Hi-Tech Pipes Ltd

- Current order book: Over INR 250 crores (Page 12) - Jal Jeevan Mission portion of order book: Approximately INR 75-80 crores, largely executed but consisting of recurring orders with repeat top-ups (Page 12) - Order book strong until March FY24; no expected slowdown until then (Page 12) - For FY25 and beyond, guidance remains unchanged despite any potential slowdown in Jal Jeevan Mission due to other expanding sectors (Page 12) - New product segments like solar torque tubes, special SKUs, galvanized pipes, and roofing expected to contribute to future orders (Page 13) - Dealer financing and channel financing strategies being tested and built up to manage working capital and support order execution (Pages 13-15)

- The company plans to fund capex of around INR125-150 crores through a mix of internal accruals and equity infusion (Page 5). - No specific mention of new debt fundraising was made; capex is expected to be primarily internal accrual and equity-funded (Pages 5, 6). - Brownfield expansion toward achieving 1 million tons capacity by FY 26 will happen, but funding details are not explicitly stated, implying continued reliance on internal accruals and equity (Page 4). - There is no indication of fresh large-scale debt raising; some ongoing channel financing and NBFC financing to dealers with a book size of INR25 crores are being tested (Pages 14-15). In summary, the company is currently funding expansion primarily through internal accruals and equity infusion without plans for significant new debt.

- Phase 2 of the Sanand plant is being commissioned in Q3 FY24 with an installed capacity of 170,000 tons (120,000 tons coming online in Q3). - Incremental capex for the Sanand Phase 2 project is around INR 100 crores, funded through internal accruals and some equity infusion. - Target capacity of 1 million tons by FY26 via brownfield expansions at Khopoli, Bangalore, and Sikandrabad plants. - Additional capex required for reaching 1 million tons is estimated at INR 125-150 crores, funded through a mix of internal accruals and warrants issued last year. - All current and planned capex is being funded through internal accruals, equity infusion, and warrants—no external debt indicated. - Strategic investment in expanding value-added product lines like API-grade pipelines is underway, with trial production and approvals expected within 6-9 months.

- FY24 volume guidance: 4.25 to 4.5 lakh tons (Page 6) - FY25 volume target: 5 lakh tons plus, around 25% growth from FY24 (Page 7) - Post Sanand Phase 2 commissioning (170,000 tons capacity in Q3 FY24), increased headroom for growth (Page 7) - By FY26, aiming for 1 million tons installed capacity via brownfield expansions at Khopoli, Bangalore, Sikandrabad (Page 4) - Revenue growth driven by increasing share of value-added products (VAPs) targeting 40-42% by FY25 (Page 10) - Optimistic about Q3 and Q4 FY24 volumes being stronger, expecting H2 FY24 volumes to exceed H1 FY24 (Page 9, 11) - EBIT margins and realizations expected to improve gradually as steel prices stabilize and VAP share increases (Page 6, 10) - Capex funded via internal accruals and equity infusion, no major debt planned (Page 6)

- Volume growth expected around 25% for FY25 with new capacity at Sanand Phase 2, enabling strong production (~5 lakh tons utilization projected). - EBITDA per ton target is INR4,000 once steel prices stabilize, expected to be achieved from Q4 FY24 onwards. - Increasing share of value-added products (VAPs) projected to gradually improve margins quarter-over-quarter. - API-grade and specialized pipes approval anticipated within 6 to 9 months, contributing to growth from H2 FY25. - FY24 guidance supports steady EBITDA margins despite raw material price volatility; comfortable maintaining conversion margins. - Capex of INR125-150 crores for expansion to be funded by internal accruals and equity, supporting capacity growth to 1 million tons by FY26. - Order book strong until March FY24 with continued demand from government projects like Jal Jeevan Mission. - Optimistic outlook for Q3 and Q4 FY24 with higher volumes and revenue growth of 18-20% year-on-year anticipated.