Q4 FY 23 Concall notes-
1.FY 26 Guidance-
~Revenue- 4000 Cr ( 3600 normal+400 inorganic)
~EBITDA Margin-13%
~share of DIS 60-65, Actuator 40-35
2. Capex-
~600 Cr over next 6-8 quarter.
~Organic-400, Inorganic-200
~mostly funded through internal accrual
~ can take 200 Cr short term debt
3.On Minda
~ All steps to be taken legally & financially to maintain control over the company.
4.DIS market share-
~ 50% in 2W in india
~ 100% for TVS
~ 70% for Tata motors
~worlds 2nd largest manufacturer
~ It is compulsory in all vehicles be it Diesel,CNG, EV or Hydrogen
5. Margin improvements
~ DIS margin will be the same, want to make margin in align with partner.
~ they are planning to enter instrumentation through inorganic, which will have high margin.
~margin to increase through product premiumization.
6.EV
~Currently 7-8%
~ company growth will be same as EV sector.
~Margin will be the same non EV.
7.Separating Business
~If opportunity/ need arises they will seprate 3 vertical.
~ 3 vertical have separate value chain, manufacturing etc.
~ unlikely to happen in next 1 year
No reco.
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