Tejas Cargo India Ltd

- No explicit plans for refinancing existing loans as current commercial vehicle loan cost is already low (8.2%-8.6%). - For CAPEX expansion, funding is planned partly through internal accruals and partly financed by existing bankers. - The company utilized IPO proceeds (~Rs.48 crores), internal accruals (~Rs.20-22 crores), and debt for recent CAPEX of over Rs.100 crores. - No specific mention of any new equity fundraising. - Future CAPEX and fleet expansion will rely on a mix of internal accruals and existing debt facilities. - No announced plans for raising fresh debt or equity beyond the current financing structure as of the November 18, 2025 call.

- Tejas Cargo is actively expanding its fleet with plans to add around 40 to 50 more vehicles in the remaining part of FY26, partially funded by internal accruals and debt financing from existing bankers. - The company invested over Rs.100 crores in CAPEX in FY25, funded through IPO proceeds (~Rs.48 crores), internal accruals (~Rs.20-22 crores), and debt. - The replacement cycle for vehicles is influenced by maintenance costs and client environmental requirements, moving from a 5-year cycle (BS-IV) to an expected 7-10 year cycle for newer BS-VI vehicles. Vehicle replacements for BS-IV are completing this year, reducing replacement numbers from 100 to ~75-80 annually. - Technology investment includes development of an in-house ERP platform upgrade (Python and React), focusing on route optimization, vehicle idleness, and preventive maintenance. Annual salary cost for ERP development team is about Rs.22 lakhs currently. - The ERP Phase-II rollout, covering inventory and repair workflows, is expected by December 2025. - No current plans to refinance existing debt, which is at a competitive 8.2%–8.6% interest rate.

- Tejas Cargo expects volume growth in H2 FY26 to be higher than H1, building on a strong H1 with Rs.306 crore revenue (Page 6). - Revenue growth is directly proportional to fleet size; recent CAPEX expansion (from 110 trailers in FY24 to 320 now) has increased capacity and volume (Page 13). - Planned addition of 40-50 vehicles in the remainder of FY26 to support growth (Page 8). - The company aims to improve fleet utilization while maintaining a hybrid fleet model (60-70% owned vehicles, 30-40% hired) to manage seasonality and demand fluctuations (Page 15). - Expansion into new verticals like car carriers, mining logistics, rail logistics, steel, cement, fly ash, and coal to contribute incremental volumes and revenues (Pages 4, 6, 12). - Focus on scaling newer verticals and exploring cross-border freight opportunities supports long-term growth (Pages 4, 12).

- Tejas Cargo India Limited aims to improve revenue primarily through increased fleet utilization and fleet expansion, targeting a hybrid model with 60-70% own vehicles and 30-40% hired vehicles to manage seasonality. - The company expects volume growth driven by CAPEX investments, with fleet size rising significantly from 110 trailers in FY24 to 320 currently, and further vehicle additions planned (~40-50 vehicles in H2 FY26). - Incremental revenue growth per vehicle trip is about 2-3%, achieved through route optimization and client mix improvement. - EBITDA margins on own vehicles are sustainable around 18-18.5%, supported by diesel escalation pass-through agreements. - Earnings growth is supported by operational improvements, better trip efficiencies, and diversification into higher-margin segments like steel, cement, coal, mining, freight forwarding, and car carriers. - Net profit rose 44% YoY in H1 FY26 with EPS growth of 6%, supported by better operating leverage. - ERP and technology upgrades are expected to enhance operational efficiencies further.

The transcript does not explicitly mention the current or expected order book or pending orders for Tejas Cargo India Limited. However, related insights include: - The company actively bids for multiple work orders annually through lane-specific auctions, typical in the logistics industry. - They maintain long-term relationships with large corporates, with 78% of revenue from top 10 clients. - The company has multiple contracts, such as with Tata Steel and Jindal, especially in steel and cement since January 2024. - For new verticals like car carriers, they have already deployed about 50 vehicles and expect to onboard more OEMs in the next 3-4 months. - They are exploring growth in mining logistics, rail logistics, and cross-border freight with tenders in hand for coal mining. - Fleet expansion plans include adding 40-50 vehicles in H2 FY26, supported by internal accruals and financing. No direct figures on the order book or pending orders are provided.