Uno Minda Ltd

- No specific mention of new fundraising through debt or equity in the recent call. - Net debt stands at INR 1,296 crores as of December 31, 2023, increased mainly due to land bank purchases (INR 140 crores). - Growth and sustaining capex mainly financed from business cash flows. - Net debt to equity ratio is healthy at 0.26. - No indications or announcements about raising fresh debt or equity were discussed during the Q3 and 9M FY24 earnings call.

- Ongoing capex includes expansion of the airbags plant, expected to commission in 8-10 months to cater to increasing airbag demand. - New lighting plant is under construction in Pune, complementing the recently commissioned Gujarat lighting plant; capex of approx. INR 500 crores spread over 4-5 years. - New plant in Neemrana for seatbelt and smart systems to serve northern markets, expanding beyond current southern base. - Capacity expansion plans include dedicated export capacity for alloy wheels to serve export and aftermarket segments better. - Investments also in EV motor plants, 2-wheeler alloy wheel expansion, and 4-wheeler switch plants in Farukhnagar and Chennai. - Land bank acquired at Pune and Hosur (~INR 140 crores) as strategic investment for future growth. - Company is balancing capex with revenue growth, especially in EV segments, and focusing on measured investment to ensure return on capital around 20%.

- The company is optimistic about robust growth across segments over the next 8-10 years, expecting: - 2-wheeler and 4-wheeler alloy wheel revenue to grow approximately 4x due to rising alloy wheel penetration in India (currently ~40-45%, global ~90-95%). - Lighting business revenues to double from ~INR 1,000 crores currently within 4-5 years, targeting 19-20% market share from the current 14-15%. - EV-specific components (off-board chargers, motors, controllers) to see continued strong growth, aiming to cross INR 1,000 crores revenue in FY25, subject to industry penetration. - Consistent volume growth aligned to at least 1.5x industry growth over the long term. - New customer additions in seating and exports improving market and revenue share. - Overall, doubling of revenues expected in ~4 years, a year ahead of initial 5-year target set in 2021. - Capacity expansions underway (e.g., alloy wheels, EV plants) to support growth.

- Uno Minda aims to grow EBITDA margins gradually from around 11% to 11.5%-12% in the near future, consolidating before further improvement (Page 19). - Long-term growth target is to consistently deliver at least 1.5x industry growth over 8-10 years, potentially outperforming this (Page 19). - Lighting business is expected to double revenues over the next few years from a current ~INR 1,000 crores run rate, with market share expansion from 14-15% to 19-20% in 4-5 years (Pages 14, 15). - EV-specific products have a strong order book (INR 3,300 crores), with efforts to cross INR 1,000 crores revenue in FY25 depending on EV industry penetration (Pages 14, 19). - Casting business and alloy wheels are expected to grow 4x over 8-10 years with continued capacity expansion and increasing penetration (Pages 11, 14). - Despite strong revenue growth (~23% YoY for 9M FY24), margins are affected temporarily by new plants and investments; profitability expected to improve as capacities stabilize (Pages 6, 19). - Management confident of sustained outperformance, with profit after tax growing 26% YoY for 9M FY24 (Page 6).

- EV-specific order book stands at around INR 1,900 crores, with an expectation to cross INR 1,000 crores revenue in FY25. - Recently received new orders with annual peak revenue potential of INR 250 crores from EV OEMs, including INR 200 crores from EV-specific products like off-board chargers, motors, and motor controllers. - The company is aggressively working on expanding export markets, including a dedicated export capacity in the next expansion phase. - The lighting business has a current run rate close to INR 1,000 crores and aims to double the revenue in the next few years. - Across segments, the firm continues to secure new orders, including export orders for seating and 2-wheeler alloy wheels. - Expansions in airbags and seatbelt/smart system plants are underway, targeting increased capacity and market share. - Long-term target includes consistent growth and increased market share across products.