Amber Enterprises India Ltd

- Sidwal order book stands at around INR 2,075 crores. - Execution timeline for Sidwal orders spans 2.5 to 3 years. - Of the Sidwal order book: - Approximately INR 780 crores pertains to new product categories (doors, gangways). - Around INR 78-80 crores relates to defense orders. - The remainder consists of HVACs and pantry systems. - Current order book visibility strengthened due to winning more contracts. - Railway Sub-system and Defense division reported flat revenue due to project delays: - Bangalore Metro delayed by 9 months. - Mumbai Metro delayed due to supply shortages. - Vande Bharat Express projects delayed by 8-9 months. - Despite short-term flattish revenue, the division aims to double its revenue in the next 3 years.

- There is no specific mention of any new fundraising through debt or equity in the provided transcript. - The current net debt stands at INR965 crores with a long-term debt repayment plan spanning 7-8 years, averaging about 4 years maturity. - Capex guidance for FY25 is INR350-375 crores, with no indication of additional debt raised beyond existing limits. - The company is realizing subsidies and expects INR80 crores reimbursement during the year, including INR36 crores under PLI. - Management indicated no intention to participate further in the PLI scheme for incremental investments. - Overall, the focus appears on managing existing debt with gradual repayment and planned capex without immediate new fundraising.

- Capex guidance for FY '25 remains at INR 350 crores to INR 375 crores. - Expect to receive subsidy reimbursement of INR 80 crores during the year under various central and state subsidies, including PLI of INR 36 crores. - Additional 12 acres of land allotted in SIPCOT area for expansion. - MOU with Korea Circuits initiated; expansion activities underway for HDI boards. - Awaiting new government incentive schemes (SPECS, PLI) to accelerate expansion plans. - Sidwal investing INR 120 crores in SPV for domestic factory and overseas entity stake. - New greenfield facility construction for Sidwal ongoing; trials for doors and gangways expected by Q1 next fiscal, moving to mass production by Q4. - Yujin India joint venture plant for couplers, gears, and pantographs trial expected by Q4 this fiscal. - No further investment planned in PLI scheme due to limited remaining time for benefits.

- Consolidated revenue growth is expected to be around 25% for FY '25. - Consumer Durables division growth is optimistic; RAC business grew 50% recently, non-RAC components by 39%, with an overall blended growth of 44%. - Long-term growth in Air Conditioner (AC) industry projected around 35-36% with volume reaching 1.3 to 1.4 crore units. - Electronics EMS division targets around 45% growth, driven by expansion in product portfolio and higher-margin applications. - Non-consumer durables vertical (including railways, defense, electronics) aims to grow from current ~25% revenue share to about 40% by FY '27. - Sidwal and Railway Subsystem division expects 15-20% growth this year and to start approvals and revenue ramp-up from Q4 FY '26. - Overall strategic focus on diversification and import substitution to sustain 45-50% long-term growth in some segments.

- Consolidated revenue growth is expected at around 25% for FY '25. - Operating EBITDA margin targets are stable around 8.3%, with some margin expansion expected over time. - ROCE expected to improve by approximately 300 basis points to above 15% in FY '25, aiming for 19%-21% in the next 2 financial years. - Electronics EMS division guided for 45% growth in revenue for FY '25, with ambitions to increase margins to early teens (12%-13%) within 4-5 years. - Consumer Durable division has grown strongly due to favorable market conditions; the RAC business grew 50%, non-RAC components 39%, blended 44%, with operating EBITDA at about 7.8%. - Sidwal (Railway and Defense) business to stabilize with growth expected beyond FY '25 due to long gestation in new product approvals. - Non-operating expenses like ESOP are added back to calculate operating EBITDA for clearer profit metrics. - Overall, the company targets robust multi-year earnings growth driven by diversification and expanded product offerings.