MTAR Technologies Ltd

- No explicit mention of new fundraising through equity or debt in the call transcript. - The company currently maintains healthy debt levels with an outstanding fund-based debt of INR190 crores and net debt of INR54.7 crores in FY'24. - Cost of capital for working capital is around 6%, and for capex related loans (in USD), cost is expected not to exceed 7.5-8%. - They plan to use USD loans for capex due to natural hedging. - Positive cash flows from operations have improved, with a target to further increase by end of the current fiscal year. - No announcements regarding fresh fundraising rounds; focus is on internal cash flow generation and cost management.

- FY '25 Capex guidance is around INR 70-75 crores, including existing purchase orders from last year. - FY '26 Capex will depend on new program wins and business cases; not yet factored into FY '25 plans. - Separate capex may be required for specific projects like Fluence, decided based on business case analysis. - Expansion of aerospace division with commissioning of Unit 7 in Hyderabad planned in June to cater to MNC orders. - Working capital cost of capital remains low (~6%), with US dollar loans planned for capex to maintain cost under 7.5-8%. - Strategic focus on growing defense and aerospace verticals, ongoing R&D and product development requiring investment. - Future investments linked to order wins in nuclear, space, defense, clean energy sectors. - Contract manufacturing poised to benefit as hydrogen fuel projects gain traction, though MTAR not directly entering hydrogen projects now.

- MTAR Technologies expects a revenue growth of 30% to 35% for FY ’25. - For FY ’26, they anticipate growth of a minimum of 30% to 35% with improved EBITDA margins of 24%+. - The company aims to diversify its customer base, reducing Bloom Energy's contribution to about 35%-40% of revenues by FY ’26. - Bloom-related volumes are expected to recover and increase from the second half of FY ’25, improving margins. - Aerospace revenues are expected to grow substantially, from INR 8 crores in FY ’24 to around INR 72 crores in FY ’25, backed by long-term agreements. - The order book is expected to grow from INR 915 crores at FY ’24-end to INR 1,500 crores by March FY ’25. - New sectors like nuclear, space, defense, and clean energy will contribute to future sales growth. - First articles development costs impact current margins but are expected to generate strong revenue streams moving forward.

- MTAR Technologies expects 30%-35% revenue growth for FY ’25 and continuing at least 30%-35% for FY ’26. - EBITDA margins are projected to improve to around 22% in FY ’25 and further to 24%+ in FY ’26. - Bloom Energy revenues are expected to grow modestly (~15% in FY ’25), with significant growth coming from other sectors like aviation. - Margins are anticipated to improve in the second half of FY ’25 as operating leverage recovers, especially from Bloom and new verticals. - Long-term, MTAR aims to diversify its customer base, reducing dependence on Bloom Energy to about 35%-40% revenue share by FY ’26. - The company plans to benefit from new long-term contracts (e.g., aviation, defense) and expansion into aerospace verticals. - Positive cash flows and order book growth support sustained earnings growth over the next 3-5 years.

- The company closed FY'24 with an order book of INR 915 crores. - Expecting to grow the order book to INR 1,400–1,500 crores by the end of FY'25. - Strong order inflows expected from nuclear, space, defense, MNCs, and clean energy sectors. - Anticipating about INR 650+ crores of nuclear orders flowing in, to be executed in the next financial year. - Expecting another INR 70-80 crores in space orders within the current financial year. - Significant aerospace orders expected, with ongoing development of first articles for various MNC customers. - Orders linked to refurbishment at Tarapur nuclear reactor (INR 130-150 crores) expected in the second half of the year. - Fluence Energy orders are tied to tender wins; currently not factored into the financial year revenue. - Overall, a healthy and diversified order pipeline is projected, supporting robust revenue growth.