Yasho Industries Ltd

- 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.

- 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.

- 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.

- 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.

- 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.