36% Growth Masks Capex Cycle and Sunbeam Turnaround Risk

36.3% YoY revenue growth; PAT 116% YoY. Far above normal

Highest capex allocation; orders for FY28-29 on hand. Strategy sound

No Sunbeam profit data in Q1 results. Claims unverified; customer exit delays acknowledged

6 customers total, 4 with orders, 5th imminent. First USD 100M by FY30. Credible 3-4 year timeline

Some customers fair, some resisting. Pass-through incomplete and customer-dependent

From ~₹600-700 Cr run-rate to ₹1,500 Cr FY27 (2.5x jump). Aluminum and powertrain greenfield expansions. Necessary to support OEM customer greenfield projects.

USD 100M target FY30 reaffirmed (30% FY28, 50% FY29). 4-5 large customers on board. Subsequent orders accelerating from 4-year to 2-year cycle.

Described as growth leader beating other segments. Capacity utilization >80%. Orders extending to FY28-29. Sustained capex allocation across locations.

Restructuring 90% complete by December. Q4 mid-teens EBIT target set. Revenue exit (10-20%) planned for low-margin legacy biz. Customer handholding delays some exit work.

Growth back to normal from muted trend. Both powertrain and aluminum growing. Orders for FY28-29 onwards materializing. Some quick wins, some drawn.

Kothavadi on track for USD 100M FY29. Sunbeam restructuring 90% complete by Dec; mid-teens EBIT expected Q4. Customer exits delayed due to handholding requests.

Hosur Unit 3 for high-pressure die casting. Alloy wheels targeting 4M of 5.8M capacity. DR Axion ₹430 Cr, standalone ₹1,000+. Will adjust if demand strong.

Varies by customer. Some customers fair, some taking time. Confident all will align to new reality; suppliers must be fairly compensated.

New business lower margins initially (>70% current on conventional). Return ratios similar within 2 years. Depreciation and startup costs already in results; worst absorbed.

Material handling and storage segments seeing upswing. Orders increasing QoQ. Not capex-intensive. Operating leverage helping margins sustain.

Revenue being replaced with higher-margin biz from parent and new customers. Legacy biz 10-20 years old being exited. 10-20% topline reduction, but margin expansion and better operating leverage.

Yes, conservatively. May increase in Q3/Q4 if traction continues. Subject to demand trajectory.

Powertrain ~70% (peaks 75-80% festive, max ~75% annualized due to seasonality). Aluminum >80%. Powertrain has 10% gap to optimum due to customer line-stop risk.

30% FY28, 50% FY29, full USD 100M by FY30. Revenues start FY28 (too small to discuss FY27). Near-term focus on pilot and validation.

Powertrain and aluminum both. Greenfield plant infrastructure (land ₹100-250 Cr, building/utilities ₹75-80 Cr). Depreciation ₹500 Cr now; replacement costs high due to inflation.

Yes, year-on-year from internal accruals. Cash mismatch will exist but net debt/EBITDA being maintained. No need for public markets.

Q1 delivered 36.3% growth, well above prior mid-teens guide. Full-year trajectory unclear due to cautious management tone. Q2-Q4 growth pacing will determine full-year.

Restructuring ongoing, 90% complete by Dec. 10-20% revenue exit planned (low-margin biz). Margin recovery plausible but unproven; customer handholding delays exit execution.

Heavy capex will depress ROE near-term. Medium-term recovery depends on order-to-production conversion and utilization. Return ratios unproven at scale.

Approved but variable; may accelerate if Q2/Q3 traction strong, may defer to FY28 if capex-spend-dependent. Greenfield plant infrastructure costs ₹100-250 Cr/plant (land + building).

Acquired subsidiary under restructuring; mid-teens EBIT target by Q4 FY27 unproven. Legacy low-margin business exit (10-20% of revenue) will compress near-term topline. Customer handholding requests delaying exit timeline.

₹1,500 Cr FY27 capex (2.5x prior run-rate depreciation of ₹500 Cr). Greenfield plant infrastructure (₹100-250 Cr/plant) must be filled with customer orders to achieve targets. Macro softening or OEM capex delays could strand capacity.

Aluminum and alloy prices volatile. Customer pass-through appetite varies; some resisting surcharges. Cost recovery is customer-dependent, incomplete, and timeline uncertain.

USD 100M target by FY30 dependent on 6 large global customers. Development cycle historically 3.5-4 years; now claimed 2 years for incremental orders. 2 of 4 customers pilot-stage; casting validation extended.

Powertrain at 70% utilization, max sustainable ~75-80% due to seasonal demand spikes and customer line-stop risk. Limits topline growth unless new capacity added or customer mix improves.