1. Opening Hook

Freshly listed, freshly confident, and freshly allergic to giving exact numbers — Telge Projects entered its first-ever post-listing concall like a startup that suddenly discovered PowerPoint discipline. While most newly listed companies blame “macros,” Telge blamed a 45-day US government shutdown, invested aggressively anyway, and still managed to double revenues. Brave, bold, or blissfully optimistic? Depends on which slide you stopped reading.

Management sounded like they’ve already mentally fast-forwarded to FY27, where everything scales, margins magically normalize, and acquisitions politely fall into place. H1, we’re told, was just “investment mode.” H2? Apparently where the real party begins.

Stick around. The confidence compounds faster than the revenue projections — and the fun starts when analysts ask uncomfortable questions. 😏

2. At a Glance

• Revenue ₹17 Cr (+119% YoY) – First half said “IPO ke baad dekhenge,” growth said “abhi dekho.”
• EBITDA ₹3.03 Cr (+105%) – Costs sprinted too, but growth kept breathing.
• PAT ₹1.93 Cr (+82%) – Profits grew… just not as fast as the ambition.
• Clients 53 → 80 – BD team clearly skipped lunch, not meetings.
• Order visibility ₹33–38 Cr – Pipeline so strong it’s already giving guidance.

3. Management’s Key Commentary

“H1 FY26 has been a period of solid progress and strong expansion in capability.”
(Translation: We hired aggressively before revenue showed up 😅)

“We operate across 12+ countries with 1,700+ international projects delivered.”
(Translation: Global slide mandatory for valuation optics.)

“We expect H2 revenue to be 25–30% higher than H1.”
(Translation: Trust us, the backend hires will start billing now.)

“PAT growth appears modest due to strategic upfront investments.”
(Translation: Costs came first, profits will follow… hopefully.)

“Our execution capacity is ₹4.5–5 Cr per month.”
(Translation: FY27 math already done.)

“We are evaluating two US acquisitions.”
(Translation: No numbers, no timelines, but very serious discussions.)

“We target 30–35% EBITDA margins.”
(Translation: Mold-Tek comparison politely rejected.)

4. Numbers Decoded

Decoded: Growth is real, margins temporarily sacrificed at the altar of “future