Filatex India Ltd

- Filatex India Limited plans to raise around INR 200 crores debt for the recycling project. - INR 100 crores will be infused as equity from the parent company for the recycling project. - For capacity expansion (INR 235 crores), the company plans to take External Commercial Borrowing (ECB) of around INR 125-126 crores. - The balance funding for expansions will come from internal accruals. - Management indicated that once projected EBITDA numbers are achieved, further borrowing might not be necessary. - No immediate plans were indicated for new equity fundraising beyond the mentioned INR100 crores from the parent company.

- Filatex is setting up a textile-to-textile recycling plant with a capacity of 26,250 tons per annum, expected to start production by July 2026. Major capex for this plant is expected in late FY '26 and early FY '27. So far, about INR15-16 crores have been spent on land acquisition and initial construction. - Additional yarn capacities are being added at the Dahej plant: POY (19,800 MT pa), DTY (14,400 MT pa), and FDY capacity doubled to 28,800 MT pa. Total capex for this yarn expansion is INR235 crores, expected operational by August 2026. - A steam pipeline project requiring about INR85-90 crores investment is underway, aiming to save approx. INR60 crores annually. - Renewable energy capacity of 20 MW is being tied up with Torrent Power at INR4.75/unit, effective January 2026, to reduce power costs. - Overall expansion capex around INR650 crores, funded by term loans (INR200 crores recycling), ECB (INR125-126 crores yarn), equity infusion (INR100 crores), and internal accruals.

- FY '26 sales volume expected to remain similar to FY '25 (around 390,000 tons), with muted growth due to ongoing capacity constraints until expansions come online. - Capacity utilization currently above 95%; expansion will raise capacity by 12-13% around August 2026. - FY '27 anticipated to see significant growth in volumes and sales due to new capacities becoming operational. - Top-line (revenue) to remain flat in FY '26; meaningful growth expected in FY '27 alongside capacity additions. - Polyester demand is projected to grow driven by global decline in cotton production and increasing polyester fiber use. - Expansion projects including yarn manufacturing (INR 235 crores) and recycling plant (INR 300 crores) will contribute to future growth. - Export market remains challenging with low Chinese prices; domestic demand is gradually improving. - Margins expected to improve with local PTA availability and power cost optimization, positively impacting revenue growth.

- FY '26 EBITDA is expected to grow about 30% over FY '25, reaching approximately INR 330-340 crores. - FY '27 EBITDA is projected to grow another 30% over FY '26 due to capacity expansions and operational efficiencies, potentially exceeding INR 450 crores. - EBITDA margins are targeted to reach double digits (around 10%) by the second half of FY '26, improving from current ~6.5%. - Sales growth in FY '26 is expected to be flattish, with more significant revenue growth anticipated in FY '27 following capacity additions. - Profit after tax (PAT) rose 21.6% in FY '25, and continued margin and volume improvements should support further PAT growth in coming years. - EPS growth should mirror EBITDA expansion, supported by controlled borrowing and internal accrual funding for capex projects.

- The transcript does not explicitly mention the current or expected order book or pending orders for Filatex India Limited. - However, it states that the company has capacity utilization above 95%, indicating strong demand and efficient utilization of existing capacity. - Orders appear to be well matched by production, as management mentions they have been able to sell whatever they produced. - There is a positive outlook on gradual improvement in demand amid challenging market conditions. - Expansion plans suggest confidence in growing future demand, but no specific data on orderbook or pending orders is provided.