• Margin outlook: Management attributed the reported margin pressure partly to export freight, a pass-through cost with no margin; freight was around 5.5 crore in Q1. Adjusted for freight, EBITDA margin was around 22.5%, and the company expects EBITDA margins of 23 to 25% and PAT margins of 18 to 20%.
• Revenue guidance: Management reiterated projected revenue growth of around 22% this year, consistent with its historical topline CAGR, correcting the anchor’s reference to 32 to 35%.
• Order book: Unexecuted orders stood at around 980 crore as of 31st of July, with around 600-odd crore domestic and 300+ crore international. Many export projects are scheduled for delivery in Q3 and Q4, supporting expectations for a stronger second half.
• Cost protection: Aluminum and glass, the company’s major raw materials, are covered by pass-through clauses in domestic and international contracts; international freight is also passed through, insulating margins from commodity inflation.
• Investment and cash: The company said it is debt-free with free cash flow of around 150 crore. The 60 crore primary IPO raise is for a glass processing unit to enable backward integration, improve supply-chain control and support profitability; its order book represents 18 to 24 months of revenue.