The Anup Engineering Limited — Q2 FY25 earnings call

Revenue

• Revenue Growth Revenue · FY25 · High confidence 30%

  our 30% growth guidance for this financial year

  — Mr. Reginaldo Dsouza – Managing Director

• Revenue Growth Revenue · next two to three years · High confidence 25-30%

  our guidance for the next two to three years remains the same, that we wish to grow at 25% to 30% growth year-on-year in the next two to three years.

  — Mr. Reginaldo Dsouza – Managing Director

• Mabel Engineers Turnover Revenue · FY26 · High confidence ₹100 crores

  For 26, as I said, we maintain, Mabel will double the turnover to Rs. 100 crores in FY26.

  — Mr. Reginaldo Dsouza – Managing Director

• Graham Collaboration Revenue (Indian market) Revenue · FY26 · Medium confidence ₹30-40 crores

  So, the estimate that we are looking at is anywhere between Rs. 30 crores to Rs. 40 crores kind of revenue that can be brought in FY26. That's only for the Indian market we are looking at.

  — Mr. Reginaldo Dsouza – Managing Director

• Total Current Capacity Revenue Potential Revenue · per annum · High confidence ₹1,000 crores

  In terms of the revenue, the current capacity in place, that is, Ahmedabad, Kheda and Mabel, that's good enough for 1,000 crores turnover.

  — Mr. Reginaldo Dsouza – Managing Director

• FY26 Revenue Breakdown Revenue · FY26 · High confidence Ahmedabad ₹600 crores, Kheda ₹300 crores, Mabel ₹100 crores

  So, in FY26, when look at FY26, Ahmedabad facility will be at Rs. 600 crores. Kheda facility next year, because it will have two quarters of the new additional way that they are building in, will be at Rs. 300 crores and Mabel will chip in at Rs. 100 crores. So, that's 600, 300, and 100. And that's the kind of turnover that we are looking at.

  — Mr. Reginaldo Dsouza – Managing Director

Profitability

• EBITDA Margin Profitability · FY25 · High confidence 22%

  and with an EBITDA of around 22%.

  — Mr. Reginaldo Dsouza – Managing Director

• EBITDA Margin (Order Book) Profitability · current · High confidence 20-22%

  We are looking at the same margin of 20% plus. So, anywhere in the region of 20%-22% with the EBITDA.

  — Mr. Reginaldo Dsouza – Managing Director

Capacity

• Kheda Phase-1 Revenue Capacity Capacity · per annum · High confidence ₹200 crores

  This phase is equipped to deliver Rs. 200 crores revenue per annum.

  — Mr. Reginaldo Dsouza – Managing Director

• Kheda Phase II (a) Commissioning Capacity · FY26 · High confidence Q3 FY26

  We expect to commission and start manufacturing from 3rd Quarter in the next financial year, that is FY26.

  — Mr. Reginaldo Dsouza – Managing Director

• Kheda Phase II (a) Revenue Capacity Capacity · per annum · High confidence ₹300-400 crores

  With the addition of this day, we will have three manufacturing base at Kheda plant, which can deliver revenue anywhere around Rs. 300 crores to Rs. 400 crore based on the product mix for random.

  — Mr. Reginaldo Dsouza – Managing Director

• Ahmedabad Facility Capacity Capacity · per year · High confidence 10,000-12,000 metric tons

  our Ahmedabad facility is completely built up. That has got a capacity of anywhere between 10,000 to 12,000 metric tons per year.

  — Mr. Reginaldo Dsouza – Managing Director

• Kheda Facility Capacity (current) Capacity · per year · High confidence 5,000-6,000 metric tons

  Kheda, with this two manufacturing base in place, it has got a capacity of close to about 5,000 to 6,000 metric tons.

  — Mr. Reginaldo Dsouza – Managing Director

• Kheda Facility Capacity (with 3rd bay) Capacity · per year (post July next year) · High confidence 8,000-10,000 metric tons

  Kheda with three manufacturing bays, once completed somewhere next July, we should be having a capacity of close to 8,000 to 10,000 metric tons.

  — Mr. Reginaldo Dsouza – Managing Director

• Mabel Facility Capacity Capacity · per year · High confidence 2,000 metric tons

  And Mabel, currently with the capacity in place, they have a capacity of 2,000 metric tons.

  — Mr. Reginaldo Dsouza – Managing Director

Tax Rate

• Long-run Tax Rate Tax Rate · long run · High confidence 25%

  So, in the long run, we can expect a tax rate of 25%.

  — Management

Capex

• Kheda Phase II (a) CAPEX Capex · Q2 next year · High confidence ₹40-50 crores

  So, the added bay at Kheda would be at a CAPEX of about 40 to 50 crores, inclusive of the machineries, which we plan to commission in Q2 of next year.

  — Mr. Reginaldo Dsouza – Managing Director

• Regular CAPEX Capex · remaining half of the year · High confidence ₹15 crores

  And that would be about 15 crores of regular CAPEX for upgradations of our machines of latest technology.

  — Mr. Reginaldo Dsouza – Managing Director

• Next Capacity Addition Decision Capex · Q1 FY27 · High confidence June next year (Q1 FY27)

  So, on the capacity additions, the next decision that we would make is somewhere in the month of June and of quarter one of next year

  — Mr. Reginaldo Dsouza – Managing Director

Order Book

• Pending Order Book Order Book · by March end for next year (FY26) · High confidence ₹900 crores

  So, by March end, we should open up the year, 1st of April with close to about Rs. 900 crores kind of a pending order book, executable in next year.

  — Mr. Reginaldo Dsouza – Managing Director