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15 days ago

#SME #PPEL #PoojaaPrecision #PoojaaPrecisionEngineering Poojaa Precision Engineering Limited H1 FY27 Concall Highlights: 👉H1 FY27 & Future Outlook : ▫️Revenue from operations ₹210 Cr, up 68% YoY; EBITDA ₹40 Cr, up 73% YoY; PAT ₹25 Cr, up 88% YoY 💠H1 FY26 base: revenue ~₹125 Cr, EBITDA ₹23 Cr, PAT ₹13 Cr 💠EBITDA margin ~19%, PAT margin ~12%, ROE ~25% ▫️FY27 revenue growth guided at ~50% over FY26 (₹294 Cr); FY28–FY30 growth guided at 30–35% CAGR 💠Target annual turnover of ~₹1,000 Cr by FY30 💠Revenue path cited as ~₹630–640 Cr next year, ~₹800–820 Cr the year after, and ~₹1,000 Cr by 2030 ▫️Margin outlook: management expects fixed costs of the new plant to be already absorbed, with future costs largely variable 💠No startup-related margin dip expected; no exact margin range given beyond current levels 💠Gross margin down from ~59% to ~53% YoY, attributed to a shift toward larger components (40–80 kg vs 1–9 kg earlier) ▫️Revenue per tonne up ~39–40% in H1: ~8–9 percentage points from raw material escalation, balance from product mix 💠Aluminium moved from ~$2,800/t to ~$3,300/t; management says the full cost is passed through to customers and does not hit the P&L ▫️Working capital: inventory ~₹60 Cr against last month's sales of ₹42 Cr 💠Die stock ~₹20 Cr; die sales ~7–8% of top line, so a small die stock will persist 💠Normal inventory cycle of ~1 month expected to reduce further 👉Order book / projects and pipeline : ▫️Order book ~₹1,180 Cr 💠Mix: ~52% auto (two-, three-, four-wheeler and commercial vehicles), ~48% engineering and non-auto 💠Execution path: ~₹630–640 Cr next year, ~₹800–820 Cr the year after 💠New business added at ~₹160–180 Cr each year over the last three years; RFQ pipeline above ₹2,000 Cr at an 8–10% strike rate ▫️Unit III expansion: 💠Status: 20% of new capacity (~110 t per month) already added; full machine delivery targeted by September 2027 💠Capacity: melting from ~13,800 MTPA to 28,800 MTPA; casting and machining from ~6,000 MTPA to 12,600 MTPA by September 2027 💠Funding: IPO proceeds of ~₹1,598 Mn; capex amount not disclosed on call 💠Revenue potential: capacity built to support ~₹1,000 Cr turnover by FY30 💠Current utilisation ~82% including the expanded capacity (monthly capacity ~610 t; September output ~480 t) ▫️Defence and aerospace: 💠HAL has approved the company for prototype parts; Indian Air Force has approved it after audit and a vendor code issued 💠Certifications required; minimum four years to commercial production, with initial quantities low 💠Defence to be served from Unit III; aerospace from Unit IV (four years out) 💠Alloys: aluminium and aluminium-magnesium ▫️Magnesium components (R&D): 💠Prototyping started; magnesium and aluminium-magnesium strategy to be finalised over the next two years ▫️Customers and exports: 💠Customer count rose to 58 in H1 FY27 from 39 in FY24; five Fortune 500 companies cited as customers (names under NDA) 💠Indirect exports via Indian OEMs at present; direct exports to OEMs expected over the next few years 👉Q&A : ▫️Seasonality: management says the business is tender-based, not seasonal; H2 was ~57% of FY26 revenue, versus 43–47% for H1 historically ▫️Segment margins: auto EBITDA margin ~19%, non-auto ~24%; non-auto contributes ~60% of margin ▫️Revenue mix: auto ~62% and non-auto ~38% in H1 FY27 (FY26: 72:28); long-term target of 33:33:33 across auto, EV and engineering ▫️Energy segment: revenue rose from ~₹17 Cr to ~₹48 Cr in H1, already above FY26's ~₹31 Cr; management frames this as Fortune 500 tender-based business ▫️Alloy sourcing: ~40% bought as primary alloy and converted in-house; ~60% bought as ready-made alloys from customers' validated suppliers ▫️Offloading (~10% of revenue, within other expenses): simple components and surface treatment are outsourced; critical machining stays in-house ▫️Process mix: GDC ~70%, LPDC ~25%, HPDC ~5%; HPDC retained as a customer support process ▫️Win drivers: technology, capability and infrastructure, rather than price alone; company says it is typically among the top two vendors for key customers 👉Others : ▫️Balance sheet: D/E 0.08x, current ratio 4.18x, ROCE 36%, ROI 22% ▫️Debt: management plans to repay the entire loan by the second quarter, with minimal finance cost thereafter ▫️IPO: ₹1,598 Mn raised at ~259x subscription on BSE SME; deployment progressing per schedule ▫️Competitive edge: integrated in-house tooling, casting, machining, surface treatment and testing (CMM, spectro, radiographic, helium leak)

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