Gokaldas Exports Ltd

- No explicit mention of any new fundraising through debt or equity in the provided transcript. - The company is focused on capacity expansion but is waiting for clarity on tariff impacts before committing to additional capex. - Existing committed capex will add substantial capacities by mid-financial year; incremental capex commitments will depend on future tariff clarity. - No direct indication of plans for raising funds via equity or debt as of the discussed period. - Management's focus remains on leveraging existing financial strength and operational efficiencies rather than seeking external fundraising at present.

- The company is completing the second unit in Madhya Pradesh and adding one factory each in Karnataka and Jharkhand, with these three new units expected to contribute INR325-350 crores annually in revenue (Page 18, 10). - Strategic investment in BTPL, a fabric processing unit, to enhance vertical integration, enabling faster, higher quality, and cost-efficient delivery (Page 5). - Additional capacity expansions are planned but deferred until there is more clarity on tariffs due to associated uncertainties (Page 10). - Incremental factories on lease are in the works to meet growth volumes, with all new factories expected to come online by Q3 FY '26 (Page 9). - The focus is on cautious capital expenditure, committing incremental capex as tariff impacts become clear (Page 5).

- The company targets approximately 15% consolidated revenue growth for FY '26, driven by both organic growth and acquired entities (Atraco, Matrix). - Three new factories will come online by Q3 FY '26, contributing an incremental annual revenue potential of INR 325-350 crores. - Incremental capacity expansions and capacity unlocks at existing factories aim to meet rising customer demand. - Growth focus includes diversification into European markets due to UK FTA and possible FTAs with EU and USA, which could add $1 billion incremental business when fully effective. - Non-cotton segment scale-up and expanding customer base will further drive volume growth. - Short-term challenges include tariff-related margin pressure and uncertainty, but long-term prospects remain strong. - The company expects steady volume growth across standalone, Atraco, and Matrix entities, with the total volume for full year FY '25 at 68.34 million pieces.

- The business is trending in the right direction with continued growth expected (Page 20). - Long-term growth prognosis is strong despite short-term challenges such as tariffs (Page 19). - New capacity from 3 upcoming units expected to add INR 325-350 crores in annual revenue, aiding growth (Page 18). - Consolidated revenue growth target is around 15% for FY '26; acquired entities expected to grow 12-15% (Page 14). - Margin pressure anticipated in short term (1-2 quarters), approx. 2% impact due to tariffs, but margins expected to improve beyond FY '26 (Page 12). - EBITDA margins from subsidiary operations, especially Africa, expected to improve by 2-3% (Page 13). - Overall margin trajectory is upward beyond FY '26 if tariff-related issues are resolved (Page 13). - Growth supported by new factory capacities coming online and unlocking incremental capacity in existing units (Page 9).

- Q1 order book is intact and strong as these orders were placed before the tariff uncertainties arose. - Q2 order book, especially for winter season, is slower than usual due to tariff-related uncertainty. - Customers are cautious in placing new orders since goods arriving post-90-day tariff pause window (ends July 9) face uncertain tariff costs. - No significant rush or preponement of orders from customers due to tariff; most expect the 10% tariff to continue beyond the current window. - Overall, order placement is steady though conservative, reflecting caution around tariff ambiguity. - Despite this, Gokaldas expects to fill capacity and continue growth over the longer term. - No evidence of volumes being immediately impacted; any impact is mainly on margin and pricing. - Business trajectory remains positive with capacity additions planned for future demand growth.