₹1,000 crore revenue target by FY28
Management reiterated the long-term goal. Requires quarterly run-rate to reach ₹120-130 crore (currently ₹95 crore) to be in line, supported by capacity expansion and new IBC product line.
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Sustainable EBITDA margin: 10-12%
Management clarified that the 16.3% Q1 margin reflects operational efficiencies and product mix; normalized sustainable range is 10-12% going forward.
IBC project commercial production in Q3 FY27
Intermediate Bulk Container manufacturing unit expected to commence commercial operations in Q3, representing a new growth vertical with dedicated machinery.
Focus on bottom-line over top-line growth
Management explicitly stated priority on profitability over revenue growth, with quarterly revenue growth expected to be 'similar' to recent quarters (~10-11%).
EBITDA margin structurally at 8-10%
Management stated 8-10% EBITDA margin is 'reasonable' for the current business mix of commodity and niche products. With operational efficiency and scale, they aspire to 8-15% range at higher turnover.
FY28 revenue target of ₹1,000 crores
Long-term goal requires nearly doubling capacity to ~35,000 MT (from ~29,000 MT currently) and approximately doubling gross block. Capex requirements to be announced as plans are finalized.
FY27 growth in-line with historical run-rate
Management guided that FY27 growth will be 'almost in the same range' as historical ~20% CAGR, with more focus on profitability rather than aggressive top-line expansion.
Niche product mix at 15-20% at full capacity
At 1,000 crore revenue scale, niche products (healthcare furniture components) expected to remain at 15-20% of revenue, expanding in absolute terms alongside commodity products.
30% Revenue Growth Target for FY27
Management guided minimum 30% revenue growth for FY27, implying ~₹455 crore revenue, driven by volume expansion to 27,000 tons from current 21,000 tons and new IBC plant commissioning.
IBC Plant Operational by Q2 FY27
The new fully-automatic IBC (Intermediate Bulk Container) plant at Kalapur facility is on track to start operations in Q2 FY27, expected to be a meaningful growth and margin driver given limited competition.
₹1,000 Crore Revenue Target by FY28
Long-term target of ₹1,000 crore annual revenue by FY28, with healthcare/furniture segment expected to grow to ~20% mix from current 16%, requiring near-tripling of current revenue.
Sustainable EBITDA Margin of 10%+
Management stated 10%+ EBITDA margin is sustainable for the business; Q4's 16.45% included 1-2pp one-off benefit. Internal targets are slightly above 10%.