Transcript of the Earnings Call related to the audited financial results for the quarter and financial year ended March 31, 2025
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The company posted FY25 revenue of Rs. 503.15 crores vs Rs. 493.19 crores in FY24, with full-year EBITDA of Rs. 22.03 crores (margin up 9 bps to 4.38%) and PAT of Rs. 13.95 crores. Q4 FY25 revenue rose 26% YoY to Rs. 149.5 crores, with EBITDA more than doubling to Rs. 7.90 crores and EBITDA margin improving 194 bps to 5.28%. Management highlighted the recommencement of the TMT bar mill in April 2025 (installed capacity of 1,00,000 tons), BIS license for 8-32mm range products, and plans to raise steel melting shop utilization from 60% to 75-80% over the next two years. The company guided for roughly Rs. 150 crores in incremental TMT bar revenue in FY26. Sales volume for FY25 stood at around 54,000 metric tons with stainless-steel realizations around Rs. 90-91 per kg.
Margin improvement in Q4 reflects benefits from cost and energy efficiency initiatives, supporting near-term earnings. Restart of the idle TMT mill and ramp-up to 60-70% utilization over two years could materially grow revenues and improve rolling mill returns. However, Chinese import pressure and inadequate safeguard duty remain key downside risks for domestic steel pricing.