Pakka

- The company acknowledges the need to raise funds, with a current equity gap of about ₹60 crore for Project Jagriti. - Plans are underway to fund this gap through internal approvals and promoter equity infusion targeted within February and March. - The company believes the share price is heavily undervalued and intends to infuse confidence in investors by potentially investing in shares themselves. - No firm figures disclosed yet on the exact infusion price, but they aim to do it at a premium to the previous 90-day average price (~₹150). - Debt repayment for new loan facilities is planned over 15-18 quarters starting the quarter after commissioning. - The company is open to fundraising but is prioritizing internal accruals and promoter contributions, reflecting a cautious, focused approach rather than large external fundraising at present. - Fundraising efforts with Rothschild for project financial support are on hold to prioritize stabilizing current projects first.

- Project Jagriti: Major ongoing capex of about ₹500 crore focused on India expansion, stabilizing and commissioning expected by July 2026. No pause on this project. - Project Ka Valk (Guatemala): Capital investment paused to focus resources on stabilizing Jagriti first; about $4 to $5 million USD spent so far with a board-imposed cap of $10 million. - Delivery Range Expansion: Continued investments in product development and optimizing machine efficiencies, targeting food delivery market with compostable solutions. - Flexible Packaging/Flexi Structures: Ongoing trials and product optimizations, especially for PM4 paper machine related products. - Strategic focus to slow down activities in US and Guatemala for next 6 months to prioritize Indian operations. - Plans to infuse funds including internal accruals and promoter equity, targeting a gap funding infusion by February-March period.

- Revenue growth initiatives have started to show results; confidence in stronger coming quarters. - B2C revenue increased 80% YoY in the first nine months, driven by new channels and marketplaces. - After expansion, quarterly revenue expected to increase from about ₹100 crore to ₹300 crore. - Paper machines projected to produce around 8,000 to 9,000 tons by calendar year-end, up from current 4,000 tons. - Delivery range product is ready to launch, expected to significantly impact sales in the current quarter. - New product launches (e.g., clamshells, meal trays) are contributing to sales and unlocking new customer segments. - Target to offer full compostable disposable packaging range catering to growing food delivery market. - Optimizing production efficiency and expanding capacities (e.g., Project Jagriti, PM4) targeted within next 1-2 years. - Management plans cautious optimism, aiming for realistic growth while stabilizing projects before aggressive expansion.

- Management expects profitability to improve steadily in upcoming quarters as operational efficiencies cover price drops (Page 6-7). - B2C revenue increased by 80% YoY; improving margin in this segment is anticipated to lift overall profitability (Page 7). - New product launches (leak proof delivery range, clamshells, meal trays, flipper and dip cups, straws, cutlery) are expected to contribute significantly to sales and margins (Page 7). - Stabilization and ramp-up of Project Jagriti and capacity expansions (PM3, PM4) aim for higher output and improved margins (Pages 19, 30). - Management remains optimistic but plans to be more realistic with future commitments to achieve better results (Page 19-20). - EBITDA available for investment approximately ₹20 crore per quarter supports internal funding and growth (Page 23). - Plans to infuse equity at a premium to bolster investor confidence and company valuation (Page 31).

- The company has some pending orders in the US, which they plan to fulfill despite taking a strategic pause in US and Guatemala activities. - There is a focus on stabilizing the India side first before resuming actions in other geographies. - The pause in Guatemala is temporary, with all relationships and groundwork intact, aiming to resume within 6-9 months. - No specific numerical value of the current order book or pending orders is provided in the transcript. - The company is working on optimizing flexible grades and pushing paper substrate tie-ups within India as part of ongoing business development.