Transcript of the virtual earning conference call
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Neetu Yoshi held its FY25 earnings call on August 7, 2025, discussing growth plans and new ventures. The company, which manufactures critical railway components, grew revenue from Rs. 47 crores (FY24) to Rs. 70 crores (FY25). Management is targeting Rs. 110-120 crores in FY26 and Rs. 250 crores in FY27, with a 25% PAT margin goal. Current order book stands at Rs. 115+ crores with Rs. 10-12 crores in monthly orders, and they are L1 in Rs. 25+ crores of pending tenders. The Rs. 77 crore IPO funds are being used for a new bogie manufacturing plant in Kanpur (operational by April FY27, targeting Rs. 200 crores revenue). A new spring plant (Rs. 12-15 crores capex, Rs. 35 crores revenue target) is planned via internal accruals. The company is nearly debt-free at Rs. 2-3 crores, has 27 RDSO-certified products, and recently added 3,000 sq meters of adjacent manufacturing space.
Positive signals for growth: clear multi-year revenue trajectory (2.5x by FY27), margin expansion target to 25% PAT, strong order visibility, and a debt-free balance sheet supporting internal capex. Key risks include execution on the new bogie and spring plants and dependence on railway sector approvals.