The call ran from 2:59 PM to 3:48 PM IST (49 min).

Key takeaways

Standalone revenue ₹2,019 Cr (+64%) and PAT ₹161 Cr, but group EBITA margin fell to 18.63% from 24.16%. Management raised FY27 growth to ~20% while admitting order inflow is a challenge and working capital stretched to 152 days.

Guidance and delivery
Revenue guidance	15.0% → 20.0% Raised by 5.0 percentage points
Management target	Revenue 15.0% FY28

Highlights
Revenue growth	Standalone ₹2,019 Cr, +64% YoY; consolidated +45%.
Margins	Standalone EBITDA 9.49% vs 9.76%; group margin 18.63% vs 24.16%.
Order book	₹24,577 Cr (1 Oct 2026), down from ₹26,400 Cr in April.
Demand visibility	Large sector pipeline; order inflow admitted a challenge.
Management confidence	Mixed: raised FY27 growth guide, but hedged on order inflows.

Growth

Standalone revenue +64%, consolidated +45%; PAT +53% consolidated, +23% standalone. Growth is real but margin dilution offsets part of it.

Outlook

FY27 revenue growth ~20%; FY28 ~15% target; ~₹5,000 Cr H2 FY27 revenue expected.

Risks

Group EBITA margin down ~5.5pts; receivables and working capital at 152 days; war-driven input inflation; BharatNet and NTPC battery project delays.

Last quarter's promises, checked

Delivered

FY27 growth 15–20% → Q1 +32.7%, current +64% (= BEAT)
O&G FY27 ₹1,000 Cr+ → H1 ₹900 Cr, FY now ~₹1,200 Cr (= BEAT)

Partly delivered

BharatNet capex from Oct → ROW pending, clearance Jan; O&M started (= PARTIAL)
NTPC BESS batteries ordered in ~3 mo → force majeure, terms under revision; civil work started (= PARTIAL)

Missed

Standalone EBITDA 10–11% → 9.49% (= MISS)
Order inflow ~₹20–22k Cr → inflow admitted a challenge; book ₹25,300→24,577 Cr (= MISS)
FY28 ~20% (₹11–12k Cr) → ~15% (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 6:09 PM IST. Open it on ALFA Filings ›