The call ran from 11:59 AM to 12:56 PM IST (57 min).

Key takeaways

Q2 FY27 revenue ₹386 Cr (+18.8% YoY), adjusted EBITDA ₹71 Cr at 18.2%, PAT ₹36 Cr. Management steers investors away from PAT, avoids forward numbers, and leans on superlatives.

Highlights
Revenue growth	Revenue ₹386 Cr, +18.8% YoY; H1 +19%; no one-time split.
Margins	Adjusted EBITDA margin 18.2%; maintenance promised, not quantified.
Order book	Mahan Toolroom order book ~₹30 Cr (analyst-cited); no company order book disclosed.
Demand visibility	Vague: CV and two-wheeler 'double-digit' demand; no quantified outlook.
Management confidence	Over-optimistic: superlatives heavy, forward numbers refused, deflects.

Growth

Revenue +18.8% YoY, H1 +19%. Volume/price split and adjusted-EBITDA adjustments are undisclosed; EBITDA outpacing revenue is asserted, not quantified.

Outlook

No numeric guidance; management declined forward growth figures. Unitech JV described as 'on track' for April 2027, revenue undisclosed.

Risks

Other expenses +19% YoY went unanswered; receivables rise unexplained; Mahan Toolroom sales only ₹55 lakh last quarter.

Last quarter's promises, checked

Delivered

Guided margin 18–20% → delivered adj. EBITDA 18.2% (= BEAT)

Partly delivered

Guided Unitech JV Apr-27 on ₹110 cr → delivered 'on track', no figures (= PARTIAL)
Guided ₹270 cr capex → delivered undisclosed (= PARTIAL)
Guided ~₹50 cr defence/MTR book → delivered ~₹30 cr analyst-cited (= PARTIAL)

Missed

Guided cost offset via VAVE+price → delivered other exp +19% YoY (= MISS)
Guided FY27 MTR book conversion → delivered ₹0.55 cr Q2 (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 4:50 PM IST. Open it on ALFA Filings ›