You are not factoring disposals and obsolence or write-off from books as they have been completely depreciated.

PS: Lastly forex

Example:

I am waiting to see how VST-Zetor tractor pan out in India and export. Also company said they are open for inorganic growth too. So I will watch them for 2-3 quarters to see if they are doing walk and talk or not.

Please find herewith revert to your questions as per my understanding:

1. The management has reduced their own proprietary business, which was though adding to topline but not that margin accretive. Post FY21, their arrangement with TSL have improved and they seemed to have concentrated more on TSL services. Recently, the increment in Rebar manufacturing mandate and Steel & Tubes could further see boosting margins, where profit pace outpacing revenue, which is service revenue
2. TSL and BMWIL are inter-dependent. Though there could be some other minor SSC players, but BMWIL is one of the largest in the country having a basket of services from Flat as well as long side. In future (FY26-27) another CRM complex may come near TSL’s Kalinganagar unit, if the Odisha Govt’s land allotment to BMWIL was to be believed.
   Past article which I could find: https://indianexpress.com/article/india/india-news-india/odisha-approves-investment-of-over-rs-1000-crore-bmw-industries-limited-bmwil-2867047/
3. EBIDTA Margin likely to improve on higher value addition from tube and pipe segment, which is being ramped up.
4. Majority of debts is working capital. I think that even if the company is undergoing its Rs170cr expansion plan, minimal long-term debt would come, as CFO is sufficient to take care of. I believe the company has made a dividend payout policy after considering its limited capex requirements.
5. I think with the new capacity coming up , the company can achieve Revenue/ EBITDA/PAT of around 850/225/125 cr FY26 onwards considering optimum capacity uilisation.
6. I think their relation with TSL would rise as a growth partner. Hence, it should be viewed on a positive spirit rather dependency. Looking at the developments at TSL end, the TSL-BMWIL bonding could cement further. The 3 decade relationship is expected to continue to grow in future. SAIL’s Bokaro unit could offer opportunities, if the management would consider the JV worth pursing for in its scheme of things.
   Disc: Invested. The projected numbers are as my understanding. Please do your due diligence. I am not SEBI registered analyst.

Vst tillers the numbers don’t fit the narrative.

i was invested in arrow coated products in 2014-15 timelines… sold off in Feb 2015 … price was climbing up from 200’s till 550 etc… and at > 500 promoters sold some stake and reason being given as buying a house for his son … then onwards stock fell badly… they may have great products their dissolvable products- i had thought its going to change the medicine packaging industry … but i think their other area was patents appln/renewal blah blah helping other companies to do that… but promoters/company are in question…