Anlon Healthcare Ltd

- For the planned greenfield expansion (~INR 100-120 Crores CapEx), the company expects to fund around INR 40-50 Crores from internal cash flow and the remaining INR 50-60 Crores through bank debt. - Peak debt-to-equity ratio targeted is around 0.5 to 0.55, which is less than 1, considered reasonable. - No immediate equity dilution is planned; the company aims to fund organic expansion primarily through internal accruals and bank loans. - For acquisitions of subsidiaries (Apiqo and Bizotic), the company plans to use share swapping with existing shareholders, thus avoiding cash outflow and preventing cash crunch. - Overall, moderate debt funding is planned with no major equity fundraising in the near term.

- Organic greenfield expansion planned for Anlon with CapEx of around INR 100-120 crore, targeting 1200-1300 metric tons per annum capacity, expected completion by March 2027; expansion execution to start April 2026. - Apiqo also planning organic expansion with a similar scale, around 500-600 metric tons per annum capacity. - Funding for CapEx: INR 40-50 crore from internal cash flow, remainder INR 50-60 crore via bank loans; peak debt-to-equity expected around 0.5-0.55. - No major organic expansion currently planned for Bizotic. - Strategic acquisitions: Apiqo and Bizotic to become 100% subsidiaries of Anlon, planned via share swap to avoid cash outflow. - Exploring new greenfield projects in peptide manufacturing (e.g., for GLP-1 molecules and cosmetic peptides) as future strategic investments. - Further product additions expected (6-7 new APIs) alongside capacity expansion over next financial years.

- The company targets approximately 30% CAGR in revenue over the next 2-3 years. - Revenue guidance for FY27 is INR 370-380 crore, considered a conservative estimate. - By FY28, expected revenue is around INR 650-700 crore, potentially reaching up to INR 750 crore with expansions. - Current capacity utilization is high (Anlon ~90%, Apiqo ~80%), prompting organic and greenfield expansions. - Greenfield expansion at Anlon aims to triple capacity to around 1200-1300 metric tons annually, planned to go online by March 2027. - Apiqo is also expanding by about 500-600 metric tons annually. - Bizotic margins expected between 30-35% EBITDA; utilized around 50-55%, with potential for growth. - CDMO model has a 3-4 year gestation from molecule development to revenue, with new molecules in validation. - The robust order book for FY27 supports growth targets.

- EBITDA margins are sustainable at 30-35%, with Anlon targeting around 35% and Apiqo around 30%; Bizotic expected to have similar margins (30-35% EBITDA) (Page 16, 7). - FY 26 revenue guidance stands at INR 170-180 crore; FY 27 guidance is INR 370-380 crore, considered conservative, with potential to exceed (Page 16, 14). - Positive operating cash flow expected by FY 27, likely by H1 or latest H2 (Page 7). - Organic greenfield expansions planned: Anlon capacity to triple (~1200-1300 MT p.a.), Apiqo expanding by ~500-600 MT p.a., contributing to revenue growth primarily post-FY 27 (Page 11, 5). - Peak revenue projected around INR 700-750 crore by FY 27-28, driven by existing products and operational expansions (Page 11). - Backward integration and strategic acquisitions (e.g., Bizotic) expected to support margin and top-line growth without significant cash outflow due to share swaps (Pages 16, 14). - Working capital improvements and efficient fund management will support profitability and earnings growth (Page 6).

- Current order book for the remaining 1.5 quarters is around INR 30 Crores. - For next financial year, the existing plant's capacity is fully booked with an order book of approximately INR 180-190 Crores. - Apiqo Organics has a confirmed order book of around INR 125-130 Crores for the next year. - Bizotic's order book details are pending until acquisition completion. - No spare capacity available currently in existing plants for additional manufacturing beyond confirmed orders. - Growth to INR 370-380 Crores in FY27 projected conservatively based on these orders and acquisitions.