Himadri Speciality Chemical Ltd

- The company has signed certain MOUs or LOIs related to Phase 1 capacity, but due to NDA, details including binding agreements with Indian or global cell manufacturers for LFP supply cannot be disclosed currently. - The order book or contracting of Phase 1 capacity depends on product approvals, which will affect these LOIs. - No explicit quantification of current or expected order book/pending orders was shared in the transcript. - Anurag Choudhary emphasized that disclosures will be made at the appropriate time once approvals and agreements materialize.

- No current or immediate new fundraising through debt or equity has been announced. - For future expansion, the company plans to primarily use internal accruals for all expansion needs. - If debt is taken for future projects, it will be a very significantly low portion, mainly to cover timing gaps. - The company prefers to avoid heavy debt and focuses on disciplined capital deployment. - Any major new capex, particularly for the anode business, will be announced once finalized. - Existing bank limits are utilized efficiently, taking loans at lower rates and placing funds at higher rates to generate income. - Overall, no change in the announced capex plans as of now.

- Phase 1 cathode capacity: 40,000 MTPA planned, with initial 2,000 tons to be commissioned soon; full 40,000 tons expected by FY29. - Capex for Phase 1 cathode facility: INR 1,125 crores. - Anode capacity: 200 metric tons plant commissioned to commercialize R&D; large-scale commercial capacity capex to be announced soon. - No new capex beyond already announced plans; anode capex details will be disclosed after finalization. - Future expansions primarily to be funded through internal accruals; minimal or low debt expected, mostly for timing gaps. - Renewable energy will be consumed via long-term contracts rather than direct investment for cathode plant. - Birla Tyres revival with expected top line of INR 3,000 crores in next 4 years; no immediate new capex disclosed.

- FY27 expected to show both top-line (revenue) and bottom-line (PAT) growth after a period of minimal top-line growth. - New capacities coming online, including Birla Tyres and expanded carbon black capacity, will drive top-line growth. - Commitment to doubling PAT to INR 1,100+ crores by FY28 from INR 555 crores in FY25. - Top-line growth rate guidance for FY27 not explicitly quantified, but growth is anticipated driven by new product additions and capacity expansions. - Expansion plan includes scaling cathode capacity from 2,000 MTPA initial to 40,000 MTPA by FY29, with further scale-up planned. - Birla Tyres business expects to grow from INR 187 crores in FY26 to approx INR 3,000 crores in next 4 years. - New advanced battery material capacities (anode and cathode) expected to contribute to revenue growth once commercial scale plants come online.

- Himadri expects strong top-line and bottom-line growth starting FY27, driven by new capacities and value-added products. - PAT is targeted to double from INR 555 crores in FY25 to INR 1,100+ crores by FY28. - Sustainable EBITDA margins of around 20% are anticipated, with long-term margin expansion supported by operational efficiencies and yield improvements. - The company projects steady margin improvement from existing levels beyond FY27 due to new capacity additions. - Birla Tyres segment revenue is expected to scale from INR 187 crores in FY26 to around INR 3,000 crores in four years. - Future expansion plans for anode and cathode materials are in progress, poised to add significant revenue and growth. - Overall, earnings growth is expected to be robust with focus on PAT rather than EBITDA as key performance metric.