Any current/future new fundraising through debt or equity?

The company is undertaking a Rs.125 Crores capex for Flat-Blown technology expansion. Funding sources for this include: - Rs.50 Crores raised through debt from banks and material suppliers at approximately 3% interest. - Rs.40 Crores raised via equity infusion from foreign portfolio investor New Horizon Opportunities Master Fund. - Rs.10 Crores from promoter infusion by Mr. Bhavesh Sheth (the promoter's son). - Rs.25 Crores from internal accruals. No specific mention of any new or additional fundraising beyond this for now. The capex is expected to complete by March 2019, with commerci

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

Fiberweb India Limited has planned a significant capex of Rs.125 Crores focused on next-generation Flat-Blown technology, a higher-margin and fast-growing segment compared to Spun Bond Non-Woven. The Rs.125 Crores capex funding breakdown: - Rs.50 Crores via debt from bank/material suppliers (~3% interest). - Rs.40 Crores from equity infusion by foreign portfolio investor New Horizon Opportunities Master Fund. - Rs.10 Crores from promoter infusion (Mr. Bhavesh Sheth). - Rs.25 Crores from internal accruals. The capex aims at expansion and diversification into Flat-Blown and Melt-Blown pr

Future growth expectations in sales/revenue/volumes?

The company reported strong growth with a 221% year-on-year increase in revenue for nine months of FY2018, reaching Rs.197.6 Crores. Expansion plans include a Rs.125 Crores capex focused on Flat-Blown technology, expected to be operational by April 2019, targeting peak revenue potential of Rs.200-220 Crores. Melt-Blown capacity of 3000 tonnes is expected to contribute Rs.60 Crores in annual revenue with a PBT margin of about 22%. Demand in Melt-Blown and Flat-Blown markets is growing at 17-18% annually; supply currently satisfies only 45-60% of demand, indicating growth potential. Expo

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

The company expects strong growth in turnover and profit for FY2018 and beyond, driven by expanding business and improved product mix (Pages 4, 5). Expansion in next-gen Flat-Blown technology with Rs.125 Crores capex, expected to start commercial production by April 2019 and contribute revenue from FY2020 (Pages 4, 10). Flat-Blown product PBT margin around 30%, Melt-Blown PBT margin about 22%, contributing to higher profitability (Pages 9,10). Converted (value-added) products expected to grow from 25% to about 30% of total export revenue, which typically have higher margins (Page 12). Dividend

Current/ Expected Orderbook/ Pending Orders?

As of December 31, 2017, Fiberweb India Limited's order book was approximately Rs.170 Crores. The company has stopped accepting new orders for more than a year’s supply due to full capacity utilization. They are fully booked and will only accept new orders at a later date. The expansion plans are driven by the need to satisfy existing customers and meet differentiated product demands. Around 80% of exports go to the USA, with about 15 major Fortune 500 customers already on board. There is no immediate plan to acquire new customers; focus remains on serving existing major clients.

Fiberweb (India) LtdQ3 FY18Textiles & Apparels

Fiberweb (India) Ltd Q3 FY18 Earnings Call Analysis

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

Price: ₹26.53P/E: 14.6Market Cap: ₹77 CrSector: Textiles & Apparels

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

The company reported strong growth with a 221% year-on-year increase in revenue for nine months of FY2018, reaching Rs.197.6 Crores.
Expansion plans include a Rs.125 Crores capex focused on Flat-Blown technology, expected to be operational by April 2019, targeting peak revenue potential of Rs.200-220 Crores.
Melt-Blown capacity of 3000 tonnes is expected to contribute Rs.60 Crores in annual revenue with a PBT margin of about 22%.
Demand in Melt-Blown and Flat-Blown markets is growing at 17-18% annually; supply currently satisfies only 45-60% of demand, indicating growth potential.
Export orders are robust, with about 80% revenue from the USA market, supporting top-line growth.
The company intends to maintain conservative financial management, funding part of capex through internal accruals to minimize borrowing.
Better results and higher dividends are anticipated from FY2019-2020 onwards, driven by new product introductions and capacity expansion.

Margin guidance

Category 3

The company expects strong growth in turnover and profit for FY2018 and beyond, driven by expanding business and improved product mix (Pages 4, 5).
Expansion in next-gen Flat-Blown technology with Rs.125 Crores capex, expected to start commercial production by April 2019 and contribute revenue from FY2020 (Pages 4, 10).
Flat-Blown product PBT margin around 30%, Melt-Blown PBT margin about 22%, contributing to higher profitability (Pages 9,10).
Converted (value-added) products expected to grow from 25% to about 30% of total export revenue, which typically have higher margins (Page 12).
Dividend growth expected post-2019-2020 with improved results from new product lines and expansions (Page 16).
Overall, margins may fluctuate with raw material prices, but profit growth expected as sales rise, supported by technical expertise and strong customer relationships (Pages 5, 7, 9).

See what Fiberweb (India) Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company is undertaking a Rs.125 Crores capex for Flat-Blown technology expansion.
Funding sources for this include:
- Rs.50 Crores raised through debt from banks and material suppliers at approximately 3% interest.
- Rs.40 Crores raised via equity infusion from foreign portfolio investor New Horizon Opportunities Master Fund.
- Rs.10 Crores from promoter infusion by Mr. Bhavesh Sheth (the promoter's son).
- Rs.25 Crores from internal accruals.
No specific mention of any new or additional fundraising beyond this for now.
The capex is expected to complete by March 2019, with commercial production commencing by April 2019.
Management prefers conservative borrowing to avoid excessive debts.

Order book

As of December 31, 2017, Fiberweb India Limited's order book was approximately Rs.170 Crores.
The company has stopped accepting new orders for more than a year’s supply due to full capacity utilization.
They are fully booked and will only accept new orders at a later date.
The expansion plans are driven by the need to satisfy existing customers and meet differentiated product demands.
Around 80% of exports go to the USA, with about 15 major Fortune 500 customers already on board.
There is no immediate plan to acquire new customers; focus remains on serving existing major clients.

See what Fiberweb (India) Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Fiberweb India Limited has planned a significant capex of Rs.125 Crores focused on next-generation Flat-Blown technology, a higher-margin and fast-growing segment compared to Spun Bond Non-Woven.
The Rs.125 Crores capex funding breakdown:
- Rs.50 Crores via debt from bank/material suppliers (~3% interest).
- Rs.40 Crores from equity infusion by foreign portfolio investor New Horizon Opportunities Master Fund.
- Rs.10 Crores from promoter infusion (Mr. Bhavesh Sheth).
- Rs.25 Crores from internal accruals.
The capex aims at expansion and diversification into Flat-Blown and Melt-Blown products, both high-margin, technical products.
The project is expected to complete by March 2019, with commercial production starting April 2019.
Post-2019-20, better results and dividends are anticipated due to this expansion.
Orders are currently capped, driving the need for this capacity expansion.

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