Shri Keshav

- No explicit mention of any new fundraising through debt or equity in the call transcript. - Current focus is on reducing existing term debt, which has already decreased from INR188 crores to INR159 crores (15% reduction). - Three term loans are closing this fiscal year, reducing repayment obligations and debt burden further. - Management plans to accelerate debt repayment ahead of schedule as capacity utilization improves beyond 50%. - No mention of issuing new equity or raising fresh debt for expansion or other purposes. - The company emphasizes cautious and disciplined financial management, leveraging cash flows from operations and solar power assets to manage obligations. - Contingency plans rely on existing solar power cash flows rather than new funding. In summary, the company is focusing on debt reduction with no indication of raising new capital or debt imminently.

- The company has purchased land to set up a Ready-Mix Concrete (RMC) project in Belgaum, Karnataka, as a strategic investment to enter the RMC market. - RMC expansion is expected to be considered after achieving more than 50% capacity utilization in cement, likely beyond FY '27. - No immediate plans for cement plant capacity expansion were mentioned; management focuses on increasing utilization rather than capacity. - Potential future investment in Alternative Fuels and Raw materials (AFR) utilization is being considered but might take 2-3 quarters. - Solar power plants commissioned in 2018 currently provide cost benefits; no mention of further capex on renewable energy but regulatory benefits support the existing assets. - Debt repayment is prioritized to reduce financial burden; three term loans are closing this year, reducing repayment obligations.

- Cement dispatches are expected to improve in Q3 and Q4 of FY '26, although the anticipated uptick did not materialize as expected. - Management targets 45% to 55% capacity utilization in FY '27 under current market conditions, potentially reaching 60% or higher with market improvement. - FY '26 Q3 sales volume showed a 32% growth year-on-year, selling around 78,000 tons versus 58,960 tons in Q3 FY '25. - The company plans to expand Ready-Mix Concrete (RMC) business starting in Belgaum after reaching at least 50% cement capacity utilization. - Consolidation in the Southern market may lead to better pricing discipline and demand recovery in the future, aiding volume growth. - With higher utilization (60%-70%), EBITDA margins and profitability are expected to approximately double. - Management aims to further increase market presence across existing and adjoining geographies in Karnataka, Goa, Maharashtra, and parts of North Karnataka.

- The company targets a capacity utilization increase from 40% in FY '26 to 45-55% in FY '27, and up to 60% if market conditions improve. - At 60-70% utilization, EBITDA margins are expected to approximately double, reaching around INR 90-100 crores from INR 40-45 crores currently. - Higher utilization will also substantially improve profitability due to fixed costs remaining largely stable. - Cement volume growth was 32% in Q3 FY '26 vs. industry 4%, indicating strong growth momentum. - PAT turnaround seen in 9 months FY '26 with INR 3.23 crores profit compared to previous loss. - ROCE expected to increase by 25-30% at 65% capacity utilization, potentially exceeding 20%. - Debt obligations reducing significantly with a 15% term debt reduction and repayment schedules easing after FY '26. - Solar power integration provides a structural cost advantage, stabilizing operating margins and supporting growth.

The provided transcript of Shri Keshav Cements and Infra Limited’s Q3 and 9 Months FY '26 earnings call does not include specific details regarding the current or expected order book or pending orders. There is no explicit mention or discussion on order backlog, pending projects, or new orders during the call. Key highlights related to demand and market: - Company serves North Karnataka, Coastal Karnataka, Goa, and parts of Maharashtra. - Focus on expanding volumes, enhancing dealer engagement, and market penetration. - Cement demand steady across Karnataka, Goa, and Maharashtra. - Institutional buyers are about 8-10%, and company growing in B2B (National Highway and RMC projects). - Cement volumes grew 32% year-on-year, outperforming industry growth. For detailed information on current order book or pending orders, direct inquiry to company or investor relations may be needed.