Order book decline raises execution concerns
Order book has declined from historical ₹2,000-2,500 crore to ₹1,350 crore despite robust tender pipeline. Analyst questioned whether 25-30% growth guidance is achievable given Q1's muted 10% growth.
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Tender realization price compression
Average tender realization has declined to ₹2.5 lakh per unit from ₹2.7 lakh last year, raising margin pressure concerns. Management attributes this to competitive pricing in certain segments but expects to maintain margins through cost efficiencies.
Geopolitical disruption impact on Q1
10-day conflict with Pakistan in April-May forced teams in Punjab, Haryana, and Rajasthan to withdraw from field operations, causing Q1 growth to fall to 10% instead of 25-30% target.
KUSUM 3.0 timing uncertainty
KUSUM 3.0 (expected to be larger than current KUSUM scheme) is scheduled to start post-April 1st next year. While management is confident, the exact timeline and order flow from this scheme remains uncertain.