Kirloskar Ferrous Industries Ltd

- No explicit mention of any new fundraising through debt or equity in the transcript. - The company has been focusing on reducing borrowings; borrowing has been brought down substantially. - Capex plans for FY27 and FY28 are around INR 600-700 crores per year for various projects including tube capacity expansion, blast furnace upgrades, and backward integration. - The company expects to fund these investments through improved cash generation rather than new borrowing. - No clear indication of intent for equity raise or new debt issuance as of the current discussion.

- Planned capex of about INR 600-700 crores per year across pig iron, foundry, steel, and tube segments. - Investment of INR 125-150 crores to upgrade Hiriyur blast furnace for capacity increase (up to 250,000-300,000 tons p.a.) and cost reduction; payback under 2 years. - Expansion of tube capacity at Baramati plant to 4 lakh metric tons per annum by adding 150,000 tons to existing 230,000 tons; expected investment around INR 500 crores over 1.5 years. - Commissioning of 25 MW wind and 35 MW solar power projects by August-September to enhance green energy utilization. - Battery storage systems planned to improve renewable energy utilization under new regulations. - Operationalization of Jambunath Gudda iron ore mines plus plans for beneficiation and pellet plants for quality and volume improvement. - Sixth and seventh casting foundries planned to meet volume growth targets up to 3 lakh tons per annum.

- Targeting 15% volume growth in casting for FY27, aiming for ~1,85,000 to 1,90,000 metric tons including Oliver Engineering volumes. - Oliver Engineering expected to increase production from ~13,500 tons to 24,000 tons in FY27. - Solapur casting production targeted to rise from ~4,200 tons/month to ~5,000 tons/month (approx. 60,000 tons annually). - Seamless tube volume to grow by 10-11%, from 1,68,800 tons to about 1,88,700 tons in FY27. - Pig iron volumes primarily for external sales, with overall pig iron and steel prices expected to rise, aiding sales realization. - Plans to expand seamless tube capacity to 4 lakh tons/year by adding ~1,50,000 tons capacity. - Continuous capex of INR 600-700 crores annually for capacity expansion, backward integration, and foundry setup to support volume growth. - Long-term aim to increase casting volumes to 3 lakh metric tons per annum in 3-4 years through new foundries and product development.

- Kirloskar Ferrous aims for 15% volume growth in castings for FY27, targeting external sales of around 1,85,000 to 1,90,000 metric tons including Oliver Engineering. - Seamless tube volume expected to grow 10-11% in FY27, with sales increasing from 1,68,800 to about 1,88,700 tons. - Anticipated recovery in sales realization for tubes by 5-6% in FY27, partially recovering last year's 10% value decline. - Power cost savings due to commissioning of solar (35 MW) and wind (25 MW) projects, expected INR 70 crores saved in FY26 and additional INR 45-90 crores in FY27. - EBITDA margins targeted to improve from around 12.5% towards a comfortable 15% level by managing volumes, realizations, cost efficiencies, and energy savings. - Continued capex of INR 600-700 crores annually planned for capacity expansions, backward integration (mines, pellet plants), and energy projects, supporting volume and profitability growth.

- R.V. Gumaste mentioned there are pending orders from the last tenders for the seamless tubes business, with expectations for new tenders this year to pick up more orders. - Export orders are growing, especially in the oil and gas segment, and infrastructure reconstruction is driving demand. - For pig iron, there is typically a 15-day order book, with monthly orders often booked in advance by regular customers. - The company is expecting to achieve a seamless tubes volume growth of about 10%-11% in FY27. - Casting orders target approximately 1,85,000 to 1,90,000 metric tons of production/sales in FY27, including at least 5,000 tons from Solapur and 25,000 from Oliver. - They expect to reach 45,000 tons per quarter in casting volumes soon after merger benefits materialize. - ONGC orders, seen as high-value, are delayed but expected to pick up soon.