Q3 25/26

Feb 9, 2026

Summary

Q3 revenue rose 19% YoY on stronger execution, while the order book reached INR 13,295 crore. Growth plans emphasize diversified infrastructure orders, asset monetization and measured entry into international markets.

Ladies and gentlemen, good day, and welcome to Ceigall India Limited Q3 and nine-month 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 presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Arun Prakash from Adfactors PR. Thank you, and over to you, sir. Thank you. Good evening, everyone. Today we have with us Mr. Ramneek Sehgal, Chairperson and Managing Director, Mr. Sudhir Rao Hoshing, Whole-Time Director, Mr. Kapil Aggarwal, the Chief Financial Officer, and the Adfactors IR team on call. I must remind you that this conference may include forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. The statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. We will begin the call with the opening remarks from the management, after which we will have the forum open for the interactive Q&A session. I now hand over the conference to Mr. Ramneek Sehgal for the opening remarks. Thank you, and over to you, sir. Good evening, everyone. I am pleased to welcome you all to the quarter three and nine-month financial year, FY 2026 earning call for Ceigall India Limited. Our financial results, investors presentation, press release have been uploaded on the stock exchanges and company's website. I trust you had an opportunity to review them. Let me begin with a brief macroeconomic backdrop. The Indian infrastructure sector continues to witness a strong momentum supported by the sustained government spending and policy focus. The Ministry of Road Transport and Highways has increased its budgetary allotment by around 8% to approximately INR 3.1 trillion for the year 2026-2027, clearly reflecting the government's continued commitment to the infrastructure development. We are seeing steady improvement in on-ground execution conditions post-monsoon. Tendering activity has also picked up across highways, urban infrastructure, and rail segments. With infrastructure investments expected to grow at a healthy pace over the last few years, we believe the overall environment remains very constructive for the EPC players with strong execution capabilities. At Ceigall, we are well-positioned to benefit from this momentum given our diversified capabilities across roads, railways, tunnels, metros, industrial infrastructure, renewables, transmission, distribution as well. With a strong domestic opportunity pipeline and growing presence across the multiple industrial verticals, we believe we are well-placed to capture upcoming opportunities and drive sustainable growth. Overall, the combination of the continued government-led infrastructure push, improving execution environment, and our expanding sectoral presence give us confidence in sustained business momentum going forward. Against this backdrop, we remain optimistic about business momentum. Alongside our strong domestic pipeline, we have also taken initial steps to expand our global footprint. During the quarter, we have incorporated Ceigall Global Pte. Ltd. in Singapore, which will help us to explore selective opportunities in Southeast Asia, Middle East. This is a long-term strategic initiative. We will approach international markets in a calibrated manner. For the nine months period of financial year 2026, Ceigall India sustained growth momentum across the operational and strategic fronts. Building on the performance of the first half of the year, during quarter three financial year 2026, the company achieved a strong order inflow, approximately INR 1,433 crores. The total order book stands at around INR 13,290 crores, providing solid revenue visibility for the conducting quarter of financial year 2026 and beyond. During the quarter, we received multiple prestigious projects award and preferred bidder position, L1, further strengthening our execution pipeline. We secured a highway construction project valued at approximately INR 1,089 crores BPC for Indore-Ujjain greenfield access-controlled highway in Madhya Pradesh under HAM. In addition, we received an order of 130 megawatt aggregate capacity under the Surya Mitra Krishi Feeder Yojana valued for INR 423 crores. Our subsidiary, Ceigall Infra Projects Private Limited, has emerged an L1 bidder for one of the largest infrastructure contracts we have pursued, the INR 2,160 crore for four-laning of Sahebganj-Areraj-Bettiah stretch of NH-139W in Bihar under HAM. This contract spans in nearly 79 kilometers, includes construction period, plus 15 years of the post-construction operation and maintenance period, significantly enhancing our long-term revenue visibility, strengthening our foothold in the large-scale highway execution. Further, we have also emerged as L1 bidder for a project with the Jaipur Metro Rail Corporation valued at INR 918 crores. Together, these achievements reinforce our focus on consistently diversifying the order book, positioning the company for sustainable growth and resilience in an evolving infrastructure landscape. We have also made meaningful progress in diversifying beyond roads and highways. Renewables now account for cumulative orders of INR 3,168 crores. Transmission and distribution stands at INR 407 crores, the Velgaon substation project. Industrial infrastructure contributes around INR 622 crores, including the urban. This diversification is deliberate and strategic, and it's positioned us well for sustainable growth across the multiple infrastructure verticals. In addition to these developments, we have eight HAM projects currently under execution. As of December 2025, the company has infused INR 605.6 crore of equity in these HAM projects, and after IPO, around INR 850 crore we have infused. This strategic investment underscores our dedication to enhancing our project portfolio and ensuring the successful delivery of our projects. On operation side, Bathinda-Dabwali project, HAM project achieved pre-COD on December 22, 2025. To date, seven of our projects have completed ahead of schedule, which has enabled us to earn early bonus completion bonus and further strengthen our execution credentials. Technology continues to be a focus area. We are actively deploying AI, data-driven tools across the bidding, project monitoring to improve efficiency, strengthen controls, and enhance overall execution quality. Let me also briefly touch upon our capital strategy. We continue to focus on the balance sheet optimization. Stand-alone debt has reduced to INR 552 crores as of December 2025, compared to INR 336 crore in March 2025. On a consolidated basis, debt stands at INR 1,421 crore. In line with our capital recycling strategy, the board has in principally approved a binding offer for 100% divestment of Ceigall Malout Abohar Sadhuwali Highways Private Limited HAM assets. This will help us unlocking the capital and redeploy it in our core business, EPC, and new growth segments, while further strengthening our balance sheet. Overall, we remain confident about the outlook of Ceigall. With a strong order book, increasing diversification, improving leverage metrics, and supportive industry environment, we believe we are well-positioned for consistent and sustainable growth. I will now hand over the call to our CFO, Kapil Aggarwal, who will take you through the financial performance in detail. Thank you so much, everyone. Thank you, Ramnik sir, and a warm welcome to everyone joining us today. It is pleasure to discuss our performance as we close the nine months milestone of this fiscal year. Following our strategic discussions in the previous quarter, I am pleased to share that the third quarter has been a period of significant execution momentum, capitalization on the post-monsoon working window to accelerate our project timelines across the board. For Q3 FY 2026 performance, our stand-alone revenue from operations reached INR 970 crores as against revenue from operations of INR 810 crores, registering a 19.7% year-on-year growth, showcasing our ability to scale operations effectively during the peak construction season. This bring our total stand-alone revenue for the first nine months of the year to INR 2,575 crores, representing a steady growth of 7.6% YOY. On the profitability front, stand-alone EBITDA for Q3 FY 2026 stood at INR 120 crores as against INR 105 crores for the same quarter previous year, registering a margin of 12.3%, while our PAT for Q3 FY 2026 was INR 75 crores with a PAT margin of 7.7%. For nine months FY 2026 period, our stand-alone EBITDA stood at INR 305 crores as against INR 323 crores, registering a margin of 11.8% versus 13.5% in the same period previous year. While our stand-alone PAT for nine months FY 2026 stood at INR 186 crores with a PAT margin of 7.2%. Moving to our consolidated results, which provides a more holistic view of the growing portfolio and SPV performance. For Q3 FY 2026, our consolidated revenue from operations stood at INR 991 crores as against INR 831 crores, growing by 19.3% year-on-year. For the cumulative nine months FY 2026, our consolidated revenue grew by 8.7% to reach INR 2,636 crores versus INR 2,475 crores revenue for the nine months FY 2025. For nine months FY 2026, our consolidated EBITDA were at INR 362 crores, registering a 13.7% EBITDA margin on our consolidated. Consolidated PAT for nine months FY 2026 stood at INR 118 crores, resulting in PAT margin of 6.8% on a consolidated basis. On the operation side, our execution engine remains robust with 28 ongoing projects currently in various stages of completion. Our order book has now scaled to INR 13,295 crores, providing us a multi-year revenue visibility. Which make this order book particularly strong is its diversified nature. It is no longer just about roads and highways. We now manage a sophisticated mix comprising 13 EPC projects, eight HAM projects, one DBFOT project, and five tariff-based projects. Our reach now spans critical sectors including tunnels, railways, metros, and airport runways, transmission and distribution and renewables, effectively de-risking our business from any single sector critically. Looking ahead, we are entering the final quarter of the fiscal year with a strong tailwind. The government continued commitment to infrastructure, evidenced by high velocity project awards in the recent months. Aligned perfectly with our core competence, we remain focused on lean execution, timely commissioning, and maintaining a robust balance sheet. Our diverse project mix allow us to pivot towards a high margin opportunities while contributing to the nation's infrastructure backbone. With that, I conclude my opening remarks and would request the moderator to open the floor for Q&A questions. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants, you are requested to use handsets while asking the question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have the first question from the line of Vaibhav Shah from JM Financial. Please go ahead. Yeah. Firstly, if you come to slide number 38 of the presentation. Over there, we have mentioned equity invested as of December and company share of equity. So there is quite a significant difference for a couple of projects. One is Ludhiana-Bathinda, where invested equity is INR 18 crores, whereas our share is only INR 1.6 crores. And for Northern Ayodhya Bypass, invested is INR 105 crores and our share is INR 28 crores. So why is there a difference of so much? So who is the other party investing? In case of Bathinda-Dabwali, Ramneek sir is here. We have also contributed INR 20 crores. So being a promoter of the company, he has invested INR 20 crores in Bathinda-Dabwali. No. In Ludhiana-Bathinda and Northern Ayodhya. No, the entire money has been put by company only. Company only. That was before IPO, yeah. Where is the difference? I think there is some issue in the PPT, slide 38. That might be a typo. Okay. That's a mistake. Otherwise, the entire equity has been put by the company only. It's in million. Basically, against INR 105 crore equity, INR 283 has been infused. So company share is basically what we have infused. What is INR 1,045 million? That also invested, no? Sir, basically, there is two kind of holding. One is Ceigall, one is Ceigall Infra. So balance has been infused by Ceigall Infra. So Ceigall Infra is- Okay. A separate entity. Okay. So it is entirely by our company only, either through Yeah Ceigall entity or through CIPPL. Yes. Okay. Sir, secondly, on the HAM projects. So the couple of HAM projects are new ones. So what would be our total equity requirement now for the entire HAM portfolio? For the earlier one, it was INR 1,391 total investment, which was supposed to be invested in HAM projects. So recently awarded two projects. Okay. One is basically the Indore Ujjain, and second one is Sahebganj. One hundred forty-five crore is the estimated figure, which will be in Indore Ujjain. For Sahebganj- Okay we are yet to receive a LOA, so the tentative amount will be close to INR 20 crore. Okay. Sir, when do we expect to start the solar projects? What is the status of each of the projects? LOA we have already received. We are waiting for the PPA to be signed, and we are expecting Maharashtra PPA to be signed soon. Once we have that, we've already kind of finalized the land. The DDs of the land has already been done. We're just waiting on PPA to happen. For the Rewa project and another MP project? Yeah, same situation. In one of the projects we are expecting the LOA, otherwise PPA has to be signed. In one of the projects, there is no land requirement because the land has to be given by the government. Sir, out of the INR 300 crore order book of solar and BESS, what kind of revenue are you targeting for FY 2027 and FY 2028? Everything depends upon the PPA. Once we receive the PPA, Ceigall has the execution capacity and have a track record of completing projects before time. Once we get the PPA signed, execution will start ASAP. Okay. Sir, lastly, when do we expect to receive the appointed dates for the five HAM projects, VRK 11, 12, Southern Ludhiana, and the two new ones? VRK 11, it is expected by, I think around tomorrow or day after. There is a final meeting for the forest. Once that is cleared, NHAI has given a very positive sign that it will be given to us soon. For Southern, we have already requested the department, and I think that is also with NHAI. We should get it in this month, and we are trying to expedite it. These two appointed dates will be achieved before 31st March. Then, if you talk about Bihar- VRK 12. VRK 12 also, immediately once we have the 11, after maybe a month or 2, we should have the VRK 12 also. Bihar, LOA is not received yet. Once the LOA is received, we have to make a SPV. We have 45 days for that, then 150 days for financial closure, so we have ample time there. In terms of Indore, the agreement is to be signed ASAP. Once the agreement is signed, we have 150 days to finish the FC. Once that is done, then, of course, once we have the ROW, we will have the project. Okay. Sir, what revenue are we targeting for next year and this year? Of course, as we have guided our investors before also, we are targeting to achieve 10%-15% and we are on track. Okay. Thank you, sir. Those are my questions. Thanks. Thank you. We have the next question from the line of Ketan from Avendus. Please go ahead. Thank you. Sir, just first as a clarification on the equity infusion requirement for HAM. Correct me if I am wrong, so it is INR 1,391 crores till now is the total equity required plus these two new projects. We have infused till now around INR 605 crores. Am I right? Yeah. Total is INR 1,391. We have already infused INR 605 as on December 31. Next requirement will be the two new projects. Yes, plus requirement for the two new projects. Understood. Thank you. Thank you for the clarification. Second, on your opening remarks, you mentioned that ordering activity has picked up in roads. Sir, if you could help us with how many kilometers has been awarded till date by NHAI and MoRTH combined, in kilometers and in rupees. We have already won one more project, which is for 79 kilometers, and we have already quoted for three more projects a few days back. Every week we are receiving the contracts. Normally whatever contracts have been received during February, March, we should get the LOAs by 31st March, because even NHAI has a target. But any specific number discussing at this moment will not be correct. I see. No, any number till now. But there are a lot of contracts available online, and they have already got the approval from the cabinet. NHAI has a great target, and we are looking forward to it. Understood. I am just checking if you have a number which was awarded till date, like how many kilometers were awarded till now. It is not easy for us to do this. We can check it on NHAI website, and then we can update you maybe. Okay. You can share your email with Kapil. He can send. Okay. Fair enough. That's it then. I'll come back to my queue. Thank you. We have the next question from the line of Rohit Mehra from SK Securities. Please go ahead. Yeah. Thank you for the opportunity, sir. My first question is related to the CapEx with the incorporation of Ceigall Global Singapore and proposed Dubai subsidiary. What level of CapEx or initial investment has been embarked in the international market, let's say by FY 2027? We are right now targeting EPC projects. For these projects, normally you need the BG limit only. We've already quoted one project in Romania. We've already quoted few projects in UAE. As such, there is not much of the equity requirement. We'll be requiring only the BG limits. That we already have surplus in hand. Once we are lowest, they give the mobilization advance also. As such, there is no equity requirement coming from these sides. We are very conservative in setting up international. Okay, got it. Related to one of your projects, which was, I think a Punjab border, right? Hello. Hearing you. What is your point? Yeah. Related to that project, I just wanted to know, given the strategic nature, is there any unique execution or security-related challenges impacting your progress? I do not understand your question. Can you repeat it again? You have one project for the Punjab border fencing, right? No, we do not have any project for Punjab fencing. Oh, okay. I misunderstood. Okay. No worries. That is it from my side. Thank you. Thank you. We have the next follow-up question from the line of Vaibhav Shah from JM Financial. Please go ahead. Yeah. Thanks for the follow-up. Sir, what will be the equity requirement for the solar and BESS projects? Same for the HAM as well. In each year, how are we planning to infuse the money year-wise? Basically, Morena Solar Park, we have received the LOA today, and we are yet to finalize the model. But the equity will be close to INR 750-800, including the solar projects. The execution time is for 2 years, definitely based on the sanction. When we get our appointed date, we have to infuse only 20% as an upfront equity in solar projects. Since it is not like the HAM assets, whatever we are going to execute, we can immediately commission and start billing to the government. That fund can be used towards equity infusion in these projects. We have already sold one HAM asset, which we have announced it also today. We are expecting that equity also coming before this financial year closes. Money should come in by March for the Maroda Baur HAM or by June? Yeah. Our target is we should get that money before March 31. We have a cash flow also and we are planning and we are already in discussion for another two HAMs also. Because we have already received a pre-COD for the second HAM also. Otherwise also whenever the money is immediately required, you can refinance and get the money from that source also. So equity availability is not a problem or not a challenge for us. Sir, so there is INR 700 crore-INR 800 crore equity for the solar projects. These needs, typically it would be done by FY 2028 if things go on time. No, it is 810. But till the time we have the PPA, we do not have a quantity here. Once the PPA is signed, then only you have to start this execution, and you have to put it in timeline. For example, if I talk about the HAM project, till the time AD is given, we never put. We did the FC 2 years back for this Jharkhand 11 and 12. We are ready with the equity, but the ROW was not given clear to us. Same is the case with the solar. Till the time we have the PPAs with us, we do not have to put equity. Because after PPA only we have to put the equity. Okay. Sir, on the T&D project, what will be the equity requirement? Total equity requirement which we have shown was INR 1,391, in which INR 605 we have already put, and for the new project it is INR 395, and for solar it is close to INR 810. Solar includes T&D project as well? Yeah. Okay. T&D project is going to start it. I did not get you. What do you mean? T&D project is going to start it. Okay. And sir, what order inflows are we targeting for next year, for FY 2027? And how much of that could be from international markets? Last year we guided our investors that we will be getting INR 5,000 crores. Against INR 5,000 crores, we have already got close to INR 8,500 crores. This year also our guidance would be an incremental of 15%. It should be around INR 5,800 crores. And we have already surplus of INR 3,500 crores last year. Things are good. Internationally, we are not very aggressive. We should target at least 10%-15% coming from international. And we are still setting up the things there, so it might take time. But for India, things are very good. As I said, we have already, whatever we committed, we were conservative, and we have done better than that. And there's a lot of tendering happening in next two, three months. So we are targeting to get good orders at a good IRR. Thank you. Okay. And sir, what CapEx we did in nine months, and what are we targeting for 2026 and 2027? Sir, if you look at, we are not investing much in CapEx as guided to investors as well. Ceigall is basically following a policy of buyback, wherein they buy the assets and they sell it off after a certain period to the same vendors. As far as execution is concerned, we do have ample machinery and we are giving some few contracts on back-to-back basis also. So much CapEx investment will not be required. It will be close to 25-30 crores which we will be doing. That is from our subsidiary, not from directly from Ceigall. Okay. So for 2023 also it will be around 25 odd crores. Yeah, 25-30 crores. Okay. And sir, lastly, just to understand how are you putting the money. So for equity for HAM projects, so just to get a sense of the numbers. You said that 605 crores is invested in HAM till December. So of that, entirely it will not be seen on the standalone books because a part of it is done through CIPPL? Part of CIPPL being a subsidiary, they are also shareholding in these SPVs. Part of the investment is done by CIPPL, part is done by Ceigall. Out of 605, what would have been already done by CIPPL is not visible on standalone books? It is visible. Whatever money has been invested by CIPPL, that has been given by Ceigall only in form of loan which is reflecting in the balance sheet. Okay. Got it. And sir, what would be our cash number as of December? Can you please pardon? I did not get. The cash. What is the outstanding cash as of December? It was INR 233 crore as of September. Including FD, it is INR 235 crore. 235. Okay. Thank you, sir. Thank you. We have the next question from the line of Par Patel from Patel Investments. Please go ahead. Good evening, sir. Am I audible? Yes, sir. Yeah. Thank you. Thank you so much for the opportunity. The first question, and then the first couple of questions are on the similar lines. I think you mentioned it before that you completed a sale to, I think, Neo Asset for about INR 177 crores. I just wanted to know what are the expected timelines for the disinvestment for the other projects such as Bathinda-Dabwali and Jalbehra-Shahbad. Secondly, from the sale of those projects, what are we planning to do? Are we planning to repay the loan or it will go towards equity requirements for the other HAM projects that we are going to onboard in the coming quarter? Yeah. Basically, for Malout-Abohar, we are targeting March 31, and for sale of other two assets, we are targeting September 30. As far as money is concerned, our debt equity ratio is low. It is 0.28 as on December 31, which is pretty good, and whatever money we are going to realize, primarily it will be used towards equity increase. Okay, sir. Got it. Secondly, the other question I had was, we have received a lot of early completion bonuses for our projects. I just wanted to know for Jalbehra, are we on the lines of getting an early completion bonus as we are almost at the verge of completing it? There was an ROW problem in Jalbehra. Moreover, there was a flood problem in Jalbehra, so government is planning to give us an EOT for that, so we are waiting for the EOT. Once we have EOT in hand, then only we will be in a position to tell the investors about the bonus. Got it. Okay. Finally, I just wanted to know that we signed the Jaipur Metro project. I just wanted to know some bit on it, if you could shed some light on it. We are L1. We are still waiting for the LOA, and once we receive the LOA, we will immediately start the work because our two of the projects where viaduct is almost on completion, which is Agra and Kanpur. Yeah. I think the strategy is totally waiting to start this work itself. Got it. That is all from my side. I will join the queue again for more questions. Thank you so much, and all the best for the future. Pleasure. Thank you. Thank you. We have the next question from the line of Nimish Pandya, an individual investor. Please go ahead. Hello, am I audible? Yes. Yes, you are audible. Sir, I have a couple of questions. My first question is, sir, as we have recently forayed into renewables and T&D with order inflows of around, as mentioned in PPT, INR 3,168 crore. Sir, are these entry-level initial bids as we have done it, or these match our historical segments margins also of EBITDA levels? Your voice is surrounding. It is not clear. Can you repeat it again? Your voice is surrounding. Am I audible now? Yeah. Clear. Okay. Sir, my question is, as we have recently forayed into renewables and T&D with order inflows as mentioned in the PPT around INR 3,168 crores. Right, sir? Right. True. Right. Okay. I wanted to know, are these low margin entry-level bids, or do they match your historical 15% plus EBITDA margin levels? Yeah. They will match the historical EBITDA margin levels. Okay. So these are not initial bids for the market entry, right? No. Not really, because we've been bidding for so long. We bid so many bids. Our strike rate would be less, doesn't matter, but we have to get the projects at our project IRR. Also, sir, my next question is, sir, can you let me know, sir, what is the expected timeline for the next investments? Like Bathinda-Dabwali and Jalbehra-Shahbad. If you could let me know. We have already started these negotiations with few of the investors. Good thing is, market is big now, and there's a lot of liquidity to buy these assets, so we have good number of people discussing with us. First one, we've narrowed it down, and these two, we are targeting to close it before September. I think it should be done. So we're targeting to close it before September. Okay. Understood, sir. That's it from my side. Thank you and congratulations, sir. Thank you. Thank you. We have the next question from the line of Sana, an individual investor. Please go ahead. Sana, please proceed with your question. Hello, good evening, and thank you for the opportunity, sir. Sir, I have few questions. My first question is: how do you see the business mix evolving over the next 3 to 5 years? We started from a very small city, Ludhiana, with only roadwork. Over the period, we have grown in about now 12, 13 states and about 10, 11 verticals. We really feel if we don't get a work in road, we have structure work, we have metro work, we have railway, we have tunneling, now renewable and T&D also. The target here is we should grow vertically and geography. That's the way Ceigall is growing. If you compare us with the peers in the market, at what stage we are, the number of verticals and geography wise we have grown. Strategically, the company is very clear that if we're not getting a work in one vertical, we're getting in other verticals. That is the reason order book have been a challenge for companies. Whatever we are guiding our investors, we are achieving that. You can see that is visible. In last three quarters, we always guiding 10%-15%. Our growth is much more than that. Thank you. Okay. Sir, one more question I do have. In the newer vertical, like the metro and T&D, which you mentioned, what differentiates your bid strategy from established incumbents? Metro is a very similar business, what we doing, because we been doing viaducts, bridges, flyovers. We are building one of the country's longest elevated in Danapur, Bihta. The work is almost the same. It's a structure work. If you talk about the T&D and renewables, if you see, we been already fixing solar plants for our existing HAM projects as a EPC project. For T&D also, we been doing lot of projects in terms of utility shifting, line shifting, building a substation projects. This is not a new work. We already have a stabilized work field, workforce, and it's just we taking individual products now. That's how we do it. Okay. That's it from my side. Thank you so much, sir, and all the very best. Pleasure. Thank you. Thank you very much. Ladies and gentlemen, that was the last question for today. With that concludes the question and answer session. I now hand the conference over to Mr. Ramneek Sehgal for the closing comments. Thank you, and over to you, sir. Thank you so much, everyone. I would again thank all the participants for joining the earning calls today, making this an engaging discussion. We remain committed to pursuing our business strategies and doing everything that is right and continuing to deliver the best results. We hope all your queries have been answered well. In case you have any other further queries, please feel free to contact the investor relation team at Adfactors. Thank you so much once again. Good evening. Thank you very much. On behalf of Ceigall India Limited, that concludes this conference. Thank you for joining with us today, and you may now disconnect your line.