Epigral Ltd

- Current CAPEX planned for this year is around Rs. 300 crore, primarily funded through internal accruals. - Future CAPEX plans will be evaluated for funding through a mix of internal accruals, debt, and possibly equity raising. - No firm decision yet on raising funds via preferential allotment or fresh equity issuance, but these options remain open depending on CAPEX requirements. - Management confirmed focus on reducing debt from current Rs. 960 crore to around Rs. 850-900 crore by year-end after CAPEX spend. - Any new fundraising, whether debt or equity, will be considered at the appropriate time aligned with CAPEX announcements and board approvals expected in the next 3 months.

- Current year CAPEX planned: Approximately Rs. 300 crore, including maintenance CAPEX (~1-1.5% of gross block) and new investments. - Key ongoing projects: - CPVC compound plant commissioned on June 29, 2024; ramp-up expected by end of Q3 and optimized contribution by Q4 FY25. - Chlorotoluene plant commissioning delayed; expected completion by end of Q2 FY25 with staggered block-wise commissioning through September. - Future CAPEX focus: - Priority on downstream chlorine derivatives and specialty chemicals with a target ROCE of around 25%. - Several projects under evaluation, with announcements and approvals expected within 3 months. - Funding: Current CAPEX funded via internal accruals; future CAPEX may involve a mix of internal accruals, debt, or market raising. - Strategic aim: Increase revenue share from derivatives and specialty chemicals to 70% by FY28, emphasizing import substitution and multi-product diversification.

- Epigral targets consistent growth aligned with its expansion and diversification strategy (Page 17). - Volume growth is expected around 20-29% year-on-year, driven mainly by derivatives and specialty chemicals (Page 11). - FY25 revenue is estimated in the Rs. 2,500 to 2,600 crore range, with PAT around Rs. 300 to 350 crore (Page 11). - Capacity utilization for new capacities is expected around 80-85% in coming years (Page 9). - New CAPEX will focus on derivatives and specialty chemicals, targeting ~70% revenue contribution by FY27/FY28 (Pages 9, 12). - Derivative product volumes and values are projected to grow, aided by new product development and capacity ramp-up (Page 13). - Conservative EBITDA margin guidance is around 25% for the full year, with potential upside if derivatives prices improve (Pages 14-15).

- Epigral targets consistent growth driven by expansion and diversification into multi-product derivatives catering to various industries. - FY25 volume growth expected around 20%-29% year-on-year. - EBITDA margins conservatively guided at ~25%, with Q1 FY25 margin at 27%; margins may improve if derivative product prices strengthen. - Revenue for FY25 estimated in the range of Rs. 2,500 to 2,600 crore. - PAT for FY25 expected around Rs. 300 to 350 crore. - Future CAPEX planned (~Rs. 300 crore annually) focused on derivatives and specialty chemicals to further enhance value and volume growth by FY27-FY28. - By FY28, a revenue mix target of 70% from derivatives and specialties and 30% from Chlor-Alkali is expected. - ROCE targeted around 25% for new projects, supporting sustainable profitability and growth. - Debt to reduce from Rs. 960 crore (March 2024) to Rs. 850-900 crore by year-end given CAPEX and cash flow plans.

The transcript of the Q1 FY25 results conference call for Epigral Limited does not provide specific details regarding current or expected order book or pending orders. The discussion mainly revolves around: - Capacity utilization of various products (caustic soda, derivatives like CPVC). - Expansion and CAPEX plans, focusing on derivatives and specialty chemicals. - Debt and revenue guidance. - Product realizations and price trends. - Commissioning delays and operational updates for new plants. - Revenue and margin projections. No explicit mention or quantification of the order book or pending orders was made in the available conversation on pages 1-17 of the transcript. For updated and specific order book status, it is suggested to contact the company's Investor Relations directly as also referred by the management in closing remarks.