In Bollywood terms, Neetu Yoshi’s five-year journey is less DDLJ romance, more Gully Boy hustle. 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
One Response
I have invested in it. Should hold it long term or book profit