Equity_Bytes (@Bytes_Equity)

@Bytes_EquityOct 25

Jio Platforms IPO (Part 1): Business Model, Unique Facts and Key Numbers The IPO bidding has closed, so this is purely a business study from the DRHP (Draft Red Herring Prospectus). Key Numbers (FY24 → FY25 → FY26) Revenue: ₹1,09,558 Cr → ₹1,28,218 Cr → ₹1,46,885 Cr (FY26 +14.6% YoY) EBITDA: ₹54,959 Cr → ₹64,170 Cr → ₹76,255 Cr EBITDA margin: 50.2% → 50.1% → 51.9% PAT: ₹21,423 Cr → ₹26,109 Cr → ₹30,049 Cr Customers: 48.18 Cr → 48.82 Cr → 52.44 Cr ARPU: ₹181.7 → ₹206.2 → ₹214.0 Data used per customer: 28.7 GB → 33.6 GB → 42.3 GB per month FY26 operating cash flow: ₹77,556 Cr (2.6x of PAT) FY26 RoCE: 10.8% | RoNW: 9.4% (EBITDA = Earnings Before Interest, Tax, Depreciation and Amortisation, i.e., profit from operations. PAT = Profit After Tax. ARPU = Average Revenue Per User, what one customer pays Jio in a month. RoCE / RoNW = Return on Capital Employed / Return on Net Worth.) 1. How Jio earns money- Jio has three engines. Mobile is the biggest, and prepaid recharges alone were 77.08% of FY26 revenue, so customers pay before they use the service. Home broadband (JioFiber and JioAirFiber) serves 2.71 Cr homes, while the enterprise arm supplies internet, cloud and IoT (Internet of Things, machines like smart meters connected to the internet) to over 90% of Indian banks, power distribution companies in over 80% of states and union territories, over 75% of airports and ~48% of connected electric two-wheelers. Apps like MyJio (21.59 Cr average monthly users), JioTV+, JioSaavn, JioAICloud and JioPC sit on top and help sell costlier plans. 2. Jio owns its technology- Jio built its own 4G+5G core (the "brain" that connects every call and data session) and its own OSS/BSS (Operations and Business Support Systems, the software that runs the network and billing). As per the industry report in the DRHP, it is the only operator globally with a complete in-house 5G stack, which made India the 5th country with its own 5G technology. About 11,303 of its 28,163 employees (~40%) work in technology, and it has filed 6,817 patents, of which 1,009 are granted. 3. Largest network in India- Jio carries ~60% of India's wireless data and has 26.85 Cr standalone 5G users, the largest 5G base in the world outside China. Standalone means its 5G runs on its own core network, independent of 4G, which allows features like a dedicated network lane for a business (network slicing). It is the only Indian operator holding all three 5G bands: 700 MHz (travels far, reaches deep inside buildings), 3300 MHz (balance of reach and speed) and 26 GHz (very high capacity over short distance). In FY26 it added ~2.7 Cr net active mobile users, about 3x the next player, and monthly churn (customers leaving) fell to 1.67%. 4. JioAirFiber changed home broadband- Laying fibre cable to every home is slow and costly. JioAirFiber is FWA (Fixed Wireless Access), where internet reaches the house through the air from a nearby tower to a small antenna, at speeds up to 1 Gbps using Jio's own UBR (Unlicensed Band Radio) technology. It reached 1.29 Cr customers in about two years, the largest such service globally outside China. Total home broadband customers rose from 1.12 Cr to 2.71 Cr in two years, and Jio took 67.56% of all new fixed broadband connections in India in FY26. 5. Who owns Jio- Before the IPO, RIL held 66.43%, Meta (Facebook) 9.98% and Google 7.73%. In 2020, Jio raised ₹1,52,055 Cr from 13 investors including these two. The IPO was a pure fresh issue of 27 Cr new shares with no OFS (Offer For Sale), so no existing shareholder sold. Special board and veto rights of Meta, Google and the private equity investors end once the shares list. What to track: ARPU growth every quarter and the share of revenue coming from home broadband, enterprise and digital services beyond prepaid mobile. Part 2 covers capex, debt and growth plans. 1/2 #JioPlatforms #RelianceJio #IPO

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Equity_Bytes · Oct 28, 2026 · 11:31 AM UTC

CarTrade Tech: Q2 FY27 Results and Key Takeaways from the Concall CarTrade posted its highest ever revenue, and margins expanded sharply. PAT growth was low because of one-offs in last year's base. Q2 FY27 Revenue: ₹213 Cr (+10% YoY, +6% QoQ), highest ever EBITDA: ₹76 Cr (+20% YoY, +20% QoQ), margin 36% (vs 31%) Profit before tax: ₹85 Cr, highest ever PAT: ₹66 Cr (+3% YoY) Cash: about ₹1,400 Cr OLX revenue: +26% YoY, EBITDA margin 32% Remarketing (vehicle auctions) PAT: +47% YoY 1. Why PAT grew only 3%- Last year's Q2 included about ₹10 Cr of one-time write-backs at OLX, which lifted other income. OLX also had a tax shield last year and is now paying full tax. Profit before tax was still the highest in the company's history. 2. OLX is the growth engine- OLX revenue grew 26%, and management expects growth to rise towards 30-35%. Elite Buyer, its first paid product for buyers, has seen strong early take-up, and buyers outnumber sellers six to one on OLX. Plans include e-commerce with escrow (payment held safely until the product is delivered), a used car partnership with Landmark and used car loans with banks. 3. New car business slowed due to base effect- The consumer business (CarWale, BikeWale) grew only 4% because last year's Q2 got a big boost from the GST cut. The festive season also shifted into October-November this year. Management said October was the best month ever for this business, and its 2-year growth is over 20% a year. 4. Auctions doing well- The remarketing business, which auctions used vehicles, grew revenue 12% and profit 47%. Online auctions where individuals sell cars to dealers are growing fastest and earn the best margins. About 15.6 lakh vehicles are listed for auction each year. 5. Costs are mostly fixed- Employee costs grew only 6%, so most new revenue flows into profit. Management targets a 40% group EBITDA margin. Vaya Live, an AI sales assistant for car buyers, sellers and carmakers, launches this quarter without a big rise in tech costs. 6. Large cash pile- CarTrade holds about ₹1,400 Cr in cash and needs almost no capex. Management wants to use it for acquisitions or return it through buybacks and dividends. However, tax benefits in the standalone company prevent payouts for another 1-2 years. Key Guidance Q3 FY27 expected to be the best quarter ever Group EBITDA to grow about 20% QoQ again in Q3 Goal of ₹1,000 Cr profit in 4-5 years What to track: OLX growth rate, Q3 consumer business numbers and the Vaya Live launch. #CarTrade #Q2FY27

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Equity_Bytes · Oct 28, 2026 · 11:26 AM UTC

Waaree Energies: Q2 FY27 Results and Key Takeaways from the Concall Revenue grew 24%, led by a sharp jump in retail solar sales. Exports to the US almost stopped after new US trade rules. Q2 FY27 Revenue: ₹7,517.7 Cr (+23.9% YoY) EBITDA: ₹1,335.2 Cr, margin 17.8% PAT: ₹753.6 Cr H1 FY27 revenue: ₹15,449.5 Cr (+47.3% YoY) H1 FY27 PAT: ₹1,645.5 Cr (flat YoY) Module sales: 3 GW, gigawatt, a measure of solar capacity (+27% YoY) Order book: ₹59,200 Cr Net cash: ₹3,224 Cr 1. Retail is now the biggest engine- Retail revenue jumped 252% to ₹3,464 Cr, making up 46% of Q2 revenue. H1 retail sales of ₹5,753 Cr have already crossed all of last year's. Waaree sells through 775+ franchise stores and 3,000+ distribution points, and has sold 1 lakh rooftop solar kits. 2. US exports fell, US-made sales rose- Exports from India to the US fell to ₹89 Cr from ₹2,143 Cr. A new US rule sets a minimum price for imported panels from 4 December, so Waaree removed about 3 GW of export orders from its order book. Revenue from its US factory rose to ₹1,300 Cr from ₹732 Cr, and management says US-made panels earn more than double the margin of exports. 3. More cells means better margins- Solar cells are the main power-producing part inside a panel. Cell capacity in India will rise from 5.4 GW to 15.4 GW this year, with 5 GW in Q3 and 5 GW in Q4. This lets Waaree make more DCR (Domestic Content Requirement) panels with its own cells instead of buying them; DCR panels must use Indian-made cells for government-backed projects. 4. Margins steady once one-offs are removed- EBITDA margin slipped from 18.2% to 17.8% because Q1 had a one-time US duty refund. Excluding that, margins improved as cell plant utilisation rose and the US factory ran above 70%. US capacity grows from 1.6 GW to 4.8 GW by March 2027. 5. Building beyond solar panels- Waaree is spending about ₹30,000 Cr on new businesses including battery storage, inverters, transformers and electrolysers. The battery pack plant starts in Q3, battery cells in Q4, and ingot-wafer production by September 2027. Management expects non-panel businesses to reach 40-50% of revenue in 3-4 years. 6. Price pressure ahead- Indian cell capacity is rising quickly, from about 40 GW to 60-70 GW. Management expects module prices to fall in FY28. It says its retail business is less exposed to this than bulk utility sales. Key Guidance FY27 EBITDA of ₹7,000-7,700 Cr (₹2,775 Cr done in H1) Retail revenue of ₹10,000-11,000 Cr in FY27 Revenue ambition of ₹90,000-1,00,000 Cr in 4-5 years What to track: H2 EBITDA delivery, new cell plant ramp-up and the renegotiated US orders. #WaareeEnergies #Q2FY27

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Equity_Bytes · Oct 28, 2026 · 11:25 AM UTC

Gravita India: Q2 FY27 Results and Key Takeaways from the Concall Revenue grew 38%, helped by the copper business it acquired. Lead volumes fell because scrap supply from the Gulf was disrupted. Q2 FY27 Revenue: ₹1,427 Cr (+38% YoY) Adjusted EBITDA: ₹143.4 Cr (+28% YoY), margin over 10% PAT: ₹102 Cr (+6% YoY) Volumes: 52,199 tonnes (+3% YoY) Value-added products: 64% of revenue H1 FY27: revenue +40%, EBITDA +29%, PAT +10% EBITDA per tonne: lead ₹22,620, aluminium ₹22,664, plastic ₹10,334, copper ₹84,671 1. Lead volumes hit by scrap shortage- The West Asia conflict cut off scrap supply from the Gulf, and lead volumes fell about 11%. Scrap takes 80-90 days from booking to reach the factory, so new sources take time to show up. Management says the worst is over, with new supplies arriving from Q3. 2. GST change should help organised recyclers- Under the new reverse charge rule, the buyer of battery scrap pays the GST instead of the seller. Unorganised recyclers used to enjoy an 18% price advantage by avoiding GST, and this rule removes that edge. Domestic scrap is 26% of Gravita's supply today, and management expects it to rise to 40-50%. 3. Copper margins jumped- Copper EBITDA rose to about ₹85 per kg, helped by a better product mix and some one-off high-value orders. Management sees ₹65-70 per kg as sustainable for now, rising to ₹80-90 once its own copper recycling plants are running. RMIL (Rashtriya Metal Industries, its copper business) runs at 50% utilisation, expected to reach 65-70% in 2-3 quarters. 4. Controlling scrap sourcing- Gravita is setting up a US subsidiary to run its own scrap yards. Buying directly from small yards instead of through middlemen adds about 2-3% to margins. Two copper recycling plants are coming up in Gujarat: Mandvi (29,400 tonnes, ₹160 Cr) within 12 months and Mundra (59,200 tonnes, ₹64 Cr) by March 2029. 5. Capex plan on track- Gravita plans ₹1,680 Cr of capex till FY29 and has spent about ₹600 Cr so far. Total capacity will rise from about 4.8 lakh tonnes to 8 lakh tonnes. Lithium-ion battery recycling is not part of the Vision 2030 numbers, and volumes are expected only in 4-5 years. 6. Profit growth lags revenue- PAT grew only 6% against 38% revenue growth. The acquired copper business adds a lot of revenue but earns only about 8.5% EBITDA margin. Lower lead volumes also hurt profitability. Key Guidance Lead volume growth of about 18-20% a year for the next 3 years Copper EBITDA of ₹65-70 per kg near term, ₹80-90 in 2-3 years Value-added products above 60% of revenue under Vision 2030 Key things going ahead: lead volume recovery in Q3, the impact of the GST rule on domestic scrap, and the start of the Mandvi copper plant. #Gravita #Q2FY27

Equity_Bytes · Oct 28, 2026 · 11:18 AM UTC

Paytm: Q2 FY27 Results and Key Takeaways from the Concall Revenue grew 28% for the second straight quarter. Management also sees a new profit lever if fees on UPI merchant payments begin after Diwali. Key numbers from the call Revenue growth: 28% YoY (above 30% excluding a one-time government incentive in last year's base) Monthly transacting users: about 5 million added in the quarter, vs 1-2 million usually Net payment margin: about 9 paise per ₹100 of payments (vs 8.5 paise) Payment devices deployed: about 7 lakh in the quarter H1 device capex: about ₹400 Cr Payment value handled: about ₹28,00,000 Cr a year at current scale 1. UPI fees could add ₹700 Cr+- MDR (Merchant Discount Rate) is a small fee merchants pay on each digital payment. The new framework for UPI was due on 15 October but has been pushed to after Diwali. Paytm estimates it will add about 2.5 paise per ₹100 of payments, or a little over ₹700 Cr a year at current scale, mostly straight to profit. 2. Going all out for consumer market share- Winning back UPI users is now a top goal, and management wants about a third of the consumer market. The company says AI helps it target the right users, which has lowered the cost of acquiring each customer. 3. Choosing profitable payments over volume- Paytm let go of some large, low-margin online clients, including a big insurance customer whose contract ended. As a result, merchant payment value was flat over Q1. However, the payment margin improved, and management says it will not take business that loses money. 4. Lending distribution is growing fast- Paytm distributes loans for banks and NBFCs and does not hold the loans on its own books. Personal loan and merchant loan distribution are both growing, and Postpaid is scaling again. Of about 1.5 crore merchants with Paytm devices, over 1 crore are seen as good quality for loans. 5. Default guarantee may weigh on profits- DLG (Default Loss Guarantee) is where Paytm covers part of a lender's losses. One large lender is bringing it back, and its cost is booked upfront, so it will drag near-term profit. Management still expects EBITDA to rise next quarter. 6. AI tools for small merchants- Paytm is building AI agents that help small shops with tasks like marketing, sold through subscriptions or fees. Meaningful revenue from these is expected in about a year. Cloud costs rose this quarter mainly because of a one-time merger of its online and offline payment systems. Key Guidance Overheads to grow at less than half the pace of contribution margin over 3-4 quarters EBITDA to keep rising each quarter despite the DLG cost Device capex to stay around the H1 level #Paytm #Q2FY27

Equity_Bytes · Oct 28, 2026 · 4:07 AM UTC

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Equity_Bytes · Oct 28, 2026 · 4:00 AM UTC

IndiaMART InterMESH: Q2 FY27 Results and Key Takeaways from the Concall Revenue grew 10% and margins stayed high, but the paying supplier base is still not growing. AI is both a tool and a threat for the business. Q2 FY27 Revenue: ₹429 Cr (+10% YoY) Collections: ₹443 Cr (+9% YoY) Deferred revenue (subscription money collected in advance, booked later): ₹2,029 Cr (+16% YoY) EBITDA: ₹159 Cr, margin 37% PAT: ₹91 Cr (hit by an ₹8 Cr notional loss on bonds) Paying suppliers: 2,17,000 (down 615 QoQ) Cash and treasury: ₹3,234 Cr 1. Small suppliers keep leaving- Silver, the entry-level paid plan, continues to see high churn, so the paying supplier base has been flat for two years. Gold and Platinum customers are about half the base but give 75% of revenue, and they renew and upgrade well. Management will not push hard on new sign-ups until Silver churn improves, and it gave no timeline for that. 2. AI search is cutting traffic- Buyer inquiries are 10-15% below their peak. Part of this is because Google now answers many searches directly with AI. Part of it is deliberate, as IndiaMART has put valuable data behind a login so AI models cannot copy it freely. To make up for it, the company now spends about ₹10 Cr a quarter on targeted ads in its best categories. 3. AI is now built into operations- A voice AI agent handles 80,000-1,00,000 buyers every day, and AI is used in over 20 processes from cataloguing to verification. All AI spending is expensed, not capitalised. Management says AI may raise costs in the short term but can lift both margins and revenue in the long term. 4. Busy software is growing faster- Busy, its accounting software business, grew billing 20% and revenue 27%. It sold about 11,000 new licences in Q2, taking the total to 4.66 lakh. A new interface, Busy Magic, was recently launched. 5. Small experiments with buyers and credit- IndiaMART is running pilots in credit facilitation without putting any meaningful capital at risk. It is also testing a paid verified-buyer programme. Buyers now get purchase protection of up to ₹5 lakh when buying from verified suppliers. 6. High margins may not last- EBITDA margin of 37% is high partly because the company is holding back on sales hiring. Management still guides for about 33% in the long run. Once churn improves, it plans to spend more on sales. Key Guidance Long-term EBITDA margin of about 33% Busy growth to return to 20-30% from Q3 Long-term aim of 10% growth in paying suppliers plus 10% growth in revenue per supplier What to track: Silver plan churn, buyer inquiry trends. #IndiaMART #Q2FY27

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Equity_Bytes · Oct 28, 2026 · 3:26 AM UTC

Tata Capital: Q2 FY27 Results and Key Takeaways from the Concall Profit grew 51% on steady loan growth and stable asset quality. Margins slipped slightly, but management expects them to improve from Q4. Q2 FY27 Loan book (AUM, Assets Under Management): ₹3,08,030 Cr (+26% YoY, +6% QoQ) Disbursements: ₹51,665 Cr (+29% YoY) PAT: ₹1,660 Cr (+51% YoY, +7% QoQ) ROA: 2.3%, ROE: 14% Gross Stage 3 (loans overdue 90+ days): 1.9% Credit cost: 0.9% (vs 1% in Q1) Cost-to-income ratio: 35.3% (better by 4.4 percentage points YoY) 1. Growth is broad-based- Excluding the shrinking motor finance book, the loan book grew 32%. The housing finance arm grew 26% to ₹95,098 Cr and earned ₹552 Cr PAT at an 18% ROE. Disbursements in the higher-margin businesses grew 40%, though their loan book grew only 14% so far. 2. Asset quality is holding up- Credit costs fell 17% YoY. Microfinance is less than 1% of the book, and the company has no tractor or farm loans, so drought-hit rural areas are not a big risk. It has tightened lending to some small business sectors hurt by higher crude-linked costs. 3. Rate hikes should help margins- Net interest margin dipped about 0.1 percentage points as borrowing costs rose and home loan competition stayed tough. After the RBI raised the repo rate to 5.50%, Tata Capital raised its lending rates by 0.20-0.25% from 1 November. About 66% of its loans are floating-rate against 48% of its borrowings, so rising rates should help it more than hurt it. 4. AI is driving efficiency- Headcount grew only 6% while the loan book grew 26%. AI-led workflows now process about 70% of retail loan applications, and 99% of customers are onboarded digitally. Management expects costs to grow about 15% this year against about 25% income growth. 5. Motor finance is still a drag- The old motor finance book has fallen from 14% of total loans in March 2025 to 7.5% now. Management expects it to stabilise in Q3 and start growing from Q4. An extra ₹30 Cr provision was made on commercial vehicle loans as a precaution. 6. Regulation and capital to watch- RBI is reviewing flexi loans, which are about 2-2.5% of the book, and proposed caps on insurance commissions could hit fee income. Capital adequacy is 17.3%, and the company expects to raise fresh capital in H2 FY28. Key Guidance Loan book growth of 23-25% for FY27, without chasing growth at the cost of margins Margins stable in Q3, improving in Q4 Medium-term ROA and ROE guidance retained, with no downgrade #TataCapital #Q2FY27

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Equity_Bytes · Oct 28, 2026 · 3:11 AM UTC

Bajaj Auto: Q2 FY27 Results and Key Takeaways from the Concall Bajaj Auto set records for volume, revenue, EBITDA, profit and free cash flow in the same quarter. Exports and EVs did the heavy lifting. Q2 FY27 (standalone) Volume: over 15 lakh units (+20% YoY), highest ever Revenue: over ₹20,000 Cr (+34% YoY) EBITDA: ₹4,172 Cr (+37% YoY), margin 20.9% PAT: ₹3,354 Cr (+35% YoY) Free cash flow: ~₹4,000 Cr Consolidated revenue: ₹25,126 Cr (+60% YoY, includes KTM) 1. Exports at record levels- Exports reached 7.8 lakh units, up 41%. In Africa, Bajaj motorcycle exports grew 83% while the market grew 35%, and in Latin America it grew 44% against 12% for the market. Its share of India's two-wheeler exports rose from 44% to 48%, and of three-wheeler exports from 60% to 63%. 2. Holding margins despite heavy cost inflation- Input costs added 3-3.5% of revenue in Q2, on top of 4-4.5% in Q1. Price hikes covered 50-60% of this, and a weaker rupee plus cost cuts covered the rest, so margin held at 20.9%. The October price hike covers only about 30% of expected Q3 inflation, and the rupee is now giving less support. 3. EV business now makes money- EV volumes, two-wheelers and three-wheelers combined, were close to 2 lakh units, more than double last year. EVs now bring over a third of domestic revenue. Chetak has double-digit margins and a 23% market share, but this is helped by the PLI (Production Linked Incentive, a government subsidy on EV sales), which is at its maximum rate now and ends in March 2028 under the current scheme. 4. Domestic bikes: choosing profit over volume- Bajaj is letting go of share in 100cc bikes instead of cutting prices, to protect margins. The refreshed Pulsar range is gaining traction, with new models making up 33% of its 125cc+ sales in the festive period. Two new brands for the 125-250cc segment are due in FY27. 5. KTM is recovering- KTM and Triumph together sold 40,000 bikes in India, up 31%. KTM's parent company turned EBITDA positive in H1 after a large loss last year, and its inventory is back to normal. The lending arm, Bajaj Auto Credit, grew profit 85% to ₹243 Cr. 6. Demand is running ahead of capacity- Three-wheeler sales hit a record 1.62 lakh units, and demand is about 10% more than what Bajaj can make. Chetak lost sales in September because of supply issues, making 40,000 units against 60,000 planned. Overall capacity is being raised by about 24% over the next 6-9 months. Key Guidance Exports to stay around 7.5 lakh units per quarter Two-wheeler industry growth in double digits for September-December, below the 18% seen in April-August Chetak capacity of 80,000 units per month by Q4 #BajajAuto #Q2FY27

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Equity_Bytes · Oct 28, 2026 · 3:02 AM UTC

@Bytes_Equity11h

Larsen & Toubro: Q2 FY27 Results and Key Takeaways from the Concall L&T booked its highest ever orders in a single quarter, and profit grew 33%. Margins dipped, but cash flow was the strongest part of the result. Q2 FY27 Order inflow: ₹1,48,000 Cr (+28% YoY), highest ever Order book: ₹8,54,000 Cr (+28% YoY) Revenue: ₹78,700 Cr (+16% YoY) International revenue: ₹58,400 Cr (+20% YoY) EBITDA margin: 8.7% (vs 10% last year) PAT: ₹5,200 Cr (+33% YoY) Operating cash flow (excluding financial services): ₹12,800 Cr (vs ₹4,800 Cr) Net working capital: 1.7% of revenue, a record low 1. Big orders from hydrocarbons and power- Orders in the conventional energy segment more than doubled to ₹78,400 Cr, including a large NTPC thermal power order. L&T was also picked as one of 4 EPC (Engineering, Procurement and Construction, meaning design and build end to end) contractors for Oman's state oil company under a 6-year framework. Private sector orders now make up 39% of the order book, up from 30% a year ago. 2. Margins are under pressure- EBITDA margin of the core PPM (Projects, Products and Manufacturing) business slipped to 7%. Water treatment projects have run into cost overruns. L&T also books profit on a project only after it crosses a certain stage of completion, so new mega orders add revenue now but little profit until later. 3. Cash flow is the standout- Net working capital fell to 1.7% of revenue from 4.1% in March, helped by advances on large new orders and timely customer payments. Group cash and liquid investments are close to ₹1,00,000 Cr. Management said it will not loosen payment discipline just to show faster revenue. 4. Middle East logistics are hurting solar- Hydrocarbon projects are least affected, since much of the work is done in fabrication yards in Chennai and Oman. Solar is hit hardest because modules come from China and shipping costs have jumped, so some solar revenue may get pushed out. New solar orders in the Middle East were also delayed, and management expects them to pick up in H2. 5. New bets in AI data centres and chips- L&T is building an AI data centre in Chennai with over 10,000 NVIDIA B300 GPUs (high-end AI chips), an investment of about ₹7,200 Cr ($750 million). Commissioning is targeted for January 2027, with a long-term deal already signed with Together ai. The semiconductor arm has unveiled 40 products and expects revenue in the next 1-2 quarters. 6. Green energy and defence are growing- Revenue of the green energy segment grew 43%, led by solar and offshore wind projects in Europe. In defence, the bid for AMCA (Advanced Medium Combat Aircraft, India's next fighter jet programme) is due by the end of October. Management sees more defence opportunities in naval and armoured systems. Key Guidance FY27 order inflow and revenue growth of 10-12% each Core PPM EBITDA margin of 7.8% for FY27 Net working capital below 10% of revenue for the year #LarsenAndToubro #Q2FY27

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Equity_Bytes · Oct 27, 2026 · 2:16 PM UTC

@Bytes_Equity23h

OneSource Specialty Pharma: Q2 FY27 Results and Key Takeaways from the Concall OneSource is a CDMO (Contract Development and Manufacturing Organisation) that makes medicines for other pharma companies, mainly injectable pens. Q2 was its third straight quarter of growth over the previous quarter. Q2 FY27 Revenue: over ₹500 Cr (+37% YoY, +15% QoQ) EBITDA: +53% YoY, +32% QoQ EBITDA margin: 32% (up more than 4 percentage points QoQ) H1 FY27 EBITDA: +47% YoY 1. Second pen-filling line is live- OneSource's main business is DDC (Drug Device Combination), where a medicine is filled into ready-to-use pens or cartridges, like diabetes and weight-loss injection pens. The second line started commercial batches in September after a 6-month delay caused by geopolitical issues. It runs 500-litre batches against 200 litres on the first line, and can produce about 1.2-1.3 lakh units a day versus 50,000-55,000. 2. Third line pushed to early FY28- The third line has reached the site and now needs qualification, which takes time because it is custom-built with several European vendors. Commercial start could slip from Q4 to the start of FY28. Management says all three lines will be available for the whole of FY28. 3. Semaglutide demand is strong- Semaglutide is a diabetes and weight-loss drug that is now off-patent in several countries, so generic versions can be sold. Partner Hikma launched in Saudi Arabia, and Dr. Reddy's has restarted supplies to relaunch in Canada this quarter. OneSource has all 4 Canadian approvals, and in India monthly semaglutide volumes rose from 20,000-25,000 units in February to over 2 lakh by September. 4. Biologics is the next growth leg- Biologics are complex medicines made from living cells. OneSource won two end-to-end projects from a US biotech and a new program from a global animal health company, and its biologics pipeline is at its highest ever. Current biologics revenue is only development work, and commercial revenue is expected from FY29. 5. Base business is being upgraded- The injectables site is shut for an upgrade that adds freeze-drying capacity (used for drugs that are unstable as liquids) and will restart in January. Softgel capsule demand is high, but the current site cannot expand further. A new greenfield softgel plant is being planned. 6. Working capital stretched for now- Shipping delays have stretched the cash collection cycle by 45-60 days, which the CFO calls a temporary timing issue. Debt is around 1.5 times EBITDA during this investment phase. The tax rate will stay low until about Q3 FY28 because past losses are being used up. Key Guidance FY28 revenue of about ₹3,850 Cr ($400 million) and EBITDA of about ₹1,540 Cr ($160 million), reaffirmed H2 FY27 expected to be stronger than H1 ROCE in the high 20s by the end of FY28 What to track: Line 3 start date, Dr. Reddy's relaunch in Canada and whether receivables return to normal. #OneSource #Q2FY27

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Equity_Bytes · Oct 27, 2026 · 2:11 PM UTC

@Bytes_Equity23h

Maruti Suzuki: Q2 FY27 Results and Key Takeaways from the Concall Maruti sold more cars this quarter than ever before, helped by the GST cut. Profit still fell because of higher commodity costs and losses on its investments. Q2 FY27 Net sales: ₹50,600 Cr (+26% YoY), highest ever EBIT: ₹2,800 Cr (vs ₹3,380 Cr last year) Net profit: ₹2,400 Cr (vs ₹3,300 Cr last year) EBITDA margin: 9.4% (vs 8.6% in Q1) Total volume: 6,96,654 units (+26.5% YoY), highest ever Domestic: 5.65 lakh units (+37.8% YoY) Exports: 1,08,119 units (-2% YoY) Domestic market share: 40.8% (up 2.2 percentage points) 1. GST cut has brought back small car buyers- After the GST cut made cars cheaper, Maruti's small cars in the 18% GST slab grew 35.9%. Its bigger cars in the 40% slab grew 39.6%, helped by the new Victoris and Brezza. First-time buyers now make up about 51% of Maruti's sales. 2. Demand is ahead of supply- Pending customer orders rose from about 2.07 lakh at the end of September to about 2.7 lakh by Dussehra, even after strong sales. Retail sales in the festive period were up about 30%. Cars waiting at dealers dropped to just 17 days of sales. 3. 5 lakh units of new capacity added- In H1 the company started a new line at Kharkhoda in Haryana and a fourth line at Hansalpur in Gujarat, each with 2.5 lakh units of yearly capacity. Both are being ramped up. This extra capacity is what allowed record volumes this quarter. 4. Profit fell, but margins improved over Q1- Operating profit fell versus last year because commodity costs rose after the West Asia conflict. Other income was hit by mark-to-market losses on investments, meaning the market value of its invested cash fell. Compared with Q1, EBITDA margin still improved 0.8 percentage points, thanks to price hikes of a little over 1% and cost control. 5. Exports flat for now- Exports were held back by shipping disruptions linked to West Asia, a production changeover for the e-Vitara to meet new European rules, and Mexico raising import duty from 20% to 50%. Even so, Maruti made more than 51% of India's passenger vehicle exports in H1. The Fronx crossed 2 lakh exports in under 38 months, the fastest for any SUV from India. 6. New launches and emission rules- The new Brezza and Baleno come with Level 2 ADAS (Advanced Driver Assistance Systems, safety features that help with braking and lane keeping). An EV launch is planned at the Bharat Mobility Show next year. On the new CAFE (Corporate Average Fuel Efficiency) norms, which cap the average CO2 of a carmaker's whole range, management says it is comfortable because it sells CNG, hybrid, EV and petrol cars. Key Guidance Domestic volume growth of at least 10% in H2 FY27 Total growth of 7-10% in H2, with exports roughly flat Medium-term industry growth estimate to be raised, with an update around December-January What to track: Q3 margins as steel prices rise, further price hikes, and how fast the 2.7 lakh order backlog gets delivered. #MarutiSuzuki #Q2FY27

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Equity_Bytes · Oct 27, 2026 · 1:38 PM UTC

Macpower CNC Machines: Q2 FY27 Results and Key Takeaways from the Concall Macpower makes CNC (Computer Numerical Control) machines, which cut and shape metal parts automatically from a computer program. Q2 was its best quarter ever, and demand is now running ahead of capacity. Q2 FY27 Revenue: ₹120.3 Cr (+40.4% YoY) EBITDA: ₹19.9 Cr (+40.8% YoY), margin 16.6% PAT: ₹13.5 Cr (+43.7% YoY), margin 11.2% H1 FY27 Revenue: ₹215.6 Cr (+46.9% YoY) H1 FY27 PAT: ₹23.6 Cr (+65.5% YoY) Average realisation: ₹20.4 lakh per machine (~590 machines) Order book: ₹476 Cr (+36% YoY) Bids in pipeline: ₹939 Cr (domestic ₹745 Cr, government tenders ₹194 Cr) 1. Running almost at full capacity- Current capacity is about 2,500 machines a year, roughly 600 a quarter, so Q2 utilisation was close to 95%. Management says it is refunding 10-20 machine orders every month because it cannot deliver them on time. Using inventory built earlier, it still expects to deliver 2,300-2,400 machines in FY27. 2. New plant by Q2 FY28- Construction has started on a 13-acre plot next to the existing plant. Orders for long lead-time machinery are already placed, and the building contract has a 6-month deadline with a penalty clause. The exact capacity will be announced with Q3 results, and the plant should support 25-30% yearly growth for 3-4 years. A separate 60-acre plot is waiting for Gujarat's new defence policy, and together the two sites could take capacity to about 10,000 machines a year. 3. Price hike and in-house parts to lift margins- A price increase taken 2-3 months ago will show in revenue from Q3, since Q2 deliveries were from older orders at old prices. The company makes many parts in-house but still buys about half its spindles (the rotating part that holds the cutting tool) because its own capacity is limited. Management expects margins to move above 20% once the new capacity and more in-house manufacturing come in. 4. Strong cash flow- Operating cash flow was about ₹30 Cr in the quarter, and working capital days fell to 110 from 138 a year ago. Orders are booked with advance payment, and the company has stopped dispatching machines against short-term financing promises. Management stressed it wants to grow without taking on debt. 5. Premium Nexa range is growing- The higher-value Nexa series makes up about 40% of the order book, and the target is 50% by FY29. New large models have recently been launched. This should gradually raise average price per machine, though management cares more about total volume than price per machine. 6. Defence orders, but 5-axis is not a priority yet- The company has orders from HAL (Hindustan Aeronautics Limited), rifle factories and ordnance factories. It currently bids for only 25-30% of defence tenders because capacity is tight. It has built a 5-axis machine (cuts complex aerospace parts from five directions), but the Indian market is only about 150-200 such machines a year, mostly imported, and export-control licences make selling it difficult. It will be showcased at IMTEX, India's largest machine tool exhibition, in January 2027. Key Guidance FY27 revenue growth raised to about 35% (from 30%) 25-30% yearly growth over the next 3 years Market share target of 10% in 3-4 years, from about 2% of India's consumption today What to track: the capacity number announced in Q3, timely start of the new plant and the margin impact of the price hike. #MacpowerCNC #Q2FY27

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Equity_Bytes · Oct 27, 2026 · 12:32 PM UTC

Acutaas Chemicals: Q2 FY27 Results and Key Takeaways from the Concall Acutaas (formerly Ami Organics) had a strong quarter, led by its pharma business. Management raised both its growth and margin guidance for the year. Q2 FY27 Revenue: ₹436.9 Cr (+42.7% YoY) EBITDA: ₹176 Cr (+84.6% YoY), margin 40.3% (up 9.1 percentage points) PAT: ₹123.1 Cr (+71.4% YoY), margin 28.2% Gross margin: 62.1% H1 FY27 Revenue: ₹766.6 Cr (+49.3% YoY) H1 FY27 PAT: ₹198.1 Cr (+71% YoY) Pharma intermediates: ₹402 Cr (+53.1% YoY) Specialty chemicals: ₹34.9 Cr (-20% YoY) Net cash: ₹300.9 Cr 1. CDMO target reached a year early- CDMO (Contract Development and Manufacturing Organisation) means making key drug ingredients under contract for innovator pharma companies. Acutaas had targeted ₹1,000 Cr of CDMO revenue by FY28 and now expects to reach it in FY27 itself. Management has set a new target of ₹2,000 Cr by FY30, at margins similar to today's. 2. Growth spread over more molecules- 8-10 CDMO products are lined up to start contributing revenue over the next 1-1.5 years, all with innovator companies. Management says the next ₹1,000 Cr will come from more customers and molecules, reducing dependence on one or two products. The core pharma business, outside CDMO, also grew over 25%. 3. Battery chemicals start earning- This was the first quarter of commercial revenue from battery chemicals, which are additives that improve the life and safety of lithium-ion batteries. Three products are now in commercial supply, and validation samples of 4 more have gone to customers. Pricing is linked to raw material costs under long-term contracts, so the company will not gain much from the recent spike in market prices. 4. Semiconductor plant in South Korea is ready- The Korean plant was inaugurated ahead of schedule and is sending qualification samples to customers. It will make high-purity chemicals used in chip manufacturing for buyers in Korea, Japan and the US. Revenue is expected only from FY28 and will ramp up slowly, since customer approvals take time. 5. Specialty chemicals were weak- The segment fell 20% because the company is phasing out low-margin commodity products, a process that will take 1-1.5 years. Shipments at its subsidiary Baba Fine Chem paused for a while after its US customer was acquired, but supplies have now resumed. A new electronic-grade chemicals plant (about ₹100 Cr of the H2 capex) should start production in H1 FY29. 6. Capacity and points to watch- The Ankleshwar CDMO unit, built for ₹330 Cr, ran at 30% utilisation in Q2 and should be largely full by FY28. Land acquisition for the next phase has started. Working capital days rose to 115 from 99 in Q1 because of higher receivables, and FY27 capex is planned at about ₹300 Cr. Key Guidance FY27 revenue growth raised from 25% to about 30% FY27 EBITDA margin raised to 38-40% CDMO revenue of ₹1,000 Cr in FY27 and ₹2,000 Cr by FY30 What to track: receivables and working capital days, the battery chemicals ramp-up, and customer approvals for the Korean plant. #Acutaas #Q2FY27

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Equity_Bytes · Oct 27, 2026 · 12:00 PM UTC

LEAP India: Q2 FY27 Results and Key Takeaways from the Concall LEAP rents out reusable pallets, crates and forklifts on a pay-per-use basis. It holds about 90% of India's organised pallet pooling market. Q2 was steady, and the main update was an acquisition of a plastic crate maker. Q2 FY27 Total income: ₹216 Cr (+23% YoY) EBITDA: ₹110 Cr (+25% YoY), margin 50.8% PAT: ₹17.8 Cr (+62% YoY) H1 FY27 income: ₹429 Cr (+26% YoY) H1 FY27 PAT: ₹42.5 Cr (+42% YoY) Asset pool: 15.5 mn (vs 13.8 mn a year ago) Pallet utilisation: 89.3% 1. Buying its own crate maker- LEAP will acquire WimproTech (plastic design, mould making and manufacturing) and TIPS (crate pooling for auto companies) for an equity value of ₹142 Cr. The two reported FY26 revenue of about ₹62 Cr at a 28% EBITDA margin. Management expects 10-12% better margins on crates, and new crate designs in about a week instead of 2-3 months. 2. Cleaner balance sheet after the IPO- ₹360 Cr of IPO money went to repay debt. Net debt to EBITDA fell to 1.9x from 4.4x, and the credit rating was upgraded from A to A+. Excluding a one-time ₹6.5 Cr loan prepayment cost, PAT growth would have been 109%. 3. Movement hire is the key profit lever- In static hire, a pallet sits with one customer and earns daily rent. In movement hire, the pallet travels across the supply chain and earns an extra fee at every transfer, which lifts earnings per pallet without much extra cost. Movements were about 15 lakh in H1 against a full-year target of 36-37 lakh, and Q4 is usually the strongest season. 4. Plastic costs are hurting auto crate growth- Plastic granule prices are up 30-50% because of high crude prices. Auto clients asked for far more crates than LEAP supplied (1.5 for every 4 requested), because the company chose not to buy crates at 60-70% higher cost. Textile clients are running at about 20% capacity, which has slowed movement hire there. 5. Gulf expansion is moving slowly- The subsidiaries in Saudi Arabia and UAE have all their licences, and the company is talking to 26 customers. Only ₹2.5-3 Cr has been spent so far, while a possible acquisition in the region is evaluated. Management expects to show Gulf numbers next quarter. 6. Collections need improvement- Debtor days (time taken to collect money from customers) improved only from 128 to 122. Management blames slow purchase order processes at large clients. It has committed to bring debtor days below 90 by the end of FY27. Key Guidance FY27 revenue of ₹918-920 Cr, EBITDA margin ~50%, PAT around ₹90 Cr Capex of about ₹450 Cr in FY27 Net pallet additions of 10-12 lakh in FY27 (4.17 lakh done in H1) What to track: movement hire numbers in Q4, debtor days and integration of the acquisition. #LEAPIndia #Q2FY27

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Equity_Bytes · Oct 27, 2026 · 12:00 PM UTC

KFin Technologies: Q2 FY27 Results and Key Takeaways from the Concall This was a steady quarter in a weak market. Margins are back at 40% after the Ascent acquisition pulled them down in Q1. Q2 FY27 PAT: ₹100 Cr (+33% YoY) EBITDA: +32% YoY, +18.7% QoQ EBITDA margin: 40% (45.8% excluding Ascent), vs 34% in Q1 PAT margin: 25% Revenue +13% QoQ while expenses rose only 3% QoQ H1 FY27 PAT: +3% YoY Cash and equivalents: ~₹550 Cr after dividend 1. Gaining market share in mutual funds- KFin is a Registrar and Transfer Agent (RTA), the back office that keeps investor records for mutual funds and listed companies. AUM (Assets Under Management) of its clients grew 15% vs 13% for the industry. Overall market share is above 33%, SIP (Systematic Investment Plan) share is about 37%, and 6 of the 10 fastest growing fund houses are KFin clients. 2. AI is now visible in margins- ARYA AI lets investors change bank details, add nominees or buy and sell units just by speaking to the app. The beta is live and the public launch is due later this month. Internal AI and automation tools are a key reason EBITDA margin moved from 34% to 40%, though cloud and computing costs have doubled or tripled and are eating into part of the gain. 3. Jio IPO done, but the real money comes later- KFin handled the Jio Platforms IPO and finished the work 12 hours ahead of schedule. Management says an IPO itself brings very little revenue, about 2% of issuer revenue. The steady income comes year after year from servicing lakhs of new shareholders. Value added services like e-AGMs and e-voting are now 7.5% of revenue, with a target of double digits. 4. Ascent is turning around- Ascent is the global fund administration business KFin acquired. Its EBITDA margin moved from minus 12% a year ago to plus 8% now. About 25% of its revenue comes from the Middle East, where the war has slowed new fund launches, but growth in the US and Singapore made up for it. Around 80-90 funds are already contracted and waiting to launch. 5. Less dependent on domestic mutual funds- Mutual funds are now 52% of revenue, international 20% and issuer solutions 13%. Management expects the mutual fund share to fall to 50% in 2-3 quarters, a target originally set for 5 years. The pension business grew about 42%, against 12-13% for the industry. 6. Cost items to watch- The new Hyderabad office adds about ₹7 Cr of cost in FY27 and ₹18 Cr in FY28. The tax rate is slightly higher because losses at new subsidiaries cannot be offset. A planned move of the international business to GIFT City could bring a 20-year tax holiday, but there is no timeline yet. Key Guidance Revenue growth of 18-20% EBITDA margin averaging 40% for FY27 (40-45% range over time), PAT margin 25-30% Ascent EBITDA margin in double digits soon, about 20%+ next fiscal What to track: Ascent margins, ARYA AI adoption after launch, and the impact of weak markets on client AUM. #KFinTech #Q2FY27

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Equity_Bytes · Oct 27, 2026 · 11:52 AM UTC