Hester Biosciences Ltd

- No major new capex planned for the next 2-3 years in the current segments, implying limited need for fresh fundraising through debt or equity for expansion in those areas. - Existing debt repayments are being made as per schedule; while fast repayment is a goal, some cash may be used for minor renovations or regulatory compliance. - No explicit mention of any planned new fundraising through debt or equity in the discussed transcript. - Capital work in progress of INR182 crore at the India plant is expected to be fully capitalized by March, funded through existing resources. - Management indicates focus on operational discipline and process standardization rather than seeking external funds currently.

- No major new capex planned for the next 2-3 years in the current segment; existing capacities provide a huge runway based on demand (Rajiv Gandhi, Page 12). - Some smaller capex will occur as part of progress and renovations in existing plants, but no large-scale investments anticipated (Rajiv Gandhi, Page 12). - Capital work in progress of INR182 crore at India plant expected to be fully capitalized by March, which will significantly enhance production capacity (Priya Gandhi, Page 3). - Routine capital expenditure planned for the coming years apart from the existing expansion (Priya Gandhi, Page 9). - Pet Care vaccines to be introduced using existing manufacturing facilities without major additional capex; exploring licensing opportunities before setting up dedicated facilities (Priya Gandhi, Page 6). - Overall focus is on operational discipline, cost control, and making the business structurally stronger rather than new large capex (Priya Gandhi, Page 3).

- Next half of FY26 expected to show stronger performance, covering up for the subdued Q2 results. - Strategic focus on reducing dependency on tender-based revenues, aiming for a more balanced portfolio. - Poultry healthcare division showing volume-led growth: 18% in Q2 and 10% in H1 FY26. - New vaccine launches, such as H9N2 and avian influenza vaccine (post-manufacturing license expected by December), to enhance export and domestic sales. - Pet Care segment expected to grow steadily, leveraging existing capacities without major capex. - Anticipated launch of Lumpy Skin Disease (LSD) vaccine in India by mid-next financial year. - Africa operations on track to breakeven by FY28, with long-term positioning expected to strengthen. - Capacity expansion from capital work in progress to be commercialized by March, enabling significant vaccine production scale-up.

- The company anticipates stronger performance in the second half of FY26, aiming to cover up for a relatively damp Q2. - Focus on increasing vaccine production capacity with a new plant expected to be fully capitalized by March, doubling capacity depending on product mix. - Strategic focus on reducing dependence on tender-based revenues to create a balanced and resilient portfolio. - Growth expected through expansion in Pet Care vaccines and deeper penetration in commercial, private, and export markets. - Hester aims to achieve breakeven in Africa operations by FY28, with ongoing strengthening in international markets. - Operational discipline, cost control, and product diversification to drive margin stability and sustainable growth. - Debt repayment will continue as per schedule, supporting financial health and future growth investments. - Introduction of new vaccines like H9N2 and eventual launch of Lumpy Skin Disease vaccine expected to boost revenues.

- The current quarter witnessed delays in government-led immunization programs for PPR and Lumpy Skin Disease, impacting order execution and causing a 50% degrowth in Animal Healthcare division in Q2. - These delays are timing-related and not due to lack of demand; a pickup in orders is anticipated particularly in Q4 as execution timelines normalize. - Nepal operations were affected by timing of institutional orders and temporary disturbances but expect institutional execution to resume in H2. - There is readiness at Hester Biosciences to meet rollout demands once government programs restart. - No specific quantified current order book or pending orders figure was given, but management highlighted significant demand waiting to be fulfilled once institutional program activities resume.