Financial Performance
– Revenue stood at ₹134.60 Cr.
– EBITDA stood at ₹29.23 Cr.
– PAT stood at ₹20.86 Cr.
– Q1 started on a softer note.
– West Asia crisis impacted exports.
– Raw material inflation impacted domestic business.
– Lower export mix pressured profitability.
– Partial price pass-through impacted margins.
West Asia Impact
– Shipping costs increased 3–5x in certain geographies.
– Higher freight increased customers’ landed costs.
– Export dispatches were consequently deferred.
– North America shipping costs also increased.
– Management stressed this is a logistics issue.
– Underlying export demand remains firm.
– Customers are currently lifting minimum volumes.
– Situation was most severe during April-May.
– Conditions have eased in recent months.
Revenue Impact & FY27 Guidance
– Management estimates ₹30–35 Cr potential Q1 revenue impact.
– FY27 revenue guidance remains unchanged.
– Company remains confident of achieving annual target.
– Earlier ₹800 Cr revenue ambition remains intact.
– Geographic mix may change if disruption persists.
– Domestic revenue expected to remain higher currently.
– Export recovery depends on freight normalization.
Order Book
– Current order book stands near ₹500 Cr.
– Order book split: 70% domestic / 30% export.
– Orders cover mainly Q2, Q3 and Q4.
– Company is fully booked for Q2.
– Additional inquiries are currently under negotiation.
– New orders expected in coming quarters.
– No significant order cancellations reported.
– Export orders are mainly being pushed out.
– Custom-made products reduce cancellation risk.
Capacity Utilization
– Q1 capacity utilization was around 60–65%.
– Company targets nearly 100% utilization in FY27.
– Q2 utilization expected to improve materially.
– Domestic shift requires execution lead time.
– Transformers require around 10–16 weeks lead time.
– Management has proactively shifted toward domestic orders.
– Existing capacity should support FY27 growth.
Margin Outlook
– Q1 margins were impacted by export disruption.
– Around 50–60% of raw material increases were passed through.
– Current orders reflect prevailing market prices.
– Management expects better EBITDA in Q2/Q3.
– Export normalization can restore historical profitability.
– Greater domestic mix could cause slight margin pressure.
– Export business generally carries higher margins.
– Domestic-export margin difference is around 10%.
