Transcript of Earnings call

Neetu Yoshi reported strong H1 FY'26 results with revenue of Rs. 45.89 crores (up 30% YoY), EBITDA of Rs. 15.93 crores at 34.72% margin, and net profit of Rs. 11.54 crores (up 45%, PAT margin of 25.15%). Direct sales to Indian Railways jumped to Rs. 13.24 crores in H1 vs Rs. 1.83 crores in the prior year. Management reiterated FY'26 revenue guidance of Rs. 110 crores and guided Rs. 220-230 crores for FY'27 and around Rs. 380 crores for FY'28, while maintaining a 25% PAT margin target. The company shifted its planned bogie and coupler plant from Kanpur to Haridwar after RDSO agreed to handle inspections from the Haridwar zone, with the new plant targeted for April 2026 commissioning at 60% utilization and 500 bogies/month capacity. Order book stands at over Rs. 140 crores, with new orders of Rs. 16 crores and Rs. 14.40 crores received on the call day. RDSO approval for bridge & structures is expected in 3-4 months, with a Rs. 15-20 crores revenue target from this segment next year.