Aether Industries Ltd

The transcript provided on page 12 of the document does not mention any current or future plans for fundraising through debt or equity. Key points from the discussion related to finances and operations include: - No explicit mention of new debt or equity fundraising. - Focus is on operational capacity utilization and expansion projects. - Insurance claim for fire accident (INR100 crores) expected to be settled by Q4 FY '25. - Ongoing capital expenditure on site expansions (Site 3+, 3++, Site 5) and R&D infrastructure. - Emphasis on scaling contract exclusive manufacturing (CEM) and large-scale manufacturing. - No discussion or indication of raising funds via debt or equity during the call. Hence, based on the available transcript, there are no announced or planned fundraising activities through debt or equity at this time.

- Ongoing capex at Site 3+, 3++ and Site 5 is well underway, on schedule, and on track for increased manufacturing capacity. - Greenfield Project at Site 5 in Panoli progressing as planned with the first phase expected fully operational by Q3 FY 2026. - Site 5 expansion aims to significantly increase production capacity across pharma, agrochemicals, and material sciences. - Planned 2x expansion of R&D infrastructure in 2025 to create a new R&D wing, doubling R&D assets and enhancing innovation capacity. - Continuous increase in R&D expenses aligned with expanding contract manufacturing business and new product development. - Completion of Site 3++ plant construction expected by end of FY 2025, with decisions on business model (large-scale manufacturing vs CEM) by February end. - 15-megawatt solar power plant now fully operational, contributing to sustainability and annual energy cost savings over INR 150 million.

- Capacity utilization at Site 2 expected to increase from 62% to around 72% by March 2025, stabilizing at 80-85% next year with maintenance buffer. - Site 3 currently at 50% utilization due to pricing pressures; expected to rise to ~65% next year. - Revenue from Site 2 was INR 265 crores in 9 months FY’25, running at ~60-65% utilization, targeting full commercial production soon. - Saudi Aramco project (Site 4) revenue expected to reach INR 40 crores in FY ’25-’26, with full potential INR 180 crores by FY ’27-’28. - Site 3+ and 3++ expansion underway with potential revenue of INR 300 crores combined. - Baker Hughes partnership progressing with product launches expected to boost revenues starting FY ’25-’26. - Focus on increasing contract exclusive manufacturing (CEM) alongside large-scale manufacturing to drive growth. - Overall revenue growth supported by ramp-up in production capacities and new product launches.

- EBITDA margin is expected to remain around 30% for the next 1-2 years, with further increases possible as new contracts come online. - Revenue growth is supported by ramp-up in commercial production at Site 2 and Site 4, including projects with Baker Hughes and Saudi Aramco. - Site 2 utilization to increase from ~62% now to ~72% by March 2025, targeting 80-85% capacity utilization next year. - Site 3 current utilization at 50%, expected to rise to ~65% next year despite pricing pressures. - CRAMS business model showing strong momentum with over 50 research projects and nearly equal revenues compared to full prior fiscal year within 9 months. - Contract/exclusive manufacturing segment growing significantly, pivoting from large scale manufacturing, enhancing profitability. - Insurance claim of INR100 crores for fire accident expected to settle by Q1 FY '26, reducing contingency risks. - Expansion projects at Site 3+, 3++, and Site 5 progressing on schedule, supporting medium-term revenue growth. - R&D investments doubled, fueling innovation and future product pipeline. Overall, the company projects steady growth in earnings driven by capacity ramp-up, product mix improvement, and strategic partnerships.

- The company is currently working on over 50 research projects in their CRAMS (Contract Research and Manufacturing Services) business model across all sectors, with a majority in non-pharma and non-agro sectors (Page 5). - There has been a significant influx of business inquiries in the CRAMS model, especially in agro, non-pharma, oil & gas, and sustainability segments, mostly in late-stage commercialization of new chemical entities (Page 5). - Site 4 has finalized the first 2 product launches with Baker Hughes, with multiple additional product launches expected soon, indicating an active and growing order book in the oil & gas segment (Pages 4-7). - Expansion at Sites 3, 3++, and Site 5 is underway to support manufacturing capacity for both large-scale and contract/exclusive manufacturing, reflecting anticipated order growth (Pages 4, 6-7). - The strategic partnership with Baker Hughes has expanded, increasing collaboration on multiple projects and products (Pages 6-7).