Current/ Expected Orderbook/ Pending Orders?

The order backlog due to the fire incident is approximately Rs. 30 crore. The Rs. 30 crore deferment from Q1 is expected to be recovered within the next quarter. The Global Ingredient business has shown strong inquiry and project levels, with Q1 revenues almost double that of Q4 last year. The overall business is seeing increased briefs and engagements indicating an improving order pipeline. The company expects a sustained revenue run rate of over Rs. 500 crore per quarter going forward. Enquiries and Request for Quotes (RFQs) have nearly doubled compared to last year, showing strong traction.

Any current/future new fundraising through debt or equity?

There is no mention of any new fundraising through debt or equity in the transcript. Current net debt is around Rs. 540-550 crore, with a potential peak up to Rs. 600-620 crore due to working capital and inventory replenishment. No additional CAPEX envisaged for Vashivali, with Rs. 80 crore planned for the new facility; insurance claim expected to offset losses and help reduce debt. Management expects to reduce debt by about Rs. 100 crore once insurance money is received. Cash flows are robust, and no structural increase in debt is expected; rise in debt is primarily a timing effect. No explic

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

New facility CAPEX is outlined at Rs. 80 crore; no additional CAPEX for Vashivali as it will be covered by insurance. Plan to build a new facility with phased capacity: initially smaller than Vashivali's full capacity, with a later Phase II expansion. Vashivali plant restoration preponed by 2 years; new plant to add capacity parallelly. After completion of both factories, capacity is expected to increase by approximately 20% in Asia, and volume could potentially triple current levels. New factory in Indonesia adds around 10% capacity, shifting some exports from India. The CAPEX aims to meet ro

Future growth expectations in sales/revenue/volumes?

Global Ingredient business expected to grow 10%-12% year-on-year with a robust product pipeline. Overall company revenue growth targeted at 12%-13% CAGR with sustained momentum. Certain new businesses achieving high double-digit growth of 15%-18% annually. Domestic FMCG fragrance segment anticipated to grow around 8% driven by new and startup brands. Capacity expansions (Vashivali and new facility) to enable tripling current volumes in the medium term. Global MNC client base growing steadily though slowly; engagements with large FMCG companies increasing. Global RFQ business has al

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

Global Ingredient business is expected to grow 10%-12% year-on-year with a sustainable profitable EBIT level, supported by new product pipeline and increased enquiries. EBITDA margins projected around 17%-18% with sustained revenue growth of 12%-13% CAGR. The company plans to achieve around 16.5%-17.5% EBITDA margin in Q1 with potential for improvement as insurance claims reimburse losses. New and existing businesses are growing robustly, with some segments growing at 15%-18% annually, leading to overall average growth near 12%. Earnings growth benefits expected from capacity expansion

S H Kelkar & Co.Q1 FY25Chemicals & Petrochemicals

S H Kelkar & Co. Q1 FY25 Earnings Call Analysis

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

Price: ₹138P/E: 41.7Market Cap: ₹2.0K CrSector: Chemicals & Petrochemicals

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Global Ingredient business expected to grow 10%-12% year-on-year with a robust product pipeline.
Overall company revenue growth targeted at 12%-13% CAGR with sustained momentum.
Certain new businesses achieving high double-digit growth of 15%-18% annually.
Domestic FMCG fragrance segment anticipated to grow around 8% driven by new and startup brands.
Capacity expansions (Vashivali and new facility) to enable tripling current volumes in the medium term.
Global MNC client base growing steadily though slowly; engagements with large FMCG companies increasing.
Global RFQ business has almost doubled revenue since Q4, with potential to exceed USD 10 million annually.
Demand outlook for H2 FY25 remains strong with expected double-digit growth continuing in global accounts.
The China-plus trend and de-risking policies expected to structurally benefit the business over 3-5 years.

Margin guidance

Category 3

Global Ingredient business is expected to grow 10%-12% year-on-year with a sustainable profitable EBIT level, supported by new product pipeline and increased enquiries.
EBITDA margins projected around 17%-18% with sustained revenue growth of 12%-13% CAGR.
The company plans to achieve around 16.5%-17.5% EBITDA margin in Q1 with potential for improvement as insurance claims reimburse losses.
New and existing businesses are growing robustly, with some segments growing at 15%-18% annually, leading to overall average growth near 12%.
Earnings growth benefits expected from capacity expansions (tripling volume capacity), backward integration cost optimization, and enhanced supply chain efficiencies.
Despite short-term inventory losses and fire-related exceptional expenses, insurance claims are expected to mitigate impact, supporting stable operating profits moving forward.
Margin improvement anticipated due to better product mix, stable raw materials, and rationalized product offerings, thus yielding better profits and possible EPS growth.

See what S H Kelkar & Co. management said on margin guidance — free account, 30 seconds.

Fundraise plans

There is no mention of any new fundraising through debt or equity in the transcript.
Current net debt is around Rs. 540-550 crore, with a potential peak up to Rs. 600-620 crore due to working capital and inventory replenishment.
No additional CAPEX envisaged for Vashivali, with Rs. 80 crore planned for the new facility; insurance claim expected to offset losses and help reduce debt.
Management expects to reduce debt by about Rs. 100 crore once insurance money is received.
Cash flows are robust, and no structural increase in debt is expected; rise in debt is primarily a timing effect.
No explicit plans announced for raising fresh equity or new debt instruments at this time.

Order book

Yes

The order backlog due to the fire incident is approximately Rs. 30 crore.
The Rs. 30 crore deferment from Q1 is expected to be recovered within the next quarter.
The Global Ingredient business has shown strong inquiry and project levels, with Q1 revenues almost double that of Q4 last year.
The overall business is seeing increased briefs and engagements indicating an improving order pipeline.
The company expects a sustained revenue run rate of over Rs. 500 crore per quarter going forward.
Enquiries and Request for Quotes (RFQs) have nearly doubled compared to last year, showing strong traction.
The management is optimistic about continued strong double-digit growth backed by significant progress with global MNC accounts and new product pipelines.

See what S H Kelkar & Co. management said on order book — free account, 30 seconds.

Capex plans

Yes

New facility CAPEX is outlined at Rs. 80 crore; no additional CAPEX for Vashivali as it will be covered by insurance.
Plan to build a new facility with phased capacity: initially smaller than Vashivali's full capacity, with a later Phase II expansion.
Vashivali plant restoration preponed by 2 years; new plant to add capacity parallelly.
After completion of both factories, capacity is expected to increase by approximately 20% in Asia, and volume could potentially triple current levels.
New factory in Indonesia adds around 10% capacity, shifting some exports from India.
The CAPEX aims to meet robust growth and avoid capacity shortfall over the next few years.
CAPEX and operational cost savings (OPEX) from leased factories expected to offset each other.
Insurance claims for Vashivali fire-related losses will partially or fully cover financial impacts.

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S H Kelkar & Co. Q1 FY25 Earnings Call Analysis

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