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Sybrandt van Dyk
CEO, MD & Executive Director

Good morning, everyone, and thank you for joining Austin Engineering’s investor briefing for the full year results for financial year 2026. Together with me is Austin’s Chief Financial Officer, David Bonomini. We will take you through the presentation released to the ASX this morning and then open for questions at the end.

Turning to Slide 3. I will begin with an overview of the results. David will then run through the financials, and I will return to discuss regional performance, operational priorities and our outlook and guidance for 2027. Then we will move into the Q&A at the end. Unless otherwise stated, financial year ’26 and ’25 financial performance measures exclude foreign exchange movements and relate to continuing operations. Cash flow measures include both continuing and discontinuing operations.

If I then could move on to Slide 7 for the results overview. FY ’26 was a challenging and disappointing year for Austin. Operational issues across North America, South America and Indonesia weighed on earnings. Importantly, these issues were operational in nature and within our control. During FY ’26, we took decisive action to address them, strengthening operational discipline and positioning the business for improved performance. Group revenue for the full year was $329 million, down 12.7% on the prior year. This reflected softer tray volumes across North America and APAC, together with the impact of the loss-making legacy OEM contract in South America. These pressures were partly offset by continued growth in Australian buckets and spare parts.

Group EBITDA was $20.4 million, down from $43 million in FY ’25. The decline was driven by a $9.3 million loss

The shares of the company jumped to a fresh 52-week high of Rs 1,231.80 apiece on NSE on Tuesday. In an exchange filing released before market opened on Tuesday, PVR Inox said the board meeting has been scheduled for Monday, where the directors will consider and approve a proposal for buyback of the equity shares of the company, with a face value of Rs 10 each.

A buyback of shares refers to a corporate action where a company repurchases its own shares from existing shareholders. Usually, the company purchases the shares at a higher price than current levels, encouraging investors to participate.

What to watch out for in PVR Inox’s buyback?

The record date to determine the eligibility of shareholders set to participate in PVR Inox’s proposed buyback is yet to be determined. Only those shareholders who own PVR Inox shares in their demat accounts as on the record date will be eligible to participate in the multiplex chain operator’s first ever share buyback.
The company has not yet announced whether the buyback will be done via the tender route or the open market route. Whether promoters and promoter groups will participate in the buyback also remains among the key watches.

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Also read | PVR INOX bets on smaller multiplexes as single-screens decline

PVR Inox share price

This comes after PVR Inox shares saw a sharp surge recently amid blockbuster releases, along with the stellar lineup ahead. The stock gained 4% in a week and 17% in a month, hitting a multi-month high of Rs 1,248.20 apiece on NSE yesterday. The stock is close to crossing its 52-week high of Rs 1,249.70 apiece, which it had hit in October 2025.PVR Inox shares have recovered around 38% from their 52-week low of Rs 907 apiece, which they hit in March this year. Overall, the stock is up more than 22% in 2026 so far.

In the longer term, however, the stock has delivered negative returns of 28% in three years and nearly 6% in five years. The company has a market capitalisation of nearly Rs 12,226 crore, with a P/E ratio of around 27x.

Also read | Lights, camera, collections: PVR Inox strikes back with a ‘Dhurandhar’ performance

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

According to a filing with the exchange, the company received Letters of Acceptance (LOA) from the Ministry of Road Transport & Highways (MoRTH) for the construction of a key section of the Lada-Sarli section of NH913 (Frontier Highway) in Arunachal Pradesh, at a contract value of Rs 704.70 crore, excluding GST.

Also Read | Ceigall India wins Rs 705 crore Arunachal Frontier Highway project

The project will be executed jointly with Sushee Infra & Mining (SIML), with Ceigall India holding a 74% share and SIML holding a 26% share in the joint venture.

The company said that the project involves the construction of the road from km 85.60 to km 168.00 of the Lada-Sarli section of NH-913 (Frontier Highway) to Intermediate Lane standard, and will be undertaken on an Engineering, Procurement and Construction (EPC) mode.

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This project carries a 48-month construction period, followed by a five-year maintenance period and will further strengthen Ceigall India’s growing portfolio of road infrastructure projects.
The project reinforces its capabilities in executing large-scale highway projects across challenging geographies. The project forms part of the development of the Frontier Highway network in Arunachal Pradesh, supporting the expansion of critical road connectivity in the region.“We are pleased to receive this Letter of Acceptance from the Ministry of Road Transport & Highways for this important section of the Frontier Highway in Arunachal Pradesh. This project further strengthens our presence in the region and reflects our continued focus on expanding our portfolio of strategically important road infrastructure projects,” said Ramneek Sehgal, Managing Director, Ceigall India.

Sehgal further said that, “Our partnership with Sushee Infra & Mining Limited brings together complementary capabilities, and we remain committed to delivering the project with a strong focus on execution excellence, quality and timely completion. We look forward to contributing to the development of critical highway infrastructure and strengthening connectivity in the region.”

The leading infrastructure development company further said that with this project it will continue to build on its strategy of expanding its geographic footprint and strengthening its presence across key road infrastructure segments.

The company remains focused on leveraging its EPC capabilities to undertake projects that contribute to the development of robust and reliable transport infrastructure across India.

Also Read | Ceigall India JVs secure Rs 2,423-crore MoRTH orders for road construction on NH-913 in Arunachal

On Friday, the company in an exchange filing said that its joint ventures have secured five Letters of Acceptance (LOAs) from the Ministry of Road Transport & Highways (MoRTH) worth Rs 2,423.70 crore for road construction on NH-913 (Frontier Highway) in Arunachal Pradesh.

The company has bagged an award for Rs 274.08-crore engineering, procurement, and construction (EPC) package covering construction of the road from 17.812 km to 55.377 km of the Bile-Migging section of NH-913, a company statement said.

The project has been awarded to the joint venture between Ceigall India Ltd and Rajinder Infrastructure Pvt Ltd, in which Ceigall India holds a 70% stake and Rajinder Infrastructure holds the remaining 30%.

The project also carries a 48-month construction period, followed by a five-year maintenance period.

The stock has jumped 22.32% in 2026 so far and 34.24% in the last one year. In the last one month, it went down 1.41%.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The company disclosed in a regulatory filing that an Arbitral Tribunal, in proceedings between Afcons Infrastructure Limited and Uttar Pradesh Expressways Industrial Development Authority (UPEIDA), passed the award in favour of Afcons on August 24, 2026.

According to the filing, the award comprises a principal amount of Rs 152.25 crore, along with pre-award and pendente lite interest of Rs 183.25 crore. The interest has been calculated at the SBI Base Rate with quarterly rests for the period from May 1, 2019, to August 24, 2026, taking the total award amount to Rs 335.50 crore.

The company said the award is expected to positively impact its financial position. However, the awarded amount will become payable subject to the counterparty not challenging the arbitral award within the stipulated period prescribed under law.

The development acts as a positive trigger for Afcons Infrastructure shares, with investors reacting to the potential financial benefit from the sizeable arbitration award.

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Share price, valuation and technical indicators

Afcons Infrastructure currently commands a market capitalisation of around Rs 10,248 crore, while the stock’s 52-week high stands at Rs 479.40.
From a valuation perspective, the stock is trading at a P/E ratio of 70.99, while its Price-to-Sales (P/S) ratio stands at 0.83 and Price-to-Book (P/B) ratio at 1.88.On the technical front, Afcons Infrastructure’s 14-day Relative Strength Index (RSI) is at 47.6, indicating that the stock is currently in a neutral zone. Generally, an RSI below 30 indicates oversold conditions, while a reading above 70 signals that a stock may be overbought.

Institutional Holding: The company’s latest June 2026 quarter shareholding pattern shows a marginal reduction in institutional ownership. Foreign Institutional Investors (FIIs) reduced their stake from 12.19% to 12.15%, while Mutual Funds trimmed their holding more noticeably, from 18.60% to 17.78% during the quarter.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times.)

The two-month fundraising tally is the highest since October-November 2024, when more than ₹1.14 lakh crore was raised through these routes.

Read more: Investors’ equity rush helps SIP assets triple in five years

IPO activity remained particularly strong, garnering more than 40% of the funds raised. So far this month, 20 companies have collected more than ₹20,850 crore, adding on to the ₹28,650 crore raised by 12 companies in July. Listed companies have also stepped up qualified institutional placements (QIP), with four companies raising ₹3,250 crore so far in August, against ₹25,114 crore by eight companies in July.

In the offer for sale (OFS) segment, where existing investors cash out in part, Life Insurance Corp of India raised nearly ₹31,447 crore in August to boost public float in the country’s biggest institutional investor.

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Agencies

Volatility Hit Transactions
Another public-sector major, Cochin Shipyard, raised nearly ₹1,705 crore in July. “The primary market does not necessarily require a sharply rising index; it requires liquidity, reasonable volatility and confidence in individual companies,” said Munish Aggarwal, co-head, investment banking, Equirus Capital.
Companies and shareholders had postponed transactions during extreme volatility in the immediate aftermath of the West Asian war.

They are now using the improved market window to raise growth capital, reduce debt, finance acquisitions, meet regulatory requirements, and provide exits to promoters and private-equity investors, experts said.

The surge in capital-market activity comes even as benchmark indices have remained range-bound. The Sensex and Nifty gained 2.1% and 2.2%, respectively, in July, but have declined 0.5% and 0.7%, respectively, so far in August, as oil prices have hardened yet again.

The Nifty MidCap 150 and Nifty SmallCap 250 gained 1.6% and 1.1%, respectively, in July and have risen 1.2% and 2.8%, respectively, so far in August.

Aggarwal said equity markets have remained range-bound amid multiple headwinds, including the prolonged West Asia conflict, higher crude and logistics costs, and concerns over the sustainability of IT earnings in the AI era.

Domestic institutional and retail flows have provided a counterbalance to uneven overseas purchases, undergirding benchmarks and providing companies with the necessary confidence to tap the capital markets.

Retail contributions through systematic investment plans (SIP) stood at approximately ₹31,961 crore in July, while active equity funds received nearly ₹24,700 crore, providing domestic institutions with significant capital to deploy. The broader 2026 numbers underline the strength of the fundraising cycle.

A drone strike that killed three civilians near a gas station in Zaporizhzhia, Ukraine, was guided not by a human pilot but by an experimental artificial intelligence system operating entirely on its own, according to Ukrainian military commanders, drone experts and forensic investigators who examined wreckage from the attack, a finding that underscores a significant and troubling shift in how modern warfare is being waged.

The July strike killed 19-year-old student Tetiana Bubynets and two others when a small Russian drone swooped toward a gas station and exploded, according to reporting on the incident. Investigators said the drone had been dispatched by human operators toward the general vicinity of the gas station, but that the aircraft then independently identified and selected its precise target once it arrived near the site, most likely propane tanks positioned at the location, based on the system’s prior training to recognize and strike such objects on its own.

Analysis of debris from that attack and from other strikes in the Zaporizhzhia region found that the drones contained onboard minicomputers, sold commercially by Nvidia, that were responsible for making the aircraft’s targeting decisions, according to the drone experts and military officials who examined the wreckage. Nvidia produces the majority of chips currently powering the world’s most advanced artificial intelligence systems. Investigators said the presence of the Nvidia modules, combined with a notable absence of communication antennas on the recovered drones, led Ukrainian air defense commanders to initially suspect the weapons were operating under fully autonomous AI guidance, a theory subsequently confirmed through further forensic investigation.

The underlying technology behind such systems relies on a form of machine learning commonly referred to as computer vision. Autonomous AI systems used in this category of weapon are typically trained on thousands of images to recognize broad categories of objects, such as “military truck,” “person” or specific infrastructure like fuel storage tanks. Once deployed, self-targeting drones use their onboard cameras to search for and identify these pre-trained categories with a level of precision that developers argue can exceed what a human remote pilot is capable of achieving under battlefield conditions.

The Zaporizhzhia strike is not the first documented instance of AI-guided weaponry appearing on the Ukrainian battlefield. Ukraine’s Defence Intelligence Agency previously disclosed the existence of a Russian attack drone model, designated V2U, that similarly relies on an Nvidia Jetson Orin chip to enable autonomous flight and target selection, according to reporting from Cybernews. That agency noted the V2U drone incorporates a mix of Western-made components, including an Intel wireless adapter, a Sony light sensor and a Swiss microcontroller, alongside numerous Chinese-manufactured parts covering everything from motors to batteries, illustrating how such systems can be assembled from a global supply chain of largely commercially available components rather than specialized military-grade hardware. Ukrainian intelligence assessed that the drone’s reliance on computer vision for navigation, comparing live camera images against pre-loaded terrain photos, likely reflects Russia’s effort to reduce dependence on GPS satellite navigation, given how effectively Ukrainian electronic warfare systems have disrupted GPS-guided weapons throughout the conflict.

A separate autonomous drone platform, designated MS001 and powered by an Nvidia Jetson Orin module capable of performing 67 trillion operations per second, was intercepted by Ukrainian air defense units in the Sumy region, according to Ukrainian Major General Vladyslav Klochkov. Klochkov described the significance of that platform’s capabilities in stark terms in a post on LinkedIn. “This is a digital predator,” he wrote. “It doesn’t carry coordinates, it thinks.” According to reporting on that platform, the drone was found equipped with thermal imaging for night operations, spoof-resistant navigation systems, and communication hardware enabling it to coordinate with other drones as part of a broader swarm, adjusting flight paths dynamically and compensating for the loss of other units within the group.

The shift toward AI-guided targeting reflects a broader tactical response to the escalating electronic warfare battle that has come to define much of the drone conflict in Ukraine. Viktoria Kovalchuk, a spokeswoman for Brave1, a Ukrainian government organization involved in developing AI weapons and other military technology, explained the strategic logic behind reducing a drone’s reliance on continuous operator control. “Drones equipped with AI-assisted targeting modules do not require a connection to the operator during the engagement phase,” Kovalchuk said. “The operator locks onto the target, then the AI takes over the targeting process independently, making it immune to enemy electronic warfare interference.” That resistance to jamming has become an increasingly significant tactical advantage as both sides have deployed extensive radio-frequency jamming systems designed to sever the connection between remotely piloted drones and their human operators, a battle in which Ukrainian pilots have reportedly lost thousands of drones per month to Russian jamming.

Ukraine has also employed autonomous AI-guided targeting in some of its own offensive operations. According to Ukraine’s Security Service, drones used in the country’s large-scale Operation Spiderweb attack on Russian airbases were designed to switch to AI-guided navigation along a pre-planned route if they lost signal connectivity, automatically activating their warheads upon reaching and identifying a designated target. The security service described the approach as combining “artificial intelligence algorithms and manual operator intervention,” reflecting a hybrid model in which human control remains present during most of a mission but can be superseded by autonomous targeting logic under specific circumstances.

Critics and arms-control advocates have raised significant concerns about weapons systems that make lethal targeting decisions without direct human intervention at the final moment of engagement. Opponents of such systems argue that removing human judgment from the final targeting decision increases the risk of mistakes or violations of the laws of armed conflict, including failures to adequately distinguish civilian individuals or infrastructure from legitimate military targets, a concern directly reflected in the circumstances of the fatal July strike that killed Bubynets and two others near the Zaporizhzhia gas station.

As both Russia and Ukraine continue rapidly iterating on drone technology throughout the ongoing conflict, the increasing integration of commercially available AI hardware into weapons systems capable of independently selecting and engaging targets represents what military analysts and drone experts increasingly describe as a significant and largely unregulated turning point in the conduct of modern warfare, one in which the boundary between human-directed and autonomous lethal decision-making continues to blur with limited international legal framework currently in place to govern its use.

The Los Angeles Lakers will open the 2026-27 NBA season without LeBron James for the first time since 2018-19, closing out an eight-year run that included the franchise’s 2020 championship, after James informed the team on June 30 that he intended to sign elsewhere before ultimately joining the Philadelphia 76ers. In his absence, the Lakers have been fully handed over to Luka Doncic, and the question of whether the franchise is genuinely better positioned without its longtime superstar has become one of the most closely debated storylines heading into the coming season.

Rather than attempting to replace James with a single comparable talent, the Lakers’ front office spent the summer rebuilding the roster specifically around Doncic and Austin Reaves, prioritizing size, defense and secondary ball handling over a traditional co-star. According to LakersDaily.com, the Lakers acquired 7-foot-2 center Walker Kessler from the Utah Jazz in a sign-and-trade, sending unprotected first-round picks in 2031 and 2033, along with first-round swap rights in 2028 and 2030, before signing him to a four-year, $130 million extension. The Lakers also added guard Quentin Grimes on a four-year, $60 million deal and forward Sandro Mamukelashvili on a four-year, $52 million contract, while Collin Sexton and Matisse Thybulle joined as further depth pieces.

In exchange, the roster lost significant experience beyond James alone. According to a July analysis from Kyle Mucerino, Marcus Smart, Luke Kennard and Jaxson Hayes all departed, while Rui Hachimura, the team’s most efficient postseason scorer last spring, signed a two-year, $28 million deal with the crosstown Los Angeles Clippers after the Lakers declined to route his exit through a sign-and-trade.

The case for the overhaul centers primarily on structural coherence rather than star power. LakersDaily.com framed the argument directly: “For the first time in the Doncic era, the roster is built around him rather than stapled to an aging co-star.” Kessler gives Doncic the rim-running, rim-protecting center he had reportedly requested, while Grimes and Reaves provide shooting and secondary shot creation, and a deeper bench gives the Lakers defined roles they lacked the previous season. The resulting roster is younger, more athletic, and, in theory, better equipped to withstand the grind of an 82-game season without leaning as heavily on aging, higher-mileage players.

The case against the rebuild is equally direct. As the same analysis put it, “No single addition replaces what James provided in shot creation, gravity and late-game shot-making, and losing Hachimura’s playoff shooting stings more the longer Kuminga stays unsigned.” National analysts have reportedly expressed open skepticism about the overhaul, characterizing the summer’s moves as a talent downgrade dressed up as a youth movement, according to Lakers Daily’s coverage of the offseason reshaping.

Doncic himself enters the season as the unquestioned centerpiece for the first time in his Lakers tenure, after splitting the offensive workload with James for roughly 18 months following his midseason trade to Los Angeles. According to Yardbarker’s NBA Analysis Network, the Lakers no longer have a “big three” structure following James’ departure, leaving Doncic and Reaves to carry the bulk of the offensive burden. Doncic averaged 33.5 points per game last season while Reaves scored 23.3 points per game, and both players may need to produce even more this coming season for the Lakers to remain competitive, with Yardbarker suggesting Doncic could push above a career-high 35 points per game, a mark that would put him firmly in the MVP conversation.

The Lakers’ projected starting lineup, according to Lakers Daily’s most recent depth chart analysis, features Doncic, Reaves, Grimes, Kessler and a fifth spot still being contested in training camp between incumbent forward Jake LaRavia and newer perimeter defenders Thybulle and Ziaire Williams, both signed specifically to address the team’s point-of-attack defense, a role neither Doncic nor Reaves is well-suited to fill for the other.

Kessler’s individual production last season offers a data point supporting optimism about the fit. According to Lakers Daily, Kessler averaged 11.1 points, 12.2 rebounds and 2.4 blocks per game while leading the league in a defensive category during his time with Utah, statistics that suggest he could meaningfully address the interior defensive and rebounding deficiencies that had periodically plagued the Lakers during the Doncic-James era.

From a fantasy basketball and individual production standpoint, at least, the shift toward a Doncic-centered roster has been broadly framed as a positive development. Athlon Sports described Doncic as “one of the safest picks in fantasy basketball” heading into the new season, while projecting that Reaves “should take another step forward as the unquestioned second option.” The outlet characterized the broader roster shift bluntly: “This isn’t LeBron’s team anymore.”

Whether that shift translates into genuine team-level improvement remains an open and unresolved question that will only be answered once games begin. LakersNation.com framed the central variables shaping the Lakers’ outlook as Doncic’s individual workload, Kessler’s defensive impact, and whether Reaves can thrive in his expanded role, alongside the projected win total for a reshaped roster that head coach JJ Redick must now turn into a team with what the outlet described as “a repeatable identity.” As Lakers Daily summarized the situation heading into training camp, “What it is, unquestionably, is a different one” — leaving the more consequential question, whether different ultimately means better, as one Lakers fans and NBA analysts alike will spend the coming season debating in real time, with genuine, well-supported arguments existing on both sides of the discussion heading into 2027.