Any current/future new fundraising through debt or equity?

No imminent plans for new equity fundraising as per the latest discussion. Smartivity, one of their investments, is cash positive and not expected to raise equity in the next 6 months. The company is currently net debt free and generating strong cash flows, reducing the need for debt funding. Management is open to inorganic acquisitions but no specific new fundraising related to these acquisitions has been mentioned. They are focusing on conserving cash and avoiding borrowing or going back to markets for money. Any future capital allocation, including acquisitions or buybacks, will be carefull

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

S Chand is making investments in developing new curriculum and marketing to expand coverage across approximately 40,000-45,000 schools pan India and in the Middle East, including new subjects like AI, coding, and robotics. The company has opportunities in the market for inorganic acquisitions and is actively reviewing potential deals, though some negotiations are still in process. There is mention of maintaining a balance between risk and reward regarding debt levels and acquisitions, with the board deliberating timing and capital allocation. Investments in subsidiaries like Smartivity continu

Future growth expectations in sales/revenue/volumes?

The market is large and sufficient for S Chand to achieve significant growth, particularly with the ongoing and upcoming syllabus changes over the next 2-3 years. Management expects strong volume, revenue, and profitability growth driven by the adoption of new syllabus books in FY25 and beyond. Sales target to reach around Rs900 crore to Rs1,000 crore revenue within 2-3 years as new NCERT books for all relevant classes are introduced and adopted. FY25 operating revenues are expected to grow in double digits with a single-digit price hike across products. Focus remains on quality sales

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

The company targets double-digit operating revenue growth for FY25. EBITDA margin guidance has been upgraded to a band of 17%-19% for FY25 (vs 16%-18% last year). Focus will remain on maintaining quality business growth without compromising working capital and cash flow stability. Operating cash flows have significantly improved, with highest ever operating cash flows recorded at Rs1,211 million in FY24. The company expects strong volume, revenue, and profitability growth over the next 2-3 years with the increased adoption of the new National Curriculum Framework (NCF). While the target revenu

Current/ Expected Orderbook/ Pending Orders?

There is no specific mention of the current or expected order book or pending orders in the transcript provided. The management discusses investments in new curriculum development and marketing, indicating ongoing and future projects. The company is preparing for the new syllabus rollout in FY25, expecting higher adoption and sales growth. Emphasis is placed on targeted double-digit revenue growth and improved working capital management. The focus on quality sales and market share capture suggests a healthy pipeline but no explicit order book figures are disclosed.

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S Chand & Company LtdQ1 FY24Printing & Publication

S Chand & Company Ltd Q1 FY24 Earnings Call Analysis

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

Price: ₹151P/E: 11.4Market Cap: ₹568 CrSector: Printing & Publication

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→The market is large and sufficient for S Chand to achieve significant growth, particularly with the ongoing and upcoming syllabus changes over the next 2-3 years.
→Management expects strong volume, revenue, and profitability growth driven by the adoption of new syllabus books in FY25 and beyond.
→Sales target to reach around Rs900 crore to Rs1,000 crore revenue within 2-3 years as new NCERT books for all relevant classes are introduced and adopted.
→FY25 operating revenues are expected to grow in double digits with a single-digit price hike across products.
→Focus remains on quality sales growth without compromising working capital and cash flow metrics.
→Continued investments in new curriculum content and expansion into new subjects (AI, coding, robotics) to capture more market share across geographies and schools.
→Stable gross margins expected barring exceptional paper price movements, with an upgraded EBITDA margin guidance of 17%-19% for FY25.

Margin guidance

Category 3

→The company targets double-digit operating revenue growth for FY25.
→EBITDA margin guidance has been upgraded to a band of 17%-19% for FY25 (vs 16%-18% last year).
→Focus will remain on maintaining quality business growth without compromising working capital and cash flow stability.
→Operating cash flows have significantly improved, with highest ever operating cash flows recorded at Rs1,211 million in FY24.
→The company expects strong volume, revenue, and profitability growth over the next 2-3 years with the increased adoption of the new National Curriculum Framework (NCF).
→While the target revenue range of Rs900 crore to Rs1,000 crore is aimed for in the next 2-3 years (up from Rs800 crore in FY18), growth will be pursued prudently.
→The company has declared a final dividend of Rs3/share reflecting confidence in profits.
→Sustained margin improvement near 18-20% is possible, but will be balanced against working capital efficiency.

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Fundraise plans

→No imminent plans for new equity fundraising as per the latest discussion.
→Smartivity, one of their investments, is cash positive and not expected to raise equity in the next 6 months.
→The company is currently net debt free and generating strong cash flows, reducing the need for debt funding.
→Management is open to inorganic acquisitions but no specific new fundraising related to these acquisitions has been mentioned.
→They are focusing on conserving cash and avoiding borrowing or going back to markets for money.
→Any future capital allocation, including acquisitions or buybacks, will be carefully balanced and considered by the board.

Order book

→There is no specific mention of the current or expected order book or pending orders in the transcript provided.
→The management discusses investments in new curriculum development and marketing, indicating ongoing and future projects.
→The company is preparing for the new syllabus rollout in FY25, expecting higher adoption and sales growth.
→Emphasis is placed on targeted double-digit revenue growth and improved working capital management.
→The focus on quality sales and market share capture suggests a healthy pipeline but no explicit order book figures are disclosed.

Capex plans

Yes

→S Chand is making investments in developing new curriculum and marketing to expand coverage across approximately 40,000-45,000 schools pan India and in the Middle East, including new subjects like AI, coding, and robotics.
→The company has opportunities in the market for inorganic acquisitions and is actively reviewing potential deals, though some negotiations are still in process.
→There is mention of maintaining a balance between risk and reward regarding debt levels and acquisitions, with the board deliberating timing and capital allocation.
→Investments in subsidiaries like Smartivity continue; Smartivity is cash positive with no immediate equity raise planned.
→Management plans to conserve cash and aims to reach Rs100 crore plus in cash before considering a buyback.
→No specific imminent large capex is disclosed, but the focus is on strategic growth, market consolidation, and capital prudence.

How does S Chand & Company Ltd rank vs peers in Printing & Publication?

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1S Chand & Company Ltd

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