Sangam (India) Ltd

- Sangam India aspires to double its PAT again in FY '27, building on the doubling achieved in FY '26. - The company expects consistent improvement quarter-over-quarter in revenue, EBITDA, and PAT. - Top-line growth in FY '27 is anticipated to be similar to that of FY '26, with no abnormal growth due to already high capacity utilization. - Incremental growth will be aided by operational efficiencies and energy cost savings from renewable energy projects. - EBITDA benefits from renewable energy are expected to reach INR 50-60 crores annually within 4-5 quarters. - Capacity utilizations are high, but there is some scope for utilization improvement, especially in garments (currently ~49-50% utilization). - New capacity additions are planned across segments except garments, though no major greenfield projects are imminent. - Management is confident margins will improve sustainably, with FY '29 margin targets around 13%+ and ROCE close to 20%.

- Sangam India's current order book across all segments and divisions stands between **50 to 70 days**. - This applies similarly to cotton yarn, which also has an order book roughly in this range. - Orders are generally booked for a 60 to 75-day period and are serviced accordingly. - The company maintains a healthy order book position to ensure steady operations. - Export shipments constitute about two-thirds or more of exports on an FOB basis. - New bookings that involve freight borne by Sangam factor in current freight costs to avoid losses. - The company does not engage much in forward contracts; it mainly operates based on confirmed orders within the order book timeframe.

- There is no specific mention of any current or planned new fundraising through debt or equity in the transcript. - The company reports maintaining a prudent and stable capital structure with a net debt to equity ratio of about 1.1x. - Anurag Soni mentioned that they have roughly INR 200 crores in treasury, indicating good liquidity. - Discussions around new capacity additions and capex are ongoing, but no concrete plans or funding sources were disclosed yet. - Any new capex benefits, including growth and energy savings, are expected to start impacting from FY '28 onwards, not in the current financial year. - The company appears focused on operational efficiencies and existing resources rather than raising new capital immediately.

- Sangam India has committed around INR 200 crores for renewable energy capex already, including solar and hybrid projects. - Additional equity infusions of about INR 30-35 crores are planned for some PPAs in renewable energy. - New capex plans are under discussion with a 2-year horizon; no concrete commitments announced yet. - Future capex will focus on incremental capacity additions across most segments except garments, which currently operates at about 49% utilization. - The company aims to increase backward integration for raw materials, especially for polyester fiber and denim fabric, targeting 75-80% in-house production to improve cost control and raw material security. - Energy cost reduction through renewable investments is a priority. - Any new growth-related capex benefits are expected to start flowing after FY27, not in the current financial year.

- Sangam India aims to continue quarterly improvement in FY '27, aspiring to double PAT again. - Top-line growth in FY '27 is expected to be similar to the previous year, with mid-teens growth or slightly more. - Growth will primarily come from better capacity utilization and price inflation, as existing capacities are near peak utilization. - No exponential top-line growth expected due to high current capacity utilization. - Incremental top-line growth will arise from operational efficiencies and energy cost benefits. - New capex plans are under discussion, focusing on energy, raw material security, and capacity additions except for garments. - Any large-scale capex benefits will likely come post-FY '27, with only incremental benefits (mainly energy-related) in the current year. - Export growth reflects continuous new customer additions and higher wallet share from existing customers, not one-time shifts.