CNI High Double-Digit Growth Visibility
Management expects 12-18 months of strong visibility in Consumer & Industrial segment with high double-digit growth driven by sustained wire & cable momentum and channel expansion.
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Smart Metering Steady Revenue Growth
Strong multi-year visibility with order book of ₹3,200 crore. Management sees 6+ year smart metering 1.0 cycle remaining, followed by 2.0 with advanced technology. Execution pace depends on AMISP coordination.
Smart Metering Margin Recovery by Q3
Targeting return to 11%+ margins in smart metering by Q3 FY27 through price pass-throughs, design changes, alternate materials, and assuming commodity prices stabilize at current levels.
Maintenance Capex Only in Near Term
Metering and existing product categories will require mainly maintenance capex (tools, dies, automation) for the next 1-2 years. Any new capex for new categories would have separate revenue streams and will be disclosed publicly when firmed up.
FY27 revenue growth target of 20-25%
Management expects 20-25% topline growth in FY27, driven by smart metering execution and C&I segment momentum.
C&I segment to approach ₹1,000 crore in FY27
Consumer & industrial business is expected to cross or come close to ₹1,000 crore in revenue next fiscal.
Smart water meter revenue from H2 FY27
Revenue from smart water meters expected to start in the second half of next fiscal, after approvals and trials.
Q4 FY26 to be best quarter for smart metering
Management expects Q4 FY26 to be the strongest quarter of the current year for smart metering supply and installation.
CNI revenue to cross 1,000 crores in FY27
Management expects CNI segment revenue to exceed 1,000 crores in FY27, driven by continued growth in wire & cables and other products.
Capex to be maintenance-only in FY27
After substantial capex in prior years, FY27 capex will be limited to maintenance, with no major expansion planned.
Debt to remain at current levels
Management expects debt to stay at current levels as revenue grows, with no immediate reduction.