Any current/future new fundraising through debt or equity?

No plans for raising new long-term debt at current capacity utilization; primarily utilizing existing working capital facilities. Promoter funding raised has an interest rate of around 8.8%-9% with a 3-4 year repayment cycle. Preferential share capital of around Rs. 20 crores raised, with a mix of equity and liability components; finance costs from this will continue for the time being. No immediate fundraise plans except for working capital needs; no new QIP or equity fundraise currently planned after promoter infusion. Future greenfield expansion would require new debt, but up to Rs.

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

India Plant: Minimal CAPEX currently, mainly routine wear and tear and re-engineering of machines. UAE Plant: Around Rs. 80-85 crores CAPEX invested including asset acquisition; an additional Rs. 15 crores in working capital. Future CAPEX: No significant new long-term debt or greenfield projects planned at present; further expansions likely to be brownfield up to Rs. 400 crores revenue. Post Rs. 400 crores revenue: Potential greenfield expansions, but plans not finalized yet. UAE Expansion: Capacity currently underutilized; additional lines like lamination and tempering to start, enabling volu

Future growth expectations in sales/revenue/volumes?

FY25 Revenue Projections: - India operations: Rs. 80 to Rs. 85 crores - UAE operations: Rs. 200 to Rs. 225 crores Q4 Consolidated revenue expected between Rs. 55 to Rs. 60 crores. The company anticipates a growth trajectory with capacity utilization expected to rise to 90-100%. Margin expansion expected with UAE EBITDA margins projected to reach 15-16% next year. Current capacities sufficient to support revenues up to approximately Rs. 400 crores; post that, potential greenfield expansion. Growth driven by increased market penetration in UAE and India, introduction of value-added products,

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

Q4 FY24 Consolidated revenue is expected around Rs. 55-60 crores. FY25 revenue projections: - India operations: Rs. 80-85 crores. - UAE operations: Rs. 200-275 crores (guidance varies between Rs. 200-225 crores and Rs. 225-275 crores within different responses). EBITDA margins expected to improve to 15-16% consolidated levels in FY25. UAE operations currently at ~14% EBITDA margin, targeting 15-16% next year. Expect operating leverage and capacity utilization improvements to boost margins going forward. Long term capacity and growth: Plant capacity fits Rs. 400 crores revenue

Current/ Expected Orderbook/ Pending Orders?

The Company has an order book of around Rs. 100 crores or approximately 60 million AED in the UAE. The UAE operations are in the process of scaling up with the second line and lamination facilities starting soon. The management is being cautious and not taking all possible orders immediately to test the market. Growth optimism is based on the existing order book position. Quarter 4 projections for consolidated revenue are around Rs. 55 crores to Rs. 60 crores. For FY25, India operations are expected to reach Rs. 80 crores to Rs. 85 crores, and UAE operations around Rs. 200 crores to Rs. 225 cr

Sejal Glass LtdQ3 FY24Industrial Products

Sejal Glass Ltd Q3 FY24 Earnings Call Analysis

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

Price: ₹773.45P/E: 23.4Market Cap: ₹882 CrSector: Industrial Products

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

FY25 Revenue Projections:
- India operations: Rs. 80 to Rs. 85 crores
- UAE operations: Rs. 200 to Rs. 225 crores
Q4 Consolidated revenue expected between Rs. 55 to Rs. 60 crores.
The company anticipates a growth trajectory with capacity utilization expected to rise to 90-100%.
Margin expansion expected with UAE EBITDA margins projected to reach 15-16% next year.
Current capacities sufficient to support revenues up to approximately Rs. 400 crores; post that, potential greenfield expansion.
Growth driven by increased market penetration in UAE and India, introduction of value-added products, and operational optimizations including automation and AI integration.
UAE operation is transitioning from initial slow phase to aggressive market mode, expecting acceleration in order execution and market share gain.
The management is optimistic due to order book strength and expanding market size in both India and UAE.

Margin guidance

Category 3

Q4 FY24 Consolidated revenue is expected around Rs. 55-60 crores.
FY25 revenue projections:
- India operations: Rs. 80-85 crores.
- UAE operations: Rs. 200-275 crores (guidance varies between Rs. 200-225 crores and Rs. 225-275 crores within different responses).
EBITDA margins expected to improve to 15-16% consolidated levels in FY25.
UAE operations currently at ~14% EBITDA margin, targeting 15-16% next year.
Expect operating leverage and capacity utilization improvements to boost margins going forward.
Long term capacity and growth: Plant capacity fits Rs. 400 crores revenue without new greenfield capex; post Rs. 400 crores, expansion (greenfield/brownfield) to be planned.
EPS growth aligned with revenue and margin expansion; Q3 FY24 EPS was Rs. 1 with 163% YoY growth.
Management optimistic about sustained revenue and profit growth with market expansion and operational efficiencies.

See what Sejal Glass Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

No plans for raising new long-term debt at current capacity utilization; primarily utilizing existing working capital facilities.
Promoter funding raised has an interest rate of around 8.8%-9% with a 3-4 year repayment cycle.
Preferential share capital of around Rs. 20 crores raised, with a mix of equity and liability components; finance costs from this will continue for the time being.
No immediate fundraise plans except for working capital needs; no new QIP or equity fundraise currently planned after promoter infusion.
Future greenfield expansion would require new debt, but up to Rs. 400 crores revenue, operations can scale with current brownfield capacities and minor capex.
Management monitoring financial health and market conditions regularly to assess risk and fund requirements.

Order book

Yes

The Company has an order book of around Rs. 100 crores or approximately 60 million AED in the UAE.
The UAE operations are in the process of scaling up with the second line and lamination facilities starting soon.
The management is being cautious and not taking all possible orders immediately to test the market.
Growth optimism is based on the existing order book position.
Quarter 4 projections for consolidated revenue are around Rs. 55 crores to Rs. 60 crores.
For FY25, India operations are expected to reach Rs. 80 crores to Rs. 85 crores, and UAE operations around Rs. 200 crores to Rs. 225 crores.
The Company expects steady order inflow as market acceptance and capacities increase.

See what Sejal Glass Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

India Plant: Minimal CAPEX currently, mainly routine wear and tear and re-engineering of machines.
UAE Plant: Around Rs. 80-85 crores CAPEX invested including asset acquisition; an additional Rs. 15 crores in working capital.
Future CAPEX: No significant new long-term debt or greenfield projects planned at present; further expansions likely to be brownfield up to Rs. 400 crores revenue.
Post Rs. 400 crores revenue: Potential greenfield expansions, but plans not finalized yet.
UAE Expansion: Capacity currently underutilized; additional lines like lamination and tempering to start, enabling volume growth without major new CAPEX.
Working Capital: Rs. 20-25 crores incremental working capital expected over next 15 months to support growth.
Strategic Investments: Exploring acquisitions globally and in India; no concrete decisions yet.

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