Any current/future new fundraising through debt or equity?

The company has raised approximately INR150 crores through Preferential Equity Rights (PREF), with only about INR40 crores received from converted warrants so far. The management is currently finalizing detailed business and capex plans and expects by January to have a clear roadmap for utilizing the funds raised. No explicit mention of new or upcoming fundraising through debt or equity was made during the call. Capex and working capital needs are being met through the current funds raised and ongoing cash flows. The company is focusing on strategic use of the raised funds, prioritizing capex

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

Kriti Industries has planned capital expenditure (capex) for FY '25 at around INR 50 crores, with INR 10 crores already spent in Q1 and Q2 combined. The company is finalizing its capex plans, including potential greenfield projects, and expects to have a clear roadmap by January-February 2025. Major investments will be focused on the Building Materials segment, including expansions in fittings, CPVC pipes, and other related products. The company is considering setting up new plants closer to customer locations to reduce logistics costs and cater to priority markets. Capex execution from Januar

Future growth expectations in sales/revenue/volumes?

Kriti Industries aims for double-digit growth, targeting around 20% growth in the next 1-2 years, with potential for higher growth once ongoing capex becomes fully productive. The Building Products segment showed a 25% volume growth Q2 YoY and is expected to surpass FY24 revenue, driven by quality product focus and market demand. Agriculture segment volume grew 18% in Q2 YoY, with optimistic outlook for Q3 and Q4 despite seasonal volatility. Company plans to expand capacity through both capex in existing plants and potential greenfield projects, with a 1-year timeline from project start

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

Kriti Industries aims for double-digit growth, targeting around 20% growth in the next 1-2 years as capex becomes productive. The company expects a higher growth rate post-FY27 when the planned capex and greenfield projects start yielding results. Building Materials segment is a key focus area with expected volume growth beyond 600-700 tons per month, translating to monthly revenues of over INR10-12 crores. Strategic restraint in Institutional business limits risk but focuses on steady profitability. EBITDA showed growth of 138 basis points in H1 FY25, despite volume and price pressures. Stabi

Kriti IndustriesQ2 FY25Industrial Products

Kriti Industries Q2 FY25 Earnings Call Analysis

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

Price: ₹60.8Market Cap: ₹323 CrSector: Industrial Products

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Kriti Industries aims for double-digit growth, targeting around 20% growth in the next 1-2 years, with potential for higher growth once ongoing capex becomes fully productive.
The Building Products segment showed a 25% volume growth Q2 YoY and is expected to surpass FY24 revenue, driven by quality product focus and market demand.
Agriculture segment volume grew 18% in Q2 YoY, with optimistic outlook for Q3 and Q4 despite seasonal volatility.
Company plans to expand capacity through both capex in existing plants and potential greenfield projects, with a 1-year timeline from project start to production.
Focus on premium quality products like column pipes aims for volume and premium market share gains.
Overall, Kriti sees growth fueled by market recovery, quality differentiation, and geographic expansion, particularly in the Building Materials segment as India’s infrastructure grows.

Margin guidance

Category 3

Kriti Industries aims for double-digit growth, targeting around 20% growth in the next 1-2 years as capex becomes productive.
The company expects a higher growth rate post-FY27 when the planned capex and greenfield projects start yielding results.
Building Materials segment is a key focus area with expected volume growth beyond 600-700 tons per month, translating to monthly revenues of over INR10-12 crores.
Strategic restraint in Institutional business limits risk but focuses on steady profitability.
EBITDA showed growth of 138 basis points in H1 FY25, despite volume and price pressures.
Stabilization of raw material (PVC) prices and potential government actions on dumping duties are expected to support margin improvement going forward.
Overall, positive outlook on revenue and earnings growth backed by capacity expansion and market development initiatives.

See what Kriti Industries management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company has raised approximately INR150 crores through Preferential Equity Rights (PREF), with only about INR40 crores received from converted warrants so far.
The management is currently finalizing detailed business and capex plans and expects by January to have a clear roadmap for utilizing the funds raised.
No explicit mention of new or upcoming fundraising through debt or equity was made during the call.
Capex and working capital needs are being met through the current funds raised and ongoing cash flows.
The company is focusing on strategic use of the raised funds, prioritizing capex in building materials and possible greenfield plants but is not currently indicating plans for additional fundraising in the near term.

Order book

The transcript does not explicitly mention the current or expected order book or pending orders for Kriti Industries Limited. However, some related insights can be inferred: - Institutional business volume is down significantly (near 33% in Q2), and the company is cautious, restricting aggressive orders in this segment due to payment cycle uncertainties. - The company anticipates growth in Building Products and Agriculture segments with positive volume growth (25% and 18% respectively in Q2 YoY). - The market is stabilizing after PVC price falls, which may support order inflows going forward. - The company expects a clearer business plan and roadmap by January 2025, which will likely impact order inflows and allocation. - Demand for column pipes and quality building materials is seen as a growth area, indicating potential future orders. No specific order book numbers or pending order details were disclosed in the call.

See what Kriti Industries management said on order book — free account, 30 seconds.

Capex plans

Yes

Kriti Industries has planned capital expenditure (capex) for FY '25 at around INR 50 crores, with INR 10 crores already spent in Q1 and Q2 combined.
The company is finalizing its capex plans, including potential greenfield projects, and expects to have a clear roadmap by January-February 2025.
Major investments will be focused on the Building Materials segment, including expansions in fittings, CPVC pipes, and other related products.
The company is considering setting up new plants closer to customer locations to reduce logistics costs and cater to priority markets.
Capex execution from January 2025 onward is expected to take about one year for new plants to become fully operational.
The company raised approximately INR 150 crores through QIP, with about 25% received and utilized partly for working capital and capex.
Strategic initiatives include cautious growth in institutional business and focus on premium products like column pipes for agriculture and building sectors.

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