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

Godawari Power & Ispat is undertaking significant CAPEX for integrated growth: - **Integrated Steel Plant**: Rs. 6,000 crore CAPEX for a 2 million ton steel plant. Expected commissioning 30-36 months post environmental approval, anticipated by Q2/Q3 FY25. - **Iron Ore Mining Expansion**: Increasing Ari Dongri mine capacity from 2.35 million to 6 million tons, pending environmental clearances and public hearing expected by June/July 2024. - **Beneficiation Plant**: 6 million ton capacity beneficiation plant at Ari Dongri mine with Rs. 200 crore CAPEX, to be commissioned 15 months post-app

Future growth expectations in sales/revenue/volumes?

Integrated steel plant CAPEX of Rs. 6,000 crores expected to commission in about 30-36 months post environmental approval, targeting full revenue by FY29 with Rs. 10,000 crores in revenue and Rs. 10,000 per ton EBITDA. (Page 19-20) Iron ore mining capacity expansion aiming for 3 million tons by FY25 (from 2.4 million in FY24) with new pellet plant (2 million ton capacity) commissioning expected from FY26, leading to additional revenue of about Rs. 2,000 crores from pellets. (Pages 13-16) Steel capacity increase from 3.75 to 4.75 million tons with further debottlenecking to 0.5 million tons a

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

GPIL targets EBITDA per ton of Rs. 10,000 for the integrated steel plant over the long term, considering market uncertainties (Page 21). The integrated steel plant CAPEX of Rs. 6,000 crore is expected to generate revenues of around Rs. 10,000 crore annually at full 2 million ton capacity, with EBITDA margins approximately Rs. 10,000 per ton (Pages 19, 20). Expansion plans include increasing iron ore mining capacity from 2.35 to 6 million tons and pellet capacity from 2.7 to 4.7 million tons by FY26, supporting volume growth (Pages 5, 13). Operating EBITDA margin target is approximately 24%-

Godawari Power & Ispat LtdQ4 FY24Industrial Products

Godawari Power & Ispat Ltd Q4 FY24 Earnings Call Analysis

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

Price: ₹194.61P/E: 16.0Market Cap: ₹13.1K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Integrated steel plant CAPEX of Rs. 6,000 crores expected to commission in about 30-36 months post environmental approval, targeting full revenue by FY29 with Rs. 10,000 crores in revenue and Rs. 10,000 per ton EBITDA. (Page 19-20)
Iron ore mining capacity expansion aiming for 3 million tons by FY25 (from 2.4 million in FY24) with new pellet plant (2 million ton capacity) commissioning expected from FY26, leading to additional revenue of about Rs. 2,000 crores from pellets. (Pages 13-16)
Steel capacity increase from 3.75 to 4.75 million tons with further debottlenecking to 0.5 million tons additional capacity expected in current year, with rolled product capacity growing from 3.5 lakh tons to 4 lakh tons post-debottlenecking. (Pages 7-8,17)
Sales volumes in ferro alloys: GPIL operating at full capacity (16,500 tons capacity), Alok at 90%, Hira Ferro Alloy lower volume (42,000-43,000 tons), expected to grow from Q1 FY25 post furnace modification. (Page 22)
Pellet sales mix expected to improve with higher-grade pellets production growing, commanding premiums of approx. $20/ton. (Page 18)
Overall, topline growth mainly from new pellet plant by FY26 and integrated steel plant by FY29; FY25 growth limited by current capacity maxed out. (Pages 17,19)

Margin guidance

Category 3

GPIL targets EBITDA per ton of Rs. 10,000 for the integrated steel plant over the long term, considering market uncertainties (Page 21).
The integrated steel plant CAPEX of Rs. 6,000 crore is expected to generate revenues of around Rs. 10,000 crore annually at full 2 million ton capacity, with EBITDA margins approximately Rs. 10,000 per ton (Pages 19, 20).
Expansion plans include increasing iron ore mining capacity from 2.35 to 6 million tons and pellet capacity from 2.7 to 4.7 million tons by FY26, supporting volume growth (Pages 5, 13).
Operating EBITDA margin target is approximately 24%-25% if current product prices are sustained; sustainable margins expected in FY25 and beyond (Pages 16, 17).
EBITDA improvements of about Rs. 200 crore in FY24 driven by operational efficiency (solar power, turbine) expected to continue (Page 7).
Revenue growth is expected primarily post-FY25 with commissioning of new pellet plants and integrated steel plant around FY27-28 (Pages 19, 21).
Minimal debt expected for future CAPEX, mainly funded by internal accruals, supporting healthy earnings growth (Page 16).

See what Godawari Power & Ispat Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

- The company plans to fund most of its upcoming CAPEX, including the integrated steel plant and other expansions, primarily through internal accruals and cash on hand. - They expect to spend about Rs. 1,000 crore on mines, pellet plant, and solar power, covered by existing cash balances. - Any additional debt required is expected to be minimal, around Rs. 1,500 crore, likely to be taken after two years. - This debt level would represent less than 0.3x of the projected net worth at that time, hence considered negligible. - No specific mention of equity fundraising was made; focus remains on debt-lite funding backed by cash flows. In summary, the company does not plan significant new equity or large debt fundraising immediately and aims to rely mostly on cash accruals with a possible small debt raise up to Rs. 1,500 crore in the medium term.

Order book

The transcript does not provide specific information about the current or expected order book or pending orders for Godawari Power & Ispat Limited. The discussion mainly focuses on production capacities, sales volumes, financial performance, CAPEX, operational efficiency, market outlook, and commodity pricing. - No explicit mention of order book or pending orders in Q4 FY24 call. - Focus largely on production capacities: sponge iron, steel billet, pellet, ferro alloys. - Mention of expansion projects and capacity ramp-up expected by FY25 and FY26. - Sales discussions hint at increased sales volumes in value-added products but no order backlog details. - Management suggests positive market demand outlook but no quantified order book data. If you need detailed order book information, contacting the company or investor relations directly would be advisable.

See what Godawari Power & Ispat Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Godawari Power & Ispat is undertaking significant CAPEX for integrated growth:
- Integrated Steel Plant: Rs. 6,000 crore CAPEX for a 2 million ton steel plant. Expected commissioning 30-36 months post environmental approval, anticipated by Q2/Q3 FY25.
- Iron Ore Mining Expansion: Increasing Ari Dongri mine capacity from 2.35 million to 6 million tons, pending environmental clearances and public hearing expected by June/July 2024.
- Beneficiation Plant: 6 million ton capacity beneficiation plant at Ari Dongri mine with Rs. 200 crore CAPEX, to be commissioned 15 months post-approval.
- Pellet Plant Expansion: Adding 2 million tons capacity (total 4.7 million), Rs. 600 crore CAPEX.
- Solar Power: Additional 70 MW solar plant for pellet plant power needs.
- Debottlenecking & Modernization: Rolling mill modifications with 20 MW solar power, fully operational by June 2024.
- Majority of CAPEX funded via internal accruals; expected additional debt up to Rs. 1,500 crore.

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