One spine from quote to cash — the value, the conversion, the days, and the leakage at every handoff. Where deals turn into delivered work, invoices, and collected cash (and where they get stuck).
₹160 Cr is leaking or stuck across the 111-day quote-to-cash cycle — the largest single pool is ₹45 Cr at Deliver. Close the billing lag and aged book to pull cash forward without selling a thing.
6 of 6 headline metrics improving vs prior · still off target: Total Revenue ₹2,477 Cr vs ₹2,700 Cr, DSO (Days Sales Outstanding) 55d vs 50d, Cash Conversion Cycle 38d vs 28d
Extend metal pass-through clauses; hedge; push scrap/yield & energy savings.
Firm LME aluminium + energy pressuring near-term gross margin and EBITDA.
Run-rate FCF sweep + working-capital discipline; protect headroom — paydown is priority.
Net Debt/EBITDA 3.08x vs 3.5x covenant; greenfield (Hosur) capex pushed net debt to ₹686 Cr.
Sets capex headroom and refinancing risk on a levered (~3.1×) balance sheet.
Gates the program go-live (SAP S/4, MES & EV-readiness).
The order-to-cash cycle for the manufacturing business, end to end. A quote becomes a confirmed order, an order becomes produced and shipped goods, shipped goods become an invoice, and an invoice becomes cash — 111 days from quote to cash, with ₹160 Cr leaking or stuck across the handoffs. Each stage links to the 360 that owns it and the records to work. (Multi-year OEM platform programs & export supply contracts bill on a steadier cadence — this is the make-to-order lane.)
Value flowing through each stage, the conversion from the prior stage, days in-stage, and the leakage at the handoff.
The biggest levers are produce/ship (production lead time) and collection (DSO) — the order handoff is instant; billing lag is the quiet one.
Each leak quantified, owned, and linked to the 360 and the records that fix it — the working-capital recovery list.
Discount leakage — legacy plant estimators discount 12% vs 5% governed SAP
WIP / scrap & yield loss + margin slippage on lines below target margin
Unbilled WIP + export-doc lag — shipped goods not yet invoiced
Read this: the two biggest pools are ₹45 Cr aged AR (collect) and ₹32 Cr unbilled WIP / export-doc lag (bill) — both pure working capital. Closing the billing lag and the aged book pulls ~₹77 Cr of cash forward without selling a thing.
Value, conversion, days, leakage and owner — drill to the owning 360.
| Stage | Value | Conv. from prior | Days in-stage | Leakage | Owner | Drill |
|---|---|---|---|---|---|---|
| 🧾 Order / RFQ | ₹3,650 Cr | — | 22d | ₹38 Cr | Chief Sales & Marketing Officer · RevOps | → |
| ✍️ Order / Booking | ₹2,630 Cr | 72% | 0d | — | Sales · Programs | → |
| ⚙️ Cast → Machine → Ship | ₹2,540 Cr | 97% | 26d | ₹45 Cr | Manufacturing · CMO | → |
| 📄 Bill / Invoice | ₹2,477 Cr | 98% | 8d | ₹32 Cr | Project controls · Finance | → |
| 💵 Collect / Cash | ₹2,412 Cr | 97% | 55d | ₹45 Cr | Treasury · Collections | → |