💰 Financial Performance

Revenue Growth by Segment

Total standalone revenue grew 398% YoY to INR 343.07 Cr in FY25. In Q4 FY25, the revenue split was 45% Defense and 55% Non-Defense. Q2 FY26 revenue reached INR 81.45 Cr, a 12% increase YoY.

Geographic Revenue Split

Not specifically disclosed in available documents, though the company is expanding export operations to mitigate domestic fluctuations.

Profitability Margins

The company turned profitable in FY25 with a Standalone PBT of INR 4.48 Cr (before exceptional items) compared to a loss of INR 106.88 Cr in FY24. Net Profit Ratio stood at 0.01% in FY25, down from 3.79% in FY24 due to high exceptional income from OTS in the previous year.

EBITDA Margin

EBITDA margin became positive for the first time in 6 years at 11.73% (INR 40 Cr) for FY25. Q4 FY25 EBITDA margin reached 19.4% (INR 21.5 Cr), while Q2 FY26 EBITDA rose 211% QoQ to INR 3.27 Cr.

Capital Expenditure

Not disclosed as a specific INR Cr figure, but the company is making strategic investments in product innovation and new product launches as of Q2 FY26.

Credit Rating & Borrowing

Ratings were reaffirmed following the Gainwell Group takeover. Finance costs for FY25 were INR 29.10 Cr, representing 8.5% of total revenue. Covenants require fund-based debt to remain below INR 250 Cr in FY25 and INR 300 Cr in FY26/27.

⚙️ Operational Drivers

Raw Materials

Steel and imported components for crane manufacturing; specific % of total cost not disclosed, but reliance on imports is high enough to create significant foreign exchange risk.

Import Sources

Global markets; specific countries not listed, but the company notes exposure to global economic conditions and geopolitical shifts affecting procurement.

Capacity Expansion

Current capacity not disclosed in MT/units; however, profitability in FY25 was driven by improved capacity utilization and process optimization efforts.

Raw Material Costs

Cost of materials consumed in FY25 was INR 163.01 Cr, representing 47.5% of total revenue. In Q2 FY26, material costs were INR 48.64 Cr, up 14.5% from INR 42.47 Cr in the previous quarter.

Manufacturing Efficiency

Inventory days were significantly reduced by 78.6%, falling from 1061 days in FY24 to 227 days in FY25. Inventory turnover ratio improved 398% to 2.49.

📈 Strategic Growth

Expected Growth Rate

38.50%

Growth Strategy

Growth is targeted through a multi-year program involving product range expansion (Manitowoc and Hyster ranges), process optimization, and capitalizing on synergies with Gainwell Group companies. The company aims to reach INR 475 Cr revenue in FY26.

Products & Services

Material handling and infrastructure equipment, specifically large cranes, Manitowoc range cranes, Hyster range equipment, and defense-grade material handling solutions.

Brand Portfolio

TIL, Manitowoc (collaboration), Hyster (collaboration).

New Products/Services

Ongoing project range expansion and new product launches in H2 FY26; specific revenue contribution % not disclosed.

Market Expansion

Expanding export operations and increasing the defense portfolio, which accounted for 45% of Q4 FY25 revenue.

Strategic Alliances

Technical collaborations with Manitowoc and Hyster; acquired by Gainwell Group via Indocrest Defence Solutions Private Limited.

🌍 External Factors

Industry Trends

Growing regulatory emphasis on sustainability and environmentally responsible products is requiring increased investment in compliance and reporting.

Competitive Landscape

Operates in a busy market for standard products but faces 'not too much competition' in the large crane segment.

Competitive Moat

Moat is built on technical collaborations with international leaders (Manitowoc, Hyster) and a strong presence in the defense sector. Sustainability is supported by the new management's ability to achieve a 4x revenue growth in one year.

Macro Economic Sensitivity

Highly sensitive to global economic conditions and geopolitical tensions which affect supply chains and product demand.

Consumer Behavior

Increased demand for infrastructure and defense equipment driven by government spending and industrial expansion.

Geopolitical Risks

Shifts in trade policy and geopolitical tensions are identified as primary threats to supply chain stability and export market access.

⚖️ Regulatory & Governance

Industry Regulations

Subject to evolving regulatory requirements for licenses, permits, and sustainability standards; failure to adapt can negatively affect operations.

Environmental Compliance

Not disclosed as a specific INR Cr figure, but identified as a trend requiring increased investment for compliance.

Taxation Policy Impact

Effective tax expense of INR 1.29 Cr on PBT of INR 4.19 Cr in FY25 (approx. 30.8%).

Legal Contingencies

Ongoing legal matters involving the company, former promoters, or management are noted as risks for fines or operational restrictions; specific case values not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Failure to maintain capital adequacy for substantial working capital requirements could significantly impact liquidity and operations.

Geographic Concentration Risk

Not disclosed; however, the company is actively expanding exports to diversify geographic risk.

Third Party Dependencies

High dependency on international technical partners (Manitowoc, Hyster) for product range and technology.

Technology Obsolescence Risk

Technological advancements are cited as a factor that could materially differ actual results from projections if the company fails to adapt.

Credit & Counterparty Risk

Lower counterparty risk noted due to reputation of private and government clients in defense and mining, though government contracts involve procedural payment delays.