Fermenta Biotech Ltd

- The company mentioned a capex of approximately Rs.35 Crores for the premix plant. - This capex is expected to be funded by a mix of internal accruals and debt. - No specific mention of new equity fundraising is found in the transcript. - Management is cautious about stretching financial bandwidth, indicating measured use of debt. - There is no discussion of any new or additional fundraises, either debt or equity, beyond this context.

- Construction of a premix plant in Kullu expected to be completed by the end of calendar year 2022 with an estimated capex of Rs.35 Crores. - Funding for the premix plant will be a mix of internal accruals and debt. - Plans to increase capacity at the Sayakha project for vitamin D3, though no final decision on capex has been taken yet. - Focus on launching Vegan D3 made from vegetable oils, prior to advancing vitamin D3 analogs and K1 products. - Additional capacity expansions: 25% increase in vitamin D3 human segment capacity recently added, expected to be absorbed over next two years depending on market conditions. - Overall strategy involves backward integration for cholesterol manufacturing with focus on secure supply of wool grease. - Cautious approach to financial bandwidth to avoid overstretching with multiple ongoing and planned projects.

- The company expects an average revenue growth CAGR of about 15% over the next 5-6 years, which is a conservative estimate averaging out spikes from new projects (Page 6). - The premix plant, expected to be operational by end of calendar year 2022, is anticipated to contribute significantly post-marketing period (Pages 9-10). - Capacity expansions in vitamin D3 human segment total about 40%, with absorption expected within two years depending on market conditions (Page 14). - The animal feed segment's utilization is currently low (30-35%) but expected to recover, contributing to growth (Page 6). - New product launches like vegan D3 and vitamin K1 analogs linked to Sayakha project are in progress but may face delay (Page 14). - Long-term confidence exists to maintain EBITDA margins at 20-25% with a target of 15% revenue growth while managing product mix and market fluctuations (Pages 11, 17).

- Management projects a conservative revenue CAGR of about 15% over the next 5-6 years, averaging growth rather than short-term spikes. - EBITDA margins are expected to be maintained in the range of 20% to 25% over the long term. - Operating EBITDA margin in Q2 FY2022 was 15.77% but management aims to sustain 20%-25% going forward. - PAT margins fluctuated around 4-5% this quarter but long-term expectation is stabilization closer to historical 20-25% EBITDA margins. - Expansion plans, such as the new premix plant and increased Vitamin D3 human nutrition capacity (up by ~40%), will support growth. - Premix plant operational by end of 2022, expected to generate asset turnover of 2x capex with decent margins (lower than Vitamin D3 human segment). - Animal Vitamin D3 segment currently under pressure but expected to recover, contributing to improved margins and profitability. - Human Vitamin D3 prices remain stable, supporting margin stability.

- The transcript does not provide explicit details on the current or expected order book or pending orders for Fermenta Biotech Limited. - However, it mentions participation in new tender business in the US subsidiary, indicating active order inflow in that segment. - Key accounts (long-term customers) continue to contribute to sales, particularly in crystal sales for human vitamin D3, albeit at lower prices. - The company has been operating close to 90% utilization, recently expanded capacity by 25% for human vitamin D3, indicating expected growth in orders. - No specific numeric values or exact order backlog figures were disclosed during the call. - Management emphasizes long-term relationships and stable revenue rather than quarter-to-quarter fluctuations in orders. In summary, there is an ongoing flow of orders through key accounts and new tenders but no specific detailed order book data shared in the call.