FY27 guidance RAISED 50%->80% with 24% EBITDA.

Break-up of FY27 80% revenue growth between clean energy, nuclear and defense?

Basically, the clean energy sector would be around close to about 70%, and the rest would be all the other verticals. The absolute numbers of the other verticals are also phenomenally growing year-on-year basis, which is very good. But the clean energy segment is growing much faster.

Nuclear refurbishment / Mahi Banswara tender visibility?

Mahi Banswara is new reactors. This is called the ASHVINI project in joint collaboration with NTPC and NPCIL. So those tenders are expected this year. The refurbishment reactors, we have already quoted. And that's why I said that around INR250 crores of orders were deferred for this quarter. We are pretty confident of getting those orders, but it does not have any impact on our business outlook for this year.

Repeat FY27/FY28 guidance?

Based on the kind of requirements by the various customers that we have and the latest inputs that we have, it is very clear that we have the guidance earlier we mentioned as 50% of revenue growth, but now it will be around 80%, plus/minus 5%, around that area. And also, the margins would be around close to about 24%.

Bloom capex plan — on track?

We are on track. We have already commissioned the initial phase of expansion, which is very good, and we are also training the employees and ramping up the whole thing. Now, we are rapidly moving into the additional capacities that we are planning during the current financial year.

Capex plan over next 2-3 years for multifold capacity expansion?

Absolutely, yes. We are rapidly focusing on additional capacity. We can't disclose the numbers as such because we have signed NDA, but we are moving ahead rapidly with multiple capacity expansions required by the customer. As far as the capex is concerned, it's a rough figure. we're looking at around INR250 crores to INR300 crores of capex, which we are looking at to build all these capacities, multiple capacities for the customer. It's spread over 2 years, not exactly 1 year.

Risk of more vendors / wallet share retention with key clean energy customer?

We are really not concerned with that because the learning curve is very steep in this, and we have enough on our plate right now. It's not easy to establish this technology and also to ramp up at the same time. And we have been satisfying the customer over the last 10, 12, 15 years now. So we have been working with them together as genuine partners.

OCF to EBITDA sustainability and advances from customers?

We have negotiated good payment terms with various customers, not necessarily with one particular customer. We have clearly told them that the terms have to be much better to improve our working capital days and also looking at our operating cash flows being positive. So this is a continuous endeavor from our side, and you will see improvements happening during the current financial year as well.

Debt level outlook for FY27-FY28?

Presently, we need to raise the debt for the increased expansion plan. So we have considered in our metrics, debt is an option to go ahead as far as today is concerned. So every year, we are also repaying and also we are increasing debt, term loan. We are able to negotiate better for INR loans. For the time being, our debt-to-equity ratio is very healthy. we wanted to maintain a debt-to-equity ratio of, for next 2 years, in the range of around 0.5.

Fluence dropped from customer base — status?

Fluence is still deliberating because of the various factors on the duties imposed on batteries and various other things for exports. So this is something which we have done the prototype for them, but they're still deliberating it. So we have dropped it because we have enough on our plate right now. It's still open, but it's not a closed door situation.

AI data center new customer opportunity size and FBR outlook?

I did mention about the data center infrastructure with another customer as well. That's really another milestone for the company in terms of diversifying and getting more into the AI data center business opportunities. we already received the first articles order for that, which is about close to about INR35 crores. And then, over the next couple of years, if everything goes well, we're looking at almost like INR400 crores to INR500 crores of revenues being generated from that. As far as the FBR is concerned, we worked on major assemblies for the FBR for a long time back, and finally, it critical.

Oil and gas opportunity size and competitive positioning?

We have done successfully the first articles for the customer on the whipstock assemblies which we have done for them. The potential is around $35 million to $40 million over the period of time as and when we get into the major volume production. And also, we are adding a lot more customers in the oil and gas. The good news is that the main plant is going to be operational by September. This sector would grow very rapidly moving forward as well.

Hedging policy and other income outlook?

Other income is INR25 crores, mainly because of the foreign exchange gain we have received in this year. And in the current financial year also, we have witnessed we have spoken to the bankers, The U.S. the dollar will be in the similar range, and/or rupee will depreciate. That is what the forecast is showing. So, that way also, we will gain in terms of the foreign exchange fluctuations will help us because more than 70% of our revenue is from the exports only. Imports are maximum 30% to 35%.

AMCA jet structural assembly order — size and status?

It's a INR4 crores order which we got, and it's the first structural assembly which we managed to win for AMCA. So right now, they are floating the tenders for structural assemblies, and we have started participating in all the tenders. And we are one of the 8 qualified vendors for these structural assemblies.

SLB new client — segment classification?

It will be in the Clean Energy segment as such, as far as the data center infrastructure is concerned. As far as the assemblies for oil and gas will go into the oil and gas segment. We are doing the prototype work. And they are in multiple segments, not only in oil and gas, but also into the infrastructure building for the data centers, so both.

Better payment terms — sustainable or one-time?

It's not about anything, when I say we're talking about better payment terms, it's multiple factors. It is not about advances. It's about better payment terms in terms of credit period and all multiple factors which we have negotiated. It's not just one customer, with multiple customers. There's nothing like onetime. It will be a continuous thing, and we'll sustain it moving forward as well to maintain our working capital and the number of days and operating cash flows.

FY27 80% growth back-end loaded or well spread?

If you look at last year, it was we had a weak first half and a strong second half. But this year, we'll have a very good first half and a much better second half. That's what we want to do.

190 bps sequential gross margin dip — renegotiations with Clean Energy customer?

Absolutely not. It's not about negotiation on the price. It's about deliverables right now. The last quarter was mainly certain costs have gone up because of all of you are aware about certain geopolitical situations. Our input costs have gone up on the operations side. But that's very marginal. We are pretty confident and strong enough right now to adhere to the margins and revenues that we have declared. So there is no question of reduction in prices or anything like that.

Total capex needed to reach INR5,000 cr revenue?

We will be having incremental capex year-on-year basis. That's very clear in terms of additions of capacity year-on-year basis, based on clear visibility given by various customers of us. We can't exactly specify that right now, but probably between INR500 crores to INR700 crores, I guess. We are building the infrastructure for the future growth and also adding equipment in a phased manner based on the requirement of the customers, and that should be more than enough.

Operating leverage timing — when does it play out?

The operating leverage will improve because of we'll have better operating leverage because of the kind of revenues or volumes that we are doing right now. And it's not only in one product, but multiple products that we are working with the customers. And we'll start seeing that from the current financial year itself.

Data center components and margin risk from competition + raw material inflation?

We are dealing with the various assemblies required to build the data center infrastructure. And the value addition is close to about 70% in this area, and it's pretty profitable. It's very specialized job that we are doing. We are doing the first articles right now. We'll know more about it when we finish the first article, which is about close to INR35 crores. As far as the capacities that we're looking at, we're not looking at competition. There's enough on the plate for us to work on.

Margin expansion confidence given commodity inflation?

It's not only about one sector. If you look at the current financial year, we were last year, we were working on various aspects in different sectors in first articles. We are building the WIP for various nuclear programs. So you will see the margins coming into play because of not only one sector but multiple sectors. The operating leverage will come into play big time quarter-on-year basis as we are ramping up step-by-step quarter-on-quarter basis for the deliverables. And all the other sectors also, the volumes are going up in absolute numbers, contributing a lot to coming with improved margins quarter-on-quarter basis and ending the year at about around 24% EBITDA margins for the year.

Operating leverage on fixed cost — quantification?

Just to add to our MD's point, we have spent almost 28% on the fixed cost, both salaries and other expenditure. With increase in revenue, we will have at least 5% operating leverage, we are estimating. Definitely, there is no issue as far as the meeting the EBITDA targets. Even in the conservative scenario also.

Fungibility of nuclear capabilities across PSWR/FBR reactors?

All the assets are fungible. Whether it is FBR or PSWR, that doesn't really matter. The technology is different, but the machineries and all are fungible across both the reactors. So that's not an issue at all. And we have built our own machines earlier for taking care of the FBR reactors, and we continue to operate those machines, very specialized machines, and they are fungible as well across all sectors.

Nuclear refurbishment scope and frequency over next 2-3 years?

It depends on the refurbishment of the reactors when they are due. We have already got some orders for the refurbishment of various reactors. Overall, it's 5 reactors. We're getting some more in this quarter. This was the pool and channel assembly that we are looking at in the refurbishment area, which we have been doing for ages right now. So that's an ongoing process.

Calandria/End Shield qualification and Mahi Banswara tender timing?

Technically, we are already qualified for Calandrias and End shield. And like for the Mahi Banswara ASHVINI project, they have intimated to us the tenders will come in this year for that and which we have qualified for that. So we'll be able to participate. And for the first time, we'll be doing it. We have the infrastructure, and we are qualified for that right now. So we'll be participating in that, and we are expecting the orders in that area as well this year.

Nuclear scaling — on track from Q1 or delayed to Q2/Q3?

Nuclear business would scale. Primarily, the way we are looking at is by the time we get the raw materials in place and all that, we are working on it, we already have orders, earlier orders where it's in advanced stage of execution. So you will really see the scaling up going from Q2 onwards in a big way.

Oil & gas plant peak sales and brownfield expansion potential?

The plant, the way we have built the infrastructure and the equipment and machinery, it's a multifold plant in various requirements of a number of other customers as well. So if you look at 3 to 4 years' horizon, we are looking at about the oil and gas plant, which is getting commissioned in September can grow up to INR450 crores to INR500 crores of revenue in that one plant itself.

LCA Mark 1A Tejas actuator assembly order size?

I think it's about INR130 crores to INR150 crores. And that we have done it. We got qualified, we have supplied them, and we are doing that. And we are expecting that order. We're supposed to get it in the last quarter itself, but hopefully, we should get that in this quarter. It's a Free-issue material. The order what I'm talking about is raw materials issued from the department. So it's just the value-add what we're looking at.