August 5, 2026 Continued strong performance despite headwinds from the war. Management continues to be bullish in the foreseeable future. Footwear business is turning around. Had to face higher raw material cost and higher labour costs (due to wage code) in the quarter but structurally is on the uptrend. Continued significant discussions with clients across … Read more
October 28, 2024 Okayish performance. For last 2 years, company has reported flattish EBITDA. This is testing investors patience. Strategy to focus on large customers + inorganic growth has not really yielded any dividends so far. Management believes that they are on the right path but doesn’t expect significant results in the short term. It … Read more
February 17, 2025 Muted Q3 performance as compared with the expectations set by the management in the previous quarter. Cost pressures and hence margins declined. Freight costs and raw material costs were the reasons. Again management has guided for a better Q4 performance. As against expected revenues of Rs 600 crore in FY 25 full … Read more
February 10, 2025 Muted quarter for the Company due to industry headwinds. Performance was below management’s own expectations. No structural issues as such and the under performance was driven mostly by external factors. January management saw a better overall environment. November 8, 2024 Okaish stable quarter. Company continues to grow gradually but surely on all … Read more
August 1, 2026 Performance under recovery. Some global challenges remain but Company seems to be managing it well. Record sales; high profitability sustained despite disruptions. Management framed Q1 as disrupted by supply chain and logistics rather than demand Management quantified “about two weeks” of production lost due to upstream supply disruption (a key Indian supplier … Read more
January 28, 2026 Company continues to build from strength to strength across all its businesses. In TTM , revenues grew by 21% and profits by 80%. During last 3 years these numbers were 27% and 44% respectively. Revenue growth is lower (though attractive) due to higher base whereas profits higher (due to the nature of … Read more
January 30, 2026 During TTM, revenues grew by 18% and PAT by -2%. Revenues growth has been due to continued decent auto industry growth. A part of revenue growth is also contributed by increasing copper prices. Copper prices are a complete pass through to customers though with a lag of 1-2 quarters Other key takeaways … Read more
April 29, 2025 Churn continues to be high Growth is coming from ARPU and will continue to remain so in the foreseeable future. Management is guiding for a 10% kind of growth due to ARPU. Ideal scenario is if 10% customer can also be added annually, which management is trying but has not succeeded so … Read more
November 8, 2024 Challenging Q2 due to industry headwinds impacting growth and margin Margins came significantly lower at 7% due to incentives, lower operating leverage and inventory losses Management expects a better H2 Volume growth guided at 8-10% for full year FY25 At a sustainable level, continued to guide operating margins of around 12% Bathware … Read more