• FY27 growth: Management remains confident in 25% growth, saying Q3 and Q4 would need ₹900 and ₹950 crore to reach the target. Changodar and Moraiya capacity improvements are expected to support it.
• Margin outlook: Management said 16% is a fair margin level and is sticking with that figure while working to improve efficiency. Secured raw materials support faster execution until backward-integration plants become operational.
• Order inflow: Management is targeting 35 to 37% growth in order inflow over FY27 and said it is prioritizing orders it can deliver on time. The discussion cited an order book of around ₹7,200 crore, a bidding pipeline of over ₹21,000 crore, and a 10 to 15% win ratio.
• Capacity and working capital: Changodar is expected to be functional by Diwali, with backward-integration plants fully operational by Q4. Management expects working capital to return to 110 to 120 days by the end of Q4.
• Nuclear business: Management said about 5 nuclear-power inquiries are at the inquiry stage and the nuclear order book could exceed ₹2,000 crore over 2 years, by FY28. Margins are expected to be pretty much the same as in other transformer sectors.