Ladies and gentlemen, welcome to Century Plyboards India Limited's Q2 FY 2026 Earnings conference call. 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 management's opening remarks. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Navin Agrawal , Head, Institutional Equities, SKP Securities Limited. Thank you, and over to you, sir.
Good afternoon, ladies and gentlemen. I'm pleased to welcome you to this financial results conference call on behalf of Century Plyboards and SKP Securities. We have with us Mr. Sanjay Agrawal, MD and CEO, along with Mr. Arun Julasaria , CFO, Mr. Sumant Wattas , CEO, MDF and Particle Boards business, and Mr. Vishu Goel, CEO, Laminates business. We'll have the opening remarks from Mr. Sanjay Agrawal followed by a Q&A session. Thank you, and over to you, Sanjay ji.
Thank you, Vinny. Thank you. Good afternoon, everyone, and a very warm welcome to our Q2 FY2025 earnings conference call. Before we begin, please note the standard disclaimer. Today's discussions will cover the company's past performance and future outlook, and it is not intended as a solicitation to invest. The earnings results and analytical presentation have been shared with you and are also available on the stock exchange websites. The company delivered a strong and broad-based performance during the quarter, with growth across all key business segments. Our performance underscores the resilience of our business model, the strength of our brands, and the success of our ongoing initiatives to enhance productivity and operational efficiency. At the consolidated level, the company delivered a robust performance with ever-highest quarterly revenue of INR 1,386 crore, up 17.1% year-on-year.
This growth was driven by healthy demand pull of our products and robust performance from our newly commissioned units. On a half-yearly basis, excellent revenue was 16.7% higher over the same period last year, demonstrating our ability to sustain momentum despite a challenging macroeconomic backdrop. In terms of profitability, again, at the consolidated level, the company delivered even ever-highest EBITDA ex-forex of INR 181.7 crore. EBITDA margin ex-forex improved to 13.1% versus 10.3% in Q2 FY 2024. This improvement was primarily supported by higher volumes and the benefits of our ongoing cost optimization programs. We have also taken meaningful steps to strengthen our balance sheet efficiency. On a standalone basis, our working capital cycle reduced to 63 days as compared to 76 days at the end of FY 2024. On consolidated level, it has improved to 70 days from 74 days.
This was achieved through tighter inventory management, improved payable management, and efficient cash flow discipline across divisions. Overall, the quarter reflects not just growth but also improving quality of earnings. Segmental performance. Let me now take you through the detailed performance of each of our business segments. Plywood segment. The plywood business delivered an exceptional quarter, achieving its highest-ever quarterly revenue of INR 760 crore, registering a 16% growth year-on-year and 17.5% sequential growth quarter-on-quarter. This performance was supported by healthy volume growth and improved distribution reach. EBITDA margin stood at 14.2%, supported by higher volumes and stable input prices. Laminate segment. The laminate division continued to improve its performance trajectory. Revenue, which is at ever-highest quarterly revenue, was INR 188 crore. At the consolidated level, it grew by 16.6% year-on-year and 8.4% quarter-on-quarter. We are witnessing encouraging demand both in the domestic market and exports, especially from design-driven and premium SKUs.
The EBITDA margin expanded to 9.5%, supported by better cost absorption, favorable product mix, and internal efficiency initiatives. Going ahead, we expect steady improvement in both volumes and profitability as the segment continues to benefit from the brand's strong recall and enhanced manufacturing scale. Now, I will move to MDF segment. Our MDF business continues to deliver robust growth, with revenue increasing 27.9% year-on-year and 32.4% sequentially, and clocking ever-highest quarterly revenue at INR 343 crore. The growth was primarily driven by higher volumes of thick and improved plant utilization across units. While EBITDA margin stood at 13.6% against 14.3% in the previous quarter, the slight moderation was due to temporary cost pressure. Now, to particle boards segment. We are pleased to inform you that the new particle board plant commenced commercial production and sales during the quarter.
As expected, EBITDA for this business remains under pressure due to higher fixed costs during the ramp-up phase. Financial overview. From a financial perspective, Q2 reflects consistent improvement in both scale and quality of earnings. Our continued focus on operational excellence and disciplined capital allocation has helped us maintain healthy return ratios. We also remain committed to investing in brand building, technology upgrades, and distribution enhancement to support long-term growth. Cash flows from operations have improved to INR 269.4 crore in H1 against INR -2.73 crore in FY 2024-2025, enabling us to meet capex requirements largely through internal accruals. Outlook looking ahead, we expect the growth momentum to continue across all major business segments. The medium-term outlook for the building material and interior solution industry remains positive, supported by rising urbanization, higher disposable incomes, and increased consumer preference for branded and premium products.
With a diversified product portfolio, a strong brand, expanding distribution network, and upcoming capacity additions, Century Plyboards is well-positioned to deliver sustainable revenue growth in the coming quarters. We will continue to focus on value creation through operational efficiency, prudent financial management, and responsible growth, keeping shareholder return at the core of our strategy. That concludes our management commentary. We will now open the floor for questions.
Thank you very much. We will now begin the question-and-answer session. Each participant is requested to limit himself or herself to a maximum of two questions. Time permitting, we will respond to any further questions that you may have that remain unanswered. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take a first question from the line of Keshav Lahoti from HDFC Securities. Please go ahead.
Hi. Thank you for the opportunity.
Good afternoon.
Yeah. Hi. So firstly, congratulations on a strong set of numbers in all segments. What I want to understand firstly, laminates, you are planning for a de-bottlenecking. If I see this quarter, hello. I was saying in MDF, you are planning for a de-bottlenecking, right, in H2 in a earlier call you highlighted. So is that running on track? Do you plan to do it in H2? Any change?
Keshav, you're talking about MDF or laminates?
MDF.
MDF.
Yeah. Sorry. I didn't hear you.
No problem. This is Sumant Wattas . Look, we are planning for a line extension on our south plant, which will increase the capacity of the south plant by about 25%. We will not do it in H2 of this year. It will most likely happen in H1 of next year.
Understood. Got it. As I can see, this quarter, your MDF plant would be operating at 85% utilization, which you say is a peak utilization in Q2. Do you feel you will face capacity constraint in this segment when you talk about demand is going by 20%-25%? Even after line extension, overall, at the group level, the capacity will just increase by 10%. How do you feel to service the demand for next two to three years? What is the view on this?
Keshav, you are correct. I mean, as of now, we have healthy utilization levels. It is about 80% across both our plants, north and south. In H1, like I mentioned, we will take a line extension, which will take our capacity from the current 525,000 cubic meters to about 600,000 cubic meters next year. That is a bit of capacity relief. As of now, obviously, we are very bullish on the industry. The industry will grow by 15%-20%, and that is our outlook as well. With the current capacity, we will continue to optimize for product rates, value added, so on and so forth. Internally, we are deliberating on how to think about future capacity expansion, but nothing concrete at this point in time.
Understood. Got it. Anything you can say from initial discussion? What are the thoughts? You want to put up a new plant, whether it will be brownfield, possibly when you are planning maybe in FY 2028, will do something? Because maybe till FY 2027, you'll have the capacity. Maybe in FY 2028 peak quarter, you might face capacity constraint.
Look, all options are open on the table. It's a bit too early to comment.
Got it. That's it. Thank you. That's it from my side.
Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone. We'll take our next question from the line of Praveen Sahay from PL Capital. Please go ahead.
Yeah. Hi, sir. Thank you for the opportunity. My question is related to.
Hi. Hi.
Yeah. Thank you, sir. So sir, my question is related to laminate. Definitely, revenue growth is there, but it's largely due to a realization improvement. Can you give some color on how high as mix has changed, which product or which market, basically, the expansion and which led to the realization improvement, and how it's sustainable?
Okay. Hi. Vishu is live, and thanks for the question. I think two, three areas. One, to the question of how the product mix has changed. This is a broad-based kind of recovery we are seeing. This actually expands both for our domestic as well as our international operations. At this stage, it is not a specific geography or the set of geographies wherein we are working towards the improvement of the product mix. However, this is a more broad-based strategy change which we are looking at, wherein the premium mix is something which we are pushing, and that actually is impacting our realizations in a positive way. That is where we are working on.
Is that sustainable in nature going forward? Will we continue to see such kind of realization?
Yes. It should be sustainable because as we move forward, we are now proactively looking at avenues in terms of the entire ecosystem, specifically the influencers, including the architects, some of the premium markets as well as exports are concerned, and a certain conscious effort to look at a high premium product mix both for our international as well as our domestic markets. We strongly believe that as we move forward, the premiumization on the category is something which will continue.
See, basically, the train of laminate had derailed for the experiments, very serious, very deep experiments we were doing, and they were not really working. It was like a train which had derailed. Now, actually, it has come on the rails that you can see it is progressing. Very soon, in a year or so, you will see we'll be back absolutely on the full swing. That is what happens with derailed. Yeah.
Gotcha. Sir, next question is related to particle board, even though that's a contribution is very low, but your guidance is 40% for our sales growth. In the first half, there is a decline in the revenue. How in the second half you are looking at very exponential growth?
Yeah. Thank you. Thank you for the question. In the Q2 revenue and volume numbers that you see, there's a footnote about 10,000-11,000 CBM cubic meters of sales. We actually capitalized, which is about INR 230 million worth of sales. If you take that into account, these were trial sales of sales of trial materials, which are something known to be capitalized. If you take that into account, you do actually have seen expansion and growth as compared to Q1. Hence, we are quite confident of the 40% guidance that we've given. The 40% growth essentially means ending the year at about INR 2 billion. If I take the trial sales into account, we're already about INR 540 million-INR 550 million quarter for Q2. Even if I maintain the same runway, which we are quite hopeful of surpassing, we should be able to hit our 40% guidance.
Right. Right. Thank you. I'll come in the queue. Thank you. Thanks a lot.
Sure.
Thank you. Next question is from the line of Sneha Talreja from Nuvama. Please go ahead.
Hi, Dilin. Thank you a lot for the opportunity.
Yeah. Hi, Sneha.
Hello, sir. I'll say just two questions from my end. Firstly, I just wanted to understand if I'm not wrong in what you've spoken about. This particular quarter, it's been some cost impact on the MDF side of it.
I can't hear clearly, actually. Hello. The voice is not very clear.
Is it better now?
Sneha, use your handset mode, please.
Is it better now?
Sneha, are you able to hear her?
Yeah. Yeah.
Yes. Yes. We can hear you.
Yeah. Just wanted to understand the raw material cost impact on the MDF front. Although I understand we've seen some increase in diesel prices, have you already started seeing a decline there, or that's still on the elevated level? If yes, by when can we see easing out of those raw material prices? And what impact did it have on our margin level?
Yeah. So Sneha, thanks for your question. Look, this quarter, there was pressure on raw materials on both wood and chemicals. Let me take it one by one. On wood, especially in north, there was a pressure on account of supply shortage. In Punjab, there are plants. There were significant rains and floods, and as a result of it, there was availability constraint and cost pressure on timber in north. However, having said that, south continues to stabilize and maybe even soften a bit. This is a temporary phenomenon. It is stabilizing already on the wood front. On chemicals, again, we do not see the cost pressure to sustain. It is a temporary blip, as we are aware. Most of our chemicals are basic chemicals linked to global commodity movements and global trade movements, be it natural gas or be it crude.
We believe this will also stabilize in maybe a month or so.
Understood. Secondly, thanks for that. Secondly, just wanted a bit of clarity on your particle board division. This particular quarter, of course, we have capitalized everything, and you have made trial runs. How is the response in the market, and how do we see gradually run rate improving from here?
Yeah. The plant that we've commissioned is a top-of-the-line continuous line, and the technology is actually quite cutting edge. The boards that have come out have received very good feedback from the market. The board quality, the surface quality, etc., is very, very rigorous. We are very hopeful of a good response in the coming quarters and a good scale-up.
Sneha, the quality of the particle board has come out so well that we are very, very confident that selling it will not be difficult for us. Of course, the market prices will prevail, but selling it will not be very difficult, and we'll be able to ramp up soon.
Sneha, did I answer your question?
Hello.
Sneha, are you on mute? Please check.
Yeah. Yeah. Got the answer. Thanks. Thanks a lot, team.
Thank you.
All the best.
Thank you. Thank you.
We'll take our next question from the line of Amit Purohit from Elara. Please go ahead.
Yeah. Sir, thank you for the opportunity and congratulations.
Hi. Hi, Amit.
Hi, sir. Sir, just on the segmental wise, if you could help us in, one, any price increase that you would have taken in the plywood or MDF segment, and also the cost pressure in terms of the timber pricing for plywood and MDF?
As far as plywood is concerned, there are no cost pressures. A little bit of prices have softened in India. Some of the manufacturers, the small ones, are using more of local material, and it is good for us because we want to manage quality, and the pressure which was there on imports is a little bit reducing. Neither there is any increase of prices, nor there is any reduction in prices. That is why we have also not increased any prices on our products. Whether we are getting benefit because of the volumes increase, the automatic cost reduction happens a little bit. That is how they have been tied a little bit better.
On MDF, sir?
On MDF, sir.
MDF, sir.
Should I go ahead?
Yeah. Yeah.
On MDF, look, on pricing, we haven't taken any structural price increases, nor have we taken any structural price decrease. The Q2 trend on realization that you see is mostly on account of product mix and thickness mix. We expect going forward as well, prices to remain, hopefully, stable. On cost pressures, like I mentioned, there have been temporary pressures this quarter, both on timber on account of monsoon floods, especially in north, and also temporary pressure on account of global cues, including natural gas as well as stripping on the chemical side. However, these are temporary blips. We expect things to stabilize this quarter.
Okay. Generally, sir, on the demand environment, many of the companies have talked about that there has been extended monsoon, which had an impact on the consumption generally. When I see our numbers, we do not see any impact. In fact, there has been a bit of an improvement only sequentially if I look at even plywood volumes or even, for that matter, MDF volumes. What would you ascribe it to? Is it, I mean, the thing that earlier was talked about that after two, three years of real estate cycle or the plywood or the decorative segment starts to do well? Is that the benefit, or this is something to do with internal initiatives that we have taken on with distribution as well as on the intermediary side focus that is helping us to gain? What is the market environment now?
I don't think that there is much change in the market. You see, you have to see that we are in an industry that is in plywood. We hardly have any market share. It is below 10%. There is a huge possibility. In such situation where you are below 10%, even if the total growth is not very good, still we have a lot of space, headroom to actually achieve. We see that there is a good demand in the market, and you have to, again, remember that the quality assurance order has stopped all the imports of whether it is MDF or whether it's plywood by 80%. 10%-20% is still getting imported. That is helping MDF also, and that is helping plywood also.
I don't see that for us because we are doing everything possible under the sun, whether it is branding or expansion of people, new measures to gain market share. Always, we are there in the market totally. It has worked earlier. It is working now also, and we certainly hope that it will work in the future also.
Sure. Thanks a lot and all the best, sir.
Thank you.
Thank you. Thank you.
Before we take the next question, we'd like to remind participants to ask a question. Please press star and one on your phone. Next question is from the line of Rishikesh from Kotak Mutual Fund. Please go ahead.
Hi. Good afternoon.
Hi, Rishikesh.
Hi.
Hello, sir.
Sir, just if I look at your MDF margin, probably this 13.5% is at a reasonable utilization of 70% plus. Obviously, we can't take a call on the pricing, but how much is the scope on the product mix side do we have to improve? Because utilization, if I look at it, there's very little runway, considering we are now almost close to high-density MDF also we are selling. How much on the product mix side or customer mix side do we have in terms of to get the margin up further?
Rishikesh, thanks for the question. I think there is, while we are a heavy baseline on value-added products, I think there's a lot more scope. As a company, we endeavor to really push to unravel on the high-margin value-added products. I think there's significant way to go there in terms of both geography mix and product mix from our perspective. If you look at the current margin number, you also have to factor in a little bit of a temporary blip on account of RM that I spoke about. I think going forward, we at least endeavor to really up our game further on value-added and also therefore see improvement in margins. This takes time. I mean, this is a long-term game, and we have to invest behind marketing, behind R&D, and a lot of other focus programs on the influencer side as well.
We believe there's sufficient room to grow there.
Do you feel that potentially 20% margin is possible, assuming at the current realization without much price hikes based on the improvement in product mix or whatever you spoke about, let's say at the exit of March or probably next year?
It's hard to put timelines to when we'll hit those margin levels. If you're asking at steady state with value-added maxed out and all temporary RM pressures going away, I think high teens is a possibility.
Sure. Thank you.
Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone. Next question is from the line of Ritesh Shah from Investec. Please go ahead.
Yeah. Hi, Ritesh. Hello.
Yes, Ritesh. We can hear you.
Hello.
Please go ahead.
Yes, actually, we can hear you.
Please check if your line is.
Yeah. Hi.
Yes, Ritesh.
Hi, sir. Congratulations on a good set of numbers. Thanks for the opportunity.
Thank you.
Sir, I had a simple question. Sir, how do you look at the machine make, say, something Chinese versus something European, specifically with our experience probably on particle board, on the quality on output, the differential that it could help us on Capex intensity and hence on pricing and profitability? Something similar, hypothetically, if you had to add another line on MDF, say, 6 months, 12 months, 18 months out, would you go for a Chinese make based on your experience of particle board?
I think that's a good question for some new venture.
No, sir. I'll answer you.
Should I respond?
Yeah. Yes, you should respond. Yes.
No, sir. Actually, look, I don't think we'll have a better opinion here on what is better, whether it's Chinese or European, etc. I think as temporary, what we can tell you is that we keep a very close eye on all technology developments, and our OEM partners, be it Chinese or European, have been associated with us since very long. Whatever machine we put up in future Capexes, we'll totally understand and scrutinize and put up the best machinery possible. I don't think it would be fair from our side to take a comment on the country of origin in terms of robustness of technology. I think it's immaterial.
All right. Let me put it another way, sir. Particle board stabilization, quality of products, are you something happy with?
Yeah. Yeah. Like you previously mentioned, look, we commenced commercial production in this quarter. Commercial production started June 26, which is almost Q2 for us. The machines are stabilized. We are very happy with the quality of the product, and we're looking at a more robust ramp-up.
For sure. And just last data point, if you can. Sir, hypothetically, for same capacity standards, if one has to, what will be the Capex differential between the two regions? Say, 20%, 30%, 40%?
Look, honestly, I maybe have to come back to you on that because it depends a lot on specific specifications, right? Let's say for the particle board, our particle board is a super particle board. We've added a few pieces of equipment that enhances the product quality much beyond what players are offering. It's not an apple-to-apple comparison.
Okay. Sure. Just last question, given you didn't comment on the MDF potential extension, say, expansion next year or year after. Sir, how should we look at the balance sheet numbers, specifically on the absolute net debt number, if you could help us with that, and the Capex number that we should look for 2026, 2027, 2028?
Anandji, would you like to take that?
Yeah. You do it.
I think he's asking for the whole company.
Specifically for MDF, I think you are the person.
Are you asking specifically for MDF?
No, sir. I had company level, sir. Sir, given we did not get an answer on MDF, I am trying to just bridge the gap somehow.
Yeah. I think he's asking for the company. You see, as far as you have seen, all the investments we have done, particle board, MDF, and plywood, all the investments are now into full, have been ramped up fully. All the initial problems have been covered. These are the times now when we will be reaping the benefits. This year, maybe still some hiccups with the particle board plant. What I see is that this year and the next year are absolutely there to get the benefits of whatever we have planted. I see this growth, whatever we are doing right now, this growth will continue. We always give indications of every item, MDF separately, plywood separately, laminate separately. We expect we will be able to achieve that without any problem. That is what was your question.
Sir, I was referring to how should we look at the net debt profile? Say, currently, should we expect, say, INR 300 crore?
You see, you have to calculate because we have given the guidance of growth, and we have given the guidance of EBITDA also. We do not like to give you a figure that, yes, this is the profit or this is the expected profit. We have given a guidance on both the things, and it's very easy for you to calculate actually now.
Correct.
Yeah.
Yes, sir.
It is all positive.
Sure, sir.
All positive, actually. Yeah.
Yes, sir. It is positive, sir. It can be more positive, sir. That's the reason we are trying to figure it out, sir. Sir, Capex number 26 and 27, sir?
Capex, we have undertaken one plywood factory in Hoshiarpur, which is now under construction. The other Capex, I think we are still planning. MDF or particle, no more particle board right now, but MDF and plywood, we are planning. I think first we will get it approved from the board, and then we'll be able to declare.
Sure, sir.
The only way to grow is to put up more investment into these manufacturing capacities because there is no other possibility. There is no trading. There is no other possibility of growing. We will have to invest.
Correct. Perfect, sir. Thank you so much for the answers. All the very best.
Thank you.
Thank you again.
Thank you. Yeah, thank you.
Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone. Participants who wish to ask a question are requested to press star and one. We'll take a next question from the line of Udit from YES Securities. Please go ahead.
Hello, sir.
Hello.
Congratulations on the new setup number. Hello, sir. I just wanted to understand a bit deep into the plywood space. I'm sure that you all have been delivering some superior numbers versus everybody else. What is leading to such kind of a growth? We understand that there might be some kind of shift in demand happening from unorganized to organized as well. If you can throw some light into which product segment or the kind of markets that you are gaining, that would be helpful.
Frankly, there is no very specific reason at the moment. Yes, the import ban because of the quality assurance has certainly helped. Otherwise, a lot of plywood was coming in from Vietnam and Nepal, etc. That has certainly been stopped or reduced to a great extent. The rest of it is actually all the market is open to all, every company, some companies at some times. It is right now the moment of Century Plyboards. Probably whatever we are doing is working in the market, and we are able to gain the market share for the moment. We are working very, very hard on many new things. We are learning while we are progressing. There are so many things we are doing which nobody else is doing actually. Yes. And the quality. Of course, the quality is still the best. Nobody else comes near.
The customer who has tested the fruits once, he again comes back for Century Ply only. I hope I answered your question very well.
Yeah. For sure. That was helpful.
Yeah. Yeah.
Thank you, sir. No other questions.
Yeah.
Thank you. Next question is from the line of Mehul from NMV Securities. Please go ahead.
Hello. Am I audible?
Hi, Mehul. Yeah.
Mehul, please use your handset mode.
Hello. Am I audible now?
Yes. Please go ahead.
Yeah. I would like to know the utilization for H2 for all the four segments.
Utilization for H2 for all the four segments.
Maybe I can start with MDF. On MDF, Mehul's utilization for H2, we'll continue to guide about 80% plus utilization. And our SRE subsidies are past 85%. For particle boards, currently we're at about 35% utilization. We hope to go up to about 55-60% in H2. Of plywood and lam, I'll go over to Vishu.
Yeah. Yeah. So Mehul, Vishu this side. On the laminate side, right now, since we have kind of two plants out there, okay, we have an older plant in Joka. And there is a new facility in Badvel. So Joka, we are about 80-82% utilization. And for Badvel plant, we have ramped up to almost about 55% as we speak. As we move forward, we are looking at.
55%?
Yeah. As we move forward, we are looking at the capacity utilization for both Joka as well as Badvel to go up about 10-15 percentage points for Badvel specifically.
Okay. For plywood?
For plywood, we are increasing the capacity in all our plants. Like in 2024-2025, the capacity was about 339,600. In 2025-2026, Q1, it was 382,800. In Q2, it has increased to 394,800. Already certain internal progresses are happening in Kandla and in Chennai. This capacity will further increase. Presently, what we are doing is we are able to supply and achieve through our internal developments within the existing plants. The new plant will still take about a year. It is delayed a little bit. It will take about a year to come up.
Okay.
All the plants excepting particle board capacity, all the plants are above 80-85% practically.
Okay. What is the utilization we are expecting for 2026 and 2027?
For 2026, 2027, I think the way we look at it, it should go above 100% utilization actually. Yes, whatever we are doing, we will be able to achieve, I think, 90% plus in most places. I do not have the actual numbers right now in front of me, so I am just giving you a reply which is just off the hook. If you really need more detail, investor relations will certainly update you.
Okay.
I will note down your name.
Sure. Sure.
Yeah. They will get in touch with you. You are from which company?
NMV Securities.
Okay.
Yeah.
Mehul, you are through with your questions?
Yeah. Yeah.
Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone. As there are no further questions, I would now like to hand the conference over to Mr. Sanjay Agrawal for closing remarks. Over to you, sir.
Thank you. Thank you, everyone, for your insightful questions and continued interest in our company. We are encouraged by the strong performance across all our business segments and remain confident about sustaining this growth momentum in the coming quarters. We appreciate your trust and support, and we look forward to engaging with you again after our next quarter's results. Thank you and have a great day ahead.
Thank you, members of the management team. On behalf of SKP Securities Limited, that concludes the conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines. Thank you once again.