One spine from resin to cash — the value, the conversion, the days, and the leakage at every handoff. Where CPG specs & film orders turn into extruded, converted, dispatched, invoiced and collected cash (and where it gets stuck).
₹960 Cr is leaking or stuck across the 145-day order-to-cash cycle — the largest single pool is ₹700 Cr at Collect. Close the billing / export-doc lag and the aged book to pull cash forward without selling a thing.
5 of 6 headline metrics improving vs prior · still off target: Revenue from Operations ₹15,401 Cr vs ₹16,500 Cr, DSO (Days Sales Outstanding) 92d vs 75d, Cash Conversion Cycle 125d vs 105d
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 lost contract is value-added & converting revenue — the sticky book that carries the films cycle.
Each lost contract is value-added & converting revenue — the sticky book that carries the films cycle.
Each day of DSO ties up ~₹42 Cr of working capital that could fund the FY27 debt paydown.
The resin-to-cash cycle for the group, end to end. A CPG spec becomes a booked order, orders become extruded film & converted laminates, production becomes dispatched goods across 14 plants, dispatch becomes an invoice (or LC presentation), and an invoice becomes cash — 145 days from order to cash, with ₹960 Cr leaking or stuck across the handoffs. Each stage links to the 360 that owns it and the records to work. (Long-term CPG contracts & Asepto pack scheduling bill on a steadier cadence — this is the make-to-order films & converting lane.)
Value flowing through each stage, the conversion from the prior stage, days in-stage, and the leakage at the handoff.
The biggest levers are dispatch (film-stock & finished-goods inventory ~97 days) and collection (DSO 92) — the production handoff is instant; billing / export-doc lag is the quiet one.
Each leak quantified, owned, and linked to the 360 and the records that fix it — the working-capital recovery list.
Off-platform chip-spot & entity-ERP quoting vs governed SAP
Finished-film inventory holding + yield loss on below-target runs
Read this: the two biggest pools are ₹700 Cr aged AR (collect) and ₹70 Cr unbilled dispatch / export-doc lag (bill) — both pure working capital. Closing the billing lag and the aged book pulls ~₹770 Cr of cash forward without selling a thing.
Value, conversion, days, leakage and owner — drill to the owning 360.
| Stage | Value | Conv. from prior | Days in-stage | Leakage | Owner | Drill |
|---|---|---|---|---|---|---|
| 📋 Order / Spec | ₹15,800 Cr | — | 18d | ₹60 Cr | Key CPG Accounts · Order Desk | → |
| 🏭 Extrude & Convert | ₹15,401 Cr | 98% | 0d | — | Operations · Films & Converting | → |
| 🚚 Print / Laminate / Dispatch | ₹15,150 Cr | 98% | 28d | ₹130 Cr | Operations · Supply Chain | → |
| 📄 Bill / Invoice | ₹15,020 Cr | 99% | 7d | ₹70 Cr | Finance · Billing | → |
| 💵 Collect / Cash | ₹14,620 Cr | 97% | 92d | ₹700 Cr | Treasury · Collections | → |