Quarterly revenue and margin momentum: Q1 FY26 revenue rose 17% YoY to 457 crore with EBITDA at 75 crore and margin at 16.5% (170 bp expansion).
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Capex-driven capacity expansion signals long-term growth: INR 150 crore capex to be deployed over 18 months with significant capacity increases across sheet metal, machine hours, and casting.
NEGATIVES
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Higher working capital and net debt amid raw material shortages: net debt rose to about INR 525 crore due to inventory build-up and changes in financing (export receivables factoring shut).
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Tariff-driven export risk: heightened U.S. tariff exposure could force customers to reshuffle supply chains, potentially affecting exports.
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