Neetu Yoshi Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Neetu Yoshi Ltd filed with BSE on 10 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Neetu Yoshi Limited reported total income of INR101 crores for FY26, up 44% year-on-year, with PAT of INR25 crores, up 53%. Management said the new bogie manufacturing plant is ready and commercial production and first invoices would begin in June, with RDSO approval for the plant expected the following month. The company gave FY27 revenue guidance of INR210-220 crores with a targeted PAT margin around 25%, and discussed a preferential warrant issue of approximately INR29 crores to fund working capital for its new track manufacturing business.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Total income: INR101 crores (FY26)
p. 3
“our total income for the year have been INR101 crores, which is 44% up than the last year”
Himanshu Lohia, page 3 of the filed PDF · View the filing
PAT: INR25 crores (FY26)
p. 3
“The PAT have been INR25 crores, which we have committed to our investors, which is been a increase of 53% from the last year”
Himanshu Lohia, page 3 of the filed PDF · View the filing
Order book: more than INR140 crores, INR150.00 crores
p. 7
“As on date, we would have got order book of more than INR140 crores, INR150.00 crores with various open orders being at a place.”
Himanshu Lohia, page 7 of the filed PDF · View the filing
Track section revenue contribution: approximately INR20 crores (FY26)
p. 10
“currently I can say the track section have contributed approximately INR20 crores in a revenue”
Himanshu Lohia, page 10 of the filed PDF · View the filing
Capital work in progress: INR38 crores
p. 15
“we see there's a INR38 crores under capital work in progress”
Sanket Sadh, page 15 of the filed PDF · View the filing
Debtor book: around 20
p. 12
“Approximately today I'll say my debtor book is around 20.”
Himanshu Lohia, page 12 of the filed PDF · View the filing
Tax rate: 17.5%
p. 19
“We tax limit we paid 15% tax plus 2.5% cess. So, 17.5% is what we are paying and other companies are paying 25%.”
Himanshu Lohia, page 19 of the filed PDF · View the filing
Bogie plant capex from IPO: INR50 crores
p. 6
“The INR50 crores of funds which we raised from the IPO for the capex, that we have done in the bogie manufacturing facility.”
Himanshu Lohia, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — INR210 crores to INR220 crores · FY27
stated firmly by Himanshu Lohia
p. 7
“So, we targeting INR210 crores to INR220 crores, sir.”
Himanshu Lohia, page 7 of the filed PDF · View the filing
PAT margin — 25% · FY27
stated firmly by Himanshu Lohia
p. 4
“And we see the same PAT margins carry forward for this current financial year as well and we are very positive about it.”
Himanshu Lohia, page 4 of the filed PDF · View the filing
Peak revenue from both plants — around INR340 crores, INR350 crores · next financial year
stated as an aspiration by Himanshu Lohia
p. 4
“we can -- we can say approximately from both the plant, we can do around INR340 crores, INR350 crores.”
Himanshu Lohia, page 4 of the filed PDF · View the filing
Track section revenue — INR60 crores to INR70 crores · two financial years
stated as an aspiration by Himanshu Lohia
p. 10
“And in future we see that increasing to INR60 crores to INR70 crores in two financial year.”
Himanshu Lohia, page 10 of the filed PDF · View the filing
RDSO approvals for pipeline products — more than 15 products · 3 to 7 months
stated conditionally by Himanshu Lohia
p. 8
“Some would come -- some come in would come in 3 months, some would take 6 to 7 months' time.”
Himanshu Lohia, page 8 of the filed PDF · View the filing
RDSO approval for new plant — next month
stated firmly by Himanshu Lohia
p. 10
“RDSO approval by next month for the new plant and the production for other various line will be starting within this month.”
Himanshu Lohia, page 10 of the filed PDF · View the filing
Wagon manufacturing facility — 200 wagon · 3 years down the line
stated as an aspiration by Himanshu Lohia
p. 12
“From that we will be able to do 200 wagon we targeting in 3 years down the line.”
Himanshu Lohia, page 12 of the filed PDF · View the filing
FY28 revenue — INR350 crores approximately · FY28
stated as an aspiration by Himanshu Lohia
p. 20
“INR350 crores approximately we're expecting, sir.”
Himanshu Lohia, page 20 of the filed PDF · View the filing
Exports commencement — next financial year
stated as an aspiration by Himanshu Lohia
p. 23
“So, we are targeting by next financial year that we start some export as well.”
Himanshu Lohia, page 23 of the filed PDF · View the filing
Receivable days — historical average · FY27
stated conditionally by Himanshu Lohia
p. 11
“We expect it to come down, sir.”
Himanshu Lohia, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the plant is ready and production will commence in June, with approvals for bogie ongoing.
Answered by Himanshu Lohia
Asked by Chintan Parikh: What is the operational readiness of the new factory and bogie/wagon manufacturing?
p. 3
“Chintan, the plant is ready already. You will hear the commencement of the plant within June itself.”
Himanshu Lohia, page 3 of the filed PDF · View the filing
Management reiterated INR210 crores revenue guidance and 25% PAT margin for the current financial year.
Answered by Himanshu Lohia
Asked by Paras Chheda: What is the revised FY27 revenue guidance and will PAT margins hold around 25%?
p. 4
“the revenue guidance for this current financial year what we have given is around INR210 crores and the PAT margins of 25%”
Himanshu Lohia, page 4 of the filed PDF · View the filing
Management said the wagon industry slowdown is reversing with the new large wagon order, and coach and track segments show strong potential.
Answered by Himanshu Lohia
Asked by Paras Chheda: How is the demand environment looking for the next 2-3 years?
p. 5
“There was a little slowdown in the wagon industry, but now as you see new 1 lakh wagon order is coming into place, that wagon industry would again start go into hike now.”
Himanshu Lohia, page 5 of the filed PDF · View the filing
Management described a long, tedious approval process acting as a significant barrier to new entrants.
Answered by Himanshu Lohia
Asked by Achuth: How hard is it to obtain RDSO and other certifications, and what are entry barriers?
p. 7
“So, it's a very long tedious process and one of the main entry barrier from keeping any company coming into the process.”
Himanshu Lohia, page 7 of the filed PDF · View the filing
Management said funds are for working capital needed for the track section, where raw material and inventory costs are higher.
Answered by Himanshu Lohia
Asked by Vansh: What is the purpose of the recently issued warrants?
p. 9
“Particularly for the track section, we within a time frame of one and a half year, we are raising that amount of money.”
Himanshu Lohia, page 9 of the filed PDF · View the filing
Management said price variation clauses and diversification into better-margin products help sustain PAT despite raw material inflation.
Answered by Himanshu Lohia
Asked by Shubham Padhiar: How will margins evolve given rising raw material prices?
p. 11
“the PAT and the margins which we had that has is has been sustainable because there is a price variation clause as well”
Himanshu Lohia, page 11 of the filed PDF · View the filing
Management said about half the receivables were collected by mid-April, with roughly INR20 crores still pending.
Answered by Himanshu Lohia
Asked by Ketan R Chheda: What is the status of receivables outstanding since March?
p. 12
“April 15th itself, it got half of what it was.”
Himanshu Lohia, page 12 of the filed PDF · View the filing
Management said bogie prices declined from about INR3.25 lakh to INR2.70-2.80 lakh due to oversupply, expected to recover with new wagon orders.
Answered by Himanshu Lohia
Asked by Sanket Sadh: How has bogie pricing changed due to supply issues from a PSU?
p. 14
“roughly from what was sold to INR3.25 lakh, it came down to around INR2.70 to INR2.80 lakh.”
Himanshu Lohia, page 14 of the filed PDF · View the filing
Management named unlisted competitors like Frontera, Roys Steel and Atul Engineering, and attributed its margins to being debt-free and cost-focused.
Answered by Himanshu Lohia
Asked by Anil Shenoy: Who are the company's competitors and how does it sustain its margins?
p. 21
“the major competitor would were Frontera, Roys Steel, and Atul Engineering”
Himanshu Lohia, page 21 of the filed PDF · View the filing
Management said the company is debt-free and prioritizes keeping costs, including interest cost, as low as possible.
Answered by Himanshu Lohia
Asked by Ketan R Chheda: Why raise funds via warrants (equity) rather than debt for working capital?
p. 23
“we are a debt-free company and main target is to reduce the cost be it to any cost which is incurring to the company”
Himanshu Lohia, page 23 of the filed PDF · View the filing
Risks flagged
Railways payment cycle causes receivables to spike in February-March due to fund exhaustion
p. 5
“the payment cycle in the Railways in the month of March -- February and March is very bad because their funds have got ended and it is the April their funds starts coming in”
Himanshu Lohia, page 5 of the filed PDF · View the filing
Slowdown previously seen in the wagon industry
p. 5
“There was a little slowdown in the wagon industry, but now as you see new 1 lakh wagon order is coming into place, that wagon industry would again start go into hike now.”
Himanshu Lohia, page 5 of the filed PDF · View the filing
Rising raw material costs, particularly for rail procurement
p. 9
“we have to buy it at INR65 to INR70 per kg and we have to take keep the inventory of almost 2 months for that”
Himanshu Lohia, page 9 of the filed PDF · View the filing
Bogie pricing decline due to oversupply from a PSU
p. 14
“there was a change in the bogie pricing as well. So, it's because there was a -- that's why we started developing other product line towards track and coaches as well.”
Himanshu Lohia, page 14 of the filed PDF · View the filing
Margin deterioration in products as new entrants come in over time
p. 15
“once the product which we are in, the new people come in and the margins in that start deteriorating”
Himanshu Lohia, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.