1. Opening Hook
Just when everyone thought capex cycles were as dry as last week’s dhokla, Rajoo Engineers walked in with a ₹200+ crore order book and a straight face—as if this is perfectly normal for a niche extrusion machinery maker. Meanwhile, Europe is still selling overpriced lines and India Inc is lining up at Rajkot for better, cheaper, faster tech.
AI, sustainability, blown films, solar sheets—Rajoo casually name-dropped all the buzzwords like a startup pitch, except this one actually makes money. And there’s more drama ahead: capacity expansions, global ambitions, and a ₹1,000 crore pipeline that converts slower than government approvals.
Buckle up—this gets spicier as we go.
2. At a Glance
- Revenue up 6% YoY:“Healthy order book”—aka machines finally flew out the door.
- EBITDA up 27%:Capacity utilisation + process optimisation = CFO’s Diwali came early.
- EBITDA margin at 16.1%:Someone fed operations a protein shake.
- PAT up 37%:Profit sprinted while topline jogged politely.
- PAT margin at 12.7%:Engineers are doing finance flexing now.
- Order book ₹200+ crore:Customers are pressing “add to cart” aggressively.
- Exports 73% this quarter:India makes the machines; foreigners pay the bill.
3. Management’s Key Commentary
Quote:“Our revenue for H1 FY25 reached ₹107 crores… a testament to hard work.”(Translation: Finally, the order book stopped ghosting us.)
Quote:“Order book is improving and consistently reaching new heights.”(Translation: Please stop asking why growth is only 6%—dispatches are laggy, not demand.)
Quote:“We introduced the ProEX series… 900 kg/hr, 20 microns.”(Translation: Europe, brace yourselves—we’re coming for your lunch plate 😏.)
Quote:“We expanded Rajkot facility by 18,000 sq ft.”(Translation: Yes, more buildings. Yes, more machines. Yes, we’re serious.)
Quote:“Solar ecosystem isn’t ready; expect 1–2 projects in 2 years.”(Translation: Stop dreaming of gigawatt riches right now.)
Quote:“Average selling price is ₹1.5 crore.”(Translation: We sell everything—from ₹25 lakh peanuts to ₹25 crore rockets.)
Quote:“We maintain 12–15% growth; company is debt-free.”(Translation: No, we won’t beg banks for money unless it’s for something sexy.)
Quote:“Margins may improve by 2–3% with higher operational efficiency.”(Translation: Don’t expect miracles; R&D is expensive.)
Quote:“Exports contributed 74% this quarter.”(Translation: India likes negotiating too much; foreigners pay faster.)
Quote:“Pipeline is ₹1,000 crore; conversion 8–9% historically.”(Translation: Customers swipe right often, but hardly meet us for the first date.)
4. Numbers Decoded
-------------------------------------------------------------
Metric Q2 FY25 Q2 FY24
-------------------------------------------------------------
Revenue (₹ cr) 56.81 53.23
EBITDA (₹ cr) 9.14 7.17
EBITDA Margin (%) 16.10% 13.40%
PAT (₹ cr) 7.24 5.29
PAT Margin (%) 12.74% 9.89%
H1 Revenue (₹ cr) 107.68 84.74
H1 EBITDA (₹ cr) 16.26 10.09
Order Book (₹ cr) 200+ ~NA
Exports Share (%) 73% Lower
-------------------------------------------------------------- Revenue didn’t jump much, but profitability did push-ups.
- Order book looks like a Diwali Amazon wishlist.
- Export-heavy mix is carrying margins like a gym bro carries his biceps.
- H1 margins expanded due to “technology upgrades”—aka premium pricing finally sticking.
5. Analyst Questions (Spicy Edition)
Q:“What’s the solar opportunity?”A:“Two projects in two years.”(Translation: Please stop imagining a solar supercycle for us.)
Q:“Will margins touch 20%?”A:“Maybe 2–3% improvement.”(Translation: Calm down, bordering unrealistic.)
Q:“Repeat business %?”A:“40–45%.”(Translation: Customers do come back, we’re not Tinder dates.)
Q:“Domestic competition?”A:“Local players are aggressive.”(Translation: Cheap copycats exist. We innovate to stay ahead.)
Q:“Order pipeline ₹1,000 crore—why so huge?”A:“Capital goods = slow conversion.”(Translation: Clients think a lot before spending crores.)
6. Guidance & Outlook
Management aims for13–15% annual growth, supported by:
- Expanded capacity (+30%
