Conductor EBITDA per ton guidance maintained at ₹30,000
Management reiterated medium-to-long-term guidance of ₹30,000 per metric ton EBITDA for conductors, despite recent outperformance.
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Cable EBITDA margin guidance of 10-12%
Cable division EBITDA margin expected to remain in the 10-12% range over medium to long term.
Capex of ₹1,300 crore for FY26
Total capex for FY26 is approximately ₹1,300 crore across all divisions, with bulk of cable expansion commissioning by June 2026.
US order inflow resumed in Q3, revenue impact in Q4
New US orders started flowing in Q3 after a two-month pause, but revenues will be recognized in Q4, causing Q3 topline pressure.
Cable business to grow 20%+ in FY26
Management reiterated guidance of 20%+ revenue growth for the cable division for the full year, supported by strong domestic demand and US order recovery.
Conductor volume growth of 8-9% for FY26
Management expects full-year conductor volume growth to be in the 8-9% range, in line with 9-month YTD performance.
Capex of ₹1,400 crore largely completed by mid-FY27
₹500+ crore capex already done; remaining to be completed by Q1 FY27, with all facilities operational by September 2026.
Cable EBITDA margin to remain around 10%
Despite margin pressure from US business, management expects cable EBITDA margin to stay near 10% for the full year, similar to 9-month level.
Medium-term conductor EBITDA margin of ₹35,000-36,000/ton plus tailwinds
Management expects conductor EBITDA per ton to be in the range of ₹35,000-36,000 on a medium to long-term basis, excluding potential tailwinds from premium products and reconductoring.
Capex of ₹1,500 crore in FY27
Planned capex of ₹1,500 crore for FY27, with ₹850 crore for cables, ₹400 crore for conductors, and ₹200 crore for oil division, to front-load capacity for future demand.
Conductor volume growth of ~10% YoY
Management targets approximately 10% volume growth in conductors year-on-year, supported by strong demand from transmission and renewable sectors.
Cable revenue CAGR of 25% to reach ₹10,000 crore
Cable division aims for 25% CAGR to achieve ₹10,000 crore revenue in five years, with current expansions aligned to this target.