September 2026 results call: expansion and 15-20% volume growth target
RAJRATAN · price
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Management said profit grew faster than revenue, with higher factory use and positive operating cash flow; debt-to-equity was 0.6. It targets 160,000 tons this year versus 133,000 and 15-20% annual volume growth. Chennai is moving toward 60,000 tons. Thailand will add 50,000 tons for about Rs 100 crore more, with operations due in FY28. The 12.7-13% operating margin is viewed as the floor, with improvement expected mainly from Thailand.
Higher volumes and better Thai margins support growth, but expansion spending, working capital and price competition remain near-term risks.