🌅 GARCH Quant Academic Series｜D. E. Shaw 📖 【Day 3/7】Design of a High-Performance Order Execution & Routing System 👤 Authors: D. E. Shaw (1998), IEEE Financial Systems Conference 📌 Summary This pioneering paper from D.E. Shaw details the architecture of their proprietary high-performance order execution and routing system. It covers low-latency network communication, order management algorithms, market data processing, and optimal routing strategies — an early classic that laid the engineering foundation for modern high-frequency trading systems. 🏛️ Key Academic Contributions • Proposed core architectural principles for low-latency trading systems, including memory mapping and zero-copy networking • Designed multi-layer order routing algorithms that effectively balance execution costs and market impact • Introduced real-time risk monitoring and order flow control mechanisms 📚 Why It’s Essential Reading A must-read for anyone building quant trading infrastructure! Published in 1998, this paper showcases D.E. Shaw’s early mastery of high-performance system engineering and remains highly relevant today. #DEShaw #HighFrequencyTrading #OrderExecution #QuantInfrastructure #GARCHQuant

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Q&A Session: Investor Queries & Management Responses 💬 13/ ❓ Can you expand on defense/aerospace orders, their size, and whether you’re making full drone/anti-drone systems or components? 💬 Manikandan: Defense is 44.2% of Dec’24 revenue. Orders: ₹45-50 Cr for HAL AMCA simulators, track-based missile systems, tank hulls 🛽. 🚀 Full drone/anti-drone systems, not components. Civil drone for high-rise cleaning adapted for defense with European tech (NATO-proven). 📈 EoI for 3,000 drones for HAL, targeting 200-300/month. 80% local content, importing motors. #defensetech 14/ ❓ Timeline for future defense projects? 💬 Manikandan: Drone & anti-drone prototypes by Mar ‘26, leveraging civil drone tech & Israeli partner 🛩️. 🌍 Radar system likely FY27 due to capital needs. Defense is long-gestation, but confident with European tie-up. 📅 Drone/anti-drone on track for FY26, radar in FY27. #Aerospace 15/ ❓ : Existing railway order book and completion timeline? 💬 Manikandan: Order book ₹30,635.67 Lakhs (95% railways), expected to reach ₹600-700 Cr in 2-3 months 🚆. ⏳ 70% this FY, rest FY27. New orders (12-18 months). 📈 Participated in ₹800 Cr tender, finalizing soon. #railwaysafety 16/ ❓How much of the order book will be executed in the next 12 months? 💬 Manikandan: Conservatively, ₹350 Cr this FY (achievable) 📊. 🚄 Next FY, targeting ₹500 Cr. Numbers conservative; we’ll exceed with existing capacity. #OrderExecution 17/ ❓ EBITDA margins at 28.14%—sustainable or improvable? 💬 Manikandan: Margins sustainable at ~28% 💰. 🔍 Post-COVID strategy: high-margin projects only. Aerospace/defense focus to maintain/boost margins. 🚀 Selective bidding ensures profitability. #Financials 18/ ❓₹13.44 Cr from IPO for machinery—what are these, and extra revenue? 💬 Manikandan: Machinery for metro coach roofs (currently Chinese-made) & bogie frames/body shells 🏭. 📈 Adds ₹150 Cr this FY, ₹500 Cr FY27. Enables full coach body building (3,000 outsourced coaches/year). #Capex 19/ ❓ Production capacity increase post-machinery installation? 💬 Manikandan: Machinery usable FY27, adding ₹500 Cr capacity 📊. 🏗️ New facility for full car body building. Current infra hits ₹350 Cr this FY with 2 shifts. #CapacityExpansion 20/ ❓Capacity utilization ~83%. Can FY26 targets be met with remaining capacity? 💬 Manikandan: Yes, FY26 targets achievable 🚆. 🔄 Two 8-hour shifts from one. Existing capacity sufficient for ₹350 Cr this FY. No new infra needed yet. #Operations 21/ Possibility drone orders won’t materialize post-prototype? 💬 Manikandan: 0.01% uncertainty (e.g., COVID) ⚠️. 🛩️ Drones are carriers; applications vary. Defense budget: ₹56,000 Cr for drones/anti-drones. 2% share makes us ₹1,000 Cr company. Confident in 5% share. #DroneMarket 22/ ❓Other geographies targeted besides Mozambique & Sri Lanka? 💬 Manikandan: Targeting 200 coaches for Bangladesh via RCF 🌍. 🚄 Exploring African & South American markets (developing countries). Developed markets saturated; focus on tech transfer. #ExportMarkets 23/ ❓Drone tech in-house or collaborations? Future expectations? 💬 Manikandan: Civil drone 100% in-house, defense drones use European motors & tech (NATO-proven) 🤝. 🔋 Local battery tie-ups. Future: 80% local content, mass production. No Chinese components. #TechTransfer 24/ ❓Drivers for higher margins than peers? 💬 Manikandan: Post-2021 focus on projects, not products 💡. 👷 Labor & engineering edge, own design team, maxed infra (saving ₹40-45L/month). Tech products & defense to boost top/bottom lines. #Margins 25/ ❓Raw material procurement mechanism? Main materials? 💬 Manikandan: Stainless steel & aluminum sheets/extrusions (Jindal, SAIL, Hindalco) 🛠️. 📉 No mild steel. Contracts have price escalation clauses for commodity swings. #SupplyChain 26/ ❓ Why high FY24 attrition? Future outlook? 💬 Manikandan: High FY24 attrition due to KPA-based cleanup for Vande Bharat 👷. 📈 Stabilized, added 70-75 performance-based staff. Hiring design & project execution talent, building R&D center. 27/ ❓ Any project delays in railways or defense? 💬 Manikandan: Railways: No delays, monthly schedules like automotive 🚆. 🛽 Defense: Long gestation, but no delays except COVID (penalties waived). Just-in-time supply, in-house inspections. #Execution 28/ ❓ IPO size and bifurcation? 💬 Manikandan: IPO size ₹90 Cr 💰. 📊 14.9% capex (₹1,343.82 Lakhs), 58.3% working capital (₹5,246.18 Lakhs), 6.7% debt repayment (₹600 Lakhs). Valued at ~₹350 Cr, P/E ~13.5. #IPODetails 29/ ❓R&D in-house for defense, or tech transfer? 💬 Manikandan: Tech transfer from European partners for drones/anti-drones, initial engineering support 🤝. 🏭 Full buildup in-house (composites, machining). 80% local content, importing motors. 30/ ❓ Assembling or manufacturing defense products? 💬 Manikandan: Manufacturing in-house 🏭. 🛠️ Composites (carbon/aramid fibers), high-precision machining locally. Motors imported, controllers by Indian partner. 31/ Design team (2 in deck) sufficient for high-end products? 💬 Manikandan: Deck error; 25 engineers, separate design facility 👷. 🔍 Setting up R&D division for drones/anti-drones. Team sufficient for current projects. 32/ ❓Railway product line? Market share? 💬 Manikandan: Entire interiors: floors, seats, panels (aluminum/composites), windows, doors, lights, luggage racks, toilets, gangways 🚆. 📊 ~30-40% market share in tenders. Peers: Kineco (FRP-focused), Hindustan Fiberglass, DTL. 33/Tech transfer or patents in railways, aerospace, defense? 💬 Manikandan: MOU signed 10-11 days ago for drone/anti-drone/radar tech transfer from European partner 🤝. 📜 Transfer pending commercial terms. No patents yet, recent defense/aerospace entry 34/ ❓Raw material procurement constraints? 💬 Manikandan: No constraints, using stainless steel & aluminum (Jindal, SAIL, Hindalco) 🛠️. ⚖️ Limited suppliers reduce negotiation power, but availability fine. 35/ ❓ Bid win ratio and book-to-bill in the past? 💬 Manikandan: Bid win ratio ~30-40% for interior tenders, bid only where eligible 📈. 📚 Book-to-bill: Maintain 2x order book (this FY next FY) vs. revenue. 36/ ❓Past execution track record? Delays or penalties? 💬 Manikandan: COVID caused delays, penalties waived by Finance Ministry 🚨. 🚆 Just-in-time supply, in-house inspections ensure no rejections. Extensions granted if needed. 37/ ❓ ₹500-600 Cr railway order book—execution timeline? 💬 Manikandan: Orders typically 12-18 months ⏳. 🚄 Scheduled monthly with customers (Siemens, Alstom, BEML). Targeting ₹350 Cr this FY, rest FY27. 38/ Differentiator in crowded drone segment? 💬 Manikandan: Tech (European partner) proven in Ukraine war, unlike Indian startups 🛩️. 📈 High-end tech & mass production (200-300/month). Anti-drone is niche, less competitive. 39/ ❓Working capital needs and margins/ROE across segments? 💬 Manikandan: Railways: ₹300 Cr achievable this FY, receivables clear by Sep 💰. 🛽 Defense: ₹15 Cr for prototyping, may need bank/fund for ₹1,000 Cr orders. Margins vary, targeting high-margin tech products. 40/ ❓Top 1-2 clients’ revenue contribution? 💬 Manikandan: Indian Railways dominates (95% order book) 🚆. 🚄 Titagarh, Kinet, TMH emerging as key clients FY27. 41/ ❓Team strength by department? 💬 Manikandan: 255 employees, 54 engineers 👷. 🏭 Production: 195, QC: 5, maintenance: 18, admin: 2, BD: 4, tool stores: 7, accounts: 6, purchase: 4, HR: 1, design: 8, planning: 2, security: 3. Expanding R&D. 42/ ❓Team size (255, 80% labor, 8-10 design engineers) aligns with R&D-heavy company? 💬 Manikandan: Dec’24 numbers outdated. Now 270 employees, 54 engineers 👷. 🔍 Strengthened design team, setting up R&D division. In-house design for specialized products. 43/ ❓Valuation for the IPO? 💬 Manikandan: IPO size ₹90 Cr for 26.25% stake, valuing ~₹350 Cr 💰. 📊 Post-IPO P/E ~13.5 (Mar ‘25), targeting trailing P/E of 8 FY27. 44/ ❓Revenue split (45% railways)? Future norm? 💬 Manikandan: Incorrect, railways ~55.8% (Dec’24), 95% order book 🚆. 🛽 Defense/aerospace 44.2%. Railways to remain dominant, defense growing. Margins vary by project. 45/ ❓Other tender participants? 💬 Manikandan: Kineco & Hindustan Fiberglass Works are main competitors 🤝. 🚄 We secure 25-30% share as L1/L2/L3. 46/ ❓ FY25 numbers and in investor presentation? 💬 Manikandan: FY25: ₹192 Cr revenue, 30% EBITDA, 12% PAT 📈. 📜 Not in presentation (DRHP based on Dec’24). March numbers shared here.

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