Jindal Stainless Ltd

- No explicit mention of any current or future fundraising through debt or equity was made during the call. - The company is focused on maintaining a strong balance sheet; as of December 31, 2024, external net debt stood at INR3,344 crore with a net debt-to-equity ratio of 0.2x and net debt-to-EBITDA at 0.9x despite INR3,800 crore spent on capex and acquisitions in 9 months. - The company aims to reduce debt, targeting a FY '25 year-end debt of around INR5,500 crore. - No clear plan for new greenfield capex or large-scale financing was finalized; management indicated that any such plans would be announced when ready. - Capex related to acquisitions and ongoing projects are being funded within existing frameworks. - Overall, no fresh fundraising through debt or equity was indicated in the disclosed Q3 FY'25 earnings call.

- INR 5,500 crores capex announced last year is progressing well, with around INR 1,100 crores spent on other capex so far; some brownfield capex may defer to next year. - Majority of announced capex related to acquisitions and JV investments. - Indonesia SMS plant commissioning is on track within 24 months. - No clear-cut plans for greenfield capex currently; company will announce when ready. - Chromeni operations have started, boosting cold rolling capacity. - NPI project is in ramp-up phase with ~65% utilization. - Capex spending includes investments in renewable energy (3.7 MW solar rooftop installed), aiming to raise renewable energy share. - Ongoing asset monetization includes Indonesia CR mill asset sale (~$20 million expected) and land sale to be considered separately. - FY '25 capex and acquisition spending around INR 3,800 crores.

- Volume Growth Guidance: Targeting 9% to 10% double-digit volume growth for FY '25 and the next fiscal year, inclusive of Chromeni volumes. - Revenue Outlook: Q3 FY '25 revenue increased by 3% quarter-on-quarter to INR10,066 crores; domestic demand remains robust. - Export Volumes: Export volumes have fallen by 26% year-on-year, but the company plans to maintain good export volumes despite global challenges. - Domestic Market Focus: Strong confidence in domestic market growth driven by infrastructure projects, processing industries, and railways. - Product Mix Strategy: Growth focused on niche, value-added products, particularly in segments like lifts, elevators, automotive, and white goods. - Capex Pipeline: Investments ongoing in Indonesia SMS plant (on track for FY '27 start) and ramp-up of NPI project at 65% utilization to support future growth. - Profitability: EBITDA per ton guidance maintained around INR20,000+ consolidated for FY '25 despite price and raw material fluctuations.

- Jindal Stainless targets double-digit volume growth for FY '26, maintaining a 9-10% range for FY '25. - EBITDA per ton guidance is around INR 20,000 for FY '25 on a consolidated basis. - ROCE expectations for the Indonesia JV are pending; management suggests waiting for further clarity. - Despite subdued export markets, strong domestic demand (90% of sales) supports growth expectations. - Company focuses on maintaining margin protection while increasing volumes, avoiding aggressive volume push at the cost of margins. - Capex projects, including expansion in Indonesia (SMS plant on track for FY '27) and Chromeni operations ramp-up, expected to contribute to future growth. - Continued emphasis on sustainability, renewable energy integration, and strong balance sheet with debt guidance maintained around INR 5,500 crores. - Dividend interim payment declared, indicating confidence in steady profitability.

The transcript from the Jindal Stainless Limited Q3 FY '25 earnings call does not explicitly mention specific details about the current or expected order book or pending orders. However, relevant insights include: - Focus is on domestic market growth with healthy demand and volume increase. - Export volumes have decreased by 26% year-on-year due to global macro challenges. - Domestic sales constitute about 90% of overall sales. - There is ongoing ramp-up in new projects like Chromeni and the Indonesia JV. - The company remains cautious but confident about volume growth, targeting 9% to 10% growth for the fiscal year. - Export orders remain with long-term customers despite challenges. - Unspecified orders continue from sectors like infrastructure and domestic markets. For precise orderbook or backlog figures, the company has not shared explicit data in this call. For more details, contacting the Investor Relations team might be suggested.