Any current/future new fundraising through debt or equity?

Currently, Rajoo Engineers Limited is not utilizing any bank facility for finance (debt). No significant capital expenditure (CAPEX) was incurred during the last financial year, and future large CAPEX plans are under consideration but not yet finalized, contingent on stabilization of the pandemic situation. There was no mention or indication of planned equity dilution by promoters for at least the next three years. The company is primarily focusing on internal accruals (net profit plus depreciation) to fund operations and expansion, with cash flow from operations considered healthy due to adva

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

No CAPEX was incurred during the last financial year. The company is currently working on an expansion project. A strong CAPEX plan is expected to be finalized and put in place by the next quarter. The timing of the CAPEX depends on the stabilization of the COVID-19 pandemic situation; the company is cautious to avoid risks. Land purchased in 2017-18 (around 3 crores) is planned to be developed as part of the expansion. The expansion plan will be concretized after assessing market sustainability and uncertainty around the next quarter.

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

Rajoo Engineers aspires for sustainable growth of 12% to 15% in revenue over the next 2-3 years, focusing on steady expansion rather than sharp spikes. The company aims to sustain the improved ROCE figures achieved in the recent year into the next year. They expect improvement in profitability due to better export margins, as exports are generally more profitable than domestic sales. Despite raw material cost pressures and supply chain challenges, internal efficiencies have led to improved EBITDA margins. The net profit increased significantly from approx. ₹1.5 crore to ₹11 crore in FY ’21; ef

Current/ Expected Orderbook/ Pending Orders?

The company has a healthy order book position currently. Orders are booked up to five to six months in advance. The management hopes that the order momentum will continue at the same pace. The company is striving hard to maintain and even increase the current order book level. The order book supports a positive outlook for the next two quarters and beyond. The company follows a policy of receiving 30-40% advance on orders, aiding cash flow stability. Strong order booking with advances is resulting in improved cash flow and operational efficiency.

Rajoo Engineers LtdQ4 FY21Industrial Manufacturing

Rajoo Engineers Ltd Q4 FY21 Earnings Call Analysis

Q: Future growth expectations in sales/revenue/volumes?

Future Growth Expectations for Rajoo Engineers Limited: Targeting sustainable growth of 12% to 15% annually rather than sharp spikes. Current order book is healthy, with bookings for 5-6 months, expected to maintain or grow. Maximum production capacity allows for top-line revenue up to Rs. 200-225 crores; currently operating at 65-70% capacity, optimally 80-85% utilization preferred. Focus on expanding exports as a key growth driver, with increasing export markets and penetration in Southeast Asia, Africa, and new regions like Europe and the US. Diversification into non-food packaging

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

Price: ₹51.99P/E: 19.2Market Cap: ₹929 CrSector: Industrial Manufacturing

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Future Growth Expectations for Rajoo Engineers Limited: - Targeting sustainable growth of 12% to 15% annually rather than sharp spikes. - Current order book is healthy, with bookings for 5-6 months, expected to maintain or grow. - Maximum production capacity allows for top-line revenue up to Rs. 200-225 crores; currently operating at 65-70% capacity, optimally 80-85% utilization preferred. - Focus on expanding exports as a key growth driver, with increasing export markets and penetration in Southeast Asia, Africa, and new regions like Europe and the US. - Diversification into non-food packaging verticals like tarpaulin and woven sack (Raffia) segments to reduce dependence on food packaging. - Plans for expansion and CAPEX are being evaluated cautiously, dependent on pandemic stabilization. - Sustained demand for packaging driven by changed consumption trends post-COVID, supported by ongoing product innovation and international competitiveness.

Margin guidance

Category 3

Rajoo Engineers aspires for sustainable growth of 12% to 15% in revenue over the next 2-3 years, focusing on steady expansion rather than sharp spikes.
The company aims to sustain the improved ROCE figures achieved in the recent year into the next year.
They expect improvement in profitability due to better export margins, as exports are generally more profitable than domestic sales.
Despite raw material cost pressures and supply chain challenges, internal efficiencies have led to improved EBITDA margins.
The net profit increased significantly from approx. ₹1.5 crore to ₹11 crore in FY ’21; efforts are ongoing to continue this profitability trajectory.
Promoter holding dilution is not planned for at least the next three years, indicating stability in ownership.
Cash flows have improved significantly due to advance orders and efficient operations, supporting future growth investments.
Continued innovation and R&D investments are expected to strengthen global competitiveness and earnings growth.

See what Rajoo Engineers Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Currently, Rajoo Engineers Limited is not utilizing any bank facility for finance (debt).
No significant capital expenditure (CAPEX) was incurred during the last financial year, and future large CAPEX plans are under consideration but not yet finalized, contingent on stabilization of the pandemic situation.
There was no mention or indication of planned equity dilution by promoters for at least the next three years.
The company is primarily focusing on internal accruals (net profit plus depreciation) to fund operations and expansion, with cash flow from operations considered healthy due to advance order booking.
Any future fundraising through debt or equity has not been explicitly mentioned or planned as of the call date (June 8, 2021).

Order book

Yes

The company has a healthy order book position currently.
Orders are booked up to five to six months in advance.
The management hopes that the order momentum will continue at the same pace.
The company is striving hard to maintain and even increase the current order book level.
The order book supports a positive outlook for the next two quarters and beyond.
The company follows a policy of receiving 30-40% advance on orders, aiding cash flow stability.
Strong order booking with advances is resulting in improved cash flow and operational efficiency.

See what Rajoo Engineers Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

No CAPEX was incurred during the last financial year.
The company is currently working on an expansion project.
A strong CAPEX plan is expected to be finalized and put in place by the next quarter.
The timing of the CAPEX depends on the stabilization of the COVID-19 pandemic situation; the company is cautious to avoid risks.
Land purchased in 2017-18 (around 3 crores) is planned to be developed as part of the expansion.
The expansion plan will be concretized after assessing market sustainability and uncertainty around the next quarter.

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Rajoo Engineers Ltd Q4 FY21 Earnings Call Analysis

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