• Growth guidance: Management expects revenue growth of 60-65% this year, citing ₹1,581-odd crore in the first quarter and a strong second quarter. The business typically generates about 40-odd percent of revenue in the first 6 months and about 60% in the second half.
• Margins and utilization: Freight costs weighed on margins, but management expects new orders at new prices and higher asset utilization as revenue rises in Q3 and Q4 to support margin expansion. Sunil Kumar Rustagi said margins should improve with the forecast growth and utilization of deployed resources.
• Capacity and asset turns: The company expects gross block of ₹2,500 to ₹2,600 crore after capex, and management said its investments typically deliver asset turns of 5 and a half, 6 times. Newly completed assets take time to scale up production.
• Saudi expansion: The Saudi facility will make solar and power transmission products, serving demand supported by local-content rules that require local manufacturing. Management hopes to start the plant by February or March of this financial year and reach 90% utilization by the second year.
• Orders and funding: Against a ₹6,000 crore order book, management expects a large part to be consumed this year, while noting execution timelines vary by product. Debt growth was attributed to capex term loans rather than working capital; management said IPO proceeds would bring debt down, and the host noted net working capital had fallen to 43 versus 67 days.