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Capex for brownfield (240KL Dahej expansion, 400KL Ankleshwar BI and Dahej Oncology block) should be above 150 crores. They had projected 152 crores from IPO towards these plans, but since some of these were started before the IPO the actual capex may be slightly more. Although it should be noted that they have only used around 50% of these proceeds so far. Capex for greenfield at Solapur was projected to be 600-700 crores for 800KL but if they build 1000KL now then that should be around 750-900 crores.
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Asset turnover ratio is currently 3 and they seem to be guiding to keep it at/above that in the future as well. However it would depend on: A. Capacity utilization of new facilities when they come online; B: The kind of business they run on these facilities. Absolute revenues and hence turnover ratio will be higher for CDMO > Complex APIs > Niche Generic APIs > Bulk Generic APIs. But since they do ATR of 3 with 90% business coming from non-complex generic APIs right now and they plan to move to more CDMO and Complex products that may increase. At the same time they said future growth will come from a mix of Volume-Price, so ATR of/above 3 should be expected to continue.
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