Any current/future new fundraising through debt or equity?

Walchandnagar Industries Limited has not made any announcement on immediate fundraising through equity. The company has only taken enabling resolutions from the board to explore potential future fundraising opportunities if they arise. There is no current plan to raise equity funds; the resolution is precautionary to allow flexibility. Regarding debt, the company has significant debt with KKR, with structured repayments and a two-year moratorium on principal payments, with repayments starting September 2019. The company aims to reduce debt through retention money collections, sale of n

Any current/future capex/capital investment/strategic investment?

Walchandnagar Industries has obtained an industrial license for manufacturing life jackets and better bulletproof jackets. Currently in discussions with a foreign party to acquire better technology for these products. Plans to enter this segment likely in the next financial year (FY2020). A detailed project report for the bulletproof jacket business is being prepared and expected next financial year. Initial focus will be on the domestic market, followed by exports. No finalized technology tie-up yet for the new protective gear segment. The company is adding additional facilities to support gr

Future growth expectations in sales/revenue/volumes?

Company focuses on high-margin core manufacturing business (80% revenue mix), shifting away from low-margin EPC projects. Expect growth in defense, nuclear, aerospace, and missile sectors (DNA business) due to strong government/public sector demand. Missile segment production increased from 3-4 to 20-25 missiles per month; Akash missile remains a mainstay with expected growth. New segment in life jackets and bulletproof jackets to start revenue generation from FY2020 with expected domestic market focus before exports. Industrial gearboxes and centrifugal machines targeting good growth in domes

Future growth expectations in earnings/operating earnings/profits/EPS?

Company has shifted focus from EPC to high-margin core manufacturing (defense, aerospace, nuclear, industrial products), improving profitability. Operating EBITDA margin targeted between 20%-25% for core manufacturing over the next 2-3 years; current first half FY2019 EBITDA is ~22%-23%. Revenue growth expected from increased orders in H2, especially defense-related, and expansions into new segments like life jackets. Other income gains (e.g., forex gains) are non-recurring; core operating profits are emphasized for sustainability. Debt reduction efforts through retention money realization, as

Current/ Expected Orderbook/ Pending Orders?

As of November 1, 2018, Walchandnagar Industries Limited had an order book of approximately Rs. 781 Crores. Around 55% of this order book is from the core manufacturing business. Within this, defense, nuclear, aerospace, and missile (DNA) segment constitutes about 40% (~Rs. 300 Crores) of the total order book. The defense-related orders, especially missile manufacturing (e.g., Akash missile program), have a delivery lead-time of 12 to 20 months. The company expects more orders in the second half (H2) of the financial year. For industrial license products like life jackets and bulletproof jacke

Walchan. Inds.Q2 FY19Industrial Manufacturing

Walchan. Inds. Q2 FY19 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹210.99Market Cap: ₹1.4K CrSector: Industrial Manufacturing

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

N/A

0 of 2 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Company focuses on high-margin core manufacturing business (80% revenue mix), shifting away from low-margin EPC projects.
Expect growth in defense, nuclear, aerospace, and missile sectors (DNA business) due to strong government/public sector demand.
Missile segment production increased from 3-4 to 20-25 missiles per month; Akash missile remains a mainstay with expected growth.
New segment in life jackets and bulletproof jackets to start revenue generation from FY2020 with expected domestic market focus before exports.
Industrial gearboxes and centrifugal machines targeting good growth in domestic and export markets.
Instrumentation unit growing steadily at 10-14% annually.
Expect more defense orders in H2 FY2019.
Capacity utilization at approx. 60-65%, room to increase output without much investment.
EBITDA margin projected between 20-25% for core manufacturing business.

Margin guidance

Category 3

Company has shifted focus from EPC to high-margin core manufacturing (defense, aerospace, nuclear, industrial products), improving profitability.
Operating EBITDA margin targeted between 20%-25% for core manufacturing over the next 2-3 years; current first half FY2019 EBITDA is ~22%-23%.
Revenue growth expected from increased orders in H2, especially defense-related, and expansions into new segments like life jackets.
Other income gains (e.g., forex gains) are non-recurring; core operating profits are emphasized for sustainability.
Debt reduction efforts through retention money realization, asset sales, and refinancing expected to improve finance costs and profit sustainability by FY2020.
Entry into bulletproof jackets and life jackets segment with technology tie-ups planned for FY2020, indicating new revenue streams.
No formal forward-looking quantitative outlook provided; management aims to maintain positive operating trends consistently.

See what Walchan. Inds. management said on margin guidance — free account, 30 seconds.

Fundraise plans

Walchandnagar Industries Limited has not made any announcement on immediate fundraising through equity.
The company has only taken enabling resolutions from the board to explore potential future fundraising opportunities if they arise.
There is no current plan to raise equity funds; the resolution is precautionary to allow flexibility.
Regarding debt, the company has significant debt with KKR, with structured repayments and a two-year moratorium on principal payments, with repayments starting September 2019.
The company aims to reduce debt through retention money collections, sale of noncore assets (such as the Mahim property), and internal cash accruals over the next 12-18 months.
They are also negotiating for lower interest rates with banks due to their improved credit rating (BBB-).
No new concrete debt or equity fundraising plans have been disclosed as of the November 16, 2018 discussion.

Order book

As of November 1, 2018, Walchandnagar Industries Limited had an order book of approximately Rs. 781 Crores.
Around 55% of this order book is from the core manufacturing business.
Within this, defense, nuclear, aerospace, and missile (DNA) segment constitutes about 40% (~Rs. 300 Crores) of the total order book.
The defense-related orders, especially missile manufacturing (e.g., Akash missile program), have a delivery lead-time of 12 to 20 months.
The company expects more orders in the second half (H2) of the financial year.
For industrial license products like life jackets and bulletproof jackets, the company plans to enter the segment with revenues expected to start in FY2020.
Execution timelines for defense orders (Rs. 300 Crores+) would span multiple years given complex manufacturing cycles.

See what Walchan. Inds. management said on order book — free account, 30 seconds.

Capex plans

Walchandnagar Industries has obtained an industrial license for manufacturing life jackets and better bulletproof jackets.
Currently in discussions with a foreign party to acquire better technology for these products.
Plans to enter this segment likely in the next financial year (FY2020).
A detailed project report for the bulletproof jacket business is being prepared and expected next financial year.
Initial focus will be on the domestic market, followed by exports.
No finalized technology tie-up yet for the new protective gear segment.
The company is adding additional facilities to support growth in the aerospace segment, linked to ISRO's expansion.
Continuous investments in expanding footprints in defense, nuclear, aerospace, and missile segments.
No immediate detailed capex figures disclosed, but strategic investments are aligned with core manufacturing expansion and new product segments.

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Walchan. Inds. Q2 FY19 Earnings Call Analysis

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