Target mix includes 20% liquids. - Lyophilization expected around 50–60%. - Complex injectables expected around 20–30%. - Operating leverage should start by mid-FY28. GLP-1 / Semaglutide CMO - Gufic has partnered with Hetero for semaglutide CMO. - Hetero received permission in May 2026. - Q1 revenue contribution remained residual. - CMO operations have already started. - Traction expected to strengthen from Q2. - Q3 expected to see stronger commercial traction. - Around 30% capacity may serve domestic CMO. - Around 70% targeted toward international markets. - Hetero and Gufic have filed in 22+ countries. - Gufic remains purely a CMO partner. - No front-end GLP-1 business planned by Gufic. - GLP-1 contribution is embedded in 15–20% growth guidance. International Business - International model is shifting from distributor-led to IP-led. - Company is developing front-end presence in emerging markets. - Focus includes Africa, Southeast Asia and South America. - Teams have been recruited across key geographies. - Own registrations and subsidiaries should improve economics. - Own field forces could improve margins by 15–20%. - IP and trademarks will remain with Gufic. - Europe licensing activity continues. - North American contract manufacturing and licensing arrangement executed. - First contract manufacturing orders received from Australia. - Approvals secured across 8 countries in Q1. - Five presentations cleared together in one therapy area. Critical Care & Injectables - Monobactam plus beta-lactamase inhibitor launched after patent expiry. - Early institutional acceptance has been encouraging. - Focus is on deeper hospital-group penetration. - Strategy prioritizes existing network depth over portfolio breadth. - Complex injectables remain a key growth opportunity. - Liposomal and depot products expand high-value offerings. Women's Health - Ferticare retains leadership in recurrent implantation failure. - PureGraft entered major corporate IVF chains. - Investigator-led studies have commenced. - Zenova is shifting toward chronic prescription therapies. - Antioxidant portfolio is becoming a meaningful growth layer. - First-mover launches planned in osteoarthritis. - Metabolic ovarian segment is another launch opportunity. Aesthetics & Botulinum Toxin - Gufic remains No. 2 in India for toxin type A. - Stunnox is manufactured using Gufic's own strain. - Filler portfolio is being developed with Revanesse/Prollenium. - Indian filler market estimated around ₹200 Cr. - Registration process is underway. - Launch expected around December/January. - Fillers complement the existing toxin franchise. - Management targets potential No. 1 position over 3–5 years. - Stunnox and Zarbot registrations are underway internationally. - Initial export focus is Southeast Asia and Africa. Liposomal Amphotericin B - Partnership signed with CHAI Foundation. - Access opportunity spans 100+ markets. - Bio-equivalence studies are underway. - Studies expected around August–September. - Subsequent WHO PQ and country filings planned. - Product currently manufactured at Navsari. - Indore introduction is also being developed. Revenue Potential & Growth - FY27 revenue expectation is around ₹1,100 Cr. - Management commits to minimum 15–20% YoY growth. - Low-yielding products are being phased out. - Existing facilities can support significant revenue expansion. - Current product mix supports around ₹1,600–1,800 Cr potential. - Product-mix improvement could raise revenue extraction further. - Higher-value vials can materially improve realization. - Current realizations are around ₹80–100/vial. - Target realizations could reach ₹300–400/vial. - Longer-term average realization could approach ₹500/vial. - B2C expansion can potentially generate 2x–3x pricing. KEY TAKEAWAY - 18% EBITDA margin; Indore ramp-up and high-value products drive growth.

OLECTRA GREENTECH LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Financial Performance - Revenue grew 66% YoY to ₹575.5 Cr. - EBITDA increased 30% to ₹72.9 Cr. - PBT stood at ₹34.7 Cr, up 3% YoY. - PAT stood at ₹23.2 Cr, up 4% YoY. - Q1 revenue declined 11% QoQ due to lower energy revenue. - Mobility deliveries rose 122% YoY to 358 buses. - Mobility EBITDA margin stood at 14.7%. - Mobility PBIT margin stood at 8.2%. - Geopolitical disruptions impacted Q1 margins. Electric Bus Business - Company crossed 4,000 electric bus deliveries. - Olectra remains India's leading e-bus player. - EV bus penetration reached around 7% in Q1. - Management targets 2,000–2,500 bus deliveries FY27. - FY27 total bus industry volume estimated around 8,000 units. - Quarterly deliveries expected around 500–600 buses. - Exit-quarter run rate targeted around 600–700 buses. - Consistent 350+ deliveries achieved over four quarters. - Supply-chain and depot readiness previously restricted ramp-up. - Management expects stronger deliveries from Q2 onward. Order Book & Pipeline - Existing e-bus order book stands around 8,000 vehicles. - Around 4,000 buses relate to MSRTC. - Around 2,000 buses relate to BEST. - Telangana tender includes 1,085 buses. - Olectra recently became L1 for 155 Rajasthan buses. - New Rajasthan order uses next-generation platform. - Existing orders are largely for FY28-FY29 deliveries. - Deliveries generally begin around March next year. - Management continues to pursue new tenders. - Order execution depends on depot and power readiness. - BEST's earlier order remains under discussion. - Separate BEST order has 2,000 buses pending. - Additional 25% variation is not currently counted. Next-Generation Bus & Truck - Battery localization strategy shifted to new platforms. - New bus and truck platforms integrate localized batteries. - Next-generation electric bus targeted from Q4 FY27. - Electric truck launch follows the new bus platform. - Company plans 1–2 new products quarterly thereafter. - New products target lower cost and better contribution. - Platforms will meet upcoming regulatory requirements. - Durability and reliability improvements are incorporated. - New platforms are being configured for exports. - Export-market participation planned from FY28. - Higher localization should improve margins. Electric Truck Opportunity - Around 115 trucks already deployed as pilots. - Another 40–50 trucks planned for deployment. - Current deployments focus on market learning. - Meaningful truck revenue expected from FY28. - FY27 EV truck market could reach 1,200+ units. - FY28 addressable EV truck market estimated at 1,500–2,000 units. - Initial market-share target is 20–25%. - Company expects gradual market-share expansion thereafter. Energy & Insulator Business - Olectra remains No.1 in polymer insulators. - Energy division has around ₹300 Cr order book. - Hollow-core and solid-core insulators are being added. - Addressable market estimated at ₹500–1,000 Cr. - Multiple allied products are under evaluation. - Energy division targets 5x revenue in three years. - Growth will combine products and capacity expansion. - New plant expansion has already started. - Additional shed will nearly match existing size. - New capacity supports long-term growth ambition. - Management expects 30%+ market share. Insulator Margins - Raw material prices increased 40–70%. - Geopolitics and petroleum costs impacted margins. - Supply constraints further pressured profitability. - Raw material prices have started correcting. - Some prices have fallen around 40% from peak increases. - Margin recovery expected in coming quarters. - Gross margin was around 40% in Q1. - Medium-term gross margin expected at 40–45%. - Export margins are around 5% higher than domestic. - Management targets overall EBITDA margin around 12–15%. - Q1 margin pressure is not expected to persist. Energy Expansion Capex - FY27 building capex planned at ₹30–35 Cr. - Equipment investment planned around ₹15 Cr. - Expansion supports new products and capacity. - Around ₹50 Cr energy capex planned over 18 months. - Investment provides a pathway toward 5x growth. - FY28 capacity readiness expected to improve significantly. OEM Capex & Product Development - Around ₹450 Cr planned for new platforms. - Investment covers design, prototyping and validation. - Productionization and testing are also included. - Program spans approximately 18 months. - Additional ₹100 Cr planned for buildings and equipment. - Bus and truck platforms targeted for Q4 launch. - Localization should improve product economics. - New platforms aim to reduce costs and improve contribution. EV Industry Outlook - EV adoption continues rising across vehicle segments. - Bus EV penetration reached around 7%. - Around 1,400–1,500 EV buses registered in Q1. - STU EV adoption is around 70%. - Major EV volumes expected over next 3–5 years. - Management expects strong industry growth. - Next year's growth could reach 30–50% CAGR. - Adoption remains supported by government tenders. - PM e-Bus Sewa tender pipeline remains delayed. - Thousands of central and state tenders are under discussion. Export Strategy - Exports were around 36% of revenue last year. - Management expects exports at 35–40% of revenue. - US remains a key export customer market. - MacLean Power Systems is a major US customer. - L&T and Tata Projects support African exports. - Export customer base is expected to expand. - New bus and truck platforms target export markets. - Export configurations are already being developed. - International market entry expected from FY28. Margins & Balance Sheet - Mobility margins remain healthy despite product mix changes. - Energy margins were affected by raw material inflation. - Management expects gradual consolidated margin recovery. - Sustainable EBITDA margin range seen at 12–15%. - Term-loan interest rate is around 9%. - Major working-capital cost is around 7%. - LC-related finance costs remain elevated currently. - LC costs expected to decline from Q1 FY28. - Management continues prioritizing working-capital efficiency. Strategic Outlook - Olectra is expanding across buses, trucks and energy. - New products support diversification and localization. - Next-generation platforms should improve competitiveness. - Energy division provides another major growth engine. - Export opportunities provide additional long-term upside. - Management expects stronger growth from Q2 onward. - Focus remains on profitable and sustainable expansion. KEY TAKEAWAY - Bus ramp-up, 5x energy growth and new platforms drive FY27+.

AHLUWALIA CONTRACTS (INDIA) LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Turnover stood at ₹1,125.81 Cr, up 12.03% YoY. - PAT stood at ₹11.42 Cr, down 77.65% YoY. - EBITDA margin declined to 4.29% vs 8.59% YoY. - PAT margin stood at 1% vs 5.01% YoY. - EPS stood at ₹1.70 vs ₹7.63 YoY. - Margin pressure came from multiple external factors. Key Margin Pressure - AIIMS Jammu billing was reduced by ₹29 Cr. - AIIMS Jammu impact shaved 2.6% EBITDA margin. - Company will pursue arbitration for the disputed amount. - West Bengal and Assam elections impacted execution. - Lower execution increased IDC costs. - NCR labour rates increased 35–40%. - NCR represents nearly 50% of order book. - Staff costs increased after project mobilization. - Employee base was expanded for large projects. Margin Outlook - Management rules out double-digit EBITDA margin in FY27. - Q1 was impacted by the ₹29 Cr AIIMS adjustment. - Company expects margins to recover over next 3 quarters. - Labour compensation discussions are underway with clients. - Some compensation could start flowing over next 2 quarters. - NGT-related disruption remains an important risk. - Timing and quantum of NGT impact remain uncertain. - FY28 double-digit margins remain an aspiration. - Higher bidding rates should support future margins. Revenue Growth Outlook - FY27 top-line growth expected around 12–15%. - Management continues targeting healthy revenue growth. - NGT uncertainty explains the lower end of guidance. - Company could exceed 15% if disruptions remain manageable. - Large projects should support execution ramp-up. - Higher project turnover should improve cost absorption. Order Book & Order Inflow - Order book stood at ₹20,663.52 Cr. - Order book covers approximately 3–3.5 years of execution. - FY27 order inflow stood at ₹512.81 Cr till June. - Management has become more conservative on new orders. - FY27 order inflow may be around ₹4,000–5,000 Cr. - Company will avoid aggressive bidding amid cost volatility. - Bid prices will reflect current ground realities. - Fixed-price contracts form only 10.34% of order book. - RML remains L1 but is not yet awarded. - Odisha University opportunity has fallen through. Major Project Updates - Central Vista: FY27 billing target around ₹700 Cr. - Central Vista FY28 billing target around ₹1,000 Cr. - Nirman Bhawan demolition completed and foundation work started. - Structural steel erection expected from September. - Udyog Bhawan demolition nearing completion. - Gems & Jewellery Park: Ground work likely starts Q3. - Gems & Jewellery Park FY27 billing around ₹100 Cr. - FY28 billing expected around ₹450 Cr. - Project completion timeline is around 3.5 years. - CST project: FY27 billing target ₹400–450 Cr. - CST FY28 billing expected around ₹700 Cr. - Company hopes CST billing crosses ₹500 Cr. - DLF: Targeting billing of ₹30–35 Cr monthly. - DLF Downtown: Targeting ₹25–30 Cr monthly. - DLF Downtown design issues are largely resolved. Labour Cost & Client Compensation - NCR labour availability remains challenging. - Projects operated at only 40–50% labour strength. - Government wage increases are not automatically statutory pass-through. - Company has submitted compensation claims to clients. - Large NCR clients are reviewing the cost impact. - Management expects some compensation from clients. - Higher labour costs are now treated as new base. - Current higher labour cost impacted the entire quarter. - Labour costs are unlikely to revert quickly. Future Bidding Strategy - Labour shortages are now incorporated into tender pricing. - Shuttering and steel pricing has been increased significantly. - Staff costs are being incorporated into future bids. - Project staff costs now exceed 5%. - Safety budget increased from ~1% to ~3%. - Higher quoted rates should protect future margins. - Management expects industry-wide pricing discipline to improve. Execution & Material Challenges - Middle East conflict impacted material prices and supply chains. - Panel delivery timelines increased from 4–6 weeks to 3–4 months. - Switchgear availability remains challenging. - DLF design changes reduced Q1 execution. - IDC costs also impacted project margins. - NCR faced both labour and supply-chain pressures. Balance Sheet & Working Capital - Trade payables stood at ₹776 Cr. - Debtors stood at ₹632 Cr. - Retention stood at ₹401 Cr. - Inventory stood at ₹391 Cr. - Mobilization advances stood at ₹924 Cr. - Unbilled revenue stood at ₹946 Cr. - Cash and bank balance stood at around ₹920 Cr. - Working capital stood at around 119 days. - Management expects working capital to improve. - Assam collections should support working-capital normalization. Finance Cost & Capex - Finance cost increased due to Central Vista mobilization advance. - Similar finance-cost run-rate may continue. - Interest-bearing portion of mobilization advance is 31%. - Average interest rate is around 8%. - Q1 capex stood at ₹60 Cr. - FY27 capex guidance reduced to ₹220–260 Cr. - Depreciation is expected to remain elevated. - Higher depreciation reflects capex undertaken over previous years. Key Takeaway - Strong order book supports growth, but FY27 margins remain under pressure.

APEEJAY SURR. PARK HOTELS LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Financial Performance - Operating revenue grew 8% YoY to ₹167 Cr. - Consolidated revenue grew 10% to ₹172 Cr. - EBITDA stood at ₹47 Cr, up 3% YoY. - Consolidated EBITDA stood at ₹52 Cr, up 8% YoY. - EBITDA margin stood at 28.12%. - PAT stood at nearly ₹12 Cr, down 14% YoY. - PAT decline reflected higher finance costs and deferred tax. - Debt-equity ratio remained strong at 0.12x. - Net debt/EBITDA stood at 0.72x. Hotel Operations - Occupancy remained industry-leading at 92%. - Company maintained leadership in upper-upscale RevPAR. - Q1 faced West Asia and air-traffic headwinds. - Domestic passenger traffic remained broadly flat. - International traffic into India declined around 10%. - Supply disruptions also impacted operating environment. - Management expects stronger quarters ahead. - Conferences, exhibitions and weddings should support demand. ARR & Demand Outlook - India-wide ADR growth was around 6% in Q1. - Management expects high single-digit ARR growth ahead. - Ranbanka Patiala ARR reached around ₹33,000. - Lotus Palace Chettinad ARR reached around ₹13,000. - Delhi demand expected to benefit from BRICS summit. - Aero Show and Bharat Mobility Expo support demand. - Around 40 wedding dates expected from November-March. - Q2-Q4 performance expected to improve sequentially. Food & Beverage - F&B contributed approximately 43% of total revenue. - Restaurants, nightlife and dining remain key differentiators. - F&B strengthens customer engagement and revenue generation. - Ranbanka Palace received global hospitality recognition. - Zone properties received Tripadvisor awards. Flurys Expansion - Flurys network reached 111 outlets. - Brand expanded to Visakhapatnam during Q1. - First standalone Gurugram cafe opened in August. - 29 additional outlets planned during FY27. - Store count targeted at 140 by year-end. - Pune, Mumbai, Hyderabad and NCR expansion planned. - Bangalore entry planned with 4 outlets. - Airport expansion discussions underway with Adani. - Potential national tie-ups with Phoenix Mills and DLF. - PVR partnership could enable 10 outlets. - Long-term target is 400 Flurys outlets by 2030. - West Bengal target is 100 outlets by Flurys centenary. Hotel Expansion - Current portfolio: 42 hotels, 2,667 keys. - FY27 pipeline includes 12 hotels / 1,061 keys. - Company expects 9 openings / 472 keys in FY27. - Portfolio targeted at 3,149 keys by FY27-end. - Long-term target: 87 hotels / 6,719 keys by 2030. - Own assets targeted to double. - Asset-light portfolio targeted to grow 3x+. - Overall ambition exceeds 6,000 keys by FY30. Key Projects - EM Bypass project includes 218 hotel rooms + 69 apartments. - 33 of 69 apartments already sold. - Average realization reached around ₹20,633/sq ft. - Apartment sales expected to generate ₹70–80 Cr cash flow FY27. - ₹21 Cr already received during Q1. - Project expected to complete by early 2030. - Park Mumbai Juhu: 78-room hotel. - Juhu launch targeted for October 2027. - Vizag project has 100 rooms. - Vizag project expected to launch during August. - Completion targeted by early 2030. - Malabar House acquisition expected by Oct-Nov 2026. - Malabar House comprises 17 keys in Fort Kochi. Pune Opportunity - Pune FSI increased from 2.5 lakh to 6.7 lakh sq ft. - Around 2.5 lakh sq ft planned for hotel development. - Over 4 lakh sq ft planned for residential development. - Mixed-use model expected to improve capital returns. - Similar strategy is being considered for future projects. EM Bypass Cash Flow & ROCE - EM Bypass expected to generate ₹70 Cr FY27. - Expected cash flow around ₹120 Cr next year. - Following year expected around ₹100 Cr. - Remaining cash flow expected around ₹30–40 Cr. - Total company share expected around ₹300–325 Cr. - Cash proceeds will fund EM Bypass hotel development. - Hotel development could become virtually debt-free. - ROCE currently around 9–10%. - Management expects ROCE to exceed 20% by 2030. Capex & Funding - Planned hotel development capex: around ₹1,140 Cr. - Juhu acquisition spend: around ₹210 Cr. - Juhu renovation requires around ₹80 Cr. - Kochi acquisition cost around ₹64 Cr. - Overall net capex requirement around ₹1,500 Cr. - FY27 capex requirement estimated at ₹200–250 Cr. - Operating capex around ₹40 Cr annually. - Flurys expansion allocation around ₹40 Cr. - EM Bypass cash flows will fund part of expansion. - Low leverage provides additional funding flexibility. - Juhu long-term financing is already tied up. New Property Maturity - Most existing hotels remain immature or entering maturity. - Ranbanka and Lotus Palace are entering maturity. - Vembanad Lake property should stabilize during FY27. - Vembanad peak season is Q3-Q4. - New hotels normally take 2–3 years to stabilize. - High-potential markets can stabilize within 1–1.5 years. - Mumbai and Pune are expected to ramp faster. - Kolkata and Vizag have limited quality-room supply. Strategic Outlook - Indian hospitality remains in a strong structural cycle. - Limited quality supply supports occupancy and pricing. - Tier-2 and Tier-3 cities offer new opportunities. - Asset-light managed properties remain a key growth strategy. - Company remains focused on capital discipline. - SAP S/4HANA implementation completed for finance. - Technology investment should improve controls and efficiency. - Growth, governance and green remain strategic priorities. KEY TAKEAWAY - High occupancy, strong pipeline and F&B support scalable growth.

ALLCARGO GLOBAL LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Consolidated revenue stood at ₹3,522 Cr, up 5.8% YoY. - Revenue increased 20.8% QoQ. - Gross profit stood at ₹733 Cr, up 2.5% YoY. - Gross profit increased 6.5% QoQ. - EBITDA stood at ₹33 Cr vs ₹31 Cr loss YoY. - EBITDA stood at ₹17 Cr in Q4 FY26. - EBIT loss reduced to ₹18 Cr vs ₹77 Cr YoY. - PBT loss reduced to ₹24 Cr vs ₹92 Cr YoY. - PAT loss reduced to ₹28 Cr vs ₹87 Cr YoY. - Standalone borrowings reduced to ₹272 Cr. - Borrowings were ₹314 Cr at March 2026. - Cost control and productivity improved profitability. Trade Volumes & Market Environment - Middle East crisis negatively impacted volumes for 5–6 months. - Inventory corrections supported recovery across other trade lanes. - LCL and air volumes increased around 5% QoQ. - FCL volumes increased around 1% QoQ. - FCL was more affected by Middle East exposure. - Transatlantic and transpacific lanes showed improvement. - Intra-Asian trade also improved sequentially. - Market growth and outperformance contributed roughly 50:50. - Freight rates remained elevated due to constrained capacity. - Geopolitical uncertainty continues to impact global trade. LCL Business - LCL remains the company's mainstay business. - Company holds around 14.5% global LCL market share. - LCL is the highest-margin ocean freight business. - LCL also requires lower working capital. - LCL contributes the strongest profitability profile. - LCL volumes remain around 10% below levels two years ago. - Industry LCL volumes declined more sharply than company volumes. - Company continues outperforming the broader LCL market. - LCL growth is expected to drive profit recovery. - LCL industry growth typically runs around 2x FCL growth. - Company targets further LCL market-share gains. FCL & Air Freight - FCL has a much smaller market share than LCL. - FCL market share remains below 1%. - FCL offers greater geographic expansion opportunities. - FCL can potentially grow 3–5x industry growth. - Middle East exposure significantly impacted FCL volumes. - Transatlantic and Latin America FCL showed growth. - Air freight volumes increased around 5% QoQ. - Air freight profitability sits between LCL and FCL. - FCL remains an important future growth engine. Yield & Gross Profit Strategy - Management focuses on gross profit per unit, not percentage margin. - LCL performance is measured by gross profit per CBM. - FCL performance is measured by gross profit per TEU. - Freight cost is largely a pass-through item. - Higher freight rates can improve container utilization. - Better utilization supports higher absolute profitability. - Current yield levels are considered sustainable. - Yield has improved significantly over the last 7–8 years. - Door delivery and first/last-mile services improved yields. - Network optimization reduced loss-making trade lanes. - Technology and process improvements increased gross profit per unit. - Future gross profit growth should primarily come from volumes. Cost Optimization & AI - Management aims to keep costs flat in dollar terms. - Employee and administrative costs are targeted for stability. - Technology-led automation remains a key initiative. - Agentic AI is replacing selected manual processes. - Offshoring to lower-cost geographies continues. - One global system supports finance, HR and operations. - Cost efficiencies are improving operating leverage. - Container utilization remains a major focus. - Loss-making trade lanes are being reduced. - Process excellence remains central to margin improvement. Business Model & Competitive Advantage - Core business is international shipping and air transport. - LCL consolidation remains the primary business. - Network covers around 2,400 direct trade lanes. - Regular committed services create significant entry barriers. - Global scale supports consistent service frequency. - Company is a global LCL market leader. - In-house operating system supports digital efficiency. - Digital platform handles around 70% export bookings. - In-house data science and AI teams provide technology advantage. - Scale, technology and network create competitive differentiation. Near-Term Outlook - Base case assumes no significant economic improvement. - Management expects marginal volume uptick over coming months. - Seasonal volumes should improve before Christmas. - Volumes may soften around Chinese New Year. - Growth expectations remain deliberately conservative. - Market-share gains remain a key internal lever. - Better contracts should support profitability. - Improved utilization should support yields. - Cost discipline should drive incremental operating leverage. - Management expects profitability to improve ahead of volumes. Medium-Term Growth - Management sees potential for 12–15% volume growth from current levels. - Growth would combine market recovery and market-share gains. - Faster trade recovery could accelerate normalization. - Market-share expansion will occur progressively. - Company is positioned across major global markets. - Economic recovery should provide strong operating leverage. - Medium-term outlook remains positive despite geopolitical uncertainty. ROCE & Balance Sheet - Historical ROCE has remained above 20%. - Management aims to return toward that zone. - Debt primarily relates to working capital and acquisitions. - Consolidated debt stood around ₹942 Cr. - Consolidated net debt stood around ₹570 Cr. - Standalone borrowings reduced to ₹272 Cr. - Cash generation has supported sequential debt reduction. - Asset-light model requires limited capital expenditure. - Depreciation is largely non-cash due to acquisition-related assets. - Non-core asset monetization can support deleveraging. Non-Core Asset Monetization - Company owns select warehousing and office assets. - Combined potential asset value is around $10–15 Mn. - Asset divestments can support debt reduction. - Management continues focusing on capital efficiency. - Cash generation remains a key strategic priority. KEY TAKEAWAY - LCL recovery, yield gains and cost control drive profitability rebound.

APEEJAY SURR. PARK HOTELS LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Financial Performance - Operating revenue grew 8% YoY to ₹167 Cr. - Consolidated revenue grew 10% to ₹172 Cr. - EBITDA stood at ₹47 Cr, up 3% YoY. - Consolidated EBITDA stood at ₹52 Cr, up 8% YoY. - EBITDA margin stood at 28.12%. - PAT stood at nearly ₹12 Cr, down 14% YoY. - PAT decline reflected higher finance costs and deferred tax. - Debt-equity ratio remained strong at 0.12x. - Net debt/EBITDA stood at 0.72x. Hotel Operations - Occupancy remained industry-leading at 92%. - Company maintained leadership in upper-upscale RevPAR. - Q1 faced West Asia and air-traffic headwinds. - Domestic passenger traffic remained broadly flat. - International traffic into India declined around 10%. - Supply disruptions also impacted operating environment. - Management expects stronger quarters ahead. - Conferences, exhibitions and weddings should support demand. ARR & Demand Outlook - India-wide ADR growth was around 6% in Q1. - Management expects high single-digit ARR growth ahead. - Ranbanka Patiala ARR reached around ₹33,000. - Lotus Palace Chettinad ARR reached around ₹13,000. - Delhi demand expected to benefit from BRICS summit. - Aero Show and Bharat Mobility Expo support demand. - Around 40 wedding dates expected from November-March. - Q2-Q4 performance expected to improve sequentially. Food & Beverage - F&B contributed approximately 43% of total revenue. - Restaurants, nightlife and dining remain key differentiators. - F&B strengthens customer engagement and revenue generation. - Ranbanka Palace received global hospitality recognition. - Zone properties received Tripadvisor awards. Flurys Expansion - Flurys network reached 111 outlets. - Brand expanded to Visakhapatnam during Q1. - First standalone Gurugram cafe opened in August. - 29 additional outlets planned during FY27. - Store count targeted at 140 by year-end. - Pune, Mumbai, Hyderabad and NCR expansion planned. - Bangalore entry planned with 4 outlets. - Airport expansion discussions underway with Adani. - Potential national tie-ups with Phoenix Mills and DLF. - PVR partnership could enable 10 outlets. - Long-term target is 400 Flurys outlets by 2030. - West Bengal target is 100 outlets by Flurys centenary. Hotel Expansion - Current portfolio: 42 hotels, 2,667 keys. - FY27 pipeline includes 12 hotels / 1,061 keys. - Company expects 9 openings / 472 keys in FY27. - Portfolio targeted at 3,149 keys by FY27-end. - Long-term target: 87 hotels / 6,719 keys by 2030. - Own assets targeted to double. - Asset-light portfolio targeted to grow 3x+. - Overall ambition exceeds 6,000 keys by FY30. Key Projects - EM Bypass project includes 218 hotel rooms + 69 apartments. - 33 of 69 apartments already sold. - Average realization reached around ₹20,633/sq ft. - Apartment sales expected to generate ₹70–80 Cr cash flow FY27. - ₹21 Cr already received during Q1. - Project expected to complete by early 2030. - Park Mumbai Juhu: 78-room hotel. - Juhu launch targeted for October 2027. - Vizag project has 100 rooms. - Vizag project expected to launch during August. - Completion targeted by early 2030. - Malabar House acquisition expected by Oct-Nov 2026. - Malabar House comprises 17 keys in Fort Kochi. Pune Opportunity - Pune FSI increased from 2.5 lakh to 6.7 lakh sq ft. - Around 2.5 lakh sq ft planned for hotel development. - Over 4 lakh sq ft planned for residential development. - Mixed-use model expected to improve capital returns. - Similar strategy is being considered for future projects. EM Bypass Cash Flow & ROCE - EM Bypass expected to generate ₹70 Cr FY27. - Expected cash flow around ₹120 Cr next year. - Following year expected around ₹100 Cr. - Remaining cash flow expected around ₹30–40 Cr. - Total company share expected around ₹300–325 Cr. - Cash proceeds will fund EM Bypass hotel development. - Hotel development could become virtually debt-free. - ROCE currently around 9–10%. - Management expects ROCE to exceed 20% by 2030. Capex & Funding - Planned hotel development capex: around ₹1,140 Cr. - Juhu acquisition spend: around ₹210 Cr. - Juhu renovation requires around ₹80 Cr. - Kochi acquisition cost around ₹64 Cr. - Overall net capex requirement around ₹1,500 Cr. - FY27 capex requirement estimated at ₹200–250 Cr. - Operating capex around ₹40 Cr annually. - Flurys expansion allocation around ₹40 Cr. - EM Bypass cash flows will fund part of expansion. - Low leverage provides additional funding flexibility. - Juhu long-term financing is already tied up. New Property Maturity - Most existing hotels remain immature or entering maturity. - Ranbanka and Lotus Palace are entering maturity. - Vembanad Lake property should stabilize during FY27. - Vembanad peak season is Q3-Q4. - New hotels normally take 2–3 years to stabilize. - High-potential markets can stabilize within 1–1.5 years. - Mumbai and Pune are expected to ramp faster. - Kolkata and Vizag have limited quality-room supply. Strategic Outlook - Indian hospitality remains in a strong structural cycle. - Limited quality supply supports occupancy and pricing. - Tier-2 and Tier-3 cities offer new opportunities. - Asset-light managed properties remain a key growth strategy. - Company remains focused on capital discipline. - SAP S/4HANA implementation completed for finance. - Technology investment should improve controls and efficiency. - Growth, governance and green remain strategic priorities. KEY TAKEAWAY - High occupancy, strong pipeline and F&B support scalable growth.

KRANTI INDUSTRIES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue from operations stood at ₹25.47 Cr, up 26.8% YoY. - Gross profit stood at ₹12.61 Cr, up 14% YoY. - Gross margin improved to 49.5%, up 566 bps YoY. - EBITDA stood at ₹2.88 Cr. - EBITDA margin stood at 11.3%. - PAT reported a ₹5.5 lakh loss vs ₹66.6 lakh profit. - Higher employee, finance and depreciation costs impacted PAT. - Management remains focused on converting growth into profitability. Automotive Industry Outlook - Q1 domestic passenger vehicle sales reached 12.74 lakh units. - Passenger vehicle sales grew 25.9% YoY. - Commercial vehicles and three-wheelers posted record Q1 sales. - Tractor registrations crossed 2.28 lakh units. - Rural demand remained reasonably supportive. - Localization and domestic sourcing remain strong tailwinds. - Commodity, logistics and geopolitical risks remain watchpoints. FY27 Growth Outlook - Management expects double-digit growth in FY27. - Tractor segment is expected to deliver double-digit growth. - New opportunities are emerging in engineering and defence. - Agriculture implements are another diversification opportunity. - Management sees two-digit growth for next 2–3 years. - Live parts have almost doubled YoY. - New product development remains a key growth driver. Business Diversification - Agriculture/tractor contribution has reduced to around 65%. - Earlier agriculture exposure was nearly 99–100%. - Management expects tractor contribution around 60–65%. - Other businesses are growing faster alongside tractors. - Defence and engineering are key diversification areas. - Agriculture implements are being added to the portfolio. - Strategy is focused on reducing sector concentration. Capacity Utilization - Three Pune plants operated around 70% utilization. - Jaipur plant utilization remains below 60%. - Existing capacity provides room for further growth. - Productivity and asset utilization remain key priorities. - Management prefers better utilization before major expansion. - New investments will depend on demand visibility. Jaipur Plant - Jaipur currently works directly with Escorts Kubota. - End customers include CNH, Escorts Kubota and Ashok Leyland. - Other customers include Dana, Allison, ITL and Sonalika. - Products include critical transmission and engine components. - Existing product range will be extended. - New product varieties are also being developed. - Jaipur supports customer diversification and regional expansion. EV Opportunity - Kranti entered the EV business around 2016–17. - Company has an established EV presence. - Current focus remains on transmission-related products. - Products can serve EV, IC-engine and hybrid platforms. - EV transition therefore has limited negative impact. - Engine-side products would face greater technology disruption. - EV localization remains a potential opportunity. Critical Components Strategy - Automotive components remain a highly competitive industry. - Market opportunity is very large. - Company aims to focus on critical components. - Technical and engineering capabilities provide differentiation. - Company enjoys some pricing premium in niche products. - Process strength supports customer relationships. - Premium positioning is difficult in price-sensitive markets. - Strategy is shifting toward higher-value critical components. Customer & Business Development - Existing customer relationships remain a major priority. - OEM localization is creating new opportunities. - Customer engagement remains focused on new products. - New business is being evaluated selectively. - Commercial viability remains a key selection criterion. - Technical capability and return on capital are important. - Quality and delivery reliability remain core strengths. Working Capital & Funding - Working capital is funded through lender facilities. - Internal accruals also support working capital needs. - Board is discussing funding for the next growth phase. - No new fundraising decision has been finalized. - Capital allocation remains disciplined. - Management will add capacity based on demand visibility. Margins & Profitability - Gross margin improvement reflects better business mix. - EBITDA improvement reflects expenditure discipline. - Fixed costs remain a key profitability drag. - Finance costs increased due to working capital. - Depreciation also impacted bottom-line earnings. - Higher utilization should improve operating leverage. - Management targets stronger margins progressively. - Sustainable profitable growth remains the priority. KEY TAKEAWAY - 26.8% growth; diversification and critical components drive next phase.

PARAMOUNT COMMUNICATIONS — Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Financial Performance - Revenue grew 17.4% YoY to ₹529.4 Cr. - EBITDA including other income stood at ₹37.8 Cr. - EBITDA margin improved to 7.1%. - Operating profit rose 129.2% YoY to ₹34.7 Cr. - Operating margin expanded 320 bps to 6.6%. - PAT stood at ₹19.7 Cr, up 3.7% YoY. - PAT margin stood at 3.7%. - EPS stood at ₹0.64. - Management targets FY25-level margins by Q4 FY27. Domestic Business - Domestic revenue reached ₹374 Cr. - Domestic business contributed over 70% revenue. - Power cables contributed 57.2% of Q1 revenue. - B2B industrial revenue grew 90% YoY to ₹296 Cr. - B2C revenue grew 15% to ₹44 Cr. - B2G revenue stood at ₹35 Cr. - Power infrastructure demand remains strong. - Renewable additions continue supporting demand. - Railways and metro electrification remain growth drivers. - Data-center infrastructure demand is emerging strongly. Export Recovery - Exports reached ₹155 Cr in Q1. - Exports contributed over 29% of revenue. - Export revenue increased 77% QoQ. - US business is showing clear normalization. - US tariff uncertainty has substantially reduced. - India has regained competitive positioning. - US remains Paramount's largest export market. - Management expects US exports of ₹700–800 Cr FY27. - Solar cables are now being exported to US. - Additional data-center products are under development. - Existing US approvals provide competitive advantage. US Market Opportunity - Paramount retained distributors during tariff disruption. - Distributor network expanded to 8 from 2 since FY22. - US grid investments provide long-term opportunity. - Data-center investments add incremental demand. - Renewable investments support solar cable demand. - Solar cables above 600V are being introduced. - Existing product approvals support faster market entry. - US export margins are gradually improving. - Management expects further margin improvement each quarter. Order Book - Order book stood at ₹615 Cr. - Domestic orders stood at ₹518 Cr. - Export orders stood at ₹97 Cr. - Power cable orders reached ₹455 Cr. - Power cables represent around 74% order book. - Power cable orders grew 27% YoY. - Smaller export order book is intentional. - Company avoids low-margin orders to inflate backlog. - Firm-price orders generally limited to 3–4 months. - Metal is booked immediately after order receipt. Margin Outlook - Operating margin reached 6.6% in Q1. - Management expects gradual margin improvement. - FY25-level margins targeted by Q4 FY27. - Pre-tariff margins are expected to return. - US normalization is a major margin driver. - Domestic power cable mix supports margins. - Higher-margin B2B institutional business remains strong. - Export margins are recovering progressively. - Management expects around 8% EBITDA margin by FY27-end. Capacity & Utilization - Existing manufacturing plants operate near 100% utilization. - Manufacturing capacity remains the key constraint. - New machines begin contributing quickly after installation. - Continuous capex has supported recent growth. - Narmadapuram is the next major capacity expansion. - Capacity additions should accelerate growth from FY28. - Specialized conductors offer margin-accretive opportunities. - HTLS business already has ₹100 Cr orders. Narmadapuram Project - Greenfield plant is being developed in Madhya Pradesh. - Critical machinery has largely been ordered. - Civil construction mobilization has started. - Major construction expected within 6–7 months. - Partial operations targeted from Q1 FY28. - FY28 revenue target is around ₹500 Cr. - FY29 revenue target is around ₹1,200 Cr. - ₹1,200 Cr revenue implies around 75% utilization. - Phase 1 capex is around ₹300 Cr. - Initial capex-to-revenue multiple is around 4x. - Long-term multiple could reach 5.5–6x. - No major project overruns are currently expected. EHV Cable Opportunity - Existing approvals cover cables up to 66 KV. - Narmadapuram will support higher-voltage products. - 132 KV approvals require product samples. - Initial 132 KV approvals may come within 6–12 months. - Major 132 KV approvals expected by FY29. - Company is evaluating 220 KV and 400 KV. - Narmadapuram has space for future expansion. - EHV products could improve value mix. Solar & New Products - Solar cables are part of US expansion. - India solar demand supports EB cables. - EB cables included in Phase 1 capex. - EB cables are new products for Paramount. - Certifications will require longer gestation. - EB cables should be margin accretive. - Major certifications targeted by FY29. - Defence, railways and shipbuilding offer niche demand. Optical Fiber - Optical fiber is not the primary growth driver. - Data-center demand is driving fiber requirements. - High-fiber-count cables are currently not produced. - Existing fiber products are seeing good demand. - Power cables remain the core growth engine. - HTLS is a key value-added opportunity. Balance Sheet & Working Capital - Fresh equity raise of around ₹122 Cr completed. - Around ₹65 Cr earmarked for Narmadapuram capex. - Balance proceeds strengthen working capital. - Net worth increased to ₹894 Cr. - March FY26 net worth was ₹778 Cr. - Debt-equity ratio remained comfortable at 0.15x. - Narmadapuram currently funded through equity and accruals. - Term loan may be added later. - Post-project debt-equity targeted below 0.3x. - Working capital cycle improved to 96 days. - Receivable days improved to 64 days. - Management targets working capital around 90–100 days. Growth Outlook - FY27 revenue growth expected around 15–20%. - Existing plants are near capacity. - FY28 growth should accelerate after Narmadapuram starts. - Company targets ₹5,000 Cr revenue by FY31. - Management hopes to exceed the FY31 target. - Capacity availability remains the biggest growth constraint. - Domestic and export businesses provide dual growth engines. - Industry remains in a structural expansion phase. KEY TAKEAWAY - US recovery + capacity expansion can drive FY28 acceleration.

UFLEX LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Financial Performance - Consolidated revenue grew 38% YoY to ₹5,397 Cr. - EBITDA surged 92% YoY to ₹920 Cr. - EBITDA margin expanded 480 bps to 17%. - Highest EBITDA performance in 21 quarters. - Normalized EBITDA rose 78% to ₹837 Cr. - Normalized EBITDA margin stood at 15.5%. - PAT reached ₹423 Cr, nearly 6x YoY. - PAT margin improved to 7.8%. - Overseas operations drove profitability improvement. - 91% incremental EBITDA came from overseas operations. Business & Volume - Total sales volume reached 173,471 MT. - Overall volume increased 1.7% YoY. - Packaging volume declined 8.4% to 37,285 MT. - Shift towards high-margin products impacted volumes. - Aseptic packaging faced aggressive duty-free imports. - India packaging film volume rose 9.1% QoQ. - Americas volume increased 18% YoY. - Europe volume remained broadly flat YoY. - Middle East & Africa volume rose 14.9% YoY. - Local sourcing continues supporting international growth. Geographical Advantage - Around 80% revenue comes from overseas operations. - India contributes around 20% revenue. - Overseas markets offer stronger price realization. - Overseas selling prices are significantly higher. - Mexico supports North American customer requirements. - Dubai supports Middle East markets. - Poland and Hungary serve Europe. - Nigeria supports African markets. - Geographic diversification reduces supply-chain risks. - Customers value assured and localized supply. Pricing & Margins - BOPP prices increased around 25% from Feb-26. - BOPET prices increased around 35% from Feb-26. - Overall price realization rose around 30%. - Raw material prices increased at a slower pace. - Current pricing remains relatively stable. - Management expects margins to remain protected. - Q2 may normalize from exceptional Q1 realizations. - FY27 EBITDA margin expected at 14%+. - Normalized 15.5% margin remains a key benchmark. - Value-added products are improving profitability. FY27 Guidance - Management expects 35% revenue growth in FY27. - EBITDA also expected to grow around 35%. - Management prefers YoY comparisons over QoQ. - FY28 is also expected to deliver 30%+ growth. - Strong growth visibility extends through FY29. - Capex ramp-up remains the primary growth driver. - Capacity utilization should improve progressively. - Operational efficiency has already improved. Egypt Aseptic Expansion - Egypt facility capacity is 12 billion packs. - Commissioning targeted during H1 FY27. - Approvals and accreditations are largely advanced. - Remaining Egypt capex is around $15 Mn. - First-year utilization expected around 30%. - FY27 Egypt output could reach around 2 billion packs. - Utilization could reach 60–70% in year two. - Facility expected to reach 100% utilization by FY29. - Egypt will become a major growth driver. - Strong contribution expected from Q3/Q4. Capex & New Projects - Q1 capex stood at ₹478 Cr. - Egypt aseptic capex: ₹124 Cr. - Mexico WPP bags capex: ₹21 Cr. - Noida recycling capex: ₹32 Cr. - Dharwad BOPP capex: ₹22 Cr. - Noida recycling capacity is 39,600 TPA. - Noida plant commissioned on 30 Apr 2026. - Mexico WPP plant commissioned 31 Jul 2026. - Mexico WPP capacity is 80 Mn units. - Dharwad BOPP expansion continues through FY27-28. - FY27 capex cycle is around 75% complete. Value-Added Products - Value-added products remain a major focus. - 60–70% future capex targets value-added products. - Balance capex goes toward maintenance products. - Focus includes aseptic, WPP and recycling. - Value addition improves realization and margins. - Specialized products provide stronger ROE potential. - Company continues shifting away from commodity products. Aseptic Packaging - India aseptic volumes faced Indonesian imports. - Duty-free imports created pricing pressure. - Domestic consumer demand remains strong. - Indian FMCG growth supports packaging demand. - Aseptic performance expected to improve from Q3. - Installed aseptic capacity is nearly 24 billion. - Management expects substantial capacity utilization by year-end. - Egypt expansion will materially increase capacity. Leverage & Interest Cost - Debt/EBITDA declined from 4.5x to 3.5x. - Leverage expected below 3x by FY28. - Debt reduction remains a key cash-flow priority. - Loans and interest payments remain timely. - Credit rating currently stands at AA-. - Management targets 1% interest-cost reduction. - Lower interest costs should support profitability. - Geographic diversification supports financial resilience. FY29 Outlook - Egypt, Noida and Mexico expected fully utilized by FY29. - Egypt alone adds 12 billion-pack annual capacity. - Company expects significant top-line and bottom-line uplift. - Total volume could double over three years. - Current quarterly volume is around 173,000 MT. - FY29 growth visibility remains strong. - Management sees at least 10% CAGR through FY29. - Additional unutilized specialty capacity provides upside. - Metallizer and ultra-high-barrier capacity remain underutilized. Capital Allocation - Growth opportunities remain the priority. - Majority of cash will support growth and deleveraging. - Surplus cash will help reduce debt. - Buyback is not currently the priority. - Management focuses on long-term shareholder wealth creation. - Shareholder value expected to improve through growth. - Capital allocation remains focused on high-margin businesses. KEY TAKEAWAY - Strong growth, capex ramp-up and deleveraging support FY29.

ZUARI INDUSTRIES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Consolidated total income stood at ₹327.5 Cr, up 22% YoY. - Consolidated EBITDA stood at ₹29.8 Cr. - Consolidated PBT before exceptional items was a ₹5.4 Cr loss. - Consolidated PAT stood at ₹0.05 Cr vs ₹0.48 Cr loss YoY. - Finance cost declined ₹1.46 Cr YoY to ₹61.5 Cr. - Standalone total income stood at ₹283.9 Cr, up 26% YoY. - Standalone EBITDA stood at ₹31.3 Cr. - Average borrowing cost declined 56 bps YoY to 9.73%. Sugar Business - Sugar sales increased 29% YoY to 4.7 lakh quintal. - Higher domestic quota allocation supported volumes. - Average sugar realization improved to ₹4,116/quintal. - Q1 included only 6 operating days of sugar crushing. - Sugar recovery stood at 11.7%. - Margin pressure came mainly from 8% higher SAP. - SAP increased from ₹370 to ₹400/quintal in Uttar Pradesh. - Additional sugar sales added around ₹45 Cr revenue. - Sugar segment profit declined to ₹8.36 Cr from ₹12.29 Cr. - Current sugar prices are significantly higher than Q1 levels. - Management expects a healthy upcoming crushing season. - Command-area cane production is expected to remain robust. - Weather and disease remain key crop risks. Sugar Price Outlook - Indian sugar prices increased around 10% in one month. - UP sugar prices reached ₹4,860–4,920/quintal. - Festival demand is expected to support realizations. - Global sugar prices stood around 16.6 cents/lb. - Global availability is expected to remain tighter. - Brazil production has been lower. - Higher cane diversion toward ethanol supports global tightness. - Current sugar pricing should support upcoming quarters. - Sugar earnings remain highly sensitive to realizations. - Sugar exports are currently not permitted. Ethanol Business - Ethanol production increased 1% to 10,138 KL. - Ethanol sales increased 5% to 10,248 KL. - Average realization stood at ₹60.70/litre. - Ethanol prices remain largely static. - Static realizations continue to pressure margins. - External molasses purchases were uneconomical this year. - Company used internally produced molasses for ethanol. - OMC tender process is expected around October. - Company plans to participate in the next tender. - Current ethanol order visibility extends through October 2026. - Capacity expansion remains on hold due to industry overcapacity. - Earlier tender received 1,800 Cr litres offers against 1,050 Cr litres. - Expansion could resume if blending demand rises materially. - Long-term objective remains 1,000 KLPD ethanol capacity. Power Business - Power sales increased sharply to 62.8 lakh units. - Q1 FY26 power sales were only 7.7 lakh units. - Repair and maintenance activities are underway. - Preparations are progressing for the next crushing season. Real Estate – Zuari Infra - St. Regis Residences Dubai reached 100% completion. - Handovers have commenced after completion certification. - Profit repatriation from Dubai has already started. - ₹142.58 Cr was received during the current quarter. - FY27 profit repatriation guidance remains ₹900 Cr. - Balance of over ₹750 Cr remains on track. - Around 40–45% customer collections remain pending. - Customer demand notes have been raised after completion certificate. - Gangotri Tribhuja Hyderabad project is progressing. - Project saleable area stands at 2.8 Mn sq ft. - Sales office and customer experience centre are operational. - Bangalore plotted development covers around 15 acres. - RERA approval is already in place. - Plotted project cycle time is around 15–18 months. Real Estate Growth Strategy - Zuari Infra currently has around ₹4,900 Cr GDV. - Long-term GDV aspiration remains ₹10,000 Cr. - Management considers itself roughly 50% toward the goal. - Asset-light development management model remains the strategy. - Focus markets include Bangalore, Hyderabad and Kolkata. - Further development-management mandates are under evaluation. - New projects are being launched in Hyderabad and Bangalore. - Additional deals are expected after successful project launches. - Management sees real estate as the strongest growth vector. - Growth is being pursued without heavy land investment. Engineering – Simon India - Simon India executed around ₹30 Cr projects in Q1. - Around ₹70 Cr of orders are under execution. - West Asia crisis has deferred capex across sectors. - Engineering and construction activity has been affected. - Company is pursuing domestic and international opportunities. - Digitalization and AI initiatives are being implemented. - AI aims to reduce engineering hours and drawing timelines. - Initial AI experiments are showing encouraging results. - Impact is currently too early to quantify. Strategic Investments - Listed strategic investments remain a core portfolio. - Portfolio includes Chambal Fertilisers, ZACL, Paradeep Phosphates, Texmaco Rail and TIHL. - Listed investment value stood at ₹4,223 Cr. - Value increased 15% QoQ due to market movement. - Management intends to retain strategic investments. - Investments remain focused on strategically important sectors. - Fertilizer and railway exposure remain key holdings. Deleveraging - Aggregate external debt stood at ₹1,888 Cr. - Q4 debt was ₹1,909 Cr. - Deleveraging remains a major management priority. - Dubai profit repatriation is a key deleveraging source. - Zuari Agro repayment is another major source. - Around ₹258 Cr outstanding from Zuari Agro is expected this quarter. - Lower borrowing costs should support future finance-cost reduction. - Repayment of around ₹1,100 Cr debt could reduce annual finance cost by roughly ₹100–110 Cr. Investment Consolidation - Company plans to consolidate listed investments at holding-company level. - Investments currently sit across multiple group entities. - Proposed transactions will be executed at market price. - Proceeds can help deleverage entities carrying external debt. - Previous Texmaco Rail transaction was only an enabling approval. - No actual transaction occurred under the earlier approval. - Current transactions will be formally notified when executed. Furniture Business - Furniture division continues to report small losses. - Losses mainly comprise employee, maintenance and ICD costs. - Management is discussing revival possibilities with potential partners. - Business may be revived if a suitable plan emerges. - Otherwise, management expects to decide by FY27-end. Goa Land Monetization - Goa land monetization was part of deleveraging strategy. - Goa Assembly legislation complicated potential transactions. - Higher circle rates also increased transaction complexity. - Goa land monetization plans are currently on hold. - Deleveraging will instead rely on Dubai repatriation. - Zuari Agro loan repayment is another key source. KEY TAKEAWAY - Real estate-led growth plus ₹900 Cr Dubai repatriation drives deleveraging.

BMW INDUSTRIES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Financial Performance - Operating income grew 11.6% YoY to ₹166 Cr. - Gross profit stood at ₹112.7 Cr. - Gross margin expanded 536 bps to 67.9%. - Operating EBITDA increased 7.1% to ₹33.7 Cr. - EBITDA margin stood at 20.3%. - PAT grew 25.8% to ₹19.1 Cr. - PAT margin improved to 10.8%. - Higher fuel costs impacted EBITDA margin. - Fuel prices have since moderated considerably. Capacity Utilization - Rolling mill utilization reached 83.5% annualized. - Pipes & tubes utilization improved to 40.1%. - Pipes & tubes utilization rose from 34% in FY26. - Production increased sequentially in pipes and tubes. - Stable-state pipes utilization targeted at 65–70%. - Management expects this by around FY29. - Downstream utilization should improve further. Bokaro Expansion - Bokaro commissioning begins from Q2 FY27. - Color-coated segment will commission first. - Cold rolling and Galvalume lines follow subsequently. - Color-coated line will ramp over next six quarters. - Bokaro color-coated asset capitalized in Q2. - Hot trials are currently underway. - The project includes a 150,000-ton line. - Full ramp-up could take 3–4 quarters. - Total Bokaro throughput targeted around 0.5 Mn tons. - Capacity ramp-up is central to FY28 growth. Growth Guidance - FY27-specific revenue guidance was not provided. - FY28 guidance remains on track. - Consolidated revenue CAGR guided at 70–75% FY25–FY28. - EBITDA CAGR guided at 40–45%. - PAT CAGR guided at 35–40%. - FY28 EBITDA margin targeted at 12–13%. - FY28 PAT margin targeted at 5–6%. - Scale and operating leverage should drive improvement. - Management remains focused on disciplined expansion. Downstream Opportunity - Steel consumption is growing 10%+ currently. - Government infrastructure spending remains a key driver. - Private-sector investment also remains strong. - Demand momentum expected to sustain for 3–5 years. - Eastern India offers significant catch-up opportunity. - Rural housing supports eastern-region demand. - Warehousing and industrial buildings add demand. - PEBs and pre-galvanized products are growing. - Roofing and cladding provide additional opportunities. Coated Products - Company will offer galvanized, Galvalume and ZAM products. - ZAM adoption in rooftop solar is gaining support. - MNRE encouraged ZAM use for rooftop solar. - Color-coated products are growing 7%+. - Government safeguard duties support domestic producers. - QCOs and import substitution benefit local players. - PLI also supports domestic manufacturing. - Product quality will remain a key differentiator. - Management sees limited near-term downside surprises. Competitive Advantage - Galvanizing expertise spans around 14 years. - Specialized process control supports ZAM execution. - Company plans a complete coated-product basket. - Offering multiple products can improve customer stickiness. - Integrated HR-to-coated chain provides cost control. - Full quality-chain control provides confidence. - Current ZAM customer stickiness is yet to develop. Market Size & Opportunity - India produces roughly 160–170 Mn tons steel. - Steel production could reach 250 Mn tons over five years. - Flat products estimated around 80–85 Mn tons. - Bokaro throughput of 0.5 Mn tons is relatively small. - Initial project provides entry into large downstream market. - Future expansion can follow demand growth. - Value-added steel presents a large opportunity. Business Model - Company will retain traditional conversion business. - Proprietary supply model will also be developed. - Inputs will be sourced directly. - Finished products will be supplied directly. - Model captures greater value across the chain. - Customer base will become more diversified. - Existing capacity remains a major growth driver. Balance Sheet & Capital Deployment - ROCE stood at 9.5% annualized. - ROE stood at 9.4% annualized. - Net debt stood at ₹468.9 Cr. - Net debt-to-equity stood at 0.57x. - Bokaro borrowings stood at ₹222.4 Cr. - Internal accruals deployed ₹139.2 Cr. - Total expansion capital deployed reached ₹341.6 Cr. - ROCE expected to improve after commissioning. - Capital deployment remains disciplined. Receivables & Pricing - Previously delayed customer receivables were realized. - Normal collections occur early each quarter. - Fuel and power inflation affected margins. - Industry impact is broadly similar across players. - Company is discussing fuel-price variation mechanisms. - Objective is to reduce future margin volatility. - Cost pass-through is expected through pricing mechanisms. Long-Term Vision - FY30 revenue ambition of ₹4,000–4,500 Cr from Bokaro. - Including legacy business, ₹5,000 Cr is considered possible. - Management views this as an aspiration. - Capital allocation remains focused on expansion. - Buyback may be considered at the appropriate time. - Stakeholder returns remain part of long-term thinking. KEY TAKEAWAY - Bokaro ramp-up can transform growth and profitability.

MM FORGINGS LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Sales stood at ₹427 Cr, up 16% YoY. - EBITDA stood at ₹82 Cr. - EBITDA excluding other income stood at ₹75 Cr. - EBITDA margin excluding other income stood at 18%. - PBT grew 30% YoY, excluding asset-sale impact. - Oragadam land sale generated ₹64 Cr gross profit. - Profit from asset sale was one-time in nature. - Domestic sales contributed 63.5%. - Exports contributed 36.5% of sales. - US contributed 18% of sales. - Commercial vehicles contributed 71% of sales. - Machined products contributed 67% of sales. - Heavy forgings contributed 42% of sales. - Sales per ton increased to ₹2.02 lakh from ₹1.93 lakh. FY27 Growth Outlook - FY26 turnover stood around ₹1,600 Cr. - FY27 revenue expected around ₹1,800–1,900 Cr. - Management expects approximately 18% growth. - Machining mix expected around 65–68%. - Strong momentum seen across domestic and export markets. - US Class 8 truck market is seeing strong demand. - CV, tractor and passenger-car markets remain strong. - Management sees optimism continuing through FY27. - FY30 revenue aspiration remains ₹3,000 Cr. Volume & Capacity Utilization - FY26 sales volume was around 78,000 tons. - Q1 volume stood around 20,000 tons. - Q2 onward target is 23,000–25,000 tons quarterly. - FY27 volume expected to exceed 90,000 tons. - Run-rate expected around 1 lakh tons annually. - Internal targets are 27,000–30,000 tons quarterly. - Capacity utilization is improving significantly. - Current operations are running near capability levels. - Further 15–20% productivity headroom exists. - Management aims to push utilization beyond 1 lakh tons. Machining & Automation - Machining investments have materially increased value addition. - Total machining investment reached around ₹1,100 Cr. - Around ₹625 Cr invested during last five years. - Around ₹1,000 Cr invested during last ten years. - Current machining mix should remain 65–68%. - Automation investment so far is around ₹7.5–10 Cr. - Automation investment expected to reach ₹30–50 Cr. - AI tools are being used for inventory analytics. - AI identifies stuck inventory and required part numbers. - Management expects inventory benefits over coming weeks. FY27 CAPEX - FY27 CAPEX planned around ₹150 Cr. - Around ₹30–50 Cr is replacement CAPEX. - Balance will support growth and debottlenecking. - Major focus remains on machining capacity. - 4,000-ton press has entered production. - 16,500-ton press expected by Q4 FY27. - Forging CAPEX includes debottlenecking and replacements. - New investments expected to increase turnover within 1–2 years. - CAPEX should support higher machined-product sales. Long-Term Growth Strategy - Primary focus remains hot close-die steel forgings. - Expansion planned into broader metal-working opportunities. - Machining assemblies and value-added parts are priorities. - Non-auto industrial opportunities are being explored. - Hyperscaler ecosystem is creating new demand. - Company is positioning for businesses supporting hyperscalers. - Defense opportunity remains selective. - Trailer axle suspension assembly is not currently planned. - Management prioritizes existing higher-margin growth opportunities. US & Export Opportunity - US share increased to 18% from around 16%. - US Class 8 truck demand remains very strong. - US contribution could increase another 1–2 percentage points. - Export growth remains broad-based. - Customers increasingly seek sourcing from India. - High-cost Western manufacturing supports outsourcing opportunities. - US buyers continue despite higher anti-dumping duties. - MM Forgings does not bear US customs duty. - India remains attractive as a best-cost sourcing location. - Global customers are also expanding operations in India. Europe & Global Markets - Europe remains a relatively stable market. - European sales fluctuate with customer demand. - No significant European customer loss reported. - High labor costs are driving outsourcing. - US and Europe remain important opportunity markets. - Growth is increasingly broad-based across geographies. - Management sees strength across India, US and Europe. - Current demand environment is unusually strong across regions. Abhinava Rizel - Abhinava Rizel has secured its first business. - Initial SOP phase has started. - Production is currently in ramp-up stage. - Parts are moving between production and sampling. - Management considers this a positive development. Power & Cost Environment - Q1 fuel costs increased significantly. - West Asian conflict drove fuel-cost pressure. - Fuel costs stabilized reasonably after Q1. - TNEB power-cost increases also remain a factor. - Export freight costs increased sharply. - Hormuz disruption increased export freight expenses. - Export freight accounted for around ₹4 Cr increase. - Regular fixed overheads increased around 10%. - Cost reduction remains a key management priority. Debt & Working Capital - Gross debt is expected around ₹750 Cr. - Management plans around ₹170 Cr debt repayment. - Similar borrowings will fund future investments. - Gross debt expected to remain broadly stable. - Management targets ₹750–800 Cr debt levels. - Debt will not increase without stronger turnover growth. - Land-sale proceeds will support working capital. - Proceeds will also fund CAPEX and reduce borrowings. - Working capital reduction remains a key focus. - Inventory reduction is being actively pursued. - WIP target is around one week. - Finished goods will be moved toward ready-for-dispatch. QIP & Future Expansion - QIP enabling resolution has been passed. - QIP remains available for a major opportunity. - Timing will depend on market opportunities. - Potential larger growth CAPEX remains under consideration. - Future expansion primarily targets core forging business. - Metal-working and value-added businesses are also options. EV & New-Age Opportunities - Company supplies products going into EV platforms. - EV exposure is across multiple platforms. - Current focus is not two-wheelers. - Hyperscaler-related demand is gaining traction. - New opportunities are emerging from domestic forging demand. KEY TAKEAWAY - Strong demand, rising machining mix and volume ramp-up drive growth.

IND-SWIFT LABORATORIES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Financial Performance - Operating income grew 21.16% YoY to ₹186.08 Cr. - Operating EBITDA surged 2.85x to ₹33.32 Cr. - EBITDA margin expanded to 17.91% from 5.33%. - PAT excluding exceptional items rose 2.04x to ₹24.68 Cr. - PAT margin improved to 13.26% from 4.99%. - Management sees 18% EBITDA margin as sustainable. - Margins could potentially rise toward 21–22%. Export Business - Export business remains the primary growth engine. - Export own brands contributed 57.20% of Q1 sales. - Own-brand contribution rose from 48% YoY. - Export contract manufacturing contributed 26.64%. - Domestic branded generics contributed 6.41%. - Domestic ethical business contributed 6.14%. - Export mix shift is improving overall profitability. - Export business has around 55% gross margins. CDMO Business - Viatris partnership commercialized during Q1. - Arrotex Australia and Manx UK partnerships also commercialized. - New partnerships expected to add significant revenue. - Initial Viatris product revenue was ₹5–6 Cr. - These products should scale from Q2/Q3. - Two Viatris products could generate ₹100–130 Cr in year one. - Overall partnership opportunity is expected over two years. - FY27 export sales target is around ₹750 Cr. - Around 45% of exports could come from CDMO. - CDMO could rise toward ₹600–650 Cr by FY29. - Management expects CDMO to reach around ₹635 Cr. - Additional customer discussions are ongoing. - Potential new CDMO CAPEX: ₹50–75 Cr. - Potential revenue from this CAPEX: ₹150 Cr+. Product Portfolio - Ezetimibe + Atorvastatin remains a strong performer. - Q1 sales of this molecule reached around ₹25 Cr. - Product growth is expected to continue quarterly. - Tiefenbacher partnership provides profit-sharing economics. - Macrogol launched for UK and Australian markets. - Ibuprofen sachet launched for Europe. - Clarithromycin dry suspension expected in FY27. - Azomeprazole launches expected with partners in FY28. - R&D pipeline includes multiple upcoming molecules. Regulatory & Global Expansion - Total dossiers increased to 2,100. - Management targets around 2,500 dossiers by Q4 FY27. - Global registrations crossed 850. - Samba/Jammu facility upgrade is underway. - Facility targeted for EU GMP and PIC/S standards. - Upgrade should strengthen export capabilities. - R&D is developing molecules for FY27–FY29. - Company expects deeper global market penetration. Capacity & CAPEX - Q1 capacity utilization was approximately 70%. - Capacity expansion is already underway. - Management expects capacity utilization to reach 90% over time. - Existing facilities have sufficient near-term capacity. - New warehouse project has been initiated. - Jammu facility expansion is also underway. - Around ₹250 Cr CAPEX planned over two years. - CAPEX will support warehouse and capacity expansion. - Additional capacity is planned ahead of demand. - Management sees no immediate capacity constraint. Capital Allocation - Cash and investments stand around ₹250 Cr. - Cash will be deployed over roughly 2–2.5 years. - Major deployment will be toward CAPEX. - Company is also evaluating domestic brand acquisitions. - Overseas inorganic opportunities are under discussion. - Synthimed stake is currently not planned for divestment. - Company intends to hold Synthimed for longer term. - Tag-along rights exist alongside Synthimed investors. Product Selection & R&D - New products require minimum 50–55% gross margins. - Product selection is customer-led. - R&D validates commercial and development feasibility. - Company avoids significant R&D spend before agreements. - Customers generally bear development costs. - Viatris provided around US$2 Mn development funding. - Existing R&D supports regulatory filings and tech transfers. - New R&D facility is also being planned. Growth Guidance - Management remains confident of projected growth targets. - FY27 revenue expected around ₹900 Cr. - Medium-term growth guidance remains 20–25% CAGR. - EBITDA margins expected to remain above 18%. - EBITDA margin could cross 20% after Q2/Q3. - FY29 revenue guidance remains ₹1,200 Cr currently. - Guidance may be revised after FY27 performance. - Earlier achievement depends on capacity expansion. - FY30 vision targets ₹1,500 Cr revenue. - FY30 net profit target is around ₹200 Cr+. Strategic Outlook - Company is transforming into focused finished-dose manufacturer. - Export own brands remain a key growth driver. - CDMO expansion offers strong incremental opportunity. - Higher-margin products are prioritized. - Existing customer relationships support future launches. - Management expects sustainable margin expansion. - New partnerships could accelerate growth beyond guidance. - Focus remains on profitable growth and capacity creation. KEY TAKEAWAY - Exports, CDMO and margins drive strong growth ahead.

KILBURN ENGINEERING LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Consolidated revenue stood at ₹117 Cr. - EBITDA stood at ₹24.2 Cr. - EBITDA margin stood at 20.1%. - Q1 revenue was impacted by project execution delays. - Customer delivery timing also shifted into later quarters. - Management maintained strong 20% operating margin discipline. - FY27 revenue guidance remains around ₹700 Cr. - FY27 EBITDA margin guidance remains at 20%. - Revenue is expected to be significantly H2 weighted. Order Intake & Order Pipeline - Group order inflow reached ₹190 Cr till date. - Q1 order inflow stood at around ₹134 Cr. - Closing order book stood around ₹485 Cr. - FY27 order inflow target remains ₹800 Cr. - Inquiry pipeline remains around ₹4,000 Cr. - Pipeline should not be equated with confirmed orders. - Conversion depends on customer decisions and project economics. - Fertilizer and nuclear sectors show strong traction. - Data center infrastructure is creating new opportunities. - Ferro alloy inquiries are increasing significantly. Execution & H2 Outlook - Customer approvals delayed several project milestones. - Engineering drawing approvals have taken longer. - Quality inspections also caused execution delays. - Three to four projects slipped by one or more quarters. - Management expects stronger execution during H2 FY27. - Existing order book provides revenue visibility. - Deferred projects are expected to enter execution. - Management sees no major execution hold-ups internally. - Revenue trajectory expected to improve meaningfully in H2. Growth Strategy - Management continues targeting ₹700 Cr+ FY27 revenue. - Medium-term aspiration is ₹1,000 Cr annual revenue. - Capacity investments are designed for this scale. - Growth focus remains on profitable sectors. - Export opportunities remain a strategic priority. - EPC partnerships are being developed in fertilizer. - EPC partnerships are also being developed in nuclear. - Management expects multiple sectors to drive growth. Kilburn Engineering Opportunities - Drying solutions inquiries remain strong. - Some large orders were deferred. - Certain inquiries could close by Q2 FY27. - Fertilizer is currently a high-traction segment. - Nuclear projects offer substantial medium-term opportunity. - Petrochemicals and oil & gas remain focus sectors. - Carbon black projects face some external approvals. - Land and environmental clearances can delay execution. ME Energy - Ferro alloy is becoming a major growth opportunity. - Bhutan project provides an important reference. - Additional ferro alloy inquiries are under discussion. - Cement and steel sectors also offer opportunities. - Steel expansion is creating a large inquiry pipeline. - Multiple steel opportunities are around ₹10–15 Cr each. - Waste heat recovery remains the core capability. - Entry into ferro alloys broadens addressable market. - Management expects substantial order book expansion. Monga Strayfield - Sheet metal fabrication capacity is being expanded. - Expansion is aimed at data center infrastructure. - Data center equipment opportunities are increasing. - New drying-sector products are also being developed. - Global data center ecosystem offers significant potential. - Management expects stronger contribution over coming quarters. Capacity Expansion - Kilburn and ME Energy capacity expansion is advanced. - Expansion expected to complete by end-October 2026. - Monga Strayfield is expanding fabrication capacity. - Investments are designed for ₹1,000 Cr+ annual revenue. - Capacity building supports the next growth phase. - Capex will be funded partly through recent fundraising. Fundraise & Balance Sheet - Recent fundraise raised approximately ₹98 Cr. - Promoters and non-promoters subscribed to the issue. - Balance sheet is now net debt free. - Fundraise strengthens capacity for future growth. - Funds will partly support planned capex. - Management continues evaluating inorganic opportunities. - No further equity raise is currently required. - Existing funds are considered sufficient for ₹1,000 Cr scale. Margin & Cost Discipline - Company continues targeting 20%+ margins. - Q1 margin remained strong despite lower revenue. - Cost discipline protected profitability. - Execution discipline remains a key focus. - Raw material is generally booked within 48–72 hours. - Customer delays can create cost escalation. - Company seeks compensation for customer-caused delays. - Fixed-price contracts require disciplined cost management. Key Risks & Outlook - Geopolitical uncertainty has extended decision cycles. - Customer approvals remain an execution variable. - Large projects can shift by several quarters. - Nuclear projects typically require extensive approvals. - Greenfield projects may await land clearances. - Management expects delays to ease in coming quarters. - H2 is expected to deliver stronger revenue. - Order conversion remains the key near-term focus. KEY TAKEAWAY - H2 recovery, ₹800 Cr orders and 20% margins drive outlook.

SPML INFRA LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue grew 74% YoY to ₹286 Cr. - EBITDA increased 81% to ₹28 Cr. - EBITDA margin improved to 10%. - PAT increased 87% to ₹22.7 Cr. - Revenue remained largely flat QoQ. - EBITDA improved 17% QoQ. - FY27 revenue growth guidance remains >25%. - EBITDA and PAT growth guidance remains >25%. Order Book & Order Intake - Order book stands at approximately ₹5,100 Cr. - Legacy orders account for only ₹1,251 Cr. - Newer orders predominantly carry 10%+ margins. - Q1 order intake reached ₹1,293 Cr. - Company is L1 in ~₹265 Cr orders. - FY27 order intake target is >₹5,000 Cr. - Management expects to meet or surpass this target. - New orders span water, power and BESS. - Legacy orders expected to execute mainly this year and next. Water & Power Opportunity - Pipeline includes 134 projects worth ₹98,725 Cr. - Irrigation and water account for 80%+ pipeline value. - Major opportunities include Wainganga-Nalganga river link. - Marathwada Water Grid opportunity is ₹37,600 Cr. - Ken-Betwa MP component is ₹24,300 Cr. - Tapi basin recharge scheme is ₹90,200 Cr. - Bidding continues across multiple states. - AMRUT remains a key opportunity. - Gujarat is a preferred market. BESS Manufacturing - First phase 2.5 GW battery assembly line is ready. - Capacity is being expanded to 5 GW. - Expansion targeted for Q1 FY28 completion. - Container facility targets 600 units annually. - Total BESS expansion investment is ₹236 Cr. - Funding has already been arranged. - Additional ₹10 Cr container term loan sanctioned. - Required LC and working-capital limits are available. - NTPC design approvals expected by December 2026. - Sample container approval targeted by December. - NTPC supplies expected to begin in Q4 FY27. - FY27 BESS execution target is ₹200–300 Cr. - BESS orders carry 10%+ margin. BESS Revenue Potential - 2.5 GW capacity can support ₹2,000–2,500 Cr revenue potential. - 5 GW capacity can support ₹4,500–5,000 Cr potential. - Capacity utilization expected to rise significantly. - NTPC could utilize around 1 GW next year. - Full 5 GW utilization targeted by 2029–30. - Further expansion beyond 5 GW remains possible. - Expansion will depend on demand and utilization. - Existing 25-acre land parcel supports future expansion. BESS Technology Advantage - Exclusive technology partnership with Energy Vault, US. - Technology supports multiple future BESS platforms. - Current systems target 5 MWh DC blocks. - Future platforms can reach 6.25–6.9 MWh. - Partnership also provides hydrogen and gravity technologies. - Sodium-ion technology is also part of roadmap. - Energy Vault's provenness supports NTPC qualification. - Technology partnership aids design and drawing approvals. - Company plans grid-scale and C&I applications. - C&I pipeline discussions are already underway. BESS Business Model - Battery packs will support SPML's own EPC projects. - Company will also supply packs to external EPC players. - This creates EPC + OEM revenue streams. - Cells are currently imported from China. - SPML converts cells into battery packs locally. - Energy Vault technology is used for containers. - PV clauses protect against steel, dollar and lithium volatility. - Orders without adequate PV protection are avoided. Balance Sheet - Promoters infused approximately ₹400 Cr over three years. - Net worth increased from ₹500 Cr to >₹1,000 Cr. - Debt-to-equity improved from 1.1x to 0.4x. - Legacy obligation was around ₹700 Cr. - Approximately ₹325 Cr has already been repaid. - Remaining ₹375 Cr is backed by arbitration awards. - Arbitration claims total around ₹4,526 Cr. - Around 40% could convert into awards over time. - ICRA upgraded rating to BBB Stable. - CRISIL also assigned BBB Stable. - Credit facility enhanced from ₹505 Cr to ₹860 Cr. - Additional surety bond line is around ₹300 Cr. NARCL & Arbitration - NARCL liability including interest was around ₹700 Cr. - Company has already paid ₹325 Cr. - Remaining liability is around ₹375 Cr. - Arbitration awards can further reduce NARCL liability. - FY27-end NARCL payment expected around ₹300 Cr. Execution & Margin Outlook - New EPC orders require 3–6 months for approvals. - Water projects typically execute over 3–3.5 years. - Power substations execute in 15–18 months. - BESS EPC projects execute in around 18 months. - BESS OEM supplies can execute within 3–4 months. - Company does not take orders below 10% margin. - New orders are expected to maintain 10%+ margins. - New orders should contribute mainly from Q4 FY27. - FY27 growth remains supported by execution visibility. KEY TAKEAWAY - BESS scale-up plus strong water order book drives FY27 growth.