BSE: 544434
Neetu Yoshi Limited
Manufactures RDSO-certified cast steel components for Indian Railways, covering braking, suspension, coupling and propulsion parts. The product mix spans bogies, couplers, brake supports, axle box housings, cast steel bearing plates, slide chairs, insulated tie plates, centre pivot tops and cast steel blocks, sold to private wagon builders, railway coach factories and track projects. The ₹140–150 cr order book is described as roughly 40% coach, 20–30% track, with the remainder wagon. A new bogie plant at Haridwar, commissioned June 2026, is designed for 500 bogies/month capacity and ₹200 cr of peak revenue, lifting combined revenue potential to ₹340–350 cr in FY28. Direct-to-Railways sales scaled from ₹1.83 cr in H1 FY25 to ₹13.24 cr in H1 FY26, supplying production units such as Integral Coach Factory, Rail Coach Factory Kapurthala and MCF. Materials are the biggest input cost at 46.8% of revenue; FY26 revenue was ₹98.35 cr with an EBITDA margin of 34.44%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Wagon components, Coach components, Track section components. Asset-heavy castings supplier in mid-stage capacity expansion, serving a concentrated Indian Railways customer base
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 71 | 98 |
| EBITDA (ex other income) | 23 | 31 |
| margin % | 32.9 | 31.1 |
| Owners' profit | 16 | 25 |
| EPS, as reported (₹) | 5.84 | 6.91 |
| ROE % · ROCE % | 36.8 · 42.5 | 18.2 · 23.0 |
| Debt / equity (x) | 0.31 | 0.03 |
| Cash from operations | 12 | 4 |
| Capex | 0 | (53) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q4 FY25 | Q4 FY26 |
|---|---|---|
| Revenue | 35 | 54 |
| Profit before tax | 10 | 16 |
| Net profit | 8 | 13 |
| EPS (₹) | 3.02 | 2.75 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PTC INDUSTRIES LIMITED | 35,981 | 286.5 | 23.87 | 210.2 | 6.7 | 7.5 | 29.8 | 28.3 |
| AIA ENGINEERING LIMITED | 33,724 | 26.6 | 4.20 | 19.4 | 15.8 | 19.3 | 8.9 | 35.8 |
| HAPPY FORGINGS LIMITED | 17,054 | 52.0 | 8.01 | 34.6 | 14.2 | 18.5 | — | 33.8 |
| BALU FORGE INDUSTRIES LTD | 5,353 | 18.1 | 3.36 | 16.2 | 16.2 | 18.8 | — | 29.5 |
| STEELCAST LIMITED | 3,547 | 39.1 | 8.98 | — | 22.0 | 28.5 | — | 28.2 |
| Amic Forging Limited | 2,278 | 26.6 | — | — | — | 18.4 | — | — |
| INVESTMENT & PREC CAST L | 1,320 | 112.2 | 12.86 | 43.9 | 11.5 | 13.0 | 12.5 | 18.6 |
| NELCAST LIMITED | 1,092 | 26.5 | 1.82 | 10.2 | 8.1 | 9.4 | 16.8 | 5.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.2 | 26.1 | 16 of 22 | 29% |
| P/B | 5.9 | 3.5 | 14 of 20 | 32% |
| ROCE | 21.9 | 13.7 | 3 of 24 | 91% |
| ROE | 18.2 | 11.5 | 3 of 20 | 90% |
| Debt / Equity | 0.0 | 0.1 | 7 of 20 | 68% |
| EBITDA margin | 33.1 | 18.5 | 3 of 20 | 90% |
| Market cap | 812 | 409 | 11 of 24 | 57% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · RTA certificate under SEBI Regulation 74(5) for Sept 2026 quarter | compliance | minimal | — | — |
| 8 Oct 2026 · Neetu Yoshi submits 6th AGM proceedings, clarifies filing delay | compliance | low | — | — |
| 5 Oct 2026 · 6th AGM voting results: All resolutions passed with 100% approval | compliance | minimal | — | — |
| 1 Oct 2026 · 6th AGM held on 30 Sept 2026; 18 of 2,741 members attended | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Outcome of Investor Conference | investor communications | low | — | — |
| 22 Sept 2026 · Neetu Yoshi to attend Arihant Bharat Connect Conference on Sep 25 | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Neetu Yoshi gets RDSO approval for Friction Wedge used in Raftar bogies | compliance | low | — | — |
| 17 Sept 2026 · RDSO approves Friction Wedge prototype for Indian Railways supply | business updates | high | — | — |
| 9 Sept 2026 · Annual Report FY26: Income crosses ₹100 cr, PAT up 52%, debt-free | results | high | — | — |
| 31 Aug 2026 · Neetu Yoshi allots 26.42L warrants at Rs 104 to raise Rs 27.48 Cr | fund raising | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.