Q3 25/26

Feb 11, 2026

Quarterly report

Summary

Q3 and 9M FY26 growth was driven by AMISP execution, with 9M revenue up 114% and PAT up 157% YoY. A large order book, accelerating installations and unchanged FY27 guidance support continued growth, alongside working-capital and tender-timing considerations.

Ladies and gentlemen, good day and welcome to Q3 and nine-month FY 2026 earnings conference call of Genus Power Infrastructures Limited, hosted by Kavira Securities Private Limited. As a reminder, all participant lines will be in the 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 an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. This conference may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as of the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Abhijeet Purohit from Kavira Securities. Thank you, and over to you, sir. Thank you. Good afternoon, ladies and gentlemen. Kavira Securities welcomes you all for Q3 and nine-month FY 2026 earnings conference call for Genus Power Infrastructures Limited. The management team is represented by Mr. Kailash Agarwal, Vice Chairman, and Mr. Jitendra Agarwal, Managing Director. Now, without any further delay, I hand over the call to Kailash, sir, for his opening remarks, post which we can open the floor for Q&A session. Thank you, and over to you, sir. Thank you, Abhijeet. Good evening, ladies and gentlemen. A very warm welcome to Q3 FY 2026 earnings call of Genus Power. The results and press release are uploaded on the stock exchange in the company website. I hope everybody has had a chance to look at it. Q3 FY 2026 marks another solid quarter for Genus Power and caps a strong nine-month performance in FY 2026, driven by sustained execution momentum across our AMISP portfolio under the RDSS framework. For Q3 FY 2026, our standalone revenue stood at INR 1,122 crore, representing an 86% year-on-year growth, supported by a scale-up across multiple live projects and steady progress in system integration and commissioning milestones. While revenue in Q3 FY 2026 saw a marginal sequential moderation, this was largely attributed to festive seasons-related factors such as Dussehra and Diwali, which temporarily slowed down on-ground installation activity across certain states. EBITDA nearly doubled year-on-year to INR 62 crore with EBITDA margin 14.76%, reflecting strong operating rates, improved absorption of fixed costs, and disciplined cost management. Profit after tax stood at INR 148 crore, up 117% year-on-year, supported by margin expansion and scale benefits, notwithstanding higher finance costs. For the nine-month period FY 2026, the company delivered strong growth across all key financial metrics. Revenue stood at INR 3,214 crore, up 114% year-on-year, while EBITDA grew 159% to INR 676 crore, with EBITDA margin at 21.3%. Profit after tax at INR 424 crore, up 157% year-on-year. The consistent performance over the nine months period execution momentum, operating leverage, and disciplined financial management RDSS. After commissioning around 58 lakh smart meters in 9 months, the pace of installation will accelerate from Q4 onwards as several large projects are being moved into active rollout. Building on this trajectory, we expect to commission approximately 80 lakh to 90 lakh meters during FY 2026, supported by our strong manufacturing throughput with current manufacturing capacity now standing at over 80 lakh per year. Just recently, the company achieved an important milestone with the receipt of operational go-live for 2 of the Rajasthan smart meters. As on date, 16 smart meters acceptance tests conducted on a batch-wise basis. This expanding OGL footprint significantly enhanced our long-term cash flow visibility and reinforced the sustainability of earnings profit through recently O&M revenues. Our order book as on 31st December 2025 stands at about INR 27,000 crore net of taxes, attributable primarily to Genus' own AMISP projects covering about 2.75 crore smart meters, providing multiyear execution and annual revenue visibility over 8 to 10 years concession periods. Around 80% of AMISP revenue accrue directly to Genus, underscoring the quality and profitability of the order book. We continue to actively monitor upcoming tender opportunities under RDSS, including in Tamil Nadu and Delhi. Our bidding strategy remains selective and return-focused, prioritizing those projects where our integrated AMISP model provides strong execution certainty and long-term cash flow visibility. Looking ahead, we remain highly confident on execution visibility and expect Q4 FY 2026 to be a strong execution pattern driven by seasonally favorable installation conditions, a larger base of OGL-enabled projects, and accelerated rollout across these states. I thank you very much. You can now begin the question and answer session. Anyone who wish to ask may press star and 1 on phone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to answer 1 at a time first. Ladies and gentlemen, we wait for a moment while the question queue assembles. The first question is from the line of Aditya from Axis Securities. Please proceed. Yeah. Thank you for the opportunity, sir. My question is with respect to our tendering pipeline. In the last call, we said that 10 crore meters to be awarded, and out of which 3.8 crore meters will go live in by the end of FY 2026, and balance 6 to 6.5 meters in the next 12 to 18 months. So any update on that? Any changes in that? So that is the first question. I got confused with your statement of go live. What does that mean? Not go live. He means live tender. J.K., he is talking about live tenders. Live tenders. Right. Okay. Currently, the total of live tenders right now is around, I would say, 4.5 crore meters, which is 3 crore from Tamil Nadu, which is already been quoted, and we see this to be finalized only after election. I think it will take 3 to 6 months. This is the last tender which is already quoted. 5 million meters of BSES is already quoted. New tenders of 5 million has come from MP, which will be quoted on 25th Feb and 23rd and 25th Feb are the two dates when these will be quoted. Add on that tenders which are already out quoted or to be quoted is to the tune of 50 million meters. Understood. Wadhakant. I would like to add here, as you asked the question that earlier it was 3.8, almost 38 million meters. That is already going on, and still we feel that even these 50 million meters or 35 million meters, they may take some time, next 3 to 6 months, because the biggest tender is from Tamil Nadu, which is 3 crore meters, 30 million meters, and we expect that to be finalized after Tamil Nadu. They are having an election very soon. It may take some more time. Yeah. Very clear. On the similar lines, Karnataka and Telangana were also expecting to go for tendering. Any update on that front? Karnataka and Telangana still have not opted for the RDSS. Still they are not under the RDSS scheme. We hope they will come under the scheme soon, but not as of now. One thing we have to be very clear and we should very well understand, that if we talk about Genus itself, it is always good that the tendering happens slowly or there is a delay in new orders. Because already we are sitting on an order book of INR 27,000 crore, and we have to execute this, and there are timelines for execution of these orders also. For the company, it is also good that when the tenders are delaying and we will be expecting these tenders in let's say six months, nine months, 12 months and all. That is more beneficial for the company rather we getting any orders immediately. That just I want to clarify to the investors. Yeah. Understood that, sir. The next is on, we have a good order book, but parallelly, we have been developing our gas, water meter exports market. Any color from that area? Are we expecting something materializing over there to quantify it in our order books? Also similar to that line, what will be the replacement demand look like in future once we execute our orders? Slightly in the longer term. Just wanted to understand how this order book sustain in a much longer period of time with these new activities like gas meters, water meters, and exports and replacement demand. To give you a larger picture, around 30-31 crore meters to be installed in total in India. Out of that, only 5.5 crore has been converted to smart meters. So there's a good total addressable market of 25 crore electricity meter remains for the industry. So I see a good visibility of four to five years. Apart from it, every year there's a new service connection, which is an industry standard of 3% to 4%. It will continuously keep adding. And when you say about the replacement market, definitely the meter which was installed three years, four years back, they start getting into replacement by 2031, 2032. So there will always be a replacement market of, I would say, by the end of this 30 crore meters installed, there will be meters which have already seen the life of seven years, eight years, nine years. There will be a lot of replacement market. Apart from this, Genus is investing heavily, not only in the hardware like gas meter market or the water meter market. We are also investing heavily in our software division, where a lot of these meter data will be utilized for the benefit of the DISCOMs. A lot of projects will come out within the DISCOMs using these data points. Genus is focusing not only as an AMISP supplier, it is also focusing as a technology provider. That is the reason Genus has moved as an end-to-end solution provider, not only just a meter manufacturer, between installing the meters and maintaining the meters. We have good 4-5 years in our hand to make sure that the future is continuously taken care of. When it comes to water meter and gas meter, it is just picking up. In India, the total addressable market for the gas meters is 12 crore meters after the current data. These 12 crore meters, we see them happening in the next 6-7 years. It will give a reasonable market size. Water meter is in the very nascent stage. Right now the order book is just INR 15 crore-INR 20 crore for gas meters and around INR 15 crore for water meters, which is very small. It is picking up. In water meter business, we see after 3-4 years, we will see a very reasonable number and it will become meaningful. Same with the export business. A lot of investment is going on in multiple markets and you will see a very reasonable market of around INR 500 crore happening after 2-3 financial years. This is how broadly we can talk about the future of Genus. Understood, sir. I would like to add one thing, that there is a clear visibility for next 5 years to the company, even in the existing business. Right now, having an order book of INR 27,000 crore, number one, then expecting 15 crore meters new tenders in next 2 years. Out of 15 crore, whatever share we could maintain or whatever the business we could get. With the existing business itself, there is a clear visibility of next 5 years, with a decent growth every year. Last year, we did INR 2,500 crore. This year, we will be doing INR 4,500 crore. Next year, there will be a good visibility in growth. Next 5 years, we see a continuous growth of the company with the existing business itself. And then in addition, there will be the water meters, there will be the gas meters, there will be the exports or many other things. Which company has a good time of next three to five years to develop those areas of revenues. Once that happens, then after five years, there will be a replacement market with gas meter, water meter, many other things will be coming. So the company clearly have a clear visibility of continuous growth for coming many years. Yeah. Thanks for this elaborate answer. Thank you so much. Thank you. The next question is from the line of Vaibhav Mishra from Finvestor. Please proceed. Hello, sir. Congratulations for the excellent set of numbers. My question is somewhat related to the previous participants. Actually, just wanted to know from the order book and the commentary in the previous quarter as well. I could confirm that for FY up to FY 2028, I think we are pretty much clear with the kind of growth that we are giving. So I think up to FY 2028, we are very comfortably clock around INR 7,000 crore to INR 8,000 crore. But after that, I was not sure that how confident are we that in the medium to long term, FY 2029 and beyond, we could cross these numbers continuously like these INR 7,500 crore or whatever the number is in FY 2028. Can we continue the growth momentum going ahead? What are those growth triggers? I think you mentioned few of them in the previous participant's question. But we are confident on beating these numbers year-on-year going ahead, sir? The reason we are confident is we are maintaining this market share for the last 20 years. I do not see any reason for Genus losing that market share. That is the reason from the current business line, we are very confident that for next five years, we can see a clear visibility in the business and continuously maintaining our market share and the growth. So here we have to understand that still a business of almost INR 120,000 crore has to come in next two years. Almost 15 crore meters business has still to come. Tendering has still to happen. All the tenders is live. And Genus is confident of keeping its market share. If we keep that market share, out of INR 120,000 crore, you can understand that how much business we can get. So absolutely, the company is totally confident that for next five years, there is a clear visibility of growth. And then company is already working on many other sectors, as I previously answered also. So the company has no doubt of the continuous growth in coming many years. All right, sir. Thank you. And sir, some color on the tenders that you have bidded, if you could, and the future tenders that you are expecting. So our margins, since there are many companies who have announced going into the smart meters and all. So the margin profile, what do you see as far with your current order book margins, or you see margins going a bit down from here on in the future tenders? That's very different, it's a tendering business. How the things move will work on that. If I estimate for March quarter, we can confidently say that whatever the projections we will give, we will be achieving that. All right. No issues. Okay. Okay, that's it from my side. Thank you so much for the future quarter, sir. Thank you. Thank you. The next question is on the line of Bhavin Chheda from Enam Holdings. Congratulations on excellent numbers, sir. I think crossing the FY 2026 guidance you gave earlier. Just on a bookkeeping question, sir, if I missed out on the number, for the quarter, what was the smart meter production after installation, and how much operationally went live in the quarter? Nikin, do you have the data so that you can please. Yeah. We do around one million meters a month, but I want to give him the exact number. Yeah. That one, yeah. That is not installation. That is together, all meters, yeah. We can take it later. Sir, in quarter three we installed 23.3 lakh meters. Installation is 23 lakh meters. 23.3 lakh meters in the quarter three, yeah. Okay. What was the production, sir? Production, in nine months we have done 1.3 crore meters, because this includes non-AMISP meters, also meters which we supply to private utilities, export meters, and also to Genus projects. So in total, in nine months, we have produced 1.3 crore meters. That is 1.3 crore meters. Okay. That includes all kind of meters. All. But not smart meters. Do you have the smart meter number there in 1.3 crore? You want to know? In this 1.3 crore meters, the smart meters are 98 lakh meters are smart meters. 98 lakh meters. And till date, how much has gone operational live? Operational live as on date. Till 31st December. Till 31st December. Till 31st December, operational was 16 projects are live, but few projects have gone live by 31st January. Till 31st December, exact number I need to come back to you. If you have till January, how much till January has gone live? Till January 31, 16 projects out of 24 have gone live. In total order book, it covers around 2.5 crore meters. In terms of number of meters which are already installed and operation go live, it covers around 70 lakh meters. 70 lakh meters till January. What I'm trying. So till September, your 40 lakh meters were live, so now it is close to 70 lakh meters. Yeah. Okay. Which means your monthly rent has started on 70 lakh meters from February onwards, right? No. Monthly rent starts only after three months of the O&M. After three months of O&M. After three months of O&M. Okay. Roughly by April, the run rate will have an entire monthly rental revenue of 70 lakh meters. Yes. Currently in the quarter, the same number would have been around 40 lakh meters, which was installed till September 30. Yes. Okay. Second question is on how much we have invested till date in our platform company as equity or loans and advances, whatever. That number, actually, I am not having right now. Will get you back. You can get this number from SGA. Last earning call I gave the number. Kunal, do you have that number? Kunal. No, Kunal is not there. I will give you that number. I will send you that number. Okay. Last one, sir. Since, I think, the installation momentum is increasing, next year will be much more number than this because of a strong order book. What you expect will be the peak debt number in the balance sheet by next year? Peak debt number- Peak number you will reach is around INR 2,200 crore, INR 2,100 crore. That is the maximum we expect, yes. That is in 2027 you will reach, right? Next year. Yeah. If you have that number as on December 31, how much was it? Till September it was 974, September 30 number. If you can give me December 30. It will be around the same numbers, what we have given on 2nd September. It is almost around there. Until 31st December, we have invested 2-3 crore in the platform. I have got the data now. Okay. You have got that. 2-3 crore till 31st December. In the platform till 31st December. Yeah. Okay. Next year, sir, your capacity is already 18 million meters now. What is the optimum utilization which we can do on this number, which obviously I believe you will achieve it next year in 2027? Generally, in our business, there is a lot of yo-yo. It is not a consistent capacity utilization. That is why generally we keep the capacity on the higher side. So I expect this 18 million capacity will be sufficient, and I would say 80% of the capacities should be utilized in next financial year. Okay. Thanks a lot, sir. Thank you. The next question is from the line of Mahesh from ICICI Securities. Please proceed. As there is no response from the current participant, the next question is from the line of Kewal. Please proceed. Yeah. Thank you for the opportunity. My first question is on revenue and margin guidance. Does the revenue and EBITDA margin guidance, which you said in the last phone call, remains intact for FY 2027 and for the medium term? If revised, what are the key drivers behind the change? No, we are not revising any guidance. We are not revising FY 2026 also and FY 2027. Okay, sir. My second question is on the working capital and gross debt. What is the current debtor payable and inventory days, and its target trajectory for FY 2027 to FY 2028? Same goes for gross debt. For gross debt, I recently answered in the last question that it is almost at the same levels what it was on 30th of September, and the maximum gross debt we will reach will be around INR 2,100-INR 2,200 crore, and that will be in financial year 2027. Regarding the inventory days and the debtors days, the debtors days has improved from almost 15 days from the last 30th September, the numbers we have given. But the inventory days are little higher. The inventory days are little higher by- Okay almost 10 days. It is approximately in percentage, it is a little down, but in absolute numbers it is little more. Okay. As you have actually answered this GIC regarding the question about GIC platform. I just wanted to know from your side that the earlier guidance which you indicated for total investment commitment on GIC platform was around INR 1,000 crore-INR 1,100 crore for the time period of FY 2026 to FY 2028. What is the current deployment status or any change in scale, structure or timeline from your side? Recently, I told that as on December 31, the total in the platform is INR 2 crore-INR 3 crore. Okay. INR 2,000 crore to INR 3 crore. Again, the INR 1,100 crore in 2028. Okay, sir. Got it. That is it from my side. Thank you. You asked about the total gross debt. Yes. It is INR 1,975 crore as on December 31, 2025. Okay, sir. Thank you. Thank you so much. Thank you. The next question is from the line of Sonia from Dalal & Broacha PMS. Hello, sir. Thank you for the opportunity. I just want to understand what is your working capital days as of this quarter versus September quarter. The number of days, if you can give. I recently confirmed that it is almost at the same level because there is a reduction in debtors day, but there is an increase in inventory days. Inventory. Debtor days is reduced by 10 to 15 days, but inventory is up by 10 days, so the number of days is same as it was on 30th of September. Okay, sir. Thank you. Thank you. Next question is from the line of Aditya Singh from Multibagger Stock. Please proceed. Good morning. Good evening. Congratulations on a great set of numbers. I just wanted to know what is the target of the number of- Sir, voice is not clear. Hello. Hello, is it audible now? Yeah, better. Better? Okay. I just wanted to ask that, how good is the target of meters that you are planning to install for Q4? For this financial year, we have been 90 lakh meters to be installed in this financial year. Okay. How many of the meters have gone OGL till January 31? Till today, Genus installed under RDSS around 1 crore meters. Out of 1 crore meters, around 70 lakhs have come under the OGL certification as a separate unit. Okay. Thank you so much. That was all from my side. Thank you. The next question is from the line of Mohit from ICICI Securities. Please proceed. Hi. Good afternoon, sir, and thanks for the opportunity. The one question I have, is it fair to say that almost all the SPVs with GIC have closure? Only a few of Rajasthan are pending. Almost closure. I think we are on the verge of closing it next. There are very few left, right? Yeah. Understood, sir. Thank you and all the best. Thank you. Thank you. Thank you. The next question is on the line of Diwakar Rana from Prudent Equity. Please proceed. Hello. Sir, you just said you know the gross debt is INR 1,975 crore. Am I right, sir? Yeah. In your call you have guided for INR 2,000-INR 2,100 of peak debt. We are not going to take any debt for FY 2027, 2028, right? No, it all depends. We are talking about gross debt and not talking about net debt. Basically, when the last guidance was about the net debt that the company will go to a level of that debt and that too in 2027 we will achieve. Okay. What will be the gross debts for FY 2027? That cash reserve of the company is not very much. Already the company has put most of the cash in the working capital itself. So it won't be reaching more than INR 2,100 crore, INR 2,200 crore. Those are the same numbers we have. Oh, okay. Thank you, sir. Thank you. The next question is on the line of Neeraj from Branch Group. Please proceed. Hi. Thanks for the opportunity. Great set of numbers. Congratulations on them. Two questions. One is with regards to the new meters coming to bidding. What kind of volume that you are seeing into the market? Second is with regards to the ED raid that happened in December 2024, any update on that? Any further notice received on that? If you can provide some information, that would be great. Can you repeat your first question? I just missed it. My first question is with regards to the new projects, the meters that are coming for the bidding by various DISCOMs or- During the con call I updated that the new tender, which right now is primarily 50 million meters. Tamil Nadu, BSES Delhi, some quantities from Punjab, some quantities from Haryana. Total 5 crore meters tender either to be quoted or already quoted are live in the market. We are planning to bid for them through the GIC platform. We are bidding every tender that comes out for AMISP, provided it is within our reach. All these tenders we are bidding. That's all. Okay. Your second- Regarding your second question, basically, company was searched in December 2024, and after that, there is no further development to the company. Company has cleared it in the press release also that company has not received any notice or show cause notice or any summons from the department yet. If anything happens, we will inform through the investors surely. Company is well compliant, and it is not affecting any of the operations of the company, that you can see with the results also. It's almost 20 months that have happened, and company is absolutely growing at its path, and there is no hindrance to the operations or anything. Thank you and all the best. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Rajesh Vora from Ginlay Ventures. Please proceed. Good afternoon, gentlemen. Congrats on pretty strong Q3. As is clear from the commentary, the company is entering strong growth phase with many more projects going live and new orders being expected. How is the interplay of working capital and operating leverage really kicking as company being one of the largest player in smart meter market? Could you explain that? Can you come again, please, with your question? Yeah. So over the next few years, company is going to significantly scale up its operations, and many more projects are going live. More and more projects going live, so more revenue generation, and it would also mean more working capital. But at the same time, there will be more profits and more cash flow. How should we think about your company over the next two, three years in terms of Growth in revenue, volume of smart meters, as well as working capital and margin. Basically, as we cleared it earlier also, that company is looking for a regular growth for next five years. For sure, it won't be like that from last year to this year, we will be doing from INR 2,500 crore to INR 4,500 crore, and next year INR 6,000 crore. After that, there will be a steady growth of, you can say, 10% for next couple of years. And company is making a reasonably good margins, EBITDA margins, on the recent projects and all. And cash flow is also improving. In terms of percentage, it is regularly improving. And further, as company told earlier also, every quarter you will see a decent growth in the cash flows also or a working capital cycle reduction in the working capital cycle also. That's why, with the current order book, we are projecting that the company's gross debt or net debt will not go more than INR 2,100-INR 2,200 crore, which almost we are at 90% of that. With regular cash flows inflows coming and reduction in the working capital cycle, the company is hopeful of achieving all these numbers at the same level. Jitendraji, what is the guidance for next financial year in terms of number of meter installation and revenue and margin? Next financial year, we will be installing at least one crore meters. It is the guidance we have given in the last earn call also. We maintain the same. In revenue guidance, we gave a guidance of INR 6,000 crore, so we maintain the same. Okay. But when you indicated in reply to one of the participant, 1.8 crore is the capacity of smart meters. Manufacturing capacity. Right. Genus doesn't manufacture meters only for its own usage. We are the largest supplier to the different utilities. When I say 1.8 crore meters, it includes all kind of meters. Even in first 9 months of this financial year, we have manufactured 1.3 crore meters. Okay. It is- Okay. When you say 1 crore plus meter for FY 2027, you mean all the types of meters or only smart meters, 1 crore? Installation of smart meters. Okay. Let me clear you. You have to understand that Genus works for two type of things. One, the installation of meters. That means the own AMISPs we are doing. So we mean that 1 crore meters will be for our own AMISPs and remaining meters will be the supply to other AMISPs. Like right now, in first nine months, we have manufactured 1.3 crore meters. Out of that, 70 lakh meters, correct me, J.K., if I'm wrong, 70 lakh meters for our own AMISP. Own AMISP. Remaining for the utilities and For- Different, yeah, AMISPs and utilities. Got it. Okay. It ties in because 80% utilization of 1.8 would mean 1.4 crore total meters. Balance, whatever 30, 40 lakh will be for non-AMISPs, correct? Roughly. This is a very ballpark numbers I have given. Sure. We are confident that we will do them, yeah, comfortably. Okay. Last week, Adani Energy Solutions announced that they crossed one crore milestone in the smart meter. Genus also crossed that, is that correct? Yes, Genus is releasing the press note today only. We have also crossed the one crore meter mark. We are neck to neck with Adani in terms of number of installations. Wonderful. Of course. Right. From an order book viewpoint, the INR 27,000 crore order book, because of GIC setup, we get roughly half or 55% of that upfront. For us, will it take three years roughly from now on, 2027, 2028 and 2029, to complete that in a bulk, 70%, 80%, 90% of that? Is that a fair way to look at it? How should we think about it? I missed you in between. Your voice got cracked. Sorry. Yes, absolutely. Next three years, we are confident of completing this order book. We will be getting some more orders that will be continued to further years. Wonderful This will be completed, and then we will be supplying meters to other AMISPs also. That will be additional to this order book. Right. So going forward, is it a. Sure. Just to give you a sense of, as on date in India, around 5.6 crore smart meters have been installed. Out of the 5.6 crore smart meters, 2.5 crore meters has been supplied by Genus. So that will give you Wow! an idea if Genus is not only an AMISP, it is the largest meter manufacturer in the country. Okay. So 1 crore is only for our own AMISP. Rest 1.5 crore is given to other AMISPs, correct? Other AMISPs and utilities. Wow. AMISP and other utilities also, yes. Okay, great. Thank you so much, and wish you all the very best. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is on the line of Hrishikesh from IIB Investments. Please proceed. Thanks for the opportunity and congrats on the good set of numbers, sir. You already highlighted that percentage-wise and absolute numbers-wise, your working capital is pretty much the same as compared to the previous quarter. I wanted to understand when it comes to becoming cash flow positive, you had highlighted in the previous call that you aim to become cash flow positive by the end of FY 2027. I wanted to understand how are we placed when it comes to becoming cash flow positive by the end of FY 2027? We are very well well-placed on that. Every quarter we are seeing the improvements and all. We have still five quarters in our hand to have all these improvements. We are very sure that we are cash flow by the end of it. All right, sir. That is it from my end. Thank you so much. Thanks. Ladies and gentlemen, that was the last question for the I would now like to hand the conference over to Mr. Talat Dewji for the closing. Over to you, sir. Thank you, dear friends. We ensure that the company is doing good and will be good for many years coming in future. Thank you very much. Have a great day. Have a great time. Thank you. Thank you, everybody. Thank you. Thank you, sir. On behalf of Kavira Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.