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Large beat on operating performance

• 1QFY26 consolidated revenue grew 62% YoY to INR3.2b (est.INR2.4b).
• Segmental mix for Clean Energy/Mobility/Transportation/Industrials/ Communication/ Medical and Others stood at 18%/26%/32%/10%/14% compared to 23%/22%/28%/8%/19% in 1QFY25.
• EBITDA margin expanded by 700bp to 9.2% (est. 5.7%), largely led by operating leverage (employee cost as % of sales stood at 19.6% vs. 22.8% in 1QFY25, while other expense stood at 7% vs. 8%).
• Gross margin expanded by 230bp YoY to 35.5%. EBITDA grew 6.8x YoY to INR299m (est. INR138m).
• Adj. PAT stood at INR142m (est. INR70m) vs. a net loss of INR23m in 1QFY25.
• As of 30th Jun’25, the order book stood at INR17.9b (up 22.5% YoY).

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