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Total production capacity to be 260,000 ton per annum by the end of FY24
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20% Volume Growth is achievable based on recent order Wins which will start delivery from H2 FY24.
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Aiming FY25 Debt to Edita as 1.
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30% revenue to be Non-Automotive by FY25. (This will Improve margins with supplies to Mining, Earth Moving Farm & Gen. Engg)
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TSUYO acquisition would provide a good platform for selling a complete EV Drive Train i.e. Motor Controller, Motor, Differential Assembly, Gears and axles.
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JMT Auto, TCIL could materially start contributing from FY25.
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FY26, Titagarh JV to start adding to topline. I think with a capacity of 2,00,000 Forged Wheels per annum, at 60-70% Utilization i.e. 150000 wheels, 800-900 Cr can be further added in the Top Line, considering 51% Share from JV)
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Margin Improvement of 100 bps every year till 2026 is very much on cards and achievable.
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I would like to see if they are able to bring Debt/EBITA at 1 by FY25 and how quickly Management is able to Ramp up JMT Auto.
While other Forging companies showing weak signs of Order Input, RK Forge is gaining market share, mainly International.
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