Any current/future new fundraising through debt or equity?

Recently, Ganesha Ecosphere Limited completed a fundraising in the first week of February 2024 by issuing equity shares worth INR 350 crores and warrants worth INR 150 crores to institutional investors and promoters. This equity raise is intended to support the first leg of their expansion and strengthen their strategic position in the recycling industry. Management mentioned they have not finalized any large-scale extension plans yet but are discussing future expansions. For the current planned expansion funded by the recent capital raise, no additional debt is expected to be utilized. Overal

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

Capex of about INR600 crores incurred so far at Warangal; total expected capex ~INR650 crores for the entire project. Fundraising completed in February 2024: INR350 crores via equity shares and INR150 crores via warrants to support expansion and debt rationalization. Plans for one more production line at Warangal using raised funds; location and ordering of plant & machinery underway. Discussions ongoing for fourth production line; orders to be placed soon. No decision yet on fifth line; will update once finalized. No additional debt planned for upcoming expansions; current expansions funded f

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

For FY25, the company expects a **50% revenue growth** from current run rates. EBITDA margins are anticipated to be around **15%-16% overall**. The south plant is expected to achieve **18%-20% EBITDA margins** during FY25. The third rPET granules production line is expected to be fully utilized by **September 2024**. The second and third production lines at Warangal are expected to be fully operational and utilized by **end of Q2 FY25 (June 2024)**. Strong demand visibility with plans to reach about **90% utilization** for rPET lines in FY25. The company targets capturing around **

Ganesha Ecosphere LtdQ3 FY24Textiles & Apparels

Ganesha Ecosphere Ltd Q3 FY24 Earnings Call Analysis

Q: Future growth expectations in sales/revenue/volumes?

The company expects a strong revenue growth of about 50% for FY25 from current run rates. Production volume is anticipated to increase by 50% in FY25 compared to the previous year. The rPET granules capacity will ramp up with the second and third production lines expected to be fully utilized by June and September 2024 respectively. The total installed capacity at Warangal is expected to reach 78,000 tons by June 2024, with rPET granules constituting around 54%-55% of total revenue from Warangal unit. The company aims to achieve about 90% capacity utilization for rPET granules in FY25.

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

Price: ₹997P/E: 47.3Market Cap: ₹2.7K CrSector: Textiles & Apparels

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 1

The company expects a strong revenue growth of about 50% for FY25 from current run rates.
Production volume is anticipated to increase by 50% in FY25 compared to the previous year.
The rPET granules capacity will ramp up with the second and third production lines expected to be fully utilized by June and September 2024 respectively.
The total installed capacity at Warangal is expected to reach 78,000 tons by June 2024, with rPET granules constituting around 54%-55% of total revenue from Warangal unit.
The company aims to achieve about 90% capacity utilization for rPET granules in FY25.
Expansion plans include a fourth production line order soon, with discussions ongoing for a fifth line; capex details are being worked out.
The company is targeting 25%-30% market share in the expanding rPET demand expected to grow to 1 million tons in 5-6 years.

Margin guidance

Category 3

For FY25, the company expects a 50% revenue growth from current run rates.
EBITDA margins are anticipated to be around 15%-16% overall.
The south plant is expected to achieve 18%-20% EBITDA margins during FY25.
The third rPET granules production line is expected to be fully utilized by September 2024.
The second and third production lines at Warangal are expected to be fully operational and utilized by end of Q2 FY25 (June 2024).
Strong demand visibility with plans to reach about 90% utilization for rPET lines in FY25.
The company targets capturing around 25%-30% market share in the expected 1 million ton rPET demand in 5-6 years.
Profitability is expected to improve as margins on rPET are better than textiles, with ongoing efforts to improve margins across all segments.

See what Ganesha Ecosphere Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Recently, Ganesha Ecosphere Limited completed a fundraising in the first week of February 2024 by issuing equity shares worth INR 350 crores and warrants worth INR 150 crores to institutional investors and promoters.
This equity raise is intended to support the first leg of their expansion and strengthen their strategic position in the recycling industry.
Management mentioned they have not finalized any large-scale extension plans yet but are discussing future expansions.
For the current planned expansion funded by the recent capital raise, no additional debt is expected to be utilized.
Overall, as of now, no new debt fundraising is planned; the company is not looking for debt for upcoming capex as they have sufficient equity funds raised.

Order book

The transcript does not explicitly mention details regarding the current or expected orderbook or pending orders for Ganesha Ecosphere Limited. However, relevant information on demand and approvals includes: - Working with over 40 brands in India and globally for rPET granules supply. - Already received around 15 approvals; others in final stages of product trials and approvals. - Strong visibility on demand for FY25, expecting optimum utilization of capacity. - Expecting revenue growth of about 50% in FY25 from current run rates. - The company aims to maintain a significant market share (25%-30%) in the growing rPET market. - The second and third production lines for rPET granules expected to be fully utilized by June and September 2024 respectively. No explicit quantitative orderbook or pending order values are disclosed in the call.

See what Ganesha Ecosphere Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Capex of about INR600 crores incurred so far at Warangal; total expected capex ~INR650 crores for the entire project.
Fundraising completed in February 2024: INR350 crores via equity shares and INR150 crores via warrants to support expansion and debt rationalization.
Plans for one more production line at Warangal using raised funds; location and ordering of plant & machinery underway.
Discussions ongoing for fourth production line; orders to be placed soon.
No decision yet on fifth line; will update once finalized.
No additional debt planned for upcoming expansions; current expansions funded from raised capital.
Capex cost for future lines being worked out due to changes in production line costs and delivery timelines.
Aim to capture 25%-30% market share of growing 1 million ton demand; capex to scale accordingly but precise figure not disclosed.

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