OSEL Devices Ltd

- Currently, OSEL Devices Limited is well-positioned in terms of working capital requirements for the near term. - The company has good banking support in place for additional working capital needs as business grows. - No immediate fundraising through debt or equity is explicitly planned; working capital limits were recently increased in anticipation of higher business volume. - Short-term debt usage has increased alongside holding cash in mutual funds to manage liquidity efficiently. - Future additional working capital requirements may arise if business growth targets are met, for which the company has banking support. - No specific plans indicated for fresh equity fundraising or long-term debt issuance at this stage.

- Currently, no immediate capex planned for mobile phone division expansion; capex will be considered once stable, regular orders (3-5 lakh units/month) are established (Page 6). - Capex will be required later to set up in-house manufacturing once monthly order volumes stabilize (Page 6). - Land acquisition at JNPT (five acres) approved for warehousing and manufacturing setup aimed for domestic, international, and re-export business, indicating future capital investment in infrastructure (Page 11). - Additional working capital requirements anticipated as business grows; company has good banking support for these needs (Page 13). - Investments raised (preferential issues) have been utilized primarily for working capital rather than fixed assets (Page 7). - OEM business ramp-up and export orders planned, implying potential future investments aligned with scaling production (Page 12).

- Expecting good growth driven primarily by Philips mobile phone sales, especially with smartphones adding volume. - LED segment has huge market potential with ongoing OEM orders and expected export sales contributing to growth. - Hearing aids segment projected to grow steadily at 20%-25% overall. - Feature phone market targeted to capture a significant share of the INR 9,000-10,000 crore market, aiming to become a leading player in 2-3 years. - Currently seeing around 2,000 feature phone activations daily, with realization per phone around INR 850 and EBITDA margins of 15%-20%. - Smartphone introduction planned by December 2025 with production scale-up expected by March 2026. - Continued expansion in distribution network across India, now present in 18 states with 120 distributors. - Long-term receivable cycle targeted within 90 days to support growth. - Overall company growth estimated at 20%-25% annually.

- The company is targeting overall growth of 20%-25% in the coming years (Page 13). - Growth drivers include: - Philips mobile phone sales, especially increase in smartphone volumes. - LED segment with large potential through OEM and export orders. - Hearing aids segment expected steady growth of 20%-25%, with retail sales improving bottom line. - Feature phone business will support marketing expenses for smartphones as the latter scales. - Current EBITDA margin in feature phones is around 15%-20% (Page 9). - Profits expected to improve as marketing and sales stabilize and manufacturing efficiencies increase (Page 19). - The company is optimistic due to ongoing tie-ups, product pipeline, and business efforts but refrains from providing exact numbers (Page 19).

- Current order book: Around 70 to 80 orders in hand, expected to be delivered before March 2026. - Large ongoing order: Kotak order with over 100+ branches completed, continuing deliveries across Mumbai, Delhi, and nationwide. - Mobile phone orders: Initial pilot order of 1 lakh units completed, followed by a 3 lakh units order, targeting 5 lakh units order by December. - OEM LED business: Already commenced with INR 20 crores of business done in the first half, with additional export orders and more tie-ups in the pipeline. - Pipeline: Additional new international and domestic orders in OEM LED and mobile segments expected for growth. - Overall: Good order visibility with continuous inflow of new tie-ups and incremental orders across segments.