Questions across 2 calls

Abhijeet Singh

ICICI Securities

KEC International Limited

KEC International Limited CC-Dec24.pdf · 2025-02-04

Yes. Thank you for the opportunity. Sir my question is on our expectation of margin expansion in FY '26 by about 150 to 200 bps. Sir, what is the incremental delta that will lead to such kind of expansion? Like we have mentioned we are already about doubl e digit in T&D. And the other bigger piece in the order book is civil. So, do we expect civil margins to catch up or something else?

Right, sir. Sir also on the railway side, like last two quarters we have seen the order book inching up sequentially after a fall of about five to six quarters. And nine months order inflow has been dominated by the Kavach orders. Sir, what gives us confidence that these orders from railways are better in terms of the working capital profile compared to what we saw in the last two years?

Jupiter Wagons Limited

Jupiter Wagons Limited CC-Dec24.pdf · 2025-01-30

Yes, thank you for the opportunity, sir. So, my question is, we've been talking about pretty strong demand coming in from the wagon segment, both the Indian railways and the private side. What could be a key risk that these orders, the demand that we anticipate of around 35 to 45k per annum? That is the risk of this number not coming through or getting delayed beyond a point because as I understand all these orders are quite lumpy. The last huge order we got was about two years back. So, I mean there is no regularity in terms of the ordering from both these pockets. So, what could be a key risk that could lead to a delay in orders or maybe orders not meeting our expectation of this kind of huge demand?

Right. So, you're saying that by FY26 end we will be able to execute the previous cycle of orders that we got?