Q2 FY27 call: margin recovery and 60% FY28 expansion

Management guided margin improvementMulti-year targets disclosedInvestor Communications View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

+5.9%Reaction day

₹390.45

prior close

₹399.20

announcement price

After-mkt

timing

Nifty Microcap 250market+1.1%+4.7% vs market

Industrial Products peers, median of 332sector · industry level+0.6%+5.3% vs sector

On the reaction day the stock moved 4.7 pts more than Nifty Microcap 250 and 5.3 pts more than its Industrial Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

+0.8

10m

+0.4

15m

+0.4

30m

+1.6

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+5.9+1.1+4.7+0.6+5.3

Next day

+3.3pendingpending-0.2+3.5

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15d

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UpDownMarket · Nifty Microcap 250Sector · Industrial Products peers, median of 332Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Q2 FY27 sales were INR396.2 crore and EBITDA INR116.3 crore. The 30.4% margin fell from 33% a year earlier as furnace maintenance cut output 4.5%. October output exceeded past records and the fuel surcharge was restored. A 600 ton-per-day expansion, equal to 60% of capacity and costing INR1,100 crore, is due by March 2027. Management expects 31% to 32% margins this year and next, plus 60% production and turnover growth in FY28.

Likely market impact

Input cost and furnace rebuild risks remain, but output recovery, restored surcharge and the 60% FY28 expansion support margins and growth.