CONCALLS

SURAJ ESTATE DEVELOPERS LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Total income stood at ₹146 Cr, up 10% YoY. - EBITDA stood at ₹55 Cr, up 9% YoY. - EBITDA margin stood at 37.5%. - PAT stood at ₹23 Cr, up 7% YoY. - Sales value increased 74% YoY to ₹141 Cr. - Sales area increased 74% to 28,834 sq ft. - Q1 collections stood at ₹86 Cr. - Net debt stood at ₹614 Cr as of June 2026. Sales & Collections - Ongoing projects sold area reached 5.95 lakh sq ft. - Average realization stood at approximately ₹45,922/sq ft. - Cumulative collections reached ₹1,672 Cr. - Balance receivables stood at approximately ₹1,060 Cr. - Strong absorption continued across residential and commercial projects. - Residential sales weakness was due to low inventory. - Management continues focusing on timely monetization. FY27 Launch Pipeline - Total FY27 launch pipeline stands at ₹1,600 Cr. - Q2 launches expected around ₹240 Cr. - Q3 launches expected around ₹880 Cr. - Q4 launches expected around ₹480 Cr. - Suraj Nova/Lobo Villa contributes around ₹180 Cr. - Adona contributes around ₹60 Cr. - Business Bay Phase 2 contributes around ₹800 Cr. - Shivdutt contributes around ₹80 Cr. - Three additional Q4 projects add around ₹480 Cr. - Sales growth expected from both launches and existing inventory. Suraj 1 Business Bay - Approximately 33% inventory sold post-launch. - Project has witnessed strong sales traction. - Amalgamated portion plans have been approved. - Phase 2 carries approximately ₹800 Cr top line. - Launch expected after RERA amendment. - Management targets minimum additional sales of 1 lakh sq ft. - Current blended realization is around ₹43,000–45,000/sq ft. - Management aims to move realization toward ₹50,000/sq ft. - Current priority remains sales velocity. - Pricing increases expected as construction progresses. FY27 Growth Guidance - FY27 pre-sales target stands at approximately ₹700 Cr. - Internal target is higher than formal guidance. - Revenue growth expected around 10–15% YoY. - EBITDA margin expected around 35–37%. - Management expects growth momentum to continue. - New launches remain key to future cash flows. Bandra Project - Two balance conveyances are currently pending. - Management is working toward completing conveyances. - Bandra project launch planned for FY28. - Initial land funding will use internal accruals. - Institutional funding to be tied closer to launch. - Estimated premiums are around ₹300–350 Cr. - Construction funding will be arranged separately. - No debt was raised for the land acquisition. - Management's target is to complete remaining tie-ups soon. Residential Portfolio - Residential inventory available is around 22,000 sq ft. - Residential unsold inventory GDV is around ₹109 Cr. - Luxury inventory remains limited in ongoing projects. - Value-luxury segment continues seeing healthy traction. - Additional luxury projects are under discussion. - Society tie-ups are being evaluated selectively. - Redevelopment remains a major supply opportunity. Commercial Portfolio - Commercial unsold inventory stands around 1.4 lakh sq ft. - Commercial unsold inventory carries approximately ₹841 Cr top line. - Total ongoing unsold inventory is around ₹950 Cr. - Commercial projects remain major near-term cash-flow contributors. - Business Bay continues to show healthy absorption. - Management expects continued sales momentum. Dadar West Acquisition - Dadar West land parcel acquired for approximately ₹18 Cr. - Sale carpet potential is around 18,000 sq ft. - Estimated GDV stands at approximately ₹100 Cr. - Acquisition strengthens near-term project pipeline. - Further consolidates South Central Mumbai presence. Debt & Capital Allocation - Gross debt stood at ₹646.94 Cr. - Cash and equivalents stood at ₹33.03 Cr. - Net debt stood at ₹613.91 Cr. - Debt expected to increase temporarily with new launches. - Strong project sales should support subsequent deleveraging. - Management expects debt to reduce sustainably after initial investment. - Bandra land premiums to be funded initially through accruals. Mumbai Real Estate Outlook - South and Central Mumbai remain premium markets. - Limited land availability supports premium pricing. - Residential demand remains resilient. - Redevelopment is a major housing supply driver. - Office supply remains constrained in prime locations. - Lower Parel continues to see leasing activity. - Premium positioning supports long-term market attractiveness. - Company remains focused on South Central Mumbai. KEY TAKEAWAY - ₹1,600 Cr launch pipeline drives FY27 growth; debt remains key monitor.

WESTERN CARRIERS (INDIA) LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue stood at ₹465 Cr, up 12% YoY. - EBITDA stood at ₹19 Cr. - EBITDA margin stood at 4.1%. - PAT stood at ₹9 Cr, up 13% QoQ. - PAT margin improved to 1.9% from 1.7% QoQ. - Q1 FY27 marked the company's largest-ever Q1. - Profitability improved despite continued EXIM disruptions. Container Volume Performance - Total container volume reached 58,261 TEUs. - Volumes grew nearly 15% YoY. - Domestic volumes reached 23,909 TEUs, up 37% YoY. - EXIM volumes reached 34,352 TEUs, up 3.2% YoY. - Q1 volumes exceeded Q4 FY26's 57,754 TEUs. - First time Q1 volumes surpassed Q4. - Domestic share has increased to around 40%. - Earlier domestic contribution was around 30%. - Specialized container demand remains strong. Domestic Business - Domestic growth remains the company's key focus. - Divaliya MMCP is driving domestic expansion. - 42-acre Divaliya facility serves multiple industries. - Services include containerization, storage and rail movements. - Domestic business has grown 37% YoY. - Company is mining existing EXIM customers domestically. - Specialized service offerings are gaining traction. - Further large domestic projects are under development. - Management expects continued strong domestic growth. EXIM Business - EXIM business remains impacted by global disruptions. - Freight rates to US/Europe increased 3–4X. - Some routes reached around $9,000/TEU. - Earlier freight levels were around $3,000/TEU. - Vessel availability remains a key challenge. - Port congestion is disrupting vessel schedules. - Cape of Good Hope routes add around 15 days. - War-risk and transport surcharges remain elevated. - EXIM volumes have remained muted for 4–5 quarters. - Management expects strong EXIM rebound after normalization. - EXIM recovery could significantly improve profitability. Multimodal Opportunity - Higher diesel prices support multimodal adoption. - Rail offers lower costs for suitable corridors. - Hybrid road-rail solutions are becoming attractive. - Dedicated Freight Corridors are a major catalyst. - Company remains a pioneer in multimodal logistics. - Specialized containers strengthen higher-value opportunities. - Management expects structural shift toward multimodal logistics. Divaliya MMCP - Divaliya MMCP is a key growth asset. - Facility spans approximately 42 acres. - Located in Saurashtra, Gujarat. - Serves tiles, chemicals, food and other industries. - Provides pan-India multimodal connectivity. - Includes first-mile and last-mile services. - Container terminal is operated with Container Corporation. - Facility expected to drive future domestic growth. Margin & Profitability - Q1 EBITDA margin stood at 4.1%. - Fuel costs continue to pressure margins. - Freight volatility impacts EXIM profitability. - Congestion creates operational inefficiencies. - Long-term contracts provide some pricing flexibility. - Supply-chain disruptions can temporarily affect realization. - Management is improving operational efficiencies. - Profitability has improved despite EXIM challenges. - Further margin improvement expected with normalization. Working Capital & Debt - Working capital days reduced to 111 days. - Previous-quarter working capital stood at 120 days. - Trade receivable days reduced to around 135 days. - Previous-quarter receivable days were 139 days. - Debt reduced from ₹217 Cr to ₹197 Cr. - Debt declined nearly 10% QoQ. - Debt remains below ₹200 Cr. - SME payment cycles have improved. - Management remains focused on receivable collections. - Growth has continued without increasing debt. Capex & Asset Strategy - FY27 CapEx envisaged at approximately ₹100 Cr. - Investment timing depends on customer commitments. - Volume visibility will determine CapEx deployment. - Specialized containers remain a key investment area. - Equipment and multimodal infrastructure remain priorities. - CapEx focuses on customer supply-chain requirements. - Company targets healthy double-digit returns. - Assets are selected based on profitability and necessity. - Management follows disciplined, low-risk CapEx planning. Technology & Infrastructure - Technology is becoming a core business enabler. - Focus remains on technology-led transformation. - ULIP can improve logistics visibility and integration. - Digitalization can reduce documentation-related delays. - Integrated infrastructure should improve asset utilization. - Process reforms remain critical for logistics efficiency. Outlook - Management remains confident on FY27 growth. - Domestic growth provides strong underlying momentum. - EXIM recovery offers significant upside potential. - Geopolitical normalization could trigger volume acceleration. - Specialized logistics remains a key growth opportunity. - Focus remains on profitable and sustainable growth. - Management expects improvement in revenue and profitability. KEY TAKEAWAY - Domestic pivot strengthening; EXIM recovery offers major upside.

KRBL LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue from operations stood at ₹1,496 Cr, down 6% YoY. - EBITDA stood at ₹372 Cr. - EBITDA margin stood at 23.8% vs 13.9% YoY. - PAT stood at ₹261 Cr vs ₹151 Cr YoY. - PAT margin stood at 16.7% vs 9.3% YoY. - Total income stood at ₹1,560 Cr, down 3% YoY. - Q1 delivered the strongest quarterly profitability in company history. - Gross margin stood at 36.3% vs 25.7% YoY. - Excluding other income, gross margin stood at 33.51%. Export Business - Export revenue stood at ₹244 Cr, down around 50% YoY. - Middle East disruption was the key export headwind. - Ex-Middle East exports grew 37% YoY. - Q1 basmati exports fell to 1.5 Mn MT from 1.7 Mn MT. - Middle East exports declined around 11% YoY. - Basmati realizations increased 20% YoY. - Realizations increased 13% QoQ. - Average export realization was around $1,150/ton. - Export weakness was a logistics shock, not demand shock. - Export volumes expected to recover progressively from Q2. - Management maintains guidance for meaningful full-year export growth. West Asia & Freight - Middle East accounts for nearly 75% of Indian basmati exports. - Around 4–5 lakh tons were stranded during disruption. - Freight rates rose over 10X, reaching nearly $5,000/container. - Alternate routes added 7–14 days transit time. - Strait transit has started to resume. - Gulf inventories have been drawn down materially. - Inquiry levels and order books are rebuilding. - Higher freight costs can now be passed through. - Q2 export numbers expected to be much better. - Bulk export business expected to resume progressively. Global Rice & Paddy Outlook - Global rice production expected at 537 Mn MT. - Global consumption expected at 543 Mn MT. - Global ending stocks expected to decline. - India remains nearly 40% of global rice trade. - India's FY27 rice exports estimated at 16.5 Mn MT. - India's rice production estimated at 150 Mn MT. - Domestic consumption expected near 128 Mn MT. - Government rice stocks remain substantially above buffer norms. - Monsoon rainfall was around 11% below normal. - IMD seasonal forecast revised to around 90% of normal. - Paddy acreage was around 4% lower YoY. - Deficient monsoon supports firm paddy prices. Basmati Crop & Pricing - 2025 Punjab basmati output declined 20–25%. - Floods affected around 60,000 acres of basmati. - Crop quality varied sharply across regions. - Quality segregation became particularly important. - PUSA 1509 initially traded around ₹2,500–3,200/quintal. - 1121 paddy reached ₹4,300–4,700/quintal by February. - Old-crop paddy availability effectively ended by May. - Pakistan's basmati crop damage was only 5–6%. - Pakistan rice production increased 2.8%. - Pakistani basmati traded around $100/ton premium to Indian material. - India accounts for roughly 85% of global basmati trade. Domestic Business - Domestic revenue excluding power reached ₹1,221 Cr. - Domestic revenue grew 14% YoY. - Domestic realization increased around 11% YoY. - Domestic volumes were impacted by lower bulk packs. - Bulk-pack weakness considered a timing issue. - Demand remains stable across the domestic business. - FY27 domestic volume growth target remains around 10%. - Management targets approximately 10% volume growth for 2–3 years. - Consumer packs and regional rice performed well. - Bulk-pack volumes expected to normalize in Q2/Q3. - Domestic price hikes were around 8–10%. India Gate Distribution - India Gate reaches around 3.3 lakh retail outlets. - Brand reaches approximately 1.2 Cr urban households. - Distributor management system covers 190 top distributors. - These distributors represent around 65% consumer-pack business. - Organized trade fill rates reached around 90%. - Target fill rate is at least 95%. - Target servicing time is 24–72 hours. - Traditional trade market share declined around 2 percentage points. - India Gate retains leadership across roughly 75% of states. E-Commerce & Quick Commerce - E-commerce primary sales grew around 50%. - India Gate held approximately 41% e-commerce market share. - Lead over next competitor was around 10 percentage points. - E-commerce channel now has complete P&L ownership. - Pricing, marketing and availability tracked through dashboards. - Regional rice is a major quick-commerce opportunity. - More regional rice varieties planned later in FY27. - Blinkit and Zepto are encouraging wider product launches. New Categories - India Gate Light and Fluffy Poha launched across 22 cities. - Initial retailer and consumer response was encouraging. - Masala portfolio delivered 74% value growth YoY. - Masala annualized revenue run-rate reached ₹9 Cr. - Target annualized run-rate is around ₹25 Cr by FY27-end. - Ready-to-cook masalas received strong initial response. - Regional rice remains a key growth opportunity. - Gangavati facility expected operational by Q3. Margin Outlook - Q1 margins were exceptionally strong but not sustainable. - High prices and MTM investment gains supported margins. - Management expects around 30% gross margin for FY27. - FY27 EBITDA margin guidance stands at 17–18%. - Margins expected slightly better than last year. - Export recovery could support margin improvement. - Paddy prices remain a key margin variable. - Future pricing will depend on crop economics. Inventory & Balance Sheet - Total inventory stood at ₹2,824 Cr. - Paddy inventory stood at ₹286 Cr. - Rice inventory stood at ₹2,481 Cr. - Rice inventory volume stood at around 389,000 tons. - Paddy inventory stood at around 71,000 tons. - Management plans to buy more inventory this season. - Cash plus investments stood at ₹1,841 Cr. - Cash and investments increased from ₹1,281 Cr YoY. - Higher internal accruals supported liquidity. Strategic Priorities - Focus remains on disciplined paddy procurement. - Premiumization remains a key growth strategy. - Branded portfolio expansion continues globally. - Large global buyers remain a strategic focus. - India retains pricing advantage versus Pakistan. - Operational efficiency and capital discipline remain priorities. - Management expects sustainable profitable growth. KEY TAKEAWAY - Export recovery + domestic growth support strong FY27 outlook.

THOMAS SCOTT – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Performance - Revenue stood at ₹66 Cr, up 22% YoY. - EBITDA reached ₹9 Cr, up 43% YoY. - EBITDA margin stood at 13.07%. - PAT stood at ₹5 Cr, up 54% YoY. - PAT margin stood at 8.21%. - Management targets maintaining the last two years’ growth pace. - Margin improvement remains a priority alongside growth. Business Performance - Thomas Scott revenue reached ₹25 Cr, up 34% YoY. - Licensed & other brands revenue reached ₹38 Cr, up 14% YoY. - Contract manufacturing revenue grew 33% YoY to ₹4 Cr. - Portfolio includes 15+ brands and 35,800+ SKUs. - More than 94% revenue is B2C. - B2B supports long-run production and factory utilization. Women's Wear - Women's wear contributed around 13% of Q1 revenue. - Unit economics remain neutral to favorable versus men's wear. - Long-cycle products are supporting repeat purchases. - Category could reach 2–3X current revenue within a year. - Management is scaling successful designs cautiously. - Dedicated merchandising team handles women's wear. Thomas Scott Brand - Around 40% of Thomas Scott revenue comes through B2B2C. - Approximately ₹10 Cr Q1 revenue was booked wholesale. - Partner-level NSV could potentially reach ₹15–20 Cr. - Aggregator sales remain EBITDA-margin neutral. - Strategy helps expand reach of best-selling styles. Dockers Opportunity - Dockers rollout expected to contribute meaningfully ahead. - Management aims to make Dockers a leading bottom-wear brand. - Target includes men's, women's and kids' categories. - Dockers strengthens the company's premiumization strategy. - Management sees a large opportunity for the brand. - Global B2C sales remain central to the agreement. Digital & AI Strategy - Proprietary technology drives demand forecasting and merchandising. - TSI tech platform consolidates in-house technology tools. - AI connectors are being developed for advanced AI models. - Technology helps optimize inventory and reduce business risks. - AI supports smarter design and demand decisions. - Management believes demand currently far exceeds supply capability. - Efficiency and supply expansion are key growth levers. - Own website contribution has increased recently. - AI-oriented website search has improved performance. Pricing & Demand - Demand itself was not subdued in Q1. - Price elasticity to demand was subdued. - Company prioritized realization over aggressive discounts. - Marketing delivered better ROI than price reductions. - August consumer sentiment has turned positive. - Q3/Q4 festive demand could support stronger pricing investments. - Management expects opportunity to offset Q1 growth moderation. Customer Acquisition - Pricing and performance marketing are two key growth levers. - Marketing investment increased where price ROI was weaker. - Typical CAC is around 4–6% of GMV. - Q1 marketing spend was materially higher. - Higher pricing supported improved gross margins. Quick Commerce - Myntra M-Now is the key quick-commerce partner. - Current unit economics are neutral. - Fashion-led products remain less suited to quick commerce. - Core categories will be evaluated over 6–9 months. - Initiative remains at a nascent stage. Offline Retail - Existing stores are EBITDA positive. - Online currently offers better ROCE opportunities. - Capital deployment remains focused on online growth. - Offline stores remain strategic pilots. - New stores will be opened selectively. - Larger offline expansion could emerge next financial year. Manufacturing & Capacity - Manufacturing facilities are currently fully occupied. - Additional capacity is being added consistently. - Current mix is around 60% in-house. - Around 35% is facility-based production. - Around 5% is outright purchased/traded goods. - Management expects this mix to remain broadly consistent. - Small-batch production enables rapid testing and scaling. - Mind-to-market cycle is around 15–45 days. - Capex remains relatively low and operationally focused. Working Capital & Debt - Working capital is primarily invested in inventory. - Inventory is closely tracked for ROCE. - Trade receivables declined despite higher revenue. - Finance cost increased due to elevated working capital. - ₹21 Cr stock was impacted by last year's fire. - Stock was fully insured. - Insurance claim realization remains under process. - Claim settlement should normalize debt levels. - Interest cost should decline significantly after settlement. - Necessary provisions have already been recorded. Margin Outlook - Management expects continued margin improvement. - Q1 margin improvement is considered sustainable currently. - Growth investments could temporarily moderate margins. - Management prioritizes growth while maintaining healthy margins. - Economies of scale could further improve margins long term. Long-Term Vision - Long-term ambition is to become the number-one multi-brand online retailer globally. - Focus remains primarily on B2C. - B2B supports sourcing and manufacturing efficiency. - Platform aims to connect brands with Indian/global consumers. - Management believes the business is still in early stages. - Supply expansion remains critical for future growth. KEY TAKEAWAY - Strong growth runway led by digital fashion, premiumization, AI and Dockers.

VIRTUOSO OPTOELECTRONICS – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Performance - Consolidated revenue reached ₹376.6 Cr, up 85% YoY. - Revenue grew 18.7% QoQ despite strong Q4. - EBITDA margin remained around 9.3%. - PAT increased 103% YoY to ₹9 Cr. - Management maintained FY27 growth guidance of 35–40%. - FY27 EBITDA margin guidance remains 9–10%. - Net margin target remains around 2.5–3%. Growth Strategy - Management targets 35–40% revenue CAGR for 3–5 years. - AC and compressors remain key growth verticals. - EMS and components offer relatively better EBITDA margins. - Focus remains on product diversification and backward integration. - Asset utilization target is above 75% aggregate. - ODM transition supports movement up the value chain. Air Conditioner Business - AC expected to contribute 55–60% of FY27 revenue. - Q1 AC contribution was approximately 65%. - AC revenue grew around 70% YoY in Q1. - Capacity is expanding from 1 Mn to 1.8 Mn units. - Expansion planned in two phases over 12–15 months. - FY28 utilization expected around 50–60%. - AC margins remain under raw-material pressure. - ODM model could add around 1–1.5% margin. - Margin improvement is expected mainly from FY28. - Next-season RAC industry growth estimated at 8–10%. - Customer concentration is gradually reducing. - Top AC customer expected around 25–30% contribution. - FY26 top-customer concentration was 50–55%. Compressor Business - Compressor production started in December 2025. - Current utilization is already above 50%. - Capacity planned to increase from 2.8 Mn to 6 Mn units. - Expansion expected by December/January. - Commercial production from expansion targeted around Q4 FY27. - Compressor revenue share targeted at 15% in FY27. - Compressor revenue grew around 78% YoY in Q1. - Working with around 8–9 customers across industry. - No single customer expected above 20–23% eventually. - Current confirmed focus remains refrigeration compressors. - AC compressor plans are not finalized. - Government import restriction supports localization opportunity. - Compressor peak revenue potential estimated at ₹750 Cr. - Backward integration includes shell manufacturing and motor assembly. - Future funding mix will balance debt and equity. EMS & Backward Integration - EMS capacity currently stands at 4 lakh CPH. - Capacity will increase to 12 lakh CPH. - First phase targets 8 lakh CPH by Sept 2026. - Commercial production expected toward end-Q3 FY27. - EMS revenue contribution expected around 10%. - H1 FY27 focus remains deeper backward integration. - PCB localization is also being explored. - Sanand and Chennai component businesses are improving. - Around 15% of VPPL business currently comes from VOPL. - Remaining 85% serves external customers. Commercial Refrigeration - Q1 was subdued due to price increases. - Higher prices delayed some B2B buying decisions. - Management expects demand to normalize during FY27. - Another marquee customer has been onboarded. - FY27 capex planned at ₹20–25 Cr. - Similar ₹20–25 Cr capex planned next year. - Capacity target is 4 lakh units. - Full utilization could generate around ₹600 Cr revenue. - Realistic 60% utilization implies around ₹360 Cr revenue. - Margin currently remains broadly in line with consolidated margin. - Visi cooler entry is planned shortly. - Medicinal refrigerators have already been added. Capacity Expansion - Deep freezer capacity expanding from 1.5 lakh to 2.5 lakh. - First expansion targeted by Q3 FY27. - Second phase targets 4 lakh units next year. - Compressor capacity moving toward 6 Mn units. - AC capacity expansion targets 1.8 Mn units. - Overall ongoing expansion could support ₹3,500–4,000 Cr peak revenue. - AC peak revenue potential estimated at ₹2,000 Cr. - Compressor peak revenue potential around ₹750 Cr. - Other businesses could contribute ₹400–500 Cr. Raw Materials & Margins - Raw-material pressure affected Q1 margins. - Aluminum and copper remain key imported materials. - Compressor imports also create supply-chain exposure. - Logistics costs and shipment delays impacted operations. - Pricing has largely stabilized currently. - Most raw-material increases are being passed through. - EBITDA could move closer to 10% as pricing stabilizes. - Management considers 9.3% EBITDA a healthy level. PLI & Funding - Company remains covered under PLI during FY27. - PLI impact is around 1% of overall EBITDA. - Discussions underway with customers for post-PLI transition. - Management expects a mutually beneficial solution. - PLI 2.0 opportunity is being evaluated. - Current expansion funding uses equity and debt. - ₹150 Cr OCD debt raised for compressor expansion. - Further funding mix will be decided over next 12 months. - Debt remains the primary funding source. - Debt-equity balance expected to remain stable for 12 months. KEY TAKEAWAY - Strong growth visibility with AC, compressors and capacity expansion.

TECHNOCRAFT INDUSTRIES – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Scaffolding & Formwork - Steel scaffolding revenue stood at ₹240 Cr. - MACH 1 aluminum revenue stood at ₹165 Cr. - US scaffolding demand remained very strong. - AI, semiconductor and energy projects support demand. - Long-term US capex projects provide strong pipeline. - Scaffolding capacity utilization reached 95%. - Management expects similar or better volumes for 2 quarters. - Capacity can be added within 3 months if required. - Formwork order book covers around 3–5 months. - South America contribution to formwork continues increasing. - Aluminum extrusion plant operates at 100% capacity. - MACH 1 utilization currently stands around 75–80%. - MACH 1 volumes impacted by project readiness. - Management prioritizes customer quality and profitability. Scaffolding Margins & US Tariffs - Sustainable scaffolding margin remains 15%+. - US scaffolding tariff currently stands at 50%. - China faces total tariff of 75%. - Technocraft enjoys a 25% tariff advantage versus China. - Chinese steel enjoys around 20% cost advantage. - Technocraft remains up to 5% lower cost overall. - Company does not compete purely on price. - Inventory availability and customer relationships remain key. - US distribution network supports competitive positioning. - Product mix includes over 150 scaffolding components. Drum Closures - Drum closures delivered highest-ever revenue and EBIT. - EBIT margin reached approximately 43%. - Higher volumes supported profitability. - Rupee depreciation boosted export realizations. - Almost 100% of revenue is export-led. - Sustainable margin guidance remains 30%+. - Management does not consider 43% sustainable. - Volatility currently remains favorable for margins. - Demand environment remains strong. - Similar volumes expected in the immediate quarter. - Business has no meaningful seasonality. - Plastic closures sales reached around ₹14.5 Cr. - Plastic closures carry better margins. - Tariff refund expected around US$3 Mn. - No tariff refund was received in Q1. Engineering Services - US engineering outsourcing demand remains strong. - Machinery, transportation and plant engineering performing well. - AI transformation is supporting new order wins. - AI vision systems are gaining traction. - Embedded systems and automation capabilities expanded. - Industrial and manufacturing automation support growth. - Sustainable margin target remains around 15%. - Continuous technology investment remains necessary. - US manufacturing expansion supports plant-engineering demand. - AI is viewed as an enabler, not threat. Defence Business - JT cooler is fully developed and approved. - Product approved by DRDO. - Israel sensor company has also approved it. - Initial JT cooler order is around ₹20 Cr. - Defence product margins could be around 15%. - Missile canisters have received repeat orders. - Canister order book is around ₹10 Cr. - Total confirmed defence order book is ₹20–21 Cr. - Additional defence orders remain under discussion. - Defence products are developed against specific requirements. - Business includes fabrication, canisters and specialized products. - Defence opportunity remains difficult to quantify. Textile Business - Fabric business has been completely shut down. - Machinery sold for around ₹25–30 Cr. - Shutdown released approximately ₹15–20 Cr working capital. - Remaining textile business includes yarn and garments. - Yarn business remains profitable. - Yarn EBITDA margin was around 13% last quarter. - Garment business remains loss-making. - Management targets garment breakeven within 2 quarters. - No active plan currently to sell textile business. Capex & Capacity - No significant new capacity capex planned in FY27. - FY27 spending mainly maintenance capex. - CSN plant is fully operational. - Phase 2 planned for next year. - Phase 2 may add extrusion capacity. - Forward integration also planned. - Scaffolding capacity expansion options are being studied. - Existing Mumbai and China space supports expansion. - New scaffolding capacity could be added within 3 months. Aluminum Integration - MACH 1 aluminum requirements are 100% backward integrated. - Extrusion requirements are produced fully in-house. - Aluminum price increase benefited integrated operations. - Extrusion plant contributed positively to segment EBIT. - Integration helped offset higher aluminum prices. Demand & Outlook - US scaffolding demand remains robust. - India project launches remain strong across major cities. - Commercial, GCC and data-center demand is improving. - Near-term scaffolding volumes expected to remain strong. - Management avoids long-term growth guidance. - Focus remains on disciplined execution. - External volatility remains the key uncertainty. - Europe scaffolding sales have started after certification. - European demand remains weak due to construction slowdown. - Middle East scaffolding contributes only 2–3% of sales. - Middle East business may remain volatile for 1–2 quarters. KEY TAKEAWAY - Strong US scaffolding demand; drum margins remain exceptionally high.

BELRISE INDUSTRIES – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Financial Performance - Q1 revenue stood at ₹2,547 Cr, up 13% YoY. - Manufacturing revenue grew 20% YoY to ₹2,198 Cr. - EBITDA stood at ₹293 Cr, up 5% YoY. - EBITDA margin stood at 11.5%. - Manufacturing EBITDA grew 10% to ₹279 Cr. - Manufacturing EBITDA margin stood at 12.7%. - PAT stood at ₹122 Cr, up 9% YoY. - PAT margin stood at 4.8%. - Exports contributed 4.5% of manufacturing revenue. - Two/three-wheelers contributed 81.4% of manufacturing revenue. - Commercial vehicles contributed 8.5%. Demand & Growth - Two/three-wheeler business benefited from volume recovery. - New platform launches supported customer growth. - Four-wheeler and CV revenues grew 18% YoY. - New OEM engagements are strengthening the order book. - Management expects mid-teens revenue growth. - EBITDA margins expected to remain stable versus FY26. - New OEM penetration should accelerate growth. - Benefits from new wins expected mainly in Q3/Q4. Major Order Wins - New two/three-wheeler chassis order secured. - Program annual revenue exceeds ₹65 Cr. - Production expected from Q4 FY27. - Cumulative annual run-rate with this OEM reached ₹155 Cr. - Suspension and braking wins take run-rate near ₹200 Cr. - New Vietnamese OEM selected Belrise for suspension and braking. - Three-wheeler OEM order secured for complete brake assemblies. - Four-wheeler EV localization includes 59 unique assemblies. - Tooling, fixtures and automation order secured alongside components. - New chassis program carries approximately ₹50 Cr annual potential. Renewable Energy - New solar tracker manufacturing facility being expanded. - Customer is a leading US solar tracker manufacturer. - Initial supply supports 2.5 GW annual capacity. - Production expected to begin in Q4 FY27. - Peak annual revenue expected above ₹150 Cr. - Business will generate recurring revenue. - Order book can scale further. - Domestic and export opportunities are being pursued. Cost & Margin Outlook - Steel and polymer costs remained elevated in Q1. - Back-to-back pricing enables cost pass-through. - Management believes worst cost pressure is over. - Q1 commodity pressure should reverse in coming quarters. - Staff costs increased due to annual increments. - Advance hiring supported upcoming facility ramps. - Energy and transportation costs are normalizing. - Margin pressure expected to ease progressively. - FY27 EBITDA margin expected broadly stable versus FY26. Aerospace & Defence - Aerospace and defence remain strategic growth pillars. - SDM and Chester Hall acquisitions strengthened capabilities. - High-volume aero-engine localization discussions are advanced. - India positioned as a best-cost aerospace manufacturing base. - Target is 10% of manufacturing revenue from aerospace/defence. - Acquisition pipeline spans India, Europe and North America. - Focus remains on high-ROC, high-margin businesses. - Acquisitions must be EPS and ROC accretive. - Chester Hall adds advanced titanium machining capability. - Engine components require tolerances as low as 1–2 microns. - More aero-engine manufacturing could shift to India. QIP & Capital Allocation - Company raised approximately ₹1,700 Cr through QIP. - Majority of proceeds to be deployed within FY27. - Focus is primarily on inorganic growth. - Aerospace is a key acquisition focus. - Four-wheeler and CV segments remain strategic priorities. - Select organic growth initiatives also planned. - Capital allocation will remain disciplined. HYVA Acquisition - HYVA India tipper business acquisition announced. - Transaction expected to close in Q3 FY27. - Business supplies all 5 leading CV OEMs. - Acquisition strengthens commercial vehicle customer portfolio. - Adds heavy fabrication capabilities. - Supports transition toward Tier 0.5 systems supplier. - Three manufacturing facilities will be acquired. - Facilities located in Pune, Jamshedpur and Bangalore. - Infrastructure, construction and mining support tipper demand. - HYVA capabilities can support defence applications. - Potential synergy with Plasan Sasa armoured vehicle initiative. High Tensile Steel - H1 collaboration strengthens high-tensile capabilities. - Technology supports steel strength up to 1,470 MPa. - Capability is around 3x Indian industry standard. - Enables lightweighting and improved crash safety. - 59 EV assemblies will leverage this capability. - Technology supports localization of imported components. - Advanced tooling and automation capability is a differentiator. - EV and Japanese OEM interest is increasing. Trading Business - Trading revenue declined 19% YoY in Q1. - Middle East disruption affected demand and logistics. - Business exposure includes Africa, Asia and Middle East. - Management expects normalization going forward. - Trading growth expected below manufacturing growth. - Overall company growth remains focused on manufacturing. KEY TAKEAWAY - Strong order wins; aerospace, renewable and CV drive next growth phase.

MAX ESTATES – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Residential Performance - Q1 pre-sales reached ₹1,100 Cr, up 5x YoY. - Estate 361 Terraces phase one fully sold. - Terraces contributed approximately ₹500 Cr. - Sustenance sales contributed another ₹600 Cr. - Quarterly collections stood at approximately ₹575 Cr. - Residential collections remain at 20–25% of sales value. - Construction funded without incremental residential project debt. Embedded Value - Launched residential/mixed-use portfolio potential stands at ₹17,500 Cr. - Sold and contracted portfolio stands at ₹13,500 Cr. - Already collected from sold portfolio: ₹3,500 Cr. - Future collections from sold portfolio: ₹10,000 Cr. - Embedded PBT estimated at ₹4,500–5,500 Cr. - Majority of future earnings already contracted. Residential Pipeline - Total residential launch pipeline stands around ₹16,100 Cr. - Around ₹4,000 Cr already launched. - Around ₹12,000 Cr planned new launches in FY27. - Company targets annual addition of 2 Mn sq ft. - Estate 361 overall GDV stands at ₹9,000 Cr. - Terraces carries approximately ₹1,200 Cr GDV. - Estate 105 revised GDV increased to ₹6,000 Cr. - Estate 105 Phase 2 planned for FY27. - Sector 59 has 1.3 Mn sq ft development potential. - Sector 59 GDV potential exceeds ₹3,500 Cr. - Sector 59 launch expected in Q3 FY27. Commercial Portfolio - Max Towers, Max House and Max Square remain 100% occupied. - Commercial portfolio area stands at 1.2 Mn sq ft. - Q1 lease rental income increased 5% YoY to ₹40 Cr. - Max Towers latest lease achieved ₹156/sq ft/month. - Current weighted average rental is ₹132/sq ft/month. - Max Towers has significant mark-to-market upside. - Max Square 2 has 1 Mn sq ft leasable area. - Occupancy certificate expected by Q2 FY28. - Max Square 2 can add ₹125 Cr annuity income. - Max District has 1.6 Mn sq ft leasable area. - Max District can add ₹200 Cr annuity income. - Peak annual rental income targeted around ₹700 Cr. - Company targets 1 Mn sq ft annual business development. Pre-Leasing Momentum - Max Square 2 pre-leasing remains strong. - Max District also seeing healthy pre-leasing. - Over 3 Mn sq ft currently under discussion. - Recent pre-leases achieved 25–30% premiums. - Management expects further premium improvement. - Leasing premiums are benchmarked against current market rates. Financial Performance - Q1 consolidated revenue stood at ₹52 Cr. - Consolidated EBITDA stood at ₹8 Cr. - Consolidated PBT stood at ₹11 Cr. - Consolidated PAT stood at ₹8 Cr. - Max Asset Services revenue rose 16% YoY to ₹15 Cr. - Commercial assets remain fully leased. Balance Sheet - Net debt stood at ₹234 Cr as of June 2026. - Gross debt stood at ₹1,960 Cr. - Lease rental discounting borrowings stood at ₹934 Cr. - Cash and equivalents stood at ₹1,727 Cr. - ICRA assigned first-time A+ rating with stable outlook. - Uncommitted receivables stood near ₹9,500 Cr. - Cash-flow adequacy ratio stood around 105%. FY27 Cash Flow - FY27 collections expected at ₹2,500–2,700 Cr. - Project deployment expected around ₹1,500–1,800 Cr. - Operating OCF expected around ₹750–1,000 Cr. - Remaining OCF planned toward business development. - Q1 collections increased confidence in FY27 targets. Commercial Capex - Remaining commercial asset capex is ₹1,500–1,800 Cr. - Financial closure achieved across commercial assets. - Equity partners have contributed their share. - Debt sanctioned by SBI, ICICI and Axis. - Long-term strategy uses around 40% equity. - Balance funding primarily through debt. - Construction finance converts to lease rental discounting. Antara Partnership - Max Estates owns and develops the projects. - Antara acts as senior-living knowledge/operator partner. - Antara receives approximately 9–9.5% development fee. - Fee applies to relevant senior-living sales. - Antara residences command around 10% sales premium. - Higher pricing helps offset the management fee. - Estate 361 senior-living portion around 15–20%. - Future Antara participation remains project-specific. Business Development - Company remains focused on NCR and larger NCR. - Evaluating opportunities across the broader NCR region. - Management remains confident about consolidation opportunity. - Focus remains on organized, trusted listed developers. - Business development will follow internal return parameters. - Delhi land-pooling policy seen as transformational. - Company will evaluate Delhi opportunities seriously. Launch Strategy - Remaining FY27 new launches expected around ₹5,000–5,500 Cr. - Existing launched inventory adds another ₹3,000–4,000 Cr. - Company has stopped providing formal sales guidance. - Management prioritizes quality of sales over volume targets. - Macro environment remains volatile. - Management remains confident about pipeline and product positioning. KEY TAKEAWAY - ₹1,100 Cr Q1 sales + ₹16,000 Cr pipeline supports strong growth visibility.

MIDHANI – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Financial Performance - Q1 turnover grew 40.46% YoY to ₹239.49 Cr. - Value of production stood at ₹260.36 Cr. - PBT increased 25.89% YoY to ₹23.92 Cr. - PAT increased 27.42% YoY to ₹16.31 Cr. - EBITDA grew 12.89% to ₹46.6 Cr. - EBITDA margin stood around 20%. - Growth impacted by higher LPG and raw-material costs. - Raw-material price variance caused around ₹13 Cr impact. - LPG cost impact was around ₹5 Cr. Order Book - Current unexecuted order book exceeds ₹2,300 Cr. - Defence contributes 66% of order book. - Space/ISRO contributes 21%. - Energy contributes 9%. - Other sectors contribute 4%. - Management expects continued order inflows. - Orders are now largely secured through competitive bidding. Margin Outlook - Q1 margins impacted by LPG crisis. - Nickel, molybdenum and tungsten prices also increased sharply. - Q2 may remain somewhat impacted. - Management expects normalization from Q3 FY27. - Q3 margins expected to return toward normalized levels. - Product mix remains key margin driver. - Titanium and super alloys carry higher margins. - Management expects FY27 growth above FY26 levels. - Q1's 40% growth is not sustainable annually. Metal Bank Initiative - Metal bank aims to improve raw-material availability. - It should reduce procurement delays. - It can cushion abnormal raw-material costs. - Procurement is already advanced for one customer. - More customer arrangements expected by Q2-end. - Customer-owned metal will remain outside MIDHANI books. - Metal bank will not release MIDHANI working capital. - Implementation expected to strengthen supply-chain reliability. Titanium & Super Alloys - Titanium melting capacity was expanded. - FY26 titanium melting was around 750 MT. - Current titanium order pipeline is around ₹600 Cr. - Management expects significant titanium volume growth. - Additional capacity is expected to be fully utilized. - Titanium and super alloys offer better margins. - Focus remains on strategic titanium and super-alloy programs. - Single-crystal super-alloy feedstock capability developed. - Multiple specialized aerospace grades are being developed. Aerospace Opportunities - AMCA development orders are already underway. - Successful development could lead to bulk orders. - Fighter-aircraft super-alloy forging completed successfully. - Orders received for 4 super-alloy grades. - Orders received for 3 titanium grades. - Global aerospace OEM approvals are being pursued. - OEM certification process is progressing. - Management expects some export approvals within around 1 year. - Aerospace indigenization provides significant opportunity. S-400 Certification - Received S-400 certification from General Electric. - Certification covers mechanical, chemical and metallography testing. - MIDHANI can test customer specimens domestically. - Testing can also serve international customers. - Customers previously sent specimens abroad. - MIDHANI can now generate testing revenue. - No revenue sharing with GE is required. - Management conservatively sees potential from this business. Certifications & Technology - NAS 410 qualification completed for NDT personnel. - NADCAP NDT certification targeted by FY27-end. - ISO 27001 planned during FY27. - ISO 50001 planned during FY27. - AI seminar conducted for metallurgical applications. - AI-based metallurgical initiatives are under evaluation. New Products & Developments - ABHED bulletproof jackets are under testing. - Testing expected to complete this quarter. - Commercial orders could follow qualification. - Target customers include CRPF, BSF and state police. - Spring plant has started operations. - Sample order received from BEML. - German metal-powder export licence preliminary approval obtained. - Equipment expected potentially by next year. - First commercial aluminium rolling order successfully executed. Nuclear Opportunity - MIDHANI remains a key nuclear-material supplier. - More orders expected after PFBR achieved criticality. - Government targets 100 GW nuclear capacity by 2047. - Steam-generator tube orders are being executed. - Nuclear-grade materials are developed domestically. - Future nuclear expansion can drive order inflows. Exports - Export target is around 10% of turnover. - Current-year export sales reached ₹33 Cr. - Export order book stands around ₹25 Cr. - Management expects exports above FY26. - Longer-term export contribution could reach 15–20%. - Global OEM certifications remain the key export catalyst. Capex & Modernization - Around ₹1,000 Cr capex planned over 2–3 years. - Benefits expected after stabilization from around Year 4. - FY27 capex likely only ₹50–60 Cr. - FY27 spending mainly represents normal maintenance capex. - Major modernization aims to replace aging equipment. - New machinery should improve yield and productivity. - Modernization should also reduce processing time. - Larger capex proposal is awaiting government approval. Scrap Management - Scrap inventory reduced by around ₹17 Cr in Q1. - Last year scrap inventory reduction was around ₹75 Cr. - Scrap is strategically reused wherever possible. - Scrap utilization depends on customer specifications. - Aerospace programs generally restrict scrap usage. - Scrap is segregated, cleaned and tagged systematically. - Metal recovery from scrap is being explored. - Collaboration underway with NFTDC. Aluminium Strategy - Proposed Nellore aluminium plant will not proceed. - MIDHANI and NALCO boards recommended closure. - Formal government approval remains pending. - Existing wide plate mill will support aluminium rolling. - Domestic billets can be converted into aerospace plates. - This supports aluminium import substitution. KEY TAKEAWAY - Strong growth; Q3 margin recovery and aerospace orders key.

REGAAL RESOURCES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Capacity Expansion - Crushing capacity doubled to 1,650 TPD from 825 TPD. - New 180 TPD liquid glucose facility commissioned. - New 50 TPD maltodextrin powder facility commissioned. - Captive power expanded from 7.1 MW to 15.8 MW. - Company is now Eastern India's largest maize wet miller. - Major expansion commissioned on 26 May 2026. Financial Performance - Operating income stood at ₹202.15 Cr, down 18% YoY. - Trading contribution declined to 3.3% from 19.5%. - Value added grew 30.3% YoY to ₹80.53 Cr. - Value-added margin expanded to 39.8%. - Operating EBITDA rose 26.6% to ₹30.98 Cr. - EBITDA margin improved to 15.3% from 9.9%. - PAT grew 47% YoY to ₹13.33 Cr. - PAT margin improved to 6.6%. - Profitability improvement driven by operating leverage. - Higher-margin manufacturing replaced low-margin trading. Volume & Utilization - Q1 maize crushing reached 69,689 MT vs 64,770 MT. - Q1 volume increased around 8% YoY. - Q1 utilization stood at 71.4%. - Integration caused around 9 shutdown days. - Estimated production loss was around 7,200 MT. - Q2 crushing expected around 100,000–110,000 MT. - FY27 crushing target is above 4 lakh MT. - Management aims for 90–95% utilization eventually. - Utilization expected to improve progressively from Q2. Value-Added Products - Value-added contribution was around 3% last year. - FY27 target is around 20–22% of turnover. - Liquid glucose utilization reached around 70%. - Maltodextrin ramp-up expected over 2–3 months. - Modified starch products expected fully online by September. - Dextrose plants expected to start around Q4 FY27. - Maltodextrin offers higher margins and value addition. - Specialized products include cationic and carboxymethyl starch. - Pre-gel and spray starch are also being developed. - Value-added capacity is designed around 50:50 starch/value addition. - FY28 value-added turnover could reach around 30–35%. Product & Market Expansion - Company is expanding beyond existing dextrin products. - New products target higher-value applications. - Around 70–80% of new products use existing channels. - Existing paper and food customers provide distribution leverage. - New customers are being added alongside cross-selling. - White-label business continues to expand. - New India-wide brand customer added. - Direct supply to major MNC customers has increased. Exports - Export contribution increased to around 10% from 5%. - Q1 export contribution was reported at 10.4%. - International contribution has more than doubled YoY. - Company is targeting new overseas markets. - Management is attending international industry fairs. - Export growth expected to continue. - Management expects exports to rise further. - No specific export revenue guidance provided. Maize Procurement Advantage - Around 80% of maize inventory procured during Rabi. - Additional sourcing planned from Maharashtra, MP and Karnataka. - Bihar Kharif maize sourcing is also being explored. - Bihar maize offers strong recovery characteristics. - Large maize kernels support better product recovery. - Direct farmer procurement reduces logistics costs. - Local maize availability provides sourcing advantage. - Management considers Bihar maize quality among India's best. Inventory & Working Capital - Cash conversion cycle stood at 130 days. - Inventory elevated due to expanded capacity. - Inventory build supports 1,650 TPD operations. - Q1/Q2 inventory is seasonally higher. - Around 208 days inventory was discussed. - Inventory expected to normalize as utilization increases. - Working capital requirement peaks during H1. - Debt expected to decline during H2. - Historical working capital debt can fall significantly by Q4. Debt & Capex - Net debt stood at ₹735.32 Cr. - Total project outlay is approximately ₹664 Cr. - Around ₹552 Cr incurred by 30 June 2026. - Major capex cycle is substantially complete. - Expansion debt qualifies for Bihar interest subvention. - FY27 net interest cost expected around ₹39–40 Cr. - Interest burden expected broadly flat vs FY26. - Management expects stronger cash generation ahead. - Deleveraging is a key FY27 priority. - No major new capex planned currently. - Focus is stabilizing and monetizing existing expansion. Interest Subvention - Bihar policy provides interest support on eligible project loans. - Different loans are used for different projects. - Subsidy cap was amended from ₹20 Cr to ₹40 Cr. - Revised benefit is awaiting final government clarification. - Company has not yet included unconfirmed benefit. - Interest support should contain borrowing costs. Margins & Profitability - Management avoids specific EBITDA/ton guidance. - EBITDA depends heavily on maize and finished-product prices. - Value addition should structurally improve margins. - Higher utilization should improve operating leverage. - Product mix improvement remains a key margin driver. - Like-for-like pricing should produce better profitability. - Management expects EBITDA margin to improve. - Exact margin guidance remains unavailable. FY27 Outlook - Crushing expected to exceed 4 lakh MT. - Q2 volume could reach 100–110K MT. - Value-added contribution expected around 20%+. - Utilization expected to ramp significantly. - Operating leverage should strengthen through FY27. - Free cash flow generation expected to improve. - Leverage reduction becomes a key focus. - Management wants to stabilize before further expansion. KEY TAKEAWAY - Capacity doubled; value-added mix and utilization drive FY27 growth.

SOLEX ENERGY LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Financial Performance - Revenue stood at ₹265.6 Cr, up 1.8% YoY. - EBITDA stood at ₹33.8 Cr vs ₹42.7 Cr YoY. - EBITDA margin stood at 12.7% vs 16.4% YoY. - PBT stood at ₹11.1 Cr. - PAT stood at ₹8.3 Cr, with 3.1% margin. - EPS stood at ₹7.39. - Higher depreciation and finance costs impacted profitability. - Management remains confident on FY27 guidance. Order Book & Visibility - Current order book visibility stands around ₹3,400 Cr. - Order book includes POs, signed MSAs and advanced MSAs. - Over ₹628 Cr order received in July 2026. - Additional ₹42.47 Cr order secured in August. - Further ₹175 Cr LOI received; MSA signing pending. - Executable pipeline reached ₹845.84 Cr. - Pipeline targeted for execution by December 2026. - Largest closed order exceeds ₹600 Cr. - Around 2 GW inquiry pipeline under discussion. - About 400 MW targeted for FY27 execution. Module Manufacturing - Tadkeshwar facility has 4 GW module capacity. - Line 3 and Line 4 reached full utilization by March 2026. - FY27 average utilization assumption is 55%. - Management continues ramp-up toward higher utilization. - Q4 FY26 utilization had exceeded 70%. - Customer base includes leading Indian IPPs. - Repeat business remains a key order-book driver. - IPP remains the primary business focus. ALMM Impact - ALMM 2 created significant industry uncertainty. - Customer delivery schedules were deferred, not cancelled. - Management sees no current order-book risk. - Majority of orders are grandfathered projects. - Around 20% orders had ALMM-related vulnerability. - Government extensions have reduced the immediate issue. - Post-monsoon execution expected to accelerate. - H2 remains significantly stronger than H1. - Company remains prepared for both ALMM scenarios. Cell Supply & DCR - Company works with 3 domestic cell manufacturers. - MOUs signed with additional upcoming cell manufacturers. - One supplier committed around 1 GW annual supply. - Total MOU-linked capacity is around 2.5 GW annually. - Current suppliers are transitioning toward G12R. - DCR cell requirement becomes more important from April 2027. - Management expects better domestic cell availability by then. - Current DCR supply remains relatively limited. Cell Manufacturing Expansion - Planned cell capacity totals 5 GW in two phases. - First phase comprises 2.2 GW TOPCon+ capacity. - First phase targeted for commissioning by end-2027. - Immediate project cost estimated around ₹1,050 Cr. - Debt component stands around ₹700 Cr. - Equity/promoter contribution around ₹350 Cr. - Land has already been procured. - 30 MW electricity connection approval is awaited. - Funding discussions are at an advanced stage. - Due diligence for structured debt is completed. - Experienced TOPCon manufacturer will support execution. - Technology partner will assist design and operations. - ISC Konstanz collaboration supports cell technology development. - Backward integration expected to improve margins. Capex Strategy - Earlier module expansion plan has been reduced. - Additional 2.5 GW module capacity is currently not planned. - Around ₹200 Cr module capex avoided. - Management sees sufficient module capacity availability. - Current priority is the 2.2 GW cell line. - Capex strategy remains calibrated and demand-driven. - Funding and technology approvals remain key milestones. Technology & Product - Solex was first Indian manufacturer to launch G12R TOPCon modules. - Manufacturing facility is fully automated and MES-driven. - Unit-level product traceability is available. - In-house laboratory supports international testing standards. - R&D partnership with ISC Konstanz continues. - TT Vision Malaysia supports automation and process optimization. - Next-generation back-contact and TOPCon+ roadmap progressing. Exports & Global Opportunity - Export focus includes Europe, Middle East and Africa. - Company is also exploring the US market. - European market team has been established. - Indian modules are viewed as competitive on quality. - Strategic focus remains markets preferring Indian modules. - Management sees opportunities with global brands. - Global contract manufacturing discussions are progressing. - Indian projects for global brands may close in Q4. - Broader OEM opportunities could be evaluated next year. BESS Opportunity - BESS remains a major long-term strategic opportunity. - Planned BESS capacity is 10 GW in two phases. - Technology partners are currently being evaluated. - BESS manufacturing will be housed separately. - Company prefers a measured technology-led entry. - Management expects BESS adoption to accelerate rapidly. - Grid stability issues could support BESS demand. - Commercially established BESS technology seen as near-term opportunity. EPC Business - EPC is not currently a major focus. - Business remains a tactical opportunity. - Focus primarily remains on IPP module supply. - EPC order size generally ranges 1–5 MW. - FY27 EPC revenue target around ₹100–150 Cr. - EPC margins estimated around 10–12%. - Company avoids competing directly with IPP customers. Distribution Strategy - Direct sales remain dominant for large IPPs. - C&I customers are also served directly. - Residential rooftop is not a major focus. - No aggressive distribution expansion planned currently. - Distribution strategy may be reconsidered post-2028. - Cell manufacturing expansion remains the current priority. Long-Term Vision - Vision includes 10 GW module capacity. - Target includes 10 GW solar cell capacity. - Target includes 10 GW BESS infrastructure. - Long-term plan includes 2 GW wafer/ingot capacity. - Gujarat government MoU stands at ₹4,000 Cr. - Strategy focuses on deeper solar value-chain integration. - Growth remains aligned with Atmanirbhar Bharat initiatives. Industry Outlook - Solar demand remains structurally strong. - H2 expected to drive major revenue conversion. - Repowering creates demand for newer TOPCon modules. - Grid connectivity challenges are viewed as temporary. - BESS expected to support renewable integration. - Consolidation among module manufacturers may increase. - Management remains confident in FY27 execution. KEY TAKEAWAY - H1 weakness temporary; H2 execution and cell integration key.

PURAVANKARA LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Strong Operational Performance - Pre-sales stood at ₹1,439 Cr, up 28% YoY. - Sales volume grew 9% to 1.36 Mn sq.ft. - Average realization increased 18% to ₹10,589/sq.ft. - Collections rose 40% to ₹1,199 Cr. - Delivered 745 homes covering 0.95 Mn sq.ft. - Total income increased 63% YoY to ₹877 Cr. - EBITDA margin expanded to 25% vs 15% YoY. - PAT turned positive at ₹25 Cr vs ₹69 Cr loss. - Operating rhythm improved across sales and execution. Balance Sheet & Capital Allocation - Net debt stood at ₹2,836 Cr as of June 2026. - Net debt-to-equity stood at 1.57x. - Gross debt declined ₹74 Cr during Q1. - Cash and bank balances stood at ₹1,106 Cr. - Average cost of debt stood at 11.12%. - Debt reduction remains a key management priority. - Collections, refinancing and asset recycling remain focus areas. - Capital allocation will prioritize cash flows and returns. Purva Zant Monetization - Definitive agreement signed with ICICI Prudential AMC. - Enterprise value stood around ₹625 Cr. - Transaction expected to release capital. - Around ₹250 Cr debt will be repaid from proceeds. - Remaining proceeds will be deployed judiciously. - Transaction expected to enhance financial flexibility. New Business Development - Added 4 opportunities across Bengaluru. - Total land area stood at around 41.93 acres. - Development potential stood at 4.23 Mn sq.ft. - Estimated GDV stood at ₹5,200 Cr. - Additions strengthen key Bengaluru micro-markets. - JDAs provide a capital-efficient growth route. - Future land acquisitions will remain strategic. FY27 Pre-Sales Guidance - FY27 pre-sales guidance maintained at ₹11,200 Cr. - Q1 performance provides a strong starting base. - Launches remain key to achieving guidance. - Project approvals and execution remain critical. - Management remains confident on guidance achievement. - Around ₹27,300 Cr launch pipeline supports growth. - Additional ₹10,000 Cr sustenance projects are ongoing. Debt Reduction - FY27 gross debt reduction guidance remains ₹700 Cr. - Gross debt already reduced ₹74 Cr in Q1. - New project acquisitions did not increase gross debt. - Cash flows remain strong. - Capital allocation will balance debt reduction and opportunities. - Management continues to evaluate deployment dynamically. Bengaluru Launch Pipeline - West End already received RERA approval and launched. - Hennur Road faced government approval delays. - City Spire awaits final RERA approval. - Grand Hills and Bellagere remain on track. - Windwards 3 expected to launch after RERA approval. - Delays were mainly government-side approval related. - Management sees no major launch impediments. Mumbai Growth - Miami received RERA approval in June. - Pali Hill received 100% vacation. - Pali Hill RERA application targeted by September. - Pali Hill launch expected around October–November. - Apna Ghar 3 and Deonar Bagh are under approval. - These projects are targeted for Q4. - Mumbai portfolio has around ₹25,000 Cr GDV. - Strong focus remains on redevelopment opportunities. - JDA and plotted development opportunities also evaluated. Demand Environment - South markets remain steady without major slowdown. - Well-priced branded projects continue performing well. - Mumbai and Pune demand also remains sustained. - Branded developers continue gaining market share. - Ultra-luxury segment remains strong. - Purva Miami received encouraging response. - Festival period expected to support demand further. Margins & Profitability - EBITDA margin guidance maintained at 25–30%. - Overall portfolio target remains around 30%. - Margins vary by project structure and product mix. - JDA and redevelopment projects have different margin profiles. - Management remains focused on profitable growth. Commercial Assets - New Hebbal commercial project planned around Q4. - Hebbal project size is around 1.3 Mn sq.ft. - Purva Aerocity received OC for 1.3 Mn sq.ft. - Remaining 0.9 Mn sq.ft. will develop in phases. - Around 2.5 Mn sq.ft. of leasing RFPs received. - Strong interest seen from GCCs and large companies. - Expected NOI is around ₹60–65/sq.ft. - Phase 2 starts after 70–80% Phase 1 leasing. - Monetization may be considered at the right time. Expansion & New Geographies - Company remains bullish on Mumbai expansion. - Redevelopment pipeline expected to see strong traction. - NCR expansion is being actively evaluated. - Focus currently remains on Noida. - Management sees strong potential for branded developers. - Land development opportunities may emerge in coming quarters. - New commercial areas like data centers may be explored. - Senior living has not been formally initiated. KEY TAKEAWAY - Strong Q1; launches, deleveraging drive FY27 growth.

PURAVANKARA LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Strong Operational Performance - Pre-sales stood at ₹1,439 Cr, up 28% YoY. - Sales volume grew 9% to 1.36 Mn sq.ft. - Average realization increased 18% to ₹10,589/sq.ft. - Collections rose 40% to ₹1,199 Cr. - Delivered 745 homes covering 0.95 Mn sq.ft. - Total income increased 63% YoY to ₹877 Cr. - EBITDA margin expanded to 25% vs 15% YoY. - PAT turned positive at ₹25 Cr vs ₹69 Cr loss. - Operating rhythm improved across sales and execution. Balance Sheet & Capital Allocation - Net debt stood at ₹2,836 Cr as of June 2026. - Net debt-to-equity stood at 1.57x. - Gross debt declined ₹74 Cr during Q1. - Cash and bank balances stood at ₹1,106 Cr. - Average cost of debt stood at 11.12%. - Debt reduction remains a key management priority. - Collections, refinancing and asset recycling remain focus areas. - Capital allocation will prioritize cash flows and returns. Purva Zant Monetization - Definitive agreement signed with ICICI Prudential AMC. - Enterprise value stood around ₹625 Cr. - Transaction expected to release capital. - Around ₹250 Cr debt will be repaid from proceeds. - Remaining proceeds will be deployed judiciously. - Transaction expected to enhance financial flexibility. New Business Development - Added 4 opportunities across Bengaluru. - Total land area stood at around 41.93 acres. - Development potential stood at 4.23 Mn sq.ft. - Estimated GDV stood at ₹5,200 Cr. - Additions strengthen key Bengaluru micro-markets. - JDAs provide a capital-efficient growth route. - Future land acquisitions will remain strategic. FY27 Pre-Sales Guidance - FY27 pre-sales guidance maintained at ₹11,200 Cr. - Q1 performance provides a strong starting base. - Launches remain key to achieving guidance. - Project approvals and execution remain critical. - Management remains confident on guidance achievement. - Around ₹27,300 Cr launch pipeline supports growth. - Additional ₹10,000 Cr sustenance projects are ongoing. Debt Reduction - FY27 gross debt reduction guidance remains ₹700 Cr. - Gross debt already reduced ₹74 Cr in Q1. - New project acquisitions did not increase gross debt. - Cash flows remain strong. - Capital allocation will balance debt reduction and opportunities. - Management continues to evaluate deployment dynamically. Bengaluru Launch Pipeline - West End already received RERA approval and launched. - Hennur Road faced government approval delays. - City Spire awaits final RERA approval. - Grand Hills and Bellagere remain on track. - Windwards 3 expected to launch after RERA approval. - Delays were mainly government-side approval related. - Management sees no major launch impediments. Mumbai Growth - Miami received RERA approval in June. - Pali Hill received 100% vacation. - Pali Hill RERA application targeted by September. - Pali Hill launch expected around October–November. - Apna Ghar 3 and Deonar Bagh are under approval. - These projects are targeted for Q4. - Mumbai portfolio has around ₹25,000 Cr GDV. - Strong focus remains on redevelopment opportunities. - JDA and plotted development opportunities also evaluated. Demand Environment - South markets remain steady without major slowdown. - Well-priced branded projects continue performing well. - Mumbai and Pune demand also remains sustained. - Branded developers continue gaining market share. - Ultra-luxury segment remains strong. - Purva Miami received encouraging response. - Festival period expected to support demand further. Margins & Profitability - EBITDA margin guidance maintained at 25–30%. - Overall portfolio target remains around 30%. - Margins vary by project structure and product mix. - JDA and redevelopment projects have different margin profiles. - Management remains focused on profitable growth. Commercial Assets - New Hebbal commercial project planned around Q4. - Hebbal project size is around 1.3 Mn sq.ft. - Purva Aerocity received OC for 1.3 Mn sq.ft. - Remaining 0.9 Mn sq.ft. will develop in phases. - Around 2.5 Mn sq.ft. of leasing RFPs received. - Strong interest seen from GCCs and large companies. - Expected NOI is around ₹60–65/sq.ft. - Phase 2 starts after 70–80% Phase 1 leasing. - Monetization may be considered at the right time. Expansion & New Geographies - Company remains bullish on Mumbai expansion. - Redevelopment pipeline expected to see strong traction. - NCR expansion is being actively evaluated. - Focus currently remains on Noida. - Management sees strong potential for branded developers. - Land development opportunities may emerge in coming quarters. - New commercial areas like data centers may be explored. - Senior living has not been formally initiated. KEY TAKEAWAY - Strong Q1; launches, deleveraging drive FY27 growth.

SCHNEIDER ELECTRIC INFRASTRUCTURE LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Strong Order & Financial Performance - Order intake reached ₹915 Cr, highest-ever quarterly level. - Order intake grew 0.5% YoY, with strong sequential growth. - Sales increased around 5% YoY in Q1. - Backlog grew nearly 33% YoY. - Backlog stood above ₹2,100 Cr entering Q2. - EBIT stood at ₹32 Cr, impacted by margin pressures. - PAT margin stood around 1.9%. - Q1 remains seasonally a softer quarter. Margin & Cost Pressures - Gross margin declined due to commodity inflation. - Copper and transformer oil remained key pressures. - Southeast Asia-related supply pressures continued. - Q1 execution included older fixed-price orders. - Average order execution cycle is around 6 months. - Employee and operating costs increased from April. - Operating leverage negatively impacted Q1 margins. - Other expenses were impacted by 8–10% inflation. - Rupee depreciation increased imported-cost burden. - Management expects pressures to normalize progressively. Pricing & Contract Protection - Pricing actions were initiated as input costs increased. - Management stated price hikes were not delayed. - Product-level cost increases are actively monitored. - Mandatory price-variation clauses introduced internally. - Around 20–25% contracts currently have variation clauses. - Larger, longer-duration projects generally carry protection. - Government tenders may limit price-variation flexibility. - Current tender costing uses latest input prices. - Pricing is refreshed based on prevailing costs. Power & Grid - Power and grid remain core business segments. - Transformers remain a key product category. - Equipment serves distribution up to 33 kV. - Control and relay panels support grid applications. - High-voltage 400 kV+ transformers are not manufactured. - Secondary distribution remains a strategic opportunity. - Grid modernization provides additional growth potential. - RDSS supports distribution strengthening and digitalization. - Company remains selective in strategic account bidding. Emerging Growth Segments - Emerging segments contribute over 20% of backlog. - Data centers are a major growth opportunity. - Semiconductor investments are gaining traction. - Large semiconductor transformer order won during Q1. - Data center orders include MV panels and transformers. - Digital automation solutions enhance customer differentiation. - Solar remains an established growth segment. - Metals and mining capex pipeline remains healthy. Energy Transition Opportunities - Energy storage expected to expand sharply by 2030. - Storage capacity could exceed 200 GWh by 2030. - Smart metering remains a major opportunity. - Renewable energy requires stronger grid infrastructure. - EV penetration expected around 30% by 2030. - EV infrastructure creates additional equipment demand. - Vande Bharat network expansion supports circuit-breaker demand. - Government targets around 800 Vande Bharat trains. Digitalization & Smart Grid - Digital solutions remain a key strategic differentiator. - Energy management systems improve asset performance. - Smart-grid solutions enable transformer monitoring. - Predictive maintenance solutions are gaining traction. - State DISCOM digitalization offers long-term opportunity. - Integrated hardware, automation and software capabilities help. - Tender structures vary across different states. - EPC partnerships support brownfield modernization projects. Exports & Calcutta Plant - Exports currently contribute around 10–12% revenue. - Calcutta plant is focused substantially on exports. - Export ramp-up is currently underway. - Management expects absolute export value to increase. - Medium-term export mix target was not disclosed. - Exports provide a natural FX hedge. - Import content is around 10–15% of COGS. - Export levels are broadly similar for natural hedging. - India-for-India sourcing remains a strategic focus. Capacity Expansion & Capex - Around ₹500 Cr invested across three plants. - Investments target capacity expansion and localization. - Baroda medium-voltage factory undergoing expansion. - Baroda transformer factory also expanding. - Calcutta plant expansion progressing as planned. - Additional capacities expected during H2 FY27. - Some projects extend into CY27–CY28. - Management sees no major execution hurdles. - Ramp-up will happen progressively after commissioning. Macro Growth Drivers - India GDP expected around 6.5–7% annually. - Per-capita GDP expected to approach ₹4 lakh by 2030. - Electricity consumption expected at 1,800–2,000 kWh. - Data center capacity could reach 8 GW by 2030. - Digital economy may reach 20% by 2030. - E-commerce users expected around 450 Mn by 2030. - Make-in-India supports domestic manufacturing capex. - Power infrastructure remains a structural growth driver. Near-Term Outlook - Underlying demand environment remains healthy. - Opportunity pipeline remains strong. - Forward-looking three quarters seen positively. - Q2 historically performs better than Q1. - Pricing actions should support future margins. - Commodity headwinds expected to gradually normalize. - Execution initiatives are already underway. - Management remains confident on the fiscal year. KEY TAKEAWAY - Record orders; margins expected to recover progressively.

TUBE INVESTMENTS OF INDIA LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Strong Financial Performance - Standalone revenue stood at ₹2,366 Cr, up 18% YoY. - PBT stood at ₹213 Cr vs ₹222 Cr YoY. - Annualized ROIC improved to 41% from 39%. - Quarterly free cash flow stood at ₹174 Cr. - Consolidated revenue stood at ₹6,215 Cr, up 17% YoY. - Consolidated operating profit rose to ₹461 Cr. - CG Power revenue reached ₹2,413 Cr, up 20% YoY. - CG Power PBT increased to ₹349 Cr. - Clean Mobility revenue reached ₹3,281 Cr. - Clean Mobility PBT rose to ₹423 Cr. Engineering - Revenue stood at ₹1,566 Cr, up 21% YoY. - EBIT stood at ₹153 Cr. - Engineering volumes grew 17%. - Demand remained strong across segments. - Exports delivered double-digit growth. - Management expects bullish demand for next 1–2 quarters. - TI-level exports contribute around 14% revenue. Steel & Cost Recovery - Steel price increases pressured Q1 margins. - Price recovery typically comes with 2–3 quarter lag. - Management expects full steel cost recovery. - Q1 under-recovery will also be recovered. - Fuel, freight and consumable costs remain elevated. - Minimum wage inflation also impacted costs. - OEM discussions for non-steel cost recovery underway. - Management expects return to earlier margin levels. Metal Formed Products - Revenue stood at ₹408 Cr, up 11% YoY. - EBIT declined to ₹28 Cr vs ₹37 Cr. - Growth was primarily volume-led. - Railway business remained a drag. - Hyundai-linked business also faced pressure. - Western-region greenfield plant delayed by 6 months. - Capacity expansion impact expected with commissioning. Cycles Business - Q1 benefited from seasonal school demand. - Export growth supported overall performance. - Customer relationships remain strong. - New product development supported momentum. - Market share improved during the quarter. - Margin expansion supported by better business mix. - Management targets further margin improvement. - Around 5% margin targeted currently. TI Medical & CDMO - Core surgical business grew nearly 20%. - IV cannula acquisition expected to contribute from Aug/Sep. - TI Medical targets 20% YoY revenue growth. - Core medical business expected to maintain double-digit growth. - 200 KL CDMO intermediate capacity commissioned. - Validation batches are currently underway. - Clean room commissioning expected within 30–40 days. - Site inspection expected during next financial year. - Around 15 customers currently engaged. - Export customer approvals remain key focus. E-Mobility - Clean Mobility recorded highest-ever turnover near ₹240 Cr. - All four businesses are seeing volume traction. - Small commercial vehicles posted highest-ever quarterly volumes. - Q1 SCV volumes improved 64% QoQ. - HCV momentum continued from Q4. - EV losses are directionally past peak levels. - One business expected to breakeven in FY27. - Two additional businesses expected to breakeven in FY28. - Volume growth is driving loss reduction. - Cell price inflation remains a key headwind. Clean Mobility Volumes - HCV billing volume stood at 86 units. - Three-wheeler volumes stood at 1,924 units. - Small commercial vehicle volumes stood at 347 units. - Tractor volumes stood at 22 units. - Vahan registrations typically lag billing by 30–45 days. - Billing and registrations generally converge within 3–6 months. Clean Mobility Expansion - Nepal emerged as key export market. - Over 100 units shipped or being shipped to Nepal. - Initial Nepal customer feedback remains positive. - Tanzania and Ethiopia remain exploratory markets. - L3 products introduced in UP and Bihar. - L3 rollout currently under market testing. - NCR EV demand expected to accelerate strongly. - Dealer and secondary footprint expansion underway. Battery & Jayem - Jayem faced design and development headwinds. - Battery manufacturing adds a third revenue stream. - Battery assembly line being established in FY27. - Initial batteries will support internal EV requirements. - External battery sales possible with scale-up. - Outlook for Jayem topline and bottom line improved. Cell Supply & HCV - Cell availability remains a genuine challenge. - Pressure expected for next 2–3 quarters. - Rising BESS demand is tightening cell supply. - Long-lead orders are being pre-booked. - Cell and battery prices are being locked. - 28-ton tipper introduced in Q1. - Around 20–25 tippers sold initially. - Higher demand shifting toward 35-ton+ category. - Existing order book remains priority. Capex & Investments - TI standalone capex planned around ₹350 Cr. - Shanthi Gears capex planned around ₹100 Cr. - Group capex excluding CG Power around ₹600–700 Cr. - Core capex focused on Engineering and MFPD. - Medical and CDMO also receiving investments. - ₹250 Cr already infused in subsidiaries. - Another ₹250 Cr infusion expected in Q3. - Total planned infusion around ₹750 Cr. Outlook - Domestic demand remained strong across segments. - Engineering demand expected to remain bullish near term. - Exports expected to maintain momentum. - Geopolitical risks remain a potential hurdle. - Cycle momentum expected to continue. - EV volumes should support improving profitability. - Management remains focused on profitable growth. KEY TAKEAWAY - Core growth strong; EV losses moving toward breakeven.

GENERAL INSURANCE CORPORATION OF INDIA – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Strong Financial Performance - Gross premium stood at ₹13,475 Cr, up from ₹12,388 Cr. - Investment income stood at ₹3,266 Cr. - Incurred claim ratio improved to 85.04% vs 90.42%. - Combined ratio improved to 104.88% vs 106.94%. - PBT stood at ₹2,490 Cr. - PAT stood at ₹1,922 Cr. - Solvency ratio improved to 4.32 from 3.85. - Underwriting performance showed meaningful improvement. Domestic Reinsurance - Domestic market remains highly competitive. - Property and fire pricing remain under pressure. - Management expects competition to remain elevated. - Focus remains on maintaining domestic market share. - Health portfolio grew strongly during Q1. - Focus remains on retail health over group health. - Retail health expected to offer better profitability. - Domestic motor portfolio witnessed deterioration. - Competitive pressure remains high in motor. - Domestic combined ratio stood around 107.5%. - IRDA directive may improve pricing discipline. - Impact expected over next 2–3 quarters. Foreign Reinsurance - Foreign portfolio declined 6% YoY during Q1. - Portfolio pruning remains a key priority. - Poor-performing treaties are being discontinued. - Motor and aviation portfolios undergoing restructuring. - Overseas cargo portfolio under close review. - Property remains the largest foreign portfolio. - Management expects significant foreign portfolio improvement. - First-quarter performance may not indicate full-year trends. - No specific combined ratio guidance provided. - Long-term foreign combined ratio target is 95%. - Target of 95% expected within 2–3 years. - Growth will remain selective and risk-adjusted. Growth Strategy - Overall growth target remains around 10%. - Foreign growth expected above domestic growth. - Mid-year review may revise growth targets. - Domestic focus remains on market-share retention. - Foreign growth supported by rating recovery. - Past cedant relationships are being rebuilt. - Portfolio pruning will continue alongside growth. - Return on equity remains more important than volume. International Opportunity - Long-term domestic-to-international target remains 50:50. - Medium-term target is 60:40 domestic/international. - 50:50 remains challenging due faster domestic growth. - Previous foreign premium of ₹18,000 Cr may take longer to recover. - Recovery could take 3–4 years. - Management will not chase growth at poor returns. - Specialty and casualty offer significant opportunities. - Global market opportunity remains very large. - Calibrated risk selection remains critical. Combined Ratio Targets - Domestic combined ratio target set at 103%. - Foreign combined ratio target set at 95%. - Domestic target is relatively close. - Foreign target expected within 2–3 years. - Combined ratio improvement remains major profitability lever. - Management prioritizes underwriting profitability over growth. Life Reinsurance - Life remains a strategic focus area. - Management plans continued growth in life. - Portfolio should be evaluated over multiple years. - Reserve strengthening impacted earlier performance. - Life portfolio has around 20% market share. - Growth is backed by actuarial analysis. - Management does not view life as an experiment. - Profitability remains an important consideration. Gujarat Flood Impact - Q1 provision for Gujarat floods was ₹440 Cr. - Final loss estimates may take time. - CAT event participation generally around 30–40%. - Claims development will determine eventual impact. Investment Portfolio - Investment book market value stood at ₹1,57,800 Cr. - Fixed income represented around 73.4%. - Equity represented around 17%. - Money market represented around 8.67%. - Book value stood around ₹1.20 lakh Cr. - Equity share expected to remain around 17%. - Debt remains a stable portion of investments. - Market value includes GIC's NSE investment. Capital & Solvency - Solvency improved to 4.32. - Conservative capital approach follows rating downgrade. - Company aspires to regain A rating from A-. - IFRS and RBC implementation remain key factors. - Rating upgrade timeline remains uncertain. - Management indicated possible 4–5 year timeframe. - Capital will be deployed cautiously. - Solvency may gradually decline with growth. - Growth will not be pursued at profitability cost. Shareholder Value - Management remains focused on ROE improvement. - Profitability remains ahead of growth priorities. - Combined ratio improvement should support ROE. - Specialty and global book remain return-focused. - Long-term shareholder value remains a key objective. KEY TAKEAWAY - Underwriting improving; disciplined growth remains priority.

PATANJALI FOODS LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Strong Financial Performance - Revenue from operations stood at ₹11,337 Cr, up 29% YoY. - Operating EBITDA stood at ₹543 Cr, margin at 4.80%. - PBT stood at ₹453 Cr, margin at 4%. - Delivered fourth consecutive quarter of highest-ever revenue. - Profitability continued to show healthy growth. Edible Oil - Edible oil revenue reached ₹8,505 Cr, highest ever. - Mustard oil primarily drove quarterly growth. - EBITDA margin stood at 5.22%. - Commodity inflation benefited edible oil business. - Calibrated price hikes taken across edible oils. - Physical risk management supported margin improvement. - Long positions in edible oils remain beneficial. Oil Palm Plantation - Revenue reached record ₹740 Cr, up 25% YoY. - Cultivated area stood at 1,15,861 hectares. - Around 37% area is in prime yielding phase. - Total allocated area stands at 6.63 lakh hectares. - FY27 growth momentum expected above 15%. - Business expected to become major profit generator. FMCG Performance - FMCG revenue stood at ₹2,938 Cr. - EBITDA stood at ₹190 Cr, margin at 6.45%. - FMCG contributed nearly 26% revenue and 30% EBITDA. - Biscuits revenue grew 27% YoY to ₹560 Cr. - Biscuit EBITDA margin expanded to 15.35%. - Doodh Biscuit generates nearly ₹1,300 Cr annually. - Premium biscuit launches remain in pipeline. - Staples revenue crossed ₹1,000 Cr. - Staples faced rural demand and inflationary pressure. Food & Staples - Food volumes grew around 5%, pricing increased 12%. - Staples and ethnic foods faced margin pressure. - Staples EBITDA was negative ₹59 Cr. - Ethnic foods EBITDA stood at ₹9 Cr. - Kesar, dry fruits and new variants supported demand. - Management expects food growth of 8–10%. - Rural demand remains a key monitorable. Home & Personal Care - HPC revenue stood at ₹629 Cr. - Dental care revenue reached ₹325 Cr. - Skin care revenue stood at ₹165 Cr. - Home care revenue reached ₹83 Cr. - HPC EBITDA stood at ₹122 Cr. - Skin care emerged as major growth driver. - Home and personal care expected to grow strongly. - Multiple new HPC products planned. Nutrela & Nutraceuticals - TSP revenue stood at ₹160 Cr, up 14% YoY. - TSP grew 50% QoQ. - TSP EBITDA margin exceeded 18%. - Management targets 16–18% TSP margins. - Nutrela holds nearly 40% market share. - Nutraceuticals revenue stood at ₹18 Cr. - Nutraceutical business has turned positive. - Management expects nutraceuticals to become stronger. New Products & Innovation - New launches include Dant Kanti Sensitive, Rose Kanti and Super Dishwash. - Almond and Chyawanprash Cookies also launched. - New Dant Kanti variants performing well. - Portfolio increasingly micro-segmented for Gen Z. - Around 60% new launches typically succeed. - Strong layered product pipeline remains. E-Commerce & Distribution - E-commerce and quick commerce growing around 25% YoY. - Modern trade plus these channels contribute nearly 15% revenue. - Target is 20% contribution within 18 months. - Contribution increased from around 12% to 15%. - Distribution expansion remains a key growth lever. Commodity & Operating Environment - Delayed monsoon and West Asia conflict impacted costs. - Packaging, freight and logistics costs increased. - Palm oil prices remained volatile. - Soya oil prices saw significant volatility. - Wheat prices remained largely stable. - Milk prices increased on higher procurement costs. - Pricing and smaller packs used to manage inflation. - Kharif acreage gap narrowed to 1.9% YoY. - Oilseed acreage increased during the quarter. FY27 Guidance - Edible oil volume growth guided at 3–5%. - Food and FMCG growth guided at 8–10%. - Beauty and personal care growth around 15%. - FMCG margins targeted in mid-to-high teens. - Overall EBITDA growth guided at 12–15%. - FMCG sales expected to reach around ₹12,500 Cr. - Management remains confident on growth trajectory. Long-Term Growth Drivers - Oil palm expected to deliver 15%+ growth. - HPC, Nutrela and biscuits offer margin expansion. - Edible oil margins targeted toward 5%+. - Better risk management can improve profitability. - Management targets around ₹2,500 Cr EBITDA. - Target expected over next 18 months on annualized basis. HPC Acquisition - HPC acquired for ₹1,100 Cr on slump-sale basis. - Business generated nearly ₹600 Cr EBITDA previously. - Management stated acquisition cost represented less than 18–19 months earnings. - Acquisition has already generated substantial cash. - Transaction was approved by shareholders. - Management rejected concerns around overvaluation. KEY TAKEAWAY - Strong growth; oil palm and FMCG drive future EBITDA.

TURTLEMINT FINTECH SOLUTIONS LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Strong Business Growth - Platform premium grew 49% YoY to ₹1,205 Cr. - Revenue increased 40% YoY to ₹294 Cr. - P3M active digital partners crossed 90,000, up 30%+ YoY. - Digital partner base reached 6.90 lakh+. - More than 32,000 digital partners recruited in Q1. - Policy count crossed 3.1 Cr. - B30 markets remain a major growth contributor. Digital Partner Ecosystem - Turtlemint follows recruit, activate and produce strategy. - Digital onboarding remains completely paperless. - Turtlemint Academy had 55,000 monthly active users. - P3M active DPs increased from 72,244 to 90,791 YoY. - Productivity improved across both new and older cohorts. - Around 28–30% attrition occurs during initial 24 months. - Post 18 months, around 95% partners remain active. - Around 65% of original active partners remain by years 5–6. Renewal Business - Renewal revenue grew around 58–66% YoY. - Renewal revenue reached around ₹65 Cr in Q1. - Renewal revenue contribution increased from 19% to 22%. - Renewal business carries significantly higher profitability. - Renewal service EBITDA is around 2.5–3x new business. - Lower CAC and negligible marketing improve renewal margins. - Better persistency and loss ratios enhance insurer economics. - Renewal book expected to remain a major margin driver. - Management expects renewal share to rise meaningfully over time. Service EBITDA & Profitability - Service EBITDA grew nearly 90% to ₹39 Cr. - Service EBITDA margin reached around 13%. - Service EBITDA improved by roughly 3 percentage points YoY. - Corporate overheads reduced from 30% to 22% of revenue. - Adjusted EBITDA loss narrowed to ₹26 Cr. - Adjusted EBITDA margin improved to -9% from -21%. - PAT loss narrowed to ₹38 Cr from ₹47 Cr. - Management targets adjusted EBITDA break-even in FY27. - Profitability expected to improve significantly in H2. - PAT profitability should follow adjusted EBITDA improvement. Long-Term Margin Expansion - Service EBITDA currently around 13–14%. - Management expects near-term improvement toward 16–18%. - Long-term service EBITDA target is around 23–24%. - Renewal mix is the key structural margin lever. - Corporate overheads expected below 7–8% over 4–5 years. - Operating leverage should continue improving. AI Strategy - AI increasingly embedded across business processes. - AI-powered onboarding creates customized partner journeys. - AI renewal calls improved renewal rates by 500 bps. - AI handles around 55% of support tickets. - Nearly 2 Mn documents processed using AI in Q1. - AI reduced turnaround times by 15–60%. - Around 75% of new code was AI-generated last quarter. - AI supports productivity, automation and growth. - Management sees meaningful long-term EBITDA opportunity. - AI cost remains relatively low currently. Cross-Sell Opportunity - Motor-focused DPs are being trained to sell health and life. - Motor-only DPs selling health increased 40%+ YoY. - Structured training supports cross-sell activation. - Cross-sell helps grow health and life profitably. - Strategy reduces dependence on competing for agents. Claims & Customer Experience - Claims handled exceeded ₹26 Cr during Q1. - Around 1.5 lakh servicing requests handled. - Dedicated teams support customers through claims. - Live claims tracking available through the app. - Expert evaluation supports better claim outcomes. - AI and automation improve claims turnaround. - Claims experience is positioned as a key differentiator. Industry & Competitive Position - POSP market has grown above 40% CAGR in recent years. - POSP business expected to grow 30%+ CAGR for 4–5 years. - Market currently concentrated among 2–3 major players. - Turtlemint has the highest disclosed POSP share. - New entrants face significant technology and distribution barriers. - Insurance penetration remains a large structural opportunity. Regulatory Outlook - More than 55% vehicles remain uninsured for TP. - Stronger TP enforcement could boost policy demand. - Higher awareness may create significant distribution tailwinds. - Commission-regulation impact remains uncertain. - Management will assess economics once regulations become clearer. Seasonality & Outlook - Motor insurance follows vehicle sales and renewal cycles. - H1 contributes around 45%, H2 around 55%. - Q1 is typically 16–18% lower than Q4. - Q2 expected larger than Q1. - Q3 expected larger than Q2. - Q4 remains the strongest quarter. - Health grew 45%+, while term life grew 60%+. - Management continues targeting around 40% YoY growth. KEY TAKEAWAY - 40% growth + rising renewals can drive profitability.

RICO AUTO INDUSTRIES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Strong Revenue Growth - Q1 FY27 consolidated revenue reached ₹755 Cr, up 39% YoY. - Highest-ever quarterly revenue achieved. - EBITDA stood at ₹34.8 Cr, with 4.6% margin. - PAT reported loss of ₹3.4 Cr vs ₹16.7 Cr profit. - Aluminum casting contributed 89% of consolidated revenue. - Ferrous casting contributed remaining 11%. - Exports accounted for around 15% of revenue. New Program Ramp-Up - Around 55 new programs are currently in launch phase. - 28 programs already launched and ramping up. - Programs include Toyota, Ford and BMW. - Program life extends beyond 7–8 years. - Rico is single-source supplier for these programs. - New programs carry significantly better profitability. - Programs span ICE, hybrid and EV platforms. - Hosur programs focus mainly on hybrid and EV. - Northern facilities cater mainly to ICE programs. - Remaining programs are at various development stages. Revenue Guidance - Management expects FY27 revenue above ₹3,200 Cr. - Current internal expectation is around ₹3,250 Cr. - July revenue reached nearly ₹300 Cr. - Q2 revenue expected to exceed ₹840 Cr. - Q3 revenue expected above ₹850 Cr. - Q4 revenue expected around ₹900 Cr. - Revenue guidance excludes CNC machine revenue. - Railway revenue will provide additional upside. Margin Outlook - Q1 margin impacted by temporary cost pressures. - Raw material settlement lag impacted profitability. - Aluminum settlement impact estimated around ₹10 Cr. - Air freight and sorting costs added significant pressure. - Other operating expenses increased around ₹24 Cr. - Air freight and sorting costs were around ₹12.8 Cr. - Q2 EBITDA margin expected to improve. - Management expects Q2 margin to be in-between. - Profitability improvement expected from Q3 onwards. - Q3 expected to return toward normal profitability. - Management remains confident about 12% margin target. - Cost reduction and productivity initiatives support margins. Air Freight Impact - Ocean freight transit time increased from 5 to 9 weeks. - Company shifted to air freight for supply continuity. - New program launches contributed to exceptional freight costs. - Rust issues emerged due to prolonged sea transit. - Sorting and measurement correlation issues added costs. - Company had to maintain customer production lines. - Air freight impact expected to continue in Q2. - Normal sea freight expected from Q3 onwards. - One customer agreed to reimburse around 50% incurred freight. - Company negotiating additional customer reimbursements. - Management considers freight costs largely one-time. Raw Material & Price Pass-Through - Aluminum prices rose sharply during the quarter. - Specific aluminum grade increased around 57% YoY. - Q1 aluminum price reached around ₹349/kg vs ₹222/kg. - Settlement lag temporarily compressed margins. - Company does not hedge aluminum prices. - Focus remains on customer price pass-through. - Around 75% customers shifted to real-time settlements. - Remaining 25% are being onboarded. - Objective is to eliminate settlement-lag impact. - Customer price revisions expected progressively. Capacity Utilization & Capex - Company has 54 projects currently underway. - Management is curbing investments beyond committed projects. - Focus is maximizing utilization of existing assets. - New major projects will follow stabilization. - Only essential capacity expansion planned near term. - Large die-casting machines are increasingly utilized. - Existing setup can support around ₹4,000 Cr+ revenue. - This is achievable without major new capex. - Maintenance and die investments will continue. - Customer-funded die investments help limit capital burden. High-Tonnage Die Casting - Focus shifted toward machines above 1,000 tons. - Machines range up to 2,700-ton capacity. - 2,700-ton machine costs around ₹25 Cr. - Infrastructure adds another ₹10–15 Cr. - Rico currently has around 7–8 such machines. - Larger machines are largely fully utilized. - Additional large machines are being installed. - Higher utilization should improve profitability. Hosur Plant - Hosur plant commercial production begins September 2026. - Facility supports hybrid and EV programs. - New programs will ramp progressively. - Additional launches expected during September–October. - Some programs begin production in February–March. - Capacity utilization should improve as programs ramp. Railways & Defence - Railway component approvals are progressing through RDSO. - Approval cycle typically takes 2–3 months. - Supplies have already started indirectly. - Direct supplies target higher-value components. - Defence business includes computerized shooting ranges. - Around 200 ranges expected to be supplied this year. - Baffle-range components are also being supplied. - Defence revenue indicated around ₹5–7 Cr. - Management expects gradual diversification from these businesses. CNC Machine Business - Rico has started selling internally developed CNC machines externally. - Company has already started delivering machines. - Demand currently exceeds production capacity. - Around 100 machines targeted for FY27. - Expected revenue estimated at ₹35–40 Cr. - CNC revenue is excluded from ₹3,250 Cr guidance. - Machine-tool margins are better than core business. - Business could become a major revenue contributor. - Management is currently testing external market demand. Digital & AI Initiatives - AI being explored for productivity improvement. - AI used for design and data capture. - Applications include die design and manufacturing. - Equipment connectivity is being expanded. - Real-time machine monitoring improves utilization. - Productivity and loss control are key benefits. - Successful pilot lines will be replicated broadly. Long-Term Growth Strategy - Management targets around ₹7,500 Cr revenue by FY30. - Existing assets can support approximately ₹4,000 Cr+. - Focus remains on high-value, high-tonnage components. - Better equipment utilization should drive growth. - CNC redeployment reduces incremental investment requirements. - New programs offer stronger profitability profiles. - Global OEM relationships provide long-term visibility. - Toyota, BMW and Ford remain key customers. KEY TAKEAWAY - Strong growth visibility; margins should recover from Q3.