Any current/future new fundraising through debt or equity?

The company has recently done a fundraising round aiming to raise close to ₹15-20 crores for CapEx and ₹35-40 crores for working capital. No specific mention of plans for immediate new fundraising through debt or equity beyond this. Fund usage from the recent fundraising is aligned to support anticipated order flows and capacity expansion. No declared plans for shutting down the dairy business, implying ongoing interest in operational funding. The management did not disclose any explicit future fundraising intentions during the call.

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

The company is undertaking a brownfield expansion adjacent to its existing facility in Halol, Gujarat. Planned CapEx of approximately ₹15-20 crore is allocated for this expansion. The new facility will manufacture weld consumables and bulb bars, increasing capacity from about 2,000-2,500 tons annually to around 4,000 tons. Civil infrastructure work and equipment orders are underway, with the facility expected to be operational by September-October 2024. Total CapEx block is around ₹14 crore, with over ₹11 crore deployed specifically in the defence business. The company raised ₹50-60 crore rece

Future growth expectations in sales/revenue/volumes?

The company targets a growth of approximately 40% CAGR in sales/revenue over the next three years. Demand is expected to increase from the shipbuilding side for existing products. Existing capacity expansion plans aim to increase production capabilities, supporting revenue growth from around ₹180-200 crores to ₹350-400 crores. New products under development, including composite doors and electronic warfare communication systems, are expected to contribute to future revenues. The company aims to diversify its product portfolio with 7-8 products, each targeting ₹50-100 crores in revenue, reducin

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

The company targets approximately 40% CAGR growth over the next three years. Revenue is expected to grow significantly, driven by expanding shipbuilding orders and product ramp-up. EBITDA margins are anticipated to improve, aiming to reach around 20% in the next 1-2 years, though actual margins may settle between current (~15%) and aspirational levels. Operating leverage is expected to kick in with increased production, enhancing profitability. PAT margins increased to 10.06% in H2 FY24 and are likely to improve alongside revenue growth. The company plans capacity expansion (doubling manufactu

Current/ Expected Orderbook/ Pending Orders?

Current order book is above ₹230 crores as of early FY25 (Page 6, 8). Recent large order of ₹88 crores received on April 3, 2024, to be executed over ~8 months, spilling into Q3 FY25 (Page 11-12). Additional orders are in process, under evaluation or tendering stage, expected to close within the financial year (Page 13). Order pipeline expected to support 40% CAGR growth for the next three years (Page 20). Orders typically have a gestation period ranging from 6 to 24 months depending on complexity (Page 11). Total block capital employed around ₹14 crores; ₹11 crores deployed in defense busines

Krishna Defence & Allied Industries LtdQ4 FY24Aerospace & Defense

Krishna Defence & Allied Industries Ltd Q4 FY24 Earnings Call Analysis

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

Price: ₹1,213.6P/E: 44.2Market Cap: ₹1.8K CrSector: Aerospace & Defense

Management growth scorecard

Revenue

Category 1

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

The company targets a growth of approximately 40% CAGR in sales/revenue over the next three years.
Demand is expected to increase from the shipbuilding side for existing products.
Existing capacity expansion plans aim to increase production capabilities, supporting revenue growth from around ₹180-200 crores to ₹350-400 crores.
New products under development, including composite doors and electronic warfare communication systems, are expected to contribute to future revenues.
The company aims to diversify its product portfolio with 7-8 products, each targeting ₹50-100 crores in revenue, reducing dependency on a single product.
Export opportunities and tie-ups with foreign partners are being explored but specifics are currently confidential.
Overall, management remains optimistic about scaling revenues with increasing market share and product pipeline expansion.

Margin guidance

Category 2

The company targets approximately 40% CAGR growth over the next three years.
Revenue is expected to grow significantly, driven by expanding shipbuilding orders and product ramp-up.
EBITDA margins are anticipated to improve, aiming to reach around 20% in the next 1-2 years, though actual margins may settle between current (~15%) and aspirational levels.
Operating leverage is expected to kick in with increased production, enhancing profitability.
PAT margins increased to 10.06% in H2 FY24 and are likely to improve alongside revenue growth.
The company plans capacity expansion (doubling manufacturing capacity) to support growth.
Unit economics for products like bulb bars will improve with scale, supporting higher margins.
Overall, earnings, operating profits, and EPS are projected to grow strongly aligned with 40% revenue CAGR and improving margins.

See what Krishna Defence & Allied Industries Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company has recently done a fundraising round aiming to raise close to ₹15-20 crores for CapEx and ₹35-40 crores for working capital.
No specific mention of plans for immediate new fundraising through debt or equity beyond this.
Fund usage from the recent fundraising is aligned to support anticipated order flows and capacity expansion.
No declared plans for shutting down the dairy business, implying ongoing interest in operational funding.
The management did not disclose any explicit future fundraising intentions during the call.

Order book

Yes

Current order book is above ₹230 crores as of early FY25 (Page 6, 8).
Recent large order of ₹88 crores received on April 3, 2024, to be executed over ~8 months, spilling into Q3 FY25 (Page 11-12).
Additional orders are in process, under evaluation or tendering stage, expected to close within the financial year (Page 13).
Order pipeline expected to support 40% CAGR growth for the next three years (Page 20).
Orders typically have a gestation period ranging from 6 to 24 months depending on complexity (Page 11).
Total block capital employed around ₹14 crores; ₹11 crores deployed in defense business indicating ongoing capacity utilization for pending orders (Page 26).

See what Krishna Defence & Allied Industries Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

The company is undertaking a brownfield expansion adjacent to its existing facility in Halol, Gujarat.
Planned CapEx of approximately ₹15-20 crore is allocated for this expansion.
The new facility will manufacture weld consumables and bulb bars, increasing capacity from about 2,000-2,500 tons annually to around 4,000 tons.
Civil infrastructure work and equipment orders are underway, with the facility expected to be operational by September-October 2024.
Total CapEx block is around ₹14 crore, with over ₹11 crore deployed specifically in the defence business.
The company raised ₹50-60 crore recently; around ₹15-20 crore intended for CapEx and ₹35-40 crore for working capital.
Expansion aims to double capacity and increase revenue potential from ₹180-200 crore to about ₹350-400 crore from the existing facility.
The company focuses on R&D and development of new defence products, targeting a diversified product portfolio.

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