Shree Pushkar Chemicals & Fertilizers Ltd

- No explicit mention of any new fundraising through debt or equity in the recent discussions. - The planned capex of INR 215 crores is primarily funded through internal accruals and a preferential issue to the promoter (Page 3). - Solar expansion investment of around INR 37-38 crores is planned without taking any debt or loan (Page 14). - Current bank borrowings include INR 107 crores, mostly non-funded limits, not additional new debt (Page 7-8). - No indication of new equity fundraising campaigns or debt issuances was discussed in the Q&A or management remarks. In summary, the company is funding its capex mainly via internal accruals and promoter preferential issue, with no new debt or equity fundraising currently planned or disclosed.

- Current capex pipeline of approximately INR 200 crores focused on chemical, fertilizer, and renewable energy sectors. - Around 50-60% of future capacity expansion is towards backward integration, which improves bottom-line without significantly impacting top-line. - INR 20-22 crores being spent on expanding solar power capacity; total solar investment around INR 37-38 crores with a 3.8 MW plant recently completed and plans for a 9 MW combined solar capacity. - Capital work in progress (CWIP) closing balance is INR 42 crores — INR 16 crores in solar and INR 33.46 crores in chemical and fertilizer expansions. - Fertilizer capacity expansions include Unit 6 with 1,50,000 tons and Unit 4 water-soluble fertilizer plant with 12,000 tons capacity, expected to be commercialized in the near term. - Planned capex of INR 215 crores funded mainly through internal accruals and preferential promoter issue.

- For FY25, expected revenue growth is around 15%-20%, targeting approximately INR 875 to INR 935 crores. - The company anticipates reaching over INR 1,100 crores in revenue by FY26. - Capacity utilization is expected to improve from 65% to around 75% in FY24-25, enhancing productivity by 10%. - Volume growth observed in chemicals (26% YoY increase in FY24) and dyes intermediates (82% volume growth in FY24). - Fertilizer segment expected to support growth, with improved subsidy levels and decent offtake anticipated due to the good monsoon forecast. - Gradual improvement in business phases: new chemical expansions (Unit 5 and Unit 6) and solar projects to contribute in phases across FY25 and beyond. - Management expects EBITDA margins to stabilize around 10% in the near term with improved profitability alongside revenue growth.

- The company expects approximately 15%-20% growth in both top line and bottom line for FY25. - For FY25, a revenue range of INR 875 to INR 935 crores is anticipated. - For FY26, the company targets a revenue of around INR 1,100 crores. - EBITDA margin is expected to be around 10% for FY25-26, with cautious optimism given geopolitical factors. - PAT margins are targeted around 10% in the near term. - Improvements in fertilizer segment subsidy and expected decent offtake support growth projections. - Backward integration and solar power project capex will enhance profitability and cost efficiency, positively impacting future earnings. - Management is confident that operational efficiencies and strategic investments will deliver long-term value and improved earnings visibility soon.

- As of the latest call, the management indicated there is improved visibility on the order book compared to earlier levels. - The company sees restocking happening on the chemical side, suggesting positive momentum in orders. - Punit Makharia mentioned that the trust level about order visibility seen in Q4 FY23-24 has been maintained and is expected to improve further in coming quarters. - No specific numeric values for current or expected order book/pending orders were disclosed during the call. - The outlook is optimistic, anticipating better demand and growth post the first quarter of FY24-25.