Sejal Glass Ltd

- Current order book position is around Rs. 25 crores. - The company is booking approximately Rs. 25 to 30 lakhs worth of orders daily on average. - Ongoing orders come from around 250 customers. - Efforts are ongoing to increase supply share with existing customers (e.g., from 20% to 25-30% of their requirements). - The order book covers both India and UAE markets, supporting revenue guidance for the next 3 to 6 months. - On railway glass tenders, bidding is underway, with expected initial orders of Rs. 50 to 60 lakhs per month, expected to gradually increase. - Overall, there is a healthy pipeline supporting revenue targets in the range of Rs. 265 to 280 crores consolidated for FY25.

- The company is currently in final negotiations for an acquisition in India, with plans to work out funding and debt-equity structure upon deal closure. (Page 15) - Interest cost is high (~Rs. 16 crores), and the management is vigilant about managing debt-equity ratio and equity structure to avoid debt pressure. (Page 15) - Amrut Gada mentioned that once the acquisition deal is closed, they will plan proper funding, including equity to manage leverage. (Page 15) - No explicit mention of new debt or equity fundraising announced yet; plans are contingent on acquisition finalization expected within the financial year with ~90% probability. (Page 15) - Working capital improvements ongoing but no direct mention of fresh capital raise via debt/equity outside acquisition-related funding. (Page 10) In summary, no confirmed current fundraising, but acquisition plans imply likely near-term funding through debt and/or equity.

- No immediate CAPEX plans for UAE facility as of October 28, 2024, but expansion plans are being worked on and may be announced in the next quarter. - The Ras Al-Khaimah facility currently utilizes about 25% of the total land (20 acres), with 2.5 lakh sq ft. of construction area. - The company is in final negotiation stages for a domestic acquisition aimed at inorganic growth; expected positive update within a month. - Post-acquisition, the company will work on funding and debt-equity structure cautiously to manage the existing high finance cost (~Rs. 16 crores). - Investment focus remains on increasing capacity utilization in India and UAE, expanding product portfolio, and introducing new products like bulletproof glass. - Future possible CAPEX depends on market demand and capacity requirements, especially in UAE, but no firm commitments as of now.

- FY25 revenue guidance is Rs. 260 to Rs. 280 crores consolidated, with Q3 at Rs. 68-72 crores and Q4 at Rs. 80 crores. - India operations expected to generate Rs. 40-45 crores in the next six months with EBITDA margin of 14-15%. - UAE order book stands at 40 million Dirham (~Rs. 80 crores), with expansion in GCC and Africa markets. - Plant capacity utilization currently at 62% in UAE and 55% in India, with plans to increase. - Acquisition discussions underway for inorganic growth in India to boost market share and volumes. - New product launches include bulletproof glass expected by January 2025. - Participation in key exhibitions (e.g., ACETECH India) to enhance brand visibility and order inflow. - Long-term vision includes becoming a multinational high-quality architectural glass manufacturer, targeting 20+ countries serviced from UAE by year-end. - Conservative but optimistic outlook, expecting sustainable growth with 1-2% margin improvements.

- H1 FY25 net profit surged 92.44% to Rs. 3.85 crores; Q2 FY25 net profit up 123.79% to Rs. 2.45 crores with EPS of Rs. 3.77 (H1) and Rs. 2.40 (Q2). - Guidance for FY25 revenue: Rs. 260 to Rs. 280 crores with EBITDA margin of 14-15%. - Q3 revenue expected at Rs. 68-72 crores; Q4 revenue around Rs. 80 crores. - India operations to achieve Rs. 42-45 crores in next six months with 14-15% EBITDA margins. - Margin improvement expected to be modest: EBITDA margin may improve by 1-2%. - Growth drivers include strong real estate demand, increasing order book, expanding customer base (expect 500 customers by FY25 end). - Sustainable profit growth supported by operational efficiency, expansion of product portfolio (including bulletproof glass launch by Jan 2025), and UAE capacity utilization. - Inorganic growth through planned acquisitions with near-term closure expected, funding and debt-equity structure to optimize financials.