Any current/future new fundraising through debt or equity?

The company has planned CAPEX of around Rs. 200 to 300 crores in the next 2 to 2.5 years for expanding capacities (Page 15). Another Rs. 250 to 300 crores of CAPEX will be required by FY30 to achieve the targeted revenue of Rs. 4,500 to 5,000 crores (Page 15). No explicit mention of new fundraising through debt or equity was made in the available transcript. Interest costs have been discussed, with finance costs expected to remain within Rs. 5 crores per quarter and some spikes due to processing fees but no indication of fresh debt raising (Page 16). The company is focusing on incremental capa

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

The company has planned investments over the next 3 years to expand manufacturing facilities at existing and new sites, addressing operational bottlenecks and developing greenfield sites. Approximately Rs. 43 crores have already been deployed in the first 9 months, with a total commitment of around Rs. 70 crores. CAPEX includes adding capacities of close to 45,000 tons of HFFR and PE compounds by FY27. Additional capacity expansions of PVC compounds are planned, targeting 12,000 to 15,000 tons. Overall, the company targets CAPEX of around Rs. 200 to 300 crores in the next 2-2.5 years and an ad

Future growth expectations in sales/revenue/volumes?

The company targets a 15% CAGR volume growth going forward. For FY25, the volume target is 185,000 tons with an EBITDA guidance of Rs. 15 per kg. Export market challenges due to freight issues are easing, expected to improve exports next year. Local demand remains strong, especially in renewable energy and private sector electricity distribution. Private players like Tata Power, Torrent Power, Adani, and Reliance are ramping up power distribution capacity, driving cable demand. Capacity expansion plans include adding 45,000 tons of HFFR and PE compounds and 12,000-15,000 tons of PVC compounds

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

The company targets a 15% CAGR volume growth for the upcoming years, focusing on both local and export markets. Export performance is expected to improve next year due to eased sea freight issues. EBITDA per kg guidance is around Rs. 15 to Rs. 15.5, indicating disciplined financial and operational performance. Capacity expansions including HFFR, PE, and PVC compounds are underway with allocated CAPEX of Rs. 200-300 crores over the next 2-2.5 years, and another Rs. 250-300 crores by FY30. The company expects revenue to reach Rs. 4,500 to 5,000 crores by 2030 with CAPEX-driven growth. Strong dem

Current/ Expected Orderbook/ Pending Orders?

The company has a one-to-one correlation between orders and raw material inventory, meaning they hold inventory directly tied to confirmed orders. Orders are generally received based on established product grades that meet specific standards like IEC, VD, UL, ISO. Customers place orders accordingly against these approved grades. Capacity additions and approvals are in progress, targeting near full utilization of HFFR capacity by year-end. The company sees robust local demand despite challenges in government CAPEX orders. Private sector expenditure, especially in the renewable energy sector, is

DDev Plastiks Industries LtdQ4 FY25

DDev Plastiks Industries Ltd Q4 FY25 Earnings Call Analysis

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

Price: ₹277P/E: 14.8Market Cap: ₹3.0K Cr

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→The company targets a 15% CAGR volume growth going forward.
→For FY25, the volume target is 185,000 tons with an EBITDA guidance of Rs. 15 per kg.
→Export market challenges due to freight issues are easing, expected to improve exports next year.
→Local demand remains strong, especially in renewable energy and private sector electricity distribution.
→Private players like Tata Power, Torrent Power, Adani, and Reliance are ramping up power distribution capacity, driving cable demand.
→Capacity expansion plans include adding 45,000 tons of HFFR and PE compounds and 12,000-15,000 tons of PVC compounds over the next 2-2.5 years.
→Total CAPEX of Rs. 500 crores planned over 4-5 years to achieve turnover of Rs. 4,500 to 5,000 crores by 2030.
→Strong outlook on increasing volumes supported by efficiencies and expansion initiatives at new and existing sites.

Margin guidance

Category 3

→The company targets a 15% CAGR volume growth for the upcoming years, focusing on both local and export markets.
→Export performance is expected to improve next year due to eased sea freight issues.
→EBITDA per kg guidance is around Rs. 15 to Rs. 15.5, indicating disciplined financial and operational performance.
→Capacity expansions including HFFR, PE, and PVC compounds are underway with allocated CAPEX of Rs. 200-300 crores over the next 2-2.5 years, and another Rs. 250-300 crores by FY30.
→The company expects revenue to reach Rs. 4,500 to 5,000 crores by 2030 with CAPEX-driven growth.
→Strong demand from private sector electricity distribution and renewable energy sectors supports robust future volume and earnings growth.
→Despite current challenges, cable industry demand remains strong with fully booked capacities.
→Overall, management is confident of sustained multiyear expansion, profitability improvement, and steady EPS growth.

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Fundraise plans

→The company has planned CAPEX of around Rs. 200 to 300 crores in the next 2 to 2.5 years for expanding capacities (Page 15).
→Another Rs. 250 to 300 crores of CAPEX will be required by FY30 to achieve the targeted revenue of Rs. 4,500 to 5,000 crores (Page 15).
→No explicit mention of new fundraising through debt or equity was made in the available transcript.
→Interest costs have been discussed, with finance costs expected to remain within Rs. 5 crores per quarter and some spikes due to processing fees but no indication of fresh debt raising (Page 16).
→The company is focusing on incremental capacity expansions funded through internal accruals or planned investments, but no specific details on fundraising mode or amounts were disclosed.

Order book

Yes

→The company has a one-to-one correlation between orders and raw material inventory, meaning they hold inventory directly tied to confirmed orders.
→Orders are generally received based on established product grades that meet specific standards like IEC, VD, UL, ISO.
→Customers place orders accordingly against these approved grades.
→Capacity additions and approvals are in progress, targeting near full utilization of HFFR capacity by year-end.
→The company sees robust local demand despite challenges in government CAPEX orders.
→Private sector expenditure, especially in the renewable energy sector, is driving strong order inflow.
→The export market, which had challenges, is expected to improve with easing sea freight issues.
→The business targets a 15% CAGR volume growth next year, reflecting strong order visibility.

Capex plans

Yes

→The company has planned investments over the next 3 years to expand manufacturing facilities at existing and new sites, addressing operational bottlenecks and developing greenfield sites.
→Approximately Rs. 43 crores have already been deployed in the first 9 months, with a total commitment of around Rs. 70 crores.
→CAPEX includes adding capacities of close to 45,000 tons of HFFR and PE compounds by FY27.
→Additional capacity expansions of PVC compounds are planned, targeting 12,000 to 15,000 tons.
→Overall, the company targets CAPEX of around Rs. 200 to 300 crores in the next 2-2.5 years and an additional Rs. 250 to 300 crores thereafter to achieve revenue goals by FY30.
→Land has been acquired near Vapi for expansion in the western region; expansion is also ongoing at existing eastern sites.
→Efficiency initiatives include replacing smaller machines with higher-capacity ones and reallocating smaller machines for specialized products.

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