OK Play India

- The company is still deciding on the financing strategy for its upcoming Phase 2 Capex. - There is significant interest from both equity and debt sources. - Management emphasizes avoiding a substantial amount of debt on the balance sheet. - Recently, the company has reduced its debt considerably over past quarters. - The plan is to primarily fund the Capex through equity. - If necessary, some debt may be taken, but no final decision has been made yet. - No exact timelines or amounts for fundraising have been provided as of now.

- Recently completed Phase 1 Capex in toys segment involved Rs. 50-60 crore investment, setting up capacity of ~Rs. 15 crore/month (rotational and blow molded toys). - Phase 2 Capex planned with ~Rs. 100 crore investment, focused primarily on export market and new toy categories like injection molded toys and battery-operated ride-ons. - Phase 2 plant location being finalized with Invest India, targeting break ground in second half of FY ’26, construction expected to take 6-10 months. - Plans to fund Phase 2 primarily through equity, with possible limited debt; management avoids heavy debt on balance sheet. - Toy business expansion to leverage tariff advantages against Chinese imports (US imposes 145% tariff on China vs. 10% on India). - Air filtration business: commercial launch expected soon, powered by exclusive 10-year licensing agreement with MANN+HUMMEL for manufacturing and distribution of air purifiers in India.

- Toys segment shows strong growth with a 40% increase quarter-on-quarter in Q4 FY25; aiming for Rs. 200 crore revenue from toys by FY26. - Phase 1 toys capacity at Rs. 15 crore per month, with current run rate reaching Rs. 9-10 crore; optimization expected soon. - Phase 2 Capex (~Rs. 100 crore) planned for H2 FY26 to introduce injection molded and battery-operated toys targeting export markets; will add new product range, not increase existing capacity. - Export opportunities significant due to US tariffs (145% on China vs. 10% on India), aimed at capturing global market share. - Automotive segment currently declining but expected recovery and diversification into non-automotive segments from FY26 onwards. - Air filtration business commercial launch expected in current year with pan-India reach. - Ongoing efforts to reduce debt, capital infusion expected through equity and selective debt financing for expansions.

- Toys business is a key growth engine, showing 40% Q4 growth and expected to reach Rs. 200 crore by FY ‘26. - Phase 2 Capex (~Rs. 100 crore) planned for H2 FY ‘26, targeting exports with new product range, expected to drive further growth. - Blended EBITDA margin expected sustainable at 20-22%. - Automotive segment facing short-term challenges but medium-to-long-term outlook remains optimistic with diversification into non-auto sectors. - Air filtration business poised for commercial launch with exclusive rights, adding new revenue streams. - Demand for toys robust domestically and internationally, supported by tariffs against China benefiting exports. - Management cautious on financing: prefers equity funding but may selectively use debt; aims to avoid high leverage. - Overall, company is optimistic about sustainable growth and profit improvement through capacity ramp-up and market expansion.

- The company is in active discussions with leading players in India and abroad, including major clients like Amazon, Firstcry, and Escorts, securing strong contracts. - The toys business showed strong momentum with a 40% growth quarter-on-quarter in Q4 FY’25. - Phase 1 capacity in toys runs at Rs. 15 crore per month potential, with current utilization around Rs. 9-10 crore per month. - Phase 2 Capex (~Rs. 100 crore) planned to expand export-focused product range, expected to complete in H2 FY ‘26 within 6-10 months. - Export market opportunity is significant, especially due to US tariffs on China (145% tariff) vs. 10% on India, creating a large vacuum to fill. - The company anticipates ramping up export orders significantly once Phase 2 is operational to target Rs. 1,000 crore business. - Automotive segment has some order momentum from new clients like Escorts; diversification beyond commercial vehicles is underway.