My assumptions are as follows for FY 24 revenue:
60% of order book of 2000 Cr will be 1160 Cr
15700 Cr order of BSNL to be executed over 2 years. Assuming, 40% of the order will done in FY 24, of which Tejas share will be 40%, it comes to 2500 Cr, totally some 3600 Cr. On a PAT of 15%, you will have a PAT of 550 Cr, giving you a forward PE of 23. Further if it has to get the PLI benefit of 2800 Cr in the remaining 4 years including FY 24, it may have to do a revenue of 8500 Cr. I expect a lot of news flow to come in the coming months which you will give visibility to Tejas and a lot of missing pieces will fall in place. Till then, it can be an educated guess as to how far Tejas can go. As of now, there is no clarity on the BSNL order in terms who will do how much.
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