RITES

: Guidance - -

• Management reiterated its full fiscal year guidance for substantial year-over-year growth, emphasizing the need for sequential execution improvement after Q1 FY27 saw 9-10% revenue growth and 8% bottom-line growth. • For the current fiscal year, management expects export revenue to be at least INR300 crores, with the current RITES Videsh order book (INR2,100 crore as of June 30) aiming to account for roughly 15% of total revenue. • The 200 coaches for Bangladesh will not be completed this fiscal year, with completion expected by early Q2 or Q3 of the next FY, while Mozambique locomotive deliveries might begin by the end of this FY, with more clarity by end of Q2. • The company is on track to achieve an INR10,000 crore order book, despite heavy execution, and aims to maintain consolidated EBITDA margins above 20% and PAT margins above 15% annually. • Employee costs are expected to increase by 8% to 10% in FY28, primarily due to an impending pay revision, while the proportion of turnkey projects in the order book is not expected to exceed 50% over time.