I fully concur with the findings of @raj1968 @Chandragupta @Marathondreams.
I just wanted to add few points, The Company operates in a tier 2 city unlike Sansera which is Bangalore. The Company might not be having all the employees working throughout the year , better metric would be actual Man hours/total wages paid when you have large number of contractors. And as already pointed out be others they do good amount of outsourcing so costs would be moved to job charges from employee expenses. Also When companies grow from a small base with very high rates in top-line , its a bit hard to work on these metrics unless we get the current data from management.
Sorry if I didn’t add much value on this aspect.
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The company projects to be in a niche business ( aspiring as well as current), it’s not plausible to have contract workers doing singnificant work. If contact workers are in small town and ad-hoc then i have difficulty in thinking about the skills required to do the job. A niche business in this area shall have lower material cost and higher manufacturing / employee cost. While forging in itself is not niche, what moves the needle is machining and if these guys are actually going to do what they are alluding to, they would be planning to get into a lot of machining, Which is not that easy to execute for a company of such size.
The company has done recent ipo and for many many companies margin goes down after few quarters. I am not alluding to such behaviour in this case but it could be.
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Video from Oct 24
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Can you please tell me where u get this screenshot ? Is it DRHP or what ?
It’s from page number 56 from their 2025 Annual Report. The link to the Annual Report is here