{"id":182546,"date":"2026-05-08T08:29:34","date_gmt":"2026-05-08T12:29:34","guid":{"rendered":"https:\/\/alphastreet.com\/india\/craftsman-automation-ltd-craftsman-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-08T08:29:34","modified_gmt":"2026-05-08T12:29:34","slug":"craftsman-automation-ltd-craftsman-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/craftsman-automation-ltd-craftsman-q4-2026-earnings-call-transcript\/","title":{"rendered":"Craftsman Automation Ltd (CRAFTSMAN) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Craftsman Automation Ltd (NSE: CRAFTSMAN) Q4 2026 Earnings Call dated May. 08, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Srinivasan Ravi<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Analysts:<\/h2>\n

Joseph George<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Vignesh SBK<\/strong> \u2014 Analyst<\/em><\/p>\n

Vinay Nadkarni<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the earnings conference call of Craftsman Automation Ltd. As a reminder, all participant lines will be in the listen only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during this conference, please signal an operator by pressing STAR followed by zero on your touch tone telephone. I now hand the conference over to Mr. Srinivasan Ravi, chairman and managing director of Craftsman Automation Limited.<\/p>\n

Thank you. And over to you, Mr. Ravi.<\/p>\n

Srinivasan Ravi<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Thank you. Good afternoon everybody and thanks for joining the earnings call. We have uploaded the presentation. I hope all of you had a chance to have a look at it. So straight away we can start with the Q and A please.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. Ladies and gentlemen. We will now begin with the question and answer session. Participants who wish to ask questions may press Star and one on the touch tone telephones. If you wish to withdraw yourself from the question queue, you may enter Star and 2. Participants are requested to use only handsets while asking a question. Please note that some of the statements made during this earnings conference call may constitute forward looking statements which are subject to risks and uncertainties and are not guarantees of future performance.<\/p>\n

We encourage you to refer to the disclaimer section in the company’s investor presentation. Further, the management will not be addressing any customer specific queries due to confidentiality obligations. Participants are requested to avoid mentioning customer names while asking questions. We also request participants to limit themselves to a maximum of two questions at a time so that all participants have an opportunity to ask their questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles.<\/p>\n

The first question is from the line of Joseph George from iifl. Please go ahead.<\/p>\n

Questions and Answers:<\/h2>\n

Joseph George<\/strong><\/p>\n

Hi sir. Good afternoon. So this is one question. When I look at your<\/p>\n

Operator<\/strong><\/p>\n

Line is unmuted. You may go ahead and ask your question.<\/p>\n

Joseph George<\/strong><\/p>\n

Hello, Am I audible? Hello,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Am<\/p>\n

Joseph George<\/strong><\/p>\n

I audible? Participants<\/p>\n

Operator<\/strong><\/p>\n

With Questions may enter STAR and 1.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello,<\/p>\n

Operator<\/strong><\/p>\n

We have the question from Mr. Joseph george from iifl cap. Please go ahead.<\/p>\n

Joseph George<\/strong><\/p>\n

Am I audible this time?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

Okay. I think he’s not able to join. Looks like then.<\/p>\n

Operator<\/strong><\/p>\n

Participants, if you have any questions at this time, you may enter Star and one. We have a question from the line of Pritesh Cheddar from Lucky. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, sir. Can you talk about little bit on the alloy wheels project on the expansion side that we had?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

Yes. The exit rate of the alloy wheel approximately it is around volume wise analyzed when you look at it on the march. So it is equal to around 3 million alloy wheels. Is the exit Rate for the month of March. So we cannot say that we have been wrapping up in steps at Biwadi as well as in Sholaqiri. So we have done at a volume which is at a run rate equal to close to 3 million wheels the month of March for. For the analyst I would say.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And the project would have started in quarter four, right?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

Quarter four or quarter three for shul. But Viadi is in operational. The phase one is operational for the full year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And how about the Hosur one<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

One we started in Q3 and we are still ramping up. Yeah, both plants we are still ramping up. The exit run rate has been to the tune of annualized March number. When we analyze it is equal to around 3 million.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And in the aluminum die casting side of the business, you know the. The acquisition of the Sunbeam, where are we in terms of the capturing of margins via the shift and what is the progress there?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

We are lagging behind on the margin wise. We are still at single digit for various reasons. But we are on the right track that we are exiting customers where it’s not profitable. Existing subsegments of the business with same customers where it’s not profitable totally or even selling one portion of the low value business which is around 30 crore for a year we have sold that line of equipment and business which we had disclosed to the stock exchange. So the customers who are exiting also need some time to find other suppliers.<\/p>\n

These are non profitable businesses and unviable going forward. So the restructuring is on. So we are on the right track. So from Q2 onwards on the current year we will see some traction. The reduction of manpower, the reduction of products, reduction of customers and revisiting everything and also resetting the prices which are legacy prices, legacy products and also on the aluminium price reset or the aluminum price pass through, we have been very clear with the customers where aluminum price through is not there then we are declining to supply.<\/p>\n

So all these are in action as far as Sunbeam is concerned. Not only in Sunbeam, across the other aluminium plants also which is. It is slightly common. So we will see the results coming into Q2 from Sunbeam.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And my last question is on the growth rate overall, how should we see FY27 to be looking like on the revenue growth side,<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

As I mentioned last time itself, we for the first time we had given some guidance because of so many changes in the business, so many plants coming in and also subsidiaries. So I will just give you a rough indication. It is totally double digit. Most probably in the Mid teens I would say that is what is the expectation for the growth. And when you say mid teens we also have to assume that the aluminium prices are around the level what it’s currently. If there’s any change in aluminum prices there can be some commodity price impact which will either inflate or deflate the top line.<\/p>\n

So I say that we are still on the growth path. That is very clear. New projects are kicking in across all the divisions I would say whether it’s powertrain or aluminium or I mean also industrial engineering segment. So the momentum of growth is reasonably we are well placed I would say.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Vignesh from Kesma Wealth. Please go ahead.<\/p>\n

Vignesh SBK<\/strong><\/p>\n

Hi, am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes sir. Please go ahead.<\/p>\n

Vignesh SBK<\/strong><\/p>\n

Yeah, so just want to understand are you having any plans to scale up any particular segment or over a medium term for the next three to four years apart from the powertrain segment?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

Powertrain is scaling up also the station engine side is for the order book is for the first hundred million is finalized and is with us. So as stated earlier, as stated earlier I would say we will be able to reach the 100 million sort of revenue in 2930. So it is on track. The second phase, the order intake of the inquiry momentum is pretty strong. So we may go for phase two expansion there also for the beyond that 100 million revenue. You are aware that the data center market or EA is moving all over the world and post the Iran crisis there is more focus on the Pacific region for installing data centers.<\/p>\n

This is giving some more advantage to manufacturing in India in some sense for them capacity wise almost everybody is full. That is another positive point coming to the general powertrain. The other projects of multinational companies setting up plants here and ramping up that is also work in progress. We are seeing that the domestic business farm sector has been doing better. Truck segment is somewhat muted I would say in general. So the other business about the export of some truck engine blocks to outside India which we said will be discontinued but that is going to continue.<\/p>\n

There’s a good news. So on the powertrain we are stable and we are growing. I think we can expect a double digit growth. On the aluminium side we are present from two wheeler to four wheeler to also industrial aluminium. Some portion is there. So frankly speaking we are focusing on value added products like casting and machining. We are not interested really to do only the casting portion and wherever we are doing a little. I think we are in negotiation with customer. Either we convert it to with Machining or we have to find new customers with higher value addition.<\/p>\n

Because aluminium per se, the commodity price are going up, energy price are going up, labor cost is going up and also all consumables are going up. So the margins on basic raw casting is not going to be viable. And Craftsman we don’t have that business model. 95% is missioned and in Dr. Yes, it is critical casting. So it is still okay for some basic machining. But for Sunbeam it is not okay because it is not so complicated parts. But at the same time most cases machining is not. Not most cases.<\/p>\n

At least the domestic portion machining is not there. So there will be some tough decisions to take in the coming quarters on the improvement in value addition. To answer your question, we don’t really worry about which is the customer. We are getting inquiries for four wheelers for export market both Europe and North America we are increasing. Then there is more increasing inquiry trend at least so. So this means the potential for growth in the export segment is quite high. So we are picky in choosing the business which is viable and sustainable for a longer period of time.<\/p>\n

And our stated ambition on the aluminum business in the last year, I think I had mentioned a couple of times at least during the earnings call that the first leg or first phase will be to touch $1 billion on the aluminium business. And for that we are also increasing the focus by merging the entities of the business model which you have also put up disclosures in the stock exchange. So the aluminium business is on a growth track on industrial engineering, yes, it is a smaller portion of the business, but that is also the backbone for our powertrain and aluminium business.<\/p>\n

There also we see good traction going forward.<\/p>\n

Vignesh SBK<\/strong><\/p>\n

Thanks for detailed answer. Just one question on the second step of the powertrain segment, when are we planning to start and commission under revenue for the second phase?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

I think we should take addition by September based on the order input. Now the orders, what we have already agreed to take or taken or order received, I would say is completing the capacity for phase one both at the foundry side as well as at the the missing side. At the foundry side it is modular and it is only incremental investments required to go to the next phase. On the missioning side it might not be just incremental, it is slightly more than incremental. So we are preparing for that today.<\/p>\n

And the lead times are quite high. And one good thing is we had our investment done at starting from 21 onwards itself in small small steps. In 23, 24 we had made disclosures and even 24, even a public disclosure regarding this business. So I think this gestation period is quite long. That is the reason our foundation in this business is pretty strong and we are able to capture the orders or the growth which is coming in a hurry now. So even the next set of orders we will be able to have a step up incremental investment where all the building blocks are there to go up.<\/p>\n

But all the decisions will be taken on basically after reconsidering or looking at the order portion in September.<\/p>\n

Vignesh SBK<\/strong><\/p>\n

Okay, thank you. That’s it.<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

Okay,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Participants, if you have any questions at this time you may enter STAR followed by one on your handsets. The next question is from the line of Senthil Kumar from Jointhra Capital. Please go ahead.<\/p>\n

Joseph George<\/strong><\/p>\n

Thanks for the opportunity. Am I audible, sir?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

Yes, you’re audible? Yes, please.<\/p>\n

Joseph George<\/strong><\/p>\n

I just want to know is there any new business opening for our industrial engineering racks in data center? Business<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

Data center per se? Yes, there is possibility but it will be more going into aluminum side for certain reasons. I understand that requirement is also using some extrusions and things like that. But so far we have given racks for the manufacturing sector where for the automotive where they are storing the batteries because it has to be very safe for fireproof and things like that. We have made supplied ESR systems and vertical lift modules for these divisions. The scale which our Asian neighboring country has done, I think they’re.<\/p>\n

They’re using lot of storage but we are. There is a lot of discussion happening for two of the projects coming in for battery manufacturing. Yes, something may come up. It may be awarded to multinationals. But I think there is an opportunity but it not be in the scale of what has happened in our neighboring country, China.<\/p>\n

Vignesh SBK<\/strong><\/p>\n

Thank you. That’s it for the same.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Participants with questions may enter STAR and one on your handsets. The next question is from the line of Joseph George from iifl. Please go ahead.<\/p>\n

Joseph George<\/strong><\/p>\n

Thank you. Am I audible now?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir.<\/p>\n

Joseph George<\/strong><\/p>\n

Perfect. So I have two questions, sir. One is in relation to the powertrain segment margins. We saw a good spike this quarter. Is it attributable to scale benefits and will it sustain in relation to that? You mentioned that overheads, labor, etc. Are going up and this question pertains to all the segments. How easy will it be to pass on all these overheads, energy costs, maybe labor, etc. To the customers in the given context<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

On the powertrain segment, I think we have grown only a small portion last year. It’s not the scale benefit which has really played out in the last year. I would say that the repair and maintenance which went on for almost 4,5 quarters which was depressing the EBIT margins was the main EBITDA margins were the main reason for that change. And whatever the some of the manpower reduction by some automation or methods that has also paid off in general. And I would say the new products at the newer prices which some of them have come into production has helped also to average the legacy prices.<\/p>\n

So that is the scale has still not built up in the powertrain as we expected. So it is likely to have a meaningful advantage in the coming years. I would say I would draw one attention here. The amount of capex which has gone into powertrain and subsequently also in aluminium. The CAPEX powertrain is very difficult to replicate because of the today’s cost scenario. You had mentioned the operating cost. I will now talk about capital costs. Capital cost. Some of it is real estate like land and building which everybody knows how much it has gone up.<\/p>\n

But I also say the equipment which was costing say $100,000 may have gone up to 110 or 115 over the last 20 years with better features. Maybe the better features or better productivity might have improved the offset the increased cost of the dollar terms maybe from $100,000 to maybe $110,000 or $120,000. But what is the most challenging is the dollar. When we look at a period of almost 15 to 2 years it is almost doubled. 20 years is almost doubled. Right? Totally on this. So the CAPEX cost for anybody entering the business is very, very, very large.<\/p>\n

Totally. Here we are using a mixture of our own equipment manufacturing for the special purpose missions and very, very prudently we are adjusting the requirements to still be competitive and get more orders. The new orders are coming at new prices. There are legacy issues which we need to address on all the consumables like power, the cutting oil which is petroleum based. The tools which are carbide based which is imported from China which has increased multiple fold in the last. And of course the labor which is the labor cost is the beginning of the journey.<\/p>\n

I would say it is going to be. We are less than a dollar on the contract labor. Of course we don’t employ a lot of contract labor but it is less than a dollar per hour. This is going to significantly improve to double or triple in the coming years. So what we have done is in the last many years we have never cut back on capex. That is shown in our depreciation being very, very high. So that is helping us to mitigate some of the labor cost increases and the labor code really is not affecting us in a meaningful way in total and more so whatever equipment we have invested in the last few years require less and less labor going forward and we can afford to retain the quality labor.<\/p>\n

I would say in some sense coming to the aluminium commodity price for the aluminium business and also across all plants Regarding the power and fuel mainly power and fuel is more specific for the aluminium business. The legacy products from at least the one of the acquisitions we made in the last is suffering very badly because of the 15 year old, 10 year old legacy products and some of the miniscule customers. The miniscule customers we are exiting and the legacy products we are resetting the prices or we are exiting or we are reallocating that capacity to other profitable customers.<\/p>\n

So that is on already and that is the way we need to look at it. Because what costed something 10 years ago the component price on the gross margin cannot remain the same today in today’s context of prices. So yes there is should be not a price increase but a reset of the prices I would say because price increase means it is a small percentage. But now on gross, I mean value addition portion, it has to be a reset.<\/p>\n

Joseph George<\/strong><\/p>\n

Understood sir. So the second aspect I wanted to discuss was on cash flow. So when I look at your cash flow statement in FY25 there’s a negative working capital capital impact of about 400 crores. And FY26 there’s another 600 crores. So I want to understand how to think about this. Is it because of one time reduction in payables which will reverse in coming years or is this the level at which the working capital days will, you know, stay from here on?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

I think the plants which are. Suppose the aluminium business was ramping up in the last few years. Earlier it was mainly powertrain driven. So that means suddenly there was a spike in the working capital requirement and now rationalization has happened. I think the payment cycles are also set in. So I think it is the same way going forward. I don’t think there is any big change.<\/p>\n

Joseph George<\/strong><\/p>\n

Okay, so last thing was on capex. What is your expectation of capex for CFY 2728 and as a result how will you know the debt reduction et<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

On FY27 itself we are not very clear about the capex as today because we have taken some interim requirements. But September we have to decide on the CapEx even for FY27. FY28 depends on the performance of FY27. So we are continuously monitoring the net debt to EBITDA as an the monitor to bring it down. That is how we look at it today we are more concerned about the absolute payout on the cash flow for the manpower related costs. It may be workers, it may be staff, it may be anything related to services outside also because this is the inflatory manner.<\/p>\n

So we don’t mind some investment to offset that increased cost.<\/p>\n

Joseph George<\/strong><\/p>\n

Okay, so should we think of, you know, CapEx similar to say last year, 1100 crores for this year. I know you mentioned that you have to reset it in September but as of now is that a good number to work with?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

See, when we speak the dollar has become 95. We do not know that the dollar is going to go somewhere else. We do not know whether we are going to get medium gestation projects or quick product projects. I would say when there is a quick project then the CAPEX hits us immediately. Otherwise it may be postponed by a year or two. So we will take it in steps going forward. As I mentioned that net debt to EBITDA will continuously start falling down because the heavyweight lifting has been done so to proportionate to the gross block.<\/p>\n

Today if you look at it and the gross block is also little deceptive because the bulk of the investment has been done many years ago and that has done at a lower CAPEX cost. Today when Dr. Action wanted to go for another plant just for the greenfield land acquisition itself. On public disclosure, you know it is the region of around 150 crores. Around 150 crores. Just the land which is adjacent to the SIPCOT area we paid less than the Sipcort area. But it is the CAPEX which is required. And at the current civil construction when you are looking at it it’s high.<\/p>\n

So the cost of doing business or cost of expansion is disproportionately high on this matter. So in spite of that our ROCE on a consolidated basis has been 16%. So we can track net debt to EBITDA and ROCE more rather than the debt portion. And as craftsmen we look at more the outflow towards manpower costs which is I think the forest which is causing sleepless nights, not the dead portion.<\/p>\n

Joseph George<\/strong><\/p>\n

Understood sir. Thank you. Thanks to all the responses.<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you participants. If you have any questions at this time you may enter Star and one on your touchstone telephone. The next question is from the line of Vinay Nandkarni from Hathaway Investments. Please go ahead.<\/p>\n

Vinay Nadkarni<\/strong><\/p>\n

Thank you for the opportunity. Just wanted to Know a couple of things. One is on the capacity utilization. If you can just throw some light on powertrain and then aluminium. All the three different units at what capacity are they being utilized?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

Powertrain we are still at around 60, 70% because there are some pockets and segments where the customers are not doing well. So But I think 85% will be the upper limit. So that means we have around 20, 25% headroom. The market does well there. Also we are slightly adding capacity on the conventional powertrain. On the new powertrain business of the large engines, it is still not seeing any revenue. Only samples are going and some pilot lots are getting invoiced. But it is not even 0.5% of our powertrain revenue as of now.<\/p>\n

Even in the current year we don’t expect that we will be anywhere a meaningful single digit will be very low single digit number. So next year it may be reaching high single digit number. I think a part of the powertrain of the large engine projects 29 FY, 29 FY 30 will be seeing good traction on that segment. So there the capacity utilization is practically in 10% level because still all the lines and samples and prototypes are going on. There is no revenue per se. So overall if you take that new powertrain business also into consideration, our capacity utilization is around 60% aluminium on the alloy wheel.<\/p>\n

I think I had just mentioned that our exit rate is around close to 3 million on the annualized basis as of March and our capacity is around 5.5 million. I think we should touch around close to 4 million in the next year. That means around 70, 80% capacity utilization between the plants. So the next level of expansion there, which we had said, phase two, we are not really pushed hard on that. You want to wait and watch on this matter. We are looking at the commodity prices, pass through on the aluminum pricing.<\/p>\n

It has to happen that we need a lot of cooperation, support from the customer to do that. There should not be lead lag there which is which will hurt us badly. Second thing is imports of this alloy wheel. What is the way going forward? Is there going to be some competition coming there again back after the BAS norms has been more or less settled down now. So we have to wait and watch. But the current capacity is more or less sold. We don’t have any major issue on that matter. Whether to expand further which will give better operating leverage is a matter of question.<\/p>\n

We need to take addition after the this financial year. I don’t think we’ll take addition in this financial year to further stretch the Ally will capacity.<\/p>\n

Vinay Nadkarni<\/strong><\/p>\n

What about Sunbeam and Dr. Axion? Are they included in this?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

No, Sunbeam and Dr. Axiom does not do alloy bill.<\/p>\n

Vinay Nadkarni<\/strong><\/p>\n

So what are their capacities?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

The Sunbeam is a new equation where we are downsizing the capacity, downsizing the customer base, downsizing the product lines. I think that was my first statement that we are exiting customers. We are existing selling the some of the lines which has there been a public disclosure and even with the same customers sub products we are exiting. So capacity utilization which is around 70% will come down to around 40, 50% in the near for the Sunbeam because some of them are legacy products unviable to continue manufacturing.<\/p>\n

So that is one thing. Subsequently also the cost will come down, the operating cost will come down and no impact on actually margins will improve when we do that activity and the capacity will be utilized for new customers and new products that way. So that is a new equation which is work in progress on Dr. Axion. I think we are operating at a reasonable capacity which is beyond this capacity. We cannot really extend ourselves because we are a very critical component supplier to the four wheeler manufacturing customers of ours.<\/p>\n

We have received more orders with the same customer base and Also more Indian OEMs also have given orders to us recently. So we are expanding that capacity. So their capacity utilization is around 80, 85% I would say beyond that it’s again seasonal. So we cannot go beyond that. So there is investments going on in TR and in Craftsman side also the capacity utilization is a reasonable 75, 80% level. But our incremental orders are quite strong. So we are increasing capacity. Sunbeam as I mentioned we are decreasing capacity but the capacity will be reallocated among that.<\/p>\n

That is one of the reasons for our restructuring if you have seen. We have, yeah. So that we can with one vendor code or with the same customer base we can operate the capacities.<\/p>\n

Vinay Nadkarni<\/strong><\/p>\n

The other thing which I wanted to check out was what is this deal that you have done with Suprakash developers and Sikara Technologies for your Sri Parambudur project?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

That is a doctor action. We couldn’t get the land on time from SIPCOT which is equivalent to the MIDC in Maharashtra. So the land parcel, what we wanted is 50 acres and we couldn’t get that. We got bits and pieces of acres and new sites which were still not allocated. So there should have been a delay of two years in the project. Customer was giving an order time owned order. So adjacent to the Sipcot land at a lower price which I had mentioned now in the same earnings Call we had taken at 15 20% lesser land parcel which has been accumulated by some property developers by buying maybe from 150 individual land users.<\/p>\n

And we have taken over as an. As a vehicle the investment in those two companies. So we have taken around 50 acres of land at around 150 crore cost. We have taken over those companies. Those are the subsidies.<\/p>\n

Vinay Nadkarni<\/strong><\/p>\n

And this will be developed by. When would that be commissioned? Because it’s a greenfield project, right?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

The greenfield project is already on. The civil construction is on and the plant will be commissioned by December. So next year it will be in operation and all this will get merged when we are doing the scheme of things, whatever we have filed. So there will be no subsidiary once that is.<\/p>\n

Vinay Nadkarni<\/strong><\/p>\n

Yeah. One last question if you don’t mind any. Any development on the Sunbeam land sale.<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

We have put it up for sale now. The price have gone up. The government has taken some action for widening the road and we are road facing. So we have seen that the property price is shooting up. But still I think the sale is little elusive because whoever is looking for buying it is asking a discount from the current market price. Current market price has got reset by at least 15% in the last one year on the matter. So it should get sold. It is only a matter of time if you are able, initial price, whatever.<\/p>\n

If you wanted to sell at that price. There are too many buyers I would say. But we are not willing to sell at the price.<\/p>\n

Vinay Nadkarni<\/strong><\/p>\n

Yeah. Thank you. Thank you and wish you all the best. Very good set of numbers.<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Vignesh from Kisma Health. Please go ahead.<\/p>\n

Vignesh SBK<\/strong><\/p>\n

Thanks for the opportunity. I just want to check on the manpower thing which we are focusing on rationalization or cutting rules. Throw some light on it. How are we planning to do it?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

This is by better operations in general and better operations means also better equipment, better layouts, better processes and some amount of ergonomics in the handling of the production. On top of it, some semi automation and some automation where there is some volumes. So this means that we’re reinventing the production to a very high band for productivity.<\/p>\n

Vignesh SBK<\/strong><\/p>\n

Any approximate cost or like benefits you would be estimating from this move.<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

I am sure that still it will be inflationary even after doing all that. See, when inflation of manpower cost is going to go up by 20% year on year instead of the 5, 10% that we’ll be good enough to have a manpower savings or without additional manpower growing we’ll be mostly be able to offset the incremental manpower cost. But surely there will be incremental manpower cost. If not otherwise we will see huge amount of incremental cost. It will not be for Craftsman or Craftsman Group alone. It’s across the industry.<\/p>\n

You can see that happening all over the place. Now everybody is talking about labor shortage and it’s not really labor shortage. It is the cost of labor going up and labor not willing to work at that particular prices. We have seen protests in the NCR region overall across three states. Various reasons. I don’t want to comment on that because it’s very sensitive. I would say that there is going to be a reset in the labor cost and all the governments are working towards also increasing the minimum wages which has been done on some states very recently in the last few months.<\/p>\n

And now the new labor code also is coming to picture and this minimum wages will be getting reset. This on the bottom of the pyramid. We don’t employ too many people at the bottom of the pyramid except for the quiet company like Sunbeam. Otherwise also the cost of manpower is going to go up in general. So this is more than. As I mentioned what is worrying us more is not the debt. As I mentioned what is worrying is the inflationary manpower cost which is very difficult to pass on to customer. This is where we are working on.<\/p>\n

Vignesh SBK<\/strong><\/p>\n

Thank you. And any timeline for the aluminum segment of reaching $1 billion.<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

I think it’ll be two to three years time. It is also a little sensitive towards aluminium prices. But I would say that the current aluminium prices I think two to three years we should.<\/p>\n

Vignesh SBK<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ram Sheshan from Avendus Park. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, good evening sir. Thanks for the opportunity. My question is primarily on the decision to consolidate the aluminum entities. Sunbeam. Dr. Axion, could you walk us through your strategy behind this? What are the steps that you’ll practically be taking to extract more value from this consolidated entity? That’s what I wanted to know.<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

We look at our public disclosure. We also mentioned that the not only Sunbeam on the Doctor we also looked at our aluminum business of Craftsman also how we can can have better leverage or better synergy between all the aluminium businesses. That is our target. So the easy one was how to do it with the Doctor and Sunbeam but it is also related to Craftsman aluminium business. The way to look at is that for example we will be around 6,500 crore in the aluminium business in the Fi27 or so. Just an approximation.<\/p>\n

I don’t want to give any guidance. Please I will negate that if it is taken as a guidance. What I am trying to say is that some equipment, some people, some processes may be written in their. We may have customer base. So it is difficult to do marketing with these small small sub segments in the business. And our competitors across the world are 3 billion to 6 billion dollar interest. These are the customers. Some of them are already present in India wanting to expand their footprint. So when we go with each of the businesses at 200 million 100 million dollar revenue or $300 million revenue and try to take an order for 100 million 200 million it is to share the resources and to grow the business.<\/p>\n

It is becoming unwieldy. It is very expensive. So that is the reason for rationalizing the. I mean sorry. Looking at the synergy and trying to merge these companies businesses.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. So this will not just put us in good state to win more businesses but will also make the operations more efficient. So it will be a benefit on both ends.<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

Yes. See, Craftsman doesn’t have a plant in Chennai for the aluminum business. But all our peers from the north and west have aluminum manufacturing component manufacturing like Craftsman. There are quite a few. Some of them are also listed. All of them have got a presence in the Chennai region. But Craftsman per se doesn’t have a presence in the Chennai region. We are in Coimatore and we are in Bangalore and Uzur as of now. So we want to create a separate campus for that and add aluminium business of Craftsman which is high pressure die casting mainly.<\/p>\n

And that then Dr. Plant is full so we have to expand. Dr. Action. And when we are going to put a plant there for the doctor Action. Then again one more plant for Craftsman doesn’t make sense. So it is better if we look at it in the future to share. That is the idea behind it. But the first step is about very clearly the Craftsman sorry, Deer and Sunbeam subsidiaries.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure sir. Thanks. Thanks for your time.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Karthi from Suyash Advisors. Please go ahead<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir. Good afternoon. I hope I am audible.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes<\/p>\n

Operator<\/strong><\/p>\n

Sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Just on the leverage point. I understand philosophically you are thinking about leverage. But just from the outside, 3,300 crore seems a bit on the higher side. So two questions. One is are you looking at the consolidation of the aluminium business as a way to deleveraging or do you believe that there are other ways to reduce debt? Some concrete guidance on that would be helpful.<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

It will be more to fund our future investments. Maybe. But I think this debt portion of it debt to EBITDA wise we look at it the forward looking EBITDA. I think we are already at 2.43 net debt to EBITDA. So we are looking at going forward it will be less than 2 I would say in the coming in the current year itself totally so. And then it will go down further to 1.5. So that is a natural progression of the debt to ebitda. So the way to look at is if you don’t grow the business at the current level and the level I think the debt may be lower but I think the EBITDA margins will start looking downward.<\/p>\n

I would say with the new growth, the new products, the land sale sale of Gurgaon. If you take away the land sale of Gurgaon then look at the debt, we should look at the debt at say 2700 on the consolidated basis, not at 3000.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure that helps. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Participants with Questions may enter STAR and 1. We have a question from Shipam Batra from Ambit amc. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir, thanks for taking my question. Sorry, if it is an academic question, could you broadly tell me what margins will be Clock in Dr. Action and Sunbeam in FY20 for the whole year?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

I think that will come in the segment wise results. I think independently. I think we are around the same range. I would say it is a slightly different business. On the aluminium side we have given the segment wise results. There is absolutely no profitability at if you look at it at EBITDA level it may be there at Sunbeam but profitability is not there. So you can just look at that number between Dr. And all of the EBITDAs come from these two companies, Craftsman and Dr.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. Got it sir. Secondly sir, how is our and I will be is ramping up what kind of revenues are we talking there?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

Sir, I have answered that already. I think on the alloy wheel because the current run rate is around 3 million. Exiting out of that the revenue wise if you look at it last year it’s not that much. Around 240 crores. I think so 280 crores. Is it? So around 280 crores is the revenue in the last financial year for the alloy.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it sir. And margins would be somewhere in the low single digit debit margins.<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

For the Vivadi plant it will be at the highest single digit or maybe even double digit. But at the Ozur plant it will be single digit because still it’s ramping up. The plant utilization level is not high<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And that’s all. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have a follow up from the line of Vinay Nkarni from Hathway Investments. Please go ahead.<\/p>\n

Vinay Nadkarni<\/strong><\/p>\n

Yeah, thanks. Thanks for the opportunity. Again if I look at the aluminum business EBIT level we are at around 10.3 which was same as last year. This year with the corrections that we are trying to make, consolidation, etc. Would you look at at least a couple of percentage points growth there?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

See the aluminum business, significant capex has been done last year. If we had not we had stopped CapEx in the second half of the year I think the margins would improve. Those capex has not been put to use at all. So what is restarting the margin expansion is the new CapEx which is working, it is under commissioning or just started production which is not yielded to the full quarter revenue, surely not the full year revenue on the matter. So when the base becomes higher on the installed capacity and then marginal investments are being made that might not affect the depression in margins but I think that is one of the reasons you see that the it is not an Apple to Apple comparison.<\/p>\n

Vinay Nadkarni<\/strong><\/p>\n

Yeah, but could you, could you look at, I mean should we look at around 100, 200bps increase in the next year on this margin?<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

If you’re going at this rate? No.<\/p>\n

Vinay Nadkarni<\/strong><\/p>\n

Okay. Because<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

The future capex in this year will again spoil the margins<\/p>\n

Vinay Nadkarni<\/strong><\/p>\n

Whatever<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

Gains we are making<\/p>\n

Vinay Nadkarni<\/strong><\/p>\n

On<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

The installed capacity.<\/p>\n

Vinay Nadkarni<\/strong><\/p>\n

So maybe another two, three years down the line it could be a much better. Yeah. If<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

Our base is 100 and we are expanding by 5% then the margins will improve. But if the base is 100 and we’re expanding at 30 and the result is shown as 110 on the practical results because still the other things are not utilized. It’s something like 20% growth in capacity but a 5% growth in revenue. So it is not. It is.<\/p>\n

Vinay Nadkarni<\/strong><\/p>\n

So the coming years will be much, much better.<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

I think when we reach across a billion and then we switch slow down the capex and then it is a smaller portion of the installed capacity then the margin should improve provided we get the right products at the right prices. Yes,<\/p>\n

Vinay Nadkarni<\/strong><\/p>\n

Thank you. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you ladies and gentlemen. That was the last question. I now hand the conference back to Mr. Sri Nivasan Ravi for closing comments.<\/p>\n

Srinivasan Ravi<\/strong><\/p>\n

Thank you for all joining and thank you for the confidence of the investments done. I think investments done little earlier and the borrowing done earlier is a better choice because in the coming few years the CapEx, the same CapEx which has been done in this financial year it will be 1.5 times more because of the Capex cost increase. So this is one of the factors which we have taken into account that to put up Capex little earlier so that we will become more competitive in the future. Thank you very much.<\/p>\n

And thank<\/p>\n

Operator<\/strong><\/p>\n

You. Thank you on behalf of Transman oft Automation Ltd. That concludes this conference call. Thank you for joining us. And you may now disconnect your lines. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Craftsman Automation Ltd (NSE: CRAFTSMAN) Q4 2026 Earnings Call dated May. 08, 2026 Corporate Participants: Srinivasan Ravi \u2014 Chairman and Managing Director Analysts: Joseph George \u2014 Analyst Unidentified Participant Unidentified Participant Vignesh SBK \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":146501,"url":"https:\/\/alphastreet.com\/india\/earnings-craftsman-automation-ltd-nse-craftsman-q4fy23-results-out-total-income-rises-49-yoy\/","url_meta":{"origin":182546,"position":0},"title":"Earnings | Craftsman Automation Ltd. 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