Kernex: TCAS led multi year growth story

Kernex FY24 AGM Highlights

1. Will do 230cr sales in FY25 (can increase if some of new tenders close by December), FY26 will be atleast 3x FY25 revenue
2. Till date 11600cr worth of new tenders are out (Last tenders 2 years back were 1500cr), out of which 25 tenders are for implementation (kms) and 3 tenders are for Loco
3. Loco tenders bid close date is October 4th and is expected to be awarded by December 2024
4. 60-70% tenders of the 28 tenders are expected to be awarded by December, some of the tenders have November bidding so may result may come in January
5. 44000kms worth of tenders to come by 2029, another 10,000km tenders expected after current 10,000km tender
6. Locos TCAS implementation to be completed in 12 months
7. Kernex expecting to win 25-30% of total tenders value
8. Earlier guidance of 900cr sales in FY25 will not be met because the new tenders coming out now were delayed by 1 year and also some of the customers wanted TCAS 4.0 and not TCAS 3.2, sure to meet guidance this time
9. Working capital requirement will be around 150cr for new tenders, have tied up with banks