Welspun Specialty Solutions Ltd

- No specific mention of any new fundraising through debt or equity in the transcript. - Current long-term debt is about INR 183 crores, expected to start falling from FY’25 and FY’26 through internal accruals and cash flow. - Finance costs have slightly increased this quarter due to vendor bill discounting but expected to normalize. - The company appears focused on reducing debt through internal accruals rather than raising new debt. - No discussion or indication about raising equity capital or any new fundraising plans during the call.

- No new capacity expansion planned currently; recent Environment Clearance (EC) application was for regularization, not capacity expansion. - EC application pending with state government; inspection completed and recommendation report expected soon (Page 10). - Focus remains on upgrading processes, new product development, and increasing capacity utilization rather than expanding capacity (Page 14). - Potential minor process additions might be needed to manufacture tubes for upcoming advanced ultra supercritical (AUSC) power plants (Page 11). - Emphasis on building capability and efficiency for future growth rather than large capital investments at this stage (Page 13). - High priority on sustainable operations and green energy investments, with ongoing reduction in carbon footprint and increased renewable energy use (Page 4).

- The company aims for 20% to 30% revenue growth in FY25, maintaining this guidance from the previous call (Page 12, 15). - Sales volume expectations for FY26 include approximately 8,000 tons for Pipes and 35,000 to 40,000 tons for Bars, though uncertainty remains due to business transition (Page 16). - Capacity utilization is targeted to increase, moving from current levels (steel plant under 30%; pipes 50%-60%) to support growth (Page 8). - Domestic market demand is expected to remain strong, supported by government infrastructure and energy spending, with lesser dependence on currently slow export markets (Page 15). - New product developments and approvals aim to drive further market penetration and higher value segments (Page 14). - The company anticipates better pricing and margins aligned with projected demand recovery (Page 13).

- The company is in a transition mode, focusing on ramping up operations and capacity utilization for growth. - Revenue is expected to grow by 20% to 30% in FY25, with efforts to maintain or improve profitability. - EBITDA margin guidance is cautious; management hopes for around 10%-11% but finds it difficult to provide precise figures due to market unpredictability. - Margins may improve as utilization increases, but raw material costs and market pricing remain volatile factors. - Order book increased significantly (to INR 303 crores from INR 170 crores), supporting revenue growth and future deliveries. - Focus on new product development and quality improvements aimed at securing higher-value orders. - Long-term debt reduction is underway, enhancing financial strength and profitability. - Overall consistent profitability achieved in FY24 with expectation of further improvements supported by new approvals and market penetration.

- Current order book stands at approximately 6,791 metric tons, valued around INR 303 crores, up from about INR 170 crores at the end of the last quarter. - Order book split by value is roughly 50-50 between bars and pipes; by metric ton, it's about one-third bars and two-thirds pipes. - Delivery timelines vary: some orders to be delivered within one month, others in two months, and some extending up to six months. - Company is focusing on improving capacity utilization and expects to maintain/increase current order book levels. - Large orders include a 1,400-ton seamless stainless tube supply to BHEL for NTPC Talcher supercritical thermal power project, expected to be delivered by December 2024, ahead of schedule. - Also secured a high-value nickel-copper bars order from a German customer (around half a million USD currently, expected to increase after validation).