Neetu Yoshi Ltd

Deviation status and fund utilisation

• Purpose: Non-applicability of deviation/variation in fund utilisation.
• Mode of fund raising: Public Issue.
• Amount raised: 77.04 Crore; Date of raising funds: 02-07-2025.
• Deviation status: No deviation/variation in use of funds raised.
• Audit Committee comments: Statement reviewed and approved.
• Monitoring agency: Infomerics Valuation and Rating Limited.

Commencement of commercial production

• Scheduled to commence commercial production from 13 September 2026 at the Haridwar facility.
• Funding is from IPO proceeds per Prospectus objects.
• Facility located at Khasra No. 433, Chudiyala Mohanpur, Bhagwanpur, Haridwar, Uttarakhand.

Purchase order details

• Purchase order from Integral Coach Factory, Chennai for axle box housing and railway track components.
• Aggregate value approx Rs 17.12 crore; immediate and phased deliveries from 01 October 2026 to 30 September 2027.
• Scope includes Axle Box Housing (Finish Machined) and associated cast steel components.
• Delivery terms include inspection by designated agency; payment per contractual terms; no related-party interest.

Dematerialisation status

• No physical share certificates received for dematerialisation.
• Certificate from RTA for the reporting quarter enclosed.

Meeting update

• Virtual Analyst/Institutional Investors meeting held on 29 June 2026; no UPSI disclosed.
• Date and duration: 29 June 2026, 03:00–04:55 P.M., via virtual mode.
• Company name updated to Neetu Yoshi Limited from Neetu Yoshi Private Limited.

FY26 results

• Total income rose 44% to ₹101 crore in FY26.
• PAT rose 53% to ₹25 crore in FY26.
• Cash flow was positive during the year.

Guidance and capacity

• FY27 revenue guidance is ₹210-220 crore.
• FY27 PAT margin guidance remains around 25%.
• Peak revenue from old and new plants is ₹340-350 crore.
• Peak revenue is expected next financial year.
• New bogie plant starts production within June.
• Wagon manufacturing is targeted three years later.

Operations and order book

• Current order book is about ₹140-150 crore.
• Orders are expected to execute within this financial year.
• Track section currently contributes about ₹20 crore revenue.
• Track revenue may rise to ₹60-70 crore in two years.
• Government sales are about 40% of total sales.
• Direct railway receivables are higher in February and March.
• Debtor book was about ₹20 crore after April 15 collections.

Q&A Highlights

• Analysts asked about plant readiness; management said first invoices should be raised in June.
• Analysts asked about approvals; management said 15-20 products are in RDSO pipeline.
• Analysts asked about raw material pressure; management said price variation clauses pass through increases.
• Analysts asked about working capital; management said ₹29 crore was raised through warrants.
• Analysts asked about future capex; management said major capex was done last year.
• Analysts asked about exports; management said exports may start by next financial year.
• Analysts asked about competition; management said entry barriers and approvals support margins.
• Analysts asked about seasonality; management said H2 will be higher than H1.

Business

• Metallurgical engineering company making critical railway safety spares.
• Supplies 25+ RDSO-certified products for Indian Railways and allied units.
• Operates a Class A facility in Bhagwanpur, Uttarakhand, with 8,087 MTPA capacity.

Operations

• Expanded installed capacity from 4,493 MTPA to 8,087 MTPA.
• Secured ₹18.64 crore railway component orders in 2026.
• Order book stands at ₹140 crore.
• Progressing on a new Haridwar facility for future expansion.

Financials

• FY26 total income rose to ₹101.59 crore from ₹70.81 crore in FY25.
• FY26 EBITDA increased to ₹33.87 crore; EBITDA margin was 33.3%.
• FY26 PAT rose to ₹25.01 crore; PAT margin was 24.6%.
• H2 FY26 total income grew 56.6% YoY to ₹55.63 crore.
• H2 FY26 EBITDA was ₹17.94 crore and PAT was ₹13.47 crore.

Liquidity

• Net worth increased to ₹137.25 crore in FY26 from ₹44.60 crore in FY25.
• Total borrowings fell sharply; non-current borrowings were ₹0.02 crore and current borrowings ₹3.86 crore.
• Cash and bank balance increased to ₹11.86 crore in FY26.
• Operating cash flow was ₹4.03 crore in FY26, while investing cash outflow was ₹58.81 crore.

Strategy

• Management is expanding into bogies and couplers through new manufacturing facilities.
• Focus remains on operational efficiency, quality, and customer relationships.
• Company aims to broaden product portfolio and geographic reach, including export opportunities.

Risks

• Business depends on RDSO approvals and tender-based railway procurement.
• Management highlighted execution risk around expansion and technology upgrades.
• Railway demand and infrastructure spending remain key external drivers.

Governance

• Himanshu Lohia serves as Managing Director and Chief Financial Officer.
• Promoter and promoter group held 70.03% of equity as of 31 March 2026.
• Company converted from private limited to public limited in 2024.

Fund raise

• Board approved ₹27.48 crore preferential issue of 26,42,400 convertible warrants.
• Warrants convert into ₹5 face value equity shares at ₹104 each.
• Issue remains subject to shareholder and regulatory approvals.
• Management said proceeds will support capacity expansion and manufacturing capabilities.

Order win

• Company received ₹14.76 crore order from an India-based wagon manufacturer.
• Order covers manufacturing and supply of Cast Steel Blocks, Grade 101.
• Execution period runs from May 2026 to December 2026.
• Management said the order should contribute meaningfully to revenues during execution.