S H Kelkar & Company Ltd

- There is no explicit mention of any new fundraising through debt or equity in the transcript. - The company expects to manage its net debt level below Rs. 550 crore throughout the year, despite ongoing capex to restore the Vashivali facility. - Capex related to recovery of the Vashivali factory will be partially reimbursed by insurance, though some cash flow impact is anticipated. - Discussions around capex mainly focus on facility restoration and expansion (Indonesia, Europe) rather than raising new external funds. - The company expects improved free cash flow from normalized inventory and operations, which should help reduce debt. - No plans for equity fundraising were mentioned during the Q&A or management comments.

- Capital investment of $4-5 million was made in the Indonesia facility, expected to start full production from June, servicing $10-12 million revenue initially. - Evaluation of a €3-4 million capex plan for expanding European fragrance capacity, aiming to support growth in Europe, Middle East, North Africa, and West Africa. - Capex decisions for European subsidiary are under evaluation, with plans dependent on demand and strategic considerations. - Ongoing investments in R&D across Italy (Europe), India, and Indonesia to support product development, sales, and local manufacturing. - Restoration capex planned for the Vashivali fragrance factory following fire incident, with insurance coverage expected to reimburse a substantial portion; exact plans and timing are pending. - Focus on backward integration and cost reduction projects ongoing in India to improve productivity and margins.

- The company expects a continued 12% CAGR growth over the next few years across global business, including domestic, Southeast Asia, and European segments. - Southeast Asia growth is expected to accelerate post-commissioning of the new Indonesia facility, improving speed to market and customer confidence. - European operations are expanding, targeting new geographies like Germany, East Europe, and adjacent countries. - The recent large MNC account provides a significant boost, with $10 million+ sales projected for FY25 and further growth potential. - The company aims to increase growth beyond saturated markets (8%-10%) by tapping new geographies and customers to achieve mid-teen growth rate. - Industry trends remain positive with growing rural FMCG demand and international business expansion. - Short-term sales growth may be impacted by the Vashivali factory fire incident but expected to recover in subsequent quarters.

- The company targets a sustained revenue growth rate of around 12% CAGR for FY25 and the midterm, driven by product development, R&D, and geographic expansion (India, Southeast Asia, Europe, US). - Southeast Asia operations, particularly the new Indonesian facility, are expected to accelerate growth and improve customer confidence due to local delivery advantages. - EBITDA margins are expected to improve as operating leverage benefits from restored Vashivali factory and ramp-up of alternate sites take effect. - Gross margins at current levels (~44%-45%) are sustainable with no significant expected improvement long-term. - Operating profit margins (EBITDA) may see margin expansion medium to long term due to productivity and cost measures, despite short-term impacts from fire-related operational changes. - EPS growth is expected to follow improved profitability and revenue growth, supported by deleveraging and better cash flows. - The company is cautious on short-term growth spikes; it anticipates continuous incremental growth rather than sudden large jumps.

- Current order book: USD 10 million on an annual basis (Kedar Vaze, Page 16). - This USD 10 million is part of a larger potential order book valued at USD 100 million; USD 10 million has already been secured (Page 16). - The USD 10 million order book is expected to be executed over the coming year (Page 16). - Growth expectations for the order book involve continuing engagement with clients to secure additional business beyond the already bagged USD 10 million (Page 16). - The company expects to build on this order book progressively, working on multi-year contracts with clients (Page 16). - Southeast Asia and Europe are key regions for growth, with expansions ongoing, which may contribute to growing order books (Pages 5, 15).