Kirloskar Ferrous Industries · Material risks, their source context, and severity in the latest available quarter.
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New foundry producing only 1,200 tons/month versus 3,000-ton target due to complex auto castings (cylinder heads/blocks). Full ramp-up to 5-year trajectory instead of 2-3 years. Management attributed volume miss to this bottleneck.
While Rs 4,000/ton price increase announced, coking coal prices also rising due to Australian flooding. Management has coal coverage only for 3-4 months—cost pressures could erode pig iron spread gains.
Q3 castings at 35,255 tons vs Q2's 36,650 tons—a 4% sequential decline despite strong industry demand. Analyst pressed management on whether market share loss is occurring.
Baramati realization down 16%, overall tube prices down 11%. While volume grew 17%, value growth limited to 5%. Export margins remain better but subject to duty headwinds.
