Ladies and gentlemen, I welcome you all to the H2 and fiscal year 2025 post-earnings conference call of Aimtron Electronics Limited. Today, on the call from the management team, we have with us Mr. Mukesh Vasani, Chairman, Mr. Nirmal Vasani, Non-Executive Director, Mr. Sneh Shah, Director of Sales, and Ms. Nikita Shah, Chief Financial Officer. As a disclaimer, I would like to inform all of you that this call may contain forward-looking statements, which may involve risks and uncertainties. A reminder that this call is being recorded. I would now request the management to run us through the investor presentation for the half year ended March 31st, 2025, and the performance highlights for the quarter and the year that went by. Post which, we will open the floor for question-and-answer. Over to the management team.
Hey, everybody. Can you hear me now?
Yes.
All right. Actually, some people may be from other parts of the world also, I say namaskar. That's my favorite word. I'm so happy and proud today to share that we have a very good result. Thanks to the team and thanks to all the community investor professionals, really appreciate your support. Thanks to actually Aimtron team also that we meet the expectation. Yes, we have some queries and some questions. That was we had some last time also because we are evolving process. Is that correct? In this year also, we had a lot of good things, which each team member will share. Lot of queries because we also changed some of the standard also on accounting ways. It's not as typically standard, but last year's versus this year's, we added some more structuring of the balance sheet and P&L statement.
You can see some differences and queries also we can resolve today, we are here to answer all the questions. I would like to also thank you, Nirmal Vasani, who came all the way from U.S. to specially meet this investor connect. He is the one responsible also meeting on the manufacturing team, the operations lead, and meeting few key customers also. He's involving on the India business too. Let me actually give Nirmal first, he can just introduce first himself a little bit, about his journey, and then I'll take it again from there. Nirmal, you there?
Yes, I am.
All right.
It's very exciting for me to be here. This is the first time that I am, if I'm recalling properly, that I've had a chance to come to India to address, to meet with everyone, and really thank all of our investors for all of their support since we did our listing. It's a great pleasure for me personally to be here. I have spent quite a long time understanding Aimtron. I've been with the organization since 2012. I've gone through and done all of the tasks that operation is responsible for. I've gone through and done the creation of our presentations for our marketing role. I've talked to customers. I've been very customer-facing. I've been development-facing, working with projects that are design-oriented or engineering-oriented in nature.
Now I'm able to take all of that experience and really culminate that into excellence in operations for the entire Indian organization. For AEL and for me, it's both a very exciting step in our journey forward, and I'm very proud and happy to be a part of it.
Thank you, Nirmal. I think everybody's excited to see the result and ask some questions. We're going to jump onto Sneh, who is actually a proud moment, that who is also now a director and board member. He's a full-time director now. Sneh Shah, you can take the lead and do some presentation, and then maybe we can involve our financial team also whenever you need it. Let's hand over to Sneh first.
Sure thing. Thanks, Mukesh and Nirmal. To give you a brief about Aimtron. We incorporated or started in 2011, like 2011 to 2014 in one company in their premises with one SMT line. Year on year, we had a good progress down the line. Today we are at almost a teenager size. Where in 2014, we acquired one piece of land, and then we started our own facility in Waghodia, GIDC, which was inaugurated by Vajubhai Vala at that phase of time. He was Karnataka Governor. In 2018, we achieved INR 20 crore. Probably down the line, we went up to INR 50 crore in 2021. In 2023, we inaugurated design centers across Vadodara and Ahmedabad.
In 2025, we started last year the Aimtron Texas facility just to ensure that whatever U.S. business are there gets diverted through our only owned subsidiary of Aimtron India itself. 2011 onwards, we have been known as an ESDM, that is Electronic System Design and Manufacturing, where we provide one-stop solution, starting from say concept to design. Design involves hardware, firmware, mechanical, test development, test fixtures development. You name it, and we do it. Once design is ready, post that, we take it up to production till complete box build system integration, where it's like plastic or sheet metal or die casting or whatever it would be, wire harnesses and all that. We in short provide a complete one-stop solution on that front. With our certifications that we have, there are global standards which approved us as Aimtron to serve in that particular domain.
For instance, like 13485 is for MedTech, and 16949 is for specific to automotive. CDSCO is just like Make in India initiative under Government of India, who is promoting CDSCO for all local manufacturing across the globe for MedTech projects. We do have a couple of our customers for their product, we have taken up this certification. We have CSA, that is Canadian Standards Association, which approves us to allow us to do the business in that particular region where we are even serving a complete UL product. We even did, like, an internal audit for AS9100 has already been initiated. In this Q1, probably we'll be able to close that as well, which I think last business updates we already shared on that. With this new assembly line coming up in November last year, and it's now full-fledged and full-fledged operation.
That is where we see this tremendous growth in terms of revenue for last quarter, previous quarter. We have around 42 stations and three box build lines. The current machines, they are advanced state-of-the-art machineries, latest available in the market, which can place AI-based or IoT-based chipset or anything beyond that as well, coming up in new technologies like 0201, 105. Bit of a more technical terms, but in future also, which kind of small components are going to get released, which are under R&D also can be placed with our new machines that are equipped. This is a brief of what we are doing on PCB assembly, cable assembly, sheet metal, magnetics, machining, plastics, where complete system integration is something that we eye on. Mukesh, or if you want to pick it up on this.
I think what we need to go a little bit more faster, Sneh. Because we have more questions and answers, we need to put some more time. Mostly this presentation already on the website, so they can see. Product catalog, we already seen a little bit, so we can just move on to this. Let's move on one more time. Whatever new lines we added this time is the network security. We got a big order, as of yesterday, so you've seen that. You have seen the SWOT analysis also. Maybe on this one we can spend some time, Sneh. We can go there, strategy for growth, if you want to spend a couple of minutes on this one.
Sure. I think, in terms of diversification to what we have, like end-to-end solution, PCBA, and box build. PCBA as of now is still contributing around 35%, and box build somewhere around 27%. Probably down the line, like this new financial year, a domination of box build will be much more. It will be almost around more than 30%, 40% and above. To what growth trajectory we are eyeing at, last year also we proved that it is going to be beyond that, and that is getting reflected in our numbers as well. If you see year-over-year, it's almost 70%+ growth in terms of revenue. Even PAT has almost gone double from last year to compare year-over-year.
Down the line, like for this year, if we say, then automobile, we already cracked one good order, and mass manufacturing probably has started from this month. Telecom, two big orders we have closed into telecom and network security. Probably from next three months onwards, the exhibition. This is a new domain that we have entered, along with aerospace and defense. Last year, if we say, we entered aerospace, defense, and telecom. This year now we entered into network security as well. These three sectors, apart from this last year's drone industry, where we committed that next two years we are eyeing that INR 10 million worth of business. On top of it, these three also sectors are going to contribute for this year's growth.
That'd be great.
If we talk about this second half of the year, then this new assembly line which was operational from November 1st played a vital role, crucial role in catering our increased demand from the existing as well as new orders for last financial year. The wholly owned subsidiary that we started, the business flow from there also has been initiated. Down the line this year also we are eyeing on that particular because of this tariff situation. India is on the hotspot now. Because of that, as of now also this as an alternative to China or China Plus One strategy, we already closed on three key projects. That is from concept. We are going to develop a product for them, which they were getting it done somewhere around the world, and now they're looking out for the alternative source.
We did agreements with them where product will be developed from scratch and probably next three years down the line, that two, three projects are going to contribute around about $5 million for our Aimtron India. They contribute more on IoT and industrial IoT and power electronics as a sector. To what we stated in terms of new industries, telecom, we already entered now. Automotive, we closed on one big order for mass manufacturing specific to electric vehicles. Aerospace and defense is something that what we committed for AI in first half of the year that we are expecting 1.8 million order. We already received that order, and now it's under execution. To what strategy we discussed on before, like in the first half and last year, that certainly box build contribution is slowly and gradually going to increase.
That is also getting reflected in last year's result.
To addition to Sneh is, we have a very good benefit. Actually, for Aimtron, it's a golden time. We don't want to say tariff is good or bad. I'm not talking about a politician way. Both world, U.S. and India, we have a very solid infrastructure. Currently, we are seeing lots of activities in RFQs. Current RFQ pipeline itself, about $80 million-$90 million means around INR 800 crore-INR 900 crore. That much new RFQ pipeline is flowing through right now. Everybody, a huge contract, huge customers. Those customers, they don't want to go to China. They don't want to go direct India. They want us to Indian price, Indian way, but they want things shipped from Chicago.
That is the benefit we have, and we are banking on that, and I think it's a very good opportunity we have at this point. Those three contract we have, all three is, one is from electrical, electronic power cabinet type for customers, and it's almost we started development for them already. We got the first PO and we started tooling. There is second one, drone customer, we had last time, we showed you that, is already in the first phase of beta version. On the third customer is also in a sensor. All three customers, almost $10 million each in a three-year span. Almost INR 300 crore worth of business we are talking in three-year span just for new initiative from ESDM initiative. That's what we're going to use a little bit more, a better balanced margin and markup.
I think that's the benefit we have in the tariff side. A lot of customers asking us to use our India infrastructure to mitigate the tariff. We've been proactively working with our customers. All Aimtron Electronics customer in U.S. and North America, we are proactively working with them and finding a solution, working with giving them a solution. One of the customer, they came to us also. They are bringing the whole cabinet from China, but they want to build just a cabinet from here. There's a whole slot cabinet they want to build from us in India. They are coming next month and see the facility and approve this. That's the process going on right now. We have a good way of balancing the tariff situation. Now, the fully loaded questions and excitement.
Maybe Nikita, you want to take the lead and our Viral, whoever wants to take the lead and share the result, please. Nikita, are you there? Nikita?
Yes, yes.
Okay, okay. Good. Continue. Yeah.
Okay. My screen is visible?
Yes. Not yours. Sneh screen. Yeah, continue.
Nikita, you can speak from the existing screen itself.
Nikita has started. Good. She wants to show her results. That's why. A lot of question we can solve. Nikita, continue. Yeah.
For the March 31st, 2025, we have achieved INR 158 CR total revenue from the operations. Total expenses were INR 129, and we stood at the PBT at INR 3,212 lakhs for the financial year March 31st, 2025. The PAT was INR 2,573 lakhs. Which is the 16% of the total turnover.
Maybe, Sneh, we can start the questions over here first while this balance sheet is open. We can start that way. That's a advantage we have everybody, so we can use that one first. Anything you want to conclude first before we go on a question answer, Vinay?
No. I think, sir, let's move to question-and-answer.
Thank you everyone. I am really excited to see you. Also, we have a in-person meet tomorrow. You are most welcome in the last minute also, if you want to see me and Nirmal both in person, we'll be there to answer any more questions tomorrow. Let's start this question now. Vinay, have your team moderate, please.
Thank you.
We can stop the presentation. All those who wish to ask a question may use the option of raise hand, and we'll invite you to ask your questions. We'll take the first question from Agastya Dave. Agastya, you can go ahead, please.
Am I audible, Vinay?
Yes.
Thank you very much for the opportunity. Mukesh, congratulations on excellent numbers. Sir, first of all, I have a couple of suggestions. One is if you can also provide going forward a year-over-year number for the same period, whether it is quarter-over-quarter or half-year-over-half-year, just to see the seasonality effect, if there is any. That would be just a small thing. Sir, second is I would also request you, if at all possible, if you can start giving quarterly numbers on your own. I know SEBI regulations are different, but six months in such a volatile period, because here the government policy in U.S. and also in India, it changes on a dime within few days. six months is such a long time, not hearing anything from the company on the performance side.
If you could give quarterly numbers or quarterly commentary, that would be of great help to all of us. Please do it voluntarily. I'm sure you'll become a very large company one day. It's better to start inculcating all those good practices right now. Sir, moving on to the questions. One is a follow-up on what you mentioned in your opening remarks, that there are a number of reclassifications in the numbers. Sir, if you can take us through those because when I look at the balance sheet and the P&L, a lot of the line items have moved completely out of whack, and a lot of them are not making sense. I'll list down what I couldn't make sense of. One was the employee cost reducing even though your turnover has increased so much.
The gross margins, 2023 you were at 34%, last year you were at 38%, now this year in fiscal year 2025 you have moved to 27%. Other expenses also, there is quite a dramatic decline there. Again, I'm talking about annual numbers here.
Okay.
In the balance sheet also, I see a large jump in payables and receivables. Even though your net working capital seems to be under control, no problems there. The gross numbers, they have moved dramatically out of whack. How much of this is accounting? How much of this is probably product mix or new customers or some extraordinary circumstances or delayed payments or any problems as such? Because there is very little information available, I don't have the right question to ask you. It's a very motherhood statement and a very broad question. If you can take us through that would be of great help. Sir, another suggestion. If you have done a lot of accounting reclassifications, kindly come out with a simple press statement saying what these are and what are the adjustments.
Like-to-like comparison, if we can get for the year and for the half years. Just to compare so that we know in which direction we are going. As we are scaling up, for example, what will happen to the fixed cost? Today, I cannot make head or tail of what is going to happen to the cost structure as you move forward. That is the first large question. The second smaller question is, you have given a guidance of 40%- 50% CAGR going forward, but you have also announced a large order today. The commentary that Sneh just took us through, there are a lot of additions that you have done in products and capabilities. Also the landscape has changed, as you were mentioning. How do you see the next couple of years panning out?
Are you going to increase your guidance? Is the visibility better for you in terms of tangible growth which can happen in a very short to medium term, as in the next couple of years? These are the two very broad questions. Thank you very much, sir.
Really appreciate, Agastya. These are very good questions. Really appreciate your request also. Aimtron is a kind of a journey. Is that correct? We never thought about going public, and we started public, and now we are public. We are now developing along the way, right people at right place. Last time we announced that we hire advisory board, we have now advisory board. After advisory board, one of our CA, Mr. Viraj Zaveri, he suggested that our finances should reflect what we are doing on the floor. Which was learning curve for us. That's why we had a last minute lot of changes yesterday. Even board meeting, we had some changes. For example, I think you see employee cost. Nikita will give you every single answer. We have all answers for you.
That's something I would like to just give you that the way we put it, the new financial is a little different, and that was the last moment. We are excited to give the result little early. We could have taken one week extra and then do everything and then put it together. Yes, your comments is really appreciable. Next time, I think we should give, actually Vinay also suggested we should give some small press release also where you make some changes in a standard format. We should do that. Definitely we will go from there. Regarding this market culture type of American quality of people. Telling right now a 100% growth versus current tariff situation. Yes, we are planning to be. Maybe Sneh can give that first answer, and Nikita can take it for second answer.
Sneh, you want to take the first answer from Agastya?
Sure. I think that's a very well question. To add on to what Mukesh stated, as we are in the evolving phase, there are rates that has been changed in the balance sheet. Just to give you an example, initially, salary and wages were together. Now, just an example to add on to that, salary and employment and wages are part of costs. That is how things have changed as of now. What we did last year was, from private limited to limited, it was first experience for us. Now, Vivekananda is a part of advisory board today. Unfortunately, due to some urgency, could not be part of today's meeting. Now based on his experience, he has been working with all Tier 1 companies and to what we are eyeing at in next three years is main board, two years now.
One year is already done. That main board journey. Considering that, quarterly results and all that, we are already eyeing on that front. As of now, it's too early to say something on that. That is the prime reason that structures and heads have changed. Rest all are in line, nothing to worry on that front. To what business aspects we are discussing on, probably that 40%- 50%, this year also if you see it's a 74% year-on-year increase. To what we are eyeing at next year is probably you can say more than INR 270 crore, INR 280 crore. More than that for this current financial year. To what open order book we have, I think we are confident enough that we'll be surpassing that INR 270, INR 280+ crore as a number.
Understood. That's a healthy explanation. If there are a lot of changes, as you mentioned, you have moved part of the employee cost to COGS, that's a very strange choice, but I'm pretty sure you have a good reason for that. We definitely require like-to-like comparisons and also a press release describing what all has changed, so that we can have a good idea. Because then it seems that the gross margins are not comparable. I should not be then worried why the gross margins are broke so much. That's not a valid question. Again, I do not know what is the impact. If you can just provide all the changes that you have done in a press release so that everyone can understand what exactly happened, that would be of great help.
If you can briefly take us through all these changes, we'll appreciate it. Done from my side, I'll go back in the queue. Thank you very much. Thank you.
Yes, we will definitely put a press release within a short time, and we'll share it to everyone. I think, yes, maybe one example. There are so many examples. After new SMT lines, our production went 3x more than we used to do, 200 boards, now we are doing 600 board in same line. It's impact on revenue increase and lower employee cost also. There is two way you can lower the cost also. I think there's so many ways we can explain, and we will put all these numbers in a right direction, in a right format.
A very simple thing. Whenever you come out with a press release, I hope it is done as soon as possible. If I look at the PAT percentage, right, the PAT margin, that should not be changing at all, right? There could be some changes in EBITDA percentage also, but PAT percentage should not change. You guys have reported around 16.1%. That number, is that sustainable? The EBITDA margins that we have seen this time in this half. You are at 19%. Is that sustainable? Is that comparable to the 25% that you were doing earlier? Was there any pressure on the costs or product mix which led to lowering of EBITDA on a comparable basis?
I think the PAT is going to be sustainable for sure.
Okay.
I'm pretty sure. EBITDA is all up, see, there will be change, as you said, because we are talking about more automation, more AI-based, more things. It will save some cost also. Regarding your overall, the current market scenario, when we state first time, this year we'll be there around 16% ± 2% to 3%. That's what we said also. What happened, let's see, in this quarter or this half years, we have a lot of a different segment of business. Let's say, one segment called defense and we have a defense segment, we have a higher margin.
At that time, what happens, that defense margin in that half year or that quarter will give you a better EBITDA, a better margin. Versus next year, let's see, this quarter, maybe we are very heavy in telecommunications or automotive, so it give you a lower margin. If you look at year-over-year, I think that's the best option for EMS. I know you have, and we are committed to give once you go main board, anyway, you have to go that quarter-over-quarter. Definitely take your suggestion very seriously, and we'll definitely make it happen next time.
Next time before we publish the result, we'll take one extra day and make sure we have a press release and everything all together, if any changes.
Okay. Thank you.
There will be some changes every year because we are still in a semi phase, and we are still learning phase. Until you go main board, you will see some more changes and some more learning curve, continue.
No, sir. Thank you. Thank you.
Agastya, on a lighter note, I thought you would appreciate us sharing the results before on time than what everyone expected.
No, definitely. I appreciate any company which doesn't report on the last day. There will be at least 2,500 jokers who will report on the very last day. I appreciate that. I also appreciate the progress that you guys are making. Thank you for giving me time. I've taken too much time. I apologize to everyone. I've taken too much time.
Yes.
Thank you very much. All the best.
Thank you. We move to the next participant, Shridhar Jadhav. You can go ahead, please.
Hello, good evening, sir. Congrats on a good set of numbers. Sir, I agree with Agastya what he mentioned, but just still on a broad basis, till EBITDA, even if I look from an H1- H2 basis, I can still see a stark 6% drop in margins. Just wanted some clarification on that front, because below EBITDA the numbers are not very significant if I see finance, depreciation, other income, et cetera.
Sneh, you want to take?
Sure. If you certainly see, like Mukesh already clarified on that front, that it is going to be mix and match in terms of sectors when we are eyeing on scale-up, really. Now next year, just an example, when we are eyeing to from INR 158 crore, we are eyeing to go to INR 270 crore-INR 280+ crore. At that phase of time, particularly if you see, there is going to be mix and match on that front, that some may be on a lower margin, some may be on higher margin. It's better if we go on quarter to quarter, like first half of the year versus second half of the year and the full year comparison. If you see the year-on-year comparison, the PAT has been almost double.
If you compare on year-on-year basis in terms of value, that has grown by 100%. Revenue has grown by 74%. If you see on that front growth, we are on that growth trajectory. Yes, if you talk about sustainability to what Agastya stated, this is something now sustainable margin that we are eyeing at.
If I understand correctly, going forward, my mix of order book, my product profile and the kind of orders that I have will, going forward, dictate my margins broadly. In some quarters it would be like I would execute higher margin products. In some quarters it would be more bulb-based orders. On a broad basis, sustainable 15% kind of PAT margins is the guidance.
Certainly, yes. Might be the case that first half, we may have some, just an example, like last March, what happened because of this tariff uncertainty, a lot of U.S. just an example, we might have gone up to INR 170 crore-INR 175 crore as well. Because of this tariff uncertainty, some of them pushed it till they get a clarity. Some of them, they were like, you can ship well in advance because you don't have clarity on what exactly the tariff would be. I'm just giving a layman understanding example. Don't take it on an exact basis. This is how it would go. If you see on year-on-year and half-yearly basis, these margins are something that are sustainable.
Sir, coming to the product mix. Box build would typically be an end-to-end kind of a solution. Typically it would have higher margins. Is that understanding right?
You are muted, Mukesh.
Yes. You are right. End-to-end product has a very higher margin, that's also another reason also some have we predicted this time that this product should go in the market first, since automotive or other product goes in the market. That's why it's not easy to predict. Our mix is still smaller volume. Is that correct? When we are INR 1,000 crore, then it's INR 5 crore, INR 10 crore, 25 or INR 100 crore order will not much difference. Right now it will imbalance because we are still at INR 300 crore, INR 200 crore, whatever stage by stage number, that level we are right now. That's why maybe one more year you will see this little bit up and down. Once we go that higher range next year or year after, you will not see that much fluctuation.
One thing we assure, I think this margin PAT will be sustainable for sure. Yes. Maybe, Mr. Sneh Shah, you may add something more onto this. That's what I would like to add.
Sure. Last thing to add on is if you see, as I stated before as well, this new financial year, probably it is going to be more dominated by box build as compared to last year. Probably, again, you might not see that significant rise in first half of the year, but second half of the year to what visibility we have, there will be a significant rise in box build solutions or complete product box build.
Okay. My last question on tariffs, sir. Currently what are the tariffs on your Indian manufacturing and going forward, how do you see situation evolving? Are there any industry talks with the Government? What are the kind of typical, in percentage terms, we are expecting an impact on the business and how much of it would be neutralized by additional orders coming from China Plus One kind of a strategy?
I'll start a little bit, Mr. Sneh Shah, and then you can add on this. Currently, EMS business, we are working with our customers and preparing them. We are in a service business, so our direct business current order will not affect at all. In EMS business, the tariff impact or any other impact goes next year because we already have an order book, let's say it was approximately INR 200 crore+ . That's already booked. Is that correct? We won't see that much different on this current financial year. We are preparing our customer how to find a solution. We are only sending one customer, only PC Board Assembly, and they are buying metal from China. We give them solution, "Why don't you buy metal from us also?
Wherever PC board you are paying 10% extra, so we'll help you to mitigate, relieve some of the stress and from bringing from China versus India. One of the customer, we did about 70 different part number we just developed last only two months, I believe. Is that, Jair? In the last two months, we developed those parts and we give the solution to our customer. We give them a balanced solution to mitigate. Yes, we are talking with our IPC association. We are in constant touch with all these related bodies, and then we are trying to figure it out how we can make it. That also another reason you can see our last quarter, last three months, quarter four, we had a spike in the push. Like the government, April 2nd was a tariff, so give me.
That's another reason why we have so much AR. That was the question. One of the question came up, so why you have an imbalance number or that's why we had to push our shipment also. We did ship a lot of things before even end of the year. That's why. Again, yes, we are working with mitigating the tariff. We are also working helping customers to find another solution. Some customers we are right now getting China, so they are looking and as I said, we have almost INR 800 crore new inquiries floated in last just more than half month. INR 800 crore worth of business inquiries right now. Those have even not even any forecast yet or not even counted anywhere in this discussion today.
Also, I would say India is in sweet spot as of now with this tariff situation because now everyone is eyeing at China Plus One strategy, where they are eyeing at India because Southeast Asian countries also now they are well aware. They are also going to face much more tariff than us. I would say India is in sweet spot as of now. We already have started leveraging that by signing up three agreement for design that we stated before. That design, probably it might not add revenue for this year, but then it is going to help us out because one project we have signed exclusivity with the customer, where once we develop their product, they are bound to take for with Aimtron in next three years of timeframe. That is the one China Plus One tariff strategy itself.
In parallel also, we are growing our Indian business too. Local business mean Indian other MNCs. That also we are growing right now and that is our dream too. Parallelly we can grow both business.
Thank you, Shridhar. I would request participants to please limit your questions to two since there are many in queue. Deepak Poddar you can please unmute and ask the question.
Yeah. Am I audible?
Yes.
Okay, great. Thank you very much for this opportunity. Just first up, just a clarification. You mentioned our 500 basis point drop in our PAT margin on a half- on- half basis is largely due to the mix and match of different sectors in terms of revenue, there's nothing to do anything with the pricing pressure or anything else, right?
Yes. It has nothing to do with profit margin pressure, it is because of mix and match. We are still in a phase where we just ensure that 25%- 30% is something that is getting contributed by each sector. Diversification is something that we are eyeing at. Just an example, we added two, three sectors last year. Still this year, we are going to add two more sectors. That is how we are eyeing it. It will be a baggage of mix and match.
Understood. Given your box build revenue mix will go higher, there will be upward bias on these margins, as we go ahead, right?
Margins, I would say, these margins are sustainable one. This is something that sustainable margins will continue for this year as well. There is going to be a contribution of box build more this year as compared. Don't start comparing with the first half of the year. Wait for this complete financial year because box build activities will start from second half probably. To what we committed last year as well, last financial year. We are going to add one more shift probably after Q1, somewhere around in Q2. That is going to help us out to increase our productivity and efficiency to help us to meet our numbers.
Understood. When we say sustainably, we're talking about 16% PAT margin. That's the number we're talking.
Yeah.
Okay. Understood. Another question is on receivables. Why our receivables is so high? It was around 40 days as of fiscal year 2024. Currently, it is close to about 200 days.
If you see, this data was as on March 31st. Just an example I'm giving. Again, to whatever it's shipped in January or February, probably we'll start receiving or we have already started receiving that funds in this month. Once anything we ship to their end site or customer, once goods reaches their destination, post that, couple of customers we have the payment terms. Once we ship it to U.S., after that they receive it, once they do the IQC or quality check, after that they will start the payment cycle. That's the primary reason. I don't think so that is something to worry. This data as on March 31st and we have started receiving. If I talk about as on today, we have started receiving the funds and this receivables have gone down significantly.
What about your payment cycle with U.S. is generally how much? Two months, three months?
Again, depends from customer to customer, order type, order base. There are several factors affiliated with that. Again, just an example, like Danaher Corporation, they have a standard payment terms of say 75 days. For Aimtron, they might not change it. They are global suppliers. They have a global, they have their own process, we have to accommodate in their system. We do accommodate that, somewhere around in the pricing structure itself. I believe that is something that we take care prior to sharing the quotes only.
Just one tiny clarification, the INR 800 crore-INR 900 crore of RFQ that we saw, how much conversion we are expecting in how much month?
Question I would say.
Yeah, Mukesh.
I think so this is something we'll give you one quarterly update this time. Maybe in a quarterly update we can give you May not we give you a quarterly result, but quarterly update we will give you that little more up to that mark information about sales. There is a question also, request also. Normally, this kind of customers, again, as I said, we are still INR 150 crore. Is that correct? Next year maybe still, let's see, whatever INR 280 crore was Sneh said, plus numbers, whatever we have. Let's say one customer comes, as today this last customer came is INR 128 crores, just one customer. It's going to be in balance everything. Giving a ratio is not a right approach, but I would like to give you some heads up.
As a thumb rule, 20%-40% is a winning ratio we have on an average. Again, one customer, big customer will win, then it's going to give you Even one quote, maybe a INR 10 million quotes is going to imbalance. If I say, okay, our winning ratio is 50%, then it's going to be imbalance. You can just say thumb rule, 20%-40%, you can see is the winning ratio. Normally, in this EMS industries, around 20% global, everybody's winning ratio is there. Every single EMS supplier.
That's very helpful. I think that could be it from my side. All the very best to you. Thank you so much.
Thank you, Deepak. We'll take the next question from Manan Madnani. Manan, you can go ahead, please.
Hi sir. Thanks for the opportunity. My question again, is regarding the margins only. When I compare H1- H2, the breakup that you have given. Major change that happened is in industrial. Last H1, it was 56% of overall revenue. This half it goes down to 36%. That's the major change I can see. Along with that, our box build share has increased from 20%- 27% and end-to-end from 2%- 4% broadly. Despite our box build segment share gone up, why the margins are lower?
As Manan stated before as well, again, it's a mix and match of sectors. Industrial, no doubt, but if you see that there are other sectors that has grown, like IoT, if you see. If you compare year-on-year or first half of the year- second half of the year, that has grown. There are a couple of other sectors in a similar way out. Again, this year also, contribution of box build is going to be much more as compared to last year. To what margins have been there, it is going to be sustainable for this new financial year as well.
Okay. Let me put it differently. Mukesh, you always mentioned that MedTech and defense and all these segments have higher margins, right? If we compare last half to this half, their share has increased. Why the margins decrease instead of increasing from what we achieved in first half?
In MedTech also, there is a different kind of product. Is that correct? One of the sensor product we make in MedTech, it's a smaller box. It's category-wise, I think a little bit offsetting the way, but as Sneh said, we will sustain a minimum as I think we are in still range. Last time also we said 16% ± 2% . If you see, when you go, we have a little pressure raising the team, getting infrastructures, getting whole setup going on. There is a lot of things going on. Maybe the first year you can see a little same way, but within one year it will be stabilized everything, and after one year, you will see a standard, some standard about Aimtron, that this is the margin business we're going to take it.
Right now what happens, let's see in a INR 200 crore business, INR 250 crore business, there's a one order was telecommunications. Is that correct? Last year was 38% or something. Part of the shipment goes out, it will imbalance the margin also. Even though that's a box, it's a correct router. A router has a maybe 15% margin, I'm not sure exactly, I don't have a number, versus defense at maybe 22% margin. It's got to be balanced out. It's again, as I said, I'm totally transparent and not fabricating anything. It's kind of a nature of EMS business that it's very hard to go by compare by line by line by line.
In short, yes, we're going to make sure that we do not want to take some business less than a certain percentage, and that's what we will make sure, and we will not take those. We'll sustain the margin, whatever we promised so far, and we'll keep it that way.
Okay. This INR 15 crore CapEx they are doing in the U.S. subsidiary, what would be the purpose of that? In this INR 189 crore order book, is there any order from that subsidiary as of now?
We are expecting, we already have one of the contracts. We said three contracts we have, all three foreign contracts. Those are the customers who do not want to come directly to India, and those are the customers we do not want to also go through Aimtron Corporation. That is the reason we created that subsidiaries. Those orders are not in our order books because we have just the contract. Contract means we signed the MSA, Master Service Agreement, and we got the POs only for the tooling parts. Let's say one customer gives a PO for $180,000, just the plastic mold tooling. The whole project is totally 23 years about. It's going to be at 20,000 per month. It's going to be around $10 million-$12 million business.
We do not count, unless we got the PO in our hand, we don't count in that. That's why. Yes, those Aimtron Electronics LLC, we will do definitely sizable business. Last time we already said about INR 50 crore. Sorry. Yeah, INR 50 crore, INR 5 million- INR 50 crore range. We're going to do plus this time. We are already now seeing even more opportunity that could be double or triple. We don't know yet. It will definitely give you some range.
No. This INR 25 crore, is this going to spend on the manufacturing side or what?
Over there, those INR 25 crore, just we took an omni approval, it's not required right now. Right now, we don't need the money there at this point. We are also looking at, as you know, we had our last time question, what is your M&A strategy? We prepare ourselves. Let's say something happened and we get maybe they are thinking about there might be some recession effect comes in U.S. and we can find a good company also, we can pick up that under Aimtron Electronics LLC. We'd like to keep prepared for that and also we don't have to go right away board meeting and get approval and everything. That's why. We don't need that money right now. It is just an approval right now.
In future, yes, that money will go as a, if we got to do something, we got to do as either part of M&A or part of CapEx to start some manufacturing. Let's say a customer insists us and say, "Okay, we have to have under Aimtron Electronics presence over here, then we're going to give you a $10 million of contract." There might be at that time we have to use that money. At this point, we don't have any other extra expense other than we hire one sales office in Texas. That's what we have right now.
Okay. What sort of hiring we did in H2 and what's the plan for next year, full year?
Sneh, that's a good question for you.
In terms of number, I think Gudka Chekan will be posted with business updates, I would say. There has been rise in number of employee. If you talk about first half and second half and year-on-year. I know the next question coming up would be in terms of why expenses are less as compared to last year. The reason for that is we have changed the heads of and bifurcation as to what first question we stated, like, we'll share the business updates on what heads we have added up new and where exactly the changes has been accommodated. That will be taken care of.
No, I'm not worrying about number. I just want absolute number of employee addition for H2 and for next year, given we are going to add the second shift as well. That's the purpose of my question.
H2 as of now was probably around 200 employee addition, and this year certainly it's going to rise, it's going to increase. As of now, we don't have the exact numbers, but we can keep you posted on that.
Okay. Our tax rate has been falling year-on-year. Can you guide us, like, what would be the tax rate going forward?
Nikita?
Yes, it will be 24% corporate tax.
Okay. Just last question, how much of the total raw material we are?
As of now, we are planning to have 80% of the raw material. It's in line still.
Outside India?
Outside India. Still we are working on that.
Currently, how much of the total raw material we are procuring outside India? That's what I'm asking.
If you say as of now, you can say 70% and above, it is getting procured from out of India. 30% is local, like bare PCB and other specific mechanical parts. Apart from that, if you talk about electronics, we still have a dependency on global footprints. Because until unless we have a full-fledged ecosystem over here, we might not be able to convert that ecosystem across India. You can say 70% approximately is getting gathered or imported from out of India.
Out of that import, how much is it from China or Vietnam or any other tariff sort of risk-having country?
If you say China, probably it would be less than, I would say 40% less than that. Vietnam, we don't deal with them directly. Anything is there, like it's China, Hong Kong, Singapore, Malaysia, Thailand, and such kind of countries. Vietnam, there isn't anything.
Okay. Got you.
I don't make anything there.
Thank you, Manan.
Thank you.
We'll take the next question from Mr. Nilesh Jain. I would request participants, please limit yourself to two questions, since many are in queue as of now.
Hi, am I audible?
Yes.
Yes, Nilesh.
I had a question on your current order book which you all have, and given the industry classification which you all have given. I see the share of automobile to increase to almost 20%, and for the fiscal year 2025, automobile share was around 6%. How do you see margins? Because you said it's going to be sustainable around 16%, when at that level it's going to be 19%. Because we know, understand, automobile usually has low margins. How do you see that's going to impact your overall margins for next year?
There are 2 types of automobiles. There's a BMS, like a battery management solution. It's not very low margin, though. Like LED lightings or something, tail light, headlight, those are the very low margin business. The one we have right now, the customer is in, and that customer has a very good margin because we are doing a main board for that. Sneh, you want to add something on this one? Why automobile is increasing and margin still stays same?
Certainly, I think to what, from this stage, that is one part of it. Another part, or if you see another side of it, we have capacity utilization available. As of now, we are working one shift, and we are planning to add one more shift. That is something also that is going to help us out. Because if you see that revenue is going to increase on that front, and that is how, just an example, anyhow, CapEx has already been there. And we internally have one thumb rule that one assembly line we ship can handle around INR 100 crore worth of business. Considering that, we can increase the ROCE well, ROCE ratios, and just ensure that whatever PAT is there, it's sustainable on that front.
Okay. My second question is on bookkeeping data. Out of your fiscal year 2025 revenue, how much is from the Aimtron U.S. and Aimtron other group companies?
I believe it's less than 20%.
Okay. The rest is all you are saying directly from the India business.
Yeah.
Okay. Only 20% you're saying. Okay. How should we look at the cash flows? There has been a certain drop in cash flows. Obviously, it's being led by impact by working capital. How should we look at it from the next year point of view?
Yeah.
Okay, go ahead. Go ahead, Sneh.
I believe I stated before, this data is as on March 31st. Whatever receivables were there, we have started receiving the receivables. Significantly of that, you can say 50% or above has already been received. There won't be any significant challenge on working capital side, because if you see as of now, we are a zero debt, and probably to what we are eyeing at, we are very strong on that front. What we shipped on first quarter, we have started receiving that. Certainly last two months, we had something, because at last month, significantly, because of this tariff situation, we needed to ship lot of business. We shipped a lot of products. That is where the significant rise has been. I think this is something this month we have started receiving the funds. There won't be any challenge on that.
On the payable side, because that has also gone up a lot. Do you think that is going to come down to our average 20%- 30%?
Orders have to clear. We have to start getting the material, right?
That's right. No, Okay.
If we don't have the material, how we are going to build it and how we are going to ship it, and how we are going to get the payment?
I under-
605. 605, Nilesh. Let's take very short and sweet questions so we
Okay.
Thank you, Nilesh.
Thank you.
Yeah. We'll take the next question from Mr. Manish. Manish, you can unmute and go ahead, please. Manish, you can unmute, ask your question.
Yeah.
Yeah, he's on.
Yeah. Sorry. Yeah. Congratulations on the excellent set of numbers. My question is, what is the percentage of revenues you receive from U.S. customers? Let's say, Trump has said that there will be separate tariffs on semiconductors. If that is applied, then probably even if India makes a trade deal with U.S., there is a possibility that this separate tariffs on semiconductors will be an addition on top of the trade deal, in case if India chooses that. In that scenario, what could be the impact on the company?
Okay. To start a reverse way out, if you see, we are into PCBA assembly and box build assembly. Even though they do start something on the semiconductor side, if it's specific to PCBA or if it's specific to complete box build, that is something we are going to get impacted. Still, they have kept on hold as of now, trade deals as of now ongoing between both the countries, the negotiation phase is ongoing. Once we have clarity on that, it is something we can give you more heads up on that front. As of now, with this tariff situation, to what it has come across, India is in one of the lowest country in terms of tariff %, if you see.
It's going as sweet spot stage where if you compare with any other South Asian countries where EMS has been to this 10x , 100x to what India EMS as a sector is. Even if you see to what government is promoting as of now. Government of India has also started some of the schemes and some of the incentive schemes, PLIs and all that. Also, even Government of India for defense, they have restructured their revised target for specific to defense. By fiscal year 2030, they are eyeing at INR 500 billion in terms of revenue just from the EMS sector. If they are eyeing at INR 500 billion, this is an NITI Aayog report. It's not from some specific private source, it's from NITI Aayog itself. They are eyeing at INR 500 billion by 2030.
I think we have a significant opportunity coming up down the line. Coming to your first question, the contribution of U.S. in second half of the year was somewhere around 36%-37%. That is including North America as well as USA.
Okay. Thank you. My last question is there any impact in case if China completely stops their supply? Will there be any impact?
I don't see the impact. When COVID started, everybody used to with COVID, is that correct? There will be a temporary impact all over the globe, but it's going to be back up like a hockey stick. They're going to send back. At this point, at EMS, for at least one year, we don't see direct impact. Let's see if it goes after one year and say something longer between China, U.S. I think everybody going to solve the problem. That's what everybody's seeing. Maybe 26% versus 13%, or maybe 18%, or maybe 10%. It will be resolved pretty soon. That's what we are hoping.
Okay. Yeah. Thank you.
All right.
Thank you, Manish . We'll take the next question from Arun Ramakani. Arun, you can unmute and ask your question, please. Hello, Arun?
Hey. Yeah. Yes.
Yeah, Arun.
My question was, since we are facing a unique situation where a lot of opportunities are coming for China Plus One, is the current capacity is enough for scaling up? Do you see that we need to scale up to an extent?
Current capacity, we are ready for INR 500 crore right now as of today. We already announced that before previous call also. Our current capacity without maybe minor CapEx, let's say one tools here and there, it's INR 510 crore. We don't need any more. We have enough infrastructure, enough building, enough real estate, our own zero debt. Everything is in place to spike to even if Sneh can bring INR 400 crore, we can build it. Is that correct, Sneh?
Yes, yes.
Yes. I hope I answered the question, Arun.
Yeah. Yes. One of my follow-up question was, provided we have exceptional situation where do you see in case of any supply chain disruption from countries like China or any Asian countries, do you have a strategy in place to overcome such challenges in terms of raw material procurement?
Only PC board is a China monopoly. There is some electronic component, but China is going to throw the other countries. I think China already started building relations with Thailand and other countries, and they already started putting their infrastructures, companies and branches and everything. China will always find a way around, and people will also find around a way. I don't see a very serious problem that way. Yes, maybe we'll be impact five, 10% extra logistic here and there, one place to another place. Right now, let's see. I should not say in publicly, but one of my customers said in front of us, "Can you bring PC board from India to here? Do some assembly over there and bring it over here." Because they also looking something like that. Everybody wants to get a better pricing and better way out.
At this point, it's kind of a man-made problem. There is a solution. If it's a natural disaster, then it's very hard to find a solution like COVID. This is a man-made problem. Is that correct? This problem made by two men. It's kind of a political problem. That's why in our last meeting, in this kind of association meeting, we discussed that also point Yeah, somebody will have to pay a little bit extra. On an average 4%-5% extra goes to end user or customers. Direct customer like me and you will pay extra, there is a solution. It's not like an unsolvable problem. I hope I answered it .
Yeah. Thank you. I think I'm good with my questions. Best of luck for Aimtron to grow a lot. Thank you.
We are ready for you.
Thank you, Arun. We'll take the next question from Mr. Manoj. Manoj, you can go ahead, please.
Thank you, Vinay. Hi, Mukesh. Hello, am I audible?
Yeah, you're audible.
Yeah. I'd just like to ask Mukesh, that things now are different. I mean, previously he said that the long-term plan for Aimtron is to fold Aimtron Corporation into Aimtron Electronics. Now with the tariff situation, are you facing some clients who say that, "No, we don't want to work with India. We just want everything made in the USA?
As I said, this is still too early to even predict anything. Tomorrow morning, this man had a good sleep and he's going to say something different. I'm just within my country also.
Right.
Again, yes, I don't see that issue right now. Still we have the same plan, and that is the reason we create a Aimtron Electronics LLC in the U.S. We are still moving forward with the same previous understanding that, before I retire, I would like to put under one umbrella and, maybe something comes totally weird, we'll give you some heads-up, but I don't see that. Without India, whole world cannot survive. Without China, whole world cannot survive. They have to help find a way out. This is my strong statement. They will find a way out. Let's put that way. They will find a way out, and they'll find a solution.
Is there an internal target for you all to just incrementally shift that Aimtron Corporation to Aimtron India? I mean, a certain percentage per year?
We started the business moving to Aimtron Electronics LLC, and maybe we can surprise you and bring those three, four customers right away, and we'll see. We already started the process.
Is it possible that by the time we shift to the main board, everything is under Aimtron Electronics India?
That's too early to say. We should have something bigger. That's our goal, Sneh and my dream is to have some kind of a new, what you call, Sneh?
Benchmark as an SME company before it goes to main board.
Correct. Yeah. My next question is to Sneh.
Manoj, we have to move to the final question because there are a lot of participants.
No, I just ask one question only. Just a final question to Sneh. Yeah. I just wanted to ask him about the second and the third shift. I believe if the second and third shift come on, our margins will also get squeezed as the product profile will be different. Is that correct?
Just to give you one example on a practical basis. Just an example, say first shift as of now to what we are working has 25% as impact. I'm giving you a rough example. Don't take it to any calculations. Similarly, you say second shift you started working and you have, let's say, 10% or 15% as impact. If you average it out, it is going to be still the same margin to what we are going to make it out. If you see that overheads are getting split up and CapEx is the same, revenue towards scalability we are eyeing at.
With that same kind of margin, it's something that is still, we assured that in this call also before, that we are going to have the sustainable margin and we'll just ensure that our ROC goes up with the equipments that we already having. Minor CapEx here and there by significant one, to reach the milestone of INR 450-INR 500.
All right. Thank you so much. Thank you. That's all from me.
Thank you, Manoj. We'll take the next question from Ravi Gupta. Ravi, you can unmute and go ahead, please.
Hello, is my voice audible?
Yes.
Yes.
Okay. Firstly, congratulations on very good set of numbers. As a shareholder, I feel very happy to see this year-on-year growth in the slowdown phase. Just two small questions. First, do we have any fundraising plan like not upcoming, this financial year, 2025?
At this point, it's too hard to say, but we have a lot of opportunities. We try to see if there is a right opportunity, we can maybe get something lined up. If there's a recession in the U.S., let's see, for example, and we find a good opportunity, then we can jump onto that and we can come to go to fundraising and then get the funds. Also kind of a fundraising also, we also thought that in the past, but we need to show, let's say, Sneh said INR 280+ crore is the correct number for this current year. Let us prove that also one more time, because this time we need to prove it, correct? We crossed INR 150 crore, we cleared around INR 150 crore, we crossed INR 150 crore.
Let's get across, let's say INR 300 crore, then I think we go to market and get the fundraising. Without showing any result, I think it's going market also is not the right approach to get justified also. If no need, then no need. Is that correct? Why we take the money or why we borrow money if no need? That's what I learned from my farm, my home village. My parents say, "Don't take a loan. Don't take money from bank." That is something in our culture also. With that said, we are not rigid. We are flexible. We have a well-known companies approach us here. Thanks to Vinay also. We have very good IR team. They are also ready to put money in us, bank money on us also. Right now, we working both way.
Keep our relationship open, working with them, meeting with them, finding the right opportunity to put together altogether.
Okay, understood. My question was primarily on equity side. That is separate for fundraising part, but I think for equity also you have similar thoughts that if situations arise, then only we would like to raise. Otherwise, we are comfortable and firstly focusing on delivering two eight. Is my understanding correct?
Correct.
Okay.
Do you want to add something? Sneh, you want to add something? I'm okay with that.
I think we are perfectly okay as of now with our rollovers that are going on APR ratios and all. In case if we go anything on inorganic front, then still we have open debt as an option available. Equity is precious to dilute. We are still too early, I would say, to have fundraising and all that.
Why I said, Sneh, go ahead, because we just came out management KPI meeting today. We had just finished at 4:00 P.M. today. He actually, normally, Chairman don't have to do anything, but they gave me a KPI of INR 100 crore. Recent activity. That's why it puts me on spot. Anyway, continue. Thank you.
Okay. Sorry, only one could go.
Yeah, go ahead.
Yeah. My second and last question will be, what are the projections for top line for fiscal year 2027 and fiscal year 2028?
Next year, we are eyeing it as of now INR 280+ crore. Let's stick with that number first. Once we prove on that, definitely, I think we are not going to go anywhere. Post that, we can help you out with future projections. We do have three years plan. As of now, to keep you posted as per guidelines, next year we are eyeing at more than INR 270 crore, INR 280+ crore.
Also, I think there's a lot of uncertainty. Right now situation is uncertain. Whatever our promise is to retain until certain level, we'll stay in the 50%, 60%, 70% CAGR. That is our standard right now. We say ±15%. 15%+ , not -15%.
Mukesh, within one year, they have changed us from 40%-50% to 60%-70% CAGR growth.
Whatever, you gave the number INR 280+ crore. That means it's 60s all these, don't it?
Agreed. I'm talking about the community from their end, that from already they made us to talk on more than 40%-50% plus now.
Anyway. I think let's take a next question.
Thank you.
Thank you.
We'll take the next question from Pratik Choudhary. Pratik, you can unmute and go ahead, please.
Sir, congratulations. I just have a bookkeeping question. Out of this INR 100 crore that we billed in the second half, how much did we do if you can bifurcate between Q3 and Q4?
Sorry, if you can reframe the question.
Out of the INR 100 crore-
I think, Pratik, it might be around 50/50, but we'll give you exact number if you need it. Question is Q3 and Q4, what was the revenue? I think Q4 was slightly higher than Q3 because our whole EMS, at least Aimtron EMS side. Q1 is little lowest, around 35%. Q2 is around 40%. Q4 is around 50%-55%, and Q4 around fifties, 50%-60% range. I think that's where we have, if you look at the last three years. We can exact number if you need, we can look at later on.
Okay, sir. Thanks.
Thank you, Pratik.
Thank you, Pratik. We'll take the next question again from Pratik Bagaria. Pratik, you can go ahead, please.
Yeah. Hi, guys. Thanks for giving me this opportunity. All my questions are answered, so I won't repeat those questions. Just one suggestion from my end, that since we are giving results once in six months, is there a way where we can give some updates every quarter, maybe through a press release or something where you can share about the business operations and how things are progressing? Because what happens is, six months is a very long time for retail investors to get access to information. In such times there are a lot of rumors starts to float on social media and in different circles. If every three months or maybe something in between, if you can come up with some press release or some updates about the company's operations and how things are going, it would be very helpful for lot of investors.
It's a good suggestion. We already promised Agastya. The first question was same. I think we already will do some kind of press release if possible as soon as. Our goal is actually have a quarterly result because when you go to main board, we have to do that practice anyway. Hopefully, next year. We have a two years, most of all the documentations contract with our internal auditor and everybody. It's kind of a six-month way. We already started that process. Our advisory CA, Divyakant Zaveri also told us that we should go for quarterly result. We are in agreement also. Before that also, we'd like to make sure our ducks in a row. We would try to put all this documentation process, financial process. We are as per the street requirement.
That's what we are learning right now and putting the right team in right place. That's what we are doing right now.
I completely understand because coming up with quarterly results will have a lot of documentations and rules and regulations to follow. Till time we get to that process, even if a small press release about the business operations would be very helpful for a lot of investors because that will keep rumors aside.
We are not worried about the quarterly result or documentation process because we would love to do a documentation process. That's the reason we would like to go for it. These first two years, internal auditor and all these people, we had decided that we're going to go first 2.5 years. Yes, we will do a press release or a business update for sure.
Thanks. Thanks a lot.
Thank you, Pratik. We'll take our last question from Mr. Giri. Giri, you can unmute and go ahead, please.
Yeah. Hi, Mukesh and Sneh. Okay, good job done. Two questions. The first one will be, way forward, what kind of a geography-wise revenue mix roadmap that you guys plan to position yourself? Currently, I think India is about 65%. Rest of the world is 35% with 31% from U.S. and few other countries. Where do we plan to position ourselves? Also, INR 800 crore inquiry that you have, right? What kind of a geography mix that we have in place?
Again, as I said in the answer in the previous question, when you have a INR 300 crore revenue it's very hard to give you some kind of estimate. I hope I'm clarifying or I'm communicating. Maybe Nirmal or maybe Sneh can also add later on. The one big order comes from one place, it's going to imbalance everything. Yes, our goal is to stay international MNC, and it's going to be around 70%, 80%. That's what we said previously. That means 50%, let's say we have Indian business, but out of 50%, 20% may be local Indian companies, and 30% may be international MNCs like Schneider or maybe ABB or maybe another international companies will be coming around. Those are the companies we would like to focus. That is our always way out that way.
We are trying to focus more through international in U.S. and North American business. Still, even though this tariff situation, 10% paying tariff, still my customer is saying, "It's bringing from India is a lot cheaper than bringing from any other countries." I think other than China, we are the winner. If this situation stays longer with China and U.S., then India will be the winner, because even 10% tariff, they will be happy to cooperate with that. Look. That's where I am. Thank you.
Got it. Last question. Mr. Mukesh, can you reflect on the INR 25 crore electronic component scheme that Ministry of Finance has passed, right, related to the sub-assembly of PCBs? How are we going to harness this scheme?
I didn't follow, Sneh.
We are evaluating on three, four prospects as of now. One is the PLI that has been recently released by Government of India. This is the second one that you stated. Probably, this evaluation is ongoing, and probably before end of this month, we have some thoughts on that. We are internally discussing with some experts, even ELCINA and couple of ESSCI and couple of other electronics body. For sure, this session will have some fruits on that front. I would say within more a week to 10 days time, we'll have some updates on it.
Got it. Okay. Thank you.
Okay.
Thank you. Due to paucity of time, that was the last question for the day. Mukesh and Sneh, would you like to give any closing comment before we end this conference call?
I think I would like to say thank you to everyone also. Just like one thing we learned today is, we'll make sure that press release is acquired. We will interim results is acquired. Hopefully the quarterly financial is possible as soon as possible, so we put it in place. One thing is sure that we are ready to go main board, and we are excited to go main board. For that also, then and then we can also justify when a lot of questions comes, how are we going to combine all the business and all these things. We are ready for that. In parallel, we are also in expansion mode. At this time it's too early to say, but there is a, as Sneh said, there's a INR 500 billion worth of opportunities in India itself from other international MNC and local Indian companies.
There is a lot of opportunities we have, so there will be a lot of expansion opportunities also. In parallel, we are working with our advisory board, and then once something comes up, we'll let you know. Opportunity for Aimtron is more. We are more kind of a, as I said also last time, our goal is to go one step at a time. We don't want to rush too far and tip off. Even though we rushed this time and we learned a little bit, we should have a couple of days more, and then we could have a better understanding, better result. That's what we are learning right now. With that said, again, thank you so much everybody, and maybe anytime, any questions, please send it to cs@aimtron.com, and we'll go from there.
Thank you. Thank you to the management team for giving us their time. Thank you to all the participants for joining us on the call. This brings us to the end of today's conference call. You may disconnect now. Thank you.
Thank you.
Bye.