DCW Ltd

- No explicit mention of any new fundraising through debt or equity for the current or future periods in the transcript. - The company plans to repay debt of approximately Rs. 125 crores during FY24 and aims to reduce total debt from Rs. 504 crores to around Rs. 380 crores by year-end. - CAPEX plans amounting to Rs. 125 crores are underway for FY24, focusing on expansion of C-PVC and debottlenecking SIOP, but no mention of raising additional funds. - Management emphasized balancing funds and timing to avoid bloating debt, indicating a cautious approach toward further borrowing. - No mention of any equity issuance or fundraising through share capital in the earnings call.

- FY24 CAPEX of around Rs. 125 crores is underway for: - Doubling C-PVC capacity - Debottlenecking SIOP plant - C-PVC project is mechanically complete and expected to commission by September FY24, with slow capacity ramp-up - SIOP additional production to start by October-November FY24; commercial volumes expected early FY25 after customer validations - Future CAPEX plans identified but timing depends on cash flows and market conditions to avoid increasing debt - Management confirms ongoing capital investments, but future CAPEX will be balanced to not bloat debt levels - Exploring new technologies to improve manufacturing efficiency and reduce carbon footprint, including looking into alternate energy sources

- Export product demand (SIOP and Synthetic Rutile) currently weak with volume contraction of 35%, expected to gradually ease off. - C-PVC segment shows strong volume uptick; expansion to 22,000 tons capacity; commercialization expected by September; ramp-up and higher margins anticipated. - SIOP volumes expected to increase from October-November; quarterly EBITDA expected to grow from Rs. 10 crores to Rs. 20 crores with scale-up. - Soda ash production currently down due to mechanical issues; full production to resume from October; demand remains weak; inventory buildup expected to reduce. - PVC prices believed to have bottomed out after continuous decline; expected price firming from Q2 onwards; volume growth anticipated. - Overall volume growth planned, especially in compounding which yields better value-add, with internal capacity available for near-term expansion. - FY24 revenue expected lower than FY23 due to price erosion; focus on volume growth and EBITDA enhancement rather than topline.

- FY24 EBITDA target is around Rs. 300 crores, down from Rs. 430 crores in FY23 due to current price declines and capacity under-utilization, especially in soda ash. (Page 13) - Improvement in EBITDA expected in H2 FY24 driven by volume growth in C-PVC and SIOP segments. (Page 9) - Steady-state margins expected to improve to around 20%-22% by FY25, primarily driven by specialty segments like C-PVC and SIOP with high margins (30%-35%). (Pages 11, 12, 13) - PVC and C-PVC EBITDA expected to improve from Q2 FY24 onwards due to price recovery and cost benefits from lower energy prices. (Pages 8, 9, 17) - SIOP EBITDA anticipated to increase from around Rs. 10 crores quarterly to Rs. 20 crores quarterly by early FY25 with volume scale-up to 6,000 tons. (Page 7) - No explicit EPS guidance provided; focus is on absolute EBITDA and cash flow improvement rather than topline or EPS. (Page 13)

- The current C-PVC production mix varies dynamically between 20-25% compound and 75-80% resin. - The company aims to sell more compound due to better value addition. - Current orderbook for C-PVC is fully in-house, no pipeline customers included. - SIOP business currently dispatches around 4,500 tons per quarter with Rs. 10 crores quarterly EBITDA. - Target for SIOP volume is 6,000 tons per quarter by January next year, expecting quarterly EBITDA up to Rs. 20 crores. - Significant overseas customer commitments for SIOP volumes starting October-November. - Domestic customers like Asian Paints, JSW, Indigo have begun purchasing SIOP. - New micronized SIOP variety planned to boost sales further in next 6-8 months. - Infrastructure expansion for C-PVC and SIOP expected to be commercialized by September, helping meet order volumes.