MTAR Technologies Ltd

- There is no explicit mention of any current or planned fundraising through debt or equity in the provided pages. - The company is focusing on internal resource allocation, such as capex for new product lines and expansion (e.g., setting up capacity in the USA, Europe). - Capex plans include INR42-45 crores for the current year, partly related to Fluence Energy projects, with further investments being worked on but no mention of external funding. - Working capital management is a key focus, with efforts to reduce days of inventory and payables, and no indication that external fundraising is needed for this. - Discussions indicate reliance on operational cash flow and strategic partnerships rather than raising capital through equity or debt at present.

- Capex for Fluence business in FY24 is planned around INR 42-45 crores, including INR 25 crores earmarked for Fluence. - Initial 500 Fluence units will be made within existing facilities; setting up a new facility for 1000 units requires additional capex of INR 30-35 crores. - Incremental 1000 Fluence units would require roughly INR 15 crores capex. - Plans to set up manufacturing units in Europe and the US to leverage subsidies like the Inflation Reduction Act in the US and European Union support. - Capex for European and US expansion is under evaluation; currently expected to be medium-sized and mainly related to manpower and facilities, not substantial. - Existing facilities support CAPEX efficiency, with the focus on manpower and team costs during the current year. - Strategic investments are aimed at local manufacturing abroad to capture large revenue opportunities (10,000 units per annum translating to over INR 1,000 crores).

- Targeting INR 830 to 860 crores revenue for FY24, representing around 15% of overall revenues. - Clear roadmap to become a INR 3,000 crores revenue-based company by FY28. - Significant growth in non-Bloom Energy segments, with revenues increasing from INR 112 crores last year to about INR 315 crores this year. - Expected higher domestic sales contributing to improved gross profit margins (~52%). - Planning capacity setup in the USA by FY25/FY26 based on customer requests, aiming for diversification. - Defense segment growth anticipated after obtaining the defense license. - New customers like Fluence and expansion of existing client base expected to contribute to revenue diversification. - Anticipate quarter-on-quarter margin improvements aligned with revenue growth and product mix enhancements. - Revenue in clean energy (Bloom) expected around INR 590-600 crores this year, up from INR 441 crores last year.

- MTAR targets INR 3,000 crores revenue by FY28, indicating strong top-line growth. - For FY24, revenue guidance is INR 830-860 crores, with a 45%-50% growth expectation. - EBITDA margins are expected to improve from 22.4% in Q1 FY24 to around 28% ±100 basis points by year-end. - Gross margins projected to improve from 49.9% to 52% in FY24, driven by higher domestic segment revenue. - PAT is expected to rise substantially to INR 145-150 crores in FY24 from INR 104 crores in FY23 (~18% PAT margin). - Operating expenses (employee benefits and other overheads) expected to reduce by 2.5-4%, aiding margin improvement. - Product division growth and diversification into new customers and segments (clean energy, defense, nuclear) will boost profitability. - Non-Bloom Energy revenues aiming to exceed 50% over the next few years, with higher value-added business contributions.

- Closing order book as of June 30, 2023: INR 1,078 crores (Page 4) - Expected orders during FY24: Approximately INR 1,200 crores over next three quarters (Page 4) - Order book target for FY24: INR 1,500 crores (Page 4) - Expected orders breakdown for FY24 (Page 4): - Nuclear division: INR 500 crores - Clean energy segment: INR 530 crores - Other segments and new customers: Remaining portion - Nuclear order book currently at INR 180 crores, with scope to increase to INR 5,000 - 7,000 crores from upcoming reactors (Page 11) - Yuma hotboxes expected: Guidance of 7,000 boxes this year (Page 11) - Bloom Energy order inflow target for FY24: INR 1,200 crores, order inflows expected in current or next quarter (Page 9)