Neetu Yoshi reported a 52.03% year-on-year increase in profit after tax (PAT) to ₹25.01 crore for the financial year ended March 31, 2026. The company crossed the ₹100 crore revenue mark for the first time, with total income rising 43.47% to ₹101.59 crore.

The results reflect a strategic shift from wagon-only components to a broader portfolio including coach, track, and locomotive parts. Management highlighted that direct sales to Indian Railways surged significantly in the first half of the year, contributing to the bottom-line expansion.

Financial Performance

Revenue from operations grew 39.3% to ₹98.35 crore, while EBITDA rose 44.6% to ₹33.87 crore. The EBITDA margin remained stable at 33.34%, compared to 33.09% in the previous year. Profit before tax increased 49.5% to ₹30.16 crore.

Momentum accelerated in the second half of the fiscal year. Total income for H2FY26 grew 56.61% to ₹55.63 crore, while PAT for the period rose 58.61% to ₹13.47 crore.

What the Numbers Show

Other income saw a sharp increase, jumping from ₹0.22 crore in FY25 to ₹3.24 crore in FY26. This represents a significant contribution to total income, accounting for approximately 3.2% of the top line, up from negligible levels previously. This surge, largely driven by interest income on unutilised IPO proceeds held in deposits, bolstered the overall profitability alongside operational growth.

Balance Sheet and Cash Flow

The company became effectively debt-free during the year, supported by internal accruals and the deployment of IPO proceeds. Total assets expanded from ₹63.51 crore to ₹147.68 crore, reflecting the capital infusion from the July 2025 initial public offering, which raised ₹77.04 crore.

Approximately ₹57.67 crore of the IPO proceeds had been utilised by year-end, primarily towards setting up a new manufacturing facility in Haridwar. The current ratio improved sharply to 5.96 from 1.96, indicating strong liquidity backed by cash reserves and term deposits.

Strategic Diversification

Neetu Yoshi broadened its product portfolio beyond wagons into critical components for coaches, tracks, and locomotives. Key approvals secured during the year include:

• Integral Coach Factory (ICF) approval for coach Buffer Assembly.
• Rail Coach Factory (RCF) approval for FIAT-bogie Brake Support.
• Fresh RDSO registration for manganese-steel liners and wear plates.

Direct sales to Indian Railways in the first half of FY26 rose to ₹13.24 crore, up from ₹1.83 crore in the corresponding period of the previous year. The company secured over ₹150 crore in purchase orders during the year, maintaining an order book in excess of ₹160 crore.

Outlook

Management guided for revenue of approximately ₹210 crore to ₹220 crore for FY27, with PAT margins expected to remain around 25% as the new Haridwar bogie facility ramps up operations from June 2026. The company aims to evolve into a complete railway-engineering partner, supplying integrated solutions like complete bogies and couplers.

Neetu Yoshi approved the allotment of 26,42,400 convertible warrants on a preferential basis during its board meeting on August 27, 2026. The company submitted a revised disclosure to the Bombay Stock Exchange on August 31, 2026, incorporating additional details sought by the exchange regarding the outcome of the meeting.

The warrants were issued at a price of ₹104 per warrant, resulting in total proceeds of approximately ₹27.48 crore. The issue was fully subscribed by promoters and non-promoter investors. An amount equivalent to 25% of the issue price was received from investors prior to allotment.

Issue Details

Each warrant is convertible into one equity share of face value ₹5. Investors can exercise the conversion option at any time during the 18-month period from the date of allotment. The company will intimate the exchange upon conversion or lapse of the instrument.

Key Investors

The allotment was distributed among 33 investors. Key participants include:

Subodh Lohia received the largest allocation, accounting for roughly 22% of the total issue size. Venturex Fund I and Swastika Investmart Limited followed with significant stakes.

Regulatory Compliance

The issuance complies with Regulation 164 of Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The price was computed in accordance with these provisions. Shareholders had previously granted approval for the issue at an Extraordinary General Meeting held on May 25, 2026. BSE in-principle approval was received on August 14, 2026.

The revised disclosure was submitted pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following a communication from BSE Limited seeking additional details.