Growth masking margin squeeze; recovery unproven

Volume 17% confirmed; PBIT Rs153 Cr flat YoY despite volume growth

Revenue Rs250 Cr (up 26% YoY) with PBIT Rs9 Cr; segment still loss-making per call

Medical part of Others segment (Rs256 Cr, +8.5% YoY); specific medical growth unverified at call level

Q1 OPM 8.8%, consolidated PAT down 3% YoY; recovery timing unproven

No specific margin guidance given; avoided quantifying Q1 underrecovery

Prior guidance 300-350 Cr; now Rs350 Cr confirmed for FY27. No upgrade, upper band locked.

Prior: 15-20% YoY medical growth guidance. Current: 20% growth in surgical core business reaffirmed. Others segment (inclusive) grew 8.5%, so specific medical outperformance claimed.

Q1 showed 64% loss reduction vs Q4, PBIT Rs9 Cr positive; one business to breakeven FY27, two in FY28 (vs. prior vague timeline).

Call claimed full steel recovery + margin neutralization in coming quarters; but delayed quantifying Q1 underrecovery, suggesting lag longer than expected.

Confirmed >10% export growth in Q1; 14% of consolidated revenue; new Nepal EV exports (100+ units shipped).

MFP PBIT down 24% YoY despite 11.5% revenue growth; Greenfield delay by 6 months; Hyundai drag continuing.

Steel price increase lagged by 2-3 quarters; confident full recovery will happen; margin neutralization in coming quarters.

Declined to give number; said will grow EBIT margin in double digit post-price recovery.

For steel prices, including Q1, we will recover fully.

Core surgical 20% YoY growth with profitability; new Medicura acquisition will take time on margins. Confident double-digit growth continues.

Commissioning done; clean room 30-40 days; inspection FY28; 15 customers working with us at semi-commercial; on track for revised projections.

Volume-led growth; railways still a drag; Hyundai weak; Greenfield delayed 6 months; price recovery yet to come.

All four businesses seeing traction; volumes strong (HCV, SCV highest ever, 3W up 64% from Q4); margins improving despite commodity headwinds; no one-off.

Directionally yes; volumes increasing QoQ so beyond peak losses now.

Varies by business. One business breakeven FY27, two in FY28.

Volume grew about 17%.

30-45 day lag between billing and Vahan; over 3-6 months they match; last year billing 6,700 vs Vahan 6,500.

Rs250 Cr already infused Q4; Rs250 Cr more in Q3; total Rs750 Cr guidance over period.

First time seeing this quantum; taken up with customers; in discussions; hopeful majority recoverable.

Q1 strong for cycles (schools/colleges opening); improved share; targeting at least 2 basis point margin improvement over year.

Part of Others. Small startup acquisition for metal injection molding (additive manufacturing). Will study market for 1-2 quarters before scaling guidance.

Headwinds in design/development core business; diversifying into battery manufacturing (high potential); battery assembly line set up FY27; outlook positive for top/bottom line.

TI Rs350 Cr, Shanthi Gear Rs100 Cr. Going to engineering, MFP, TI Medical, 3xper CDMO. Group ex-CG Rs600-700 Cr total.

Conversion at IPO only. No fixed IPO timeline. Depends on market conditions, profitability, revenue. Stake decided by valuation at that time.

Next 1-2 quarters bullish. Exports >10% growth (double digit); 14% of TI revenue; momentum to continue unless geopolitical hurdles.

100+ units shipped/in process; initial feedback very positive; bullish on Nepal market; also exploring Africa (Tanzania/Ethiopia) exploratory stage.

Genuine challenge Q1+. Chinese tax exemptions lifting in 2-3 quarters will bring prices down; but BESS demand high, so prices not cooling Q1/Q3. Mitigating: pre-booking, locking prices with suppliers.

Introduced Q1 (28-ton); market shifting to 35-ton+. 20-25 tippers sold; feedback positive. Market seeding while serving existing order book (4x2 tractor trailer confirmed orders).

Welspun Anjar: 22 trucks deployed; Vizag/Chennai single digits; Wonder Cement: 2 ports (Tuna, Dahej). Other ports in discussions.

Introduced Q1 in select UP/Bihar markets (partial seeding/testing). Feedback pending before full rollout decision.

Yes, seeing traction. Mandatory phase in couple months will drive huge demand. Ramping dealer appointments, secondary footprints in NCR.

Q1 volume +17%; demand bullish across segments except Hyundai; geopolitical risk flagged

Core surgical confirmed 20%; Medicura acquisition will weigh on margins initially

All 4 businesses seeing volumes; Q1 Rs240 Cr highest-ever; NCR policy mandatory Sep 2026 will drive demand

No baseline or target number; steel recovery 2-3 quarters lag; non-steel inflation ongoing discussions

Aiming for ~5 percentage point margins over FY27; Q1 benefited from school/college openings

One business FY27 breakeven, two in FY28; still loss-making overall despite Q1 improvement

Confirmed; going to engineering, MFP, medical, CDMO; prior range 300-350 Cr

Stated explicitly; subsidiary expansion

Total inclusive of TI, Shanthi Gear, subsidiaries; includes medical, EV, CDMO ramp

Q1 PBIT flat in engineering (+20% volume) suggests pricing headroom limited. Customers may resist price increases. Non-steel inflation (fuel, freight) also under negotiation with uncertain outcomes.

Shanthi Gears PBT down 55% YoY (Rs14 Cr vs Rs31 Cr) on same revenue base (slight decline). Drags consolidated ROIC despite strong engineering. CG Power offset by Shanthi weakness.

MFP PBIT Rs28 Cr (-24% YoY) on 11.5% revenue growth. Railways segment dragging; Hyundai (specific customer) not performing; Greenfield expansion delayed 6 months (capacity lag).

EV business still loss-making overall (PBIT Rs9 Cr standalone but larger losses in subsidiaries Jayem, TI Clean Mobility). Breakeven claims (one FY27, two FY28) are directional not quantified. Cell supply constraints expected 2-3 more quarters.

3xper CDMO inspection FY28 (not FY27); commercial ramp post-inspection uncertain. TI Medical Medicura margins will be depressed 1-2 years. Both capex-heavy with delayed ROIC.