Transcript- Earnings Call held on June 4,2026
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Neetu Yoshi reported FY26 total income of INR 101 crores (up 44% YoY) and profit after tax of INR 25 crores (up 53% YoY), with positive cash flow. Management guided FY27 revenue of INR 210–220 crores and a 25% PAT margin, with the new bogie plant commencing production in June 2026 (peak revenue potential INR 200 crores). Combined peak revenue from both plants is estimated at INR 340–350 crores, targeted in FY28. Current order book stands at INR 140–150 crores (roughly 40% coach, 20–30% track, rest wagon). Around 15–20 products are in the RDSO approval pipeline, with approvals expected over 3–7 months. The company raised ~INR 29 crores via warrants to fund working capital for the new track section, targeting INR 60–70 crores of track revenue. Future plans include wagon manufacturing (200 wagons in 3 years) and entry into mining and thermal power segments.
Strong earnings momentum with clear multi-year revenue roadmap — from INR 101 cr (FY26) to ~INR 350 cr (FY28) — backed by capacity expansion and a healthy order book. Margin guidance of 25% PAT is maintained, with potential upside as the bogie plant ramps up. Sustained 17.5% tax rate (vs 25% for peers) remains a structural earnings advantage.