R R Kabel Ltd

- The transcript from the Q1 FY26 earnings call does not mention any current or planned fundraising through debt or equity. - There is detailed discussion about capex plans totaling around INR 1,200 crores over the next 3 years, but no specific comments on how this will be funded. - Rajesh Jain and other management focus on operational growth and capacity expansion using internal accruals and existing resources, without reference to raising external capital. - No explicit indications or statements about fresh equity or debt issuance were made during the call.

- Total planned capex over next 3 years: Approximately INR 1,200 crores. - Capex is a sequential, modular expansion process, not deployed all at once. - Current capex range for this year: Around INR 300 crores. - Recent quarterly capex (Q1): INR 50-75 crores. - Major expansions happening at Silvassa and Waghodia plants. - Objective: Nearly doubling cable capacity by end of this year compared to end of 2023. - Expecting full operational revenue of around INR 4,500 crores post-capex. - Capex aims to support planned volume growth, especially in cable segment (target 25% growth). - Continuous addition of capacity aligns with increasing approvals and demand. - Focus on expanding export business and growing presence in domestic markets like infrastructure and data centers.

- Overall volume growth guidance for FY '26 is around 18%, with wire expected to grow ~12% and cable ~25%. - Cable segment growth is anticipated to outpace wire; cable capacity is being doubled with ongoing expansions. - Export business, particularly cable exports, is expected to grow with new approvals and capacity expansions. - Revenue contribution from cables may increase from 30% to around 32-35% by year-end. - FMEG business is expected to grow at 20-25% with reduced losses and breakeven targeted within the year. - Industry growth for wire is around 10%, cable around 15-16%, with the overall sector projected at 13-14%. - Export revenue currently at ~30%, expected to rise possibly up to 35%, balanced with domestic growth. - Continuous capacity additions on a modular basis will support sustained volume and revenue growth over next 3 years.

Future Growth Expectations for R R Kabel Limited: - Volume growth guidance for FY ’26 remains at 18%, with wire expected to grow ~12%, cable ~25%, and FMEG 20-25%. - EBIT margin improvement of around 100 basis points is anticipated for the year. - Cable segment expected to increase revenue contribution from 30% currently to around 32-35% by year-end. - Capex of approx. INR1,200 crores planned over next 3 years with modular capacity additions to support growth. - FMEG segment expects to reach EBIT breakeven within the current fiscal year, with losses already reduced by 550-600 bps in Q1. - Export business to grow, especially in cables, supported by expanded approvals and capacity ramp-up. - Overall margin expansion driven by improved product mix, better cost absorption, and operational efficiencies. - Profit after tax grew 39.4% in Q1 FY ’26, signaling optimistic outlook for sustained earnings growth.

- The company has a good order book for its export business, particularly in Europe and the Middle East. - Despite some uncertainties in the U.S. market, export orders remain stable with no significant adverse impact observed so far. - There was a spillover in the cable segment with some big orders planned for delivery in Q2, which affected Q1 volumes. - The management is confident about achieving a 25% volume growth in cables over the next three quarters. - Ongoing cable capacity expansions will support this growth, with approvals and order inflows continuing steadily. - Overall, the company expects to meet its growth targets across both domestic and export markets, with order execution on track.