Any current/future new fundraising through debt or equity?

Thaai Casting Limited is planning to enhance working capital with a modest increase in debt. Recently requested an additional INR 5 crores from bankers for working capital. Total debt currently is around INR 62 crores; expected to increase by INR 8-10 crores due to new machinery and capex. Post increase, total debt expected to be around INR 77-80 crores by end of FY25. The additional debt is primarily to fund capex for new projects and machinery to support business growth over the next 5 years. No mention of any new equity fundraising plans in the current discussion. Capacity and equipment inv

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

Capex is ongoing and essential for growth, mainly for upgrading or acquiring new machines to support tougher operations, higher precision, and new business models. Recent investments include machinery like INR1.4 crore secondary operation machines imported from Turkey, expected to start revenue contribution by June-July next year. INR70-75 crore capex planned for wind energy business, with machinery delivery timelines of 15-16 months, installations targeted by September 2025. Gas nitriding vertical has three furnaces; all operational with increasing production and utilization. Robotics impleme

Future growth expectations in sales/revenue/volumes?

Targeting revenue of INR220-225 crores for FY25-26, with conservative estimates around INR190-200 crores due to some delays. Order book of around INR350 crores with INR190-200 crores expected to be executed in the next 12 months. Revenue from wind energy business to start from FY26-27, with capex of INR70-75 crores already underway. Gas nitriding service business started revenue recently, contributing around INR9 crores monthly. Focus on increasing automotive segment revenue from 60% aiming for further growth, while balancing with higher-margin non-automotive segments. Planned scalin

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

Revenue target for FY 2025-26 is INR 220-225 crores, with a conservative estimate currently at INR 190-200 crores due to delays. EBITDA margin guidance for FY 2025-26 is maintained around 25-27%, with potential to catch up to near 27%. Net profit margins expected to stay stable around 9.89%-11%. Operating margins have decreased from ~29%-30% to ~25% due to a higher share of automotive parts with lower margins. Future growth driven by expansion in automotive passenger vehicle segment (95% focus), wind energy components from FY 2026-27 onwards, and new verticals like gas nitriding services. EPS

Current/ Expected Orderbook/ Pending Orders?

The total order book is around INR 350 crores. Orders for the next 12 months are significant but the exact breakup is not specified. INR 154 crores order book is domestic, possibly for passenger and commercial vehicles. An existing INR 220 crores order secured in February is part of the ongoing enhancements, expecting INR 90+ crores from it this year. Order execution timeline spans the next 60 to 80 months, covering 3 to 5 years after production start. Additional orders under negotiation, some LOIs signed, awaiting purchase orders, mostly smaller than INR 150 crores. Strong pipeline from exist

IN US

ThaaiQ3 FY25Auto Components

Thaai Q3 FY25 Earnings Call Analysis

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

Price: ₹119P/E: 22.8Market Cap: ₹291 CrSector: Auto Components

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Targeting revenue of INR220-225 crores for FY25-26, with conservative estimates around INR190-200 crores due to some delays.
→Order book of around INR350 crores with INR190-200 crores expected to be executed in the next 12 months.
→Revenue from wind energy business to start from FY26-27, with capex of INR70-75 crores already underway.
→Gas nitriding service business started revenue recently, contributing around INR9 crores monthly.
→Focus on increasing automotive segment revenue from 60% aiming for further growth, while balancing with higher-margin non-automotive segments.
→Planned scaling in part sizes in auto segment, from current 6 kg parts targeting up to 9 kg parts.
→Investments planned to support growth over next 5 years, including capex for machinery and robotics for automation.
→Expansion to exports expected from next year onwards to grow international footprint.

Margin guidance

Category 3

→Revenue target for FY 2025-26 is INR 220-225 crores, with a conservative estimate currently at INR 190-200 crores due to delays.
→EBITDA margin guidance for FY 2025-26 is maintained around 25-27%, with potential to catch up to near 27%.
→Net profit margins expected to stay stable around 9.89%-11%.
→Operating margins have decreased from ~29%-30% to ~25% due to a higher share of automotive parts with lower margins.
→Future growth driven by expansion in automotive passenger vehicle segment (95% focus), wind energy components from FY 2026-27 onwards, and new verticals like gas nitriding services.
→EPS is expected to grow with increasing revenues; current H1 FY25 EPS is 2.15.
→Continuous investments in automation, robotics, and capital expenditure (~INR 70-75 crores for wind energy) to support growth and productivity.
→Working capital and debt expected to increase moderately with expansion but geared towards stable long-term growth.

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Fundraise plans

Yes

→Thaai Casting Limited is planning to enhance working capital with a modest increase in debt.
→Recently requested an additional INR 5 crores from bankers for working capital.
→Total debt currently is around INR 62 crores; expected to increase by INR 8-10 crores due to new machinery and capex.
→Post increase, total debt expected to be around INR 77-80 crores by end of FY25.
→The additional debt is primarily to fund capex for new projects and machinery to support business growth over the next 5 years.
→No mention of any new equity fundraising plans in the current discussion.
→Capacity and equipment investments are ongoing, with financing managed through incremental debt and banking facilities.

Order book

Yes

→The total order book is around INR 350 crores.
→Orders for the next 12 months are significant but the exact breakup is not specified.
→INR 154 crores order book is domestic, possibly for passenger and commercial vehicles.
→An existing INR 220 crores order secured in February is part of the ongoing enhancements, expecting INR 90+ crores from it this year.
→Order execution timeline spans the next 60 to 80 months, covering 3 to 5 years after production start.
→Additional orders under negotiation, some LOIs signed, awaiting purchase orders, mostly smaller than INR 150 crores.
→Strong pipeline from existing customers for model launches of 2026 and 2027.
→The company expects to complete about INR 125 crores revenue this year and target INR 190 crores next year from the order book.

Capex plans

Yes

→Capex is ongoing and essential for growth, mainly for upgrading or acquiring new machines to support tougher operations, higher precision, and new business models.
→Recent investments include machinery like INR1.4 crore secondary operation machines imported from Turkey, expected to start revenue contribution by June-July next year.
→INR70-75 crore capex planned for wind energy business, with machinery delivery timelines of 15-16 months, installations targeted by September 2025.
→Gas nitriding vertical has three furnaces; all operational with increasing production and utilization.
→Robotics implementation is in progress, targeting 30-40% increased automation next year to enhance productivity and reduce manpower.
→Working capital enhancements planned with additional INR5 crore requested from banks.
→Overall machinery investments expected to add around INR8-10 crore, supporting business for at least 5 years.
→New investments are "captive" to specific projects, contributing to incremental revenue and margins.

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