Sejal Glass Ltd

- 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.

- 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.

- 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.

- 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.

- 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.