Any current/future new fundraising through debt or equity?

The company is increasing its peak debt to around Rs.900 to Rs.1000 Crores post the sulphuric acid plant commissioning, up from the current Rs.750 Crores. This includes about Rs.600 Crores as term debt and Rs.300 Crores as working capital debt. Expected repayment next year is about Rs.55 Crores. Blended cost of funds is around 6%, with long-term project loans tied up at about 8% to 8.5%. Lead banks for term loans are HDFC, Union Bank, Exim Bank, and Indian Bank. Working capital loans are from Axis Bank, ICICI, and Kotak. No specific mention of new equity fundraising in the call. Internal accru

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

Sulphuric Acid Plant: - Rs.64 Crores spent so far. - Further Rs.30-40 Crores planned in current year and another Rs.40 Crores next year from internal accruals. - Project awaiting better market conditions to proceed further. Saykha Project (Benzene derivatives): - Acquisition cost Rs.150 Crores. - Additional Rs.160 Crores spent on modernization and capacity expansion. - Total Rs.310 Crores investment. - Plant recently inaugurated aiming to reach full capacity in a few months. Maintenance Capex: - Annual range between Rs.15 Crores to Rs.25 Crores. Growth Capex: - Rs.2

Future growth expectations in sales/revenue/volumes?

Dyestuff production capacity is expected to increase from earlier 185 MT/day to about 235 MT/day currently, with a target to reach 260-270 MT/day in 2-3 months, implying a nearly 50% volume jump to about 90,000 MT annually (previously 55,000-60,000 MT). For FY2024, operation at full capacity utilization is anticipated. The company aims to build a Rs. 2,500 Crores+ revenue model with EBITDA margins around 15%-16%. Chlor Alkali segment modernization and capacity expansion (Rs. 310 Crores invested) supports growth. Market demand expected to remain flat for next few months, with hopes of i

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

Bodal Chemicals aims to create a revenue model exceeding Rs.2,500 Crores with EBITDA margins around 15%-16% (Page 19). The company is diversifying its portfolio by expanding into high EBITDA businesses like Chlor Alkali, benzene derivatives, and sulphuric acid complexes to improve margins beyond historical sub-12% EBITDA (Page 19). Post commissioning of the benzene derivative plant and caustic soda ramp-up, the firm expects improved demand and better EBITDA margins, potentially crossing 15%-20% during good demand phases (Page 19). Growth plans include completing Saykha plants targeting special

Bodal Chemicals LtdQ3 FY23Chemicals & Petrochemicals

Bodal Chemicals Ltd Q3 FY23 Earnings Call Analysis

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

Price: ₹190P/E: 37.0Market Cap: ₹2.5K CrSector: Chemicals & Petrochemicals

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Dyestuff production capacity is expected to increase from earlier 185 MT/day to about 235 MT/day currently, with a target to reach 260-270 MT/day in 2-3 months, implying a nearly 50% volume jump to about 90,000 MT annually (previously 55,000-60,000 MT).
For FY2024, operation at full capacity utilization is anticipated.
The company aims to build a Rs. 2,500 Crores+ revenue model with EBITDA margins around 15%-16%.
Chlor Alkali segment modernization and capacity expansion (Rs. 310 Crores invested) supports growth.
Market demand expected to remain flat for next few months, with hopes of improvement after 3-4 months.
Expansion into specialty chemicals, benzene derivatives, and sulfuric acid plants is geared to boost high EBITDA business segments.
Export markets are stable with increased exports from Gujarat; local and export revenue mix remains about 67% domestic and 33% export.

Margin guidance

Category 3

Bodal Chemicals aims to create a revenue model exceeding Rs.2,500 Crores with EBITDA margins around 15%-16% (Page 19).
The company is diversifying its portfolio by expanding into high EBITDA businesses like Chlor Alkali, benzene derivatives, and sulphuric acid complexes to improve margins beyond historical sub-12% EBITDA (Page 19).
Post commissioning of the benzene derivative plant and caustic soda ramp-up, the firm expects improved demand and better EBITDA margins, potentially crossing 15%-20% during good demand phases (Page 19).
Growth plans include completing Saykha plants targeting specialty sectors like agrochemicals and pharmaceuticals, expected to contribute higher-margin business (Page 18-19).
The company anticipates stable to improved demand after near-term softness, expecting a market uptick possibly beyond 1 quarter (Page 11,19).
Internal accruals will fund Rs.30-40 Crores in the current year and another Rs.40 Crores next year for growth projects, supporting organic expansion (Page 22).
Peak net debt expected around Rs.900-1000 Crores by next financial year, with planned repayment of about Rs.55 Crores, reflecting balanced growth financing (Page 22).

See what Bodal Chemicals Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company is increasing its peak debt to around Rs.900 to Rs.1000 Crores post the sulphuric acid plant commissioning, up from the current Rs.750 Crores.
This includes about Rs.600 Crores as term debt and Rs.300 Crores as working capital debt.
Expected repayment next year is about Rs.55 Crores.
Blended cost of funds is around 6%, with long-term project loans tied up at about 8% to 8.5%.
Lead banks for term loans are HDFC, Union Bank, Exim Bank, and Indian Bank.
Working capital loans are from Axis Bank, ICICI, and Kotak.
No specific mention of new equity fundraising in the call.
Internal accruals of Rs.30 to Rs.40 Crores planned for current year and Rs.40 Crores next year will fund part of the ongoing projects.

Order book

The document provided does not explicitly mention the current or expected order book or pending orders for Bodal Chemicals Limited. The discussion mainly revolves around: - Capacity utilization and production volumes (e.g., dye intermediate plant capacity ramp-up to 260-270 metric tonnes per day). - Market demand outlook for chemical products like dyestuffs and intermediates. - Financial aspects such as peak debt, project investments, and repayment schedules. - Impact of macro factors such as China reopening and Turkey earthquake on demand. - No specific quantitative data on current or expected orderbooks or pending orders is disclosed in the sections provided. Therefore, there's no detailed or direct information on order book status or pending orders mentioned in the transcript or presentation excerpts.

See what Bodal Chemicals Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Sulphuric Acid Plant:
- Rs.64 Crores spent so far.
- Further Rs.30-40 Crores planned in current year and another Rs.40 Crores next year from internal accruals.
- Project awaiting better market conditions to proceed further.
Saykha Project (Benzene derivatives):
- Acquisition cost Rs.150 Crores.
- Additional Rs.160 Crores spent on modernization and capacity expansion.
- Total Rs.310 Crores investment.
- Plant recently inaugurated aiming to reach full capacity in a few months.
Maintenance Capex:
- Annual range between Rs.15 Crores to Rs.25 Crores.
Growth Capex:
- Rs.250 Crores spent in last nine months.
- Rs.120 Crores anticipated in the current quarter/year.
Future Plans:
- Potential forward integration into hydrogen peroxide and other chlorine/hydrogen-based products post Saykha project completion.

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Bodal Chemicals Ltd Q3 FY23 Earnings Call Analysis

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