Margin beat masks execution shortfall; 20% growth claim remains unproven

Revenue grew 4.6% YoY (delivered 1,736 Cr); management cited supply chain disruptions

PAT increased 1.9% YoY (delivered 107.9 Cr); overstated by ~60%

Delivered 11.7% margin; corroborates claim

₹1,700 Cr is highest Q1 absolute revenue; but YoY growth 4.6% is tepid vs. 20% FY27 guidance

Q1 order intake only ₹1,000 Cr (10% of ₹10,000 Cr annual target); pipeline is bid, not awarded

Q1 shows 35% international (down from ~40% prior); prior guidance was 60-40, now claimed as 65-35

Q1 shows 35% international (₹600 Cr), vs. 60-40 prior guidance. Management now claims 65-35 as target, masking shift.

₹1,000 Cr Q1 intake vs. ₹10,000 Cr annual target = 10% pace; annual guidance maintained despite weak start.

Conductor brownfield originally Q1 FY27, now Q2. Tower facility started Apr 24, ahead of plan. Net: one brownfield delayed, one greenfield on time.

Net debt/EBITDA doubled due to collection delays and WC deployment; management expects Q2 normalization to 0.33x target.

Normal EPC lag of 3-5 months between bid and award. Q1 bids ₹20,000 Cr; expect 10-15% win rate in Q2-Q3. Annual guidance ₹10,000+ Cr intact.

Q1 and H1 are slow for EPC. ₹1,700 Cr best first quarter in history. Supply chain disruptions in factory (diesel, LDO delays) hit hard but being recovered Q2-Q3. Maintaining 20% YoY guidance.

Domestic 65%, international 35% current mix; normally 60-40. Projects delayed due to global economic disruptions (diesel, input availability). Will deliver on both domestic and international within 20% guidance.

Yes. H2 normally much higher than H1. Q2 will be higher. Tower capacity up, supply chain improved. Confident on numbers.

Delayed collections and working capital deployment due to disruptions. Normalizing in Q2. Target net debt/EBITDA 0.33x by year-end (same as stated direction). Working capital days 81 last year; expect same or sub-81.

₹80 Cr loan; ₹30 Cr repaid last year; balance + interest due by Sep 30, 2026. Will take 3-4 months (no specific timeline beyond agreement).

Evaluation stage. BESS and data centers keen focus. Seed marketing on data centers (meeting customers, early stage). Drones for mapping/survey (commercial, not defense load-bearing). No tie-ups yet, infancy stage. Will use QIP proceeds if opportunity fits.

₹300 Cr left out of ₹4,500 Cr; will complete in next 3 months. Cash flows good, on time, national interest project.

For tools and plants to execute projects. Deployed staggered quarter-on-quarter. ~70% in FY27, balance in FY28.

Q1 delivered 4.6% growth; H2 must reach 25%+ growth to hit 20% annual. Order intake only ₹1K Cr in Q1 vs ₹10K annual target.

Q1 delivered 11.7%; above guidance. Management confident on operational leverage and cost discipline.

For tools, plants, tower/conductor expansion. Staggered quarter-on-quarter. Conductor brownfield Q2, tower factory live.

Management claims 20% FY27 growth but Q1 delivered 4.6%; H2 would need 25%+ growth to hit target. Order intake ₹1K Cr Q1 vs ₹10K annual = 10% pace. ₹20K Cr bid pipeline cited, but not awarded.

International fell from ~₹1,000 Cr (implied) to ₹606 Cr (35% of ₹1,736). Management blamed project delays due to global disruptions (fuel, logistics, diesel availability). Now claims 65-35 domestic-international as target (vs. prior 60-40).

Net debt/EBITDA nearly doubled Q1 due to delayed collections and working capital deployed for project execution. Management targets normalization in Q2 and 0.33x by FY27-end. Prior working capital days 81; target same or sub-81.

Conductor brownfield originally planned Q1 FY27 completion now shifted to Q2 (factory phase 1 ready, awaiting approvals). Tower greenfield started Apr 24, 2026. Risk: delayed capex → delayed capacity → execution lag on 20% growth.

Related-party loan to Burberry (subsidiary/related entity) outstanding 3 years; ₹80 Cr total, ₹30 Cr repaid last year, ₹50 Cr + interest due Sep 30, 2026. If payment delayed further, signals governance or cash flow weakness in related entity.