Q1 FY27 call: Vi rollout key, 3000 tenancy target, zinc battery launch
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Q1 FY27 revenue INR 710 mn, EBITDA 59.3%, PAT INR 145 mn (EPS INR 12.37), margin near 20%. Added 150 Vi tenancies in Q1; targets 3,000 more from Vi this year, 5,000 in FY28. Vi plans 45,000 site rollout over 18-24 months. Tenancy ratio target 1.8 by FY29. First IP firm to launch zinc batteries from mid-September, saving CapEx versus lithium. Revenue per tower steady at INR 31,000. MD targets INR 100 crore quarterly revenue by Q4, bottom line growth from 22% to 24%. No fundraising planned currently.
Strong Vi order pipeline supports growth from Q2 onwards; zinc battery launch adds CapEx efficiency. FY27 visibility improving but Vi funding and execution remain key risks.