Record quarter inflated by mix; FY27 guidance conservative at ₹75k/ton

EBITDA ₹74.4 Cr ÷ ~8,000 MT = ₹93,000/MT confirmed; but management attributes spike to front-loaded CTC mix (temporary)

Stated multiple times on call; CTC contribution at record levels; corroborated by call data

Explicitly stated in opening remarks; export revenue growth across all geographies noted

Q1 at ₹93,000 suggests pullback expected; management called out front-loading as temporary; cautious guidance warranted given normalization risk

5-year agreement announced but explicitly NOT finalized on quantity/pricing; terms still in process; visibility benefit limited until finalized

Prior guidance ₹67,000-₹74,000; new guidance ₹75,000 (top end +1,000). Slight raise but conservative vs Q1's ₹93,000.

CTC contribution to specialized wires reached 'record levels in the last several years' (~50-75% range). Management expects to normalize as phase 2 standard wire capacity ramps.

5-year supply agreement announced for specialized wires to Hitachi's India & global plants. Framework agreed; quantities/pricing still in finalization phase.

Upcast copper recycling facility (5,000 MT) in Chakan operationalized in Aug 2026. Expected ~few rupees to gross profit in FY27; limited scale benefit.

WC days improved from 71 days (Q1 FY26) to 60 days (Q1 FY27); payables +5 days, receivables +2 days in Q4→Q1. Target is 30-35 days (multi-quarter process).

Comfortable maintaining ₹75,000 for FY27. Strong structural trends + CTC mix, but Phase 2 will add higher costs. Standard wire EBITDA/ton improved marginally as utilization rose.

No lumpiness; proportion question. CTC at extremely high mix now; will revert to normal. Absolute EBITDA will grow for both segments. ₹75,000 is level we are comfortable delivering, not guidance.

Framework agreement; quantities/pricing still being finalized. EBITDA per ton will be similar to company average. Will provide visibility for FY27 completion of Phase 2.

Exports grew 76% YoY; our target over time is 40% (historical peak). Not specific to FY27. US/Middle East/Europe each 8-11% of revenue annually.

T&D customers have 3-5 year order books; capacity expansions staggered through FY27-2029. Strong structural tailwinds (renewables, grid modernization, AI data centers). EV growth meaningful from FY28+.

We do not break this down on call. All 3 factors contributed. Key driver is CTC mix reaching record levels this quarter. Comfortable with ₹75,000 long-term.

Difficult to answer far ahead. Focus now is Phase 2 (59,000 MT). Will determine mix/timing of next tranche once 59,000 is utilized effectively. Land acquisition is strategic reserve.

Make-to-order model; copper price locked at order receipt (15-20 day lead time). No lag risk—copper price finalized upfront on each unique PO.

Cost of capital hasn't risen; higher interest expense because working capital finance is higher due to turnover growth. Effective borrowing cost 6-9.5% depending on product mix used.

Still under installation; part of Phase 2. Will report when operationalized. Capacity will be ready by FY27 end.

Trailing 12-month volume growth was 26%. Full availability of Phase 1 capacity + Phase 2 ramp-up supports sustained growth.

Raised from prior ₹67,000-₹74,000 range. Q1 was ₹93,000 (temporary spike); FY27 normalized midpoint ~₹75,000. Dependent on mix, exports, currency.

IPO-funded project; majority incurred/in advances; full operationalization by FY27 end. Additional 10-acre land evaluation for future (no capex yet).

Q1 ₹93,000/ton inflated by CTC mix front-loading, weak rupee, new customer onboarding. Management guided ₹75,000 for FY27. Risk: Q2-Q4 undershoots even 75,000 if demand mix shifts or standard wire ramps faster.

Hitachi 5-year framework agreement signed but quantities & pricing not yet finalized. Risk: terms unfavorable, or deal doesn't materialize at scale. Visibility benefit depends on finalization.

75% of revenue from T&D (transformers). While cycle is structural & multi-year, significant capex cycles in transformer OEMs could slow orders if macro weakens or interest rates rise.

Phase 2 (30,000 MT, ₹150-160 Cr) targeting March 2027 completion. Risk: delays, cost overruns, or under-utilization if customer demand doesn't keep pace.

WC at 60 days despite make-to-order model. High turnover growth drives inventory, receivables, payables balances. If growth accelerates, WC needs could spike.