Financial Performance Highlights

H2 FY26 Consolidated Results (YoY)

  • Revenues: ₹54.20 crore (vs. ₹35.38 crore in H2 FY25) - 53.2% increase
  • Other Income: ₹1.44 crore (vs. ₹0.14 crore in H2 FY25)
  • Total Income: ₹55.63 crore (vs. ₹35.52 crore in H2 FY25) - 56.61% increase
  • EBITDA: ₹17.94 crore (vs. ₹11.91 crore in H2 FY25) - 50.56% increase
  • PAT: ₹13.47 crore (vs. ₹8.49 crore in H2 FY25) - 58.61% increase
  • Finance Costs: ₹0.77 crore (vs. ₹0.97 crore in H2 FY25)
  • Tax: ₹2.51 crore (vs. ₹1.67 crore in H2 FY25)

Full Year Financials (FY24-FY26)

  • Revenues: FY24: ₹47.33 crore, FY25: ₹70.59 crore, FY26: ₹98.35 crore
  • PAT: FY24: ₹12.58 crore, FY25: ₹16.45 crore, FY26: ₹25.01 crore
  • EBITDA: FY24: ₹17.19 crore, FY25: ₹23.43 crore, FY26: ₹33.87 crore
  • Total Income: FY24: ₹47.45 crore, FY25: ₹70.81 crore, FY26: ₹101.59 crore

Balance Sheet Position (as of FY26)

  • Net Worth: ₹137.25 crore (FY25: ₹44.60 crore, FY24: ₹19.74 crore)
  • Fixed Assets: ₹43.26 crore
  • Intangible Asset: ₹38.16 crore
  • Trade Receivables: ₹31.88 crore
  • Cash & Bank Balance: ₹11.86 crore
  • Total Assets: ₹147.68 crore (FY25: ₹63.51 crore, FY24: ₹38.50 crore)

Operational Highlights

Manufacturing Facility

  • Location: Khasara No. 255/256, Fakkarhedi, Bhagwanpur, Uttarakhand
  • Area: 10,000 sq. meters
  • Installed Capacity: 8,087 MTPA (expanded from 4,493 MTPA)
  • Capacity Utilization: 51% based on 4,100 MT actual sales in FY24
  • Certifications: ISO 9001:2015 (Quality), ISO 14001:2015 (Environmental), ISO 45001:2018 (Occupational Health & Safety)
  • RDSO Certification: Class "A" foundry certified for over 25 critical safety spare parts

Technology Infrastructure

  • Melting: Arc and induction furnaces (up to 5 MT capacity)
  • Molding: ARPA 900 SJS Molding Line
  • Machining: Advanced CNC machines (up to Dia 1150 MM)
  • Heat Treatment: Furnaces up to 1050°C
  • Testing: Spectrometers, hardness testers, coordinate measuring machines
  • Power: 300 KVA UPS backup

Customer Base & Revenue Mix

  • FY26 Revenue by Sector: Railways 74.18%, Private 24.06%
  • Geographic Distribution: West Bengal (29.59%), Uttar Pradesh (37.64%), Jharkhand (8.89%), Rajasthan (0.96%), Gujarat (5.09%), Others (25.66%)

Strategic Developments

  • Order Book: Exceeds ₹100 crore as of 2025
  • New Orders: Secured ₹18.64 crore in railway component orders from government and private entities
  • Expansion: Shifted proposed plant from Kanpur to Haridwar for better operational benefits
  • Future Plans: Planned expansion into complete bogies and couplers manufacturing

Management Overview

  • Himanshu Lohia: Managing Director and CFO, 4 years experience, Bachelor's in International Business
  • Subodh Lohia: Whole Time Director, 4 years experience, Bachelor's in International Business
  • Saundarya Lohia: Non-Executive Director, 4 years experience, Chartered Accountant, former CFO at Hariom Industries Limited
  • Kumar Sharat Chandra: Independent Director, 33 years experience, M.Tech from IIT Kanpur, former principal chief mechanical engineer with Northeast Frontier Railways
  • Jyoti Sudhir: Independent Director, 12 years experience, Master's in Science, postgraduate diploma, certifications in finance and corporate governance

Industry Context

  • Indian Railways allocated ₹3.02 lakh crore (US$34.7 billion) in Union Budget 2025-26
  • 98.83% of broad-gauge network electrified by March 2025
  • Target of 7,000 km high-speed rail network by 2047
  • Vande Bharat trains export planned from FY26 to European, South American, and East Asian markets

Vision & Mission

  • 5-Year Vision: Become leading manufacturer of bogies and couplers in India, supply for Vande Bharat metro project
  • 10-Year Vision: Global leader in bogie and coupler technologies, export worldwide for bullet train projects

Key Ratios

  • Return on Net Worth: FY26: 18.22%, FY25: 36.88%, FY24: 63.73%
  • Debt/Equity: FY26: 0.03, FY25: 0.17, FY24: 0.49
  • Current Ratio: FY26: 5.96, FY25: 1.96, FY24: 1.45
  • Inventory Turnover: FY26: 8.85, FY25: 3.92, FY24: 6.83

Cash Flow Statement (FY26)

  • Operating Activities: ₹4.03 crore
  • Investing Activities: -₹58.81 crore
  • Financing Activities: ₹56.11 crore
  • Net Cash Flow: ₹1.33 crore

Investment Rationale Highlights

  • RDSO certification creates strong market entry barrier
  • Late mover advantage with advanced technology infrastructure
  • Focus on low volume, high margin products
  • Export potential due to global diversification from Chinese suppliers
  • Integrated operations with end-to-end manufacturing capabilities