In Bollywood terms, Neetu Yoshi’s five-year journey is lessDDLJromance, moreGully Boyhustle. Started in 2020 trading railway scrap, they’re now talking ₹250 crore revenue targets, bogie manufacturing, and eventually, wagon assembly. FY25 closed with ₹70 crore revenue, a fat 22% PAT margin, and an IPO war chest of ₹77.04 crore. FY26 is all about scaling – more products, more approvals, and a new track-products shed. By FY27, the Kanpur bogie plant should be rolling out 500 bogies a month; add a spring plant, and you’ve got a company trying to cover wagons, coaches, and track in one playbook.
Why it matters? Because in an industry dominated by decades-old players, a five-year-old company claiming “no execution challenges” is either on the verge of greatness… or a reality check.
Stick around—things get spicier two scrolls down.
AT A GLANCE
• Order book ₹115+ crore – ₹10–12 crore fresh orders monthly• FY26 revenue target ₹120 crore – 25% PAT margin promised• ₹50 crore bogie plant (from IPO funds) – ₹200 crore potential by FY27• ₹12–15 crore spring plant (internal accruals) – ₹35 crore revenue from FY27• 27 RDSO-approved products – 36 more in approval pipeline
MANAGEMENT’S KEY COMMENTARY
Himanshu Lohia, MD & CFO:“We started with railway scrap, now moving into bogies, springs, and tracks.”Translation:Scrap to scale-up in five years flat — somebody hand them a startup award.
On order flow:“We get ₹10–12 crore of orders every month.”Translation:Steady inflow; think of it as a railway subscription service.
On margins:“Targeting 25% PAT this year.”Translation:Either industry economics are shifting… or they’ve found a secret sauce.
On bogie plant:“500 bogies/month, ₹200 crore annual potential from FY27.”Translation:From parts seller to full bogie maker in 24 months — ambitious much?
On springs:“Hot and cold coil springs, ₹35 crore potential, FY27 start.”Translation:Entering a new segment because… why not?
On challenges:“No major execution challenges in sight.”Translation:Famous last words?
On long-term vision:“Wagon manufacturing by FY30.”Translation:IPO was just the trailer; the movie’s still in production.
NUMBERS DECODED
| Revenue – The Hero | EBITDA – The Sidekick | Margins – The Drama Queen |
|---|---|---|
| ₹70 crore FY25 | Not disclosed in call | PAT margin ~22% FY25 |
Revenue:Tripled from ₹47 crore in FY24 to ₹70 crore in FY25; aiming ₹120 crore in FY26.
EBITDA:Not broken out, but PAT margins signal healthy pricing in niche components.
Margins:Coaches fetch ₹220–250/kg, wagons ₹110/kg, tracks ₹140–150/kg — mix shift will matter.
ANALYST QUESTIONS
Q:“Order book mix?”A:₹25–30 crore from track, rest wagons and coaches.Street take:Track’s the new growth
I have invested in it. Should hold it long term or book profit