Foods & Inns

- There is no explicit mention of any new fundraising plans through debt or equity in the provided transcript. - Current debt stands around Rs. 440 crores, with Rs. 355 crores as working capital debt and the rest as long-term debt. - CAPEX for FY'26 is expected to be modest (less than Rs. 10 crores), suggesting no immediate significant financing needs. - The company is focused on growing sales and managing working capital but hasn't indicated any plans for new debt or equity issuance. - Management emphasized supporting working capital growth with existing credit arrangements, especially from suppliers and farmers, without default risk. - Any future capital needs are not explicitly mentioned and may be addressed based on business growth and cash flow.

- In FY'25, Foods & Inns Limited had a front-ended CAPEX of around Rs. 57 crores, including investments related to the PLI scheme and the Tomato CAPEX which went online in late 2024. - For FY'26, the company expects CAPEX to be much lower, around Rs. 10-15 crores. - There is an ongoing plan to expand the spray-dried powder division by adding a mid-sized plant at the existing site to capture growing demand. - The company continues to focus on product innovation and capacity expansion, particularly in frozen foods and the ready-to-eat segment, including incubation with large brands and export market development like the Tetra Recart business. - Strategic focus remains on disciplined execution, expansion, and innovation to support growth in FY'26 and beyond.

Future Growth Expectations of Foods & Inns Limited: - Mango pulp volume growth guidance: ~15% in FY'26. - Spray drying division revenue expected to grow from ~Rs. 22 crores in FY'25 to over Rs. 30 crores in FY'26. - Frozen food segment targeting a minimum of 35% growth in FY'26. - Kusum brand aiming for 30%-40% growth in FY'26 despite some client losses. - Guava pulping segment expects at least 50% growth contingent on good crop conditions starting August-September. - Tetra Recart business conservatively targeting around Rs. 6 crores revenue in FY'26, with potential for more in subsequent years. - Overall sales revenue target: Rs. 1800 crores by FY'27 (internal target, dependent on raw material prices and other factors). - Plans to expand spray drying capacity with an additional mid-sized plant to capture growing demand. - Raw material cost expected to impact margins in the first 9 months of FY'26; improved cost from Q4 FY'26 onwards.

- **Volume Growth:** Mango pulping segment expects a 15% volume growth in FY'26. - **Revenue Growth:** Frozen food segment targets over 35% growth in FY'26; spray-dried powder division aims to increase from Rs. 22 crore to Rs. 30+ crore. - **New Businesses:** Pectin segment anticipates around Rs. 6 crore revenue in FY'26; Tetra Recart business conservatively targets Rs. 6 crore revenue in FY'26. - **EBITDA Margins:** Expected to improve due to higher absolute gross margins and operating leverage; raw material cost pressure will ease starting Q4 FY'26. - **PLI Incentives:** Projected Rs. 33.2 crore incentives in FY'25, supporting profitability. - **Revenue Guidance:** Internal target to reach Rs. 1800 crore by FY'27, subject to raw material price and agricultural risks. - **Capex:** Limited to Rs. 10 crore in FY'26 supporting steady expansion. Overall, the company aims steady growth with margin improvement and new business development supporting future earnings and EPS expansion.

- For FY'26, Foods & Inns Limited expects around 15% volume growth in the mango pulping segment based on initial orders received. - Early indications of order book positions support this 15% growth estimate. - The Alphonso variety orders have full visibility, while Totapuri orders start later (June end to August), with early signs indicating good demand. - Domestic volumes picked up considerably in Q4 FY'25 and April FY'26, though May saw a slight slowdown due to rains. - Customers have long call-off periods (15 to 17 months) to lift the material, which affects timing of order fulfillment but not the total volume. - Export orders faced some delays due to shipping line uncertainties but are on track to recover. - Spray-dried powder division is at full capacity with plans to add more capacity. - Frozen foods expect 35%+ growth in FY'26. - Tetra Recart business conservatively targets around Rs. 6 crore revenues in FY'26, with potential for growth.