Ramkrishna Forgings Ltd

- Current year (FY '23) capex plan is INR 250 crores, including ongoing capacity expansion (Page 13, 17). - Next year (FY '24) capex is projected at INR 150-200 crores, including maintenance capex of INR 50-55 crores per annum (Page 17, 13). - Additional capex of INR 100-150 crores expected to complete the 56,000-ton capacity expansion by next year (Page 13). - Total capex for new capacity expansion around INR 250-300 crores (Page 13). - Acquisition investments: INR 70 crores paid upfront for JMT Auto with a further INR 50 crores planned for capex and working capital (Page 5). - Potential cash outflow for FY '24 could include INR 85 crores for ACIL and INR 70 crores for JMT Auto acquisitions, totaling ~INR 150-160 crores (Page 13). - TSUYO investment planned over five years around INR 100 crores for EV-related products like motor controllers and e-axles (Page 6).

- Target to achieve INR 5,000 crores topline by FY '25, implying a CAGR of 25%-26% over two years. - Addition of 56,000 tons capacity by September 2023 to aid growth. - Expect 15%-20% growth in exports next year driven by new orders, new customers, and new geographies. - Exports are expected to continue constituting about 35%-40% of volume and topline. - Domestic market remains strong, though specific growth guidance for FY '24 is awaited. - EV segment revenue from auto expected to double from current 2% to 3%-3.5% in next 12 months; overall EV contribution expected to reach ~5% in two years. - Non-auto segments like railways, mining, farm equipment are growing steadily. - New capacities (cold and warm forging) expected to yield better realization and profitability. - JMT Auto acquisition to add INR 450-500 crores topline over 18-20 months post NCLT approval.

- The company aims to achieve INR 5,000 crores in topline revenue by FY '25, implying a CAGR of approximately 25-26% over the next two years. - EBITDA margin of 22%+ is targeted to be maintained, with potential upside due to operating leverage as revenue grows. - Export revenue is expected to grow by 15-20% next year, driven by new orders, customers, components, and geographies. - EV segment revenue is projected to double from around 2% to 3-3.5% of auto revenue in the next 12 months, and reach about 5% in two years, largely from export markets. - New capacity of 56,000 tons coming online by September 2023 is expected to yield better realizations and margins because of near net shape components and newer technology. - JMT Auto acquisition (pending NCLT approval) could add INR 450-500 crores topline after ramp-up in 18-20 months. - Overall, earnings growth is expected to be strong with sustained margin levels backed by capacity addition, product mix improvement, and export growth.

- The company has won several orders, with execution yet to commence. - For FY '24, they expect a 15% to 20% jump in exports primarily driven by new order books and new components. - Regarding domestic orders, no specific revenue guidance was provided; full-year results are awaited for clarity. - Export growth next year is expected at 15% to 20%, driven by new customers, new products, and new geographies. - The company is cautiously optimistic about order inflow but refrains from giving exact figures for new orders or total pending order book. - The addition of 56,000 tons of new capacity by September 2023 is planned, which will support revenue growth to INR 5,000 crores. - No detailed numeric breakup of current order backlog was disclosed in the call.

- No explicit mention of any new fundraising through debt or equity in the call transcript. - The company is focused on reducing debt; has already reduced around INR 300 crores in nine months and expects another INR 50 crores reduction by March 2023. - The company targets being net debt-free by FY '25-'26. - Capex plans for FY '23 and FY '24 are INR 250 crores and INR 150-200 crores respectively, funded through cash accruals. - Acquisition costs for JMT Auto (INR 125 crores) and ACIL (INR 85 crores) will be paid partly upfront and partly over next 4 years, without debt consolidation on RKFL balance sheet. - The management does not indicate plans for raising fresh equity or debt currently; growth and capex are funded internally and through manageable debt increments specific to acquisitions.