Company Overview

Neetu Yoshi Limited (formerly Neetu Yoshi Private Limited) is a precision engineering company specializing in manufacturing critical, safety-rated components for Indian Railways. Incorporated in January 2020, the company operates with CIN U35999UR2020PLC010670 and is engaged in metal fabrication and casting of Bogie Components, Locomotive Components & Railway track Components.

Financial Performance Highlights FY2025-26

Income Statement (Consolidated, ₹ crore)

  • Revenue from Operations: ₹98.35 crore (FY25: ₹70.59 crore) - 39.3% growth
  • Other Income: ₹3.24 crore (FY25: ₹0.22 crore)
  • Total Income: ₹101.59 crore (FY25: ₹70.81 crore) - 43.5% growth
  • EBITDA: ₹33.87 crore (FY25: ₹23.43 crore) - 44.6% growth
  • EBITDA Margin: 33.34% (FY25: 33.09%)
  • Profit Before Tax: ₹30.16 crore (FY25: ₹20.18 crore) - 49.5% growth
  • Profit After Tax: ₹25.01 crore (FY25: ₹16.45 crore) - 52.0% growth
  • PAT Margin: 24.63% (FY25: 23.25%)
  • EPS: ₹6.91 (FY25: ₹5.84)

Key Expense Items

  • Cost of Materials Consumed: ₹46.03 crore (FY25: ₹37.90 crore)
  • Employee Benefits Expense: ₹5.72 crore (FY25: ₹3.76 crore)
  • Finance Costs: ₹1.55 crore (FY25: ₹1.73 crore)
  • Depreciation: ₹2.16 crore (FY25: ₹1.52 crore)
  • Other Expenses: ₹12.85 crore (FY25: ₹9.81 crore)

Tax Expense

  • Current Tax Expense: ₹5.18 crore (FY25: ₹3.38 crore)
  • Deferred Tax Expense: (₹0.03 crore) (FY25: ₹0.35 crore)
  • Total Tax Expense: ₹5.15 crore (FY25: ₹3.73 crore)
  • Effective Tax Rate: 17.07% (FY25: 18.46%)

IPO Completion and Capital Structure

Initial Public Offering

  • Completed IPO on July 4, 2025 on BSE SME Platform
  • Fresh issue of 1,02,72,000 equity shares of ₹5 each at ₹75 per share
  • Gross proceeds: ₹77.04 crore
  • Issue expenses: ₹8.05 crore
  • Net proceeds: ₹68.99 crore

Share Capital Changes

  • Pre-IPO paid-up capital: ₹14.27 crore (2,85,40,600 shares)
  • Post-IPO paid-up capital: ₹19.41 crore (3,88,12,600 shares)
  • Promoter holding decreased from 95.21% to 69.02% post-IPO
  • Himanshu Lohia: 34.11% (1,32,38,400 shares)
  • Subodh Lohia: 34.11% (1,32,38,400 shares)
  • Saundarya Lohia: 1.80% (7,00,000 shares)

Utilization of IPO Proceeds (as of March 31, 2026)

  • General corporate purposes: ₹18.21 crore utilized (₹18.21 crore allocated)
  • Setting up new manufacturing unit: ₹39.47 crore utilized (₹50.78 crore allocated)
  • Total utilized: ₹57.67 crore
  • Unutilized balance: ₹11.32 crore held in term deposits

Operational and Business Highlights

Manufacturing Capacity and Diversification

  • Total Installed Capacity: 21,287 MTPA across two RDSO-certified facilities
  • Successfully diversified beyond wagon components into coach, track and locomotive segments
  • New approvals secured from Integral Coach Factory (ICF) for Buffer Assembly and Rail Coach Factory (RCF) for Brake Support
  • RDSO registration for Silico-Manganese & Manganese Steel Liners and Wear Plates

Order Intake and Business Development

  • Order intake exceeded ₹150 crore during the year from government railways and private clients
  • Direct sales to Indian Railways increased to ₹13.24 crore in H1 FY26 (from ₹1.83 crore in H1 FY25)
  • Strong order book of over ₹160 crore providing visibility
  • Revenue concentration: Three customers contributed over 10% each (₹28.43 crore, ₹12.94 crore, ₹10.12 crore)

Balance Sheet and Financial Position

Assets (₹ crore)

  • Property, Plant & Equipment: ₹81.42 crore (FY25: ₹32.14 crore)
  • Trade Receivables (net): ₹31.88 crore (FY25: ₹10.42 crore)
  • Inventories: ₹5.55 crore (FY25: ₹8.63 crore)
  • Cash and Cash Equivalents: ₹1.86 crore (FY25: ₹0.53 crore)
  • Total Assets: ₹147.68 crore (FY25: ₹63.51 crore)

Liabilities and Equity (₹ crore)

  • Shareholders' Funds: ₹137.25 crore (FY25: ₹44.60 crore)
  • Borrowings: ₹3.87 crore (FY25: ₹13.65 crore) - effectively debt-free
  • Current Liabilities: ₹3.86 crore (FY25: ₹7.43 crore)
  • Net debt to equity ratio improved to 0.03 (FY25: 0.31)

Corporate Governance and Subsidiary Performance

Board Composition

  • Mr. Himanshu Lohia: Managing Director & CFO
  • Mr. Subodh Lohia: Whole-Time Director
  • Ms. Saundarya Lohia: Non-Executive Director
  • Mr. Kumar Sharat Chandra: Independent Director
  • Mrs. Jyoti Sudhir: Independent Director
  • Ms. Anshu Singh: Company Secretary & Compliance Officer (appointed December 2025)

Subsidiary Performance - Neetus Delight Private Limited (60% subsidiary)

  • Turnover: ₹0.11 crore
  • Loss after tax: ₹0.02 crore
  • Total Assets: ₹0.58 crore
  • Loan from parent: ₹0.35 crore outstanding

Forward-looking Statements and Guidance

Management Outlook

  • Revenue guidance for FY27: ₹210-220 crore
  • PAT margins expected to remain around 25%
  • Peak revenue potential: ₹340-350 crore across existing and new plants
  • New manufacturing facility in Haridwar scheduled to commence operations in June 2026

Growth Strategies

  • Expand capacity in disciplined manner
  • Deepen partnership with Indian Railways
  • Broaden private-sector, defense and engineering opportunities
  • Develop critical, high-value products
  • Maintain strong governance and quality practices

Dividend Policy and Corporate Social Responsibility

  • Board did not recommend any dividend for FY26 to conserve resources for capital expenditure
  • CSR Obligation for FY26: ₹23.84 lakh spent on health and education initiatives through Neetu Lohia Foundation

Risk Factors and Compliance

  • Customer concentration risk (Indian Railways ecosystem)
  • Input-cost volatility (steel, alloys, energy)
  • Execution and ramp-up risk for new facility
  • Regulatory and qualification requirements (RDSO approvals)
  • Statutory Auditors: Bagaria & Co. LLP
  • Annual General Meeting scheduled for September 30, 2026