12% Revenue CAGR Target
Management reaffirmed 12% year-on-year revenue growth target from FY25 base, expecting FY27 to grow faster than 12% as new markets scale.
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S H Kelkar and Company · forward-looking guidance across the available source record.
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revenue
17% EBITDA Margin in 2 Years
Adjusted EBITDA margin expected to improve from current 13% to 17% over next two years through operating leverage and new facility stabilization.
14% ROC by FY29
Return on Capital Employed projected to reach 14% by FY29 as international investments (Europe, US, UK) mature and generate cash flows after 3-year gestation.
Peak OPEX Reached
Fixed operating costs for new initiatives have peaked in dollar/euro terms; INR costs may fluctuate with currency but no major additions expected.
FY27 EBITDA target of Rs 300+ crore
Management expressed confidence in recovering to FY25 EBITDA levels of Rs 300 crore+ in FY27, with strong first-half visibility and positive momentum from portfolio optimization and European capacity addition.
Q1-Q2 Adjusted EBITDA margin maintenance at 13%+
Management is confident of maintaining adjusted EBITDA margin at current 13% levels through first half of FY27, supported by secured raw material inventory and confirmed price increases from large global accounts.
FY27 Capex guidance of Rs 140 crore
Capital expenditure for FY27 expected at Rs 140 crore, front-loaded in first two quarters for completion of Wasuli facility and Vasuli factory commissioning, with Almare factory already operational.
Debt reduction target of 10% annually
Management targets 10% annual debt reduction from current Rs 850 crore levels, though acknowledges potential near-term increase due to insurance receivables timing and inventory buildup for supply security.