1. Opening Hook
Indian Railways is busy laying tracks at record speed, and Neetu Yoshi decided this was the perfect time to lay down ambitions too. While most SME promoters cautiously whisper guidance, Himanshu Lohia came armed with numbers, targets, and a Haridwar relocation story that sounded suspiciously well thought-out.
Revenue jumped, margins stayed fat, and management spoke about ₹230 crore, ₹330 crore, and “much more than promised” in the same breath. The wagon slowdown? “Temporary.” Approvals? “Handled.” Capacity? “Expandable.”
If this feels like confidence bordering on audacity, that’s because it is. But then again, so are 25% PAT margins in railways manufacturing.
Read on — the real entertainment begins once analysts start poking holes and management keeps doubling down.
2. At a Glance
- Revenue ₹45.9 Cr (+30%) – Railways kept writing cheques, Neetu Yoshi kept cashing them.
- EBITDA ₹15.9 Cr – Margins so thick they need regulatory approval.
- EBITDA Margin ~35% – SME peers watching this with silent envy.
- PAT ₹11.5 Cr (+45%) – Bottom line clearly got the memo.
- PAT Margin 25.15% – Management promised, management delivered.
- Order Book ~₹140 Cr – And apparently growing mid-concall.
3. Management’s Key Commentary
“Our total revenue stood at ₹45.89 crores with a 30% growth.”
(Railways didn’t slow down, and neither did billing.) 😏
“Net profit margin targeted was 25%, we achieved 25.15%.”
(Target met. Mic dropped. Decimal flex added for effect.)
“We relocated from Kanpur to Haridwar due to logistics and power cost benefits.”
(Translation: cheaper power, lower freight, same inspections — why not.)
“Direct railway sales moved from ₹1.8 Cr to ₹13.2 Cr in six months.”
(Private players stepped aside, PSU cheque books opened.)
“Our focus is only on products that can deliver 25% PAT.”
(Low-margin
