The pending order book ( Q1 presentation) points to avg realization of 18.5 lakhs per machine. In Q1 itself the avg realization was around 18.5 lakhs ( confirmed in the transcript ). Now, the EBITDA margin is higher for defence orders. But the avg realization for those orders is also higher than 18.5 lakhs. So, what could be driving this EBITDA margin expansion from 17% to 19% in FY 25 itself?
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