Yasho Industries Ltd

- No specific plans to reduce absolute debt currently; management expects debt-to-EBITDA ratio to improve significantly by FY '27 (target between 3.0 to 3.5). - No mention of any upcoming new debt or equity fundraising explicitly. - Capex plans are on hold pending clarity on tariff and business climate; no large new capex planned for FY '27, aiming to fully utilize existing capacity first. - Management is cautious and prefers waiting for market clarity before committing additional funds. - Existing long-term debt repayments have started from April 2025, with no moratorium. - Focus remains on improving cash flow, working capital discipline, and gradual leverage reduction rather than active new fundraising.

- Ongoing capex expanding capacity with part production expected to start by Jan-Feb 2026 (not debottlenecking Phase 1, but expansion of existing product line). - Total planned capex of INR100 crores for the year; INR23 crores spent on R&D, INR20 crores on assets, balance INR45 crores pending pending clarity on tariff and business climate. - Additional capex (INR50-75 crores) planned in conjunction with a global MNC customer for lubricant derivatives, funded by the customer, with operations starting by Q4 FY '27, expected to contribute ~INR150 crores annual revenue from FY '27 end. - Management is cautious about further capex in FY '27, aiming to prioritize utilization of existing capacity and await tariff clarity before committing new investments. - R&D investment increasing with a newly commissioned R&D lab (INR23 crores invested), targeting INR8-10 crores in R&D opex for FY '27 to drive innovation and product development.

- Expected revenue for the full year is around INR 800 to 850 crores, adjusted down from an earlier INR 900 crores guidance due to tariff issues. (Page 12) - Long-term revenue projection linked to INR 75 crores capex expected to generate roughly INR 250 crores. (Page 16) - Volume growth of 30% observed currently, with confidence to maintain or improve this via diversified markets. (Page 13) - Export sales expected to grow to approximately 70% of total sales within 6 to 18 months. (Page 10) - Asset turnover ratio targeted to reach 3x in 3 to 4 years, with gradual capacity ramp-up. (Page 12) - Volume growth prioritized as a key metric alongside EBITDA over topline fluctuations. (Page 8) - Some capacity expansions may take 18-24 months to reach optimal utilization. (Page 16) - New customers may contribute around 10-15% of revenue moving forward. (Page 15)

- Yasho Industries expects EBITDA margins to be maintained in the 17%-19% range through FY '27. - Revenue guidance for full year FY '26 is revised to INR 800-850 crores, down from earlier INR 900 crores due to tariff impacts. - Volume growth and EBITDA growth are key performance metrics, focusing more on volume than top-line growth. - Long-term supply agreement with a global MNC is projected to add ~INR 150 crores in annual revenues from FY '27 end. - Capex related to capacity expansion will partially come online from Jan-Feb 2026, with full impact expected mid-2026. - Debt-to-EBITDA ratio is targeted to improve to 3-3.5x by FY '27 through growth-driven cash flow, despite no absolute debt reduction planned. - Asset turnover ratio is aimed to reach ~3x over 3-4 years as capacity utilization improves. - EPS growth is expected alongside volume and EBITDA growth, supported by stable margins and strategic capex deployment.

The transcript does not explicitly provide details regarding the current or expected order book or pending orders for Yasho Industries Limited. However, the following relevant points can be inferred: - The company is experiencing a tariff impact affecting business, especially in the US, but is seeing mitigation efforts and some order flow returning. - New customer acquisitions and expansion into new geographies are underway, with expectations of incremental business growth. - Capex is partly on hold pending clarity on tariffs; some lines will become operational by Jan-Feb 2026, expected to contribute to revenue. - The company anticipates a total revenue growth of INR 800-850 crores for FY26, down from higher earlier guidance due to tariff impact. - There is mention of long-term agreements with customers, including a 15-year contract with capex funding by a client, implying a stable order base. No specific quantitative order book or pending order values are disclosed.