#DataCentre Archives - Page 8 of 9

BLUESTARCO – Q3 FY26 Earnings Call – 30-Jan-26

BLUESTARCO’s topline growth hinges on summer demand and EMP order revival, while bottomline resilience depends on price hike execution and cost controls; margins face structural pressure from wage codes and commodity volatility, but selective capital allocation and B2B diversification provide downside buffers.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: Average summer, EMP order book stabilizes (8–10% CAGR), price hikes partially successful (5–7% net realization).
Outcome: Revenue grows 8–10% YoY in FY27; UCP margins hold at 8.5%, EMP margins at 6.5–7%. EPS grows 5–8% YoY, supported by cost controls and selective project execution. ROCE remains 25%+. Exports contribute 5–7% of revenue by FY29, trailing the 15% target.

VOLTAS – Q3 FY26 Earnings Call – 29-Jan-26

VOLTAS’ topline resilience hinges on RAC seasonality and Volbek scale-up, while bottomline recovery depends on commodity pass-through and project execution; margins face structural pressure unless cost optimization outpaces input inflation.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: Normal summer demand, commodity prices stabilize, BEE price hikes absorbed (elasticity <5%), data center orders materialize.
Outcome: RAC revenue grows 3–5% YoY; market share holds at 17–18%. Voltbek break-even by Q4 FY27 (8–10% market share). Project revenue flattish but margins improve to 9–10% on MEP mix. EPS stable; margins 7–8%.

GVT&D – Q3 FY26 Earnings Call – 28-Jan-26

GE Vernova T&D India’s structural tailwinds (500GW renewables, TBCB adoption) and disciplined execution support 18–22% topline growth and 25–27% EBITDA, but HVDC timing, China policy, and export volatility introduce 10–15% downside risk to revenue and 100–200bps margin compression in adverse scenarios.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

Adani Khavda booked in 1H FY27, Barmer-South Kalamb finalized by Q2 FY27, and TBCB pipeline supports 18–22% revenue growth. EBITDA sustains at 25–27% on execution leverage and pricing discipline. Export contributes 20–25% of revenue. Implication: In-line with guidance; cash flow funds capex.

COFORGE – Q3 FY26 Earnings Call – 23-Jan-26

COFORGE targets 25%+ FY27 growth via diversification and cross-sell, with EBIT margin expansion to 15.5%+ hinging on AI scalability and cost discipline. Outcome-based pricing supports upside, but FX, subcontractor costs, and M&A integration risks temper margin gains.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

Key variables: Encora closes by Q1 FY27; Sabre cross-sell delivers $50M incremental revenue; Healthcare/Hi-Tech grow 50%+ YoY; hedge losses normalize.
Outcome: Revenue grows 25% YoY (FY27); EBIT margin expands to 15.5% on AI-driven productivity and Cigniti accretion. FCF/PAT sustains at 100%+. Implication: EPS outperforms; margin expansion justifies premium valuation.

KEC – Q3 FY26 Earnings Call – 30-Jan-26

KEC’s topline resilience (T&D/SAE-driven) contrasts with margin/cash flow pressures (legacy projects, labor, water). FY28 9–10% EBITDA hinge on execution cleanup; near-term guidance downgrades reflect structural delays, not cyclical weakness. Order book quality high, but conversion risks persist.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: Water project collections normalize (INR 800 crore FY26 revenue), metro closures accelerate in H2 FY26, and INR 30,000 crore order intake in FY27 (12% success rate).
Outcome: Revenue growth 12–14%, EBITDA margins 7.5–8%, and net debt at INR 5,500 crore. T&D drives 60% of growth; SAE/Cables offset Civil weakness.

KEI – Q3 FY26 Earnings Call – 22-Jan-26

KEI’s topline hinges on Sanand execution (INR6,000 crore swing) and export scalability (20% mix), while margins depend on copper pass-through (10–15% pricing power) and EHV mix (25% share)—11% EBITDA achievable if risks are managed, but downside skews to execution delays and commodity cycles.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: Sanand on track + copper stable (LME $9,000) + export 20%.

Topline: INR11,000 crore (18% growth) with Sanand contributing INR2,700 crore.
EBITDA Margin: 11.2% (export mix + EHV ramp).
Implication: 20% CAGR validated; ROCE 15%+ by FY29.

TATACOMM – Q3 FY26 Earnings Call – 21-Jan-26

TATACOMM’s topline: 8–12% CAGR feasible if digital (15% YoY) offsets core cyclicality (3–5% YoY); Bottomline: EBITDA margin expansion to 22–25% hinges on AI/SaaS execution and cost discipline; Margins: Structural upside in cloud/security (18.9% YoY) and CIS (post-contract exits), but media/MOVE drag persists.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: (1) Commotion pilots convert to revenue (10% digital growth by FY27); (2) Core connectivity stabilizes (3–4% YoY growth).
Outcome: Digital breakeven by FY27; EBITDA margins expand to 22% by FY28. Revenue CAGR of 8–10%, driven by cloud/security (18.9% YoY) and next-gen connectivity (17% YoY). FCF: INR 1,200–1,500 Cr annualized post-FY26.

PERSISTENT – Q3 FY26 Earnings Call – 20-Jan-26

PERSISTENT sustains 15–20% growth with BFSI, healthcare, and AI as drivers. Margins stay range-bound at 14–16% amid structural pressures, while AI monetization and disciplined cash flow management shape profitability.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: Steady macro (NA/EU tech spend +3–5%) + AI tool adoption scales linearly (50–75 bps annual margin tailwind).

Revenue grows 15–17% YoY, driven by BFSI/Healthcare modernization and hi-tech product development. Top 100 clients expand at 18–20% YoY.
EBIT margin stabilizes at 14–15%, with labour code impact offset by AI productivity gains. Operating cash flow recovers to 95–100% of PAT as DSO normalizes to 55 days.
EPS rises to ₹30–32, supporting dividend hikes (₹24–26/share) and selective M&A for AI/data capabilities.

NETWEB – Q3 FY26 Earnings Call – 19-Jan-26

NETWEB’s topline likely to sustain 30–40% CAGR on AI/HPC tailwinds, but lumpiness in strategic orders and ASIC disruption risks could compress margins (9–12% PAT range) and cash flow visibility; modeling should prioritize annualized trends over quarterly volatility.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: (1) AI mission executes as planned (₹17B strategic orders over 3 years); (2) ASICs remain niche (<10% of AI market).
Outcome: 30–40% organic CAGR sustained; AI systems contribute 50–60% of revenue. Margins stabilize at 9–10% PAT (13–14% ex-strategic). PLI approvals add 100–150 bps to EBITDA. Implication: ₹20B+ topline by FY28; 15–20% EPS CAGR.

POLYCAB – Q3 FY26 Earnings Call – 16-Jan-26

POLYCAB’s Topline: 30–40% YoY revenue growth in FY26, led by domestic W&C (structural) and FMEG (cyclical); bottomline: 35–45% PAT growth if commodity lag resolves; margins: 12–14% EBITDA achievable by FY27, but hinges on copper trajectory and export recovery.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

Copper stabilizes (±5% QoQ), pass-through completes by Q1 FY27. W&C volume grows 20% YoY (vs. 40% Q3), with 100bps margin recovery. FMEG EBITDA hits 7%. Outcome: FY26 revenue +35% YoY, EBITDA margin 13%. Valuation: Multiple holds at 23–25x PE.