Any current/future capex/capital investment/strategic investment?

Current capex primarily focused on brownfield expansion in the textile segment, adding around 30 million garment capacity, expected to complete in the first half of FY '25. No immediate plans for significant greenfield expansions; further capacity increases will depend on market improvements and opportunities. Processing facility capex in progress, expected completion by first half of FY '26, aimed at supporting future growth. No capex planned currently for ethanol, sugar, or garment segments beyond existing expansions; any plans will be communicated when finalized. Management open to

Future growth expectations in sales/revenue/volumes?

Garment volumes expected to maintain around 40 million pieces per quarter, with potential increase to 45 million in the second half of the year (Page 9, 10). Brownfield expansion adding 30 million garment capacity expected to complete in first half of the year, contributing to volume growth from second half (Pages 7, 9, 24). Yarn segment facing margin pressure; garment segment growth key to margin improvement (Page 24). Indian textile industry expected to rebound with growth driven by improving domestic demand, lower cotton prices, and gradual recovery in exports (Page 28). KPR aiming to expan

Future growth expectations in earnings/operating earnings/profits/EPS?

Garment segment growth expected to continue due to being a large player with strong delivery and price competitiveness (Page 26). EBITDA margins may stabilize around 22%-24% in garments, reflecting steady-state margin expectations (Page 10). Yarn segment currently under margin pressure due to lower demand, but profitability may improve if overall market and demand conditions recover (Pages 21-22). Brownfield expansion of garment capacity (30 million additional pieces) expected to be completed in H1 FY25, supporting volume growth and potentially higher revenues (Pages 6-7, 14). Volume growth dr

Current/ Expected Orderbook/ Pending Orders?

The current order book of KPR Mill Limited is around INR 1,000 crores plus. This indicates a strong pipeline of orders supporting near-term revenue visibility. The company expects to continue receiving orders and fulfill them as per business conditions.

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K P R Mill LtdQ1 FY24Textiles & Apparels

K P R Mill Ltd Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,191P/E: 36.4Market Cap: ₹31.6K CrSector: Textiles & Apparels

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Garment volumes expected to maintain around 40 million pieces per quarter, with potential increase to 45 million in the second half of the year (Page 9, 10).
→Brownfield expansion adding 30 million garment capacity expected to complete in first half of the year, contributing to volume growth from second half (Pages 7, 9, 24).
→Yarn segment facing margin pressure; garment segment growth key to margin improvement (Page 24).
→Indian textile industry expected to rebound with growth driven by improving domestic demand, lower cotton prices, and gradual recovery in exports (Page 28).
→KPR aiming to expand market share and maintain consistent growth through strategic diversification and adapting to market dynamics (Page 28).
→Sugar production for FY '25 expected around 2 lakh tons; ethanol production around 6-7 crore liters with sugar sales projected higher than ethanol (Page 18).
→FASO segment targeted to reach INR 100 crores revenue in 3 years, currently focused on South India market (Page 17).

Margin guidance

Category 3

→Garment segment growth expected to continue due to being a large player with strong delivery and price competitiveness (Page 26).
→EBITDA margins may stabilize around 22%-24% in garments, reflecting steady-state margin expectations (Page 10).
→Yarn segment currently under margin pressure due to lower demand, but profitability may improve if overall market and demand conditions recover (Pages 21-22).
→Brownfield expansion of garment capacity (30 million additional pieces) expected to be completed in H1 FY25, supporting volume growth and potentially higher revenues (Pages 6-7, 14).
→Volume growth driven by existing and new customer orders with stable product mix (Pages 9, 25).
→Ethanol sales expected to be lower than sugar in FY25, with some margin impact but not reverting fully to previous low levels (Pages 18, 24).
→Capex plans are currently cautious, awaiting suitable opportunities primarily in textiles and garments (Page 25).
→Overall, earnings growth depends on improved demand in yarn and garment segments, leveraging integration and capacity expansion.

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Fundraise plans

- There is no mention of any current or immediate plans for new fundraising through debt or equity. - The company is generating substantial cash (INR 600-700 crores annually). - They are primarily waiting for suitable investment opportunities before deciding on further capital allocation. - No specific plans for buyback or fresh equity raising were discussed. - Capex is mainly focused on brownfield expansion in textile; no new large-scale greenfield expansions planned immediately. - Discussions about further capex or expansion, including in sugar or ethanol segments, are not finalized and will be informed when decided. Summary: KPR Mill Limited currently does not have active plans for debt or equity fundraising and is maintaining a wait-and-watch approach for investment opportunities before considering fresh capital deployment.

Order book

→The current order book of KPR Mill Limited is around INR 1,000 crores plus.
→This indicates a strong pipeline of orders supporting near-term revenue visibility.
→The company expects to continue receiving orders and fulfill them as per business conditions.

Capex plans

Yes

→Current capex primarily focused on brownfield expansion in the textile segment, adding around 30 million garment capacity, expected to complete in the first half of FY '25.
→No immediate plans for significant greenfield expansions; further capacity increases will depend on market improvements and opportunities.
→Processing facility capex in progress, expected completion by first half of FY '26, aimed at supporting future growth.
→No capex planned currently for ethanol, sugar, or garment segments beyond existing expansions; any plans will be communicated when finalized.
→Management open to capital allocation for new opportunities if they arise, including potential investments beyond textiles, such as sugar or garment segments.
→No announced buyback plans; capital deployment depends on emerging opportunities and market conditions.

How does K P R Mill Ltd rank vs peers in Textiles & Apparels?

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1K P R Mill Ltd

Rev 3Mar 3

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