30% revenue growth but margin pinch signals investment phase

Delivered INR 118.7 Cr; 33% growth from INR ~89 Cr base checks out (118.7/1.33 ≈ 89.3 Cr)

26.6/118.7 = 22.4% EBITDA margin; consistent with OPM 20% reported

Delivered PAT INR 16.3 Cr; 15.6% YoY growth matches

Management attributed to 140 bps employee cost rise and ESOP charge; acceptable for growth phase

39.8/118.7 = 33.5% of revenue; growth rate corroborates

No delivered breakdown by segment; growth on low base (facility commissioned mid-Q1)

Export revenue grew 78.3% to INR 39.8 Cr (34% of total vs 25% year ago); management targeting 35%+ mix. Near-80% order book export-heavy.

4 major projects announced (EDGE, Unit 6/8, Victura, brownfield OEM) with INR 500 Cr aggregate peak potential by Q3 FY28 vs INR 445 Cr FY26 base revenue.

EBITDA margin fell to 22% from 25.3% YoY due to 140 bps headcount (83 R&D engineers added, ESOP charge); management guided to H2 recovery.

Management signaled OEM supply (especially via Micro-Epsilon, Victura partnerships) will grow to >50% of revenue by FY28 from ~33% today; Victura contract is 5-year supply deal.

Margins broadly similar to temperature sensors and cables; model depends on customer fit and volume scale. OEM tie-ups expected to drive scale.

Fuel cells are work-in-progress. We're in field trials and execution phase. Will guide better in H2. Not disclosing exact ramp numbers yet.

Critical products, low commodity exposure. China has some players but lack engineering depth and certifications. 3–5 year approval cycles create moat.

New age industries growing 10–8% in geographies we serve. We're addressing <1% of TAM today. Contribution hard to quantify; diversified across many segments.

Yes, expected in H2 FY27 as headcount investment gets absorbed into revenue growth. Full recovery margin profile will be visible in H2 FY28.

We book raw materials at order receipt time and pass-through fluctuations to customers. No significant variance risk.

Growth should be in line with blended 3-year CAGR (~27%). Export momentum to Middle East, Mexico, Poland supports this. H2 will give better visibility.

No major Chinese presence in engineered, high-temp products. We're unique for backward integration + India base cost. Long approval cycles protect us.

Projects start coming online from Q1 FY28. Construction completion target Q3 FY28. Utilization ramp gradual; typically 80% in steady state.

Very sticky after first approval. Victura contract is 5-year supply deal. POs based on milestones; not 100% guaranteed but visibility strong.

FY24–26 CAGR was 27%. Management expects this run-rate for FY27 pending execution on capex projects.

Currently at 34% mix. Order book near 80% export. Mexico, Poland, Middle East ramp visible.

4 projects (EDGE, Units 6/8, Victura) with Q4 FY27–Q3 FY28 timelines. Execution risk remains.

FY26 EBITDA margin ~25%. Q1 FY27 at 22% due to headcount investment. Management expects H2 recovery as revenue absorbs costs.

Structural feature of engineered product mix; no commoditization pressure visible.

Dependent on capex ramp-up and new product (OEM, fuel cells) achieving scale. Timing uncertain.

Internal accrual (INR 25 Cr from IPO proceeds). Unit 8 greenfield underway, target Q2 FY28 completion.

EDGE facility, Unit 6 heater expansion, brownfield OEM (50,000 sq ft), Victura production. Aggregate peak revenue INR 500 Cr.

INR 500 Cr revenue potential hinges on 4 concurrent projects (Q4 FY27–Q3 FY28). Heater facility already delayed Q1; manufacturing scale-ups are complex.

Employee cost rose 45% to INR 20.4 Cr (140 bps margin impact). Recovery expected H2 FY27, full recovery H2 FY28. If revenue growth stalls, margin pressure persists.

Cables segment declined 8.8% YoY due to export order timing. Export mix now 34%; concentrated delivery windows could create Q-Q volatility.

Victura 5-year supply deal and Micro-Epsilon JV are material strategic bets. If either partnership underperforms, growth narrative weakens. Top 10 customers = 19% of FY26 revenue.

EDGE series, fuel cells, semiconductor applications are early-stage. Approval cycles are 3–5 years; ramp timing uncertain. Management vague on contribution quantification.