AksharChem (I)

- **H-acid Plant:** Trial production started; commercial production expected from Q2 FY2019. Most capex already done. - **Precipitated Silica Plant:** Expansion under progress at Dahej; capex mostly for FY2019 (~Rs.80 Crores including infra). Commercial production targeted from Q1 FY2020. - **CPC Green Expansion:** Phase II delayed from FY2020 to FY2021; focus currently on H-acid and precipitated silica. - **Violet Pigment Plant:** Started with small capacity; product approvals expected by next quarter, commercialization and volumes anticipated in H2 FY2019. - **No current plans for CPC Blue crude; considered for later stage.** - **Capex Considerations:** Possible debt may be raised in FY2019 to complete ongoing projects; company maintaining a cautious risk profile with slow, steady expansion.

- The company expects revenues to double in three years from current levels. (Page 12) - FY2019 topline is expected to be similar to current quarter levels initially, with an increase of Rs.40-50 Crores in the last six months due to new products (H-acid, Violet pigment, CPC Green expansion). (Page 8) - Incremental revenue from CPC Green in FY2019 expected around Rs.15-20 Crores at 70-80% utilization. (Page 6) - H-acid commercial production expected from next quarter, with around Rs.25-30 Crores revenue for six months period. (Page 7, 6) - Precipitated silica commercialization expected in Q1 FY2020 (April next year), with volumes starting at 60-70% utilization mostly in domestic market first year. (Pages 4, 12, 16) - The company plans to add one substantial new product every year to drive growth. (Page 12)

- The company expects revenues to double over the next three years from current levels. (Page 12) - EBITDA margins for FY2019 are expected to improve and target 15%+, with significant margin expansion likely due to recent price increases in products like Vinyl Sulphone and H-acid. (Pages 8, 14, 7) - Commercial production of new products (H-acid from next quarter FY2019 Q2 and precipitated silica from FY2020 Q1) is expected to contribute to revenue growth and diversification. (Pages 11, 18, 4) - Incremental revenues from CPC Green expansion and H-acid expected at Rs.15-20 Crores and Rs.25-30 Crores respectively in FY2019. (Pages 6, 14) - Company is adopting a conservative risk approach and focusing on steady expansion, adding one substantial product each year to sustain growth. (Page 12) - Other expenses will increase aligned with higher production but EBITDA is expected to expand if current price levels sustain. (Page 6, 14)

The provided pages do not contain specific details about the current or expected order book or pending orders for AksharChem (India) Limited as of August 2018. However, insights related to production, capacity, and sales plans include: - Vinyl Sulphone production and sales volumes are strong with realizations improving due to pricing benefits. - CPC Green capacity expanded to 2,400 MT per annum; production volumes and revenue contributions growing. - H-acid trial production started; commercial production expected next quarter with ~85% targeted for export. - Precipitated silica capacity expansion underway; commercialization expected in Q1 FY2020 with targeted revenues of Rs.70-80 Crores at 60-70% utilization initially. - Demand for silica and pigment products is robust, with tyre and toothpaste industries growing, supporting increasing consumption. - Pricing and margin pressures are influenced by raw material costs and supply issues but anticipated to improve. No explicit statements on order book or pending orders were disclosed in the excerpt.

- The company is taking a cautious approach to expansion, focusing on adding one substantial product each year and keeping risk low. - For FY2019, they do not expect significant working capital debt but might undertake some debt to complete ongoing projects. - There is no mention of any planned equity fundraising. - The company is open to raising debt or introducing new products if required but is currently proceeding slowly with expansion. - Forex risks are minimized through hedging, and no open forex positions exist. - Overall, no immediate or concrete plans for large new fundraising via debt or equity were disclosed as of the call date.