Can you expand on the issue with sahasra electronic?
Post the budget and incentives for EMS, this stock has had a huge run. It is taking a minor pause today, I guess, after the nearly 60% run up in a few weeks. Would like to know more esp expansion plans, if any , from those, who track this. Any specific riks?
PS - not invested
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AGM 2025 Notes
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The company expects FY26 to remain stable with steady growth in both revenue and profits, broadly in line with historical trends. Operating margins are expected to sustain at current levels with further scope for improvement through cost discipline and pricing actions.
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Margins have improved from ~10% in FY23 to ~15% currently, led by operating leverage, cost optimization, automation, supply chain efficiencies, and a favorable product mix. Risks remain around raw material volatility, competition, and regulatory shifts, but management is confident of mitigating these.
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Profitability ratios dipped in FY25 due to higher tax outgo (B/f losses exhausted), though FY26 targets focus on improving capital efficiency and operating leverage.
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Top five customers contribute ~60% of revenue, with contract renewals on track and pricing pass-through clauses in place. Sales are primarily order-based under long-term contracts, supported by a healthy order book. Exports were NIL in FY25 due to full domestic capacity utilization, but plans are in place to explore overseas markets post-expansion.
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The company is tightening collections through stricter controls and digital monitoring, aiming to reduce receivable days to 75, with negligible overdues. Scrap levels stood at 5% in FY25, with initiatives underway to reduce further.
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Current capacity stands at ~7,000 sq. meters/month with ~86% utilization. A 50% capacity expansion is targeted by December 2025, upgrading technology to include higher layer count multi-layer PCBs and flexible PCBs for defense, space, and automotive applications.
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Capex in FY26–27 (Total planned ~15 Cr. | 4.27 Cr done in Q1FY26) will center on technology upgrades and automation, funded largely from internal accruals, with selective debt if required. The company is also evaluating government schemes like PLI and cluster initiatives to support growth.
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Energy costs are being mitigated by exploring solar and captive generation.
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FX risk will be progressively hedged in line with procurement cycles, given imports of laminates, inks, dry films, and machinery from Taiwan, UK, South Korea, and China.
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The company’s USP lies in quality, reliability, and customized high-end PCB offerings, with strong credentials in multilayer and niche high-reliability boards. While not the lowest-cost producer, it remains cost competitive and differentiated from larger peers through certifications (such as UL, ISO 9000, IATF 16949, with ongoing ISO 14001 and ISO 45001), faster turnaround, and focus on advanced products.
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About 80% of PCB demand in India is still met through imports (mainly from China), creating a strong domestic growth opportunity. Anti-dumping duties (~30%) provide protection against dumping. Government initiatives like Make in India and PLI are strong enablers for domestic sourcing and technology upgradation.
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Growth has been supported by long-term supply relationships, procurement discipline, and higher value-added offerings. Sustaining double-digit growth may face challenges from volatility and compliance, but the demand outlook across automotive, industrial, power electronics, telecom, medical, and emerging EV sectors remains strong.
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The company aims to consolidate its leadership in domestic PCBs, expand into exports, launch advanced products (HDI, flexible PCBs, very high-end cards), and achieve sustainable growth through capacity expansion and operational excellence.
Disc: Tracking position
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Syrma is building india’a largest PCB manufacturing plant with capacity of 1.5 to 2 million square meters per annum.
Almost 10-11x of BCC Fuba’s capacity. Symra has tied up with Korean player with experience of around 3.5 decades.
I think next 3-5 years will be golden period for player who want to capture domestic PCB market as 90% of India’s domestic requirement is still met through exports.
BCC fuba need to do capacity expansion in multiples now to gain share in market.
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Yup. I own Syrma and have been looking at BCC Fuba for a long time but I was always apprehensive on whether they had the capabilities of scaling up as much as the bigger players. PCB build out will be necessary as India looks to make a major mark in the EMS space. Regardless valuations are not comforting anymore so on wait and watch mode with this one.
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Hello @hardikca, did you attend the AGM 2025, or did you get this information from somewhere else? If yes, please cite the source.
Anyone any idea on shareholding pattern of the company Iogems
Technologies Private Limited 51% acquired by BCC Fuba rest 49%?
Company incorporated in October 2025 only.
Is there any Financial details available of Iogems tech, what is the acquisition cost and what is the aim of this acquisition?