Financial Performance Highlights

FY2025-26 Results (Year ended 31 March 2026)

  • Revenue from operations: ₹16.11 crores (up 14.5% YoY from ₹14.07 crores in FY2024-25)
  • EBITDA: ₹6.61 crores (up 46% YoY from ₹4.51 crores)
  • EBITDA margin: 41.0% (improved from 32.1% in previous year)
  • Profit after tax (PAT): ₹4.10 crores (up 66.9% YoY from ₹2.45 crores)
  • PAT margin: 25.0% (improved from 17.5%)

Cash Flow Performance

  • Net cash flow from operating activities: ₹4.7 crores positive (improved from negative ₹1.425 crores in FY2024-25)
  • Net cash used in investing activities: ₹2.06 crores (primarily for capacity expansion and equipment investment)
  • Net cash from financing activities: ₹19.23 crores (largely driven by IPO proceeds including share premium)

Segmental Revenue Breakdown (FY2025-26)

  • Defense & Aerospace: ₹6.38 crores (39.0% of total revenue)
  • Railways: ₹4.36 crores (21.1% of total revenue)
  • Medical & Healthcare: ₹4.30 crores (26.7% of total revenue)
  • Industrial Automation: ₹1.07 crores (6.6% of total revenue)

Geographical Revenue Mix

  • Domestic sales: ₹9.06 crores (56.2% of total revenue)
  • Export sales: ₹7.06 crores (43.8% of total revenue)

Strategic Developments & Operational Updates

Manufacturing Facility Expansion

  • Goa Facility: New manufacturing facility being developed in Goa Electronic Manufacturing Cluster
  • Purpose: Expand COG (chip-on-glass) and FOG (film-on-glass) production capacity
  • Timeline: First commercial production targeted for July-August 2027 (approximately one year from call date)
  • Capex Plan: ₹10-12 crores for first phase machines, ₹8-10 crores for second phase (total ~₹20 crores for equipment)
  • Expected Impact: 10-15% reduction in input costs through backward integration

Technology Enhancements

  • Advanced Glass Cutting Technology: Implemented at existing Rabale, Navi Mumbai facility
  • Status: Machines already ordered, expected operational by end of July to mid-August 2026
  • Application: Primarily for stretched displays in railways and metro urban mobility segments
  • Benefits: Improved quality, reduced external dependency, shorter lead times, customized display configurations

Strategic Partnerships

  • Axiom USA Collaboration: Strategic partnership with Axiom Manufacturing USA
  • Nature: Technology sharing and market access agreement (no investment exchange currently)
  • Objectives: Access North American markets, leverage complementary capabilities, joint business development
  • Current Projects: Working with Canadian company for railway business in North America

Order Book & Pipeline

  • Unexecuted orders: ₹8-10 crores (to be executed in current quarter)
  • Confirmed projections: ₹30 crores for next 18 months
  • Design wins: Three design wins from APAC region (Australia) generating ₹5-6 crores revenue, with three more railway designs in pipeline for FY27

Management Guidance & Outlook

FY2027 Targets

  • Revenue: ₹30-32 crores
  • EBITDA margin: 35%
  • PAT margin: 25%+

FY2028 Targets

  • Revenue: ₹50+ crores
  • Margins: Similar to FY27 guidance with potential improvement from new production lines

Long-term Margin Expectations

  • Steady-state EBITDA margin: 30-32%
  • Steady-state PAT margin: 15-17%

Business Strategy & Market Position

Value Addition Strategy

  • Current value addition in defense/aerospace segment: 40-50%
  • Target value addition with new capabilities: 50-60%
  • Approach: Customized solutions rather than catalog products

Market Opportunity

  • Several thousand crores of displays imported for railway/metro segment alone
  • Target market share: 10% initially, growing to 20% and eventually 50%
  • Export opportunities from Australia, Gulf countries, and Western markets

Future Expansion Plans

  • Automotive Displays: Targeting entry in 2 years after Goa facility completion and certifications
  • Initial Focus: 2-wheeler and commercial vehicle displays
  • Discussions: Ongoing with Mahindra for commercial vehicle displays

Operational Details

Delivery Timelines

  • Railways: ~8 weeks
  • Medical: 4-5 weeks
  • Defense/Aerospace: 12-14 weeks

Sourcing Strategy

  • Display glass sourced from Far East Asia (China/Taiwan)
  • Value addition at Rabale facility including ruggedization for defense applications
  • Moving toward reduced import dependency through backward integration

Capacity Utilization

  • Current utilization: ~20% (as mentioned in RHP)
  • Expected improvement through automation and new equipment

Regulatory & Compliance

  • Listed on BSE SME platform (successful listing in FY2025-26)
  • Filing made under listing compliance requirements
  • RDSO compliance: Company complies with RDSO specifications but no component-level approvals

Risk Factors Mentioned

  • Geopolitical situation affecting freight costs (though Far East Asia sourcing provides some protection)
  • Fast-changing technology requiring up-to-date equipment investments
  • Certification requirements for new market entries (e.g., automotive)

Participant Information

Management Present:

  • Mr. Gaurav Kejriwal - Managing Director & Promoter (DIN: 01506981)
  • Mr. Mayurkumar Gori - Chief Financial Officer

Moderator:

  • Ms. Janhavi Patil - Orim Connect (Investor Relations)

Analysts/Investors:

  • Chintan Parikh (Vyom Capital)
  • Disha (Equity Bulls)
  • Nishit Lunia (4G Capital)
  • Abhishek Bansal (Individual Investor)
  • Venkatesh (Individual Investor)
  • Jaideep Ray (Individual Investor)