Anupam Rasayan India Ltd

- No significant new external debt is planned to finance growth in the near term. - Working capital absorption is expected to stabilize, with sufficient existing working capital to support growth. - Rs.270 crores from preferential shares and warrants are expected in Q1 FY'26, which will be used to repay around Rs.200 crores of debt in H1 FY'26. - Term debt repayment will largely be completed by mid-next year, with net cash position approaching zero net debt. - CAPEX is mostly completed except for maintenance; no major incremental CAPEX requiring new funding is anticipated. - The management plans to reduce debt significantly from current levels (~Rs.1,200 crores) to three digits through free cash flow and preferential share infusion.

- Completed CAPEX of Rs.610 crores as of September 30, 2024; remaining CAPEX to be completed over the next two quarters in FY'25. - Large part of CAPEX related to capacity expansion and new facilities nearing completion, with trial runs underway. - No significant CAPEX planned going forward except maintenance CAPEX. - Backward integration includes strategic investment in Tanfac (24-25% stake) specializing in hydrogen fluoride (HF), with expanded plant capacity from 14,150 MT to 29,730 MT commissioned in October 2024. - New 9.2 MW hybrid power project (solar and wind) commercialized in October 2024, expected to save ~Rs.15 crores annually; combined with earlier 17.9 MW investment expected to meet 65% of electricity needs via green energy. - Focus on operational efficiency, cost optimization, and funding growth without need for external debt in the near term.

- Anticipated growth in H2 FY'25 due to volume uptick, especially from pharma and polymer segments growing at 15%+ each. - Agrochemical and international business expected to pick up in H2 FY'25, driving volume and revenue growth. - New molecules launched last year are gaining momentum, contributing to incremental revenue. - LOIs commercialized in FY'22 expected to ramp up revenue from Rs.250 crores towards a peak in FY'26-27. - New LOIs signed in FY'23 (~Rs.1,000 crores) will start contributing from FY'26, with ramp-up over FY'27-28. - FY'26 onwards visibility is positive with expected growth driven by increased volumes and stable prices. - Medium-term revenue target (3-4 years) standalone Rs.3,000 crore range, excluding Tanfac. - Confident of volume growth backed by strong order book and customer demand recovery post-soft H1 FY'25.

- FY'25 revenue expected to be similar to FY'24, with a recovery starting from Q3 FY'25 due to increased polymer and pharma contributions and new contracts. - FY'26 anticipated to mark a return to growth, driven by agrochemicals and ramp-up of pharma and polymer segments. - EBITDA margins likely to remain in the 25%-28% range, with comfort around 25%-27% guidance currently. - ROCE targeted to revert to high teens to 20s, aided by asset utilization improvements and normalization of working capital. - New molecules (17 launched in FY'24 plus 3 in H1 FY'25) expected to contribute meaningfully, especially in pharma segment growing into 20s% medium term. - Debt reduction planned: significant repayment (~200+ crore) in H1 FY'26 expected from preferential shares and warrants inflow, aiming for three-digit debt by mid-next year. - Working capital expected to stabilize and eventually reduce, supporting free cash flow generation and debt lowering.

- The LOIs (Letters of Intent) already commercialized amount to approximately Rs. 4,800 crores. - Of this, Rs. 2,600 crores worth of LOIs were signed in FY'22, with annual revenue of around Rs. 450-500 crores. - Current realized revenue from these is about Rs. 250 crores, expected to peak by FY'26-27. - LOIs signed in FY'23 total about Rs. 1,000 crores, expected to contribute roughly Rs. 150 crores per year starting FY'26, ramping up in FY'27-FY'28. - Additional LOIs and new molecules are in the process of commercialization, predicting growth in volumes and revenues from FY'26 onwards. - Overall, the company anticipates ramp-ups and monetization of these orders over FY'26 and FY'27, contributing significantly to future growth.