• Margin stability: Despite over 70% of orders shifting to competitive bidding, full-year revenue and profit grew 10% and 7% respectively, maintaining EBITDA margins at 23% and PAT margins around 18%.
• Turnkey order execution: The ₹4,500 crore turnkey order book operates at low margins of 2% to 2.5%, but revenue is expected to rebound this year as roughly two-thirds of these projects enter their second year of execution.
• International export growth: The international order book stands at ₹2,100 crore (including ₹1,750 crore in rolling stock exports), with demand expanding beyond traditional African and South-East Asian markets into Latin America and the Middle East.
• Consultancy revenue outlook: Management is targeting double-digit growth of at least 10% in the consultancy segment, up from 6% last year, with fee structures insulated from project cost inflation through percentage-based milestone billing and fixed audit fees.