Tara Chand Infra

- Currently, the Company does not have any new borrowings lined up. - Existing borrowings are from previous periods and carry a good interest rate (~8.8%). - The Company maintains good relations with multiple banks to ensure competitive borrowing costs. - Any potential increase in borrowing cost would depend on RBI rate changes. - There was no mention of any planned equity fundraising in the current discussion. - The Company is financing CAPEX through a mix of debt, internal accruals, and supplier credit (interest-free for 2-2.5 years). - Future financing needs will be assessed but no explicit new fundraising announcement was made for FY26.

- Completed CAPEX of Rs. 132.7 crores in the current financial year, highest in company history. - Added 30 cranes, 5 aerial working platforms, and 20 prime movers with trailers, expanding total fleet to 362 machines. - Planned CAPEX target was Rs. 160 crores: Rs. 100 crores this year and Rs. 60 crores next year. - Due to demand, Rs. 130+ crores already spent this year; remaining Rs. 28-30 crores to overflow into next financial year. - Additional CAPEX of Rs. 50-60 crores expected in FY26, with clarity by end of Q4 FY25. - CAPEX financed through a mix of debt, internal accruals, and supplier credit (interest-free credit period spanning 2 to 2.5 years). - Focus on strategic investments aligned to demand visibility, including expanding presence in petrochemical and other sectors.

- The Company has surpassed its targeted 30% year-on-year revenue growth for the current financial year and is confident of continuing this trend into Q4 FY25, traditionally their best quarter. - For FY26, the Company targets a 30% year-on-year revenue growth but notes clarity will be available towards the end of Q4 FY25. - The order book for warehousing and transportation offers visibility up to 2027-28, supporting growth projections. - Equipment rental contracts currently provide visibility for at least the first half of FY26. - Growth drivers include ramp-up in key client operations like RINL, increased equipment utilization (currently 85%-89%), and strategic CAPEX expansion planned at Rs. 90 crores for FY26. - The Company expects to maintain EBITDA margins around 34%-35% while expanding rental yields and equipment deployment. - Renewable energy contributes about 5% to equipment rental, with potential growth based on opportunities and margins.

- The Company targets a 30% year-on-year revenue growth for FY26, confident of achieving or exceeding this based on current order book visibility and sector demand. - EBITDA margins are expected to be maintained in the 34%-35% range across segments. - Equipment rental segment EBITDA margin ranges between 53%-55%, considered steady state. - Profit after tax for 9 months ended December 2024 grew 73% YoY, with FY25 expected to show continued growth. - EPS for 9 months increased by 69% YoY, with Q3 FY25 EPS at Rs. 0.7 per share (65% YoY growth). - Cash profit after tax for 9 months rose by 42% YoY to Rs. 47.27 crores, signaling strong cash flow. - Guidance clarity on full-year FY26 earnings expected by end of Q4 FY25. - Expansion in key sectors like warehousing, equipment rental, and ramp-up in RINL operations support growth outlook.

- Current order book stands around Rs. 73 crores; however, sector-wise or segment-wise detailed bifurcation is not readily available. - Contracts in the warehousing and transportation segment usually span 5-7 years, providing good visibility up to 2027-2028. - Equipment rental contracts have visibility up to Q2 of the next financial year (FY26). - The company has factored in this order book and planned CAPEX to target a 30% year-on-year growth for FY26. - More clarity on the order book and guidance for FY26 is expected towards the end of Q4 FY25. - Renewable energy orders represent about 5% of overall equipment rental revenue, consisting of solar and wind segments. - The company continues to evaluate and extend orders in renewable energy based on margins and cash flow prospects.