concall.in

Surya Roshni Limited Q2 FY27 concall - Record revenue, steel margins under pressure 📊 Financial Performance • Revenue up 33% YoY and 20% QoQ to a record ₹2,448cr. • EBITDA up just 1% YoY to ₹143cr. Margin at 5.8% vs 7.6%. • PAT up 3% YoY and 29% QoQ to ₹77cr. • Zero debt with a ₹75cr cash surplus. Combined order book over ₹1,400cr. 🏭 Steel Pipe & Strip • Record volumes of 2.67 lakh tons, up 23% YoY. Revenue up 38% to ₹1,941cr. • EBITDA/ton at ₹4,105 vs ₹5,013 YoY. Higher sea freight and fixed-price export orders weighed. • Exports up 64% YoY to about 65,000 tons. US volumes more than doubled QoQ. • Order book of ₹1,200cr, including ₹850cr of export orders. Domestic API pipe tenders reviving. 💡 Lighting & Consumer Durables • Best-ever Q2 revenue of ₹507cr, up 17% YoY. • EBITDA flat at ₹40cr. Margin steady QoQ at 7.8% despite input cost inflation. • Professional lighting order book over ₹200cr, the strongest in many quarters. • Wires sales seen at ₹250cr in FY27, targeted at ₹500cr next year. 🏗️ Capex & Capital Allocation • FY27 capex of ₹150–155cr. Current capacity at about 14.5 lakh tons. • ₹250–300cr greenfield plant over 2 years to add 3–3.5 lakh tons. • Buyback under consideration. Management committed to an update on buyback or demerger before the next board meeting. 🎯 Management Guidance & Outlook • Steel volumes to cross the FY27 target of 11 lakh tons, with about 6 lakh tons in H2. • Steel EBITDA/ton seen at ₹4,800–4,900 in Q3 and above ₹5,000 in Q4. • Lighting on track for FY27 revenue of about ₹2,200cr and EBITDA of ₹200cr. • FY28 targets: 14 lakh tons of steel volume and about 20% lighting value growth. 🔗 Link to full concall in thread for reference. Disc: This is not a buy or sell recommendation. Shared for educational and informational purposes only. #SURYAROSNI #Q2FY27 #Concall

Goldiam International Q2 FY27 results - Record Q2, lab-grown exports drive growth, margins expand Revenue: ₹2,916.6 million (+44% YoY) EBITDA: ₹736 million (+55.3% YoY) PAT: ₹494 million (+58% YoY) • Lab-grown diamond jewellery was 91.2% of the export sales mix. • EBITDA margin rose 176 bps to 25.24%. • Order book at about ₹2,250 million as of September 30. • 29 ORIGEM stores generated ₹113 million in Q2 revenue. • Board declared an interim dividend of ₹2 per share. Outlook: Management says its business model will help win new US customers and expand into newer geographies. Disc: Not a buy / sell recommendation. #GOLDIAM #Q2FY27 #Results

Azad Engineering Limited Q2 FY27 concall - Record revenue, PAT dips on ramp-up costs 📊 Financial Performance • Revenue up 31.6% YoY to a record ₹187.8cr. Up about 10% QoQ. • EBITDA up 37.1% YoY to ₹70.4cr. Margin at 37.5% vs 36%. • PAT down 6.6% YoY to ₹30.8cr vs ₹33cr. Down 15% QoQ from ₹36.4cr. • H1 revenue up 29.3% YoY to ₹358cr, ahead of 25% guidance. H1 PAT up 6.6% to ₹67.2cr. 🏭 Capacity & Segments • All 6 customer-dedicated facilities now commissioned, incl. two for GE Vernova in September. • Energy, Oil & Gas H1 revenue up 28.5% YoY to ₹290cr, 81% of revenue. • Aerospace & Defence H1 revenue up 28.3% YoY to ₹60.4cr, 17% of revenue. • Order book at about ₹6,500cr, seen as rolling contracts over 5–7 years. ⚖️ Profit Watchpoints • PBT margin at 21.9% vs 32.8% as costs below EBITDA rose. • Other income fell to ₹4.7cr from ₹12.7cr as IPO and QIP funds went into plants. • Depreciation doubled to ₹21.8cr from ₹10.9cr. Finance cost rose to ₹12.2cr from ₹6.4cr. • Employee costs at ₹50.3cr vs ₹32.5cr as hiring ran ahead of revenue. 💼 Working Capital & Cash Flow • Inventory up ₹98cr in H1 to ₹425cr, mostly work in progress on new lines. • H1 operating cash flow negative at ₹45.8cr. • Cash flow seen turning positive from Q4 FY27. One OEM to pay 50% advance on POs. 🎯 Management Guidance & Outlook • Throughput from new capacity starts in Q3 FY27. Revenue ramp-up from Q4 FY27. • Annual revenue run rate of over ₹1,300cr by end of FY28, more than double FY26. Management calls this conservative. • Long-term growth guidance of 25%+ a year reiterated. • Aero engine airfoil qualifications on with Rolls-Royce, Pratt & Whitney and Safran. Revenue expected from FY28. 🔗 Link to full concall in thread for reference. Disc: This is not a buy or sell recommendation. Shared for educational and informational purposes only. #AZAD #Q2FY27 #Concall

Divi's Laboratories Q2 FY27 Results - Revenue ₹3676 Crores (+35.4% YoY) - Net Profit ₹1127 Crores (+63.6% YoY) #DIVISLAB #Q2FY27

Gland Pharma Limited Q2 FY27 concall - US revenue up 42%, new capacity expansion 📊 Financial Performance • Revenue up 23% YoY to ₹1,834cr. • Adjusted EBITDA at ₹503cr. Margin at 27%. • PAT up 58% YoY to ₹291cr. • Net cash of about ₹3,222cr. 🧪 Business Segments • CDMO revenue up 31% YoY to ₹823cr, 45% of total revenue. • Critical injectables revenue up 18% YoY to ₹1,011cr. • CDMO margins about 5–10% better than own products. • Cenexi revenue at €41 million with a €6 million EBITDA loss on planned shutdowns. 🌍 Markets & Quality • US revenue up 42% YoY to ₹1,180cr. 4 US launches in the quarter. • Europe and regulated markets up 23% YoY to ₹411cr. • Rest of World hit by delayed Saudi NUPCO tender results. • Vizag oncology plant cleared US FDA inspection with zero observations. 🚀 Capex & Pipeline • New ₹1,000cr brownfield expansion with 3 vial lines, operational from FY30. • Total capex plan now ₹3,000cr, adding 300–400 million units of capacity. • Liquid vial utilisation at 92%. Greenfield project started in Vizag. • Term sheet signed to in-license a second long-acting injectable from China, a USD 2 billion product. 🎯 Management Guidance & Outlook - Maintained • FY27 revenue growth guidance kept at 15% in constant currency. • Cenexi expected to return to profitability from Q3. • GLP-1 CDMO launches expected in Q1 or Q2 of next year. • Saudi tender results expected this quarter. Rest of World seen improving. 🔗 Link to full concall in thread for reference. Disc: This is not a buy or sell recommendation. Shared for educational and informational purposes only. #GLAND #Q2FY27 #Concall

Jubilant FoodWorks Limited Q2 FY27 concall - Steady growth, commodity cost pressure 📊 Financial Performance • Revenue up 11.8% YoY to ₹2,608cr. • EBITDA up 7.3% YoY to ₹513cr. Margin at 19.7% vs 20.5%. • Net profit down 42.6% YoY to ₹112cr. • Monthly active users up 25%. Monthly transacting users up 9%. 🍕 Domino's & Demand • Price hikes of 140–200 bps taken, calibrated by channel and daypart. • New launches now drive almost a double-digit share of topline growth. • Over 100 of about 400 stores refurbished. Rest due in about 3 quarters. • D2C channel grew at overall revenue level for the first time. 💲 Costs & Margins • Inflation seen in cheese, chicken and vegetables. • Cheese supply covered for the current financial year. • About 200 bps hit from unplanned costs like LPG and wage inflation. • Drag from emerging brands on margins falling faster than planned. 🍗 Popeyes & International • Popeyes positioned as the second growth engine. • Target daily sales per Popeyes store close to ₹1 lakh. • Popeyes gross margin has up to 200 bps more upside. • Turkey's negative LFL is due to hyperinflation accounting. Transactions are growing. 🎯 Management Guidance & Outlook - Maintained • FY27 LFL growth guidance kept at 5–7%. Q3 planned within that range. • 200 bps margin expansion goal retained. • Popeyes openings guided at 40–45 stores a year. • Further price hikes possible if commodity inflation continues. 🔗 Link to full concall in thread for reference. Disc: This is not a buy or sell recommendation. Shared for educational and informational purposes only. #JUBLFOOD #Q2FY27 #Concall

Voltas Q2 FY27 results - RAC volumes up 32%, profit rises on low base Total income: ₹2,746 crore (+13.8% YoY) PAT: ₹48 crore (+50% YoY) • Room AC volumes grew 32%, market share at 17.4% • Unitary Cooling revenue rose 29%, profitability improved despite input costs • Voltbek posted record Q2 sales, gaining share in appliances • Projects order book stands above ₹6,800 crore • Engineering Products segment grew 30%+, led by mining equipment Disc: Not a buy / sell recommendation. #VOLTAS #Q2FY27 #Results

Gland Pharma Q2 FY27 results - Strong growth, CDMO up 31%, US surge Revenue: ₹1,833.6 crore (+23% YoY, +2% QoQ) EBITDA: ₹480.4 crore (+53% YoY, -3% QoQ) PAT: ₹290.8 crore (+58% YoY, -8% QoQ) • CDMO business grew 31% YoY, now 45% of revenue • Critical injectables grew 18% YoY, contributing 55% of revenue • US sales jumped 42% YoY, India and RoW declined • Adj. EBITDA margin expanded to 27% from 23% • USFDA: zero observations at VSEZ, four procedural at Dundigal Disc: Not a buy / sell recommendation. #GLAND #Q2FY27 #Results