Pricol Limited (NSE: PRICOLLTD) Q4 2025 Earnings Call dated May. 16, 2025
Corporate Participants:
Unidentified Speaker
Nupur Jainkunia — Investor Relations
Vikram Mohan — Managing Director and Executive Director
P. M. Ganesh — Chief Executive Officer and Executive Director
Siddharth Manoharan — Director-Strategy
Priyadarsi Bastia — Chief Financial Officer
Analysts:
Unidentified Participant
Vijay Pandey — Analyst
Sandeep — Analyst
Khush Nahar — Analyst
Hemaant Soni — Analyst
Vipul Kumar — Analyst
Saket Agarwal — Analyst
Sahil Rohit — Analyst
Jatin Chawla — Analyst
Pratik Dharia — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Q4 and FY25 conference call of Pre Call Limited hosted by Valorum Advisors. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchdown phone. Please note that this conference is being recorded at this time. I would now like to hand the conference over to Ms. Nupur Jayankunia from Valorum Advisors. Thank you. And over to you ma’ am.
Nupur Jainkunia — Investor Relations
Thank you. Good evening everyone and a very warm welcome to you all. My name is Nupur Jain Kunya from Ballaram Advisors. Welcome. We represent the investor relations of Brickall Limited. On behalf of the company, I would like to thank you all for participating in the company’s earnings conference call for the fourth quarter and the financial year 2025. Before we begin, let me mention a short cautionary statement. Some of the statements made in today’s conference call may be forward looking in nature. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ from those anticipated. Such statements are based on management’s belief as well as assumptions made by information currently available to management.
Audiences are cautioned not to place any undue reliance on these forward looking statements in making any investment decisions. The purpose of today’s earnings call is purely to educate and bring awareness about the company’s fundamental business and financial quarter under review. Let me now introduce you to the management participating with us in today’s earnings call call and hand it over to them for their opening remarks. We have with us Mr. Vikram Mohan, Managing Director, Mr. P.m. ganesh, Chief Executive Officer and Executive Director, Mr. Siddharth Manoharan, Director of Strategy and Mr. Priyadarshi Bastian, Chief Financial Officer of the company.
Without any further delay, I request Mr. Vikram Mohan to start with his opening remarks followed by financial and operational highlights of the company. Thank you. And over to you sir.
Vikram Mohan — Managing Director and Executive Director
Thank you Bellorum team for organizing this call. Namaste. Ladies and gentlemen, welcome to the Q4 financial year 25 financial performance and for the year ending FY25, the financial performance call for our investors. I will request. The presentation has already been uploaded and I do hope all of you have seen the presentation. I will request our Director Strategy Siddharth Manoharan, who’s also in charge of Investor relations to take you through the financial overview. After which I will address the participants in this call. Over to you, Siddharth thank you and.
Siddharth Manoharan — Director-Strategy
Good evening to one and all. Before we go into our financial performance, we would like to inform you all that the financial numbers, the consolidated financial numbers include the performance of our acquisition that we made for the months of February and March in the last quarter. So for the Q4 of FY25 on a consolidated basis, our revenue from operations stood at INR 7520.11 million with an EBITDA of about INR 883.0 million and the EBITDA margin percentage stood at 11.74%. Our PARAP numbers stood at INR 349.48 million at a margin of about 4.65% and our earnings per share was at INR 2.87 on a full year basis.
For FY25 the consolidated financial performance, our revenue from operations stood at INR 26,209.12 million with an EBITDA of about INR 3,341.09 million at 12.75% EBITDA margin. Our PAT numbers to that INR 16, 70.30 million 6.37% PAT margin and our earnings per share on a full year basis is at INR 13.70. At a consolidated level this quarter our long term borrowing is at INR 800 million. This is primarily due to the account of our acquisition of the plastics business from erstwhile Sundaram Auto Components limited by Prickall Precision Products Private Limited as well as at a consolidated level, our return on capital employed is at 22.86% in FY25 as against 23.18% in FY24 with a marginal reduction again due to the account of our acquisition.
In terms of our growth on a quarter to quarter basis, our revenue from operation at a consolidated level clocked 32.81% and our EBITDA clocked 21.65% growth in Q4FY25 on a full year basis FY25 versus FY24 comparison our revenue from operations clocked a growth of 18.69% and our EBITDA clocking 19.91% growth in FY25 compared to FY24 and the rest of the information is available in our presentation for your review. With this, I’ll hand over the call back to our Managing Director for his remarks. Thank you.
Vikram Mohan — Managing Director and Executive Director
Thank you. Sudhak. I’d like to give our analysis of our performance for the quarter ended 31st March 2025, which is Q4 this quarter has not met our investors expectations or even the management’s expectations. And I’d like to state the reasons for the same. The dollar very sharply strengthened in this quarter which has resulted in a significant forex impact. Nevertheless, this is only deferred earnings because we have an indexation for forex with all of our customers. So while this has been a Forex impact in Q4 of FY25 this will be recovered on a 6 month maximum trailing basis and so it’s not a loss of earnings, it is only deferred recognition of earnings.
You would have also noticed that compared to the similar quarter in the prior financial year, there has been a significant increase in manpower costs. This is a calculated decision taken by the management. As you know your company has always invested heavily in R and D, both product and process development to keep us ahead of our competitors in launching cutting edge products. In our earlier calls I had mentioned that we are launching some new ranges of products and new verticals of products to increase our content per vehicle and wallet share per vehicle, primarily in the two wheeler sector and then moving on to the four wheeler personal passenger vehicle segment.
During this quarter we have significantly increased our manpower in R and D to start development work of products for these new verticals and products and have also hired subject matter expert consultants. And these costs is not a one time cost but will remain for the coming quarters and in about eight quarters we will start seeing the results of all these investments in R and D and technology by way of revenue and in about 12 quarters very steady state revenue coming from these new programs products which is over and above our current range of products. There have been significant headwinds also in Q4 resulting in some loss of EBITDA.
While we have performed better than the market in terms of volumes, the two wheeler sector which accounts for 65% of the revenue of our company has seen very muted numbers in Q4. This was because of the OBD2 regulation which saw a huge transformation from 4-1-2025. We are already halfway into Q1 of FY26 and we see a significant revival of the market in the two wheeler segment because of the regulatory change. So this is nothing to be concerned about. This is only on account of a technology change by the government imposed by the government that there was a production slowdown in Q4 of FY25 which has again picked back up in Quarter 1 FY26.
There have been some supply chain disruptions and productionization delays or on account of this by our customers which are normalizing and will completely come back to normal by Q2 and we are already seeing a lot of Evening out in Q1 where we are currently an area of concern which is directly impacting our bottom line is our exports. With the new administration in the United States of America, which is our biggest export export market, coming in in January 2025 and imposing significant tariffs, there was a lot of uncertainty among our export customers and they had delayed the imports, thereby we lost export revenue.
Is this going to be solved overnight? We believe it is not going to get solved overnight because there is still clarity yet to emerge on this subject and our bottom line on account of exports is significant though our export numbers are low. But we firmly believe after my personal discussion with other industry leaders in the automotive component industry, we are confident that by Q1 of the current year, FY26 India will sign a trade agreement with the United States and resumption of exports will start from Q2 of FY26. This will bring back our earnings to a normalized basis.
With regard to Prekol Precision Products, the plastics business that we acquired from the TBS Group which is now christened as Prequal Precision Products Private Limited, the EBITDA for February and March, which is the period after which we had acquired the company on February 1, has been a little lower than what the company used to earn in the prior period. This was because of all the one time acquisition costs related to those acquisition being booked in those two months. As explained to me by me in the earlier calls, this is about a 7 to 7.5%, 7.2% EBITDA company when we acquired it.
But post the acquisition we are very confident of a high single digit margin to be achieved before in the next couple of quarters because we have already started a lot of restructuring of operations and trimming the fat and realigning some of the operations and we are very convinced that this was a good buy. We have visited all the customers of the company and they have repost confidence and also looking at increasing business to us and because this was owned by the TVS Group, we were not able to access other two wheeler customers who are the primary revenue earners for pre call.
Now we have started engaging with all the other two wheeler makers and we are confident of growing the company significantly both in terms of top line and bottom line in the coming quarters once the realignment and restructuring is complete over the next few months. This is the broad highlights of some of our performance parameters and financial parameters in the quarter that’s just gone by which is January through March FY25. Furthermore, it was a strategic decision which we had taken to divest the wiping business which albeit a small portion of our overall turnover was contributing some bottom line which we divested in the month of January.
So we had some loss of EBITDA and Top line on account of that on a standalone basis which by introduction of new products and increase of share of business in our existing products and new product introduction in our standalone business which will again get normalized from Q1 of the current year. With this I’d like to hand over to the floor for the questions. We’d just like to set some ground rules for the questions. Since there are multiple participants and everyone has to be given an equal opportunity. We request all participants in the question queue to restrict themselves to one question and if they have further questions to rejoin the question queue so that everyone has an opportunity to ask their question.
Over to you, ladies and gentlemen.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Vijay Pandey from Nuama. Please go ahead.
Vijay Pandey
Hi, good evening. Thank you for taking my questions. I wanted to check about the employee expenses. So can you give us a brief light on how many employees we have added and what is your expectation overcoming two years, three years? So is it expected to remain at the quarter four level of 13, 13 and a half percent as a percentage of sales or will it like come down? How. How should we see it from here on?
Vikram Mohan
Good evening Vijay. Thank you for that question. See, I would not like to talk about it as a percentage of sales. As a percentage of sales, the number has been higher because our overall top line has been lower from a rupee value it will remain the same. And every July we also go in for a salary increase which will also kick in from July. But as the top line goes up as a percentage of sales, it will come down. We always used to maintain it at around 11 and a half to 12% of sales. And we are pretty confident that with the current increasing sales in the quarter one itself, we will be able to normalize it.
The additional employees that we have added primarily in the RD both for product and process will continue to remain in the system. Because it is going to take at least about 8 to 12 quarters for the product to get productionized. So once that revenue kicks in, then further the employee cost will further come down as a percentage of sales. I hope I’ve answered your question.
Vijay Pandey
Okay, just to confirm. So we expect around 11 and a half to 12% over next two years and then probably it will come down further after two years. Right.
Vikram Mohan
That is up to 12% is on a normalized basis that what we have been delivering. And we will continue to deliver that. But based on revenue that number could go up by 0.5% plus or minus variance.
Vijay Pandey
Okay. Okay.
Vikram Mohan
But a strategic decision has been taken to invest in additional employees in R D which will start yielding dividends about eight quarters from now because they are developing new products and new ranges of products for the new verticals that we are launching.
Vijay Pandey
Okay, okay. Okay. I’ll get back to the question. Thank you.
operator
The next question is from the line of Sandeep from Sundaram. Alternates, please go ahead.
Sandeep
Yeah. Good evening. Thank you for the explanation. My first question is pertaining to margins. I think you highlighted two reasons. One is the raw material price inflation as well as the mix because we’ve been doing lesser exports compared to the earlier period which has impacted the gross margins. If you could split broadly, how much was the impact because of raw material concentration? Because that will be passed through in the subsequent quarters. But the mix, probably till the time there’s a bilateral treaty sign, it is likely to remain in the books. If you could help us with that.
Vikram Mohan
The exports also has not come to a zero. Sanjeev. Okay. The exports slow down in quarter four. We are seeing a resumption even in quarter one of exports because these are critical to production and we are single source in many cases. Okay. And also overnight, we are not a component company, we are a product company. Overnight the products cannot be replaced with some other source in some other low cost country because there is a typical two year lead time to develop these products. And luckily we are also sailing on a boat where alternatively these products can be obtained from China or from Vietnam on whom also tariffs have been imposed.
So I don’t see a risk on that. There could be a risk in the margins based on what the tariffs are going to be imposed. Our margins could come down a little bit, which I think we will have a lot more clarity on in about three months because a lot of the customers also want us to share if there is a tariff impact, share some of that tariff impact by reducing our prices. Whereas we have stood Very firm saying that we will not be able to reduce the prices because we know the other two low cost destinations that they can take these products from are China and Vietnam which are also facing similar tariffs and they will not be overnight able to replace us also because there is a two year lead time to develop an alternative supplier because we are not a component supplier.
So we are standing very firm on our pricing also and not giving any reduction in pricing. So I just think it’s a matter of time before normalcy comes back and I don’t think even of the exports, the volumes or the erosion of margins will happen for the foreseeable future. This is our internal analysis because I requested our head of international business to travel extensively to America and some of our customers in Europe to understand their outlook and things like that. I think it is only a temporary jolt of about 2/4 and normality will return after that.
Sandeep
So we also highlight what would be the near term capital requirement in the acquired business of Sundaram both in terms of capex required to augment capacity, align some capacity which they already have on books and typically ask the networking capital.
Vikram Mohan
I know that is the second question Sanjeev, but since you have asked the question I will answer it. And if you have any further questions request you to join the question queue. We have planned over the next four quarters approximately between 225 crores, 250 crores of capex on in pre call precision products. This is to enhance efficiency by replacing about 50 machines, add capacity in the tool room, add new machines, add automation thereby also increasing our top line because today it was very dependent on TBS only. We are now starting to see openings in our other two wheeler customers.
So to enhance capacity, debottleneck, improve efficiency and modernize combination of everything, we are looking at around 250 crores of capex over the next eight quarters in that company.
Sandeep
Got it? I’ll join back the queue. Apologies for this and thank you so much for taking the second question.
Vikram Mohan
No problem. Thank you.
operator
Thank you. The next question is from the line of Kush Nahar from Electrum pms. Please go ahead.
Khush Nahar
Yeah. Hi sir. Thank you for the opportunity. So my question was considering these new product developments that we are planning over the next eight to 12 quarters, could you guide us? Because I think previously we have spoken about 13 to 15% growth in precol. So considering these new products, what would be our revised guidance In Precol and In Sundaram.
Vikram Mohan
The 13 to 15% growth guidance continues to remain even without these new products. These are new products that we are looking at 24 to 36 months from now start of production. Because in our industry especially in electronics and auto electricals the lead time from starting to develop a product and starting to see revenues typically about 30 months. So this is. We are already at FY25 and this is going to be revenues in FY28 and 29. So our revenue guidance for growth continues to remain the same what we have promised before. I had given an EBITDA guidance of about 12.5 to 13% normalized EBITDA which again from Q2 or latest by Q3 outermost.
We will get back to.
Khush Nahar
Similar for Sundaram 3P. What kind of P3
Vikram Mohan
pre call precision products will never have a 13 to 15% EBITDA because it is a component company. Typical margins for this range of products the highest in the industry is about 11%. We are currently at around 7% 7.2% when we acquired the company. Steadily we will keep increasing it to high single digits over a year and thereafter to a higher number as the top line increases and modernization takes place and we add more customers.
Khush Nahar
Right? Thank you for that answer sir. I actually meant for the revenue side also considering that also revenue will.
Vikram Mohan
Revenue will grow for that company also for at least 10%. But we are aiming for a slightly higher revenue growth than that.
Khush Nahar
So I think previously we had talked about I think doubling in three years considering inorganic opportunities also for Sundaram.
Vikram Mohan
So that has changed or that has not changed. This is. I’m only talking of organic growth. But if you are able to add more customers other than TVS where I see the visibility we have already taken into account the capacity enhancement requirement capex for that. I’m not giving a firm guidance on that because it’s still very early days. Because it’s just three months into the acquisition. We are more confident about improving the bottom line in the last three months. And in the next three months we will have a lot more visibility on increasing the top line also.
But we are also looking at inorganic growth there which will. Basically we took it over at around 750 crores run rate. When we took it over we are pretty confident of growing it to about 1500 crores top line in three years. That I stand committed to that commitment that we have made.
Khush Nahar
Right sir. Thank you.
operator
Thank you. The next question is from the line of Vijay Pandey from Nuama. Please go ahead.
Vijay Pandey
Sir. Just couple of housekeeping questions. Can you just point out us what was the one off expense related to the acquisition? And secondly, what is our exposure to the US market?
Vikram Mohan
I will request the first half of the question to be answered by our CFO Priya Darsi Bhartia. And the second half of the question to be answered by Ganesh, our CEO. Over to you, Priyan. Good afternoon. This one time cost, what we have booked is the authorized capital increase what we had to pay to MCA that has been booked in Q4. Thank you. On exposure to US out of the total revenue of export nearly 70% comes from the US market.
Vijay Pandey
So what was the amount of the acquisition cost like? A one time acquisition cost 1 crore. 1tr.
Vikram Mohan
No, I’d like to also reiterate here. Siddharth, you can others mute their call. We’re having a lot of background noise. Please whoever is on thing. Because we can hear a lot of background noise. There are three aspects of our. I’d like to give an answer further to what our senior executives have provided. There were costs of due diligence, legal, financial, etc. Which is a one time cost, enhancement of limits and other things. There was a one time cost. In terms of exports there is about 7% of our revenue comes from exports. Of which about 70% is US linked.
So 5% of our revenue comes from exports. But albeit at almost twice the margins of the OEM and domestic products. So OEM comparison is equivalent to about 10% of our total revenue. But in real numbers it is from top line. It is about 5% is our US exposure. I hope this answers your question a lot more clearer. Abhijai.
Vijay Pandey
Yes. Yes, sir. Thank you. And sir, just one more thing. What was the impact from the FX in terms of total value?
Vikram Mohan
It was about three and a half crores.
Vijay Pandey
Okay. Thank you.
operator
Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star N1. The next question is from the line of Hemant Soni, an individual investor. Please go ahead.
Hemaant Soni
Sir. Thank you for providing me the opportunity. Just wanted to ask you one thing. We had earlier given a guidance of 3600 crores of revenue by FY26 and. 400 through the organic route. And 400 crores of revenue through the inorganic route. So altogether 4000 crores of revenue by 26. If I’m not wrong. So our FY25 numbers are around. So this looks little difficult to meet the guidance for FY26.
Vikram Mohan
No. In many calls earlier. Mr. Hemant, I don’t know if you followed all our calls. I’d always maintained that we see a visibility for 3,600 crores. Of revenue both organic and inorganic put together for FY26. And those numbers we are still sticking to and very confident of meeting. It was not 3,600 crores organic plus 5, 400 crores inorganic. I think that is a mistaken statement. It is definitely. We’ve always had a guidance of 3600 crores organically and inorganically by FY26. And if there are some green shoots or some new things we see could go up to as high as 4,000 crores.
And a base guidance of 3,600 crores. And we stick to that guidance.
Hemaant Soni
And sir, the newly acquired entity will be contributing around 800cr to the top line.
Vikram Mohan
Yes, thereabouts.
Hemaant Soni
Okay, sir. Thank you. Thank you, sir.
operator
Thank you. The next question is from the line of Vipul Kumar from Shubh Mangal Investment. Please go ahead.
Vipul Kumar
Hi. Thanks for the opportunity. Sir. Is there any one off in other expenses? Sir.
Vikram Mohan
There is no one off or other expenses at this point in time other than the acquisition costs that we have booked and the deferred earning of the forex.
Vipul Kumar
And sir, can you quantify the impact of dollar movement in terms of what.
Vikram Mohan
Was the impact on our bottom line? I just said that to the earlier gentleman. It is 3 and a half crores in Q4 which will be collected in a phased manner in Q1 and Q2 of the current financial year.
Vipul Kumar
Thank you, sir. I’ll rejoin the queue.
operator
Thank you. The next question is from the line of saket an individual investor. Please go ahead.
Saket Agarwal
Hello.
Vikram Mohan
Yes, please go ahead. Sir.
Saket Agarwal
For the current year, the new company which has acquired for Singaram Group like the company, roughly close to eight months of referee. But the amount were acquired is for very little value at 200.
Vikram Mohan
I’m not very clear. I. Your voice is very garbled. Can you be a little clearer? Now it’s clear.
Saket Agarwal
Hello.
Vikram Mohan
Yes, please. Yes.
Saket Agarwal
Yeah. My question was sir, that you acquired the company from Sundaram Group from roughly around 200 crore rupees, whatever the amount it was and the company is doing a top line of roughly 8, 900 crore rupees. Like when we see the Sundaram Group, this being a very big group and the other companies that are listed, they are having very high valuation. What was the reason of this company being at such a low valuation that we could acquire the company?
Vikram Mohan
Yes, thank you. That’s a good question. It was strategically acquired at a much lower valuation than market value. Because in order to realize the full potential of this company Prickol had to invest another 250 crores in modernization, in automation, in improving production efficiencies. So this was taken up by us for discussion and saying that we cannot acquire for a high value and further invest it is going to have an impact on the return on capital employed which is why we acquired a 750 crore turnover company for about 195 crores and another 250 crores is going to be invested to grow the company and bring it to a normalized ebitda.
Because a normalized EBITDA for the plastic component business is about 10% to 10 and a half percent whereas this company was only at around 7%. So this was the reason we were able to negotiate and get the price down. Because of the inefficiencies in the company which needed a further capital infusion.
Saket Agarwal
We have just consolidated two months of revenue and profits. So if you can give me some light on what was the actual last year’s business revenue you have given what’s the AT level last year though we haven’t taken into account. But what was it like last year?
Vikram Mohan
It was about 7% EBITDA for the year.
Saket Agarwal
I’m asking the PAT level sir.
Vikram Mohan
At the PAT level I think it was about 30 crores. Correct me if I’m wrong, Priyan, our CFO.
Priyadarsi Bastia
Yes sir, it was around 30 crores.
Saket Agarwal
So like the 200 crores are you talking about? 2, 250 crore we have to invest for the modernization. So what is the timeline that we are putting the amount and by when we anticipate this EBITDA margin to reach this level?
Vikram Mohan
I think I had answered all of these questions to the earlier persons on the call as to when this investment will happen and how long it will take for the EBITDA to normalize. But I will repeat it once more and I’m requesting other participants to kindly listen in when I’m giving the updates. So this 250crores will get invested over the next eight quarters which has already started. Investments have started in Q1 itself and it is going to be broadly over the next eight quarters. The high single digit EBITDA we will achieve by the end of this financial year and then take it to a double digit EBITDA in the next year when all investments are completed.
Saket Agarwal
Okay, so one final question. So like this amount they’re investing for this, this, this part of the business, but again our business which we are into and that is also like that requires a lot of investments and all. So will this amount investment would have an impact on that part of the business because there also we are doing a lot of R and D and generating.
Vikram Mohan
We are generating enough cash in our company which will take care of our growth.
Saket Agarwal
Okay, thank you so much.
operator
The next question is from the line of Sahil Rohit from Monaj Network Capital. Please go ahead.
Sahil Rohit
Yeah. Hi. Good evening. Sir. My question is that in the recent investor interactions you mentioned that there was about some supply chain issue particularly with some electronic components. So if you can share some more information on the same. And how is that being tackled?
Vikram Mohan
Right now about 80% has been solved, sir. And which is what is resulting in Q1. A great degree of normalization. And by Q2 we expect complete normalization. What was that exactly? I mean, related to what? We had some quality issues from our tier one vendors. So we had to develop some alternate vendors. And alternate vendors have already come in, got approved by our ultimate customer and they have started supplying.
operator
Sahil. Does that answer your question?
Sahil Rohit
Yes. Yes. Thank you.
operator
The next question is from the line of Vijay Pandey from Nuama. Please go ahead.
Vijay Pandey
Our tax rate in the Q4 was a bit jumped up. Just wanted to check what is the expectation for the upcoming quarters, upcoming years. And also if you can tell us. Just one more thing was that I noticed that in Cash flow we have booked a loss of 4 cr from the SSCs from sale of wiping. But is this recorded in the PNL also or is it like.
Vikram Mohan
I will request our CFO to throw more light on this. Priyan, over to you. To answer to your first question. The tax rates are similar throughout the year. 25.168%. We are at the lower tax regime. And it is going to be similar in the coming period as well. To answer to your second question. Yes. The wiping division as managing director told in the beginning remarks we have divested that business. And that loss which arised out of the divestment has been booked. That has been booked in P and L. Then only it has gone to Cash flow.
Thank you.
operator
The next question is from the line of Siddhan Chabra from Venrav Acid Advisors. Please go ahead.
Unidentified Speaker
Yeah. Hi. Thanks for the opportunity. I just wanted to ask the question regarding the instrument cluster. Regarding. So for FY25. What is the split between analog, digital, semi digital and tft? And is that market shift or trend shift? Is it still going to happen as quick as we expect it to happen?
Vikram Mohan
First thank you Siddharth for that pertinent question. I will answer part of it. And I will request our CEO to answer the other half of it. First. It is no more called an instrument cluster. It is now called a driver information system. Just on a lighter note because it has become very content rich. So it is. We have three, four categories. Mechanical, electromechanical, hybrid and tft. We are constantly seeing a shift, moving up the value chain, right? Exactly in line with our projections. Bulk of the market is going to be in the electromechanical and in the hybrid clusters.
The premium segment is going to be in the TFT segment. The entry level bikes that were in the pure mechanical segment will over the next two years fade out and move completely into the electromechanical segment. This is absolutely in line with our expectations and projections. I would like Ganesh, our CEO, to throw a little bit more light on this.
P. M. Ganesh
Thank you. The shift we clearly see from mechanical to electromechanical and then from electromechanical to they call the LCD type of display. And the LCD type of display which was earlier used in the premium motorcycle is moving into the TFT type of display. Overall still about 40 to 50% is with mechanical stroke electromechanical as we speak and which was at a much higher number, more than 70% in 2020. It is already coming down. And the NCD type of instrument clusters, primarily the digital driver information system has been continuously increasing. Currently it is about 50, 50. And we expect mechanical electromechanical to come down significantly in the next three years which will be taken over by the electronic instrument clusters or the driver information system.
Unidentified Speaker
So currently and for the TFT is TFT somewhere around 4,5% of the two wheeler market right now or even less than that?
P. M. Ganesh
Correct.
Vikram Mohan
It is about 5% as we speak. But this is going to move up. This trend is going to move up in the coming years.
Unidentified Speaker
And the rest is split equally between hybrid and both the types of mechanical, right?
P. M. Ganesh
Absolutely, absolutely.
Vikram Mohan
Absolutely. No mechanical will keep going down.
Unidentified Speaker
No, but I’m as of right now, currently it would be pretty.
Vikram Mohan
No, no, there are no kinds of mechanical. Sidhar. Okay, let me talk once again. There is a pure mechanical low value, low margin cluster which in the next two years will fade out completely. Just to give you an example, what is on a Shiro Splendor bike, right? It is 300400 rupee product which will vanish totally. Right? Then we have something called an electromechanical which is more high value, more rich in content. And then you have something called the hybrid hybrid. Now in a few years there will be zero mechanical, low value, low margin products altogether.
You know, we are anticipating that will all move to the electromechanical electromechanical will move to a hybrid cluster. 85% of the market will be evenly split. 50, 50 between the electromechanical and the hybrid clusters. And about 10% of the market will go to the TFT cluster. I hope that answers your question correct.
Unidentified Speaker
And do we see this kind of shift happen? Like you said, mechanical will purely go away within a quick time span of say one, two or three years.
Vikram Mohan
Maybe not one. I never said one. But in two to three years. 100%.
Unidentified Speaker
But TFT becoming a meaningful share of the pie. Like maybe 20, 25%. Do we see that 2025 will not happen.
Vikram Mohan
25% will not happen in the immediate future. This 5% will go to 10% over the next two years.
Unidentified Speaker
Okay.
Vikram Mohan
I’m just giving a forecast for the next two to three years. Okay. Is what we are talking about. Yeah.
Unidentified Speaker
Okay, sure. Yeah. That helps out. And my second question was regarding the ACFMS business and we had mentioned that.
Vikram Mohan
Can I request you to go back onto the question queue? Siddharth, I’d requested everyone to show that.
Unidentified Speaker
Thank you.
operator
The next question is from the line of Kush Nahar from Electrum pms. Please go ahead.
Khush Nahar
Yeah. Thank you for the opportunity again. Sir, can you help me with the Capex numbers in Preco limited that we’re planning over the next two, three years.
Vikram Mohan
We are going to be at the end of our high capex. We have two plants that is happening this year, Pune and Manesar. So this year, correct me if I’m wrong, Priyan. We are looking at around 200 to 225 crores of capex. After which we will go into a maintenance capex mode. Priyan, can you just add to correct me if I’m right? Yes sir, absolutely. This. This year will be. We are at the last leg of that CapEx journey.
Khush Nahar
Right. And so this will be confirmed entity will be having around 225 to 250 over the next two years.
Vikram Mohan
Next two years? Yes. This is standalone. I spoke about this. And that is separate. These are two different things. Okay. Yeah.
Khush Nahar
Right sir, thank you.
operator
Thank you. The next question is on the line of Jatin Chawla from RTL Investments. Please go ahead.
Jatin Chawla
Yeah. Hi, good evening and thanks for the opportunity. First question, the question is on just a data point on the recall precision for the two months. If you could just give the revenue EBITDA and pat. And secondly on the for the full year two wheeler revenues and you know what sort of outperformance we have seen over the underlying production volumes for the industry.
Vikram Mohan
I Would not like to comment on the first half because it was the first two months and we had booked a lot of these acquisition costs but the run rate is about. It will take us to about 800, 850 crores this year. So you can divvy up that.
Jatin Chawla
No. So my question was more to understand the underlying performance of the business rather. Than understand triquol precision performance.
Vikram Mohan
Okay. Underlying performance which Priyan can comment about. The February and March figures for this we can. Priyan can talk about but that between the consolidated and standalone you can make out the difference. But I will request Priyan to answer that part of the thing please. Priyan. Hi. We. We have booked around 140 crores of revenue with 5% of past.
Jatin Chawla
Good task. And this on the two wheeler revenue and the outperformance of the industry.
Vikram Mohan
Ganesh, I would request you to talk about that. How much are we outperforming the industry on Two Wheeler Q4? As I earlier mentioned we have only been marginally higher than the industry because of the technological change of OBD 2. But on a normalized basis. Ganesh, I want you to comment about please.
P. M. Ganesh
For the full year basis I will tell you the two wheeler industry has grown by about 9%. Just give me a minute. Yeah. 9%. And we have grown by around 14%.
Jatin Chawla
Great. Thanks a lot.
operator
Thank you. The next question is on the line of Pratik Dharia, an individual investor. Please go ahead.
Pratik Dharia
Yeah. Am I audible?
Vikram Mohan
Yes, please.
operator
Oh yes sir, you’re audible.
Pratik Dharia
Yeah. Okay. I see my questions have been answered.
operator
Thank you. Ladies and gentlemen, that was the last question for today’s conference call. I now hand the conference over to the management for closing comments.
Vikram Mohan
On behalf of my entire management team I would like to thank all of you for your interest and investment in our company. And we thank you for participating in today’s investor call. And as mentioned by me, we have been below our expectations and our investors expectations in Q4 and I have given out all the reasons as to why that happened and we are very confident of coming back. Even with the first 45 days of this quarter we see a huge resurgence and we will continue to maintain this resurgence and and have normalized results and good news in the coming quarters.
Thank you very much for your participation and wishing everyone a good weekend.
operator
Thank you. On behalf of Pre Call Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.