Any current/future new fundraising through debt or equity?

Sahyadri Industries has tied up loan facilities for the Maharashtra project but has not yet drawn any loans; current capex of INR 22 crores for Maharashtra spent entirely from internal accruals. The company plans to fund future capex primarily through internal accruals; external debt will be considered only for the remaining amount after internal funding. The company maintains a conservative debt-to-equity ratio of around 0.4:1 currently. Interest rates on loans are MCLR-linked and fluctuate with RBI policy; no fixed rates or hedging on forex exposures. There is no mention of equity fu

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

Ongoing capacity expansion in Maharashtra for manufacturing non-asbestos cement board (72,000 metric tons capacity); land identified and acquisition in progress. New unit planned in Odisha for manufacturing asbestos corrugated sheets with 120,000 metric tons capacity; land identification work ongoing. Capital expenditure for Maharashtra project already incurred around INR 22 crores from internal accruals; no loans drawn yet but loan tied-up for future needs. Capex funding strategy aims primarily to use internal accruals, with loans as needed. The Chennai facility is expected to achieve over 50

Future growth expectations in sales/revenue/volumes?

Q4 FY’23 and Q1 FY’24 expected to see improvement in demand and better volume/ utilization levels due to seasonality and market conditions. Capacity utilization forecasted to improve from 66% (nine months FY’23) to around 77-80% in Q4. New plant in Perundurai currently operating at 50% capacity, expected to improve further in Q4 and contribute positively. Chennai facility expected to achieve more than 50% utilization in FY’24 and FY’25. Continued focus on increasing market penetration and expanding dealer network to support volume growth. Government schemes such as "Housing for All"

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

Q4 and Q1 expected to show better business and improved capacity utilization (77%-80%) after sluggish demand in prior quarters. New Chennai facility expected to achieve over 50% utilization in FY '24 and FY '25. Continued effort to pass increased raw material and cost pressures onto the market to improve margins; no specific margin guidance given, but ongoing process in place. Revenue for FY '23 expected in the range of INR 575-600 crores, indicating growth ambition. Government initiatives like Housing for All seen as growth drivers, particularly benefiting the fibre cement market. Expansion w

Sahyadri IndustrQ3 FY23Other Construction Materials

Sahyadri Industr Q3 FY23 Earnings Call Analysis

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

Price: ₹342.5P/E: 8.3Market Cap: ₹375 CrSector: Other Construction Materials

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Q4 FY’23 and Q1 FY’24 expected to see improvement in demand and better volume/ utilization levels due to seasonality and market conditions.
Capacity utilization forecasted to improve from 66% (nine months FY’23) to around 77-80% in Q4.
New plant in Perundurai currently operating at 50% capacity, expected to improve further in Q4 and contribute positively.
Chennai facility expected to achieve more than 50% utilization in FY’24 and FY’25.
Continued focus on increasing market penetration and expanding dealer network to support volume growth.
Government schemes such as "Housing for All" and affordable housing commitments are expected to boost demand, especially in rural areas.
Export market remains a key area with about 14% sales contribution, supporting overall revenue growth.
Company expects FY’23 revenue range between INR 575 crores to INR 600 crores, on track to meet this guidance.

Margin guidance

Category 3

Q4 and Q1 expected to show better business and improved capacity utilization (77%-80%) after sluggish demand in prior quarters.
New Chennai facility expected to achieve over 50% utilization in FY '24 and FY '25.
Continued effort to pass increased raw material and cost pressures onto the market to improve margins; no specific margin guidance given, but ongoing process in place.
Revenue for FY '23 expected in the range of INR 575-600 crores, indicating growth ambition.
Government initiatives like Housing for All seen as growth drivers, particularly benefiting the fibre cement market.
Expansion with new plants in Maharashtra and Orrisa underway, aimed at increasing production capacity and market reach.
Export sales stable around 12%-14%, with 50% of flagship product sales abroad, indicating balanced domestic and international growth potential.

See what Sahyadri Industr management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Sahyadri Industries has tied up loan facilities for the Maharashtra project but has not yet drawn any loans; current capex of INR 22 crores for Maharashtra spent entirely from internal accruals.
The company plans to fund future capex primarily through internal accruals; external debt will be considered only for the remaining amount after internal funding.
The company maintains a conservative debt-to-equity ratio of around 0.4:1 currently.
Interest rates on loans are MCLR-linked and fluctuate with RBI policy; no fixed rates or hedging on forex exposures.
There is no mention of equity fundraising plans in the call transcript.
Overall, future fundraising is focused on debt tied to specific projects with a preference for internal accrual funding and limited new borrowing.

Order book

The transcript of the Sahyadri Industries Limited Q3 FY'23 earnings call does not explicitly mention the current or expected order book or pending orders in detail. However, some relevant points that indirectly address demand outlook and order status include: - Business sentiment for Q4 and Q1 is expected to improve, indicating potential growth in orders. - Capacity expansions in Maharashtra and Orrisa indicate optimism on future demand. - There is ongoing market creation for both domestic and export segments, balancing supply. - Sluggish demand was noted for the first nine months due to monsoon and rural economy factors, but Q4 is expected to be better. - Marketing and brand-building efforts, especially in South India, are being undertaken to boost demand. No specific figures or details on order book or pending orders are provided in the transcript.

See what Sahyadri Industr management said on order book — free account, 30 seconds.

Capex plans

Yes

Ongoing capacity expansion in Maharashtra for manufacturing non-asbestos cement board (72,000 metric tons capacity); land identified and acquisition in progress.
New unit planned in Odisha for manufacturing asbestos corrugated sheets with 120,000 metric tons capacity; land identification work ongoing.
Capital expenditure for Maharashtra project already incurred around INR 22 crores from internal accruals; no loans drawn yet but loan tied-up for future needs.
Capex funding strategy aims primarily to use internal accruals, with loans as needed.
The Chennai facility is expected to achieve over 50% utilization in FY ’24-’25.
Total capex currently managed around INR 60-70 crores.
Marketing spend budgeted at INR 5 crores for FY ’23, reduced from initial INR 6 crores due to results.
Strategic focus on expanding market presence, improving capacity utilization, and increasing value-added product offerings.

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Sahyadri Industr Q3 FY23 Earnings Call Analysis

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