Saakshi Medtech & Panels LtdQ3 FY25Electrical Equipment

Saakshi Medtech & Panels Ltd

Q3 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→The company targets revenue of around Rs. 140 crores for the current financial year FY'26, with H2 expected to outperform H1 by roughly 15%.
→Significant growth drivers include aerospace and EV business segments, showing strong momentum and new opportunities.
→The aerospace segment has seen nearly a 7-fold growth in H1 FY'26 compared to H1 FY'25 and is expected to contribute up to 20% of revenue within a couple of years.
→Radiator business is set to contribute significantly starting FY'27, supported by a new facility and early customer interest.
→Order book visibility is typically quarterly; currently, about Rs. 50 crores of orders for the ongoing quarter, with defense orders being a small portion (~5%).
→Further growth is anticipated from value-added processes and new customer acquisitions, particularly in aerospace and radiator segments.
→Overall, medium-term growth is expected to be robust, driven by expanded certifications, new product qualifications, and market expansion.

Margin guidance

Category 3

→The company expects approximately 15% revenue growth in H2 FY'26 compared to H1 FY'26.
→For FY'27 and beyond, growth drivers include aerospace and radiator businesses expected to significantly boost revenues.
→Aerospace segment is anticipated to contribute around 20% of revenue within the next couple of years with better-than-20% EBITDA margins.
→Radiator business margins are expected around 20% once scaled.
→EBITDA margins improved to around 18.7% in H1 FY'26 and are expected to sustain at similar levels in the near term.
→Operating leverage and new high-margin segments (aerospace, radiators) are key margin expansion drivers.
→No exact EPS guidance or numeric profit forecasts were provided, but stable margin trends with ongoing revenue growth are projected.
→The potential revenue target from current assets gross block (~Rs. 147 crores) could be around Rs. 500 crores, implying a 3x asset turnover long term.

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Fundraise plans

→No significant new CAPEX is planned going forward; only around Rs. 5 crores anticipated for completion of the new facility.
→The company does not intend to raise additional debt; any future investment will be funded through internal cash flows.
→Current increase in long-term borrowings was due to term loans utilized for constructing the first floor of a newly acquired facility.
→No plans for equity fundraising or employee stock options as per current disclosures.
→The management emphasizes prudent financial discipline with focus on organic growth and operational efficiency rather than external fundraising.

Order book

Yes

→Current quarter order book stands at approximately Rs. 50 crores.
→Defense portion forms about 5% of the current order book.
→The Mahindra EV Panel's 5-year order remains intact with ongoing execution; Rs. 10 crores executed from Feb '24 to Sept '25, with around Rs. 230 crores pending over the next 4 years.
→The company typically has rolling quarterly visibility on orders rather than a long-term order book.
→Discussions and activities are ongoing with customers like Siemens and GE Vernova; however, order flows from these are expected only in the next 6 months or later.
→Order inflows depend on quarterly contract renewals with most OEMs.

Capex plans

Yes

- Current CAPEX includes ongoing infrastructure build-out with Rs. 15 crores invested and Rs. 9.4 crores in CWIP (Page 5). - New term loans have been taken for constructing the first floor of the newly acquired facility (Page 10). - Final CAPEX of around Rs. 5 crores is expected for completing the new facility, which consolidates three previous locations (Page 10). - No significant new CAPEX is planned beyond this as future expansion and growth will be funded mainly through cash flows generated by the business, without additional debt (Page 10). - Investments include certifications and qualifications for aerospace business, e.g., AS9100 and ongoing NADCAP certification, enabling future exponential growth in aerospace vertical (Page 12). - Focus on automation and operational efficiency enhancements at the consolidated facility (Page 10). In summary, near-term capital investments are focused on facility consolidation, aerospace certification, and automation, with no large future CAPEX anticipated beyond Rs. 5 crores.

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