Q2 25/26

Nov 13, 2025

Summary

Standalone H1 revenue grew 24% and PAT 182% YoY; FY26 standalone targets are 30% revenue growth and 13%-15% EBITDA margin. Subsidiary losses and weak European demand remain drags, with Canada and Europe actions underway.

Good evening, ladies and gentlemen. I am Tanisha, moderator for the conference call. Welcome to Centum Electronics Limited Q2 FY26 earnings conference call. As a reminder, all participants will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing * and then zero on your touch-tone telephone. Please note this conference is recorded. I would now like to hand over the floor to Mr. Gulshan Singh from Sunidhi Securities. Thank you, and over to you, sir. Yeah. Thank you, ma'am. Good afternoon and very warm welcome to everyone. On behalf of Sunidhi Securities, I welcome you all to Centum Electronics Limited Q2 H1 FY26 earnings conference call. Today, we have with us the management represented by Mr. Nikhil Mallavarapu, Joint Managing Director, and Mr. Sundararajan Parthasarathy, Chief Financial Officer. We thank Centum Electronics for giving us the opportunity to host the call. We would now like to hand over the floor to the management for their opening remarks. Post which, we will open the floor for Q&A. Thanks, and over to you, Nikhil, sir. Thank you, Mr. Gulshan, and good evening, everyone. Welcome to our earnings conference call for the second quarter and the first half of the financial year 2026. Let me first thank our host of today's earnings call at Sunidhi Securities. Let me now take you through the operational performance of our company for the period under review, followed by which our CFO, Mr. Sundararajan Parthasarathy, will brief you on the financial performance for the period under review. During the second quarter of financial year 2026, we recorded a robust standalone revenue growth of 18% year-on-year, supported by strong execution in our build-to-spec business for domestic defense and space customers. Operational efficiency and improved revenue mix contributed to EBITDA margin expansion in the quarter as well. The gains were primarily driven by the high quality of our build-to-spec revenue mix. At the consolidated levels, EBITDA margins were, however, impacted by subsidiary losses. Our international operations continued to face headwinds in the first half of 2026, with weak macroeconomic conditions and intense competition in the ER&D market in France. This has led to subdued demand and pricing pressures. We are progressing on the planned divestment of our Canada operation, and we are in the process of also evaluating the long-term strategic direction of our European business in alignment with our longer-term value creation objectives. On the balance sheet front, we continue to invest in CapEx and to enhance capacity to build inventory in preparation for the strong order execution expected in H2 of FY26. We continue to see strong order book momentum supported by healthy growth in the EMS business from new customers. And also on the domestic DPS order pipeline, we continue to see a healthy pipeline, remains robust, and is expected to be a key driver for sustained growth in the coming quarters. Further, during the period we strengthened our strategic partnerships, we received notable recognitions. We signed MoUs with GRSE for collaboration on navigation systems for the Indian Navy and with BEL to advance indigenous defense electronics across electronic warfare, radar, and military communication systems. We also delivered nearly 400 critical modules for ISRO's recent LVM3-M5/GSAT-7R program, underscoring our execution capabilities in space programs. Our DPS unit also received NABL accreditation, which is further enhancing our credibility in the defense contracts. Recently, the company was also recognized by CII as an energy-efficient unit for excellence in energy management 2025. Now, I would request Mr. Sundararajan Parthasarathy to give you more details on the financial performance. Thank you, Mr. Nikhil Mallavarapu, and good afternoon, everyone. Let me brief you on the financial highlights for the second quarter and first half of our financial year ending 2026. At the standalone level for the quarter under review, our revenue from operations increased by around 18% year-on-year to INR 206 crores. EBITDA stood at approximately INR 25 crores, registering a 36% year-on-year growth with EBITDA margins improving by 154 basis points to 11.97%. PAT came in at about INR 13 crores, reflecting a strong 97% year-on-year increase. For the first half of financial year 2026, revenues from operations grew by 24% year-on-year to INR 391 crores. EBITDA for the period was About INR 60 crores, marking a 68% year-on-year rise, and EBITDA margins was expanded by 338 basis points to 12.88%. PAT for the first half stood at INR 29 crores, delivering a robust 182% year-on-year growth. Now coming to the consolidated financial performance for the quarter under review. Our revenue from operations increased by about 12% year-on-year to INR 291 crores, and EBITDA stood at approximately INR 18 crores, which declined by 12% year-on-year. The EBITDA margin is also declining by 165 basis points to 6.16%. Profit after tax was reported at INR 4 crores as against a loss of INR 30 lakhs for the same period last year. For the first half of the financial year 2026, our consolidated revenue from operations grew by 12% year-on-year to INR 564 crores. EBITDA for the period was around INR 41 crores, marking a 14% year-on-year rise and EBITDA margins improved by 14 basis points to 7.22%. Consolidated profit after tax for the first half stood at about INR 9 crores as against a loss of INR 4 crores in the corresponding period last year. As of 30th September 2025, our borrowings stood at about INR 108 crores. That is about 12% increase on a net basis after accounting for INR 16 crores of discounted letter subscription. We maintained healthy cash balances of INR 136 crores, which includes those INR 76 crores from the QIP profits, and we also reduced some subsidiary borrowings by INR 13 crores through waivers and cancellations during the quarter. With this, I now open the floor for question and answer session. Thank you. Thank you, Saurabh. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. We will wait for a moment while the question queue assembles. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. First question comes from Nishita Sankhlecha from Safal Capital. Please go ahead. Hello. I just wanted to understand that on a consolidated level, our margins have dropped. When are we going to see our subsidiary become EBITDA positive? Thank you, Nishita. I think the point on the subsidiary is clearly a high priority topic we are looking to address. I think as I mentioned during the earlier discussion, with regard to our Canada operations, we are quite confident that we will have a solution very shortly to be able to divest or close the business that we have there. That's been a contributor for an important part of the losses that we have as part of the subsidiary. That will be in a fairly short duration, within a few months or couple of months. By the end of the quarter, we should have a clear decision on this. In regard to our Europe operations as well, as I mentioned earlier, we are evaluating various options on this front. As I mentioned, the macro scenario today is not favorable to be able to have a good amount of growth, which is what is really needed to improve the margins. We are taking various steps on that front, but also more strategic options are being evaluated, and at this stage, I'm not able to share more. We expect that by the end of Q4, we should have direction on which way we'll be. Okay. Understood. So once we have more clarity on the Canada and the Europe operations, we will be able to say more about when your subsidiary will be EBITDA positive, right? Yeah. The objective is that we clearly would like as much as possible to not have any losses from the subsidiary impacting our overall numbers in the next financial year. We are working on various different actions to be able to address this in the next couple of quarters. Okay. Understood. If you would like to give any revenue guidance and margin guidance for FY26 and FY27, that would be great. Yeah. I think with regard to revenue, as you mentioned, our standalone numbers have been very strong. In light of what I have just mentioned, I would focus my comments on the standalone numbers. The standalone numbers have been very strong, as you mentioned, they are close to 25% for the first half. Also, as usual, our second half numbers typically are higher. Based on this, we are targeting 30% growth for the full financial year at the end of March. That is with regard to revenue growth on the standalone numbers. With regard to EBITDA margin, again, with the higher sales that we are seeing in the second half, we expect by the end of the financial year on a full year basis, we should be in our range of between 13%-15% at a standalone basis for EBITDA. Understood. Thank you so much. Thank you. Next question comes from Nirmal Mehta from Unique PMS. Please go ahead. Yeah. Hi, Nikhil. So on our BTS business, while we saw a good growth, our order book has gone down slightly from last year. Can you just give an outlook for this business over the next 2-3 years? What segments will you see the growth from and where do you see the business? Yeah. I think we are very confident with regard to what we have in the pipeline. I think the second half of the year here as well, we expect to see a very strong order booking. There are several different programs that are in advanced stages of decisions. So we expect between Q3 and Q4 that the order book on the domestic BTS side will definitely increase, and we should close at a very healthy pace by the end of this financial year. With regard to a more longer, 2-3 year kind of horizon, as we have mentioned in the past, based on our pipeline of opportunities and what is our share and so on, we expect that over a three-year period, including this year's, we should be targeting somewhere in the range of little over INR 2,000 crores of order booking in this business. Again, as I mentioned, we continue to be confident on certain things. We expect some of that to come in within the second half of this year. Okay. Similarly, can you also present an outlook for the EMS business? How do you see that over the next, say, 2, 3 years? Yeah. EMS also, we are expecting this year itself a very strong growth again, just as we have had in the past couple of years. As I mentioned, we have certain new customer additions that we had are now in production as of this quarter, which will help to drive some of that growth. There continue to be several other opportunities that are significant, which are in the pipeline, and we are in a good position to be able to win those. So, with all of this, we are seeing also basically a healthy pipeline also on the EMS front. We will have, as we have seen from year to year or quarter to quarter, some ups and downs in one business or the other, but targeting a 30% growth rate in the overall standalone business. Okay. Lastly, so you mentioned about the decision on the Canada business by end of the financial year. What are we trying here? Transferring the business to the customer or what option are we deciding? Yeah. As I mentioned, there are a couple of options that remain open. I am not able to disclose exactly what will happen until it is finally done. The first option is a discussion with a third party who is interested in this, and we are in fairly advanced stage of discussions with them. If that does not work too, then there is a backup solution also from the customer, or we may also proceed with a court-assisted process for us to exit the business. But you do expect a decision in the next one or two months? Yes, for sure. Yeah. Okay. Thank you. That is it from my side. All the best. Thank you. Thank you. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. The next question comes from Sai Vijay from Capstock Securities. Please go ahead. Good evening, all. Thank you for the opportunity, sir. My question is regarding the follow-up on the inventory that you mentioned on the opening remarks. The past six months, our inventory levels have increased by around 40%-45%. Is this primarily due to execution of existing orders, or can I be more optimistic and see it as a positive indication for expected order book growth? Yes, these are primarily for the existing orders in both BTS and EMS divisions. There are different programs that we are working on, aggregation, and this also supports the statement that we made about how the revenue is likely to ramp up in the second half of this year. This increase is kind of equally split also between divisions, so we would see the liquidation coming in the next six months. This also explains the payables that has also gone up and this should also get equated over time. Yeah. Just to clarify, all our inventory is bought against firm purchase orders or customer forecasts by the customers. We do not buy inventory in anticipation of something. It is really against firm purchase orders or customer forecast. Just to reiterate what Mr. Sundar has just said, this is clearly in anticipation of the higher deliveries that we expect in the second half of this year. Got it. Sir, I know you may not be able to give a lot of details, but at least if you can just broadly speak regarding the opportunity size for space-based surveillance program. Yeah. We are obviously tracking various different opportunities on that front. I think from our perspective, we have seen somewhere in the range of about 1,000 crores of opportunity that is addressable. I am not saying we will be booking that entire 1,000 crores, but it is a significant program and I am sure that we will have orders that we will be booking even in the current financial year for this program. Okay. Thank you, sir. Thank you so much, and all the best for the team. Thank you. Thank you. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. Next question comes from Atul Pansare, Synergy Securities. Please go ahead. Yeah. Thank you for the opportunity. Sir, I would like to understand how is our order pipelines for the European business. We were anticipating some good orders from the European customers. So we would like to understand what is the status over there. And we were also anticipating some margin improvements in the French subsidiary also. So if you could throw some light over it would be really helpful. Sure. Yeah. So, as I was mentioning, unfortunately, the uptake in demand has not happened in the way that we expected it to with regard to our Europe subsidiary. Basically, there is two effects that we are seeing. One is, as I mentioned, most sectors are down. There is no major investments happening in the automotive side or in some of the other sectors as well, which has caused an impact to a lot of the players in the ER&D space. The second thing is, of course, even from a defense standpoint, which is an area that we have a good position in, a lot of the increased budgets and expenditure is happening in production contracts. Whereas a lot of the new projects for design development have been delayed, which is really the area that we play in when we talk about engineering services and the new project design and so on that we do. As a result of that, either programs that we were tracking have been delayed or pushed out. On the other hand, due to general macro trends in other sectors, the intensity of competition, margin pressures have all also increased in the sectors that we are in. This has been the challenge. We are continuing to monitor that and taking certain actions from first on the cost side to continue to look at where opportunities we have. As I mentioned earlier, we are taking a more holistic review of what strategically we can take action on with regard to the European subsidiary. Considering especially the opportunity that we are seeing here in India. So we're evaluating various options on that front. Yeah, that's a really good answer. Sir, the second question is on the guidance which we had provided for FY 2026. That we were anticipating somewhere in the range of 18% top-line growth and 12%-13% EBITDA margin. But if we could see for H1 FY 2026, we were able to achieve, of course, due to the challenges in the European market and, of course, that is the one factor, but the guidance which we had provided of around 18% and we have achieved so far 11%-12% top-line growth. How do we see H2 FY 2026 will play out and are we still maintaining this guidance for FY 2026? Yeah. Like we said, on the European side, of course, there is some softness, but on the domestic front, we definitely expect a good uptick on revenue for both Q3 and Q4, which you have been seeing in line with the orders that we are likely to fulfill. While, of course, it may not be as overwhelmingly that we catered as far as European business is concerned, if we execute the orders that we have, that is quite strong pipeline that we have in both BTS and UMTS in India, we are likely to not miss that guidance that we gave in the past. You will see some ramp-up coming up. Yeah. Thank you. Like I said, in light of what I was just mentioning, I would like to focus your attention on the standalone business, which is really a good story. So there we continue to maintain the guidance, if not strengthen that to say that we should, at the standalone level, grow at 30% for the full year. The view on the subsidiary is we will have some degrowth over there. But like I said, we are taking certain actions on that front to look at more long-term opportunities. So the real focus for growth is on the standalone business, and on that front, we are quite confident we will hit the 30% number. That is helpful. That is all from my side. Thank you. Thank you so much, sir. Thank you. Ladies and gentlemen, if you have any questions, please press star and 1 on your telephone keypads. Next question comes from S. P. Bhaiya, an individual investor. Please go ahead. Hello, sir. Right. I have got two questions, please. First is on the domestic front, right, to achieve a growth of 30% for the year, right, you have to achieve a growth of 36% in the second half. So you are confident about that? Yes. First of all, with regard to the introspect business, this is not a surprise. It is not only for us, but for most players in the industry, a lot of billing happens in the fourth quarter. We expect similar things this year as well. Even on the EMS side of the business, as I mentioned, some of the new customers that we have added are getting into that production in this quarter. We feel quite confident that we should be able to accelerate the revenues in the second half. Okay. That is great to hear. The second question is, sir, we know your focus is to reduce the losses of your overseas subsidiaries, including Canada and European operations. Unfortunately, what has happened in the first half is your losses for the overseas subsidiaries have rather increased. What you have done the last year is what you have done this year. This year, you have had more this year than the last year's losses. How does the scenario look for the second half? As far as subsidiaries in the sense both Canada and Europe. In Canada, if I have to say, we have reduced the loss for this quarter by a bit in terms of comparing to Q1. Q1, we were about 0.6. We mentioned last time, so we are less than that. Europe is the one that is, in general, on the top-line troublemakers. For the quarter, of course, it is also masked by a couple of write-backs of liabilities that I mentioned in our notes. With the orders that are being booked in this quarter, once the second half we will be able to deliver, there is a possibility that in Europe we will see a further reduction of losses, and in Canada operations, as you mentioned, anyways, on the way out. Moreover, in Europe, what happens is in the first half, typically there are a couple of months, May and August, where you have holidays or very reduced working days. In general, H1 to H2 ratio will be about 35%-55% or 64%, that range normally. You would currently see some improvement coming up in the second half from Europe in terms of volume. So right. What has been done is done, actually, no problem with that. I would just like to take a guidance about how the losses will look like in the second half of this year, both European and Canadian operations taken together if you compare it with the first half. Yeah. I'm not able to pinpoint and give a guidance in terms of what could be the precise number or range. But what I can tell you that there will be an improvement based on the orders that we foresee and the pipeline that we have, if we build things somewhat precisely and the cost efficiency actions that we've been taking, it should help us. But what we've also done is in terms of the liquidity management and in line with the operational efficiency, we had worked with the banks and restructured some of the loans and arrived at a longer arrangement. So that kind of relieves the cash stress on the business, which means more liquidity to be able to generate more revenue and so on. On top of it, like I mentioned, there are a couple of items on the balance sheet like borrowings in terms of bonds that are being discounted and closed, so that's INR 1 million and another loan also we kind of closed in because it's no longer payable to the bank. These actions also will help to manage the business well. Moreover, they have been on their own for the first half without any additional infusion support and so on. That also is a telling story. We are in the process of making better bottom line in the second half. Yeah. Let me be clear about this. There will be a slightly lesser loss than we had in the first half. We don't expect to have profits in the second half of the year. We will have, however, a moderate loss. I think there are several factors that will impact finally what happens there. But we are right now not giving a very specific number, but it will be less than the loss we had in the first half. That is nice to hear, sir. Such a nice business model and such a nice team actually. We expect that, right, the company's investors also will be happy with whatever your performance, and we have got great hopes on Axile. So I hope that it will do better than actually what you have done in the first half. Second half will be much better than the 36% growth which you are envisaging for a standalone year and lesser losses. I hope these are really achieved. Thank you, sir. Thank you very much. Thank you very much. Yeah. Thank you. Ladies and gentlemen, if you have any questions, please press Star and One on your telephone keypad. We have a follow-up question from Nishita Sankhlecha from Safal Capital. Please go ahead. Yes. Hello. I just wanted a clarification. You mentioned that you have a good order pipeline in the BTS business in the domestic side. If you could please quantify the order book, like how much is the order book that you are expecting in H2? What is the order book size? Yeah. We have seen that as of today, we are roughly around, I think, 665 or 670 crores of orders for the domestic build-to-spec business. 665. As I mentioned earlier, over a 3-year period are looking to book another 2,000 odd crores in this business. So the visibility is good, and this is the kind of booking that we are expecting in the year forward. Okay. Perfect. Thank you very much. Also to clarify, that typically in build-to-spec business order execution period is in the range of 2 to 2.5 years. That's an important input to understanding this. So that is with regard to the build-to-spec business. Whereas on the EMS side of the business, the order book, the firm orders can be less than 12 months, in fact, maybe in the range of 10 months or so. Whereas we also have certain customer forecasts for a longer period, which we don't report as part of the order book itself. Okay. Do we have an order book for the EMS business also? If you can quantify that as well. Yeah. The order book for the EMS business is reported in our earnings presentation. It stands at INR 763 crores at the end of Q2. Okay. Thank you. Thank you. The next question comes from Pranav Bastawala, an individual investor. Please go ahead. Yeah. Hello, Nikhil. Hello, Mr. Sundararajan. Hello. Sorry I joined late. Just one or two questions. Just one noting I had made that in your subsidiaries in last six months you have incurred a loss of INR 21 crores, if I am not mistaken. Absolutely. That is one worry that it was discussed that in the second half something will emerge, and I am sure that negotiations are on, and at least somewhere down the line in this year, somewhere we will see the slog, the breeding part, I hope. Because definitely it is impacting the consolidated results too much. My major question is that there are two questions. One is in worst case, what is happening because I see a lot of things are happening from Centum side or from number of other companies like Bellatrix. They are doing lot of representations India abroad on the space side. But I do not see government opening up and doing lot of work on the space. Whereas this is a very big potential area. So can you explain where we are? When you expect this thing to materialize? My second question is that when I look at the growth of the company, though now we have a sizable order book and everything, when I look at the peers, there are number of other companies which are growing much faster. Even I was looking at an unlisted company recently, and they are growing. They are just manufacturing something like for BrahMos missile, some components. Such kind of companies are growing by 50%, 60%, 70%, and they may report a number in next two years to seem similar to what numbers we are reporting in terms of revenue and much higher profitability. So Centum being such a company in this space, do you think that we need to revisit our all plans and look at a business model wherein we can move and scale up much higher? At least on industrial, much higher than the industrial. That is it. Thank you so much. Thanks, Pranav. Appreciate all the questions again. I think first point with regards to the subsidiary. You may have missed the initial opening remarks and some of the follow-up questions. As I was mentioning, we are quite close to finalizing the divestment of the Canadian subsidiary. Things are on track to close that in the very short term. We have also said that with regards to the European subsidiary as well, we are evaluating various strategic options to be considered to ensure that we do not continue or retain the status quo of the losses. That as well, we should have a decision on this by Q4. I am not able to diverge a lot more at this moment because we are actually evaluating various options. No issue, sir. You can go ahead with your other questions. No issues. Your second question, which was with regard to space. Space, yes, there is certainly a lot of discussions and activities that has been happening. With regard to Centum, at least our focus has been on applications that have largely been oriented towards military programs. That has been our biggest driver of orders and revenues in the space side. Towards that, we talked about this bit earlier. We have a significant program in the form of SBS, space-based surveillance, where we anticipate a reasonably good pipeline of opportunities and an addressable market of close to INR 1,000 crores on this front. We are taking various actions on that side to be able to address these opportunities as they come up. That one. Then in addition to that, there are also certain other things as we talked about earlier, where we have won a significant order in the past year for electronic warfare-based payload. Those are in a reasonably advanced stage of design finalization, and we expect that over the next few quarters, those will be delivered. We have also a very. Just to give you an idea that the constellation of three satellites for us was close to roughly a INR 300 crore order. We have certain indications from the customers that they would need more of such constellations. That's another opportunity for us. There are also certain other areas within the space domain around situational awareness and all of that, where we have also some active programs that we are pursuing and well-positioned to capture those. So that I would say the summary. I would say in terms of export opportunities, that is something that I would say still at a nascent stage. This is something that is evolving very rapidly, and we continue to watch and see how we can leverage some of these opportunities for export also. Then finally- But can I? Yeah, please. Yeah. Please go ahead. Yeah. Well, I think this is something that we are taking several actions. As I said, even in the current financial year by the end, we expect to have a reasonably good growth rate. There are various things that we are also working on, which are substantial opportunities in the radar domain, in the electronic warfare domain, and so on. There are clearly uncertainties in terms of the timelines and all of that and so on. We have to be mindful of that. As I said, we see a very healthy opportunity pipeline, and we continue to focus on growing that. It is a top priority for us, and we are very focused on pushing that. Can I just ask one more question, if possible? Sure. Yeah. Thank you. See, you have tied up with Garden Reach Shipbuilders recently as their camera and radar for some MoUs you signed. I see shipbuilding also a very big opportunity. Government wants to develop this shipbuilding business. At the same time, electronics plays a very important role, and definitely this is going to be a very big opportunity. Are you looking at tying up with some other shipbuilders also? What kind of scale of opportunity you are seeing? Yeah. To speak a little bit more about, first, the partnership with GRSE itself. This is a very specific system that is required for navigation of aircraft onto ships, basically. It is intended primarily for military applications. It is a system that currently is not installed on almost all of our ships. I think there is only one ship, in fact, that has it. It is becoming a requirement that all ships will need this type of system. So it is a substantial opportunity to the tune of maybe around INR 500 crores-INR 600 crores over a period of five years, perhaps. This is where we are looking towards, and we feel quite confident that we should be able to convert this. We can start in, again, a fairly short duration. Nikhil, just one question. Is it a yearly opportunity or over the five year horizon? Five years. Okay. What I mentioned was over 5 years, but the orders will come in smaller parts, year by year type of thing. Okay. It can be a bigger opportunity than this over a period of time. Viras, this is the first thing that we are working with GRSE on, and as things pan out, we will obviously look at expanding the scope to see what other products and systems we can bring to bear. You are very right that shipbuilding is clearly an area that is a priority, and we have good capacities and so on with Tapus. It is a new area for us, I would say, but it is also an area that we are exploring more and more as we go forward. Thank you. Thank you so much, sir. Thank you. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. I repeat, ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. We have a follow-up question from S. P. Bhaiya, an individual investor. Please go ahead. Nikhil, sir, just a small request. I understand you had organized a visit to your works that was only about the institutional investors. I feel that individual investors should not be declined the opportunity of visiting your facilities if you are really organizing that. Whenever you are doing that, I think please consider the participation of individual investors like us, and I think it is sizable investment and lot of potential also going forward. Just a small request that whenever you are organizing the visit to your works, please do not exclude the individual investors who are also potential and believing in your works. Certainly, sir. Thank you, and appreciate, first of all, the confidence in the company. We will certainly take the feedback and ensure we have individual investors also in future. We were in touch with Valorem, actually, but somehow they said that it is not possible. Please actually, just pass on the instructions to them that those who are sincere investors and potential investors, they should not be totally excluded. Certainly. Thank you, sir. Thank you. Thank you. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. I repeat, ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. There are no further questions. Now I hand over the floor to Mr. Nikhil Mallavarapu, Joint Managing Director, Kirloskar Company. Once again, thank you all for participating in the earnings conference call today. If you have any further questions or would like to know more about the company, please do reach out to our investor relation managers at Valorem Advisors. Thank you once again, and have a wonderful evening. Thank you, sir. Ladies and gentlemen, this concludes your conference call for today. Thank you for your participation and for using Kirloskar's conference call service. You may disconnect your lines now. Thank you, and have a good day.