Any current/future new fundraising through debt or equity?

There is no explicit mention of any current or planned fundraising through debt or equity in the transcript. The company mentions being "well-positioned financially" to make investments, especially for expanding food division capacity and engineering capacity. No specific plans or timelines for raising funds via debt or equity are discussed during the meeting. Focus seems to be on organic growth and using existing financial strength for capacity expansion. The chairman and senior management emphasize operational upgrades and new product development funded through internal resources rather than

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

Current manufacturing setup for Engineering division can generate revenue up to ₹250-260 Cr without substantial additional infrastructure investment (Page 23, 18). Space and land available at current facility for any future capacity expansion (Page 18). No significant maintenance CapEx as the division mainly involves fabrication without sophisticated machinery (Page 18). Ongoing R&D and product development investments in new technologies like Ion Exchange Membranes, hybrid MVR/TVR Evaporation Systems (patented), high gravity-based air pollution control equipment, and chemical-free cleaning sol

Future growth expectations in sales/revenue/volumes?

Food Division: Expected 15-20% year-on-year growth; targeting ₹60 crore annual turnover within 3 years at full capacity. Engineering Division: Current capacity can generate ₹250-260 crore revenue; expected moderate growth of 10-15% annually, potentially 20%. New Products: Smart Rod anticipated to drive significant growth, with early orders from large clients like Coca-Cola; potential exponential growth if widely adopted. Ready-to-eat segment: Under development, expected market launch in 6-8 months, focusing on mass-market rather than niche products, maintaining current profitability with

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

Engineering Division expects moderate growth of 10-15%, potentially up to 20% annually in 2-3 years with new product acceptance, leading possibly to exponential growth. New products like Smart Rod Systems, advanced evaporation systems, and chemical-free CIP solutions could boost growth by 20-25%. Current manufacturing can generate revenue up to ₹250-260 Cr in Engineering; expansion may require larger setup. Food Division targets 15-20% year-on-year growth, aiming for ₹60 Cr turnover within 3 years at full capacity. EBITDA margins expected to be maintained steady in food division; moder

Current/ Expected Orderbook/ Pending Orders?

Current order booking stands at approximately Rs. 115 to 120 crores. Domestic orders, including spares for vacuum systems, total Rs. 70 crores. CR (Croll-Reynolds) / Export orders for vacuum systems amount to Rs. 7 crores. Additional orders include air pollution control equipment (Rs. 3.5 crores), evaporators (Rs. 34 crores), and spares (~Rs. 1.5 crores). Delivery cycle: Vacuum systems take around 3 to 4 months; evaporators take 4 to 5 months. Order booking has historically ranged between Rs. 90 to 120 crores over the past five years. Currently, 23 solar industry orders worth Rs. 31 to 35 cror

IN US

MazdaQ2 FY25Industrial Manufacturing

Mazda Q2 FY25 Earnings Call Analysis

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

Price: ₹228P/E: 16.6Market Cap: ₹456 CrSector: Industrial Manufacturing

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Food Division: Expected 15-20% year-on-year growth; targeting ₹60 crore annual turnover within 3 years at full capacity.
→Engineering Division: Current capacity can generate ₹250-260 crore revenue; expected moderate growth of 10-15% annually, potentially 20%.
→New Products: Smart Rod anticipated to drive significant growth, with early orders from large clients like Coca-Cola; potential exponential growth if widely adopted.
→Ready-to-eat segment: Under development, expected market launch in 6-8 months, focusing on mass-market rather than niche products, maintaining current profitability with volume focus.
→Sales Strategy: Expansion in Indian market with state-wise approach; 10-15 new clients added yearly through exhibitions and digital efforts; exploring broader product applications to increase volume.
→Challenges: Market competition intense, price-sensitive environment due to reverse auctions; focus maintained on quality and timely deliveries to sustain growth.

Margin guidance

Category 3

→Engineering Division expects moderate growth of 10-15%, potentially up to 20% annually in 2-3 years with new product acceptance, leading possibly to exponential growth.
→New products like Smart Rod Systems, advanced evaporation systems, and chemical-free CIP solutions could boost growth by 20-25%.
→Current manufacturing can generate revenue up to ₹250-260 Cr in Engineering; expansion may require larger setup.
→Food Division targets 15-20% year-on-year growth, aiming for ₹60 Cr turnover within 3 years at full capacity.
→EBITDA margins expected to be maintained steady in food division; moderate profitability with focus on volume rather than niche products.
→Depreciation impact expected to stabilize over next 3-4 years as topline grows, improving bottom-line performance.
→Order book steady around ₹115-130 Cr; growth dependent on securing new large orders, especially in solar industry.

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Fundraise plans

→There is no explicit mention of any current or planned fundraising through debt or equity in the transcript.
→The company mentions being "well-positioned financially" to make investments, especially for expanding food division capacity and engineering capacity.
→No specific plans or timelines for raising funds via debt or equity are discussed during the meeting.
→Focus seems to be on organic growth and using existing financial strength for capacity expansion.
→The chairman and senior management emphasize operational upgrades and new product development funded through internal resources rather than external fundraising.

Order book

→Current order booking stands at approximately Rs. 115 to 120 crores.
→Domestic orders, including spares for vacuum systems, total Rs. 70 crores.
→CR (Croll-Reynolds) / Export orders for vacuum systems amount to Rs. 7 crores.
→Additional orders include air pollution control equipment (Rs. 3.5 crores), evaporators (Rs. 34 crores), and spares (~Rs. 1.5 crores).
→Delivery cycle: Vacuum systems take around 3 to 4 months; evaporators take 4 to 5 months.
→Order booking has historically ranged between Rs. 90 to 120 crores over the past five years.
→Currently, 23 solar industry orders worth Rs. 31 to 35 crores are under negotiation, expected to convert to substantial orders.
→Market is highly competitive with intense pricing pressure and reverse auctions, affecting order growth.

Capex plans

Yes

→Current manufacturing setup for Engineering division can generate revenue up to ₹250-260 Cr without substantial additional infrastructure investment (Page 23, 18).
→Space and land available at current facility for any future capacity expansion (Page 18).
→No significant maintenance CapEx as the division mainly involves fabrication without sophisticated machinery (Page 18).
→Ongoing R&D and product development investments in new technologies like Ion Exchange Membranes, hybrid MVR/TVR Evaporation Systems (patented), high gravity-based air pollution control equipment, and chemical-free cleaning solutions (Page 23, 6, 8).
→Investment in building a specialized marketing team and hiring engineers to support new product lines (Page 8, 17).
→Considering production expansion in FMCG/food segment depending on growth but currently focused on optimizing existing capacity (Page 15, 23).
→Exploration in hydrogen technologies and diesel elimination mentioned but no detailed CapEx plans disclosed (Page 6).

How does Mazda rank vs peers in Industrial Manufacturing?

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1Mazda

Rev 3Mar 3

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