• Order book pipeline: As of May 31, 2024, the order book stood slightly above ₹2,500 crore, followed by fresh orders of over ₹600 crore and L1 positions in approximately ₹750 crore worth of Rajasthan projects awaiting post-election release.
• FY25 financial targets: The company expects around 25% revenue growth in FY24–25 compared to the previous year, with PAT margins projected to exceed 15%.
• Raw material insulation: Projects are protected from raw material price volatility because state government clients absorb fluctuations through price adjustment clauses embedded in nearly all contracts.
• Working capital efficiency: Debtor days are currently at approximately 120 days and are expected to decline to the industry average of around 90 days by the end of the year.
• Promoter pledge release: Over half of the underlying debt has already been cleared, and all pledged promoter shares are slated to be released by the end of the current financial year.