Sanghi Industries Ltd

- No specific mention of new fundraising through debt or equity was made in the call. - The company is currently sitting on about INR5,000 crores of cash post the Orient Cement acquisition. - Entire capex for growth is expected to be self-funded through existing cash, operating cash flows, and recovery of working capital block. - Promoters infused around INR20,000 crores earlier, and recent acquisitions have been largely funded from this plus existing cash equivalents. - The company remains debt-free, enjoys the highest credit rating in the industry, and has a strong balance sheet. - Focus appears to be on organic growth and brownfield expansions funded internally without fresh debt or equity. - Open offer payment related to Orient Cement (approx INR2,000 crores) has already been deposited in SEBI escrow as part of utilization of existing funds.

- Organic growth capex for FY '26 and '27 is around INR 6,000 crores; efficiency capex between INR 2,500 to 3,000 crores, totaling close to INR 9,000 crores. - Growth capex includes capacity additions aiming for 18 million tons of cement. - Key clinker units under development: Bhatapara, Maratha, Marwar Mundwa, Mundra. - Grinding units planned/upcoming: Warisaliganj, Naultha, Salai Banwa, Bhatinda, Raigarh, among others part of the 140 million tons capacity expansion. - INR 680+ crores land purchase by ACC Mineral Resources for grinding units and coal mine acquisitions, especially in western India near Chanda. - WHRS, BCFC wagons, and renewable energy projects (1 GW target by Q2 FY '26; 300 MW operational) to support cost efficiency and sustainability. - Investments are self-funded from operating cash flows and existing cash/cash equivalents. - Some impairment on unfeasible old clinker assets (~INR 200 crores) with proactive discontinuation planned.

- Ambuja Cements aims to grow cement capacity to 118 million tons by FY '26 and 140 million tons by FY '28, largely via organic expansions. - Premium cement share targeted at around 35% of sales in FY '26, up from 29%. - Cement consumption growth expected at 8% for FY '26 driven by infrastructure, housing demand, and urbanization. - Recent acquisitions (Sanghi, Asian, Tuticorin, Penna, Orient) have accelerated growth and integration is progressing well, unlocking synergies. - March '25 quarter showed strong volume ramp-up, with combined Penna and Sanghi sales at 1.6 million tons, expected to ramp up further. - Growth capex of approximately INR 6,000 crore planned for FY '26 and '27 to support expansions, including clinker and grinding units. - The company targets INR 1,500 EBITDA per ton by FY '28 through capacity increase and cost leadership.

- Ambuja is on track to achieve significant organic growth with capacity targeted to reach 118 MTPA by FY ’26 and 140 MTPA by FY ’28, driven mainly by organic expansions and brownfield projects (Page 9, 14, 17). - FY ’26 is expected to be “far, far better” than FY ’25 in terms of overall performance and profitability, supported by improved demand, cost leadership, and capacity ramp-up (Page 14). - Cost optimization efforts are advancing well, targeting a reduction from current costs towards INR 3,650/ton by FY ’28, with incremental savings expected in FY ’26 and FY ’27 (Page 10, 11). - EBITDA per ton is aimed to improve from INR 915 in FY ’25 towards INR 1,500 by FY ’28, demonstrating margin expansion (Page 4). - The growth capex (~INR 6,000 crores) and efficiency capex (~INR 2,500 – 3,000 crores) planned for FY ’26-’27 will support this ramp up, largely self-funded through operations and cash (Page 17). - Premium cement share is expected to grow (currently ~29%) enhancing revenue quality and profitability (Page 11). - Overall, earnings and operating profits are expected to strengthen driven by capacity growth, industry tailwinds, and improved operating efficiencies.

The transcript does not provide specific details on the current or expected order book or pending orders for Ambuja Cements, ACC, or Sanghi Industries. The discussion primarily focuses on: - Capex plans and expansions - Volume contributions from recent acquisitions (Penna and Sanghi) - Financial positions, cash flow, and growth strategies - Cost optimization and efficiency improvements - Capacity additions and commissioning timelines for various units - Integration and synergy realization of acquired assets No explicit mention of order book size, pending orders, or order backlog is found on the provided pages.