Quality of earnings, 13-week cash, leverage runway, working-capital unlock and the levers behind margin quality and low-leverage discipline.
Net debt of ₹109 Cr sits at just 1.00× EBITDA against the ~3.0x ceiling — a strong, low-leverage balance sheet (D/E ~0.22) held while funding growth capex. For a high-turnover trading house, inventory + receivables funding is the real capital story: normalizing DSO to 45d releases ≈ ₹87 Cr and clears ₹45 Cr of overdue receivables, protecting the record ₹78 Cr PAT earned on a thin ~2.4% EBITDA margin.
6 of 8 headline metrics improving vs prior · still off target: Total Revenue ₹4,529 Cr vs ₹4,800 Cr, EBITDA ₹109 Cr vs ₹125 Cr, EBITDA Margin 2.4% vs 2.8%
Pass-through pricing & hedging; shift mix to value-added supply, recycling & higher-margin lines.
Metals is ~40% of revenue at ~2.0% EBITDA; a commodity-price swing compresses an already-thin spread.
Closing the DSO gap releases ≈ ₹87 Cr of one-time cash — the key capital lever for a working-capital-intensive trading house; ₹45 Cr is already >60 days overdue and at collection risk.
Tighten debtor days, accelerate collections & optimise inventory to free working capital.
Total assets ₹2,060 Cr on ₹4,529 Cr sales; debtor days 52 + inventory funding tie up working capital.
Unbanked EBITDA & capex-ROI until captured.
₹17 Cr of normalization + annualization to a run-rate ₹126 Cr — the audit-grade walk.
Trading margin / mix quality and working-capital efficiency plus the new-energy & recycling ramp vs. the −5% auto-demand revenue softness — revenue down, profit up to a record ₹78 Cr.
Net weekly cash (bars) and ending cash (line) vs. ₹30 Cr minimum. Forecast trough: ₹50 Cr.
Net Debt/EBITDA deleveraging path against the 3.0x lender covenant ceiling.
Normalizing laggard divisions to a 50-day DSO releases ~₹14 Cr of one-time cash.
Concentrated in the newer engines (Rare Earths TREI, Circular Economy & recycling, Green Energy) and the export book where project-milestone billing and ramp-phase terms lag the mature steel-service & JIT-parts book — the fastest cash win this fiscal year.
Contracted Toyota-group / OEM supply revenue growth and where EBITDA is generated (MODELED ~64% of revenue).
Total AR ₹645 Cr
Overdue (>60d) = ₹45 Cr at collection risk.
Accounts ranked by DSO and credit/churn risk.
| Account | Revenue | DSO | Repeat | Credit/Churn |
|---|---|---|---|---|
| Metals & industrial customers | ₹560 Cr | 55d | 99% | Medium |
| Tier-1 / component makers | ₹640 Cr | 54d | 103% | Low |
| Other OEMs (Hyundai / Tata / …) | ₹700 Cr | 52d | 101% | Medium |
| Maruti Suzuki | ₹620 Cr | 50d | 102% | Low |
| Chemicals / electronics customers | ₹359 Cr | 50d | 104% | Low |
| Toyota Kirloskar Motor (TKM) | ₹1650 Cr | 48d | 100% | Medium |
EBITDA growth, DSO normalization and group-integration capture (as-established → current).
| Capability / entity | Est. | Revenue | EBITDA | DSO | Digital | Synergy | Status |
|---|---|---|---|---|---|---|---|
| Chemicals & Electronics (NEXTY) | 2008 | ₹470 Cr | 2% → ₹20 Cr | 60→50d | 92% | 84% | Integrated |
| Rare Earths (TREI) | 2009 | ₹210 Cr | 5% → ₹46 Cr | 70→55d | 78% | 66% | In progress |
| Auto Parts & JIT Logistics | 2010 | ₹1360 Cr | 3% → ₹35 Cr | 58→50d | 96% | 90% | Integrated |
| Steel Service Centre (TTSS) | 2015 | ₹1180 Cr | 3% → ₹36 Cr | 62→52d | 90% | 86% | Integrated |
| Circular Economy & Recycling | 2015 | ₹320 Cr | 4% → ₹40 Cr | 65→54d | 70% | 62% | In progress |
| Airbags & Safety (TASI) | 2016 | ₹260 Cr | 6% → ₹26 Cr | 55→48d | 88% | 80% | In progress |
| Green Energy (CleanMax Toyotsu) | 2025 | ₹60 Cr | 18% → ₹12 Cr | 60→58d | 45% | 30% | In progress |
Principal / supplier spend, DPO (working-capital lever), delivery and risk.
| Supplier | Category | Spend | DPO | OTIF | Score | Risk |
|---|---|---|---|---|---|---|
| Steel & metals producers (domestic + import) | Steel & metals | ₹1700 Cr | 45d | 95% | 86 | High |
| Toyota-group / Japanese parts principals (JIT / CKD) | Auto parts & CKD | ₹1150 Cr | 40d | 97% | 90 | Medium |
| Chemicals & materials principals | Chemicals & materials | ₹550 Cr | 50d | 93% | 85 | Medium |
| Electronics / semiconductor principals (NEXTY) | Electronics & semiconductors | ₹380 Cr | 55d | 92% | 84 | High |
| Logistics & freight partners (TTBIL / TVSTTS) | Logistics & freight | ₹300 Cr | 42d | 96% | 87 | Low |
| Machinery / equipment & energy OEMs | Machinery & equipment | ₹230 Cr | 48d | 91% | 83 | Medium |