Integra Engineering India Limited Earnings Summary — Q4 FY2024
Integra Engineering India Completes Decade-Long Transformation into High-Precision Rail Specialist
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue grew 11.5% sequentially in Q1 FY2027.
- Revenue of ₹44 Cr is 3.1% lower year-on-year.
- Revenue has compounded at 13.4% annualised over the last 10 quarters.
- Net profit of ₹5 Cr is 11.2% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 25.6% annualised across the period.
- Operating margin stands at 16.4% in Q1 FY2027.
- Operating margin compressed by 345 bps year-on-year.
- Over the last two years operating margin has expanded by 178 bps.
- PBT margin is 12.7%.
- Expenses grew 1.0% against revenue growth of -3.1%.
- Operating profit of ₹7 Cr is 19.9% lower year-on-year.
- Operating leverage has been under pressure recently.
- 2 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 57/100 (Healthy) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 44 | 40 | 42 | 41 | 46 | 42 | 47 | 41 | 35 | 33 |
| Expenses | Improving | 37 | 33 | 36 | 35 | 37 | 35 | 37 | 33 | 30 | 29 |
| Operating Profit | Improving | 7 | 6 | 7 | 6 | 9 | 8 | 10 | 9 | 5 | 5 |
| Operating Margin | Improving | 16.4% | 15.9% | 15.7% | 15.8% | 19.9% | 18.3% | 21.5% | 20.6% | 14.6% | 13.9% |
| Other Income | Volatile | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | Improving | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| Depreciation | Improving | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit Before Tax | Improving | 6 | 5 | 5 | 5 | 7 | 6 | 9 | 8 | 4 | 4 |
| Tax | Improving | 1 | 1 | 2 | 1 | 2 | 2 | 3 | 2 | 1 | 1 |
| Net Profit | Improving | 5 | 3 | 3 | 3 | 5 | 4 | 6 | 5 | 3 | 3 |
| Net Margin | Improving | 10.2% | 8.6% | 8.2% | 8.5% | 11.1% | 9.8% | 13.1% | 12.8% | 8.3% | 8.1% |
Key Takeaways
- Integra Engineering has successfully transitioned from a metal fabricator to a preferred precision engineering partner for global OEMs like Alstom and Siemens.
- The company maintains a high-quality balance sheet with zero debt and a cash-rich position (INR 18.06 Cr as of March 2024).
- Profitability metrics have seen a structural shift, with ROCE and ROE consistently exceeding 24% and 17% respectively.
- The order book benefits from the 'Make in India' tailwind, specifically the massive modernization and electrification of Indian Railways.
- Inventory levels saw a sharp spike in the recent cycle (INR 42.48 Cr in FY24 vs INR 24.58 Cr in FY23), suggesting working capital pressure or preparation for large deliveries.
- Management execution is characterized by high technical competence in metallurgy and a strategic focus on high-value interiors and control systems.
Management Guidance
Management is focused on globalization, seeking to increase export orders and deepen partnerships with European rail OEMs while leveraging their Swiss parentage expertise.
Sentiment Shift
Improving
The transition from a struggling entity to a debt-free, high-margin, dividend-paying specialist reflects a sustained positive operational trajectory.
Outlook
The outlook remains robust due to long-term government spending on rolling stock and Vande Bharat projects; however, monitoring inventory-to-sales ratios is critical due to recent spikes in working capital.
From the Annual Report (Key Quotes)
“Transformed from a struggling metal fabricator into a precision engineering partner for global OEMs like Alstom and Siemens.”
“The lack of long-term debt minimizes financial risk and enhances the quality of net profit generated from core operations.”
“There is a clear alignment between management's stated goals of globalization and the actual increase in export orders.”
Official Quarterly Documents
This summary is AI-generated from Integra Engineering India Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.