The treasury cockpit — 13-week cash, EBITDA-to-cash conversion through the capex year, working-capital unlock, receivables, liquidity and covenant headroom.
Cash is sound at ₹1,231 Cr (≈ 4 weeks cover), but leverage ROSE to 4.35× through the ₹2,044 Cr capex year and ₹717.3 Cr of working capital is trapped in receivables — with more in ~97-day film-stock inventory. Pull DSO from 92d to 75d and sweep OCF to debt as commissioned assets ramp — working capital is the internal funding lever the deleverage plan leans on.
2 of 5 headline metrics improving vs prior · still off target: Operating Cash Flow ₹992 Cr vs ₹1,200 Cr, Cash Conversion Cycle 125d vs 105d, DSO (Days Sales Outstanding) 92d vs 75d
Hold FY27 capex ≤ ₹1,400 Cr, sweep OCF to debt as commissioned assets ramp — deleverage is the goal, not the achievement.
Net debt ₹8,622 Cr = 4.35× EBITDA, up from 3.73× (peak 4.52× in Q3); headroom to the 5.5× ceiling is ~1.15×.
Each day of DSO ties up ~₹42 Cr of working capital that could fund the FY27 debt paydown.
Every day of DSO above 75d ties up working capital; closing the gap releases ≈ ₹717.3 Cr of one-time cash — the cheapest deleverage there is.
Net debt/EBITDA is 4.35× (net debt ~₹8,630 Cr, ~1.06× equity) — UP from 3.73× and within ₹2,282 Cr of debt capacity to the modeled 5.5× ceiling (headroom ~1.15×). The capex funded visible assets; FY27 must convert them to volume, hold capex ≤ ₹1,400 Cr and sweep OCF to debt.
Net weekly cash (bars) and ending cash (line) vs. ₹900 Cr minimum. Forecast trough: ₹1,096 Cr.
₹1,984 Cr EBITDA converts to ₹992 Cr operating cash flow (50%); ₹2,044 Cr of build-year capex takes FCF to −₹1,052 Cr — deliberate, and the reason net debt rose.
Monthly, ₹ Cr.
Normalizing laggard business lines to 60-day DSO (the holography / chemicals benchmark) releases ~₹1105.5 Cr one-time.
Total AR ₹3,882 Cr
Overdue (>60d) = ₹700.0 Cr.
Highest DSO first.
| Account | Revenue | DSO | Credit risk |
|---|---|---|---|
| Converters & third-party chips | ₹3,121 Cr | 105d | High |
| Global CPGs — overseas films (150+ countries) | ₹6,180 Cr | 96d | Medium |
| L'Oréal | ₹330 Cr | 84d | Medium |
| Mondelēz | ₹620 Cr | 82d | Medium |
| P&G | ₹780 Cr | 80d | Low |
| PepsiCo | ₹850 Cr | 78d | Low |
| Nestlé | ₹760 Cr | 76d | Low |
Working-capital lever.
| Supplier | Spend | DPO | OTIF | Risk |
|---|---|---|---|---|
| PET resin & chips inputs — PTA / MEG (crude-linked) | ₹3,600 Cr | 45d | 93% | High |
| PP granules & specialty polymers (BOPP / CPP / WPP) | ₹1,500 Cr | 50d | 94% | Medium |
| Aluminium foil, metallizing & coating inputs | ₹900 Cr | 55d | 92% | Medium |
| Ocean & inland freight / logistics | ₹850 Cr | 42d | 88% | High |
| Power & fuel (9-country plants) | ₹739 Cr | 40d | 96% | Medium |
| Paperboard & aseptic laminate inputs | ₹450 Cr | 48d | 95% | Low |
One click into the owning view — each reads the same live governed dataset.