Strong execution masks soft orders; margin hold amid headwinds

Delivered ₹1,836.1 Cr vs ₹1,330 Cr prior year = 38.0% YoY

Delivered OPM 25.1%; matches guidance exactly; represents 210 bps compression vs FY26 45.3% gross margin

₹209.3 Cr vs FY26 revenue ₹5,290 Cr (estimate) = ~3.95x recent run rate; provides multi-year visibility

Intake down 30% YoY; June-July pipeline improving per management; credible, but near-term orders at risk

Both delayed: data center shifted to Q2-Q3 due to location/voltage changes; ₹3,000 Cr on hold by customer for budget reasons. Major miss on prior expectations.

No numeric FY27 order target stated; prior ₹7,000-8,000 Cr/year maintained but no growth assumed. Q1 intake ₹11.4 Cr (down 30% YoY) vs implied 6-7% market growth suggests GE losing share or selective in bidding.

₹3,000 Cr approval on hold by customer (budget); ₹1,300 Cr US data center deferred to Q2-Q3 due to location changes. Both major catalysts pushed out; creates H1 FY27 revenue risk.

Mid-20s maintained despite 400 bps gross margin hit and commoditized market. Confidence in leverage and cost management evident but not upgraded given order softness.

Private customers now 77% vs prior calls (trend towards derisking); PSUs 21%, state utilities only 2%. Positive shift but no growth acceleration visible.

No part booked; under discussion by GE group entities with end customer; expect Q2-Q3 FY27 timeline.

Approval put on hold by customer due to budget issues; will need re-approval at AGM when opportunity re-emerges.

South Kalamb bidding happened; decision expected Aug-Sep. Expect 1-2 more projects in NCT. Pipeline remains strong; pace slightly delayed but not lost.

US utility customer instrument transformer demand improved; 400 kV GIS opportunities from Spain/Morocco; better pipeline this quarter vs historical norms.

Jan-Mar TBCB pipeline was soft; June-July pipeline much better. If large pipeline decided in July, ordering may spill to Q2/Q3. Too early to call.

Data center orders not significant in current intake; only few product orders. Drawing board shows larger DC capacities planned; materialization in Q2-Q3 or later—TBD.

Not expecting double-digit; expect 6-7% growth this year. Market at same level or slight growth.

Yes, maintaining mid-20s EBITDA guidance for FY27. No reason to deviate right now.

Monitoring; Chinese have 60-65% local-content requirement (Make in India clause). Capability to deliver 18-month timelines with local content TBD. Impact on negotiations unknown until bids received.

(1) 1-1.5% lower export share + high-margin export order in FY26; (2) 2-2.5% HV business ramp (lower GM, better EBITDA leverage); (3) Commodity prices, lower execution savings than anticipated.

Export in backlog ~10-15% range; do not give exact breakup (confidential). ₹11.4 Cr Q1 orders: ~₹5.2 Cr exports, ~₹6.5 Cr third-party/domestic.

Yes; separate. ₹1,300 Cr for US data center; ₹3,000 Cr for different project (not US). Both pending. ₹3,000 Cr expires by AGM; only ₹1,300 Cr left after.

Yes, remain confident.

Two parts: (1) Transformer bids get price escalation formula (IEEMA); not impacted. (2) Other businesses: we estimate commodity costs prospectively; execution lag means new cost builds in future tenders, impact 18-24 months later when projects execute. Disciplined costing maintained.

Q1 EBITDA in line with mid-20s guidance despite commodity headwinds. Continue to maintain mid-20s band for FY27.

Yes, it will benefit. Exact TAM/mix depends on individual opportunities; difficult to predict.

TBCB pipeline was soft Jan-Mar; now June-July pipeline picked up. Gives confidence order numbers will be better.

Forward-looking statement; cannot share on call. Backlog ₹209 Cr = 3.5x last FY revenue. Growth trajectory robust next few years; HVDC meaningful growth from FY29 onward.

₹10 Cr announced in FY26. ₹29.3 Cr cash available; ₹13 Cr committed (₹10 Cr capex, ₹2.5 Cr dividend). ₹16 Cr surplus; options under evaluation but nothing firmed yet.

Technology, Lean, localization.

Tier 2 competition exists but product-dependent. Circuit breakers, GIS, automation, software—Tier 2 limited. Some domains have Tier 2 risk, others do not.

Pass-through of commodity cost increases; not extra margin pass-through. Commodity increase is market phenomenon affecting all competitors.

Yes, should pick up. Khavda generation loss should create opportunities for grid stability.

Close tracking of opportunities by delivery timeline, maturity stage. Conscious decisions on bid targeting. Some factories loaded; others have growth room. Consistent position.

Capex not impacted. Orders have definite timeframe. Ordering cycle may stretch if 30 months—customers take longer to decide (3-4 months vs 1-2 months at 18-24 months).

Confidential. Export margins generally 4-6% higher than domestic; no other segment breakup given.

Part of capacity in Q1 FY27; balance by end of FY27.

Domestic only: yes, oversupply risk. But global energy transition has shortfall. New capacity will feed export/global market. India market will grow. With exports, balance of supply-demand retained.

Project under bidding; cannot share numbers. Varies by project (1,000 km line vs 2,000 km line changes share).

TBCB pipeline soft Jan-Mar, recovering June-July. Base order intake confidence ₹7,000-8,000 Cr/year maintained; no numeric FY27 revenue target stated.

Q1 delivered 25.1%; gross margin compression (-400 bps vs FY26) offset by HV business EBITDA leverage and execution discipline. Commodity and export headwinds acknowledged but mgmt states disciplined costing will manage.

Mostly greenfield within existing facilities (no new land needed); Vallam project part in Q1 FY27, balance by end FY27. ₹16 Cr surplus cash post-capex & dividend available for M&A/other options.

Q1 orders ₹11.4 Cr (down 30% YoY). Domestic TBCB soft Jan-Mar. Base order guidance ₹7,000-8,000 Cr/year but Q1 only ₹6.5 Cr ex-RPT. H2 recovery required.

₹1,300 Cr US data center order deferred to Q2-Q3+ (location/voltage changes). ₹3,000 Cr approval on hold by customer (budget issues); expires at AGM, needs re-approval.

Gross margin 41.3% vs 45.3% FY26 (400 bps). Commodity price headwinds, lower export share, HV business ramp-up all contributing. Risk of further slippage if commodities remain elevated.

Lakadia on hold, Begunia converted to EHVAC, South Kalamb still under bidding (decision Aug-Sep). HVDC backlog is back-ended; meaningful growth deferred to FY29.

4 Chinese GIS suppliers approved for Indian market. 60-65% local-content requirement and 18-month delivery capability untested. Risk of pricing pressure and market share loss in GIS segment.