S P Apparels Ltd

- There is no mention of any current or future plans for new fundraising through debt or equity in the transcript. - The management specifically stated there is no plan for new projects or new acquisitions, indicating no immediate need for raising funds. - Capex for the next financial year is limited to maintenance (INR 10-15 crores), solar investment (~INR 10 crores), and minor expansion (~INR 5 crores), totaling about INR 30 crores, which suggests internal accruals or existing resources could cover requirements. - No comments were made about raising equity or significant new debt beyond maintaining current operations and ongoing capex.

- No major expansion capex planned for the next financial year; focus is on completing ongoing projects. - Maintenance capex of approximately INR 10-15 crores annually is planned. - Investment of around INR 10 crores planned for solar energy initiatives as part of sustainability efforts. - Additional capex of roughly INR 5 crores earmarked for expansion-related activities in Young Brand. - Total estimated capex for FY27 is around INR 30 crores covering maintenance, sustainability, and Young Brand expansion. - No new projects or acquisitions planned for the current financial year. - Ongoing capex related to Salem project and existing India operations expected to be completed by year-end.

- FY27 revenue guidance stands at INR 2,000 crores consolidated (Page 6, 20). - Young Brand expected to grow 15-20% next financial year with Salem project ramp-up and new UK customers (Page 19). - Exports from current India capacity (~5,000 machines) planned at close to INR 1,200 crores at 95% utilization next year (Page 19). - Sri Lanka operations viewed as high potential with capacity to add 500 machines over 2-3 years; versatility across product types expected to support growth (Page 17). - US market exposure expected to increase from 15-17% to over 20% of standalone revenue in FY27 (Page 16). - Garment division EBITDA margin guidance maintained at 15%, factoring Sri Lanka's lower margins (Page 11). - No major new capex planned beyond FY27 except maintenance capex (~INR 10-15 crores), solar investment (~INR 10 crores), and minor expansions (~INR 5 crores) in Young Brand (Page 19).

- FY27 consolidated revenue guidance stands at INR 2,000 crores. - Garment division EBITDA margin expected around 15%, including Young Brand and Sri Lanka business. - Young Brand: growth of 15%-20% expected next financial year, with better utilization and new customers. - US business expected to contribute 20%+ revenue in FY27, recovering post-tariff issues. - Sri Lanka factories to reach near 100% utilization by Q3 FY27, aiding margin improvement. - EBITDA margins expected to improve with full utilization of spinning and dyeing plants as US business revives. - No major capex in FY27; maintenance and sustainability capex approx. INR 30 crores anticipated. - Positive outlook on normalized margins and growth from Q2 FY27 onwards as order flows stabilize.

- Order book status division-wise as of February 13, 2026: - S.P. Apparels Limited (SPAL): INR 353 crores - Young Brand Apparel (YBAPL): INR 87 crores - SP UK (SPUK): INR 30 crores - The company expects a stronger outlook and steady order inflows from next financial year onwards due to policy clarity and resumption of Young Brand expansion and scaling up of SPUK. - Sri Lanka platform expected to operate normally from Q1 FY27, with customer shipments ramping from Q2 FY27. - Current order pipeline and customer additions in Sri Lanka combined with other business expansions support growth trajectory. - Despite softer Q3 and Q4 quarter due to U.S. tariff issues, company maintains confidence in growth and order inflows for future periods.