Any current/future new fundraising through debt or equity?

Orient Cement expects to incur significant CAPEX in FY'25 (~₹1,000 crores) and FY'26 (₹1,400-1,500 crores) mainly for expansion projects at Chittapur and Sarni grinding unit. The company anticipates raising debt to fund this CAPEX, estimating about ₹600 crores of debt in FY'25 and an additional ₹700-800 crores in FY'26. As of now, Orient Cement has low debt (~₹600 crores) against a net worth of ~₹1,800 crores, with a comfortable debt-equity ratio around 1 and debt-EBITDA of 2-2.5. Management indicated no delay in debt raising due to interest rates and prioritizes timely capacity expansion over

Any current/future capex/capital investment/strategic investment?

Orient Cement plans significant CAPEX focused on expansion projects in FY25 and FY26. FY25 CAPEX target is around ₹1,000 crores, mainly for preparatory work and ordering post-MoEF clearance expected around June. Chittapur expansion: ₹500 crores investment expected in FY25, with completion aimed by Q4 FY26 and full capacity in Q1 FY27. A grinding unit in Sarni, Madhya Pradesh, is planned with an investment of ₹100-200 crores. FY26 CAPEX estimated around ₹1,400-1,500 crores for completion and commissioning of Chittapur expansion and Sarni grinding unit. Rajasthan project land acquisiti

Future growth expectations in sales/revenue/volumes?

Industry growth is expected to be in the range of 6% to 8%, with the company aiming for around 8% growth despite the somber market mood. FY24 volume was about 61.3 lakh tons, roughly 3% below expectations. Volume growth was stronger in Q3 but slowed in Q4, with Telangana and Vidarbha markets underperforming. Sales in Maharashtra showed strong growth (32% quarter-on-quarter and 13% year-on-year). Pricing increases are unlikely before mid-June due to weak demand, election impact, and seasonal factors. Longer-term growth relies on government economic activity announcements expected afte

Future growth expectations in earnings/operating earnings/profits/EPS?

Orient Cement targets ~8% volume growth for FY25, aligning with the industry outlook of 6-8% growth. EBITDA per ton is expected to improve by Rs.70-80 due to better pricing from June onwards and increased sales of premium products. Operational cost savings are anticipated from expanded waste heat recovery and solar power projects, enhancing power cost efficiency. CAPEX of around Rs.1,000 crores is planned mainly for Chittapur and Madhya Pradesh expansions, with heightened activity expected post-clearances in FY25-FY26. Medium-term renewable energy usage target is 50% by 2030, helping reduce co

Orient CementQ4 FY24Cement & Cement Products

Orient Cement Q4 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹116P/E: 11.8Market Cap: ₹2.5K CrSector: Cement & Cement Products

Management growth scorecard

Revenue

Category 4

Margin

Category 1

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 4

Industry growth is expected to be in the range of 6% to 8%, with the company aiming for around 8% growth despite the somber market mood.
FY24 volume was about 61.3 lakh tons, roughly 3% below expectations.
Volume growth was stronger in Q3 but slowed in Q4, with Telangana and Vidarbha markets underperforming.
Sales in Maharashtra showed strong growth (32% quarter-on-quarter and 13% year-on-year).
Pricing increases are unlikely before mid-June due to weak demand, election impact, and seasonal factors.
Longer-term growth relies on government economic activity announcements expected after June.
EBITDA per ton is targeted to improve by Rs. 70-80 in FY25 through premium products and renewable power use.
CAPEX of Rs. 1,000 crores planned for FY25 to support expansion; further Rs. 1,400-1,500 crores planned for FY26.
The clinker/cement ratio and product mix shifts aim to boost margins and volumes.

Margin guidance

Category 1

Orient Cement targets ~8% volume growth for FY25, aligning with the industry outlook of 6-8% growth.
EBITDA per ton is expected to improve by Rs.70-80 due to better pricing from June onwards and increased sales of premium products.
Operational cost savings are anticipated from expanded waste heat recovery and solar power projects, enhancing power cost efficiency.
CAPEX of around Rs.1,000 crores is planned mainly for Chittapur and Madhya Pradesh expansions, with heightened activity expected post-clearances in FY25-FY26.
Medium-term renewable energy usage target is 50% by 2030, helping reduce costs.
Despite slow Q4 FY24 volume growth, full year EBITDA grew 23%, showing profitability improvement despite modest volume increase.
Market demand, especially B2C, remains a key variable impacting near-term earnings improvements.

See what Orient Cement management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Orient Cement expects to incur significant CAPEX in FY'25 (~₹1,000 crores) and FY'26 (₹1,400-1,500 crores) mainly for expansion projects at Chittapur and Sarni grinding unit.
The company anticipates raising debt to fund this CAPEX, estimating about ₹600 crores of debt in FY'25 and an additional ₹700-800 crores in FY'26.
As of now, Orient Cement has low debt (~₹600 crores) against a net worth of ~₹1,800 crores, with a comfortable debt-equity ratio around 1 and debt-EBITDA of 2-2.5.
Management indicated no delay in debt raising due to interest rates and prioritizes timely capacity expansion over waiting for a decline in interest rates.
There is no mention of any planned equity fundraising in the disclosed discussion.

Order book

The transcript does not provide specific details on the current or expected order book or pending orders for Orient Cement Limited. However, relevant information related to orders and projects includes: - Orient Cement's premium brands, including StrongCrete and Dolphin, are being supplied to prestigious projects like the bullet train project in Ahmedabad and Mumbai. - Supply agreements and discussions are ongoing with contractors for the bullet train project. - The company is in negotiations for land acquisition linked to cement plant expansions, indicating upcoming capacity growth and likely future orders. - No direct figures or quantitative data on order book or pending orders are disclosed in the transcript. Thus, while project participation and expansions suggest ongoing and prospective orders, explicit current order book or pending order numbers are not mentioned.

See what Orient Cement management said on order book — free account, 30 seconds.

Capex plans

Yes

Orient Cement plans significant CAPEX focused on expansion projects in FY25 and FY26.
FY25 CAPEX target is around ₹1,000 crores, mainly for preparatory work and ordering post-MoEF clearance expected around June.
Chittapur expansion: ₹500 crores investment expected in FY25, with completion aimed by Q4 FY26 and full capacity in Q1 FY27.
A grinding unit in Sarni, Madhya Pradesh, is planned with an investment of ₹100-200 crores.
FY26 CAPEX estimated around ₹1,400-1,500 crores for completion and commissioning of Chittapur expansion and Sarni grinding unit.
Rajasthan project land acquisition ongoing but delayed; negotiations with large landholders underway for future construction start.
Devapur capacity utilization to be supported by Sarni grinding unit once operational.
Focus for next two years primarily on Chittapur expansion and Madhya Pradesh grinding unit.
Medium-term renewable energy target is 50% of total power by 2030, including expanded capacity.

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