Vande Bharat sleeper delivered, order book hit Rs.15,900cr all-time high and exports $107M record, but Rs.250cr legacy corrections halved PAT 50%.

Fy26 20 growth confidence — answer hedged.

1 weak · 5 clean — pushback across 1 of 6 Q&A turns

Focused evidence 1 of 6

Ankit D · RNM Capital Trustweak

Q4 executable order book and FY26 20% growth confidence?

in the next 50 days, we will endeavor to meet the 20% guidance. We are working on it, but at present, it will -- only be speculation if I give a number. It will not be correct on my part to give a number. We are trying; even in a capital goods industry, a growth of 10% CAGR, 10% to 15% is pretty decent. So we will try to reach 20%.

▸ Other Q&A (5)

Amit Anwani · PL Capital

Rolling stock capacity expansion pipeline and timeline?

current capacity, if we take a look at the average in terms of the number of coaches per year, it is between 200 to 250. Our current order book itself is 1,400 cars. This new capacity, Phase 1, which in all likelihood will enable us to add 300 cars more in our capacity, and the Phase 2, as and when it comes, we will be in a position to do 800 cars per annum from there.

Ankit D · RNM Capital Trust

Q3 profitability hit explanation?

this quarter, in the quarter 3, the profitability has gone down mainly because of one factor, wherein we brought in a correction for one metro project where we had to restart the project. The project was in a limbo and that's the reason we had to provide for INR80 crores, around INR80 crores.

Prathamesh · Elara Securities India Private Limited

Bhopal capex funding plan?

for the Bhopal project, INR1,500 crores, obviously, we'll not be putting our capex. So, we'll do it through debt financing. And as I mentioned, we'll do it in phases. And the first phase debt financing, it should happen maybe the financial closure another couple of months from now.

Amit Anwani · PL Capital

Defense pipeline status — RFI conversions over next 12 months?

in Defense we have an order pipeline of high-mobility vehicles for at least, you know, 1,000 crores. Then as far as the strategic systems are concerned, the engineered equipment, there is -- the requirement that is coming out, it will be around 1,000 to 1,500 crores. Then there is a requirement for combat engineering bridging systems; it will be again in the range of -- it will be around 45 to 47 bridging systems that will be needed. So it should be again more than 1,000 crores.

Nemish Sundar · Elara Securities India Private Limited

Working capital guidance FY26?

Our endeavor is to reduce the inventory by at least 20%. And we are doing it on a war footing. The next component of working capital is the debtor. There, things may not be in our control totally. So, there we may not be able to make much progress, but at least the inventory we will endeavor to bring it down by 20%.

▸ Prepared remarks (5 blocks)

To give you an overview of our performance in the third quarter, the revenue from sales has grown by around 24% year-on-year. There has been a commensurate growth in the value of production, and the employee remuneration -- has gone down.

The inventory in terms of number of days of the VOP has gone down. The working capital also in terms of the number of days has gone down. There has been a reduction in the total number of employees from 4,798 up to December '24 to 4,622 up to December '25. And there is a positive in value added per employee.

The challenging part has been the dip in the profit, the PBT, the PAT, and the EBITDA, and the total comprehensive income. We are in the last quarter now, and the current order book that we have is more than INR16,000 crores -- in fact, it is INR16,300 crores, out of which 68% is from Rail and Metro, 25% is from Defense, 7% is from Mining and Construction. In the balance period of the current financial year, we expect that we will cross INR20,000 crores in order book. And we will try to have a growth in revenue as per the guidance that has been given till now.

we have recently, in the last board meeting, approved an investment of INR1,500 crores for the Bhopal plant for rolling stock. This investment will be in two phases. The first phase will be around INR900 crores, second phase will be around INR600 crores, and these numbers are including GST. The first phase itself will make the plant fully operational, and we will be able to enhance our current capacity of rolling stock by at least 300 cars per annum.

Foremost among them is the Tunnel Boring Machine, which is the need of the hour for the country for all the infra projects including the metro, the high-speed project, the road projects. We will be starting with the 6.5-meter diameter Tunnel Boring Machine, which will be exclusively used in the metro projects. We are also diversifying into maritime cranes for port operations as well as shipbuilding. There is a huge visibility of this particular product, at least INR5,000 crore per annum can be the revenue once it reaches its complete potential.

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