Any current/future new fundraising through debt or equity?

The company currently aims to utilize internal funds to maximize returns and develop more projects, advisory services, and nature-based solutions. There is no main agenda or plan as of now to raise new funds through external equity or debt. If good opportunities arise in the future, the company may consider collaborations or external funding. No specific investment amount or fundraising target has been disclosed. The focus currently remains on mobilizing existing internal financial resources for growth and project implementation.

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

EKI plans to mobilize and deploy internal funds significantly over the next year to maximize return on investments focused on: - Developing more projects - Expanding advisory services with a revolutionary model - Developing Cookstove and community-based projects - Implementing nature-based solution projects (forestry, wetlands, mangroves, sustainable agriculture) No specific investment amount is targeted currently; focus is on fully utilizing internal financial resources. The cooking stove subsidiary plans to increase manufacturing capacity from 1.2 million to 3 million units annually,

Future growth expectations in sales/revenue/volumes?

The company expects around 20% growth in carbon credit volumes in the next financial year compared to the 87 million credits achieved in FY 21-22. Projected sales volume for FY 23 is approximately 110-120 million carbon credits. The pipeline of projects is very strong, with anticipation to potentially exceed the 20% volume growth target. Revenue growth is expected to correlate with volume growth and international carbon market prices. Expansion plans include increasing cooking stove manufacturing capacity from 1.2 million to 3 million units per year with Rs. 5-10 crores additional inve

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

The company achieved a remarkable 844% revenue growth and 1951% PAT growth in FY 2022 compared to FY 2021. EBITDA margins more than doubled from 13.3% in FY 2021 to 28.7% in FY 2022. For FY 2023, the company expects a 20% growth in carbon credit volume from 87 million in FY 2022 to around 110-120 million credits. This volume growth, combined with favorable international carbon market prices, is likely to drive topline growth in the upcoming year. The company foresees sustaining or surpassing margins and volume growth, supported by strong project pipelines and ongoing geographical expansion. In

Current/ Expected Orderbook/ Pending Orders?

The company has a cooking stove order book worth Rs. 200 crores. This order is expected to generate revenue of approximately 14 million carbon credits over the next 5 years. The company is targeting a production increase from 1.2 million to 3 million cooking stove units annually, requiring additional CAPEX and OPEX in the range of Rs. 5 to Rs. 10 crores. They have plans to expand their presence to more than 30 countries within the next 12 to 18 months, indicating ongoing efforts to increase orders and business volume. Future project opportunities include technology-based projects (6-12 months

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EKI Energy Services LtdQ1 FY22Commercial Services & Supplies

EKI Energy Services Ltd Q1 FY22 Earnings Call Analysis

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

Price: ₹86.6Market Cap: ₹255 CrSector: Commercial Services & Supplies

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→The company expects around 20% growth in carbon credit volumes in the next financial year compared to the 87 million credits achieved in FY 21-22.
→Projected sales volume for FY 23 is approximately 110-120 million carbon credits.
→The pipeline of projects is very strong, with anticipation to potentially exceed the 20% volume growth target.
→Revenue growth is expected to correlate with volume growth and international carbon market prices.
→Expansion plans include increasing cooking stove manufacturing capacity from 1.2 million to 3 million units per year with Rs. 5-10 crores additional investment.
→Geographic revenue mix is expanding, with major contribution currently from Turkey and Bangladesh, and expected growth from Latin America and Africa over the next 12-18 months.
→Internal funds will be prioritized for project development and advisory services, with possible collaborations to capitalize on future opportunities.

Margin guidance

Category 3

→The company achieved a remarkable 844% revenue growth and 1951% PAT growth in FY 2022 compared to FY 2021.
→EBITDA margins more than doubled from 13.3% in FY 2021 to 28.7% in FY 2022.
→For FY 2023, the company expects a 20% growth in carbon credit volume from 87 million in FY 2022 to around 110-120 million credits.
→This volume growth, combined with favorable international carbon market prices, is likely to drive topline growth in the upcoming year.
→The company foresees sustaining or surpassing margins and volume growth, supported by strong project pipelines and ongoing geographical expansion.
→Investments continue focusing on internal funds aimed at developing more projects, advisory services, and nature-based solution projects.
→Long-term sustainability is backed by technology-based projects (6-12 months implementation) and nature-based projects (2-3 years to credit generation, with long recognition periods).

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Fundraise plans

→The company currently aims to utilize internal funds to maximize returns and develop more projects, advisory services, and nature-based solutions.
→There is no main agenda or plan as of now to raise new funds through external equity or debt.
→If good opportunities arise in the future, the company may consider collaborations or external funding.
→No specific investment amount or fundraising target has been disclosed.
→The focus currently remains on mobilizing existing internal financial resources for growth and project implementation.

Order book

Yes

→The company has a cooking stove order book worth Rs. 200 crores.
→This order is expected to generate revenue of approximately 14 million carbon credits over the next 5 years.
→The company is targeting a production increase from 1.2 million to 3 million cooking stove units annually, requiring additional CAPEX and OPEX in the range of Rs. 5 to Rs. 10 crores.
→They have plans to expand their presence to more than 30 countries within the next 12 to 18 months, indicating ongoing efforts to increase orders and business volume.
→Future project opportunities include technology-based projects (6-12 months implementation) and nature-based solution projects (2-3 years investment period, yielding credits after 3 years).
→The company anticipates a 20% growth in carbon credit volume next financial year, extrapolating a significant growth in orderbook and pending projects.

Capex plans

Yes

→EKI plans to mobilize and deploy internal funds significantly over the next year to maximize return on investments focused on:
→ - Developing more projects
→ - Expanding advisory services with a revolutionary model
→ - Developing Cookstove and community-based projects
→ - Implementing nature-based solution projects (forestry, wetlands, mangroves, sustainable agriculture)
→No specific investment amount is targeted currently; focus is on fully utilizing internal financial resources.
→The cooking stove subsidiary plans to increase manufacturing capacity from 1.2 million to 3 million units annually, requiring additional CAPEX and OPEX of Rs. 5 to 10 crores.
→Amrut Nature Solutions Private Limited (JV with Shell) expects to sign its first project (~Rs. 150 crores) shortly focusing on nature-based solutions.
→GHG Reduction Technologies has an equity investment of around Rs. 70 lakh and operates a Cookstove manufacturing plant in Nasik.
→Future collaborations may be explored if good opportunities arise.

How does EKI Energy Services Ltd rank vs peers in Commercial Services & Supplies?

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1EKI Energy Services Ltd

Rev 2Mar 3

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