Blame the projects segment, where the margin dipped 52 bps year-on-year to 6.3% even as revenue rose by 19% to ₹53,911 crore. In contrast, the product and manufacturing segment margin expanded by 226 bps to 15.8%. Thus, overall PPM Ebitda growth came in slower than revenue growth at 16% year-on-year to ₹4,104 crore. The management reiterated its margin guidance of 7.8% for FY27.
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