Any current/future new fundraising through debt or equity?

The company is undertaking a capex of approximately Rs. 70 crore for upgradation and modification in two phases. For the first phase (upgradation and modification in Writing & Printing Paper Unit, including size press, turbine replacement, recovery boiler, and ETP upgradation), capex is around Rs. 45 crore. Financing for this phase will be through a Debt-Equity ratio of 1:1. The company has already submitted a proposal to bankers for a term loan sanction of Rs. 22 crore. The balance will be invested from internal accruals. Rs. 13 crore has already been invested from internal accruals towards i

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

The company is undertaking a capex of approximately Rs. 70 Crore in two phases for upgradation and modification: - First phase (FY20/FY21): Upgradation of Writing & Printing Paper unit including modification of existing size press, replacement of power turbine with a higher efficiency one, upgradation of recovery boiler, and effluent treatment plant (ETP) enhancement. Capex ~ Rs. 45 Crore. - Rs. 13 Crore already invested from internal accruals towards new film size press (commissioned early February 2020). - Financing: Term loan proposal of Rs. 22 Crore submitted; balance from internal a

Future growth expectations in sales/revenue/volumes?

The company is hopeful for better demand revival in FY21 but acknowledges the current year has been tough (Page 13). They plan to increase production gradually, improving efficiency with the same water usage due to ETP (water treatment plant) investments (Page 12-13). Greenfield expansion is on hold due to land issues and subdued market conditions; progress depends on market recovery (Page 5). No significant topline growth expected unless demand improves; focus is more on quality and operational efficiency to improve bottomline (Page 9). Incremental capex in writing & printing paper segment to

Current/ Expected Orderbook/ Pending Orders?

The transcript provided does not mention any details about the current or expected order book or pending orders of Ruchira Papers Limited. The management discusses production, demand outlook, margins, environmental investments, pricing, and capacity expansion but does not disclose specific figures or status related to order book or pending orders during the Q3 FY20 earnings call.

Ruchira PapersQ3 FY20Paper, Forest & Jute Products

Ruchira Papers Q3 FY20 Earnings Call Analysis

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

Price: ₹104.1P/E: 9.3Market Cap: ₹311 CrSector: Paper, Forest & Jute Products

Management growth scorecard

Revenue

Category 5

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 5

The company is hopeful for better demand revival in FY21 but acknowledges the current year has been tough (Page 13).
They plan to increase production gradually, improving efficiency with the same water usage due to ETP (water treatment plant) investments (Page 12-13).
Greenfield expansion is on hold due to land issues and subdued market conditions; progress depends on market recovery (Page 5).
No significant topline growth expected unless demand improves; focus is more on quality and operational efficiency to improve bottomline (Page 9).
Incremental capex in writing & printing paper segment to improve product quality (surface sized product) and efficiency, which may help margins (Page 7-9).
Production growth was recorded in Q3 FY20 versus last year, indicating moderate volume growth (Page 3-4).
Overall, growth is expected to be gradual and tied closely to market demand revival and efficiency enhancements.

Margin guidance

Category 3

- Management hopes for demand revival in FY21, anticipating improvement after the tough FY20 market conditions. (Page 13) - They expect EBITDA margins, especially for Kraft paper, to improve as market conditions normalize. (Page 13) - Upgradation and modification projects with approx. Rs. 70 crore capex are underway, targeting better efficiency and bottom-line improvement. This includes higher efficiency turbines, size press replacement, and ETP upgrades. (Pages 4, 7) - Current market softness and demand challenges lead to cautious revenue growth outlook; management to focus more on margin improvement than top-line in the near term. (Page 9) - The Greenfield expansion is on hold due to market conditions and land issues; growth mainly through improving efficiency and product quality rather than volume expansion for now. (Page 5, 9) - Environmental investments (ETP improvements) help sustain long-term operational viability and moderate costs. (Pages 10-11) Overall, earnings growth is expected from operational efficiencies and a potential market recovery, though cautious due to current sluggish demand.

See what Ruchira Papers management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company is undertaking a capex of approximately Rs. 70 crore for upgradation and modification in two phases.
For the first phase (upgradation and modification in Writing & Printing Paper Unit, including size press, turbine replacement, recovery boiler, and ETP upgradation), capex is around Rs. 45 crore.
Financing for this phase will be through a Debt-Equity ratio of 1:1.
The company has already submitted a proposal to bankers for a term loan sanction of Rs. 22 crore.
The balance will be invested from internal accruals.
Rs. 13 crore has already been invested from internal accruals towards installation and orders.
No mention of any new equity fundraising is made during the call.

See what Ruchira Papers management said on order book — free account, 30 seconds.

Capex plans

Yes

The company is undertaking a capex of approximately Rs. 70 Crore in two phases for upgradation and modification:
- First phase (FY20/FY21): Upgradation of Writing & Printing Paper unit including modification of existing size press, replacement of power turbine with a higher efficiency one, upgradation of recovery boiler, and effluent treatment plant (ETP) enhancement. Capex ~ Rs. 45 Crore.
- Rs. 13 Crore already invested from internal accruals towards new film size press (commissioned early February 2020).
- Financing: Term loan proposal of Rs. 22 Crore submitted; balance from internal accruals.
Second phase (FY21): Modification of Kraft Paper unit.
Additional Rs. 25-30 Crore envisaged for further improvement in water reuse and treatment systems to achieve zero water discharge.
Plans to replace existing turbine with a more efficient one for better power generation and recovery program, aiming to improve bottom-line and EBITDA.

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