Craftsman Automation Ltd — Q4 FY26
Craftsman Automation reported a mixed Q4 FY26.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
79%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Update on alloy wheels project expansion and exit rate.
Asked by Pesh Cheddar, Lucky
Management provided a specific volume exit rate for March.
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Question
Yes sir. Uh can you uh talk about a little bit on the alloy wheels project uh on the expansion side that we had?
Management (likely Shrinivas Rai)
The exit rate of the alloy wheel uh approximately it is around um uh volume wise analyzed when you look at it on the March. So it is equal to around 3 million uh alloy wheels is the exit rate for the month of March.
Partial answer
High priority
Progress on Sunbeam acquisition margin capture.
Asked by Pesh Cheddar, Lucky
Acknowledged low margins but gave no quantitative improvement target, only directional.
no specific margin target givendeferred to Q2
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Question
And in the aluminum die casting side of the business uh uh you know uh the uh the acquisition of uh of the sunbeam uh where are we in terms of the capturing of margins via the shift and what is the progress there?
Management (likely Shrinivas Rai)
We are lacking behind on the margin wise with the sing still at single digit for various reasons but we are on the right track that we are um exiting customers where it's not profitable... So the restructuring is on. So from Q2 onwards on the current year we will see some traction.
Answered
High priority
Revenue growth outlook for FY27.
Asked by Pesh Cheddar, Lucky
Provided a specific growth range (mid-teens) with a caveat on aluminum prices.
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Question
And my last question is on the growth rate overall. uh how should we see FI27 uh to be looking like on the revenue growth side?
Management (likely Shrinivas Rai)
it is totally double digit most probably um in the mid- teens I would say that is what is the u expectation for the growth and when you say mid- teens we also have to um assume that the aluminium prices um are around the level what it's currently.
Answered
High priority
Plans to scale up any segment over medium term.
Asked by wignesh, Kesma wealth
Provided specific revenue target and timeline for station engine segment.
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Question
So just want to understand uh are you having any plans to scale up any particular segment or over a medium term for the next three to four years apart from the power train segment?
Management (likely Shrinivas Rai)
Power train is scaling up. Um also the station engine side is the order book is um for the first 100 million is finalized and is with us. So as earlier as stated earlier I would say we will be able to reach that 100 million uh sort of revenue in 2930.
Answered
High priority
Timing for second phase of powertrain expansion.
Asked by wignesh, Kesma wealth
Gave a clear decision timeline (September) and current status.
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Question
Just one question that on the second phase of the powertrain segment when are we planning to start and uh commission on the revenue stream for the second phase?
Management (likely Shrinivas Rai)
I think we should take a decision by September based on the order input. Uh now the orders what we have uh already agreed to take or taken or order received I would say uh is completing the uh capacity for phase one.
Partial answer
Medium priority
New business in industrial engineering for data centers.
Asked by Sentel Kumar, Jointra Capital
Acknowledged opportunity but gave no concrete details or quantification.
no specific revenue or order numbersvague on timing
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Question
I just want to know is there any new business opening for uh our industrial engineering lacks in data center business that center per se?
Management (likely Shrinivas Rai)
Yes, there is possibility but uh it'll be more going into aluminium side for certain reasons. ... we have given racks for the manufacturing sector where for the automotive where they are uh storing the batteries...
Answered
High priority
Reason for powertrain margin spike and sustainability.
Asked by Joseph George, IFL
Explained the margin improvement was due to normalization of repair costs, not scale, and gave context.
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Question
One is in relation to the powertrain segment margins. We saw a good spike uh this quarter. Is it attributable to uh scale benefits and will it sustain one?
Management (likely Shrinivas Rai)
I think we have grown only a small portion last year it's not the scale benefit which has really played out... the repair maintenance which went on for almost four five quarters which was depressing the uh abit margins uh was the main uh reason for that uh change.
Partial answer
High priority
Working capital negative impact and sustainability.
Asked by Joseph George, IFL
Attributed to ramp-up but did not quantify expected working capital days or reversal.
no specific working capital days givenvague on future trajectory
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Question
So when I look at your cash flow statement in FI25 there's a negative working capital impact of about 400 crores and FI26 there's another 600 crores. So I want to understand how to think about this.
Management (likely Shrinivas Rai)
I think the plants which are suppose the aluminum business was um uh ramping up in the last few years. Earlier it was mainly powertrain driven. So that means suddenly there was a spike in the working capital requirement and now rationalization has happened.
Evasive
High priority
Capex expectation for FY27-28 and debt reduction.
Asked by Joseph George, IFL
Refused to give a capex number, deferred decision to September.
no number givendeferred to Septemberconditional on performance
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Question
So last thing was on capeex. What is your expectation of capeex for say fi 2728 and as a result how will you know the debt reduction etc uh uh move on
Management (likely Shrinivas Rai)
fi 27 itself we are not very clear about the capex as today because we have taken some um inream requirements but September we have to decide uh on the capex even for fi27 fi28 depends on the performance of fi27.
Answered
High priority
Capacity utilization in powertrain and aluminium units.
Asked by V Nanti, Hathway Investments
Provided specific utilization percentages and capacity numbers for key segments.
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Question
One is on the capacity utilization. If you can just throw some light on power train and then aluminium all the three different units at what capacity are they being utilized?
Management (likely Shrinivas Rai)
Power train uh we are still at around uh 60 70% because there are some pockets and segments where uh the customers are not doing well. ... on aluminium alloy wheel... our exit rate is around close to uh 3 million uh on the annualized basis as of March and our capacity is around uh 5.5 million.
Answered
High priority
Strategy behind consolidating aluminium entities.
Asked by Ram Shashin, Aventus Park
Explained rationale for consolidation and gave a rough revenue target for aluminium business.
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Question
My question is primarily on the decision to consolidate the aluminium entities. Sunbeam dear Axion. uh could you walk us through you know your strategy behind this sir
Management (likely Shrinivas Rai)
The way to look at is that um for example we'll be around 6,500 cr in the um aluminum business in the um FI 27 or so just an approximation. ... some equipment some people some processes may be written and there identity here we may have customer base so it's difficult to do marketing with these small small uh subsegments.
Answered
High priority
Leverage and deleveraging plans, debt reduction guidance.
Asked by Karthi, Suesh Advisors
Provided current net debt/EBITDA ratio and a target of below 2x in current year.
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Question
So two questions. One is are you looking at the consolidation of the aluminium business as a way to deleveraging or do you believe that there are other ways to reduce debt? Some concrete guidance on that would be helpful.
Management (likely Shrinivas Rai)
It will be more to fund our future investments maybe but I think this debt portion of it debt to IITA wise if you look at it the forwardlooking IATA I think we are uh already at 2.43 debt to net debt to AIA. So we are be looking at um going forward it'll be less than two I would say uh in the coming in the the current year itself totally.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Alloy wheel revenue last financial year around 280 crores | ₹280 cr | ₹2,226 cr | Understated vs filing |
| Aluminium business revenue approx 6500 cr in FY27 | ₹6,500 cr | ₹2,226 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.