Monte Carlo Fashions Ltd

- Monte Carlo Fashions currently is a debt-free company at the parent level. - The only new debt planned is related to their solar power project at the subsidiary level, with approximately INR 100 crores of debt expected next year for this. - The solar project will have a debt-equity ratio of around 70:30, with project costs estimated between INR 120 to 150 crores. - No explicit mention of equity fundraising during the call. - Management stated decisions like share buybacks or equity fundraises would be discussed at the Board level and are not currently in their domain to announce. In summary, the immediate future fundraising involves project-specific debt for the solar subsidiary, with no announced equity fundraising plans or other debt at the parent company level.

- Investment in a 35-megawatt PM KUSUM Solar project with a project cost of around INR 120 to 150 crores. - Funding for the solar project will follow a 70:30 debt-to-equity ratio, with around INR 100 crores of debt anticipated next year related to the solar business. - The solar project is a financial investment via a separate subsidiary, not involving EPC (Engineering, Procurement, and Construction) activities. - Expected Internal Rate of Return (IRR) for the solar project is approximately 18%. - No additional solar EPC projects have been bid on or announced yet. - Continued store expansion with plans to open 40 to 45 new stores in FY 2027. - Focus remains on growing the core apparel business with a multiyear growth guidance of 15% to 20%.

- Monte Carlo Fashions Limited expects a multiyear growth of 15% to 20% in sales/revenue, not limited to just the next financial year. - The company aims for profitable growth, maintaining EBITDA margins of around 20-21%, on par with peers. - For FY 2026 and FY 2027, management is confident in sustaining 15%-20% growth leveraging various levers, including new brands like Rockit, Cloak & Decker, and strong online sales (currently 12%). - Summer wear segment is growing faster than winter wear, contributing to the annual revenue mix shift and aiding stronger Q4 growth projections. - Retail stores (currently ~490) will expand by 40-45 stores in FY 2027, supporting revenue growth. - Online sales have grown 50% in the current financial year, and footwear sales have grown by over 150%, aiding overall revenue expansion. - The company emphasizes under-commitment and over-delivery based on past performance.

- The company indicates a multi-year growth guidance of 15% to 20% in revenue, not limited to just the next financial year. - For the current year, they expect to end around 15% revenue growth, at the top end of previous guidance. - EBITDA margins are expected to improve by 100 to 200 basis points over last year. - The company emphasizes under-commitment and over-delivery, with a track record of meeting or exceeding guidance except during COVID. - Operating profit margins in Q4 are anticipated to be better than the previous year’s Q4, with improved sell-through and lower returns contributing positively. - Growth in the summer wear segment is outpacing winter wear, contributing to overall stronger future quarters. - Management expresses confidence that all levers are in place to sustain 15% to 20% growth over the next 4-5 years.

- As of the January 29, 2026 call, Monte Carlo Fashions Limited has not bid on any new solar EPC projects beyond the ongoing 35-megawatt PM KUSUM Solar project. - The company confirmed that no additional project bid results are pending or yet to be announced at this time. - Retail order momentum is strong, driven by a recent very strong trade show for summer collections, with dispatches starting in January and continuing through March. - The company anticipates a strong Q4 with higher orders due to low retail inventory at channel and retail partners. - For FY 2027, the company plans to open 40 to 45 new retail outlets, supporting anticipated growth. - Overall, growth guidance is set at 15% to 20% for the upcoming financial year, supported by improved retail sell-throughs and new product categories expanding.