Kotyark Industries – Only Listed pure Biodiesel Player

Thanks for sharing your notes.
Threefold increase in capacity when original capacity is not even 20% utilized. Seems very very bold (if not reckless) decision. I know that based on Govt commentary the requirement for Bio-diesel seems huge in future but with Govt policies there is always a danger of flip-flops, delays, tweaks which can adversely impact whole Business plan.

I am invested in BCL Industries, which is building a 75KLPD Bio-diesel plant along with paddy straw-based power plant, total capex for that is around Rs 140 cr (no land cost included). Assuming that just the bio-diesel plant costs around 90 cr and power plant Rs 50, then Kotyark would need around Rs. 1200 cr (assuming they already have the land) for the additional 1000 KLPD bio-diesel capacity. (Very rough figures)

I am not invested in Kotyark, just started analyzing it today so I may be missing some obvious points. I tried searching online but couldn’t find some info, can someone who is invested/researched, please help me by answering some questions:

1. What was the total capex outlay? How did they fund such a huge capex? What was the mix of Equity and Debt?
2. Any idea about the debt levels? How much additional debt was taken to fund the expansion and how much is the interest cost?
3. This year many of their LOI lapsed, will it impact their ability to service their debt as the Cash flow will be very little compared to the Capex outlay?

Thanks.