BEML Ltd

- No immediate plans for debt against existing facilities as of now. - For the Bhopal project, the company is actively looking for partners for debt funding. - Some financial institutions and PSU banks have expressed interest in funding the Bhopal plan. - Finalization of debt funding for Bhopal project is in progress, with a Detailed Project Report (DPR) being prepared. - No mention of new equity fundraising during the discussion.

- Total planned Capex is ₹1800 crores, to be implemented in 5 phases. - The 1st phase involves around ₹225 crores, aiming to roll out trains within 12-14 months to achieve positive cash flow. - The 1st phase capacity is about 150 cars; subsequent phases include 450 cars from Bhopal and 300 from Bangalore (total 750 cars). - For Bhopal plan, the company is seeking partners for debt funding; some PSU banks have shown interest. - Last year ₹220 crores were spent on Capex; no existing debt planned for current facilities. - Increasing investment in capabilities, including IoT-enabled machines, robotic laser welding, and CNC machining, along with talent onboarding and retention. - Capex is critical to meet demand for metro, railway, mining, defense, and high-speed train projects, reducing timelines and improving efficiency.

- Expecting 20% CAGR growth driven by Mining (20%), Defense (20%), and Rail & Metro (60%) segments. - Order book to double due to tenders being finalized in Rail & Metro, Defense, and Mining. - Defense turnover to more than double in FY26 with significant growth in defense orders. - Rail & Metro segment capacity to increase to 700-800 cars annually within 2-3 years, including new facilities in Bhopal and Bangalore. - Delivery of 20 metro train sets planned for the financial year; MRVC tender (2856 cars worth Rs 30,000 cr) expected next year. - New orders anticipated for high-speed trains and aluminum trains from FY27. - Sustenance business growing, with defense sustenance expanding by 50%, contributing positively to margins. - Capex plan: Rs 1800 crores over 5 phases to support capacity and technological upgrades. - Employee recruitment (~600 planned) to support growth in new technology and capacity.

- BEML expects a 20% CAGR growth in order book and revenue for FY25 and FY26, driven by Rail & Metro, Defense, and Mining sectors. - EBITDA margin guidance is a 150 basis points improvement over last year, attributed to a better product mix, reduced material costs, and increased sustenance business. - Sustenance business (spares and services) is growing, with defense sustenance expected to further drive margins. - Defense turnover is projected to more than double in FY26 due to order execution and indigenization efforts. - Employee cost aims to be reduced to around 17% of turnover despite wage inflation, enhancing operating profitability. - Capex of Rs 1800 crores planned over 5 phases to ramp up capacity and improve cash flow from new train deliveries. - Focus on technology tie-ups and new product launches (marine engines, high-speed rail) expected to support long-term earnings growth.

- Current order book includes around 930 cars on the road. - Expecting some new orders including LHB coaches, track machines, rail borne maintenance vehicles, and MRVC requirements. - Chennai Metro: 168 cars; Mumbai Metro Line 9 and 5 also in pipeline; tenders floated for 8 trains out of 96 trains planned. - MRVC tender for 2,856 cars expected to be floated soon, not factored into current projections. - RRTS orders are anticipated but specific numbers not yet confirmed. - Defense order book includes high mobility platforms worth over Rs 1,500 crore to be executed in the current financial year. - Order book expected to end fiscal year around Rs 22,000–23,000 crore (down from Rs 28,000 crore due to discharged orders). - Order inflow grew 28% to Rs 6,800 crore in FY24; FY25 order inflow expected to be double that of FY24. - Order mix projections: 20% Mining, 20% Defense (potentially higher), and 60% Rail and Metro.