enclosed transcript
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Rishi Laser posted FY25 revenue of INR 150 crores, up 7.5% YoY, with EBITDA margin flat at 9.13% and PAT at INR 8.25 crores (down from INR 8.72 crores due to higher interest and depreciation). Q4 FY25 revenue grew 9% YoY to INR 37.7 crores with EBITDA margin improving 100 bps to 10.26%. Management is targeting 20-25% revenue growth for FY26, driven by existing customer mining, new Bangalore plant (INR 15 crores CapEx, INR 100 crores revenue potential over 3-4 years), entry into tube processing and retail cut steel parts, and exports push with Caterpillar as anchor. Earthmoving/yellow goods accounts for 60-65% of revenue, with domestic-export mix at 89:11.
No direct stock impact as this is just a transcript disclosure. Operationally, growth outlook is positive (20-25% target), but management explicitly warned that gross margins are unlikely to expand and may compress if the new lower-margin retail business scales, with bottom-line improvement relying on operating leverage rather than margin gains. The new Bangalore plant and Caterpillar export wins are key near-term catalysts to watch.