If I can understand your query correctly, the promotor over the past few calls has been talking about backward integration and operating leverage coming into play. With expanding order books and more sales, their EBITDA margins are poised to expand more. It’s a debt free company as well. So with tailwinds supporting and backward integration likely to add 100-200 bps, the EBITDA is poised to grow further. Plus realisations might inc with defence and more specialised machines order kicking in.
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