Double-digit revenue growth for FY25
Management expects full-year revenue growth of 12-14%, in line with 2x GDP growth ambition.
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revenue
CPCB IV+ transition complete from Q2
Channel inventory of CPCB II is zero; from Q2 onwards, only CPCB IV+ sets will be sold.
Distribution business growth sustainable for a decade
Management sees distribution business growing at >20% CAGR for at least a decade, driven by service and parts.
Double-digit revenue growth for FY26
Management expects full-year revenue growth in double digits, driven by sustained domestic demand and cautious export optimism.
Sustained gross margin levels
Management aims to maintain current gross margins, supported by volume leverage and cost optimization, though competitive pricing remains a watch.
Continued CapEx investment
CapEx will continue at similar levels to recent years (around INR 225 crore annually) for capacity expansion and line upgrades.
Double-digit revenue growth for FY25
Management expects overall revenue to grow in double digits for the full fiscal year 2024-25.
Double-digit revenue growth for FY26
Management expects full-year revenue growth in double digits over FY25, despite lumpy data center execution and export softness.
Data center execution lumpy; H2 likely lower than Q2
Data center project execution in Q2 was unusually high; management does not expect similar levels in H2.
Export order intake softening due to inventory correction
Management sees softening in export orders in the coming quarter due to channel inventory correction in end markets.
Double-digit revenue growth for FY25
Management expects full-year revenue growth to be double-digit over FY24.
Pricing to settle in 1-2 quarters
Pricing for CPCB IV+ products will take another 1-2 quarters to stabilize.
Continuous CapEx for manufacturing and new products
CapEx will be added as needed for manufacturing capability and new product introductions.
Double-digit revenue growth for FY26
Management expects double-digit revenue growth over previous fiscal year, supported by demand across key segments.
Target double-digit domestic growth for FY27
Domestic business targets double-digit growth in FY27, driven by infrastructure and data center demand.
Double-digit revenue growth in FY26
Management expects overall revenue to grow at double-digit rate in FY2025-26, driven by domestic demand across power gen, distribution, and industrial segments.
Capex to remain in similar range as FY25
Capital expenditure for FY26 is expected to be around INR 340 crore, similar to FY25, primarily for sustenance and line upgrades.
Distribution business to grow double-digit or better
Management is positive on distribution business growth, expecting it to continue at double-digit or higher rate, driven by penetration and new products.