Neetu Yoshi Ltd — Important, 10-06-2026: Company Update

Date:09.06.2026

To,

TheSecretary

BSELimited(SMEPlatform)

25thfloor,PhirozeJeejeebhoyTowers,

DalalStreet,Fort,Mumbai–400001

Symbol:NEETUYOSHI

Sub:TranscriptofthepostresultsearningscallheldonJune04,2026

DearSir/Madam,

PursuanttoRegulation30oftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,

2015,pleasefindenclosedthetranscriptoftheCompany’svirtualresultsconferencecall,heldonJune

04,2026,inrespectoftheCompany’sauditedfinancialresultsforthehalfyearandfinancialYearended

March31,2026.

Youarerequestedtotakethesameonrecord.

ForandonbehalfofNEETUYOSHILIMITED

(FormerlyNeetuYoshiPrivateLimited)

HimanshuLohia

ManagingDirector

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“NeetuYoshiLimited

H2FY26ResultsConferenceCall”

June04,2026

MANAGEMENT:MR.HIMANSHULOHIA–MANAGINGDIRECTORAND

CHIEFFINANCIALOFFICER–NEETUYOSHILIMITED

MR.SUBODHLOHIA–WHOLE-TIMEDIRECTOR–

NEETUYOSHILIMITED

MS.SAUNDARYALOHIA–NON-EXECUTIVE

DIRECTOR–NEETUYOSHILIMITED

MODERATOR:MR.KARANTHAKUR–KIRINADVISORSPRIVATE

LIMITED

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Moderator:Ladiesandgentlemen,gooddayandwelcometoH2FY26ResultsConferenceCallofNeetu

YoshiLimited,hostedbyKirinAdvisorsPrivateLimited.Asareminder,allparticipantlines

willbeinthelisten-onlymodeandtherewillbeanopportunityforyoutoaskquestionsafter

thepresentationconcludes.Shouldyouneedassistanceduringtheconferencecall,please

signalanoperatorbypressingstarthenzeroonyourtouchtonephone.Pleasenotethatthis

conferenceisbeingrecorded.

InowhandtheconferencecallovertoMr.KaranThakurfromKirinAdvisors.Thankyouand

overtoyou,sir.

KaranThakur:Yes.Thankyou.Goodafternoon,everyone.OnbehalfofKirinAdvisors,Iwelcomeyouallto

theH2FY26EarningsCallofNeetuYoshiLimited.Wehavewithustheseniormanagement

ofthecompanyledbyMr.HimanshuLohia,ManagingDirectorandChiefFinancialOfficer;

Mr.SubodhLohia,Whole-TimeDirector;andMs.SaundaryaLohia,Non-ExecutiveDirector.

WewillstartwiththebriefopeningremarkswhichwillbefollowedbyaQ&Asession.

ThankyouandInowhandoverthecalltoMr.HimanshuLohia.Overtoyou,sir.

HimanshuLohia:WishingyouallaveryYoshimorning.Thankyousomuchforjoiningustoday.Andweare

happytosharethatwehaveannouncedtheresultandourtotalincomefortheyearhavebeen

INR101crores,whichis44%upthanthelastyear.ThePAThavebeenINR25crores,which

wehavecommittedtoourinvestors,whichisbeenaincreaseof53%fromthelastyear.

Ourcashflowhavebeenpositive.Further,theinvestorswhojoinedthecompany,wearevery

happythatyouhavebeenassociatedwiththecompany.Andmoreover,youwouldhavegone

throughtheresults,soIwouldlikemoreandmoretimetobeinvestedonthequestionand

answers.So,IwouldrequestyoupeopletostarttheQ&Around.

Moderator:Thankyouverymuch.Wewillnowbeginthequestionandanswersession.Thefirstquestion

isfromthelineofChintanParikhfromVyomCapital.Pleasegoahead.

ChintanParikh:Hi,Himanshu.Howareyou?

HimanshuLohia:Hi,Chintan.Iamgood.Howareyou?

ChintanParikh:Good,good.Andfirstofall,congratulationsongreatsetofnumbersandafantasticprofit.My

question,firstquestionisontheoperationalreadinessofournewfactory.Wherearewe?Are

weableto--havewestartedtheproductions?Isitoutgoing?Andupdateonthebogieandthe

wagonmanufacturingreadiness.

HimanshuLohia:Chintan,theplantisreadyalready.YouwillhearthecommencementoftheplantwithinJune

itself.So,firstinvoiceswouldberaisedinthemonthofJune.Further,theapprovalprocessfor

thebogieisgoingon.Simultaneously,therearemanyotherproductsalsothatweare

developing.Thesamplesofcouplerandyokesupportandall,alreadywehavetakenoutthe

samplesaswell.

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ChintanParikh:Okay.Andsecondquestionisonthe,let'ssay,upcomingRDSOapprovalson,existingornew

productsthatweare.So,ifyoucanhelpusunderstandhowmanyproductsareinpipeline,at

whichstageonRDSOapprovalstage?

HimanshuLohia:So,inRDSOapproval,thereareanother15to20productswhichareinpipelineandthereare

variousproductswhichareindevelopmentalphaseandtheycompletedthetimelineforthat.

Wehaveappliedfortheupgradationofthoseproductlinealso.Andinitial--first,initially,

sincewewereonlysupplyingtothewagonindustry,sowewereapplyingtotheRDSOforthe

approval.

Butnow,sincewearesupplyingtothetrackindustryalso,tothelocomotivealso,andalsoto

thecoachesaswell,sowearenowfortheapprovalswearesupplying--applyingtoICFas

well,MCFaswell,RCFaswell.So,thereareanother--variousproductswhichareinpipeline

ofapprovalandupgradationaswell,morethan15products.

Moderator:Mr.Parikh,youwanttoaskmorequestions?Mr.Parekh?Asthereisnoresponsefromthe

currentparticipant,wewilltakethenextquestionfromthelineofParasChhedafrom

PurpleoneVertexVentures.Pleasegoahead.

ParasChheda:Yes.Goodafternoon,Himanshuji.Thankyouforthisopportunityandcongratulationsfora

strongsetofresults.Sir,Ijustunderstoodthat,youknow,ournewcapacitywillbeoperational

fromJuneitself,withinthismonth.Giventhatisacase,sir,forFY27,whatcouldbethe

revenueguidancenowrevised?AnddoweexpectthePATmarginstostill,hoveraround25%

plus-minusorareweexpectingsomemoderationaswescaleup?

HimanshuLohia:So,therevenueguidanceforthiscurrentfinancialyearwhatwehavegivenisaroundINR210

croresandthePATmarginsof25%.AndweseethesamePATmarginscarryforwardforthis

currentfinancialyearaswellandweareverypositiveaboutit.

ParasChheda:Right.So,youstillstickingtoabout25%oddPATmargin,yousaid?

HimanshuLohia:Yes,25%ofPATmargin.

ParasChheda:Understood,sir.Andsir,oncethiscapacityisoperational,nowboththesecapacitiesput

together,Imean,whatcouldbethepeakrevenuethat'spossiblefromthesenow?

HimanshuLohia:So,INR110croresfromtheoldplantandnewplantisINR200crores.Andtherehavebeen,

like,otherdevelopmentforthetrackpartalso,sothereisanotherrevenuecomingfromthat.

So,wecan--wecansayapproximatelyfromboththeplant,wecandoaroundINR340crores,

INR350crores.

ParasChheda:INR340crores,INR350crores?

HimanshuLohia:Right.

ParasChheda:Right.Andthatsortofpeakrevenueweexpecttoreachmaybenextyear?

HimanshuLohia:Yes,nextyear.Nextfinancialyear.

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ParasChheda:Nextfinancialyear.Understood,sir.Imean,nowwe'veseen,youknow,thereissomebitof

diversificationawayfromthegovernment,clientstowardsprivatesector.So,Imean,istherea

changeinthereceivabledaysnowandwhatshareofprivatesectorarewetargetingforFY27

now?

HimanshuLohia:So,initially,therehavenotbeenchangeinthis.Weweresupplyingtothegovernmentalso,we

weresupplyingtotheprivateplayersbeforealso.CompanieslikeJupiter,Titagarh,andother,

like,trackcompanieslikevarioustrackcompanywhicharethereinthemarketandvarious

companywhicharewearingthecoachsectionalso.

Weweresupplyingtothembeforealso.Theyareconsideredasaprivate,buttheyare

supposedto--thematerialissupposedtobeboughtfromtheapprovedsourcesaswell.So,we

aresupplyingtotheprivatepeoplealsobeforeandnowalsowearesupplyingtoprivatepeople.

Further,indiversificationofproductline,thereareotherproductlinealso,beitinthemining

sectionorbethepowersectionandorthehighlymarginproductsforplantandmachineries.

Wearetargetingthemalso.So,thehighPATmarginswhichwearetargeting,thatcanbe

carriedforward.

ParasChheda:Isthereadifferenceinthereceivabledaysbetweenthetwo?

HimanshuLohia:Thereisadifferenceinprivateandgovernmentsector.Thereisadifferenceinreceivabledate.

So,manyofthepeoplewouldhavelikequestionorthereceivablecyclehaveincreased.Itis

notthereceivablecycleforusthecompanyhaveincreased.Ifyoupeoplewouldhaveattended

ourcallbefore.

Sowehaveclearly--wehavestatedthatthepaymentcycleintheRailwaysinthemonthof

March--FebruaryandMarchisverybadbecausetheirfundshavegotendedanditistheApril

theirfundsstartscomingin.So,thatiswhythereceivablesdayinthemonthofMarchyou

wouldseehigherdebtorsstandinginthemonthofMarch.ButwhenyoucomedowntoApril,

initiallyinthefirst15daysonly,halfofthemwouldhave--ourfundhadgotcollected.

ParasChheda:Understood,sir.Andjustaswespeak,sir,Imeanhowisthedemandenvironmentlookingto

youforthenext2,3yearsatleast?

HimanshuLohia:Therewasalittleslowdowninthewagonindustry,butnowasyouseenew1lakhwagon

orderiscomingintoplace,thatwagonindustrywouldagainstartgointohikenow.And

furtherthecoachandtrack,whichvariousproductwhichwehavedeveloped,weseevery

strongpotentialinthataswell.So,wagonalsocomingbacktothenormalgrowthline,wesee

whattargetedwehadprojectedandeverythingtobeback--tobeinplacetotally.

ParasChheda:Sirwewillbeabletoachieveourtargetthen,moreorless?

HimanshuLohia:Yes,weareveryconfidentofthat.

ParasChheda:Okay.Thankyousomuch,Himanshuji.

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Moderator:Thankyou.NextquestionisfromthelineofParthAcharyaanIndividualInvestor.Pleasego

ahead.

ParthAcharya:Yes.Hi.Goodafternoon,sir.AmIaudible?

HimanshuLohia:YesParth.Howareyou?

ParthAcharya:YesIamgoodsir.So,Ijusthaveacoupleofquestions.So,whatisthetimelineforthiswagon

manufacturingfacility?

HimanshuLohia:Currently,wearegoingforabogiemanufacturingfacilityrightnowthatwewillbe

operationalwithinthismonth.Wagonmanufacturingfacility,weaiminfuturein3yearsdown

theline,butcurrentlywhichthebogiemanufacturingfacilitywhichwillbereadyinthismonth

foroperation.

ParthAcharya:Okay.Andwhatwasthecapexdoneforthat?

HimanshuLohia:TheINR50croresoffundswhichweraisedfromtheIPOforthecapex,thatwehavedonein

thebogiemanufacturingfacility.

ParthAcharya:Okay.Andsir,recentlytherewasthemegawagontenderof40,000croresinnewsrecently.So,

doyouexpectanykindofarevenuefromthatwithwagonmanufacturing?

HimanshuLohia:Itwasa1lakhwagontenderthatiscomingintoplace.So,oncethewagonmanufacturing

come,automaticallythebogiemanufacturing,thecomponentmanufacturinggetthebenefitof

it.So,definitelytherewillbealotofbenefit.

ParthAcharya:So,anyordersthatyouexpectfromthis?

HimanshuLohia:Yes.Allthesub-assemblyorderandthebogieassembly,theyaregoingtomanufacturethe

wagon,thesub-assembliesandthebogieorderaregoingtocometous.

ParthAcharya:Alsolikeinrespecttoancillarythatislikewithoutwagonmanufacturing?

HimanshuLohia:Ididn'tgetyourquestion.Canyourepeat?

ParthAcharya:Yes.Otherthanwagonmanufacturing,weexpectanyancillaryordersfromthis?

HimanshuLohia:So,basicallytheorderisforthewagonsandtheoncethewagonisbeingmanufactured,they

needthebogiesandthecomponent.So,thebogiemanufacturerandthecomponent

manufacturerwillgetthecompleteorderofcomponentsandbogiesandwhichwillbe

procuredbythewagonmanufacturers.

ParthAcharya:Okay,sir.That'sit,sir.Thankyou.

Moderator:Thankyou.NextquestionisfromthelineofAchuthanIndividualInvestor.Pleasegoahead.

Achuth:Sir,Iwanttoknowmoreaboutyourcertificationslikewhatistheentrybarriersandhowhard

thistogetthiscertification,sir?Likerecentlyyouhavealsoinformedtothemarketthatyou

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receivedsomeRDSOcertifications.So,Ijustwanttoknow,Imean,howhardthistogetthis

certificationsandwhataretheentrybarriersforthisbusiness?

HimanshuLohia:So,it'sawholelongprocessofgettinganyapprovals,sir.Thereisa--fromdocumentscrutiny

toCCAtoprototypeandtogettingonceyouareapprovedasadevelopmentalcategory,there

isafieldtrialforquantityandthenyougettheapprovals.So,it'saverylongtediousprocess

andoneofthemainentrybarrierfromkeepinganycompanycomingintotheprocess.

Andthecomponentwhichwearemanufacturing,theseareallcriticalcomponents.Theseare

likecalledClassAcomponentswhichcriticalsafetycomponents.So,theyhaveahugesafety

barriersaswellasaprocessbarrier.Andifyou'llseeeachproduct,therearefourtofiveto

sevenactiveclientsineachofthem.So,thatisthereasonbecauseoftheentrybarrierthese--

thereareverylesspeopleinit.

Achuth:Okay,sir.Sir,mysecondquestionislikeasweareabletoseesomeslowdownfromyour

clients,likemostoftherailway-relatedcontractors,likethereweareabletoseesome

slowdownintheirresultsaswell.So,howistheorderinflow,sir?Howistheorderinflowand

howtheFY27isgoingtobe?So,areyoualsoseeingsomeslowdowninyourbusinessorare

theorderinflowsaregoodenough?

HimanshuLohia:No.Ourlineofbusiness,wedon'tseeanyslowdown.Eachaspectwhichwearetargeting,they

havegotsufficientrevenueandmarginsector.So,wearenotseeinganyslowdown.Weare

verypositiveofthemarketaswellandwearepositiveabouttheworkwearedoingaswell.

Achuth:Okay.Whatistheorderinflows,Imean,whatisthecurrentorderbookandhowmuch--what

istheorderinflowforinthiscurrentyear,sir?

HimanshuLohia:Asondate,wewouldhavegotorderbookofmorethanINR140crores,INR150.00crores

withvariousopenordersbeingataplace.

Achuth:Whatisthetimeline,sir,toexecutethisorder?

HimanshuLohia:So,there'sdifferenttimelineassociatedwiththeprivateplayersandalsothegovernment

player.So,roughlyyoucansaywithinthenextfinancialyear--thisfinancialyear.

Achuth:Okay,sir.Understood.Thankyousomuch.

Moderator:Thankyou.NextquestionisfromthelineofRameshD,anIndividualInvestor.Pleasego

ahead.

RameshD:Goodafternoon,sir.AmIaudible?Sir,Imissedyourearliercommentaryaboutguidance.

Whatistherevenueguidancefor26-27,sir?

HimanshuLohia:Forthecurrentfinancialyearyouaretalkingabout,right?

RameshD:Correct.

HimanshuLohia:So,wetargetingINR210crorestoINR220crores,sir.

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RameshD:AndIwanttoknowabouttherawmaterialpressures.Isthereanypressureontherawmaterial

cost?Howarewegoingtohandleit?

HimanshuLohia:So,therehavebeenincreaseinrawmaterialcost,butweeachorderswearequoting,thereisa

clausecalledPVC,PriceVariationClause.So,accordingtothemarketrate,whenonceweare

quotinginthegovernment,soonceweraisethebilltotheRailways,accordinglythepriceget

revised.AndtotheRailwaysyousupplyingonthetenderbasisaccordingly.So,wegetthe

increasedpricevariationfromthere.

RameshD:Okay.Thenthisforwardintegrationtobogiemanufacturing,Iassumethatitishighermargin

business,right,sir?

HimanshuLohia:Wearetargeting25%PATfromthesimilarproductlineaswell.

RameshD:Okay.Andinearlierconferencecalls,Ithinklastyearyoumentionedaboutthereissome

benefitoftaxrebate,maybelike15%orsomething.Isitgoingtocontinueforusoristhere

anytimelimit,sir?

HimanshuLohia:It'sforthelifetime,sir.Sir,anycompanywhichwasestablishedandinoperationalyear,

accordinglythatgoesforthelifetimeforus.

RameshD:Andyouarementioningthattheassetsareveryfungible,likewecangointootherverticals

also.Arethereanyplans,sir,likemaybe1yearor2yearsdowntheline?

HimanshuLohia:WefocusedontheRailwayandotherlinesalso,fewproductsofotherlinetobepresentin

differentscenariosinthedifferentmarket.Wehavedevelopedinotherlinesaswell.

RameshD:Okay.Thankyousomuch.Allthebest.

Moderator:Thankyou.NextquestionisfromthelineofArpitJodhani,anIndividualInvestor.Pleasego

ahead.

ArpitJodhani:Goodafternoon,sir.

HimanshuLohia:Goodafternoon.

ArpitJodhani:Sir,congratulationsfirstofallfortheRDSOapprovalwhatwegetlastmonth.Andalsoasyou

mentioned,wehaveanother15productundertheRDSOapproval.Dowehaveanytimeline

untilwhichweareexpectingtogetthisapprovalorquarterlyormaybe?

HimanshuLohia:So,eachproductlinehave--wehavesinceIstatedbeforealso,sowesuppliedtoRDSOalso,

ICF,RCF,MCF,differentagenciesfortheapproval.Soeachproducthavetheirowncriteria

timeline.Somewouldcome--somecomeinwouldcomein3months,somewouldtake6to7

months'time.

ArpitJodhani:Okay.So,byH127wecanexpectthis,right?

HimanshuLohia:Right.

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ArpitJodhani:Andsir,anotherquestion,aswesaidafterhavingupcomingfacilityinoperation,wecan

generaterevenuearoundINR350croresandwearegivinganguidanceofINR210croresfor

FY27.Doweplananyfurtherexpansionorcapexplaninfuture?

HimanshuLohia:Ourcompanyhavebeencontinuousaspectofexpansionwhereverwehaveseenthescopewe

havetodevelopourselves.Wehavebeendoingit.Forthebogieplantsimultaneouslywehave

donetwootherexpansionalso.Andincurrentlyalso,anyaspectanyproductweseewherewe

candiversifyandintotheRailwaysandwouldhavewhichsustainamargins,wewouldkeep

expanding.

ArpitJodhani:Okay.Thankyou.

HimanshuLohia:Ican’thearyou.

Moderator:Sir,he'sdoneasking.Thankyou.WewilltakeournextquestionfromthelineofVanshfrom

3ACapital.Pleasegoahead.

Vansh:Thankyoufortheopportunity.Sir,firstofall,congratulations,goodsetofnumbers.

HimanshuLohia:Ihavejustafewquestions.Regardinglasttimeyouhavementionedthatyouwon'tbeneeding

anyfundstoraiseforthenext3years.Afterthatforwhenyou'llbeventuringintothewagon

manufacturing.So,like,currentlyyouhaveissuedthewarrants.So,what'sthepurposeofthat

warrants,canyoujustelaborate?

HimanshuLohia:So,sir,sincesimultaneouslywesaidwearegoingintothetrack.So,wehaveputcomplete

infrastructureforthesame.So,whenwesayingwearegoingtothetrack,thereisarailwhich

isneedtobeprocuredfromJindalandyoudoyourmachiningworkandassemblythe

completeturnoutandeverythingandsupplyittotheRailways.

So,rightnowwhenwearemakingthecomponents,thebasicmainpricingforusisscrap

whichcomestoINR37toINR39.Butwhenwearetalkingaboutrail,wehavetobuyitat

INR65toINR70perkgandwehavetotakekeeptheinventoryofalmost2monthsforthat.

AndthenthecompleteassemblingwillhappenandthematerialwillgototheRailways,which

haveahugemarginsinthisproductline.

Andthentheinventoryturnaroundtimeintherailsectionwillincrease.So,wearedeveloping

thistracksection.So,forthatweseetheworkingcapitaltobeworkingcapitalcycletobe

increasedinthetracksection.Particularlyforthetracksection,wewithinatimeframeofone

andahalfyear,weareraisingthatamountofmoney.

Vansh:Okay.So,likeonlyforthetracksectionyouneedextraworkingcapital,otherwiseforall

productsit'snotneeded?

HimanshuLohia:Forthebogieandforthecurrentpartwhichwearedoing,wedowehavesufficientworking

capitalforus.Butsincewewanttoaddonthetracksectionalsoandwherethecostofraw

materialisincreasing,whichwillincreaseourPATmarginsaswell.So,wearegoingforthe

warrantsinthatsection.

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Vansh:Okay.Canyoujusttellabouthowmuchtrackrevenuedoestracksectioncontributetotopline?

HimanshuLohia:Currentlyorinfutureyouaresaying?

Vansh:No,currentlyandfuturealsoboth?

HimanshuLohia:So,currentlywedoingthesub-assemblyofthetrackpart.Wearenotdoingthecompletetrack

section.So,currentlyIcansaythetracksectionhavecontributedapproximatelyINR20crores

inarevenue.AndinfutureweseethatincreasingtoINR60crorestoINR70croresintwo

financialyear.

Vansh:Andnowforthelikerecentnewplantornewbogieplant,sohaveyoureceivedanyRDSO

certificationyetorit'sinprocess?

HimanshuLohia:It'sinprocess.

Vansh:Like,whenwillweexpectingthatbecauseotherwisewewon'tbeabletostarttheproduction?

HimanshuLohia:Wecan--wewillbeabletostarttheproductionofvariousdifferentlines,sir.That'swhatwe

didJune,we'llbeabletostarttheproduction.Oncetheapprovalreceived,we'llbeableto

supplytotheRailwaysdirectlyandbidthetendersfromtheRailway.Therewillbeadditional

marginscomingintoit,otherwisewe'llbeabletostarttheproductionwithotherproductlines.

Vansh:Yes.So,likeinthismonthonlywe'llbeexpectingtoreceivetheRDSOcertification,right?

HimanshuLohia:RDSOapprovalbynextmonthforthenewplantandtheproductionforothervariouslinewill

bestartingwithinthismonth.

Vansh:Okay.AndlikeyoumentionedaboutINR140crorestoINR150croresofcurrentorderbook,

soit'sexecutableinthisyearonlyoritwillbegotothenextyear?

HimanshuLohia:Sir,it'sexecutablewithinthisfinancialyear.AndtherehaveI'vetoldtherewerevarious

multipleorderlikeopenordersaswellorfewproducts.So,exactorderbookyoucannot

define,butwecanexecutetheseorderbookwithinthisfinancialyear.

Vansh:Okay.So,that'sitfrommyside.Thankyou.

Moderator:Thankyou.NextquestionisfromthelineofShubhamPadhiarfromChhattisgarhInvestments.

Pleasegoahead.

ShubhamPadhiar:Yes.Hi.AmIaudible?

HimanshuLohia:Yes,sir.Please.

ShubhamPadhiar:So,firstlyyou'veexplainedthatrawmaterialpriceshaveincreased,whichhasresultedinour

grossmarginsandEBITDAmarginsgoingdown.So,ifyoucanexplainlikehowdoyousee

thesemarginsgoingforwardgiventheincreaseinrawmaterials?

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HimanshuLohia:Sir,Isaidtherawmaterialpriceshaveincreased,butthePATandthemarginswhichwehad

thathasishasbeensustainablebecausethereisapricevariationclauseaswell.Andwiththe

privatewherealsowearesupplying,thereisatermsandunderstandingbecausetheyareinto

alsosameproduct.Accordinglytheabovepricesgetrevised.So,thereisachainofreaction.

So,weareseeingthesamehappeningwiththeotherpeopleaswellwhichareinthemarket.

So,accordinglythesellingpriceisincreasingandtherawmaterialpricesareincreasing.

ShubhamPadhiar:Buttheremightbesomelag,Imeanisitjustdoyouguysorderbasedontheordersthatyou

haveoristhereanypricelaginthisescalation?

HimanshuLohia:So,thereisalwaysalagintheproductoneproducttoproductbasis.So,onlythingtofightthat

andtokeepthePATmarginwhichyou'retryingtoachieveintactisdiversifyingtowardsnew

andbetterproductsanddevelopthemassoonaslikeyourmarginstartsgettingaffectedfromit.

ShubhamPadhiar:Okay.Andalsoonreceivableside,Imissedyourpoint.So,receivableshaveshotuppretty

muchandgiventhisyearwehadapproximately20%,25%salesfromprivateplayersaswell.

So,ifyoucangiveusanideaastohowtolookatreceivablesnumbersgoingforward?

HimanshuLohia:So,sir,thesalethemajorofthereceivablesyou'llseefromthelastfinancialyearisfromthe

Railwaysdirectly.So,IhadexplainedthecallbeforealsotheFebruaryandMarcharethe

monthswherethefundallocatedfortheparticularcomponentsmaintenance,theirfundsget

exhaustedandintheApriltheirfundsareagainissued.So,from1stAprilitselfwestart

gettingthosereceivables.So,thatistheonlydifferenceinthelikewhythemarginsreceivables

haveshotupinthemonthofMarch.

ShubhamPadhiar:Okay.So,forFY27weshouldseeasimilarlevelof50days,55days?

HimanshuLohia:I'llsayinthe6monthsyou'llseeasthesamebecausethat'swherewehaveoncewe're

supplyingtotheRailwaythatisthetimewhentheyhavethefundsavailablewiththem.Inthe

March,ifyou'resupplyingtotheRailwaysinthesameproductline,definitelythereceivables

inthemonthofFebruaryandMarchwouldbelittlehighcomparedtoanyofthemonth.

ShubhamPadhiar:Yes.So,I'maskingreceivablesnumbersforFY27.Doyouexpectittocomedown?

HimanshuLohia:Weexpectittocomedown,sir.

ShubhamPadhiar:Toourhistoricalaverage,right?

HimanshuLohia:Right.

ShubhamPadhiar:Okay.Yes.That'sit.Thankyou.

Moderator:Thankyou.NextquestionisfromthelineofShubhamGuptafromProsperaWealthPrivate

Limited.Pleasegoahead.

ShubhamGupta:Firstofall,sir,excellentnumbers.Congratsonthat.So,myquestionisbasicallyforthenext3

years,whatisyourvisionintermsofthetopline,howdoyouthinklikethecompanywill

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growforthenext3years?Andalsothrowsomelightonthemarginsbecauseyou'resaying

thatinfuturewagonmanufacturingfacilitywillalsobelive.So,howwillthatimpact?

HimanshuLohia:So,incomingthreefinancialyearaswestatedbefore,wewanttodevelopproductline,a

completeassemblylinefortheRailwaysindifferentvarioussectorandwhereweareableto

generateandthePATmarginsaswellaswebelieveinthebottomline.Thatisthemainfocus

whichwehave.

So,forthecomingtheforthefinancialyearwhichwearein,weareexpectingtoINR220

croresofrevenue.Andnextfinancialyearwhereaboththefacilitywewillbeusingthis

facilityaswelltothepeak,weareexpectingaroundINR200fromthisandaroundINR130or

INR140fromtheoldplantaswell.So,thatisgoingtobearevenue.Andnexttonextfinancial

yearwhereweplantobeacompletewagonmanufacturingcompany,wewillbeexpecting

hugechunkingrowthofrevenuefromthemthattime3yearsfromnow.

ShubhamGupta:Okay,sir.So,thiswagonmanufacturingfacilityhowmuchrevenueitwillcomeitwilllikeon

atthepeaklevelhowmuchrevenueitwillcontribute?

HimanshuLohia:So,rightnowwearedoingthemanufacturingfacility.Fromthatwewillbeabletodo200

wagonwetargetingin3yearsdowntheline.

ShubhamGupta:Okay.Thankyou,sir.

Moderator:Thankyou.NextquestionisfromthelineofKetanRChhedaanIndividualInvestor.Pleasego

ahead.

KetanRChheda:Yes.Hi.Thankyoufortheopportunityandcongratulationsonagoodperformancefor26,

FY26.Sir,myquestioniswithrespecttothereceivables.Youexplainedthatthereceivables

shootupinthemonthofMarch.Butcanyougiveussomekindofanoutlookbywhenthis

receivableswillbereceivedatyourcompany?InQ1willitbeallclearedbythepeoplewho

havetopayyou?

HimanshuLohia:AprilbyApril15itgothalfofwhatitwasIcanjustsaythis.

KetanRChheda:Sorry.Sayagain.Icouldnothearyou.

HimanshuLohia:April15thitself,itgothalfofwhatitwas.

KetanRChheda:So,outofapproximatelyINR32croreswhichwasthereasreceivablesasof31stMarch,you

havereceivedabout50%ofthat?

HimanshuLohia:Yes.ApproximatelytodayI'llsaymydebtorbookisaround20.

KetanRChheda:INR20croresispendingyet.

HimanshuLohia:Yes.

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KetanRChheda:Okay.Fine.Thankyou.Andtheotherquestioniswithrespecttothecapex.NowforFY27,

whatisyourcapexplan?Howdoyouplantofunditandforwhatpurposeitwillbeused?

HimanshuLohia:Thecapexwhichisthemoneywhichisleftyou'resaying?

KetanRChheda:No,thecapexplanforthisfinancialyearFY27.Whatevercapexesyouareplanning,newlines

newfacilities,whateverthatyouareplanningforthisfinancialyear.So,howmuchmoneyis

budgetedforthecapexforFY27?

HimanshuLohia:Solastyearwe'llsaywehavesowntheseedsalready.So,lastyearwehavedonealotof

capexandwhererevenueandgenerationisgoingtocomeinthisfinancialyear.Beitthebogie

plant,beitthetracksectionorbeitthefabricationbusinesssection.Theseallcapexwe've

done.So,thisyearwhatwemainlyfocusonisgeneratingtherevenueandharvesttheseeds

whichwehavealreadysowninthelastfinancialyearandgettherevenue.

Andthecapexandexpansionwhichweareplanning,thatwewillbeplanningintheother

assemblylineoftheRailways.So,accordinglyrightnowwefocusongeneratingtherevenue

andtheprofitsfromthelastyearcapexandbringingtheplantintoproductionline.Andifwe

seeanyscopeofgoodproductlineandexpansion,accordinglyfromowninternalswewillbe

doingtheexpansion.

KetanRChheda:ButwhatisthefigureforFY27?Iunderstandyoumentionedthatyou'vedoneamajorityof

thecapexlastyearitself.Whichmeansthisyearthereisnomajorcapexexceptforsome

maintenanceorupgrades,minorupgradesthatmaybethere.Isthatcorrect?

HimanshuLohia:So,lastyearifyou'llsee10approximatelyINR10croresoffundswereleftforthebogie

manufacturingplantwhichwealreadyutilizedasofdate.ThatINR10croresofcapexhave

alreadybeendoneinthisfinancialyear.Andotherthanthis,otherassemblylinewhichwe

targetingfortheproductline,thatcapexwouldbethere.

KetanRChheda:Allright.Thankyousomuchandwishyouallthebest.

Moderator:Thankyou.NextquestionisfromthelineofMaitriShahfromSapphireCapital.Pleasego

ahead.

MaitriShah:Yes.Goodmorning.Justoneclarificationontheworkingcapitalrequirementsyousaidforthe

tracksectionweneed.Areweraisingitthroughequityordebt?

HimanshuLohia:Wehaveweplacedwarrantsforthat.

MaitriShah:Andwhatamountareweraising?

HimanshuLohia:Approximately29.

MaitriShah:Couldyourepeat?

HimanshuLohia:ApproximatelyINR29.

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MaitriShah:INR29crores.Okay.Thankyouandallthebest.

Moderator:Thankyou.NextquestionisfromthelineofSanketSadhfromAarthAIF.Pleasegoahead.

SanketSadh:Hi,Himanshusir.Congratulationsonagreatsetofresults.Andmyquestioniswhattrendsare

youseeingonthegroundfromIndianRailways,ICF,RCF,MCFfornewproductslikeI

rememberlastyearyouhadidentifiedtracksandcrossingsandyouhadmentionedthatinthe

previousearningscallthattheseareemergingtrends.So,isthereanyotheremergingtrend

whichyou'recurrentlytrackingrightnow?

HimanshuLohia:DefinitelythereiscontinuouschangegoingonintherealIndianRailways.Theyareworking

hardtowardsdevelopingnewproductlineanddevelopingnewcriteriaaswell.Oneofthe

criteriawhichhascomeisforleasingandmaintenanceofalltheselines.So,wearetryingto

worktowardsthatlineaswell.

SanketSadh:Allright.Butthisismoreofaservice.Isthereanythinginproducts?

HimanshuLohia:So,it'saproductline.Thisiswhereyou'llbeleasingformaintenance,meansyou'llbeputting

yourproductline,yourproductalsoandmaintainingit.Whenit'snotjustaserviceline,itis

whereyouwillbeactuallyconditioningtheirwagonsandputtingtherequiredmaintenance

lineaswell.

SanketSadh:Okay.Allright.AndlikewhatisthecurrentcapacityinIndiaforbogiemanufacturingand

whatistherequirementbythegovernmentandprivateplayers?

HimanshuLohia:So,bogiemanufacturingcomesoncetheaccordingisverydirectlyproportionaltowhatwagon

manufactureraredoing.So,bogiemanufacturingofthewagonI'msaying.Coachisseparate.

So,coachiscontinuouslydevelopingandtherehavebeennewdevelopmentintermsofVande

Bharatandvariousotherandtheyaretryingtoimprovisethattoothercoachesalso,the

previouslyusedcoachesalso,beitLWLHandotherbogiesinthewagonaswell.So,it'sina

veryincreasingtrend.So,it'sverydifficulttogiveyouexactnumberforthat.

SanketSadh:Okay.Noworries.So,Irememberyouhadmentionedthatcompletebogiestypicallyfetch

betterpricing,right?However,sincetherewassupplyissuefromIbelieveitwassomePSU.

So,Ibelievesomepricingwouldhavealsochangedforcompletebogies,right?So,howmuch

changewasthereexactly?

HimanshuLohia:So,therewasachangeinthebogiepricingaswell.So,it'sbecausetherewasa--that'swhy

westarteddevelopingotherproductlinetowardstrackandcoachesaswell.So,wewhatwe

seethegapwhichcameinthewagonindustryandthepriceswentdown.Oncethis1lakh

wagonorderrollsout,thewhatmarginsthepriceshadgonedownwouldalsoincreaseinthe

wagonsectionaswell.So,roughlyfromwhatwassoldtoINR3.25lakh,itcamedownto

aroundINR2.70toINR2.80lakh.

SanketSadh:Okay.Sincewagonmanufacturingwillpickupagainiswhatwe'reseeinginthenewsand

sincetheyfetchhighermargins,wouldn'titbepossibleforustohaveahigherPATmargin

than25%whichwealreadyrecordedinthepast?Becausepreviouslywewerejustdoing

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componentsandnowwe'llbemanufacturingcompletebogiesoncewegettheapproval.So,

don'tyouthinkwewouldbedoingbetterthan25%PATmargins?

HimanshuLohia:So,whathappenedisslowlyandsteadilyoncetheproductwhichwearein,thenewpeople

comeinandthemarginsinthatstartdeterioratingandourbenefitandourworkisthatwekeep

developingotherproductlinewhichhavegoodmargins.So,ifyou'llseetheotherproducts

slowlytheoldproductswhichwearedoingarevenuesharegoesdownandourstartincreasing

inabetterproductline.

So,roughlyestimateit'sacouplekittyofdifferentproducts.Somehavelowermargins,some

havehighermargins.So,intotalcurrentlywhatwearetargetingis25.Oncethenewplantis

alsointactandweareabletogeneratetherevenueinthatscope,wewilllookforwardfor

bettermarginaswell.Butcurrentlywetargetingthecoupleofproductswhichwearedoing,

wetarget25%ofPATinplace.

SanketSadh:Gotit.Andmylastquestionisthatonthebalancesheet,weseethere'saINR38croresunder

capitalworkinprogress.However,IbelievethattowardstheendofMarchmostofthefactory

hadalreadybeencompletedandit'sstillasignificantamountwhichisininthissection.So,

wouldwebeseeingthiscompletelyzeroinSeptember?

HimanshuLohia:It'salreadyutilized.Itisalreadyutilizedasofdate.

SanketSadh:Okay.Allright.That'sitfrommyend.Thankyouandbestofluck.

HimanshuLohia:Wehavealreadypaideverythinglike80%oftheamountstoallthepeople.Itwas

commissioninghappening.So,restoftheamounthappensaftercommissioning.So,that

amountwasleft.So,rightnowalmostallcommissioningisiniscompleted.So,theamount

havebeenutilized.

SanketSadh:Okay.Allright.Thankyou,Himanshu.

Moderator:Thankyou.NextquestionisfromthelineofMahakJainfromVentureXAlphaAifFund.

Pleasegoahead.

MahakJain:Hello.AmIaudible?

HimanshuLohia:Yesaudible.

MahakJain:So,myfirstquestionisregardingwehavecurrentlyraisedmoneywearepreferentialissue.So,

whatexactlyisthepurposefortheissue?

HimanshuLohia:I'vestatedbeforeforthetracksectionwhichwearedoing,we'llneedtheworkingcapitalfor

thatwithintwoyears.So,forthatscope,wehaveraisedthemoney.

MahekJain:Andhowbywhattimeframearewegoingtoutilizethatparticularfund?

HimanshuLohia:Weexpectthatfundtobeutilizedwithinoneandahalfyeartotwoyears.So,accordinglywe

haveraisedwarrantsforthatamount.

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MahekJain:Okay.So,byfinancialyear28thattracksectionassemblylinewillallwillalsobeoperational.

HimanshuLohia:Itwillbeoperationalrightnowitself,butwithamountincreasingtoarevenue,that

accordinglywehavetargetedthat.

MahekJain:Okay.So,howmuchrevenueareweexpectingfromthatparticularline?

HimanshuLohia:WeexpectingaroundINR60crorestoINR70croresofrevenueintotal.

MahekJain:Okay.INR60toINR70croreswhenthelinewillbeoperationalonafullutilization.Andwhat

currentlythatparticularsectioniscontributingcurrentlytoourtopline?

HimanshuLohia:So,tracksectioniscontributinginassemblyline,butrightnow,theonethecompleteturnout

turnaround,thatisnotcontributing,whichwillbecontributingsoon.

MahekJain:Okay.Secondly,youhavementionedthat,wehavecurrentlyanorderbookofaroundINR140

crorestoINR150crores.So,whatexactlyisthebifurcationofthatparticularorder?How

muchisfromthebogiecomponent,howmuchfromthebogieorfromtrackorfromtheother

segments?

HimanshuLohia:So,rightnowyoucansay20%to30%fromthetrackandaround40%fromthecoachsection

andrestisfromthewagonsection,whenwetalkingaboutRailways.

MahekJain:Okay.So,wagonsectionbothbogiecomponentsandthebogie?

HimanshuLohia:Yes.

MahekJain:Okay.Also,whatisthebifurcationbetweentherevenuedirectlyfromthegovernmentand

fromtheprivateplayers?

HimanshuLohia:Directlyfromthegovernment,itisapproximatelyyoucansay40%ofoursale.

MahekJain:Okay.40%directlyfromthegovernmentandrestfromtheprivateplayers.Okay.Additionally,

Ijustwantedtoknowthatasperthenumbers,ourotherincomehassignificantlyincreasedin

thefinancialyear26.So,whatexactlyisthereasonbehindtheincreaseintheotherincome?

Whatexactlyhasbeenincorporatedthere?

HimanshuLohia:InterestoftheFDRswhichwastherewithusfortheIPO.

MahekJain:Okay,okay.Andalso,currentlywehave25RDSO-certifiedproducts.Andyousaidthat

currentlyaround15to20productsareunderpipeline.So,bywhattimeareweexpectingfor

theirRDSOapproval?

HimanshuLohia:Therearedifferenttimeframeforeachproductfromthreemonthstosevenmonthswe're

expectingtheproductstoturnout.

MahekJain:Okay,okay.Andwhatexactlytheproductarefromwhichindustryfromthetrackorthe

coachesorsomeother?

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HimanshuLohia:Allthreeofthem.

MahekJain:Allthreeofthem.Okay,okay.AndthelastquestionthatIwantedtoknowthatgoingforward

inthefuture,whatexactlywillbeourmajorfocusareatogoaheadinfinancialyear‘28and

‘29andalsointhe‘27?

HimanshuLohia:Todevelopacompleteassemblyline,completeproductwhichwillbegoingintotheRailways

andgivingavalue-addadditionintermsoflifeaswellasalsotothemarginstothecompany.

Thatisourgoal.

MahekJain:Okay,okay.Thankyou.

Moderator:Thankyou.NextquestionisfromthelineofJagdeepSinghfromToolroomLLP.Pleasego

ahead.

JagdeepSingh:Hello.Hello.Sir,amIaudible?

HimanshuLohia:Yes.Audibleplease.

JagdeepSingh:Sir,Ijustwanttoknow,sir,thereisaregimechangeinWestBengalandyourmajorrevenue

isfromWestBengal.

HimanshuLohia:Ican'thearyou.

JagdeepSingh:Hello.

HimanshuLohia:Yes.You'renotclear.Canyou?

Moderator:Jagdeep,mayIrequestyoutopleaseuseyourhandsetmodeandjustincreasethevolume.

JagdeepSingh:Ma'am,asfarasIknow,yourmajorrevenueisfromWestBengal.So,thereisaregime

changeinWestBengal.Howdoyouseeitwillaffectpositivelytous?

HimanshuLohia:Ididn't--canyourepeatthequestion?Majorrevenueisfromwhatandhowwillwhateffect?

JagdeepSingh:Sir,thereisaregimechangeinWestBengalandyourmajorrevenueisfromWestBengalas

farasIknow.So,isthereanybenefitofthattoyouorcompany?

HimanshuLohia:Yes.DefinitelyoncelikeIfeeloneofthemajorthings,thenewwagonindustryiscompletely

situatedlikewiththeWestBengalandneworderhavecomeupintheWestBengalafternew

wagonindustrylike1lakhwagonorderhavecome,oncethenewchangehavebeentherein

thepowerinWestBengal.So,definitelytherewouldbelotofchangesinWestBengal,andif

thereisgoodgovernanceandnew,definitelyitwillimpactus.

JagdeepSingh:So,thereisalsothechancesofcapexinthatindustrynow?

HimanshuLohia:OurrevenueiscomingfromtheRailwaymajorityandinfocustheRailwayhavebeenthelike

primemostfocusofthegovernmentinallitsaspect.So,sinceRailwayhavealwaysbeenthe

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focus,sotherehavebeenlotofdevelopment,lotofchangesintheindustryalways.So,

definitely,itisgoing,itisaffectingandthereisaprimesectorandit'llkeepimpacting.

JagdeepSingh:Also,sir,youaretakingorderthroughthebiddingonGeM.Isthereanypossibilitythatyou

cangetstraightMOUwithRailwaysorthesecompanies?

HimanshuLohia:So,wearegettingorderfromtheelectronice-procurementsystemwhichisIREPSfromthe

fromtheRailways.Andtheprivatesectorswhatwetheorderswhichwearegetting,thatisthe

directliaisoningwiththeprivateclientsandyourliaisoningandyourcapacitycapability.

JagdeepSingh:Okay,sir.Thankyou.

HimanshuLohia:Yes.

Moderator:Thankyou.NextquestionisfromthelineofVishal,anIndividualInvestor.Pleasegoahead.

Vishal:Hello.

Moderator:You'reaudible.

HimanshuLohia:Hi,Vishal.

Vishal:Hi.Goodafternoon,Himanshuandverygoodsetofnumbers.Congratulations.Mostofmost

ofmyquestionshavebeenanswered.Ijustwanttounderstandtwothings.Numberoneisthat,

outofINR210croresandINR220croreswhichyou'retargeting,howmuchbogie

manufacturingwillcontributeintoitthisyear?

HimanshuLohia:Fromthatsir,Icansayfromthenewplantwhichwearetargeting,it'snotjustthebogie,it's

couplerandotherproductalso.So,fromthenewliketheplant,INR110croresofrevenuewe

targeting.

Vishal:No.See,soIjusthaveaconfusioninthesensethat,therearesomecomponentswhichyou

alreadyhaveRDSOapproval.Andthenthecapexwhichwehavegoneliveisforbogieand

assemblysub-assemblyparts.Right.So,thetotalrevenueINR220crores,howmuch,Imean,

bogiecontributionwillbehowmuchfromit?Notassembly,Imean,thecompletebogie

manufacturingalongwithcomponents.

HimanshuLohia:So,togiveyouaclearbifurcation,theoldplantiswherewecandoproduct,anyproduct

whichislessthan100kg.Andthenewplantwhichisthere,wewilldotheproductany

product,whicharelessthan1ton,whichis1000kg.So,fromtheoldplantweexpecting

INR110croresofrevenue.

AndfromthenewplantwhichisweareexpectingINR100croresofrevenuetototalINR210

crorestoINR220croresofrevenueweexpectinthisfinancialyear.So,innewplantwe'llbe

makingthebogiealso,coupleralso,crossingalso,andotherproductlinealso.

Vishal:Gotit,gotit.Andso,forthisplantyou've,you'veraisedaroundINR50croresandthepeak

revenuewillbearoundINR200crores-210crores,right?

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HimanshuLohia:Right.

Vishal:So,Imean,wehavealsoraisedalsoraised.

HimanshuLohia:Forthisplant.

Vishal:Sorry.

HimanshuLohia:WeraisedINR77croresandINR50croresofcapexwasdoneinthisplant.

Vishal:Right.So,wehaveagainraisedINR29croresforpreferentialissue,andwhatwillbethepeak

revenuefromthatissue?Imeanwearegoingintotracksystemmanufacturing.So,whatwill

bethepeakrevenuewhichwecanexpectfromthiscapexof29crores?

HimanshuLohia:INR80crores,INR70toINR80croresweexpectinginthis.

Vishal:Okay.Andwhatwouldbethenextcapex?Imean,whenweareplanningandhowitwillbe

funded?

HimanshuLohia:Wewanttogoincompleteassemblyline.Wealreadywearecompletelydevelopedforthe

cast--machinecastedproduct.Wearecompletelydevelopedforthefabricationline.Weare

developingforthespringandrubberplant.So,thatisgoingtobeournextscopeofcapexfor

us.

Vishal:Andhowyou'regoingtoraisethemoneyforthatandwhenwillitbe?

HimanshuLohia:Thecapexanycapexwhichweareplanningtodo,weplantodoitfrominternalaccruals,the

profitswhicharecomingintothecompany.

Vishal:Okay.Okay.Thankyouandallthebest,Himanshu.Goodluck.

Moderator:Thankyou.NextquestionisfromthelineofShubhamPadhiarfromChhattisgarhInvestment.

Pleasegoahead.

ShubhamPadhiar:So,whatwasourtax-relatedbenefitforFY26?

HimanshuLohia:Wetaxlimitwepaid15%taxplus2.5%cess.So,17.5%iswhatwearepayingandother

companiesarepaying25%.

ShubhamPadhiar:I'msorry,Ididn'tgetyou.Howmucharewepaying?

HimanshuLohia:Wearepayingin15plus2.5%cess,thatis17.5,whereasalltheothercompaniesarepaying

25%.

ShubhamPadhiar:Okay.So,differenceisourbenefit?

HimanshuLohia:Yes.Thisisoneofthebenefit,whichisourlifetime.

ShubhamPadhiar:Okay.So,wearenotreceivinganykindofsubsidies,right?Itisjustourtaxrateislower?

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HimanshuLohia:No.Yes.Thereisit'snotasubsidy,itwasaschemebythecentralgovernment.Thecompanies

whichwereincorporatedinbetween2020andstartedtheirproductionbefore2024,theywere

liableforthisbenefit.Andifyou'retakingthisbenefit,youcannottakeanyotherbenefit.That

is.

ShubhamPadhiar:Okay.Andthisisforthelifetime?

HimanshuLohia:Andthisisthereisnosunsetclauseinthis.

ShubhamPadhiar:Okay.Gotit.Thankyou.

Moderator:Thankyou.NextquestionisfromthelineofRajeshSinglafromVTGCapital.Pleasegoahead.

RajeshSingla:Yes.Hi.Thankyoufortheopportunityandcongratulationsonverygoodsetofnumbers,

Himanshu.Regardingacoupleofquestion,oneisthatallthecapexwhatwehavedonesofar

andthemoneywhichwehaverecentlyraisedfromwarrantsthatyouwouldbealsoinvesting

incomingmonthsandyears.

So,whatkindofrevenueexpectationwecanseeinFY28?GiventhatFY27guidanceyou

havebeenveryconsistentabouttalkingabout210,220sincetheIPO.So,whatkindof

revenueguidancewecanexpectforFY28consideringthatyouwouldbedoingmosteven

morecapexmaybethisyearornextyearaswell?

HimanshuLohia:Right.Sir,nexttonextfinancialyearweexpectingapeakrevenuefromthiswhichisaround

INR200croreandapproximatelyINR110fromtheoldplantplustheINR60crorestoINR70

crorefromthetrackfurtherexpansionwhatwehavedone.Altogetherthatweareexpectingin

nextfinancialyear.

RajeshSingla:So,we'reexpectingaroundINR350crorestoINR400croreskindofrevenueinFY28?

HimanshuLohia:INR350croresapproximatelywe'reexpecting,sir.

RajeshSingla:INR350croresinFY28.Andmarginswouldbesimilar,like25%PATmargin?

HimanshuLohia:Focusinourprimetargetisthebottomline.

RajeshSingla:Okay.Okay.Andanyothermarketsegment,IthinklastIrememberlasttimeyoutalkedabout

miningcomponentsasatargetsegment.Andanyothermarketwhichyouareexploringwhich

youcanhighlightwhichcangiveusalongertermgrowthvisibility?

HimanshuLohia:So,sir,whatthedifferentfieldswhichweareexploringaretheminingandalsothe,thereare

thermalplants.So,there,becauselotoffocusistowardsenergysectionandtherehavebeenlot

ofinvestmentbythegovernmenttowardsenergyinthermalingenerationofelectricity.And

wewishtoencashthatopportunityaswellandtherearelotofproductlinewhichwecan

manufacturearebeingusedinthermalplants.So,wearegoingtotargetthatalso.

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RajeshSingla:Willwebespendingmorecapexforcateringtothesetwomarketsoritwillbesufficientour

existingfacilityIthinkwillbetoppedoutbyFY28?So,willyoubespendingmorecapex

significantcapexinFY28tocatertothesetwonewmarkets?

HimanshuLohia:Sir,theplantandthecapacityplantandinfrastructurewhichwehaveiscapableoftargeting

boththefacilities,boththemarketsector.Wedon'thavetodevelopdonewcapexforthese

twosectors.Wecanmanufacturetheproductlineforthesetwosectoraswell.Andthenew

capexwhichwillbetargetingandwillbeinprecisiondifferentdevelopingacomplete

assemblylineofrubberandspringsaswell.So,wehaveamergerofallthecriticalitywe

couldgiveacompleteassemblylinetotheRailways.

RajeshSingla:Okay.Okay.Andwhatisthescopeofbrownfield.

Moderator:I'msorrytointerrupt,Mr.Singla.Youmaypleasere-jointhequeueforfollow-upquestions.

RajeshSingla:Sorry.Justlastquestionifyoucananswer?

HimanshuLohia:Yes,please.

RajeshSingla:Yes.So,whatisthescopeofbrownfieldexpansioninthecurrentfacilitieswhichweare

alreadybuildingoralreadybuilt?So,istherescopeforbrownfieldexpansioninthat,likedo

wehavesparelandthere?

HimanshuLohia:So,ifanyonewouldhavecometoourplantyou'veseenthereisascopeahugescopeof

expansioninthelikearea.Thereareavailabilityoflandwhereweneedwecandevelopother

linesaswellclosetoourplant.Accordinglywehavechosenthatlocation.

Moderator:Thankyou.NextquestionisfromthelineofAnilShenoy,anIndividualInvestor.Pleasego

ahead.

AnilShenoy:Hi.Thankyousomuchfortakingmyquestions.Firstofall,congratulationsongreatsetof

numbersandalsoyou'reoneofthefewSMEcompanieswhohavebeenconsistentwithyour

guidanceandyou'veachieveditaswell.Ithinkthatisveryimpressive.So,many

congratulationsonthat.

JustmyfirstquestionisI'mjusttryingtounderstandwhatisthemoatofthecompany?

Becauseyouhavesuchimpressivemargins.Justtryingtounderstandwhoyourcompetitors

are?Aretheyalsoearningsimilarkindofmarginsandinotherwordshowareyouableto

maintainsuchkindofmargins?I'mjusttryingtounderstandthat.

That'smyfirstquestion.AndsecondlyfortheFY27guidance,againwhichyou'vebeenvery

consistenton,isitgoingtobedividedroughlyequallyintoH1andH2orwouldtherebesome

kindofseasonalitythere?Thankyou.

HimanshuLohia:So,ourcompetitorswe'llsayeachsectortherearedifferentcompetitors.Initiallyoncewewere

forthewagonmanufacturing,sothemajorcompetitorwouldwereFrontera,RoysSteel,and

AtulEngineering.Andtheyarenot,thesepartiesarenotlisted,butyoucanyou'llseetheirinto

theirbooksyou'llseegoodsetofmarginsfromthem.

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Definitelywehavegotvariousbenefit,thetaxbenefit,thelocationbenefit,andalsowearea

debt-freecompanywearenotputtinganycost.So,focusremainsonreducingthecostasmuch

aspossible,beittheinterestcost,beitthepowercost,beittherawmaterialcost,andweare

abletogeneratebettermarginstoourcompetitorsaswell.So,thisisrelatedtoyourpartof

competition.Comingtotheguidanceofnew,wehavealreadygiventhatguidance.Canyou

repeatotherquestionwhichyouhad?

AnilShenoy:Yes.Hi.So,itwasjustabouttheseasonality.Imean,isthatINR210crorestoINR220crores

dividedequallybetweenH1andH2orwouldH2beslightlyhigherthanH1?

HimanshuLohia:H2willdefinitelybehigherthanH1becausethebogieproduction,thenewplantproduction

willbefromthismonth.So,definitelywelostthreealreadytwotothreemonthsinthis.And

further,H2it'salinearrapidgrowth.So,definitelyH2isgoingtobebetterthanH1.

AnilShenoy:Okay.That'sveryhelpful.Thankyousomuch.

Moderator:Thankyou.NextquestionisfromthelineofRameshD,anIndividualInvestor.Pleasego

ahead.

RameshD:Hello?AmIaudible?

Moderator:Ramesh,yes,you'reaudible.

RameshD:Hello?

Moderator:You'reaudible,sir.

RameshD:So,myquestionisonthecompetitionwhichpreviousinvestorwasasking.So,dowehavethe

competitionfromImeanIwanttoknowwhoarethelistedplayersfromwhomwefacingthe

competition?Icouldnothearyouranswerwhereyouwereresponding.Howareweableto

maintainsuchhugemargins?

HimanshuLohia:Sir,anyofouractualcompetitorisnotlistedandnoonegoesforlistingaswellbecausethere

ishugesetofmarginsinourproductlineandnobodywouldwishtosharethesamewithany

anyone.So,ifyou'llseeallthecompanieswhicharethereinourfieldtheyareverystrong

debt-freecompanieswhichhavebeenworkingsinceyearsandyearsandhavebeenenjoying

thesemargins.So,butthereareotherunlistedplayersinthemarketwhichareourdirect

competitorsifyoucansay.

RameshD:So,thecompetition,overallcompetitionislessandyouareabletohavethatpricingpower.Is

thatright?

HimanshuLohia:Canyourepeatthequestion?

RameshD:So,Iwanttoknowifthecompetitionisveryhigh,stillyouareabletomaintainthatmarginsor

thecompetitionisless,thatiswhyyouaregoingyouarehavingthehighpricingpower?

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HimanshuLohia:Definitely,sir,thereisaverybigentrybarrierwhicharetheapprovalsandtheseareallthe

criticalcomponents.So,thereareverylessfewpartieswhicharethereineachproductline.So,

entrybarrierisveryhighthatdirectlyleadstothegoodmarginsinit.

RameshD:Okay,sir.Thankyou.

Moderator:Thankyou.NextquestionisfromthelineofKetanRChheda,anIndividualInvestor.Please

goahead.

KetanRChheda:Yes.Hi.Thankyouforthefollow-upopportunity.Sir,inyourvisionstatementyoumentioned

thatyouwouldliketoexportaswell,youwouldliketoexportcomponentsfromyourfacilities.

Bywhendoyouthinkyoucouldstartexports?

HimanshuLohia:Onceweare,ourprecisionengineeringandourcapabilityiswellenoughofexportingthese

productlinetoagoodmarket,beitUSorUK.Rightnowwearenotabletoproducethat

quality.So,wearetargetingbynextfinancialyearthatwestartsomeexportaswell.

KetanRChheda:ByFY28youexpecttostartexportsaswell?

HimanshuLohia:Right.

KetanRChheda:Allright.Andtheotherquestionwasyouraisedsomemoneythroughapreferentialroundand

Iheardyoumentioningitwasforworkingcapitalessentially.Myquestionis,sir,forworking

capitalwhywouldyouwanttodiluteexistingshareholders?Youwouldhavegoneforsome

sortofadebtaswell,right?

HimanshuLohia:Sir,weareadebt-freecompanyandmaintargetistoreducethecostbeittoanycostwhichis

incurringtothecompany.Andwhenwewentforawarrant,evenourpromoterhaveinvested

inthecompanytonotdilutetheholdingofthepromoters.

KetanRChheda:No,sir.Iunderstand.Imean,thepromotersmayhaveparticipated,buttheothershareholders

getdilutedbecauseyou'reissuingmoreshares.Yousinceyouarebuyingyourownsharesby

participating,soyouknowyourholdingdoesn'tgodown,buttheexistingshareholdersthey

getdiluted.Andforaworkingcapitalgenerallypeoplewouldkindofgofor,youknow,adebt,

youknow,anditkindofwouldbeshorttermandyouwouldhaverepaidandstilltakencareof

theminorityshareholders.So,thatwasmypoint.

HimanshuLohia:Butthemainthingistokeepthecostlowestoftheproductwhichwearedoing.So,anycost

whichisincurringtothecompany,weareworkingonreducingthat.So,wewishtokeepthat

assuch.

KetanRChheda:Okay.So,wouldyouwouldyoubedilutinggoingforwardaswellwheneveryouhaveaneed

foranykindofaworkingcapitalinthefuture?

HimanshuLohia:Rightnowforthebogieandthetracksectionwhichwe'redoing,thewe'vealreadyweare

alreadyraisingthemoney,sowedon'tseedilutingfortheworkingcapitalrightnowforthis

financialyearrightnow.

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KetanRChheda:Andanyandforanyotherpurposesaswell,doyouseeissuingadditionalwarrantsordiluting?

HimanshuLohia:Wedon'twedon'tseethatrightnow,sir.

KetanRChheda:Youdon'tsee.Okay,okay.Thankyousomuch,sir.Wishyouallthebest.Thankyou.

Moderator:Thankyou.Ladiesandgentlemen,thatwasthelastquestionfortoday.Inowhandthe

conferenceovertoMr.KaranThakurforclosingcomments.

KaranThakur:ThankyouforjoiningthecallofNeetuYoshiLimited.Shouldyouhaveanyqueries,youcan

dropanemailtoresearch@kirinadvisors.com.Thankyouforalljoiningthecall.Thankyou.

HimanshuLohia:Thankyousomuch.

Moderator:Thankyou.OnbehalfofKirinAdvisorsPrivateLimited,thatconcludesthisconference.

Thankyouallforjoiningustodayandyoumaynowdisconnectyourlines.

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