Quest Flow Controls Ltd (543982) — concall transcript | 31 March 2024

Meson Valves India reported H2 FY24 revenue of ₹43.38 crores with 24.96% EBITDA margin and 14.85% PAT margin, up from FY24 figures of [amount context mismatch] crores revenue, 23.61% EBITDA margin, 14.3% PAT margin. Management highlighted strong defense demand, plans to expand exports to US/Canada/Russia, and defense contributing 50-60% of future revenue. A new foundry aims to boost capacity by 30-40% and improve margins, targeting 25% EBITDA and 3-5% higher PAT. Water treatment expansion via H2O Dynamics and German partnership is underway, with 20-25 inquiries noted. Capacity utilization is near 100% for domestic orders, and replacement demand in shipping is a key growth driver. No new capacity was added in September or March 2024, though patents were acquired for future enhancement.