US tariff and trade policy uncertainty
US tariffs have caused logistical complexities and temporary rescheduling; management noted 'some temporary rescheduling and delays across the industry'.
RAYMOND / bear-case history
Track the concerns that keep returning.
Raymond · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Raw material import dependency
100% of aerospace raw materials (titanium, aluminium alloys) are imported, exposing margins to geopolitical supply disruptions and cost inflation.
Execution risk in greenfield Andhra plant
New plant requires customer approvals and certification; any delays could impact FY29 growth trajectory.
Order book conversion pace
Order book of ₹2,350 crore implies ~₹470 crore annual run-rate, but actual conversion depends on new product ramp-up; management noted 'it's not like a fixed' order book.