Power & Instrum.

- Currently, the company plans to fund its expansion primarily through internal accruals. - If needed, debt may be taken on a project-to-project basis as bridge funding, rather than long-term debt. - There is no plan for equity dilution in FY '27. - Any debt raised will be limited to specific projects and managed accordingly. - The approach aims to avoid long-term borrowings and maintain financial prudence during growth.

- Specialized machinery for automation in manufacturing has already been planned and ordered, with delivery expected by late March or end of April 2026. - Capex executed to scale up busduct manufacturing and related electrical product lines. - No immediate plans for large-scale project finance or long-term debt; funding currently via internal accruals and limited project-specific bridging debt if required. - Focus on manpower expansion and technology adoption (ERP, project management tools, some AI usage) to support scaling and efficiency improvements. - The company is preparing to expand manufacturing capacity, targeting meaningful revenue contributions from busduct manufacturing by FY 26-27 Q3 and onward. - Emphasis on technology upgrading and manpower revamping to optimize execution and growth.

- Targeting 30% to 35% year-on-year growth over the next 5 years. - Confidence in achieving this growth based on current market conditions and order book. - Expanding manufacturing segment (busduct and electrical products) to contribute about 20-25% of revenue within 1-2 years. - Order pipeline strong with INR200+ crores in bids and participation lined up; expected order book could be 1.5x to 2x FY '26 by year-end. - Growth driven by infrastructure spend in electrification, renewables, metros, airports, and urban development. - Focus on scaling through manpower expansion, technology adoption (ERP, AI), and targeting technically complex projects for better margins. - No equity dilution expected; funding to be managed from internal accruals and project-specific debt if needed. - Sustainable EBITDA margins aimed at 12-15% and net profit margins of 7-10% as scale and execution improve.

- Targeting year-on-year revenue growth of 30% to 35% over the next 5 years. - EBITDA margins expected to be sustainable around 12% to 15%, with a medium-term target of approximately 15%. - Net profit margins currently at ~7%, anticipated to remain stable or improve slightly to around 9%-10% in the next 1-2 years. - EPS likely to grow in line with revenue and margin improvements as operational efficiencies increase. - Focus on securing projects with better technical complexity to improve EBITDA and net margins. - Busduct manufacturing segment expected to start meaningful revenue contribution from Q3 FY '27, aiming for 20-25% revenue share from manufacturing in a full year. - Operating cash flows have turned positive in H1 FY '26, expected to continue positive in future years. - Overall, management confident of growth backed by strong sector tailwinds, disciplined execution, and order pipeline.

- Current executable order book stands at approximately INR 450 crores as of February 2026. - Entire order book is predominantly government-backed, with only 2-3% from private sector. - Bid pipeline comprises about INR 200 crores+ already bid, with another INR 200-250 crores tenders expected in the coming days. - Target to close FY '26 with an order book at least 1.5x to 2x the current year's revenue. - Average project execution timelines range between 12 to 24 months, suggesting revenue conversion over the next 4 to 6 quarters. - Focus is on fast execution without extension and stable order booking supported by increased government infrastructure spending (an additional INR 1 lakh crores in FY '26).