Any current/future new fundraising through debt or equity?

No mention of any current or future fundraising through debt or equity in the call. The company reported having **nil debt as on March 2018** with a debt-to-equity ratio of 0.0x. Capex plans are funded internally, with Rs.34 Crores already spent till date, and ongoing expansions planned with outlined capital outlays (e.g., Rs.70 Crores for silica expansion, Rs.40 Crores for Dahej greenfield). No indication from management about raising funds via debt or equity during FY2019 or near term. Focus is on completing expansions and utilizing capacities without external financing announcements.

Any current/future capex/capital investment/strategic investment?

FY2019 Capex: Around Rs.70 Crores planned, mainly for silica expansion and other ongoing projects. Silica Expansion at Dahej: - Capacity: 10,000 tonnes per annum. - Expected to start commercial production Q1 FY2020. - Capital outlay: Rs.75 to Rs.80 Crores. - Revenue potential: Rs.80 to Rs.90 Crores on full utilization. H-Acid Expansion: - Capacity: 1,200 tonnes. - Commercial production expected from Q2 FY2019. - Rs.25 Crores spent till FY2018. Pigment Green 7 (CPC green) Greenfield Expansion at Dahej: - Additional capacity: 480 tonnes. - Capital outlay: Rs.40 Crores. - Prod

Future growth expectations in sales/revenue/volumes?

FY2019 volume expected to grow with 80% utilization of new CPC green capacity and ~70-80% utilization of new H-acid capacity. Silica segment (starting FY2020 Q1) expected to contribute Rs.80-90 Crores revenue at full capacity (10,000 tonnes/year). Stable pricing and margins anticipated for CPC green; volatile for Vinyl Sulphone but improvement expected from Q2 FY2019. New exports customers added expected to help fill new green capacity. Greenfield expansion at Dahej (10,000 tonnes silica) expected commercial production in FY2020; capex ~Rs.40 Crores. Phase 2 expansion for CPC green likely to s

Future growth expectations in earnings/operating earnings/profits/EPS?

FY2019 expected to be strong for domestic speciality chemicals due to increased demand and tight global supply from China’s environmental norms. Q2 FY2019 anticipated improvement in margins as raw material prices stabilize and end product prices rise, notably for intermediates like H-acid and Vinyl Sulphone. EBITDA margins for new silica segment expected between 15%-20%, similar to current chemical business. Incremental revenue from new capacities: - CPC Green expansion (480 tonnes) to contribute from Q1 FY2019, expected ~80% utilization in FY2019. - H-acid expansion (1200 tonnes) startin

AksharChem (I)Q4 FY18Chemicals & Petrochemicals

AksharChem (I) Q4 FY18 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹414.7P/E: 26.9Market Cap: ₹333 CrSector: Chemicals & Petrochemicals

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

FY2019 volume expected to grow with 80% utilization of new CPC green capacity and ~70-80% utilization of new H-acid capacity.
Silica segment (starting FY2020 Q1) expected to contribute Rs.80-90 Crores revenue at full capacity (10,000 tonnes/year).
Stable pricing and margins anticipated for CPC green; volatile for Vinyl Sulphone but improvement expected from Q2 FY2019.
New exports customers added expected to help fill new green capacity.
Greenfield expansion at Dahej (10,000 tonnes silica) expected commercial production in FY2020; capex ~Rs.40 Crores.
Phase 2 expansion for CPC green likely to start around 2021.
Anticipated margin improvement in FY2019 due to stabilizing raw material prices and passing on increased costs.
Overall, medium-term growth driven by capacity expansions, stable/passing on price increases and increased demand from specialty chemical end use industries.

Margin guidance

Category 3

FY2019 expected to be strong for domestic speciality chemicals due to increased demand and tight global supply from China’s environmental norms.
Q2 FY2019 anticipated improvement in margins as raw material prices stabilize and end product prices rise, notably for intermediates like H-acid and Vinyl Sulphone.
EBITDA margins for new silica segment expected between 15%-20%, similar to current chemical business.
Incremental revenue from new capacities:
- CPC Green expansion (480 tonnes) to contribute from Q1 FY2019, expected ~80% utilization in FY2019.
- H-acid expansion (1200 tonnes) starting Q2 FY2019, utilization ramping up in second half.
- Silica Greenfield project (10,000 tonnes) to start from FY2020, with revenue potential Rs.80-90 Crores annually at full capacity.
EPS growth aligned with volume growth, capacity expansions, and price recovery post Q2 FY2019.

See what AksharChem (I) management said on margin guidance — free account, 30 seconds.

Fundraise plans

No mention of any current or future fundraising through debt or equity in the call.
The company reported having nil debt as on March 2018 with a debt-to-equity ratio of 0.0x.
Capex plans are funded internally, with Rs.34 Crores already spent till date, and ongoing expansions planned with outlined capital outlays (e.g., Rs.70 Crores for silica expansion, Rs.40 Crores for Dahej greenfield).
No indication from management about raising funds via debt or equity during FY2019 or near term.
Focus is on completing expansions and utilizing capacities without external financing announcements.

Order book

The provided transcript from AksharChem (India) Limited's June 04, 2018 conference call does not explicitly mention current or expected orderbook or pending orders in specific terms. However, related insights can be summarized as: - The company added three new export customers for their pigment business in the last quarter, expected to help fill new green capacity. - Volume growth and capacity utilization are strong, with CPC green running at ~95% utilization and expansions planned. - New capacities for products like CPC green (expanded by 480 tonnes) and H-acid (1,200 tonnes) are expected to contribute in FY2019. - The silica project (10,000 tonnes capacity) is under construction, expected to start production in FY2020. - The company sees stable demand and confidence in volume growth but no explicit order backlog details were provided in the call. No direct orderbook or pending order figures were shared during this conference.

See what AksharChem (I) management said on order book — free account, 30 seconds.

Capex plans

Yes

FY2019 Capex: Around Rs.70 Crores planned, mainly for silica expansion and other ongoing projects.
Silica Expansion at Dahej:
- Capacity: 10,000 tonnes per annum.
- Expected to start commercial production Q1 FY2020.
- Capital outlay: Rs.75 to Rs.80 Crores.
- Revenue potential: Rs.80 to Rs.90 Crores on full utilization.
H-Acid Expansion:
- Capacity: 1,200 tonnes.
- Commercial production expected from Q2 FY2019.
- Rs.25 Crores spent till FY2018.
Pigment Green 7 (CPC green) Greenfield Expansion at Dahej:
- Additional capacity: 480 tonnes.
- Capital outlay: Rs.40 Crores.
- Production expected by Q3/Q4 FY2020.
Total capex spent till date: Rs.34 Crores (including silica and H-acid).
No other significant capex or expansion plans currently under consideration.

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AksharChem (I) Q4 FY18 Earnings Call Analysis

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