Adding few other Imp points from the notes which i have prepared:
-
Revenue Break is same like last year. Hi-Perm : 50%, Shunts : 30%, Magnet Assembly : 20%.
-
More than 50% revenue comes from current sensing.
-
Module sales – 2cr, as per management it is a very small number & it can have a steel increase in coming years.
-
Major competitors are in Europe, China & USA.
-
New technologies developed –
- Casting related. Manufacturing Stator & Rotor of the motor (Heart of the motor).
- High speed stamping.
-
Sales from CT Technology (Current Transformer) – 10 crs (Use Cases : LTCT & Energy Meters)
-
Two projects are going on related to Aerospace, but volumes are very less.
-
No supply in ferrite magnets, only supply of the alnico magnets for now. Generally motors are made of neodymium magnets.
-
PML isn’t supplying any magnet related products to automotive(it is very less), Majority goes into current sensing devices.
-
Capex related to new facility : 10crs Land, 15-20 crs for facility. Total ~30crs.
-
Trying to supply the BMS module as a whole . Currently shunts for EV is less, supplying only to 1 customer (4W segment, Quantity 3000 an year).
-
Price depends on the current carrying capacity of the shunt. Shunt assemblies in E meters can range from 10rs – 100 rs.
-
MOU related:
a). Partering with qudrant wrt neodymium , initial focus would be towards automotive & electronics.
b).Taking process raw material → metal → further processes of assembly. -
Tier 1 companies are supplying assemblies to the OEM’s.
-
There is an option to backward integrate & do EBW and make shunts. But not at the moment, focus is on forward integration.
-
Supply related chain info:
- Shivalik is the supplier & PML makes the assemblies using them.
- Customers give design for the module. PML supplies that to integrator’s.
My thoughts:
- Prices of shunts cannot go too much, PML has other customer in overseas also if shivalik has supply issues. The more forward integration one does on assemblies higher the end realisation. Modules & assemblies also will have higher margins.
- Shivalik again sells the shunts to tier 1 or tier 2 companies which again make resistor’s etc. They cannot sell directly to customers or global OEM’s. Whereas PML directly interacts with customers. PML sells to the customer or integrator.
- For me PML is very much exciting than shivalik right now. Considering so much value add possible in forward integration.
- As shivalik is anyways manufacturing EBW machines also, PML can also even venture into making of shunts if it is very much required (as stated by management also).
Disc: No investment, just reading more. Will wait for some correction in the current multiple.
| Subscribe To Our Free Newsletter |
