Q2 CY26 call: India ops miss market growth, margins dip on input costs

Mgmt Guided Margin ImprovementMgmt Guided Margin PressurePromoter Disclosed Acquisition PlansOrder Pipeline DisclosedMgmt Evaded Key QuestionInvestor Communications View source PDF

CIEINDIA · price

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AI summary

Consolidated Q2 CY26 sales rose 11% year on year to INR25.4 billion. India operations grew 13% to INR16.5 billion but trailed market growth of about 16.5%. India EBITDA margin slipped to 16.7% from 17.5%, hit by West Asia conflict-driven energy and consumable costs. Europe EBITDA margin improved to 15.9% from 12.5% on past restructuring. H1 CY26 consolidated PAT up 18% to INR4.9 billion. Company holds net cash of INR14.2 billion and cited a new order book of about INR5 billion per year. Management expects margin recovery in the next two quarters.

Likely market impact

Margin recovery guided for next two quarters, but India growth underperformed market; analysts pressed for more disclosure granularity.