Neetu Yoshi Ltd FY25 Concall Decoded: From Scrap Dealer to Bogie Builder
1. Opening Hook
When your company name is part mom’s blessing (Neetu) and part Japanese fortune cookie (Yoshi = good luck), you’re clearly scripting a Bollywood-railway crossover. Started as a scrap trader in 2020, now promising ₹250 Cr topline in FY27 with bogies, springs, tracks and couplers. It’s like a chaiwala announcing bullet trains — audacious, but oddly believable. Stay tuned, because this transcript had more drama than a Rajdhani running 12 hours late.
2. At a Glance
FY25 Revenue ~₹70 Cr (↑49%) – From scrap trading to full-blown manufacturing.
PAT Margin 22% – Railways may run late, but profits arrive on time.
Order Book ₹115 Cr+ – Indian Railways basically on speed dial.
IPO Raised ₹77 Cr – For bogie plant at Kanpur; investors funding railway cosplay.
Guidance FY26: ₹110–120 Cr Revenue, 25% PAT Margin – More optimistic than a Delhi Metro passenger in peak hours.
3. Management’s Key Commentary
Himanshu Lohia (MD): “Neetu is my mother’s name, Yoshi means good luck.” (Translation: Brand positioning = Maa ka aashirwad + Japanese anime vibes.)
Himanshu: “From scrap trading in 2020, we now make 25 critical railway components.” (Translation: Started with kabaadi, now making bogies — rags to railways story.)
Himanshu: “Bogie plant will do 500 bogies/month, ₹200 Cr revenue potential.” (Translation: From assembling toy trains to running the whole loco show.)
Himanshu: “Order inflow ₹10–12 Cr every month.” (Translation: Railways keeps sending grocery lists, we keep cooking parts.)
Himanshu: “We target 25% PAT margin, confident of sustaining.” (Translation: Our margins are thicker than railway chai.)
Himanshu: “Long term aim — be a full wagon manufacturer by FY30.” (Translation: Today bogies, tomorrow Bharat Bandh-level wagons.)
4. Numbers Decoded
Source table
Metric
Value (FY25)
YoY Change
One-Line Analysis
Revenue – The Hero
₹70 Cr
+49%
Scrap trader turned manufacturer, scaling quick.
PAT – The Jackpot
~₹15 Cr
+55% est
22% margin in railway biz = unicorn-level envy.
Order Book – The Ammo
₹115 Cr
+10%
Steady inflows, Railways & private both.
IPO Proceeds – Fuel
₹77 Cr
Fresh
All set for Kanpur bogie plant capex.
Guidance FY26
₹110–120 Cr
+60% est
Management’s bullet-train optimism.
PAT Margin Target
25%
Flat-High
Rail margins fatter than IRCTC biryani.
5. Analyst Questions
Investor: “RDSO certification — one approval or per product?” – Mgmt: “Company certified, each product separate approval.” (Translation: IR bureaucrats keep the paperwork printer busy.)
