Strong Q1 execution, guidance raised, but margins defended—not expanding

Q1 at ₹640 Cr implies ₹2,560+ Cr run-rate if sustained; on track

Order inflow Q1 ₹7.34B (87% QoQ); FY27 expected ₹2,800+ Cr—strong

Q1 EBITDA 19.34%, OPM 19.0%—within guided range. Holding despite commodity/logistics headwinds

Debottlenecking plan stated; FY27 capex ₹50 Cr confirmed. Execution dependent but tracked

MD committed to disclosure in August; no details or revenue impact disclosed yet

Prior guidance ₹2,400+ Cr; revised to ₹2,600 Cr with upside potential. Reflects strong Q1 order momentum and customer confidence.

Q1 order inflow ₹7.34B (87% QoQ growth). Expected ₹2,800 Cr+ FY27 (vs prior guidance on sustainability). Export orders 93% of Q1 inflow.

Q1 EBITDA 19.34% vs prior 18.7%; within 18-19% guidance range. No expansion despite high growth, signalling cost pressures managed operationally, not passed through.

Previously indicated as opportunity; now details postponed to August. 18-20 months to revenue implies no FY27 contribution. TAM/competitive position unclear.

India demand remains subdued at 10-12% growth as guided for past 5-6 quarters. AI datacentre opportunity limited due to gas/water constraints.

Building capacity for ₹32B FY28 with ₹500M debottlenecking. FY29-30 targeting ₹40B+. Details in 3 months. Aligning capacity with market demand dynamically.

Very large segment, dominated by large players. No specific number available now. Details to follow in August announcement.

Expecting ₹700 Cr per quarter order inflow; ₹2,800 Cr+ for FY27 total.

Ongoing process. FY27 capex ₹50 Cr. Not hard-coded; dynamic based on demand. Flexibility needed.

Multiple levers: pricing clauses, cost reduction, product mix, forex gains, capacity utilization. Can't isolate contributions. Company maintains ±1% margin band.

Multiple factors drive margins. Management has levers to work on targets committed. Can't commit to expansion; must balance multiple factors.

No disruption in order inflow. All products shipped factory to market. Customers taking delivery as ordered. Close contact with customers on delivery priorities.

Don't provide application split-up of order inflows. (Deflection on concentration risk.)

Noise about combined cycles, but years away due to execution delays on datacentre side. Yes, will improve opportunity if/when it happens.

No pinpoint market share data. A couple of smaller client additions in pipeline. Opportunity is deepening with existing OEMs, not new names.

€3-3.5M order book for execution this year. No big pipeline for next year. Insurance facility for major client service; cost to maintain.

Won a few hydro refurbishment orders (in Q1 order book). Few more in pipeline Q2-Q3. Very active in India. Not looking at global at moment.

Power plant is <5% of datacentre project cost. Demand inelastic—they need electricity, no choice. Must pay for equipment.

Generators require no service first 10 years if well-made. Service revenue ~5-6% of sales; will stay at same % as core business grows 30-40% YoY.

Can't answer until exact deal announced in August. Pertinent questions but cannot answer today.

OEM customers have taken significant non-refundable advances from their buyers. That's why we have confidence demand will continue.

Scaling from 1,750 to 2,600 employees due to 75% business growth. Some additions natural. Wage hike already built in.

0-50 MW ~$5-10B; exact 50-100 MW TAM not available. No tracked data on segment breakdown.

Some customers provide advances. Can't quantify as % of order value.

India demand subdued 10-12% (as guided for 5-6 quarters). No meaningful AI hyperscaler activity due to lack of gas/water. Large coal plants dominate capacity. India's power shortage persists.

Multiple levers maintained: cost reduction, pricing, capacity utilization, forex. Tried to balance and maintain committed margin band.

Both. Unit count and realization per MW will grow together.

Not a ceiling. Approximate number; plus-minus we can do. If market opportunity is there, won't turn away.

Payment terms fixed with customers; can't alter significantly without losing business. Customer continuity is priority #1. WC needs may increase; will fund via mix.

Can't discuss fundraise details now. Board meeting Friday. Will disclose after Board decides.

All our products are exports from India; we're not importer of record. Won't get refunds.

Based on strong Q1 ₹640 Cr delivery, ₹7.34B Q1 order inflow, and ₹2,800+ Cr FY27 order guidance. On track after Q1.

Debottlenecking plan in execution (FY27 ₹50 Cr capex, ongoing). Stated as approximate ±₹1-2B range. Dependent on execution and market absorption.

Details deferred 3 months. Investment levels, timing, and product mix not yet finalized. Market demand confidence high, but execution plan vague.

Q1 delivered 19.34% (within band). Management has levers: pricing clauses, cost reduction, product mix, forex, capacity utilization. No expansion promised.

Commodity price increases, logistics costs offset by pricing pass-through and cost actions. Management defensive on expansion despite 72% growth.

Ongoing process for ₹32B FY28 capacity. Small incremental investment for efficiency gains.

Large capex cycle likely for ₹40B+ target, but specifics deferred. Flexible approach pending demand trends.

93% of Q1 orders from direct/deemed exports (AI datacentres, grid). US datacentre capex slowdown or project deferrals would hit order inflow.

Trade receivables ₹785 Cr growing faster than sales (72% growth). Management unwilling to compress payment terms without losing business. High cash requirement for growth.

Strategic entry into >100 MW generator segment promised in August. No details, TAM, or competitive advantage quantified. First revenue 18-20 months away.

Despite 72% PAT growth, EBITDA margin guidance held at 18-19% (no expansion). Commodity, logistics, and wage pressures acknowledged but not reflected in margin target.

Management stated no meaningful AI hyperscaler activity expected in India near-term. Large coal plants (600-800 MW) dominate capacity build. No electricity shortage solution visible.

Currently shortage of power equipment benefits TDPS (seller's market). But tariff escalation (US), shipping disruption, or supply normalization could reverse advantage.