Any current/future new fundraising through debt or equity?

The company has ongoing capex plans amounting to INR100 crores for FY '26, including INR75 crores for capacity expansion and INR25 crores for R&D. Debt-to-EBITDA ratio target is to be below 4 by March '26 and comfortably around 2.5x in the long term. There was a repayment of some debt in the recent quarter; an additional INR9 crores repayment is planned starting November 2025. No specific mention of new fundraising through equity or additional debt beyond managing and reducing existing debt and funding capex from internal or existing sources was made. Further capex plans for FY '27 and beyond

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

Planned annual capex for FY '26 is INR 100 crores: - INR 75 crores for capacity expansion at the Pakhajan facility, expected to be commissioned by Jan-Feb 2026, with revenue impact starting FY '27. - INR 25 crores directed towards setting up a state-of-the-art R&D facility to enhance product development and innovation, slated for completion by October 2025. Capacity expansion at Pakhajan aims to increase utilization from 50%+, with revenue addition expected to be over INR 200 crores from this investment. No firm capex plan yet for FY '27; potential projects are on the drawing board, with

Future growth expectations in sales/revenue/volumes?

Yasho Industries expects over 40% revenue growth in FY '26, driven primarily by volume increases. Q1 FY '26 showed 14% YoY growth; volumes grew by 33%, indicating strong operational momentum. Export revenue is projected to increase from 67% to about 70% of total revenue, with strong demand from Western markets. Domestic market growth is slower due to local challenges and cheap imports. Capacity expansion at Pakhajan (INR75 crores capex) will come into revenue from FY '27, targeted to boost output. Utilization at Pakhajan expected to rise from 50% in Q1 FY '26 to around 70-80% by Q4 FY '26. Com

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

Yasho Industries expects over 40% revenue growth in FY '26 driven by volume growth and market share gains, especially in export markets. EBITDA margins are guided to be maintained between 17% to 19% in FY '26, with no immediate plans to push beyond 19% due to geopolitical uncertainty. Operational leverage is expected from better capacity utilization, especially post commissioning of INR75 crore capacity expansion in Pakhajan in FY '27. Debt-to-EBITDA ratio aims to improve to around 2.5x long-term, with planned capex announcements in April '26 supporting growth. R&D investments (INR25 crore) ta

Current/ Expected Orderbook/ Pending Orders?

The company indicated strong order visibility backing its growth outlook. Despite global macroeconomic challenges, Yasho Industries delivered its highest-ever quarterly revenue in Q1 FY '26. Efforts to enhance capacity utilization and customer engagement are underway to support future growth. No specific numbers or exact current order book/pending orders were disclosed during the call. The management remains confident of sustained demand and market share gains. Expansion plans (INR 75 crores capex at Pakhajan) and new product approvals underline robust upcoming business potential. Overall, the

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Yasho Industries LtdQ2 FY25Chemicals & Petrochemicals

Yasho Industries Ltd Q2 FY25 Earnings Call Analysis

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

Price: ₹2,868P/E: 113.4Market Cap: ₹2.0K CrSector: Chemicals & Petrochemicals

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→Yasho Industries expects over 40% revenue growth in FY '26, driven primarily by volume increases.
→Q1 FY '26 showed 14% YoY growth; volumes grew by 33%, indicating strong operational momentum.
→Export revenue is projected to increase from 67% to about 70% of total revenue, with strong demand from Western markets.
→Domestic market growth is slower due to local challenges and cheap imports.
→Capacity expansion at Pakhajan (INR75 crores capex) will come into revenue from FY '27, targeted to boost output.
→Utilization at Pakhajan expected to rise from 50% in Q1 FY '26 to around 70-80% by Q4 FY '26.
→Company aims to optimize product mix and increase market share even in subdued pricing.
→Long-term plans include better asset utilization, working capital reduction, and a steady growth trajectory.

Margin guidance

Category 3

→Yasho Industries expects over 40% revenue growth in FY '26 driven by volume growth and market share gains, especially in export markets.
→EBITDA margins are guided to be maintained between 17% to 19% in FY '26, with no immediate plans to push beyond 19% due to geopolitical uncertainty.
→Operational leverage is expected from better capacity utilization, especially post commissioning of INR75 crore capacity expansion in Pakhajan in FY '27.
→Debt-to-EBITDA ratio aims to improve to around 2.5x long-term, with planned capex announcements in April '26 supporting growth.
→R&D investments (INR25 crore) targeted to improve process efficiency and enable new product chemistry are expected to drive medium to long-term profitability.
→Efforts to optimize working capital by reducing inventory days below 150 are expected to enhance cash flow and ROCE, supporting sustainable profit growth.

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Fundraise plans

Yes

→The company has ongoing capex plans amounting to INR100 crores for FY '26, including INR75 crores for capacity expansion and INR25 crores for R&D.
→Debt-to-EBITDA ratio target is to be below 4 by March '26 and comfortably around 2.5x in the long term.
→There was a repayment of some debt in the recent quarter; an additional INR9 crores repayment is planned starting November 2025.
→No specific mention of new fundraising through equity or additional debt beyond managing and reducing existing debt and funding capex from internal or existing sources was made.
→Further capex plans for FY '27 and beyond will be communicated during the April '26 investor call.
→Overall, the focus is on debt reduction, improving working capital, and funding expansions via planned capex without explicit mention of raising new external funds currently.

Order book

Yes

→The company indicated strong order visibility backing its growth outlook.
→Despite global macroeconomic challenges, Yasho Industries delivered its highest-ever quarterly revenue in Q1 FY '26.
→Efforts to enhance capacity utilization and customer engagement are underway to support future growth.
→No specific numbers or exact current order book/pending orders were disclosed during the call.
→The management remains confident of sustained demand and market share gains.
→Expansion plans (INR 75 crores capex at Pakhajan) and new product approvals underline robust upcoming business potential.
→Overall, the order book appears healthy with positive momentum, supporting the company's guidance of over 40% revenue growth in FY '26.

Capex plans

Yes

→Planned annual capex for FY '26 is INR 100 crores:
→ - INR 75 crores for capacity expansion at the Pakhajan facility, expected to be commissioned by Jan-Feb 2026, with revenue impact starting FY '27.
→ - INR 25 crores directed towards setting up a state-of-the-art R&D facility to enhance product development and innovation, slated for completion by October 2025.
→Capacity expansion at Pakhajan aims to increase utilization from 50%+, with revenue addition expected to be over INR 200 crores from this investment.
→No firm capex plan yet for FY '27; potential projects are on the drawing board, with detailed plans to be shared in April 2026.
→Focus of capex includes:
→ - Improving existing processes and operational efficiency through R&D.
→ - Developing new chemistries for the industrial segment.
→ - Enhancing market expansion and product innovation capabilities.

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