Manaksia Coated Metals & Industries Ltd

- No specific mention of current or future fundraising through debt or equity in the transcript. - The company recently completed a fundraise of INR135 crores through issuance of fully convertible equity warrants in December 2024, providing financial flexibility. - This capital raise is supporting ongoing strategic projects including Alu-Zinc technology upgrade, captive solar power plant, and color coating capacity expansion. - There is mention of reduced borrowing: Current borrowings decreased from INR113 crores to INR67 crores; total debt declined by INR33 crores to INR144 crores, indicating improved financial discipline. - No explicit plans or announcements regarding new fundraising activities beyond this point in the transcript.

- INR40 crores capex for upgrading galvanizing line to Alu-Zinc technology, increasing capacity to 180,000 tons/year; commissioning targeted by July 2025 (Q2 FY '26). - Captive solar power plant project (6.5 to 7 MW capacity) with a capex of INR28-30 crores; EPC contract award expected by May 2025; commissioning within 7-9 months. - Expansion of color coating capacity with a second line of 150,000 tons capacity; final order expected by May/June 2025; commissioning in 9-10 months. - Total capex mainly focused on Phase 1 and Phase 2 projects in the current and next financial year (FY '25-FY '26). - These investments aim to enhance scale, cost competitiveness, margin profile, and sustainability.

- Alu-Zinc project expected to significantly enhance revenue and margins, with capacity increasing from 130,000 to 180,000 tons annually. - Alu-Zinc product realization is 4%-5% higher than conventional galvanized steel, driving EBITDA growth by an estimated 40%. - Export revenues are targeted to increase, aiming for approximately a 50-50 split between domestic and export sales in FY '26 (up from 39.5% export revenue in FY '25). - Production volume grew 21% for galvanized steel and 22% for color-coated steel in FY '25, expected to increase further with capacity expansion. - New markets targeted include Latin America, Caribbean Islands, and continued growth in Europe, particularly due to declining local steel production there. - Second color coating line with 150,000 tons capacity to be added, expanding high-margin, value-added steel production. - Overall, steady volume growth driven by capacity expansions and new product lines is anticipated in FY '26 and beyond.

- Alu-Zinc project is a significant growth driver, expected to enhance revenue and EBITDA margins by 35%-40% due to higher value realization and reduced raw material costs. - Capacity expansion from 130,000 tons to 180,000 tons per annum with Alu-Zinc commissioning targeted in Q2 FY'26 (July 2025). - Addition of a second color coating line (150,000 tons capacity) will boost high-margin product offerings with commissioning 9-10 months post order placement (around early FY'27). - Captive solar power plant (7 MW) commissioning in 7-9 months expected to save INR6.5-7 crores EBITDA annually, reducing energy costs and carbon footprint. - Export revenue, currently 39%, is expected to grow, targeting a balanced 50-50 domestic and export revenue mix in FY'26. - Overall, strong volume growth (20%+ in galvanized and pre-painted steel in FY'25) and operational efficiencies point toward robust earnings and EPS growth ahead. - PAT grew 37% in FY'25; future growth expected to be stronger as new projects ramp up.

- Current total export order book is between INR 280 crores to INR 300 crores. - Around 25% to 30% of export orders pertain to Alu-Zinc products; the rest are for galvanized products. - Domestic order book covers about 45 to 60 days and mainly consists of galvanized and pre-painted galvanized products. - Export order book for Alu-Zinc products has started with orders for July and August shipments. - Export order book stands at a healthy 4-month backlog, approximately INR 300 crores. - Domestic order book covers roughly 100 to 120 days, valued around INR 120 crores. - Overall, export order book is at its strongest, driven by prestigious European customers. - Capacity utilization is high: color coating line at ~97-100%, galvanizing at ~85%, supporting the order fulfillment.