Earnings call transcript: order book 7,237 crore, Q2 revenue INR709 crores
Transcript of the 13 October 2026 earnings call on Q2 & H1 FY27 results.
By ScoutQuest · · 2 min read
- Unexecuted order book (30 Sep 2026)
- 7,237 crore, up 32% year-on-year
- Q2 FY27 revenue from operations
- INR709 crores, up 66% year-on-year
- Q2 EBITDA / margin
- INR114 crores; EBITDA margin 16.1%
What this document is
The company has released the transcript of its earnings conference call of 13 October 2026, where management discussed the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026.
Q2 FY27 performance (standalone)
- Revenue from operations: INR709 crores, up 66% year-on-year
- EBITDA: INR114 crores
- EBITDA margin: 16.1%
Management said the quarter reflected better execution, improved capacity utilisation and operating leverage across manufacturing facilities. For H1 FY27, revenue from operations was INR1,268 crores.
Order book and inflows
- Unexecuted order book as of 30 September 2026: 7,237 crore, up 32% year-on-year
- Q2 FY27 order inflows: 1,169 crores
- Management said the order book gives revenue visibility over the medium term
Major orders mentioned on the call
- First-ever order from the nuclear power sector: generator transformers for NPCIL's Kaiga nuclear power units
- Large transformer order from Megha Engineering and Infrastructures Limited received in August 2026
- Letter of intent received from APTRANSCO in August 2026 for power transformer manufacturing
- Order from Damodar Valley Corporation in October 2026 for manufacturing and supply of large power transformers
- Order from GETCO in October 2026 for reactors and auto-transformers
Management said these orders show capability across large power transformers, auto-transformers and shunt reactors, and that a large set of inquiries is under negotiation, split between domestic and export and between government and private customers.
Operations and capacity
- Dynamic short circuit testing completed on transformers during the quarter, described as a significant technical milestone
- The Changodar transformer manufacturing expansion is near completion, with commercial production expected around Diwali
- Backward integration projects are progressing as per timeline
- A subsidiary was established in the UK in September 2026 to strengthen customer support and expand presence in the UK and European markets
Balance sheet (standalone, as of 30 September 2026)
Management described the leverage profile as comfortable, with total debt split between long-term and short-term borrowings, and said the company also has cash, other bank balances and unutilised QIP proceeds earmarked for backward integration. Working capital is a key focus area; management said the cycle reflects the transformer business's long manufacturing cycle, milestone-based billing, testing requirements and project-linked customer approvals, and that it is working on collections, inventory planning and milestone execution.
Guidance and priorities
- Management said it remains confident of achieving the FY27 guidance and is on track with growth plans for the full year
- Focus for the rest of FY27: accelerating execution of the existing order book, ramping up expanded manufacturing capacity, progressing backward integration, and disciplined and sustainable profitable growth
- Management said the demand environment remains supportive, citing investment in power generation, transmission infrastructure, renewable energy integration and grid modernisation, and emerging demand from data centres, railway electrification, EV infrastructure and energy transition projects
Points to note
- The results discussed are unaudited
- The call included forward-looking statements based on current expectations, subject to risks and uncertainties that could cause actual results to differ
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More numbers
- Unexecuted order book as of 30 September 20267,237 crore
- Order book growth year-on-year32%
- Q2 FY27 order inflows1,169 crores
- Q2 FY27 revenue from operationsINR709 crores
- Q2 FY27 revenue growth year-on-year66%
- Q2 FY27 EBITDAINR114 crores
- Q2 FY27 EBITDA margin16.1%
- H1 FY27 revenue from operationsINR1,268 crores
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