Regulatory Disclosure Details

Management Commentary

Kapil Bhatia, Managing Director, commented on the performance:

  • Company delivered strong Q4FY26 with healthy sales and improved profitability
  • Surpassed annual gross sales target of approximately ₹375 crores for FY26
  • Faced steep increase in raw material costs but negotiated favorable terms with vendors
  • Executed high-value tenders to offset margin pressure
  • Warning of potential margin moderation if steel prices remain firm in coming quarters
  • Current order book stands at over ~₹370 crores entering new financial year
  • FY27 revenue guidance of ₹500 crores in gross revenues
  • Capex earmarked at ₹15–20 crores during current financial year for capacity enhancement
  • Begun receiving orders for 6-tonne hammer and forging components approved for Vande Bharat trains
  • Progress on Failure Indication and Brake Application (FIBA) system in Air Springs segment remains on track

Financial Highlights (₹ in crores)

Quarterly Performance

| Metric | Q4FY26 | Q3FY26 | Q4FY25 | Q-o-Q | Y-o-Y |

| Revenue From Operations | 82.54 | 81.43 | 70.08 | 1.37% | 17.79% |

| Other Income | 0.29 | 0.07 | 0.13 | 287.28% | 119.48% |

| Total Income | 82.83 | 81.51 | 70.21 | 1.63% | 17.98% |

| Total Operating Expenses | 59.29 | 61.23 | 53.46 | (3.17%) | 10.91% |

| EBITDA | 23.54 | 20.27 | 16.75 | 16.10% | 40.54% |

| EBITDA Margin (%) | 28.51% | 24.90% | 23.90% | 362 bps | 462 bps |

| Finance Cost | 0.06 | 0.08 | 0.07 | (24.06%) | (10.93%) |

| Depreciation and Amortisation | 1.67 | 1.11 | 1.02 | 50.11% | 62.78% |

| Profit Before Tax | 22.09 | 19.15 | 15.78 | 15.35% | 39.99% |

| Profit After Tax | 16.59 | 14.28 | 11.66 | 16.16% | 42.22% |

Annual Performance

| Metric | FY26 | FY25 | Y-o-Y |

| Revenue From Operations | 322.06 | 231.34 | 39.22% |

| Other Income | 1.13 | 0.98 | 14.90% |

| Total Income | 323.19 | 232.32 | 39.11% |

| Total Operating Expenses | 236.88 | 182.66 | 29.69% |

| EBITDA | 86.31 | 49.66 | 73.80% |

| EBITDA Margin (%) | 26.80% | 21.47% | 533 bps |

| Finance Cost | 0.28 | 0.23 | 23.67% |

| Depreciation and Amortisation | 4.90 | 4.01 | 22.37% |

| Profit Before Tax | 82.25 | 46.41 | 77.24% |

| Profit After Tax | 61.31 | 34.66 | 76.88% |

Company Background

  • Founded in 1981, began as manufacturer of Leaf Springs and Laminated Bearing Springs
  • Currently produces Hot Coiled Compression Springs and forging items
  • Primary customers: Wagon, Locomotives, and Carriage sectors
  • Registered with RDSO since 1990 as trusted supplier to Indian Railways
  • Manufacturing facilities in Kanpur, Uttar Pradesh and Poanta Sahib, Himachal Pradesh
  • Product portfolio includes forging items from 100 gm to 20 Kg
  • Specialized Spring Division serving national and international heavy engineering sectors
  • Recent strategic foray into production of Air Springs

Forward-Looking Statements

Document contains forward-looking statements regarding market opportunity and business prospects that are subject to known and unknown risks, uncertainties and assumptions. Company assumes no obligation to update forward-looking information.