Any current/future new fundraising through debt or equity?

The company is raising INR100 crores through the issue of convertible warrants on a preferential basis over the next 18 months. So far, INR24.27 crores have already been received from this fundraise. The funds will be used to strategically acquire stakes in some franchisee units, invest in existing and new business ventures in India or overseas, incur CapEx in existing manufacturing units, acquire new office premises, and strengthen the brand position. There is no mention of any new debt fundraising; the company continues to remain debt-free as of 31st March 2024.

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

The company plans a capital raise of INR100 crores through issue of convertible warrants on a preferential basis over the next 18 months, with INR24.27 crores already received. INR25 crores of raised funds are expected to be deployed in Q1 FY '25. CapEx for a greenfield unit of 1 lakh metric tonnes annual capacity (practically viable capacity is 2 lakh tonnes) is approx. INR70-80 crores, excluding land. Total CapEx including land (INR20 crores) could reach around INR100 crores with additional INR30-40 crores working capital. Strategic uses of funds include remodeling franchisee business by acq

Future growth expectations in sales/revenue/volumes?

Kamdhenu Ventures aims to double steel business revenue in the next 5 years, targeting 68 lakh metric tonnes of steel volume via franchisee route by FY 2029, up from 32.5 lakh metric tonnes in FY 2024. Franchisee capacity to increase from 40-41 lakh metric tonnes currently to 50 lakh metric tonnes in FY 2025. Steel segment is expected to grow at 16-17% annually, surpassing the industry growth of 8-9%. Paint business aims to grow revenue over 20% in FY 2025 with improved EBITDA margin (targeting around 9.5%). Paint revenue targeted at INR 380 crores in FY 2025, up from INR 292 crores in

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

Steel business aims to double revenue in the next 5 years by increasing franchisee capacity from 32.5 lakh MT to 68 lakh MT. Target royalities to increase from INR395 per tonne (March 2024) to INR500 per tonne in 5 years, supporting margin expansion. FY '25 steel franchisee capacity target increased to 50 lakh MT from ~41 lakh MT. Steel segment expects annual growth of 16-17%, outperforming industry growth of 8-9%. PAT for steel rose 22% YoY in FY '24; sustained margin improvement expected with volume and royalty growth. Paint business projects over 20% revenue growth in FY '25 with enhanced E

Current/ Expected Orderbook/ Pending Orders?

The order book for the steel segment is noted as always fully booked. Capacity utilization of franchisee units is approximately 60-70%. The asset-light franchisee model ensures consistent demand and minimizes transportation costs due to supply within 200-300 km radius. No specific numeric value for pending orders or orderbook was provided. The company is focusing on increasing franchisee capacity from 41 lakh metric tonnes to 50 lakh metric tonnes in FY '25 to meet demand. The demand scenario is strong with infrastructure growth and government initiatives supporting steel consumption. Overall,

Kamdhenu VentureQ4 FY24

Kamdhenu Venture Q4 FY24 Earnings Call Analysis

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

Price: ₹3.77Market Cap: ₹124 Cr

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Kamdhenu Ventures aims to double steel business revenue in the next 5 years, targeting 68 lakh metric tonnes of steel volume via franchisee route by FY 2029, up from 32.5 lakh metric tonnes in FY 2024.
Franchisee capacity to increase from 40-41 lakh metric tonnes currently to 50 lakh metric tonnes in FY 2025.
Steel segment is expected to grow at 16-17% annually, surpassing the industry growth of 8-9%.
Paint business aims to grow revenue over 20% in FY 2025 with improved EBITDA margin (targeting around 9.5%).
Paint revenue targeted at INR 380 crores in FY 2025, up from INR 292 crores in FY 2024.
Stable raw material prices and growing dealer network will support volume and value growth in paints.
Continued focus on value-added, premium, and ecofriendly products to drive top-line growth and market share.

Margin guidance

Category 1

Steel business aims to double revenue in the next 5 years by increasing franchisee capacity from 32.5 lakh MT to 68 lakh MT.
Target royalities to increase from INR395 per tonne (March 2024) to INR500 per tonne in 5 years, supporting margin expansion.
FY '25 steel franchisee capacity target increased to 50 lakh MT from ~41 lakh MT.
Steel segment expects annual growth of 16-17%, outperforming industry growth of 8-9%.
PAT for steel rose 22% YoY in FY '24; sustained margin improvement expected with volume and royalty growth.
Paint business projects over 20% revenue growth in FY '25 with enhanced EBITDA margin targeting ~9.5% (from 8% FY '24).
Paint PAT turned positive with a strong turnaround, expected to improve further driven by premium products and dealer expansion.
Overall, operating profits and EPS expected to grow significantly over next 3-5 years on capacity expansion, premium product focus, and improved cost efficiencies.

See what Kamdhenu Venture management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company is raising INR100 crores through the issue of convertible warrants on a preferential basis over the next 18 months.
So far, INR24.27 crores have already been received from this fundraise.
The funds will be used to strategically acquire stakes in some franchisee units, invest in existing and new business ventures in India or overseas, incur CapEx in existing manufacturing units, acquire new office premises, and strengthen the brand position.
There is no mention of any new debt fundraising; the company continues to remain debt-free as of 31st March 2024.

Order book

The order book for the steel segment is noted as always fully booked.
Capacity utilization of franchisee units is approximately 60-70%.
The asset-light franchisee model ensures consistent demand and minimizes transportation costs due to supply within 200-300 km radius.
No specific numeric value for pending orders or orderbook was provided.
The company is focusing on increasing franchisee capacity from 41 lakh metric tonnes to 50 lakh metric tonnes in FY '25 to meet demand.
The demand scenario is strong with infrastructure growth and government initiatives supporting steel consumption.
Overall, the current orderbook appears robust with fully utilized capacity, supporting the company's growth plans.

See what Kamdhenu Venture management said on order book — free account, 30 seconds.

Capex plans

Yes

The company plans a capital raise of INR100 crores through issue of convertible warrants on a preferential basis over the next 18 months, with INR24.27 crores already received.
INR25 crores of raised funds are expected to be deployed in Q1 FY '25.
CapEx for a greenfield unit of 1 lakh metric tonnes annual capacity (practically viable capacity is 2 lakh tonnes) is approx. INR70-80 crores, excluding land.
Total CapEx including land (INR20 crores) could reach around INR100 crores with additional INR30-40 crores working capital.
Strategic uses of funds include remodeling franchisee business by acquiring stakes in franchisee units, investing in existing and new ventures in India and overseas for diversification.
CapEx may also be incurred on existing manufacturing units and establishing new office premises.
Focus on enhancing brand position and corporate image to leverage brand premium.

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