Any current/future new fundraising through debt or equity?

The company expects a total debt level of about Rs. 500 crores by FY24, including working capital requirements. There was no mention of any new equity fundraising in the call. Management indicated no further CAPEX plans in the next 2-3 years beyond the ongoing Phase-1 expansion. Future CAPEX discussions will likely start in early FY26, after achieving optimum utilization of the current expansions. No specific mention of incremental debt beyond the Rs. 500 crore figure related to FY24 was provided.

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

Ongoing CAPEX: A Greenfield project at Pakhajan is underway, expected to start production in early FY25, focusing on industrial segment products. Capacity: Current capacity at Vapi is 12,500 metric tons; post expansion, total capacity will be around 30,000 metric tons per annum. Utilization: Targeting above 95% utilization at Vapi in FY24; new facility expected to reach optimum utilization (90%) by FY26. Expansion Timeline: New facility commercialization expected by early FY25; optimum utilization anticipated within 2 years. Future CAPEX: No additional CAPEX plans for next 2-3 years beyond ong

Future growth expectations in sales/revenue/volumes?

Yasho Industries expects volume growth, aiming to improve from current 17%-18% utilization to over 20% in near term. Q1 FY24 saw 6% volume growth sequentially compared to Q4 FY23, though volumes were down YoY versus Q1 FY23 due to robust demand and higher prices then. For FY24, management targets over 95% utilization of the current 12,500 metric ton capacity in Vapi. New facility at Pakhajan (expansion) is expected to start commercial production by early FY25, with full ramp-up by FY26 targeting at least 90% utilization. New facility’s sales contribution is not expected in FY24 but will suppor

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

Yasho Industries expects volume growth this year, aiming for above 95% capacity utilization at their Vapi facility in FY24, up from ~90% last year. New Pakhajan facility to commence production in early FY25; full ramp-up expected over 2 years, targeting 90% utilization by FY26. Margins currently under pressure due to raw material price declines and competitive pricing; expected improvement in H2 FY24 and beyond with better product mix and new industrial segment capacity. EBITDA per ton is variable; management focuses on percentage margins rather than per-ton absolute numbers, aiming for margin

Current/ Expected Orderbook/ Pending Orders?

The management did not provide explicit figures for the current or expected order book during the call. However, there are indications of strong demand from large customers waiting for the new facility to start production, suggesting a healthy pipeline. Trials for the new facility are expected to start by October-November, and commercialization is anticipated by early FY25. The company is engaging actively with customers, with some already showing strong commitment and willingness to increase future business. Increased enquiries and business inquiries stemming from the "Make in India" initiati

Yasho Industries LtdQ1 FY24Chemicals & Petrochemicals

Yasho Industries Ltd Q1 FY24 Earnings Call Analysis

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

Price: ₹3,437.6P/E: 79.3Market Cap: ₹4.1K CrSector: Chemicals & Petrochemicals

Management growth scorecard

Revenue

Category 3

Margin

Category 1

Fundraise

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Yasho Industries expects volume growth, aiming to improve from current 17%-18% utilization to over 20% in near term.
Q1 FY24 saw 6% volume growth sequentially compared to Q4 FY23, though volumes were down YoY versus Q1 FY23 due to robust demand and higher prices then.
For FY24, management targets over 95% utilization of the current 12,500 metric ton capacity in Vapi.
New facility at Pakhajan (expansion) is expected to start commercial production by early FY25, with full ramp-up by FY26 targeting at least 90% utilization.
New facility’s sales contribution is not expected in FY24 but will support growth from FY25 onwards.
Long-term volume growth aims to leverage "Make in India" opportunities and increased demand from North/South America and Middle East markets.
Management expects sustainable growth in revenue with expansion and improved product mix post new capacity commissioning.

Margin guidance

Category 1

Yasho Industries expects volume growth this year, aiming for above 95% capacity utilization at their Vapi facility in FY24, up from ~90% last year.
New Pakhajan facility to commence production in early FY25; full ramp-up expected over 2 years, targeting 90% utilization by FY26.
Margins currently under pressure due to raw material price declines and competitive pricing; expected improvement in H2 FY24 and beyond with better product mix and new industrial segment capacity.
EBITDA per ton is variable; management focuses on percentage margins rather than per-ton absolute numbers, aiming for margin improvement as volumes rise.
The new capacity in FY24 is not expected to contribute significantly to topline this fiscal, but will drive future growth.
Long-term growth supported by "Make in India" initiative and increasing demand from domestic and overseas markets.
No major CAPEX planned until FY26 after achieving optimum utilization of current expansion.

See what Yasho Industries Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

The company expects a total debt level of about Rs. 500 crores by FY24, including working capital requirements.
There was no mention of any new equity fundraising in the call.
Management indicated no further CAPEX plans in the next 2-3 years beyond the ongoing Phase-1 expansion.
Future CAPEX discussions will likely start in early FY26, after achieving optimum utilization of the current expansions.
No specific mention of incremental debt beyond the Rs. 500 crore figure related to FY24 was provided.

Order book

The management did not provide explicit figures for the current or expected order book during the call.
However, there are indications of strong demand from large customers waiting for the new facility to start production, suggesting a healthy pipeline.
Trials for the new facility are expected to start by October-November, and commercialization is anticipated by early FY25.
The company is engaging actively with customers, with some already showing strong commitment and willingness to increase future business.
Increased enquiries and business inquiries stemming from the "Make in India" initiative indicate potential growth in orders.
Overall, Yasho Industries is confident of achieving above 95% capacity utilization on existing capacity this year and aims for 90% utilization in the new facility by FY26, implying an improving order trajectory.

See what Yasho Industries Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Ongoing CAPEX: A Greenfield project at Pakhajan is underway, expected to start production in early FY25, focusing on industrial segment products.
Capacity: Current capacity at Vapi is 12,500 metric tons; post expansion, total capacity will be around 30,000 metric tons per annum.
Utilization: Targeting above 95% utilization at Vapi in FY24; new facility expected to reach optimum utilization (90%) by FY26.
Expansion Timeline: New facility commercialization expected by early FY25; optimum utilization anticipated within 2 years.
Future CAPEX: No additional CAPEX plans for next 2-3 years beyond ongoing; further CAPEX will be considered after achieving 70%+ utilization by FY26.
Investment: Approximately Rs. 400 crores invested in Phase-1, largely in land development and infrastructure; Phase-2 CAPEX expected to be lower due to prior investments.

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