Any current/future new fundraising through debt or equity?

No firm plan to raise new capital in the next two years; however, if required, the company will consider it without hesitation. (Page 27) For funding expansion or working capital needs, the company plans to use existing credit lines and bill discounting facilities. (Pages 7, 9, 27) Some additional debt may be taken to fund working capital as business grows, but no major new debt planned specifically for capacity expansion. (Pages 5, 6, 27) Capital expenditure for new factories and machinery will continue but will be lower and focused on ongoing projects, not large new capacity additions. (Page

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

No major new capacity expansion capex is currently planned; focus is on consolidating recent investments. Some maintenance and small capex expenditures are anticipated to keep existing capacity operational. Two factories are being set up with partial completion and upcoming machine installations, leading to some capital expenditure but lower than ₹50 crores over two years. No additional major capex is planned for FY26 and FY27 beyond current projects. CAPEX for the Oman facility (~₹4-5 crores) is already done with no new investment intended at present. If needed, the company is open to capital

Future growth expectations in sales/revenue/volumes?

Aspiration to grow at 100%, with H1 growth at 55%; aiming to improve growth pace in H2 and beyond (Page 26). No fixed guidance for exact numbers but optimistic about surpassing H1 achievements (Page 26). Capacity expansion plans: current capacity 8,000 metric tons with new capacity adding 1.5x more; targeting 75-80% utilization next year (Pages 4, 24). PVDC capacity expected to start at 10% utilization, ramping up gradually (Pages 4, 24). Flexographic business growth expected, no additional capacity needed for current growth (Page 22). Exports targeted to be at least 20% of total revenue by FY

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

The company aspires for aggressive growth, targeting up to 100% revenue growth over the next 2-3 years (Page 26). PAT (Profit After Tax) margins are currently lower than competitors but management is confident to match or surpass the industry PAT margins over time (Page 8). Operating margins are expected to stabilize around 12% despite capacity ramp-ups and entry into large clients (Page 25). Expansion of capacity through new machines and increased utilization (up to ~75-80%) is expected to boost revenues and margins (Pages 4, 21). Export business is targeted to be 20% of total revenue

Current/ Expected Orderbook/ Pending Orders?

There are no open orders currently; only open inquiries exist. Customers have been waiting for the company to start production; many samples are being submitted. The company is taking a conservative approach, aiming for initial capacity utilization of 10-15% for new lines like PVDC and tandem products. There is a strong pipeline with significant demand and curiosity for new products, especially tandem products where competition is limited. The company expects to ramp up utilization to 70-80% by the next fiscal year as they convert capacity into revenue. Export orders are also in process, with

IN US

Creative GraphicQ3 FY26Industrial Products

Creative Graphic Q3 FY26 Earnings Call Analysis

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

Price: ₹142P/E: 18.8Market Cap: ₹352 CrSector: Industrial Products

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 1

→Aspiration to grow at 100%, with H1 growth at 55%; aiming to improve growth pace in H2 and beyond (Page 26).
→No fixed guidance for exact numbers but optimistic about surpassing H1 achievements (Page 26).
→Capacity expansion plans: current capacity 8,000 metric tons with new capacity adding 1.5x more; targeting 75-80% utilization next year (Pages 4, 24).
→PVDC capacity expected to start at 10% utilization, ramping up gradually (Pages 4, 24).
→Flexographic business growth expected, no additional capacity needed for current growth (Page 22).
→Exports targeted to be at least 20% of total revenue by FY 2027 (Page 21).
→Working capital and debt expected to increase in line with higher volumes (Page 27).
→No immediate capital raising planned, but open if required (Page 27).

Margin guidance

Category 3

→The company aspires for aggressive growth, targeting up to 100% revenue growth over the next 2-3 years (Page 26).
→PAT (Profit After Tax) margins are currently lower than competitors but management is confident to match or surpass the industry PAT margins over time (Page 8).
→Operating margins are expected to stabilize around 12% despite capacity ramp-ups and entry into large clients (Page 25).
→Expansion of capacity through new machines and increased utilization (up to ~75-80%) is expected to boost revenues and margins (Pages 4, 21).
→Export business is targeted to be 20% of total revenue by FY 2027, expected to contribute higher margins by 4-5% compared to domestic business (Page 21).
→The company plans to introduce value-added products to improve profitability (Page 8).
→No immediate capital raise planned, but open to taking decisions if required (Page 27).
→Focus on working capital management and bill discounting to support scaling business and positive cash flows (Pages 7, 16).

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Fundraise plans

→No firm plan to raise new capital in the next two years; however, if required, the company will consider it without hesitation. (Page 27)
→For funding expansion or working capital needs, the company plans to use existing credit lines and bill discounting facilities. (Pages 7, 9, 27)
→Some additional debt may be taken to fund working capital as business grows, but no major new debt planned specifically for capacity expansion. (Pages 5, 6, 27)
→Capital expenditure for new factories and machinery will continue but will be lower and focused on ongoing projects, not large new capacity additions. (Pages 6, 27)

Order book

Yes

→There are no open orders currently; only open inquiries exist.
→Customers have been waiting for the company to start production; many samples are being submitted.
→The company is taking a conservative approach, aiming for initial capacity utilization of 10-15% for new lines like PVDC and tandem products.
→There is a strong pipeline with significant demand and curiosity for new products, especially tandem products where competition is limited.
→The company expects to ramp up utilization to 70-80% by the next fiscal year as they convert capacity into revenue.
→Export orders are also in process, with expectations to secure continuous orders soon.
→The focus remains on quality and gradual commercialization before aggressively scaling orders.

Capex plans

Yes

→No major new capacity expansion capex is currently planned; focus is on consolidating recent investments.
→Some maintenance and small capex expenditures are anticipated to keep existing capacity operational.
→Two factories are being set up with partial completion and upcoming machine installations, leading to some capital expenditure but lower than ₹50 crores over two years.
→No additional major capex is planned for FY26 and FY27 beyond current projects.
→CAPEX for the Oman facility (~₹4-5 crores) is already done with no new investment intended at present.
→If needed, the company is open to capital raising but has no concrete plan as of now.
→Future capex decisions will be based on sustainable demand and revenue streams, especially after current capacities are fully utilized.
→Strategic focus remains on increasing utilization and converting existing capacity into revenue before new investments.

How does Creative Graphic rank vs peers in Industrial Products?

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1Creative Graphic

Rev 1Mar 3

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