Any current/future new fundraising through debt or equity?

There is no mention of any current or future fundraising plans through debt or equity in the transcript. The company completed an IPO in September 2024 and has already deployed about 84% of the IPO proceeds. Approximately INR 90 crores of the IPO proceeds were utilized for loan repayment. Remaining IPO proceeds (16%) are planned to be deployed within FY26 primarily for capital expenditure. No statements or discussions during the call indicate plans for new debt or equity fundraising beyond this utilization of IPO proceeds.

Any current/future capex/capital investment/strategic investment?

INR24 crores spent on the extruded axle and machining setup, which will be operational by Q4 FY26 (January onwards). Additional sizable expansions including a new foundry line and new presses already in production. Growth capex excluding seamless tube plant amounts to approximately INR150 crores (spent from October 2024 till now). Seamless tube project planned at approximately INR170 crores, expected to generate revenue from FY28 onwards. Tipping jack project initiated, with production started November 2025, targeting 300-400 units/month in FY27, translating to ~INR50 crores annual top

Future growth expectations in sales/revenue/volumes?

Kross Limited experienced flat revenue growth post-IPO, with H1 FY26 revenues declining 5.3% YoY, reflecting a subdued industry environment. Management remains optimistic about future growth, aiming to regain momentum through technological enhancements and new product lines like tipping jacks and extruded beams. The tipping jack production started in November 2025, targeting approximately 600 units in FY26 and 300-400 units/month in FY27, translating to ~INR50 crores top-line addition annually. OEM production volumes increased around 20-25% in October 2025, signaling industry recovery and expe

Future growth expectations in earnings/operating earnings/profits/EPS?

Kross Limited remains optimistic about future growth despite recent challenges, emphasizing cyclical industry nature. New product lines (tipping jacks, extruded beam) and capacity expansions are key drivers expected to boost growth. Extruded axle plant to be operational by Q4 FY26, enhancing axle capacity by 50%. Seamless tube unit project (~INR170 crores capex) scheduled to contribute from FY28 onward. Export business is gaining momentum; exports grew 24% YoY in H1 FY26, targeting 5% revenue contribution in FY26 and double-digit by FY27. Margins are expected to improve with new projects and e

Current/ Expected Orderbook/ Pending Orders?

For tipping jacks, initial production started in November 2025 with expected sales of 450 to 600 units in the first three months (Dec-Feb) and at least 600 units in the entire financial year. Target for FY27 for tipping jacks is 300 to 400 units per month, translating to approximately INR 50 crores top-line addition annually. Discussions with all customers and partners have been completed regarding new products. For exports, purchase orders from a leading European large Tier-1 company have been secured; sample dispatch and final supplier approval expected in Q3 FY26, with revenues expected fro

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Kross LtdQ3 FY25Auto Components

Kross Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹188P/E: 22.1Market Cap: ₹1.2K CrSector: Auto Components

Management growth scorecard

Revenue

Category 3

Margin

Category 1

Fundraise

N/A

Order

Yes

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Kross Limited experienced flat revenue growth post-IPO, with H1 FY26 revenues declining 5.3% YoY, reflecting a subdued industry environment.
→Management remains optimistic about future growth, aiming to regain momentum through technological enhancements and new product lines like tipping jacks and extruded beams.
→The tipping jack production started in November 2025, targeting approximately 600 units in FY26 and 300-400 units/month in FY27, translating to ~INR50 crores top-line addition annually.
→OEM production volumes increased around 20-25% in October 2025, signaling industry recovery and expected pickup in tractor-trailer segment sales.
→Expansion projects underway include a significant seamless tube project (~INR170 crores) expected to contribute from FY28.
→Overall, the company expects significant growth in H2 FY26 compared to H1, supported by favorable market conditions, new products, and capacity expansions.
→Export growth is also strong, targeting 25-30%+ revenue increase.
→Margin improvement towards ~15% is anticipated with new projects and exports scaling.

Margin guidance

Category 1

→Kross Limited remains optimistic about future growth despite recent challenges, emphasizing cyclical industry nature.
→New product lines (tipping jacks, extruded beam) and capacity expansions are key drivers expected to boost growth.
→Extruded axle plant to be operational by Q4 FY26, enhancing axle capacity by 50%.
→Seamless tube unit project (~INR170 crores capex) scheduled to contribute from FY28 onward.
→Export business is gaining momentum; exports grew 24% YoY in H1 FY26, targeting 5% revenue contribution in FY26 and double-digit by FY27.
→Margins are expected to improve with new projects and export expansion, targeting around 15% margin in 1-2 years.
→FY27 tipping jack production expected at 300-400 units/month translating to approx. INR50 crores top-line addition annually.
→Management aspires to sustain past CAGR growth rates over the medium term while focusing on technological enhancements.

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Fundraise plans

→There is no mention of any current or future fundraising plans through debt or equity in the transcript.
→The company completed an IPO in September 2024 and has already deployed about 84% of the IPO proceeds.
→Approximately INR 90 crores of the IPO proceeds were utilized for loan repayment.
→Remaining IPO proceeds (16%) are planned to be deployed within FY26 primarily for capital expenditure.
→No statements or discussions during the call indicate plans for new debt or equity fundraising beyond this utilization of IPO proceeds.

Order book

Yes

→For tipping jacks, initial production started in November 2025 with expected sales of 450 to 600 units in the first three months (Dec-Feb) and at least 600 units in the entire financial year.
→Target for FY27 for tipping jacks is 300 to 400 units per month, translating to approximately INR 50 crores top-line addition annually.
→Discussions with all customers and partners have been completed regarding new products.
→For exports, purchase orders from a leading European large Tier-1 company have been secured; sample dispatch and final supplier approval expected in Q3 FY26, with revenues expected from FY27.
→Overall export orderbook improving with confirmed orders and new product approvals underway.
→OEM and Tier-1 orders are ongoing, with H2 FY26 visibility considered good from OEMs and Tier-1 suppliers as of Nov 2025.

Capex plans

Yes

→INR24 crores spent on the extruded axle and machining setup, which will be operational by Q4 FY26 (January onwards).
→Additional sizable expansions including a new foundry line and new presses already in production.
→Growth capex excluding seamless tube plant amounts to approximately INR150 crores (spent from October 2024 till now).
→Seamless tube project planned at approximately INR170 crores, expected to generate revenue from FY28 onwards.
→Tipping jack project initiated, with production started November 2025, targeting 300-400 units/month in FY27, translating to ~INR50 crores annual top line.
→Around 85% of IPO proceeds already deployed, mainly on capital expenses and loan repayment.
→Capital investment focuses on expanding in-house production rather than outsourcing, to maintain margin control and capacity growth.

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