In Q1’25 results call, the mgmt said that they want to do 1000cr revenue in non-steel in 2-3 years. And that would be 25-30% of the total revenue. Since non steel revenue is part of only marketplace, and if I reverse calculate, then market place revenue comes to about 3300 to 4000 Cr…in 2 to 3 years. The marketplace revenue in FY24 was 3836 Cr.

Where did I go wrong? Or maybe the contribution range mentioned by mgmt is erroneous?

POLYCAB Q1FY25 Highlights –
SALES 4,700cr from 3,890cr (20% up YoY)
Operating Margins has fall to 12% from 14% YoY
PAT 402cr (flat YoY)
PAT Margins 8.5% from 10.3% YoY

Q1FY25 Concall Highlights –

• Capex for the year is expected to be in the range of ₹1,000 Cr to ₹1,100 Cr. Already done capex of 280cr.
  (FY24 Fixed Asset is of 2,300cr and company is doing 1,000cr Capex in FY25)
• Capacity utilization is at 70-75%
• Optimistic about sustained demand momentum throughout the remainder of the year. Expecting a pickup in demand due to ongoing real estate projects.
• Focusing on expanding distribution network to improve presence in all geographies.
• Management expects improvement in margin profile in the near future.
• Working towards optimizing inventory levels and maintaining a working capital cycle of 50 to 55 days.

– Company is reaching towards 20,000cr of topline target so Team is working on new mid-term guidance which will be released during the current financial year.

They have already said that ₹800 Cr would be required in the earlier concall. One more fund raise is possible.
Debt to equity was already 2, equity raise will bring this number down.
Promoter share is reducing due to ESOP scheme. Promoter has not sold in open market and is also applying in preferential issue.

The service centre problems are well aware of, but low quality cars, I am hearing for the first time. How or why do you say that?

So,is it good time for add