Ratnamani Metals & Tubes Ltd

- There is no specific mention of any current or future fundraising through debt or equity in the transcript. - The company has planned capex of around INR 125 crores for the current year and INR 150-175 crores for the next year, funded presumably through internal accruals. - The acquisition of Ravi Technoforge involved investment (INR 50 crores already spent), but it is indicated that this is separate from planned capex. - Management highlights strong cash flows and suggests that the planned capex and investments are manageable within current resources. - No explicit reference to raising funds via debt or equity was discussed during the call.

- Ongoing capex of INR 125 crores in current year and INR 150-175 crores in next year for expansions. - Two major expansions underway: • Stainless steel cold finishing facilities (~INR 180 crores announced earlier). • Carbon steel pipe manufacturing facility in eastern India (~INR 150 crores), with possible delay due to equipment being shifted to Rajasthan. - Investment in acquisition of majority stake in Ravi Technoforge Private Limited; INR 50 crores already infused for its expansion. - Ravi Technoforge plans revenue growth to INR 500-600 crores in 2-3 years with margin improvement by ~2%. - Expansion includes ramping up hot extrusion capacity utilization from current 20-30% to maximum in 3 years. - Future capex beyond INR 500 crores revenue at Ravi Technoforge will be required. - Organic and inorganic growth continues to be pursued, with focus on long-term sustainable value creation.

- Targeting revenue of INR 3,800 crores to INR 4,000 crores for FY '23, factoring in declining steel prices. - Expect volume growth of 10% to 15% from FY '23 levels, driven by ramp-up of stainless steel (SS) and line pipe facilities. - Stainless steel revenue share currently at 30%-35% (~INR 1,100-1,200 crores), expected to grow to INR 1,500-1,600 crores in next two years with better utilization of hot extrusion capacity. - Bid book includes approximately INR 3,000 crores in water segment and INR 1,000-1,500 crores in domestic oil & gas segment, with international projects also under bidding. - Expects sustained and increased demand in stainless steel segment, reflected by a high order book (~INR 3,200 crores). - Acquisition of Ravi Technoforge aims to scale revenues from INR 280 crores to INR 500-600 crores over next 2-3 years, with margin improvement. - Continuous expansion and capacity utilization to maintain EBITDA margin guidance of 15%-17%.

- Ratnamani aims for revenue of INR 3,800 - 4,000 crores in FY '23, factoring in steel price declines. - Target volume growth of 10-15% in FY '23, driven by ramp-up of stainless steel and line pipe facilities. - EBITDA margins guided at 15-17%, considering the blend of stainless steel and project pipes. - Stainless steel segment revenue expected to grow from current INR 1,100-1,200 crores to INR 1,500-1,600 crores in 2 years with higher hot extrusion utilization. - Ravi Technoforge acquisition aims to raise revenue to INR 500-600 crores in 2-3 years with EBITDA margin improvement from 14% to 16%. - Export orders and new projects from revived oil & gas and water segments expected to support growth. - No margin erosion expected despite faster order book additions; margins stable across domestic and export markets. - Ongoing capex of INR 125-175 crores annually over next 1-2 years to support expansion.

- As of November 1, 2022, the order book stood at approximately INR 3,200 crores, up from INR 2,946 crores on October 1, 2022. - Bid book details: - Water segment: Close to INR 3,000 crores under bidding. - Oil and gas segment (domestic): INR 1,000 to INR 1,500 crores under bidding. - Additional international projects are also under bidding. - Carbon steel segment: Major projects like Sauni (2.5 lakh tons) and other Gujarat water projects totaling close to 300,000 tons (~INR 3,000 crores) are under consideration. - Stainless steel export order book is at its highest, around INR 3,200 crores. - Bid book and order inflow growth are attributed to leveraging geographic advantages and no margin hits in bidding. - Pending bid book for carbon steel mainly involves large water and oil/gas projects in Gujarat, Rajasthan, and Punjab.