Shaily Engineering Plastics Ltd

- No substantial capex is planned immediately; only small capexes are expected in FY25. - Focus currently is on improving utilization of existing capacity rather than large new investments. - A previous large capex was done last year to create infrastructure supporting up to 60-70 million devices annually. - Installed equipment currently supports 25-30 million devices per year; additional machinery will be added as approvals and scale-up occur. - Future additional capex of around $15-20 million may be required to expand capacity from 30 million to 70 million devices, but this is not expected within the next 2-3 years; envisioned over 6-7 years. - Capex for semaglutide-related scale-up is expected to be lower due to location in India and existing infrastructure. - The company is managing growth and capacity expansion prudently without aggressive capital investment in the near term.

- Pharma segment expected to grow at 50%-60% in the current year (FY '25). - Overall volume of pens/devices anticipated to increase from ~11 million in FY '24 to around 17-18 million in FY '25, reflecting 15%-16% growth. - Capacity utilization currently around 40%, expected to increase as new business scales up. - Plans to ramp up pen/device volumes gradually with approvals on proprietary platforms like Teriparatide and Liraglutide anticipated in FY '25. - Additional capex of $15-$20 million planned over the next 6-7 years to expand capacity from current 25-30 million devices per year to ~60-70 million. - Revenue growth expected from increasing proportion of proprietary devices (currently shifting from 10% to ~30-40% of value). - Consumer segment faced a degrowth of ~4% due to raw material pass-through and lower toy sales but base business expected to grow 12%-15%. - Shaily UK revenue to be back-ended with more growth expected in H2 FY '25.

- The company expects margin improvement over the next 2-3 years driven by higher pharma revenues and more value-added products (Page 9). - EBITDA margin improved to 19.2% in FY24, up 350 basis points YoY; PAT margin improved 310 basis points to 8.9% (Page 4). - Pharma segment revenue grew 87% in FY24, signaling strong growth potential (Page 4). - Capacity utilization currently at 40%, expected to increase in coming years, supporting volume growth (Page 4, 16). - Healthcare/pharma segment expected to grow 50%-60% in the current year (Page 8-9). - Pen volumes to grow at 15%-16% annually, with potential increase from 11-12 million devices to 17-18 million in FY25 (Page 14). - No substantial capex planned next 2-3 years; expansion will be via better utilization and incremental investments (Page 9, 16). - EBITDA margin reported around 20%-21% consistently in recent quarters with expectations to improve gradually (Page 9).

- Total ongoing projects across all molecules: approximately 20 to 23. - Added 7 confirmed contracts in the recent year (4 earlier plus 3 more in Q4). - Focus on regulated markets with approvals expected, particularly for Teriparatide and Liraglutide pens. - Expecting commercial supplies for Teriparatide and Liraglutide pens in the current year. - Auto-injector projects account for 4 out of the total projects; remainder are pen injectors. - Pipeline for new contracts remains strong with ongoing bidding for new business. - Capacity utilization currently ~40%, expected to increase as new business ramps up. - Expansion in contract manufacturing, including specialized devices and dry powder inhalers, mainly insulin pens. - Total device volumes expected to grow from 11 million in FY '24 to 17-18 million in FY '25 with ~15-16% growth.

- There is no expectation for significant new fundraising through debt or equity in the near term. - The company has already made a substantial capex investment last year, creating infrastructure to handle production capacity up to 60-70 million devices annually. - Additional capex of $15-20 million may be needed to scale from 25-30 million to 70 million devices, but this is planned over the next 6-7 years, not the next 2-3 years. - The management does not foresee the need for large-scale fundraising (e.g., $50-100 million) for semaglutide or other programs. - The focus is on improving capacity utilization and organic growth rather than immediate capital raising. - No substantial capex or capital raising is planned for FY25; only minor capex will be undertaken to improve utilization.