AIAENG Q2 FY27 Guidance vs Delivery (AIAENG Management Mirror)

H1 FY27 Volume at 126,000 Tons Follows Guidance Deferral in Jun'26 Qtr; FY28 Growth Initiated at 25,000-30,000 Tons

In the Sep'26 Qtr concall, management reported sales volume of approximately 61,500 metric tons, bringing H1 FY27 volumes to about 126,000 metric tons. This outcome follows the earlier stance in the Jun'26 Qtr and Mar'26 Qtr concalls where specific FY27 tonnage guidance was deferred pending complete clarity on client trial outcomes and conversions, with management now confirming that FY27 volumes are expected to remain flat. Looking beyond the current fiscal year, management initiated an internal operational target for FY28 and FY29 to return to a base volume growth rate of at least 25,000 to 30,000 tons each year. This forward volume outlook carries potential upside as management expects bundled value-added solutions, combining liners and non-gold/mill discharges with grinding media, to begin showing initial volume success in H2 FY27.