GREENLAM INDUSTRIES – Q2 FY27 CONCALL HIGHLIGHTS
#Q2FY27
1. BUSINESS & SEGMENT PERFORMANCE
- Q2 revenue grew 8% YoY.
- Laminates revenue remained flat YoY.
- Laminate volumes declined 12% due to export challenges.
- Plywood revenue increased 7.5% YoY.
- Plywood volumes grew 23% YoY.
- Veneer, flooring and doors turned EBITDA positive.
- Chipboard revenue surged 124% YoY.
- Chipboard volumes increased 78% YoY.
- Chipboard segment achieved second consecutive profitable quarter.
2. CAPACITY EXPANSION & CAPEX
- Two new laminate lines progressing at Andhra Pradesh.
- Commercial production expected by Q4 FY27.
- Additional space available for three laminate lines.
- Future chipboard line expansion also possible.
- Existing expanded assets support ₹4,800–5,000 crore revenue potential.
3. GROWTH INITIATIVES & STRATEGY
- Launched Tier 2 plywood brand in South India.
- Focus on improving chipboard product mix.
- Introducing new products across panel business.
- Gaining European market share from local manufacturers.
- Improving capacity utilization across business segments.
4. GUIDANCE & FINANCIAL OUTLOOK
- FY27 revenue growth guidance revised to 16–18%.
- H2 performance expected to outperform H1.
- Laminate growth guidance of 10–12% may not materialize.
- Targeting approximately ₹100 crore annual debt reduction.
- Net debt reduced by ₹18 crore since March.
- Working capital cycle improved to 53 days.
5. ANALYST TAKE
- Chipboard business emerging as a strong growth driver.
- Plywood profitability showing meaningful improvement.
- Laminate business facing export-related challenges.
- New capacity provides significant future revenue potential.
- Monitor margin recovery and debt reduction.
#Q2FY27
1. BUSINESS & SEGMENT PERFORMANCE
- Q2 revenue grew 8% YoY.
- Laminates revenue remained flat YoY.
- Laminate volumes declined 12% due to export challenges.
- Plywood revenue increased 7.5% YoY.
- Plywood volumes grew 23% YoY.
- Veneer, flooring and doors turned EBITDA positive.
- Chipboard revenue surged 124% YoY.
- Chipboard volumes increased 78% YoY.
- Chipboard segment achieved second consecutive profitable quarter.
2. CAPACITY EXPANSION & CAPEX
- Two new laminate lines progressing at Andhra Pradesh.
- Commercial production expected by Q4 FY27.
- Additional space available for three laminate lines.
- Future chipboard line expansion also possible.
- Existing expanded assets support ₹4,800–5,000 crore revenue potential.
3. GROWTH INITIATIVES & STRATEGY
- Launched Tier 2 plywood brand in South India.
- Focus on improving chipboard product mix.
- Introducing new products across panel business.
- Gaining European market share from local manufacturers.
- Improving capacity utilization across business segments.
4. GUIDANCE & FINANCIAL OUTLOOK
- FY27 revenue growth guidance revised to 16–18%.
- H2 performance expected to outperform H1.
- Laminate growth guidance of 10–12% may not materialize.
- Targeting approximately ₹100 crore annual debt reduction.
- Net debt reduced by ₹18 crore since March.
- Working capital cycle improved to 53 days.
5. ANALYST TAKE
- Chipboard business emerging as a strong growth driver.
- Plywood profitability showing meaningful improvement.
- Laminate business facing export-related challenges.
- New capacity provides significant future revenue potential.
- Monitor margin recovery and debt reduction.
GABION TECHNOLOGIES INDIA – H1 FY27 CONCALL HIGHLIGHTS
#H1FY27 #SME
1. BUSINESS & OPERATIONAL PERFORMANCE
- H1 revenue grew 76.2% YoY.
- EBITDA increased 78.5% YoY.
- PAT surged 124.1% YoY.
- Order book stands above ₹120 crore.
- ₹110.5 crore orders pending execution.
- Secured 14 new orders worth ₹53.4 crore.
- Solutions business contributes 50% of revenue.
- Assam manufacturing unit operational with 5,000 MTPA capacity.
- Secured standalone design orders from Hindalco and NCC.
2. CAPACITY EXPANSION & BACKWARD INTEGRATION
- Manufacturing capacity doubling to 18,000 MTPA.
- Expansion expected to complete by January.
- Capacity expansion supports ₹300 crore revenue potential.
- PVC compound production targeted by Q1 FY28.
- PVC integration expected to improve PAT margin by 1%.
- GI wire integration could add 1.1% PAT margin.
3. NEW BUSINESS & GROWTH OPPORTUNITIES
- Developing mining and industrial business vertical.
- Focus on ash ponds and mine works.
- New vertical targets ₹200–300 crore opportunity.
- Dedicated bid desk pursuing government tenders.
- Exploring exports across Africa and Middle East.
- ETA and CE certifications underway for rockfall barriers.
- Current bid pipeline stands around ₹200 crore.
4. GUIDANCE & FUTURE OUTLOOK
- FY27 revenue guidance: ₹180–200 crore.
- FY28 revenue guidance: ₹300–350 crore.
- Targeting 50–60% annual growth over next years.
- H2 expected to deliver stronger performance.
- Targeting ₹150 crore new orders in H2.
- PAT margin improvement of 1–2% expected in FY28.
- Net debt-to-equity expected below 1.
5. ANALYST TAKE
- Strong order book supports revenue visibility.
- Capacity expansion creates significant growth headroom.
- Backward integration offers meaningful margin improvement.
- Mining vertical adds a new growth opportunity.
- Monitor execution, collections and working capital.
#H1FY27 #SME
1. BUSINESS & OPERATIONAL PERFORMANCE
- H1 revenue grew 76.2% YoY.
- EBITDA increased 78.5% YoY.
- PAT surged 124.1% YoY.
- Order book stands above ₹120 crore.
- ₹110.5 crore orders pending execution.
- Secured 14 new orders worth ₹53.4 crore.
- Solutions business contributes 50% of revenue.
- Assam manufacturing unit operational with 5,000 MTPA capacity.
- Secured standalone design orders from Hindalco and NCC.
2. CAPACITY EXPANSION & BACKWARD INTEGRATION
- Manufacturing capacity doubling to 18,000 MTPA.
- Expansion expected to complete by January.
- Capacity expansion supports ₹300 crore revenue potential.
- PVC compound production targeted by Q1 FY28.
- PVC integration expected to improve PAT margin by 1%.
- GI wire integration could add 1.1% PAT margin.
3. NEW BUSINESS & GROWTH OPPORTUNITIES
- Developing mining and industrial business vertical.
- Focus on ash ponds and mine works.
- New vertical targets ₹200–300 crore opportunity.
- Dedicated bid desk pursuing government tenders.
- Exploring exports across Africa and Middle East.
- ETA and CE certifications underway for rockfall barriers.
- Current bid pipeline stands around ₹200 crore.
4. GUIDANCE & FUTURE OUTLOOK
- FY27 revenue guidance: ₹180–200 crore.
- FY28 revenue guidance: ₹300–350 crore.
- Targeting 50–60% annual growth over next years.
- H2 expected to deliver stronger performance.
- Targeting ₹150 crore new orders in H2.
- PAT margin improvement of 1–2% expected in FY28.
- Net debt-to-equity expected below 1.
5. ANALYST TAKE
- Strong order book supports revenue visibility.
- Capacity expansion creates significant growth headroom.
- Backward integration offers meaningful margin improvement.
- Mining vertical adds a new growth opportunity.
- Monitor execution, collections and working capital.
FLOMIC GLOBAL LOGISTICS – Q2 FY27 CONCALL HIGHLIGHTS
#H1FY27 #SME
1. BUSINESS & OPERATIONAL PERFORMANCE
- Q2 revenue grew 37% YoY.
- Q2 EBITDA increased 90% YoY.
- Q2 net profit recovered to ₹4.32 crore.
- H1 revenue increased 28.15% YoY.
- H1 EBITDA surged 80% YoY.
- H1 profitability turned positive.
- Freight forwarding contributes 86% of revenue.
- Maintaining asset-light operating business model.
- Repeat customers contributed 51% of FY26 business.
2. WAREHOUSING EXPANSION
- Bhiwandi warehouse vertically expanded.
- Added 15,000 sq. ft. storage capacity.
- Added over 2,000 pallet positions.
- Expansion backed by quick commerce and FMCG customers.
- Warehouse capacity utilization stands at 97.5%.
- New expansion targets ₹1 crore annual revenue.
- Warehousing contribution targeted at 20%.
3. BUSINESS EXPANSION & STRATEGY
- Scaling warehousing and project cargo operations.
- Expanding air freight capacity through airline partnerships.
- Targeting US, South America and African export markets.
- Exploring new domestic sales offices.
- Planning international presence across high-growth trade corridors.
- Developing alternative shipping routes amid geopolitical disruptions.
4. GROWTH OUTLOOK & PRIORITIES
- H2 focus on stronger customer relationships.
- Increasing warehousing contribution to total revenue.
- Prioritizing operational efficiency over freight rate fluctuations.
- Expanding controlled-cargo and specialized logistics opportunities.
- Maintaining asset-light strategy for scalable growth.
5. ANALYST TAKE
- Strong profitability turnaround during H1.
- Freight forwarding remains the primary revenue driver.
- Warehousing expansion offers recurring revenue opportunities.
- High warehouse utilization supports capacity expansion.
- Monitor freight rate sustainability and margin performance.
#H1FY27 #SME
1. BUSINESS & OPERATIONAL PERFORMANCE
- Q2 revenue grew 37% YoY.
- Q2 EBITDA increased 90% YoY.
- Q2 net profit recovered to ₹4.32 crore.
- H1 revenue increased 28.15% YoY.
- H1 EBITDA surged 80% YoY.
- H1 profitability turned positive.
- Freight forwarding contributes 86% of revenue.
- Maintaining asset-light operating business model.
- Repeat customers contributed 51% of FY26 business.
2. WAREHOUSING EXPANSION
- Bhiwandi warehouse vertically expanded.
- Added 15,000 sq. ft. storage capacity.
- Added over 2,000 pallet positions.
- Expansion backed by quick commerce and FMCG customers.
- Warehouse capacity utilization stands at 97.5%.
- New expansion targets ₹1 crore annual revenue.
- Warehousing contribution targeted at 20%.
3. BUSINESS EXPANSION & STRATEGY
- Scaling warehousing and project cargo operations.
- Expanding air freight capacity through airline partnerships.
- Targeting US, South America and African export markets.
- Exploring new domestic sales offices.
- Planning international presence across high-growth trade corridors.
- Developing alternative shipping routes amid geopolitical disruptions.
4. GROWTH OUTLOOK & PRIORITIES
- H2 focus on stronger customer relationships.
- Increasing warehousing contribution to total revenue.
- Prioritizing operational efficiency over freight rate fluctuations.
- Expanding controlled-cargo and specialized logistics opportunities.
- Maintaining asset-light strategy for scalable growth.
5. ANALYST TAKE
- Strong profitability turnaround during H1.
- Freight forwarding remains the primary revenue driver.
- Warehousing expansion offers recurring revenue opportunities.
- High warehouse utilization supports capacity expansion.
- Monitor freight rate sustainability and margin performance.
AKIKO GLOBAL SERVICES – Q2 FY27 CONCALL HIGHLIGHTS
#H1FY27 #SME
1. BUSINESS & OPERATIONAL PERFORMANCE
- Distributes credit cards and loans through banks/NBFCs.
- Sourcing 23,000–25,000 credit cards monthly.
- Lending partners disburse ₹550+ crore monthly.
- FY27 target: 50,000 approved credit cards.
- Targeting ₹1,000 crore loan book by March 2027.
2. AKIKO PAY – DIGITAL FINANCIAL PLATFORM
- Akiko Pay launched on iOS and Android.
- Acquired one lakh customers within 15 days.
- Customer acquisition cost: ₹12–15 per download.
- Offers prepaid wallet with 1% e-commerce cashback.
- Provides credit reports and real-time loan eligibility.
- UPI and Scan & Pay targeted by January.
- TPAP license approval expected in December.
- Targeting one million users by Q4 FY27.
- Long-term target: 3–5 million users by FY29.
- Potential PAT margin estimated at 20–35%.
3. FINANCIAL HEALTH & CASH FLOW
- H1 operating cash flow remained negative.
- Trade receivables increased by ₹51 crore.
- Collected ₹35.4 crore during October's first three weeks.
- Short-term borrowings increased to ₹64.4 crore.
- Approximately 85% debt comprises invoice financing.
- Reducing exposure to longer receivable-cycle products.
- Targeting improved cash flow by Q4 FY27.
4. GROWTH GUIDANCE & OUTLOOK
- FY27 revenue guidance upgraded to ₹350 crore.
- FY27 PAT margin expected above 10%.
- FY28 revenue growth guidance: 40–60%.
- FY29 revenue ambition: ₹1,000 crore.
- FY29 PAT target: ₹100 crore.
- Planning mainboard migration by August 2027.
5. ANALYST TAKE
- Akiko Pay offers significant digital platform opportunity.
- Low acquisition costs support scalability potential.
- Loan distribution provides established customer acquisition channels.
- Receivables and cash flow remain key concerns.
- Monitor UPI launch and user monetization.
- Mainboard migration could improve market visibility.
#H1FY27 #SME
1. BUSINESS & OPERATIONAL PERFORMANCE
- Distributes credit cards and loans through banks/NBFCs.
- Sourcing 23,000–25,000 credit cards monthly.
- Lending partners disburse ₹550+ crore monthly.
- FY27 target: 50,000 approved credit cards.
- Targeting ₹1,000 crore loan book by March 2027.
2. AKIKO PAY – DIGITAL FINANCIAL PLATFORM
- Akiko Pay launched on iOS and Android.
- Acquired one lakh customers within 15 days.
- Customer acquisition cost: ₹12–15 per download.
- Offers prepaid wallet with 1% e-commerce cashback.
- Provides credit reports and real-time loan eligibility.
- UPI and Scan & Pay targeted by January.
- TPAP license approval expected in December.
- Targeting one million users by Q4 FY27.
- Long-term target: 3–5 million users by FY29.
- Potential PAT margin estimated at 20–35%.
3. FINANCIAL HEALTH & CASH FLOW
- H1 operating cash flow remained negative.
- Trade receivables increased by ₹51 crore.
- Collected ₹35.4 crore during October's first three weeks.
- Short-term borrowings increased to ₹64.4 crore.
- Approximately 85% debt comprises invoice financing.
- Reducing exposure to longer receivable-cycle products.
- Targeting improved cash flow by Q4 FY27.
4. GROWTH GUIDANCE & OUTLOOK
- FY27 revenue guidance upgraded to ₹350 crore.
- FY27 PAT margin expected above 10%.
- FY28 revenue growth guidance: 40–60%.
- FY29 revenue ambition: ₹1,000 crore.
- FY29 PAT target: ₹100 crore.
- Planning mainboard migration by August 2027.
5. ANALYST TAKE
- Akiko Pay offers significant digital platform opportunity.
- Low acquisition costs support scalability potential.
- Loan distribution provides established customer acquisition channels.
- Receivables and cash flow remain key concerns.
- Monitor UPI launch and user monetization.
- Mainboard migration could improve market visibility.
AJAX ENGINEERING – Q2 FY27 CONCALL HIGHLIGHTS
#Q2FY27
1. BUSINESS & OPERATIONAL PERFORMANCE
- SLCM retail market share increased to 75.5%.
- Buildings and Urban Infra contributed 39% revenue.
- SLCM revenue grew 5.9% YoY.
- Non-SLCM revenue surged 64.7% YoY.
- Spares and services revenue declined 4.7%.
- Strong regional growth across Gujarat, Karnataka and UP.
- Uraan SLCM sales reached 216 units in H1.
- Launched Argo 4000 in SLTM portfolio.
2. PRODUCT EXPANSION & EXPORTS
- Export revenue grew 47% YoY in H1.
- Exports contributed 7.4% of Q2 revenue.
- Strong export traction across Africa and Southeast Asia.
- Dealer network driving non-SLCM business expansion.
- Concrete pumps supporting diversification beyond SLCM.
3. MARKET STRATEGY & NEW OPPORTUNITIES
- Shifting focus from roads to private-sector projects.
- Exploring complete concreting solutions for customers.
- Evaluating opportunities in precast concrete.
- Exploring telematics-based solutions.
- Expanding applications across buildings and urban infrastructure.
4. GROWTH OUTLOOK & MARGIN GUIDANCE
- Targeting near double-digit revenue growth in FY27.
- H2 historically contributes 60–65% annual revenue.
- Demand momentum expected to improve in H2.
- Implemented two successive 1% price increases.
- Rising steel prices creating margin pressure.
- Protecting profitability remains a key priority.
5. ANALYST TAKE
- SLCM market share gains strengthen leadership position.
- Non-SLCM business emerging as growth driver.
- Exports provide additional growth opportunities.
- Private-sector exposure improves business diversification.
- Strong cash position supports future expansion.
- Monitor commodity costs and demand recovery.
#Q2FY27
1. BUSINESS & OPERATIONAL PERFORMANCE
- SLCM retail market share increased to 75.5%.
- Buildings and Urban Infra contributed 39% revenue.
- SLCM revenue grew 5.9% YoY.
- Non-SLCM revenue surged 64.7% YoY.
- Spares and services revenue declined 4.7%.
- Strong regional growth across Gujarat, Karnataka and UP.
- Uraan SLCM sales reached 216 units in H1.
- Launched Argo 4000 in SLTM portfolio.
2. PRODUCT EXPANSION & EXPORTS
- Export revenue grew 47% YoY in H1.
- Exports contributed 7.4% of Q2 revenue.
- Strong export traction across Africa and Southeast Asia.
- Dealer network driving non-SLCM business expansion.
- Concrete pumps supporting diversification beyond SLCM.
3. MARKET STRATEGY & NEW OPPORTUNITIES
- Shifting focus from roads to private-sector projects.
- Exploring complete concreting solutions for customers.
- Evaluating opportunities in precast concrete.
- Exploring telematics-based solutions.
- Expanding applications across buildings and urban infrastructure.
4. GROWTH OUTLOOK & MARGIN GUIDANCE
- Targeting near double-digit revenue growth in FY27.
- H2 historically contributes 60–65% annual revenue.
- Demand momentum expected to improve in H2.
- Implemented two successive 1% price increases.
- Rising steel prices creating margin pressure.
- Protecting profitability remains a key priority.
5. ANALYST TAKE
- SLCM market share gains strengthen leadership position.
- Non-SLCM business emerging as growth driver.
- Exports provide additional growth opportunities.
- Private-sector exposure improves business diversification.
- Strong cash position supports future expansion.
- Monitor commodity costs and demand recovery.
HINDUSTAN FOODS – Q2 FY27 CONCALL HIGHLIGHTS
#Q2FY27
1. BUSINESS & OPERATIONAL PERFORMANCE
- Q2 revenue grew 18% YoY.
- EBITDA increased 26% YoY.
- Adjusted PAT reached record ₹46 crore.
- H1 adjusted PAT grew 30% YoY.
- H1 operating cash flow turned positive at ₹57 crore.
- Silvassa flooding impacted Q2 operations.
- Estimated EBITDA impact: ₹3–4 crore.
2. FOOTWEAR BUSINESS TURNAROUND
- Footwear division returned to profitability in Q2.
- Legacy fixed-price orders successfully completed.
- New orders reflect current cost structures.
- October recorded highest-ever monthly footwear turnover.
- Order book remains full until March 2027.
- Chennai sports shoe capacity expansion underway.
- Strong demand from new and existing brands.
3. CAPACITY EXPANSION & NEW PROJECTS
- Coimbatore malt beverage expansion targeted for Q4 FY27.
- Vadi Ayurvedic supplement project targeted for Q4 FY27.
- Guwahati carbonated soft drinks line targeted for Q4 FY27.
- Nashik ice cream cone expansion targeted for Q1 FY28.
- Projects worth ₹300+ crore commercializing from December.
- Seasonal projects progressing across multiple facilities.
4. GROWTH OUTLOOK & STRATEGY
- FY27 PAT guidance maintained above ₹200 crore.
- Strong H2 expected from capacity ramp-ups.
- Q4 expected to outperform preceding quarters.
- Net revenue model transition improving working capital.
- Stronger operating cash flows expected in H2.
- Blended ROCE target maintained at 18%.
- Customer concentration capped at 33% per category.
5. ANALYST TAKE
- Footwear turnaround provides an additional growth driver.
- New capacities support strong H2 revenue visibility.
- ₹300+ crore projects offer significant growth potential.
- Improved cash flow strengthens financial flexibility.
- Monitor project commissioning and capacity utilization.
#Q2FY27
1. BUSINESS & OPERATIONAL PERFORMANCE
- Q2 revenue grew 18% YoY.
- EBITDA increased 26% YoY.
- Adjusted PAT reached record ₹46 crore.
- H1 adjusted PAT grew 30% YoY.
- H1 operating cash flow turned positive at ₹57 crore.
- Silvassa flooding impacted Q2 operations.
- Estimated EBITDA impact: ₹3–4 crore.
2. FOOTWEAR BUSINESS TURNAROUND
- Footwear division returned to profitability in Q2.
- Legacy fixed-price orders successfully completed.
- New orders reflect current cost structures.
- October recorded highest-ever monthly footwear turnover.
- Order book remains full until March 2027.
- Chennai sports shoe capacity expansion underway.
- Strong demand from new and existing brands.
3. CAPACITY EXPANSION & NEW PROJECTS
- Coimbatore malt beverage expansion targeted for Q4 FY27.
- Vadi Ayurvedic supplement project targeted for Q4 FY27.
- Guwahati carbonated soft drinks line targeted for Q4 FY27.
- Nashik ice cream cone expansion targeted for Q1 FY28.
- Projects worth ₹300+ crore commercializing from December.
- Seasonal projects progressing across multiple facilities.
4. GROWTH OUTLOOK & STRATEGY
- FY27 PAT guidance maintained above ₹200 crore.
- Strong H2 expected from capacity ramp-ups.
- Q4 expected to outperform preceding quarters.
- Net revenue model transition improving working capital.
- Stronger operating cash flows expected in H2.
- Blended ROCE target maintained at 18%.
- Customer concentration capped at 33% per category.
5. ANALYST TAKE
- Footwear turnaround provides an additional growth driver.
- New capacities support strong H2 revenue visibility.
- ₹300+ crore projects offer significant growth potential.
- Improved cash flow strengthens financial flexibility.
- Monitor project commissioning and capacity utilization.
FINKURVE FINANCIAL SERVICES – Q2 FY27 CONCALL HIGHLIGHTS
#Q2FY27
1. BUSINESS & OPERATIONAL PERFORMANCE
- AUM increased 95% YoY.
- Operational profitability grew 62% YoY.
- Total income increased 88% YoY.
- Gold loan yields improved to 20.8%.
- Branch network expanded to 122 locations.
- Unified gold loan brand: Augmont.
- Focus remains on Tier 2 and Tier 3 customers.
- Customer retention exceeds 60% at loan maturity.
2. GOLD LOANS & CO-LENDING
- Co-lending contribution increased to 5.8%.
- Expanding partnerships with banks and financial institutions.
- Personal loan book remains stable at ₹45–50 crore.
- Targeting smaller loan ticket sizes.
- Medium-term off-book AUM target: 30–35%.
- Co-lending supports capital-efficient portfolio expansion.
3. ASSET QUALITY & COLLECTIONS
- GNPA increased to 2.6%.
- NNPA stood at 2.4%.
- Collection efficiency declined to 90%.
- Regulatory repayment changes impacted NPA classification.
- Management highlights strong gold collateral coverage.
- Customer engagement prioritized over loan auctions.
- Improving collections remains a key priority.
4. FUNDING STRATEGY & GROWTH GUIDANCE
- Capital adequacy ratio remains healthy at 28.7%.
- NCDs contribute 67% of total borrowings.
- Targeting NCD contribution of 40–45%.
- Increasing bank borrowings to diversify funding.
- FY27 AUM growth guidance: 50–60%.
- Targeting 50–60 additional branches during FY27.
5. ANALYST TAKE
- Strong AUM growth supported by branch expansion.
- Gold loan yields support income growth.
- Co-lending offers capital-efficient growth opportunities.
- Asset quality and collections need close monitoring.
- Funding diversification remains an important priority.
#Q2FY27
1. BUSINESS & OPERATIONAL PERFORMANCE
- AUM increased 95% YoY.
- Operational profitability grew 62% YoY.
- Total income increased 88% YoY.
- Gold loan yields improved to 20.8%.
- Branch network expanded to 122 locations.
- Unified gold loan brand: Augmont.
- Focus remains on Tier 2 and Tier 3 customers.
- Customer retention exceeds 60% at loan maturity.
2. GOLD LOANS & CO-LENDING
- Co-lending contribution increased to 5.8%.
- Expanding partnerships with banks and financial institutions.
- Personal loan book remains stable at ₹45–50 crore.
- Targeting smaller loan ticket sizes.
- Medium-term off-book AUM target: 30–35%.
- Co-lending supports capital-efficient portfolio expansion.
3. ASSET QUALITY & COLLECTIONS
- GNPA increased to 2.6%.
- NNPA stood at 2.4%.
- Collection efficiency declined to 90%.
- Regulatory repayment changes impacted NPA classification.
- Management highlights strong gold collateral coverage.
- Customer engagement prioritized over loan auctions.
- Improving collections remains a key priority.
4. FUNDING STRATEGY & GROWTH GUIDANCE
- Capital adequacy ratio remains healthy at 28.7%.
- NCDs contribute 67% of total borrowings.
- Targeting NCD contribution of 40–45%.
- Increasing bank borrowings to diversify funding.
- FY27 AUM growth guidance: 50–60%.
- Targeting 50–60 additional branches during FY27.
5. ANALYST TAKE
- Strong AUM growth supported by branch expansion.
- Gold loan yields support income growth.
- Co-lending offers capital-efficient growth opportunities.
- Asset quality and collections need close monitoring.
- Funding diversification remains an important priority.
EXCELSOFT TECHNOLOGIES – Q2 FY27 CONCALL HIGHLIGHTS
#Q2FY27
1. BUSINESS & OPERATIONAL PERFORMANCE
- H1 revenue grew 33.9% YoY.
- Education Technology Services contributed 60.75% of Q2 revenue.
- Education Technology Services grew 41.9% YoY.
- Strong customer retention with no significant client losses.
- Top five customers contribute approximately 75% revenue.
- University of Memphis proctoring contract secured.
- HCA e-marking project progressing through phased implementation.
2. GLOBAL EXPANSION & STRATEGIC INVESTMENTS
- Strengthening presence across US and UK markets.
- Establishing new subsidiary in Canada.
- Building international sales and account management teams.
- Invested ₹20.3 crore in strategic expansion.
- Hiring leadership and specialized technology talent.
- Geographic expansion temporarily impacting operating margins.
3. AI & PRODUCT INNOVATION
- Developing proprietary AI and LLM capabilities.
- Own hardware infrastructure supports AI development.
- AI project revenues expected within two quarters.
- Developed Assessment in a Box platform.
- Palm-sized servers support simultaneous 200-device connectivity.
- Expanding AI-enabled assessment and content generation solutions.
4. GROWTH GUIDANCE & ORDER PIPELINE
- FY27 revenue target maintained at ₹350 crore.
- Qualified order pipeline increased to ₹1,200 crore.
- Pipeline expanded from ₹900 crore in six months.
- EBITDA margin recovery target: 22–25%.
- UK, Europe, US and Southeast Asia drive expansion.
- Revenue recognition partly deferred due to customer UAT delays.
5. ANALYST TAKE
- Strong order pipeline supports future revenue visibility.
- AI capabilities offer meaningful growth opportunities.
- International expansion creates a larger addressable market.
- Short-term margins impacted by strategic investments.
- High customer concentration remains a key risk.
- Monitor AI monetization and margin recovery.
#Q2FY27
1. BUSINESS & OPERATIONAL PERFORMANCE
- H1 revenue grew 33.9% YoY.
- Education Technology Services contributed 60.75% of Q2 revenue.
- Education Technology Services grew 41.9% YoY.
- Strong customer retention with no significant client losses.
- Top five customers contribute approximately 75% revenue.
- University of Memphis proctoring contract secured.
- HCA e-marking project progressing through phased implementation.
2. GLOBAL EXPANSION & STRATEGIC INVESTMENTS
- Strengthening presence across US and UK markets.
- Establishing new subsidiary in Canada.
- Building international sales and account management teams.
- Invested ₹20.3 crore in strategic expansion.
- Hiring leadership and specialized technology talent.
- Geographic expansion temporarily impacting operating margins.
3. AI & PRODUCT INNOVATION
- Developing proprietary AI and LLM capabilities.
- Own hardware infrastructure supports AI development.
- AI project revenues expected within two quarters.
- Developed Assessment in a Box platform.
- Palm-sized servers support simultaneous 200-device connectivity.
- Expanding AI-enabled assessment and content generation solutions.
4. GROWTH GUIDANCE & ORDER PIPELINE
- FY27 revenue target maintained at ₹350 crore.
- Qualified order pipeline increased to ₹1,200 crore.
- Pipeline expanded from ₹900 crore in six months.
- EBITDA margin recovery target: 22–25%.
- UK, Europe, US and Southeast Asia drive expansion.
- Revenue recognition partly deferred due to customer UAT delays.
5. ANALYST TAKE
- Strong order pipeline supports future revenue visibility.
- AI capabilities offer meaningful growth opportunities.
- International expansion creates a larger addressable market.
- Short-term margins impacted by strategic investments.
- High customer concentration remains a key risk.
- Monitor AI monetization and margin recovery.
COSMIC CRF – H1 FY27 CONCALL HIGHLIGHTS
#H1FY27 #SME
1. BUSINESS & ORDER BOOK
- Total order book stands at ₹612 crore.
- Infrastructure contributes 78% of order book.
- Railways contribute remaining 22%.
- Targeting balanced 50:50 infrastructure and railway mix.
- Positive consolidated operating cash flow of ₹18 crore.
- NS Engineering capacity utilization reached 78.6%.
- Government order slowdown impacted recent performance.
2. CAPACITY EXPANSION & AMZON ACQUISITION
- Installed capacity expanded to 1,76,600 MTPA.
- Amzon acquisition adds 3,600 wagons annual capacity.
- Acquisition capacity equals existing assets combined.
- ₹32 crore upfront payment completed.
- ₹28 crore security deposit paid.
- NCLT approval process nearing completion.
- Phased commercial production expected from April–May 2027.
- Facility to support manufacturing, repairs and refurbishment.
3. PRODUCT DIVERSIFICATION & NEW VERTICALS
- Expanding beyond CRF sections into wagon components.
- Product portfolio includes sheet piles and springs.
- Setting up forging unit with 11,000 MT capacity.
- Springs division received RDSO approval.
- Field trials for springs division underway.
- Exploring defense and container manufacturing opportunities.
- Long-term target: integrated wagon manufacturing capabilities.
4. GROWTH GUIDANCE & FUTURE OUTLOOK
- FY27 revenue growth guidance: 20–25%.
- Stronger H2 performance expected.
- FY30 revenue potential estimated at ₹1,178 crore.
- Indian wagon demand estimated at 60,000–70,000 annually.
- Amzon facility offers significant expansion opportunities.
- Mainboard migration targeted by Q1 next fiscal year.
5. ANALYST TAKE
- ₹612 crore order book supports revenue visibility.
- Amzon acquisition significantly expands manufacturing capabilities.
- Wagon demand offers strong long-term industry opportunity.
- Diversification strengthens railway and infrastructure positioning.
- Monitor acquisition integration and commercial commissioning.
#H1FY27 #SME
1. BUSINESS & ORDER BOOK
- Total order book stands at ₹612 crore.
- Infrastructure contributes 78% of order book.
- Railways contribute remaining 22%.
- Targeting balanced 50:50 infrastructure and railway mix.
- Positive consolidated operating cash flow of ₹18 crore.
- NS Engineering capacity utilization reached 78.6%.
- Government order slowdown impacted recent performance.
2. CAPACITY EXPANSION & AMZON ACQUISITION
- Installed capacity expanded to 1,76,600 MTPA.
- Amzon acquisition adds 3,600 wagons annual capacity.
- Acquisition capacity equals existing assets combined.
- ₹32 crore upfront payment completed.
- ₹28 crore security deposit paid.
- NCLT approval process nearing completion.
- Phased commercial production expected from April–May 2027.
- Facility to support manufacturing, repairs and refurbishment.
3. PRODUCT DIVERSIFICATION & NEW VERTICALS
- Expanding beyond CRF sections into wagon components.
- Product portfolio includes sheet piles and springs.
- Setting up forging unit with 11,000 MT capacity.
- Springs division received RDSO approval.
- Field trials for springs division underway.
- Exploring defense and container manufacturing opportunities.
- Long-term target: integrated wagon manufacturing capabilities.
4. GROWTH GUIDANCE & FUTURE OUTLOOK
- FY27 revenue growth guidance: 20–25%.
- Stronger H2 performance expected.
- FY30 revenue potential estimated at ₹1,178 crore.
- Indian wagon demand estimated at 60,000–70,000 annually.
- Amzon facility offers significant expansion opportunities.
- Mainboard migration targeted by Q1 next fiscal year.
5. ANALYST TAKE
- ₹612 crore order book supports revenue visibility.
- Amzon acquisition significantly expands manufacturing capabilities.
- Wagon demand offers strong long-term industry opportunity.
- Diversification strengthens railway and infrastructure positioning.
- Monitor acquisition integration and commercial commissioning.
VEDANT FASHIONS – Q2 FY27 CONCALL HIGHLIGHTS
#Q2FY27
1. BUSINESS & OPERATIONAL PERFORMANCE
- Q2 growth impacted by Navratri shifting to Q3.
- H1 revenue grew 4.8% YoY.
- H1 PAT increased 8.3% YoY.
- Industry-leading gross margin of 65.3%.
- Cash conversion ratio maintained at 93%.
- Launched six new collections for Q3.
- Improved inventory algorithms to reduce deadstock.
2. BRAND & MARKETING INITIATIVES
- Manyavar launched Celebration Club loyalty program.
- Loyalty members receive 1% reward points.
- Twamev campaign crossed 700 million cumulative views.
- Divas brand targeting ₹100 crore revenue.
- Mohey expanded influencer-led marketing initiatives.
- AI-driven marketing optimization improving customer engagement.
- Using AI cameras to improve store conversions.
3. STORE EXPANSION & DISTRIBUTION
- Exclusive Brand Outlet network reached 497 stores.
- EBOs contribute approximately 90% of sales.
- Added 5,000 sq. ft. retail space in Q2.
- Majority of new store openings planned for H2.
- Targeting mid-single-digit store growth in FY27.
- Early double-digit store growth targeted from FY29.
- MBO business targeting double growth in two years.
4. GROWTH OUTLOOK & STRATEGY
- Management expects strong H2 festive performance.
- Wedding season expected to support demand recovery.
- Targeting high single-digit long-term SSG.
- Expanding men's and women's Indian wear portfolios.
- Open to strategic acquisitions within Indian wear.
- Long-term vision: comprehensive Indian wear leadership.
5. ANALYST TAKE
- Festive calendar shift impacted quarterly performance.
- Strong gross margins support profitability resilience.
- Divas and Mohey offer diversification opportunities.
- AI initiatives could improve store-level conversions.
- Monitor same-store growth and retail expansion.
#Q2FY27
1. BUSINESS & OPERATIONAL PERFORMANCE
- Q2 growth impacted by Navratri shifting to Q3.
- H1 revenue grew 4.8% YoY.
- H1 PAT increased 8.3% YoY.
- Industry-leading gross margin of 65.3%.
- Cash conversion ratio maintained at 93%.
- Launched six new collections for Q3.
- Improved inventory algorithms to reduce deadstock.
2. BRAND & MARKETING INITIATIVES
- Manyavar launched Celebration Club loyalty program.
- Loyalty members receive 1% reward points.
- Twamev campaign crossed 700 million cumulative views.
- Divas brand targeting ₹100 crore revenue.
- Mohey expanded influencer-led marketing initiatives.
- AI-driven marketing optimization improving customer engagement.
- Using AI cameras to improve store conversions.
3. STORE EXPANSION & DISTRIBUTION
- Exclusive Brand Outlet network reached 497 stores.
- EBOs contribute approximately 90% of sales.
- Added 5,000 sq. ft. retail space in Q2.
- Majority of new store openings planned for H2.
- Targeting mid-single-digit store growth in FY27.
- Early double-digit store growth targeted from FY29.
- MBO business targeting double growth in two years.
4. GROWTH OUTLOOK & STRATEGY
- Management expects strong H2 festive performance.
- Wedding season expected to support demand recovery.
- Targeting high single-digit long-term SSG.
- Expanding men's and women's Indian wear portfolios.
- Open to strategic acquisitions within Indian wear.
- Long-term vision: comprehensive Indian wear leadership.
5. ANALYST TAKE
- Festive calendar shift impacted quarterly performance.
- Strong gross margins support profitability resilience.
- Divas and Mohey offer diversification opportunities.
- AI initiatives could improve store-level conversions.
- Monitor same-store growth and retail expansion.
❤1
REPCO HOME FINANCE – Q2 FY27 CONCALL HIGHLIGHTS
#Q2FY27
1. BUSINESS & FINANCIAL PERFORMANCE
- AUM grew 9.2% YoY to ₹16,425 crore.
- Net profit increased to ₹116 crore.
- NIM maintained at 5.44%.
- Interest spread stood at 3.4%.
- ROA stood at 2.9%.
- Capital adequacy ratio remained strong at 37%.
- Quarterly disbursements crossed ₹1,200 crore.
- Gross NPA improved to 2.4%.
- Interim dividend declared at ₹5 per share.
2. BUSINESS EXPANSION & DIGITAL INITIATIVES
- Planning 13–14 new branches during FY27.
- Expansion primarily focused on non-Tamil Nadu markets.
- Existing branch network stands at 242.
- Implemented new core banking applications and mobile apps.
- Created specialized sales, recovery and credit verticals.
- Expanding DST, DSA and connector sourcing channels.
- Diversifying borrowings through NCDs, CPs and PTCs.
3. ASSET QUALITY & FUNDING
- Targeting Gross NPA below 2% by FY27-end.
- NHB sanctioned ₹600 crore refinance facility.
- Borrowing cost currently stands at 8.35%.
- Borrowing costs expected to increase 10–15 bps.
- Willing to sacrifice spreads for quality customer retention.
- Floating-rate loan book enables interest rate transmission.
4. GUIDANCE & FUTURE OUTLOOK
- Q3 disbursement target: ₹1,300–1,350 crore.
- Q4 disbursement target: ₹1,650–1,700 crore.
- FY27 profit guidance: ₹480–490 crore.
- Spread expected to stabilize around 3.25–3.30%.
- Focus on accelerating disbursements and operational efficiency.
- Increasing geographical diversification beyond Tamil Nadu.
5. ANALYST TAKE
- Strong capital adequacy supports business expansion.
- Improving asset quality remains a positive development.
- Branch expansion could accelerate AUM growth.
- NIM and spreads face funding cost pressures.
- Monitor disbursements and Gross NPA reduction.
#Q2FY27
1. BUSINESS & FINANCIAL PERFORMANCE
- AUM grew 9.2% YoY to ₹16,425 crore.
- Net profit increased to ₹116 crore.
- NIM maintained at 5.44%.
- Interest spread stood at 3.4%.
- ROA stood at 2.9%.
- Capital adequacy ratio remained strong at 37%.
- Quarterly disbursements crossed ₹1,200 crore.
- Gross NPA improved to 2.4%.
- Interim dividend declared at ₹5 per share.
2. BUSINESS EXPANSION & DIGITAL INITIATIVES
- Planning 13–14 new branches during FY27.
- Expansion primarily focused on non-Tamil Nadu markets.
- Existing branch network stands at 242.
- Implemented new core banking applications and mobile apps.
- Created specialized sales, recovery and credit verticals.
- Expanding DST, DSA and connector sourcing channels.
- Diversifying borrowings through NCDs, CPs and PTCs.
3. ASSET QUALITY & FUNDING
- Targeting Gross NPA below 2% by FY27-end.
- NHB sanctioned ₹600 crore refinance facility.
- Borrowing cost currently stands at 8.35%.
- Borrowing costs expected to increase 10–15 bps.
- Willing to sacrifice spreads for quality customer retention.
- Floating-rate loan book enables interest rate transmission.
4. GUIDANCE & FUTURE OUTLOOK
- Q3 disbursement target: ₹1,300–1,350 crore.
- Q4 disbursement target: ₹1,650–1,700 crore.
- FY27 profit guidance: ₹480–490 crore.
- Spread expected to stabilize around 3.25–3.30%.
- Focus on accelerating disbursements and operational efficiency.
- Increasing geographical diversification beyond Tamil Nadu.
5. ANALYST TAKE
- Strong capital adequacy supports business expansion.
- Improving asset quality remains a positive development.
- Branch expansion could accelerate AUM growth.
- NIM and spreads face funding cost pressures.
- Monitor disbursements and Gross NPA reduction.
OIL & NATURAL GAS CORPORATION – Q2 FY27 CONCALL HIGHLIGHTS
#Q2FY27
1. BUSINESS & FINANCIAL PERFORMANCE
- Standalone revenue grew 33% YoY.
- Standalone PAT increased 57% YoY.
- Record H1 PAT reached ₹32,522 crore.
- Consolidated quarterly PAT stood at ₹18,535 crore.
- Crude realization stood at $92.33 per barrel.
- Declared highest-ever interim dividend of ₹8 per share.
- ₹11,800 crore investment awarded for offshore projects.
2. PRODUCTION & OPERATIONAL UPDATES
- Overall production remained broadly stable sequentially.
- KG-DWN 98/2 producing 19,000 barrels daily.
- KG-DWN gas output expected to increase in Q4.
- Mumbai High TSP delivered 7–8% incremental gas output.
- Production impacted by supply chain and weather disruptions.
- Lost production recovery expected in coming quarters.
3. EXPLORATION & NEW DISCOVERIES
- Samudra Manthan deepwater exploration gaining momentum.
- Gas discovery reported in Mahanadi offshore basin.
- Four deepwater wells planned during FY27.
- Up to 13 wells targeted next year.
- Encouraging gas discoveries reported in Silchar.
- Monetization planned through IGGL pipeline connectivity.
4. PETROCHEMICALS & OVERSEAS OPERATIONS
- ONGC Petrochemicals Marketing Limited incorporated.
- OPaL achieved positive EBITDA of ₹147 crore.
- Long-term US ethane sourcing agreements secured.
- Ethane ships expected by early 2029.
- Mozambique project reached 49% completion.
- Venezuela operatorship discussions at advanced stages.
- Sakhalin production averaged 183,000 barrels daily.
5. GUIDANCE & FUTURE OUTLOOK
- FY27 production guidance: approximately 39 MMT oil equivalent.
- FY28 production growth target: 0.5–1 MMT.
- Management expects production recovery in H2.
- Deepwater exploration remains a strategic priority.
- Overseas projects offer additional production opportunities.
6. ANALYST TAKE
- Strong crude realizations support profitability.
- Deepwater discoveries offer long-term production potential.
- KG-DWN and Mumbai High remain key drivers.
- OPaL turnaround could improve downstream profitability.
- Overseas projects provide additional growth opportunities.
- Monitor production recovery and exploration execution.
#Q2FY27
1. BUSINESS & FINANCIAL PERFORMANCE
- Standalone revenue grew 33% YoY.
- Standalone PAT increased 57% YoY.
- Record H1 PAT reached ₹32,522 crore.
- Consolidated quarterly PAT stood at ₹18,535 crore.
- Crude realization stood at $92.33 per barrel.
- Declared highest-ever interim dividend of ₹8 per share.
- ₹11,800 crore investment awarded for offshore projects.
2. PRODUCTION & OPERATIONAL UPDATES
- Overall production remained broadly stable sequentially.
- KG-DWN 98/2 producing 19,000 barrels daily.
- KG-DWN gas output expected to increase in Q4.
- Mumbai High TSP delivered 7–8% incremental gas output.
- Production impacted by supply chain and weather disruptions.
- Lost production recovery expected in coming quarters.
3. EXPLORATION & NEW DISCOVERIES
- Samudra Manthan deepwater exploration gaining momentum.
- Gas discovery reported in Mahanadi offshore basin.
- Four deepwater wells planned during FY27.
- Up to 13 wells targeted next year.
- Encouraging gas discoveries reported in Silchar.
- Monetization planned through IGGL pipeline connectivity.
4. PETROCHEMICALS & OVERSEAS OPERATIONS
- ONGC Petrochemicals Marketing Limited incorporated.
- OPaL achieved positive EBITDA of ₹147 crore.
- Long-term US ethane sourcing agreements secured.
- Ethane ships expected by early 2029.
- Mozambique project reached 49% completion.
- Venezuela operatorship discussions at advanced stages.
- Sakhalin production averaged 183,000 barrels daily.
5. GUIDANCE & FUTURE OUTLOOK
- FY27 production guidance: approximately 39 MMT oil equivalent.
- FY28 production growth target: 0.5–1 MMT.
- Management expects production recovery in H2.
- Deepwater exploration remains a strategic priority.
- Overseas projects offer additional production opportunities.
6. ANALYST TAKE
- Strong crude realizations support profitability.
- Deepwater discoveries offer long-term production potential.
- KG-DWN and Mumbai High remain key drivers.
- OPaL turnaround could improve downstream profitability.
- Overseas projects provide additional growth opportunities.
- Monitor production recovery and exploration execution.
❤1
LINC LTD – Q2 FY27 CONCALL HIGHLIGHTS
#Q2FY27
1. BUSINESS & OPERATIONAL PERFORMANCE
- Double-digit sales growth achieved
- Sales promotions supported market-share expansion
- Higher promotional spending impacted margins
- Pentonic and Linc portfolios expanded
- Tritonic brand entered lifestyle drinkware
2. MARGIN & PROFITABILITY
- EBITDA margin declined significantly
- Higher raw material costs pressured margins
- Increased sales expenses added pressure
- Management prioritising profitability improvement
- Premium products and better mix targeted
3. NEW FACILITY & CAPACITY
- West Bengal facility nearing completion
- Commercial production expected by Q4 FY27
- Modern plant replacing older infrastructure
- Facility supports future capacity expansion
4. JV & INTERNATIONAL BUSINESS
- Mitsubishi JV exports exceed 50% of H1 revenue
- Unilink launched its first ₹20 pen
- Two additional Unilink products planned
- Morris JV awaits new facility commissioning
- Turkey JV and Kenya operations progressing
5. OUTLOOK & MANAGEMENT STRATEGY
- Sales growth remains management priority
- Raw material costs expected to ease
- Improvement anticipated from Q4 FY27
- Premiumisation and product mix remain key
- No specific profitability guidance provided
6. ANALYST TAKE
- Revenue growth remains encouraging
- Near-term margins face significant pressure
- New plant offers efficiency benefits
- Margin recovery remains the key monitorable
#Q2FY27
1. BUSINESS & OPERATIONAL PERFORMANCE
- Double-digit sales growth achieved
- Sales promotions supported market-share expansion
- Higher promotional spending impacted margins
- Pentonic and Linc portfolios expanded
- Tritonic brand entered lifestyle drinkware
2. MARGIN & PROFITABILITY
- EBITDA margin declined significantly
- Higher raw material costs pressured margins
- Increased sales expenses added pressure
- Management prioritising profitability improvement
- Premium products and better mix targeted
3. NEW FACILITY & CAPACITY
- West Bengal facility nearing completion
- Commercial production expected by Q4 FY27
- Modern plant replacing older infrastructure
- Facility supports future capacity expansion
4. JV & INTERNATIONAL BUSINESS
- Mitsubishi JV exports exceed 50% of H1 revenue
- Unilink launched its first ₹20 pen
- Two additional Unilink products planned
- Morris JV awaits new facility commissioning
- Turkey JV and Kenya operations progressing
5. OUTLOOK & MANAGEMENT STRATEGY
- Sales growth remains management priority
- Raw material costs expected to ease
- Improvement anticipated from Q4 FY27
- Premiumisation and product mix remain key
- No specific profitability guidance provided
6. ANALYST TAKE
- Revenue growth remains encouraging
- Near-term margins face significant pressure
- New plant offers efficiency benefits
- Margin recovery remains the key monitorable
IG PETROCHEMICALS LTD – Q2 FY27 CONCALL HIGHLIGHTS
#Q2FY27
1. BUSINESS & FINANCIAL PERFORMANCE
- Record quarterly revenue achieved
- EBITDA and PAT surged sharply
- Strong H1 profitability turnaround
- Interim dividend of ₹10 declared
- Net cash position remains healthy
2. OPERATIONAL PERFORMANCE
- Quarterly production volumes improved sequentially
- Three plants operated at 90–91% utilisation
- Fourth plant recently commenced operations
- Domestic demand remains strong
- Paints, pigments and plasticizers performing well
- Inventory risk managed through procurement alignment
3. CAPACITY EXPANSION & NEW PROJECTS
- New plasticizer plant commenced production
- Initial monthly production targets set
- Wire and cable segment targeted
- Benzyl Phthalate capacity expanded
- CBG plant expected operational by December
- Solar and natural gas adoption progressing
4. INDUSTRY OUTLOOK
- Indian chemical demand remains resilient
- Global feedstock supply remains constrained
- Raw material prices remain volatile
- Current high spreads may normalise
- Long-term industry outlook remains positive
5. GUIDANCE & FUTURE STRATEGY
- FY27 volume guidance: 185,000–195,000 tons
- Plasticizer production ramp-up remains key
- Evaluating downstream chemistry opportunities
- New projects require minimum 15% IRR
- Peak revenue potential: ₹3,000–3,500 crore
6. ANALYST TAKE
- Exceptional earnings recovery and cash position
- New plasticizer plant adds growth potential
- Volume ramp-up remains key monitorable
- Normalised spreads may moderate profitability
- Execution and capital allocation remain critical
#Q2FY27
1. BUSINESS & FINANCIAL PERFORMANCE
- Record quarterly revenue achieved
- EBITDA and PAT surged sharply
- Strong H1 profitability turnaround
- Interim dividend of ₹10 declared
- Net cash position remains healthy
2. OPERATIONAL PERFORMANCE
- Quarterly production volumes improved sequentially
- Three plants operated at 90–91% utilisation
- Fourth plant recently commenced operations
- Domestic demand remains strong
- Paints, pigments and plasticizers performing well
- Inventory risk managed through procurement alignment
3. CAPACITY EXPANSION & NEW PROJECTS
- New plasticizer plant commenced production
- Initial monthly production targets set
- Wire and cable segment targeted
- Benzyl Phthalate capacity expanded
- CBG plant expected operational by December
- Solar and natural gas adoption progressing
4. INDUSTRY OUTLOOK
- Indian chemical demand remains resilient
- Global feedstock supply remains constrained
- Raw material prices remain volatile
- Current high spreads may normalise
- Long-term industry outlook remains positive
5. GUIDANCE & FUTURE STRATEGY
- FY27 volume guidance: 185,000–195,000 tons
- Plasticizer production ramp-up remains key
- Evaluating downstream chemistry opportunities
- New projects require minimum 15% IRR
- Peak revenue potential: ₹3,000–3,500 crore
6. ANALYST TAKE
- Exceptional earnings recovery and cash position
- New plasticizer plant adds growth potential
- Volume ramp-up remains key monitorable
- Normalised spreads may moderate profitability
- Execution and capital allocation remain critical
❤1
ADF FOODS LTD – Q2 FY27 CONCALL HIGHLIGHTS
#Q2FY27
1. BUSINESS & FINANCIAL PERFORMANCE
- Record quarterly revenue crossed ₹200 crore
- Strong double-digit revenue growth continued
- Volume growth drove majority of H1 growth
- EBITDA margins remained healthy
- Net surplus of ₹97.4 crore
- Interim dividend declared
- CRISIL rating upgraded to A+ Stable
2. BRAND & INTERNATIONAL EXPANSION
- Ashoka brand maintains strong growth momentum
- Truly Indian expanded across US retail
- New listings secured with Kroger and Meijer
- Vegan Naan recognised by Whole Foods
- Sol brand launched A2 Gir Cow Ghee
- Distribution expansion remains a key priority
3. CAPACITY EXPANSION & CAPEX
- Surat greenfield facility ramp-up underway
- Plant utilisation targeted at 35–40%
- Additional FY27 capex planned
- Expansion funded through internal accruals
- Management targets 3x asset turnover
4. KEY CHALLENGES
- Container shortages disrupted shipments
- Ocean freight costs remain elevated
- Middle East transit times increased sharply
- Shipping delays raised inventory levels
- Additional US tariffs pressure exports
5. GUIDANCE & FUTURE OUTLOOK
- FY27 revenue guidance revised downward
- Strong order book supports demand visibility
- High-teen EBITDA margins targeted
- Brand penetration and retail listings remain priorities
- New capacity ramp-up supports future growth
6. ANALYST TAKE
- Strong brands support sustained revenue growth
- Volume-led growth remains encouraging
- Logistics and tariffs pressure near-term margins
- Surat utilisation is a key monitorable
- Guidance revision reflects external headwinds
#Q2FY27
1. BUSINESS & FINANCIAL PERFORMANCE
- Record quarterly revenue crossed ₹200 crore
- Strong double-digit revenue growth continued
- Volume growth drove majority of H1 growth
- EBITDA margins remained healthy
- Net surplus of ₹97.4 crore
- Interim dividend declared
- CRISIL rating upgraded to A+ Stable
2. BRAND & INTERNATIONAL EXPANSION
- Ashoka brand maintains strong growth momentum
- Truly Indian expanded across US retail
- New listings secured with Kroger and Meijer
- Vegan Naan recognised by Whole Foods
- Sol brand launched A2 Gir Cow Ghee
- Distribution expansion remains a key priority
3. CAPACITY EXPANSION & CAPEX
- Surat greenfield facility ramp-up underway
- Plant utilisation targeted at 35–40%
- Additional FY27 capex planned
- Expansion funded through internal accruals
- Management targets 3x asset turnover
4. KEY CHALLENGES
- Container shortages disrupted shipments
- Ocean freight costs remain elevated
- Middle East transit times increased sharply
- Shipping delays raised inventory levels
- Additional US tariffs pressure exports
5. GUIDANCE & FUTURE OUTLOOK
- FY27 revenue guidance revised downward
- Strong order book supports demand visibility
- High-teen EBITDA margins targeted
- Brand penetration and retail listings remain priorities
- New capacity ramp-up supports future growth
6. ANALYST TAKE
- Strong brands support sustained revenue growth
- Volume-led growth remains encouraging
- Logistics and tariffs pressure near-term margins
- Surat utilisation is a key monitorable
- Guidance revision reflects external headwinds
❤2
BOSCH LTD – Q2 FY27 CONCALL HIGHLIGHTS
#Q2FY27
1. BUSINESS & FINANCIAL PERFORMANCE
- Strong revenue growth across businesses
- EBITDA growth trailed revenue growth
- Aluminium costs pressured profitability
- Adverse Euro forex impacted margins
- Exceptional provision reversal boosted reported earnings
2. SEGMENT-WISE PERFORMANCE
- Mobility business delivered strong growth
- Power Solutions benefited from vehicle demand
- Consumer Goods growth driven by e-commerce
- Two-wheeler business gained electronic content
- Aftermarket workshop network crossed 5,000
- Chennai plant crossed 20 million power tools
3. TECHNOLOGY & PRODUCT DEVELOPMENTS
- CNG direct injection technology validated
- Positioned for upcoming CAFE Phase 3 norms
- Advanced electronic control adoption increasing
- Power Solutions remains a key growth driver
4. BOSCH CHASSIS SYSTEMS INDIA
- Newly acquired subsidiary consolidated first time
- Strong revenue growth across vehicle segments
- Higher costs pressured subsidiary margins
- Chakan plant crossed 20 million safety units
- Capital-light model supports capital efficiency
5. CORPORATE & STRATEGIC UPDATES
- Bonus issue: Three shares for every share
- Proposed stock split: ₹10 to ₹2 face value
- Bosch-TACO JV production expected mid-next year
- TSF JV production targeted by year-end
- German parent restructuring has no India impact
6. OUTLOOK & ANALYST TAKE
- Management expects modest H2 performance
- Tractor demand weakened amid uneven monsoons
- Geopolitical and inflation risks remain
- Localization and cost controls support margins
- Raw material and forex trends remain monitorable
- JV commissioning offers future growth opportunities
#Q2FY27
1. BUSINESS & FINANCIAL PERFORMANCE
- Strong revenue growth across businesses
- EBITDA growth trailed revenue growth
- Aluminium costs pressured profitability
- Adverse Euro forex impacted margins
- Exceptional provision reversal boosted reported earnings
2. SEGMENT-WISE PERFORMANCE
- Mobility business delivered strong growth
- Power Solutions benefited from vehicle demand
- Consumer Goods growth driven by e-commerce
- Two-wheeler business gained electronic content
- Aftermarket workshop network crossed 5,000
- Chennai plant crossed 20 million power tools
3. TECHNOLOGY & PRODUCT DEVELOPMENTS
- CNG direct injection technology validated
- Positioned for upcoming CAFE Phase 3 norms
- Advanced electronic control adoption increasing
- Power Solutions remains a key growth driver
4. BOSCH CHASSIS SYSTEMS INDIA
- Newly acquired subsidiary consolidated first time
- Strong revenue growth across vehicle segments
- Higher costs pressured subsidiary margins
- Chakan plant crossed 20 million safety units
- Capital-light model supports capital efficiency
5. CORPORATE & STRATEGIC UPDATES
- Bonus issue: Three shares for every share
- Proposed stock split: ₹10 to ₹2 face value
- Bosch-TACO JV production expected mid-next year
- TSF JV production targeted by year-end
- German parent restructuring has no India impact
6. OUTLOOK & ANALYST TAKE
- Management expects modest H2 performance
- Tractor demand weakened amid uneven monsoons
- Geopolitical and inflation risks remain
- Localization and cost controls support margins
- Raw material and forex trends remain monitorable
- JV commissioning offers future growth opportunities
VIVIANA POWER TECH LTD – Q2 FY27 CONCALL HIGHLIGHTS
#H1FY27 #SME
1. BUSINESS & FINANCIAL PERFORMANCE
- H1 revenue surged 173% YoY
- PAT growth remained equally strong
- Q2 delivered strong revenue and profitability
- PAT margin maintained above 9%
- Double-digit operating margins sustained
2. ORDER BOOK & BUSINESS MIX
- Unexecuted order book exceeds ₹1,800 crore
- Strong H1 order inflows achieved
- Government utilities contribute over 90% orders
- Bidding pipeline exceeds ₹1,900 crore
- BESS order book stands at ₹506 crore
- Additional BESS bids worth ₹350 crore
3. EXECUTION & WORKING CAPITAL
- Debtor days reduced to approximately 150
- Outstanding debtors declined significantly
- First to complete an RDSS project
- No major project execution delays
- Rights issue planned instead of warrants
4. GROWTH OPPORTUNITIES
- Expanding into large national tenders
- Targeting ₹1,000–2,000 crore projects
- BESS remains a strategic focus
- Renewable energy integration offers opportunities
- Data centre power infrastructure targeted
5. GUIDANCE & FUTURE OUTLOOK
- Management confident about FY27 revenue target
- H2 revenue contribution expected to remain higher
- Long-term operating margin target: 12.5–15%
- Next-year order book target: ₹800–900 crore
- Historical bid conversion rate: 25–30%
6. ANALYST TAKE
- Strong order book supports revenue visibility
- Government utility exposure has increased
- BESS offers significant growth potential
- Working capital improvement remains encouraging
- Execution and cash conversion remain key monitorables
#H1FY27 #SME
1. BUSINESS & FINANCIAL PERFORMANCE
- H1 revenue surged 173% YoY
- PAT growth remained equally strong
- Q2 delivered strong revenue and profitability
- PAT margin maintained above 9%
- Double-digit operating margins sustained
2. ORDER BOOK & BUSINESS MIX
- Unexecuted order book exceeds ₹1,800 crore
- Strong H1 order inflows achieved
- Government utilities contribute over 90% orders
- Bidding pipeline exceeds ₹1,900 crore
- BESS order book stands at ₹506 crore
- Additional BESS bids worth ₹350 crore
3. EXECUTION & WORKING CAPITAL
- Debtor days reduced to approximately 150
- Outstanding debtors declined significantly
- First to complete an RDSS project
- No major project execution delays
- Rights issue planned instead of warrants
4. GROWTH OPPORTUNITIES
- Expanding into large national tenders
- Targeting ₹1,000–2,000 crore projects
- BESS remains a strategic focus
- Renewable energy integration offers opportunities
- Data centre power infrastructure targeted
5. GUIDANCE & FUTURE OUTLOOK
- Management confident about FY27 revenue target
- H2 revenue contribution expected to remain higher
- Long-term operating margin target: 12.5–15%
- Next-year order book target: ₹800–900 crore
- Historical bid conversion rate: 25–30%
6. ANALYST TAKE
- Strong order book supports revenue visibility
- Government utility exposure has increased
- BESS offers significant growth potential
- Working capital improvement remains encouraging
- Execution and cash conversion remain key monitorables
VA TECH WABAG LTD – Q2 FY27 CONCALL HIGHLIGHTS
#Q2FY27
1. BUSINESS & FINANCIAL PERFORMANCE
- H1 revenue and PAT delivered strong growth
- EBITDA margin remained near 14%
- PAT margin improved year-on-year
- Operating cash flow exceeded PAT
- Net cash crossed ₹1,000 crore
- ROE and ROCE improved further
2. ORDER BOOK & MAJOR WINS
- Record order book crossed ₹20,000 crore
- H1 order intake exceeded ₹5,200 crore
- O&M backlog reached ₹6,500 crore
- Maiden entry into Kuwait market
- UAE presence expanded through Ajman order
- Major repeat orders secured from Reliance
- Vienna order strengthened European presence
3. PROJECT EXECUTION
- Chennai desalination project progressing steadily
- Al Hayr project nearing mechanical completion
- Commissioning targeted during Q4 FY27
- India and overseas projects progressing
- Geopolitical disruptions impacting shipment logistics
- Alternative shipping routes being explored
4. NEW GROWTH OPPORTUNITIES
- Pursuing semiconductor water infrastructure projects
- Data centres emerging as growth opportunity
- Green hydrogen opportunities under evaluation
- Strong enquiries across India and overseas
- European project pipeline showing revival
5. GUIDANCE & FUTURE STRATEGY
- Medium-term revenue CAGR target: 15–20%
- EBITDA margin guidance: 13–15%
- Vridhi 2.0 strategy planned for May 2027
- Middle East project pipeline remains active
- Large-ticket opportunities support growth visibility
6. ANALYST TAKE
- Record order book strengthens revenue visibility
- Strong cash position supports financial flexibility
- O&M backlog provides recurring revenue visibility
- Geographic diversification continues improving
- Execution and order conversion remain key monitorables
#Q2FY27
1. BUSINESS & FINANCIAL PERFORMANCE
- H1 revenue and PAT delivered strong growth
- EBITDA margin remained near 14%
- PAT margin improved year-on-year
- Operating cash flow exceeded PAT
- Net cash crossed ₹1,000 crore
- ROE and ROCE improved further
2. ORDER BOOK & MAJOR WINS
- Record order book crossed ₹20,000 crore
- H1 order intake exceeded ₹5,200 crore
- O&M backlog reached ₹6,500 crore
- Maiden entry into Kuwait market
- UAE presence expanded through Ajman order
- Major repeat orders secured from Reliance
- Vienna order strengthened European presence
3. PROJECT EXECUTION
- Chennai desalination project progressing steadily
- Al Hayr project nearing mechanical completion
- Commissioning targeted during Q4 FY27
- India and overseas projects progressing
- Geopolitical disruptions impacting shipment logistics
- Alternative shipping routes being explored
4. NEW GROWTH OPPORTUNITIES
- Pursuing semiconductor water infrastructure projects
- Data centres emerging as growth opportunity
- Green hydrogen opportunities under evaluation
- Strong enquiries across India and overseas
- European project pipeline showing revival
5. GUIDANCE & FUTURE STRATEGY
- Medium-term revenue CAGR target: 15–20%
- EBITDA margin guidance: 13–15%
- Vridhi 2.0 strategy planned for May 2027
- Middle East project pipeline remains active
- Large-ticket opportunities support growth visibility
6. ANALYST TAKE
- Record order book strengthens revenue visibility
- Strong cash position supports financial flexibility
- O&M backlog provides recurring revenue visibility
- Geographic diversification continues improving
- Execution and order conversion remain key monitorables
VARDHMAN TEXTILES LTD – Q2 FY27 CONCALL HIGHLIGHTS
#Q2FY27
1. BUSINESS & OPERATIONAL PERFORMANCE
- Overall performance improved sequentially
- Yarn business remained the key growth driver
- Export demand and yarn prices strengthened
- Cotton trading gains supported profitability
- Cost controls and green power improved efficiency
- Long-term EBITDA margin target: 16–20%
2. YARN BUSINESS
- Strong demand sustained over six months
- China remains a major export market
- Industry capacity exits improved supply-demand balance
- Yarn prices supported by stronger demand
- Bangladesh exports remain stable
3. FABRIC & PERFORMANCE TEXTILES
- Fabric business faced pricing and export pressure
- Higher yarn costs squeezed fabric margins
- Capacity utilisation remains around 80%
- Processing expansion yet to be fully absorbed
- Synthetic fabrics gaining customer approvals
- Performance fabrics target H2 profitability
- Europe and Australia expansion underway
4. COTTON MARKET OUTLOOK
- Domestic cotton prices expected to remain firm
- Indian crop shortfall may pressure supply
- Import duty policy remains uncertain
- Cotton inventory building underway
5. CAPEX & EXPANSION PLANS
- 50 TPD open-end yarn project underway
- Project expected operational within 6–7 months
- Expected to add around 8% organic growth
- PM Mitra expansion faces land handover delays
- Garmenting capacity set for significant expansion
- No suitable acquisition opportunities identified
6. ANALYST TAKE
- Yarn business recovery remains encouraging
- Fabric profitability remains under pressure
- Performance fabrics offer diversification potential
- Cotton prices and import policy remain risks
- New capacity commissioning is key monitorable
#Q2FY27
1. BUSINESS & OPERATIONAL PERFORMANCE
- Overall performance improved sequentially
- Yarn business remained the key growth driver
- Export demand and yarn prices strengthened
- Cotton trading gains supported profitability
- Cost controls and green power improved efficiency
- Long-term EBITDA margin target: 16–20%
2. YARN BUSINESS
- Strong demand sustained over six months
- China remains a major export market
- Industry capacity exits improved supply-demand balance
- Yarn prices supported by stronger demand
- Bangladesh exports remain stable
3. FABRIC & PERFORMANCE TEXTILES
- Fabric business faced pricing and export pressure
- Higher yarn costs squeezed fabric margins
- Capacity utilisation remains around 80%
- Processing expansion yet to be fully absorbed
- Synthetic fabrics gaining customer approvals
- Performance fabrics target H2 profitability
- Europe and Australia expansion underway
4. COTTON MARKET OUTLOOK
- Domestic cotton prices expected to remain firm
- Indian crop shortfall may pressure supply
- Import duty policy remains uncertain
- Cotton inventory building underway
5. CAPEX & EXPANSION PLANS
- 50 TPD open-end yarn project underway
- Project expected operational within 6–7 months
- Expected to add around 8% organic growth
- PM Mitra expansion faces land handover delays
- Garmenting capacity set for significant expansion
- No suitable acquisition opportunities identified
6. ANALYST TAKE
- Yarn business recovery remains encouraging
- Fabric profitability remains under pressure
- Performance fabrics offer diversification potential
- Cotton prices and import policy remain risks
- New capacity commissioning is key monitorable
UGRO CAPITAL LTD – Q2 FY27 CONCALL HIGHLIGHTS
#Q2FY27
1. BUSINESS & FINANCIAL PERFORMANCE
- Total income grew 25% YoY
- PAT increased 17% YoY
- H1 PAT growth reached 53%
- Portfolio yield improved to 18.7%
- Credit costs increased due to seasoning
- Collection efficiency remained healthy at 97%
2. AUM & OPERATIONAL PERFORMANCE
- Record quarterly disbursements achieved
- AUM crossed ₹15,000 crore
- Gross NPA remained stable at 2.7%
- Operating expenses reduced significantly
- Provision coverage ratio stood at 45%
3. STRATEGIC BUSINESS TRANSFORMATION
- Strategic reset initiated in February 2026
- Shift towards direct-to-customer lending
- Two focus businesses now contribute 53% AUM
- Legacy intermediated portfolio reduced significantly
- Higher-yielding segments driving portfolio transformation
4. KEY GROWTH ENGINES
- Emerging Market Lab AUM grew 42%
- LAP targets Tier-2 and smaller markets
- LAP growth guidance: 20–30% annually
- GrowX merchant finance AUM expanded sharply
- GrowX delivers 26% portfolio yield
- GrowX gross NPA remains low at 1.4%
- GrowX growth guidance: 35–40% annually
5. MERGER & CAPITAL POSITION
- Profectus merger simplifies corporate structure
- Revised income recognition reduces volatility
- Net worth adjustment follows merger accounting
- Capital adequacy expected to improve to 22%
- No fresh equity planned for three years
6. GUIDANCE & ANALYST TAKE
- FY29 ROA target: 3–3.5%
- Focus businesses target 85% of AUM
- Management expects sequential profit improvement
- Direct lending transition remains key growth driver
- Credit costs and asset quality require monitoring
- Merger accounting impact needs careful assessment
#Q2FY27
1. BUSINESS & FINANCIAL PERFORMANCE
- Total income grew 25% YoY
- PAT increased 17% YoY
- H1 PAT growth reached 53%
- Portfolio yield improved to 18.7%
- Credit costs increased due to seasoning
- Collection efficiency remained healthy at 97%
2. AUM & OPERATIONAL PERFORMANCE
- Record quarterly disbursements achieved
- AUM crossed ₹15,000 crore
- Gross NPA remained stable at 2.7%
- Operating expenses reduced significantly
- Provision coverage ratio stood at 45%
3. STRATEGIC BUSINESS TRANSFORMATION
- Strategic reset initiated in February 2026
- Shift towards direct-to-customer lending
- Two focus businesses now contribute 53% AUM
- Legacy intermediated portfolio reduced significantly
- Higher-yielding segments driving portfolio transformation
4. KEY GROWTH ENGINES
- Emerging Market Lab AUM grew 42%
- LAP targets Tier-2 and smaller markets
- LAP growth guidance: 20–30% annually
- GrowX merchant finance AUM expanded sharply
- GrowX delivers 26% portfolio yield
- GrowX gross NPA remains low at 1.4%
- GrowX growth guidance: 35–40% annually
5. MERGER & CAPITAL POSITION
- Profectus merger simplifies corporate structure
- Revised income recognition reduces volatility
- Net worth adjustment follows merger accounting
- Capital adequacy expected to improve to 22%
- No fresh equity planned for three years
6. GUIDANCE & ANALYST TAKE
- FY29 ROA target: 3–3.5%
- Focus businesses target 85% of AUM
- Management expects sequential profit improvement
- Direct lending transition remains key growth driver
- Credit costs and asset quality require monitoring
- Merger accounting impact needs careful assessment
TTK PRESTIGE LTD – Q2 FY27 CONCALL HIGHLIGHTS
#Q2FY27
1. BUSINESS & FINANCIAL PERFORMANCE
- Strong double-digit sales growth achieved
- Domestic market remained the primary growth driver
- Operating EBITDA growth significantly outpaced sales
- Volume growth contributed around 8–9%
- Market share gains across multiple categories
- Exports remain weak amid global uncertainties
2. DEMAND & CHANNEL PERFORMANCE
- Industry demand revival gaining momentum
- Shift from unorganised to organised players
- Premiumisation driving category growth
- Growth remained broad-based across channels
- E-commerce and quick commerce contribute 20% sales
3. PRODUCT & CATEGORY GROWTH
- Tri-ply segment growing above industry average
- Induction cooktops maintain strong demand
- New product launches remain strategic priority
- Enamel cookware category recently entered
- Judge brand gaining traction in value segment
- Limited cannibalisation of Prestige brand
4. COST PRESSURES & MARGINS
- Commodity and packaging costs remain elevated
- Staggered price hikes partly offset inflation
- Lower-cost inventory benefits have exhausted
- Near-term gross margin pressure expected
- Management cautious on short-term margin guidance
5. STRATEGIC INITIATIVES
- Ultra Fresh subsidiary stake divested
- Focus sharpening towards core categories
- Strategic investments target brands and innovation
- Three-year strategic spending plan underway
- Product innovation and brand strengthening prioritised
6. ANALYST TAKE
- Strong demand and market-share gains encouraging
- Premiumisation supports sustainable growth
- Tri-ply and induction remain key drivers
- Rising input costs threaten margins
- Long-term EBITDA margin potential: 13–14%
#Q2FY27
1. BUSINESS & FINANCIAL PERFORMANCE
- Strong double-digit sales growth achieved
- Domestic market remained the primary growth driver
- Operating EBITDA growth significantly outpaced sales
- Volume growth contributed around 8–9%
- Market share gains across multiple categories
- Exports remain weak amid global uncertainties
2. DEMAND & CHANNEL PERFORMANCE
- Industry demand revival gaining momentum
- Shift from unorganised to organised players
- Premiumisation driving category growth
- Growth remained broad-based across channels
- E-commerce and quick commerce contribute 20% sales
3. PRODUCT & CATEGORY GROWTH
- Tri-ply segment growing above industry average
- Induction cooktops maintain strong demand
- New product launches remain strategic priority
- Enamel cookware category recently entered
- Judge brand gaining traction in value segment
- Limited cannibalisation of Prestige brand
4. COST PRESSURES & MARGINS
- Commodity and packaging costs remain elevated
- Staggered price hikes partly offset inflation
- Lower-cost inventory benefits have exhausted
- Near-term gross margin pressure expected
- Management cautious on short-term margin guidance
5. STRATEGIC INITIATIVES
- Ultra Fresh subsidiary stake divested
- Focus sharpening towards core categories
- Strategic investments target brands and innovation
- Three-year strategic spending plan underway
- Product innovation and brand strengthening prioritised
6. ANALYST TAKE
- Strong demand and market-share gains encouraging
- Premiumisation supports sustainable growth
- Tri-ply and induction remain key drivers
- Rising input costs threaten margins
- Long-term EBITDA margin potential: 13–14%