Ladies and gentlemen, good day, and welcome to the Solar Industries Limited Q3 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 the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Jyoti Gupta from Nirmal Bang Equities. Thank you, and over to you, ma'am.
Good morning, everyone. On behalf of Nirmal Bang Institutional Equities, I welcome you all to the quarter 3 FY 2026 earnings conference call with the management of Solar Industries Limited. The management is represented by Mr. Manish Nuwal, MD and CEO, Mr. Moneesh Agrawal, Joint CFO, Ms. Shalinee Mandhana, Joint CFO, Ms. Aanchal Kewlani, CS and IR. Without further delay, I would now request Manish, sir, to start with his opening remarks, after which we can open the floor for question and answers. Thank you, and over to you, sir.
Thank you, Jyoti. A very good morning to our dear stakeholders and well-wishers. My name is Aanchal, and I would like to welcome you all to Solar Industries' third quarter and nine-monthly conference call of FY 2026. This call's recording, including the transcript, will be available on the site. The financial statements, quarterly fact sheets, investor presentation, press release are also available on our website and exchange. To begin with, I would like to remind you that during this call, we might make projections or other forward-looking statements regarding future events and about the future financial performance. Please remember that such statements are only predictions. Actual events or results may differ materially, and our website will be updated with all relevant information timely. Now, I would request Solar's CEO and MD, Mr. Manish Ji Nuwal, for his opening remarks. Over to you, sir.
Thank you, Aanchal. Good afternoon, ladies and gentlemen. It is a privilege to welcome you to our Q3 and nine-month earnings call. Before outlining the quarterly and nine-month results, I would like to extend our heartfelt gratitude to all the stakeholders by sharing a milestone that brings a great joy to our company, the confirmation of the Padma Shri, one of India's highest civilian honors, upon our respected Chairman, Satyanarayan Nuwal. This award serves as a testament to his distinguished services and contribution to the nation and the defense industry. It is under his inspired leadership that we present a quarter defined by record-breaking milestones and relentless growth. Turning to our financial performance, Q3 FY 2026 has been our strongest quarter to date.
With rise in net revenue from INR 1,973 crore- INR 2,548 crore, which is year-on-year, we have registered our strongest quarter again, with a growth in revenue by 29%. We achieved highest ever quarterly EBITDA and profit after tax at INR 733 crore and INR 467 crore, registering a growth of 37% and 38% year-on-year, respectively, and highest ever nine-monthly EBITDA and profit after tax at INR 1,879 crore and INR 1,181 crore, registering a growth of 27% and 25%, respectively. This strong momentum is driven by business initiatives in the explosives and defense sectors. Our international business has crossed INR 1,000 crore revenue in this quarter, which is a significant increase of 35% year-on-year.
The global economy is witnessing a steady rise in demand for key commodities and industrial metals. Our extensive and versatile product portfolio, supported by continued innovation in specialized explosives and technical services, firmly strengthens our competitive market position and help in growing the international business. Solar's defense business showed a splendid growth of 72% by hitting a revenue of INR 700 crore+ in this quarter, evidenced by a record-breaking defense order book of INR 18,000 crore, which takes us to the highest ever total order book of INR 21,000 crore. This growth reflects our capabilities to convert aspirational goals into reality. We are now entering in a new era of growth by strengthening our global and local manufacturing footprints. Our new facility at Dhule, Maharashtra and Jodhpur, Rajasthan, optimizes and reinforces Solar's positions as a dependable long-term partner to the mining and infrastructure sectors within the country.
Our commitment to excellence is powered by continued research and development, investment in automation, modern manufacturing technologies, ensuring process consistency and safety at every level. Moving forward, our focus on innovation, operational discipline, and sustainable growth continues to guide our strategy.... With a strong foundation and a clear long-term vision, we are confident in our ability to deliver lasting value and drive a compelling future for the business. Thank you for your continued trust and support. Now I request Aanchal to share the detailed financial numbers.
Thank you, sir. The new year definitely has opened with noteworthy and exceptional milestones for our company. Our beloved chairman has been honored with prestigious Padma Shri. The visit of Honorable Rajnath Singh Ji to our defense premises further helped us showcase our capabilities. Capping it all, we achieved record-breaking quarterly performance across revenue, EBITDA, and PAT, surpassing all our previous milestones. We will begin with the quarterly financial update, followed by nine-month update. Highlight quarters are: we achieved highest ever quarterly revenue at INR 2,548 crore, up by 29%. Highest ever quarterly EBITDA at INR 733 crore, up by 37%. PAT at INR 467 crore, up by 38%. Highest ever defense revenue crossing INR 700 crore. Highest ever consolidated order book at INR 21,000 crore+, including the defense order book of INR 18,000 crore+. Now, the quarter in detail.
The top line grew by 29%. The cost of raw material consumption is decreased from 53.5 to 48.71. In absolute terms, the cost is around INR 1,241 crores versus INR 1,056 crores in the same quarter previous year. Employee cost is around INR 214 crores versus INR 151 crores. Other expenses is around INR 385 crores versus INR 240 crores. The interest cost is approximately same, which is at INR 34 crores versus INR 31 crores. The depreciation cost is approximately INR 63 crores versus INR 47 crores. Coming to our customers basket. CIL in the basket stands at 10% compared to 13%. Revenue from non-CIL and institutional stands at 11% compared to 14%. Revenue from housing and infrastructure stands at 10% compared to 13%.
International revenue stands at 40% compared to 38%, up by 35% year-on-year. Defense revenue was quarterly high year till date at INR 702 crores versus INR 409 crores, up by 72%, showing a wonderful pick in the defense business. Coming to the highlights for nine months, we registered revenues to the tune of INR 6,785 crores versus INR 5,374 crores, which is up by 26%. Highest nine-month EBITDA at INR 1,879 crores versus INR 1,485 crores, which is up by 27%. Highest nine-month PAT at INR 1,181 crores versus INR 942 crores, up by 25%. Now, we would be happy to take any questions, comments, or suggestions that you may have. Over to 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 their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Nitin Arora from Axis Mutual Fund. Please go ahead.
Hi, sir. Good morning, and thanks for taking my question. Just to articulate on your defense piece going forward, first, your take on your guidance because this quarter has been very strong. Was Pinaka was a part of the execution? And are we still confident enough to achieve our guidance of INR 3,000 crore? And just looking forward, because defense proportion in order book is increasing very significantly, I mean, beyond expectations, how are you thinking about, even if you can throw some light on articulation that how FY 2027 looks to you? That's my first question. Hello, am I audible?
Yeah. Sir, are you there? Ladies and gentlemen, the lines for the management got disconnected. Please stay connected while we reconnect them.
Hello?
Yes, sir, we can hear you, sir.
Yes.
Should I repeat my question?
Yeah, you can repeat again.
Oh, sure. So the question was, sir, more from, you know, this, this quarter execution on defense has been very strong. Has Pinaka started now moving? And how do you think about your guidance of INR 3,000 crore this year? Because Q4 is a very big number you have to achieve. And just going forward, because every quarter you're increasing your defense order book, you know, in a very... You're really exceeding the expectation, for investors like us even. How do you think about FY 2027 growth on the defense side? Just that's my first question.
If you look at our Q3 numbers in defense, we have got, and we were expecting that Pinaka should have been part of these Q3 numbers, but final trials are pending before we start the dispatches of Pinaka in Q3. We are pretty sure now that from Q4, Pinaka will be part of our total solution towards different sectors. Once it starts, the numbers will be much, much better. We are expecting that from Q4, things will be quite moving towards our annual guidance number.
Sorry, sir, your voice was breaking. So you're saying guidance, we are maintaining, of INR 3,000 crore. Sorry, your voice was breaking in between.
Like I said, that now Pinaka has started in Q4. The numbers from defense will be much, much better, and we are moving towards our annual guidance.
Got it. Got it. Sir, any color you want to give on FY 27 execution? How qualitatively you are looking the ramp-up on the strong order book?
Like we have said in our previous call, that ramping up of defense takes little more time than the other sectors. Like we have been improving our defense revenue, and as we move forward in next quarter or next year, we will see a gradual improvements on every quarter basis. So in FY 2027, we are likely to perform very good, and the total expectations, we will share at the start of the financial year 2027.
Sure, sir. Sir, my second question is related to one article in India Today, where the article spoke about you putting up a facility in U.S., regarding, you know, drones and the MALE part, as well as it talked about Solar Industries going into making humanoids, you know, involving a lot of scientists from Europe and all. Can you throw some aspect? I'm just referring to India Today article. Can you throw some aspect? What are we doing here? What's the tab size? Because you spoke about this earlier, about these MALE and everything, you know, we want to do it, but if you can throw some light on that.
Yeah, like we have been sharing that we are working a lot on enhancing our product, especially the loitering ammunition, and then we have started work on the MALE category of drones also. And it is going to take some time before we really comment on the total targeted market and what we can get out of that. We need to wait for it. As far as our futuristic programs on humanoid robots and all those are concerned, we are very much interested in, taking those initiatives forward for our country's security programs. So once these things solidify, we will definitely, can share more details on this.
All right, sir. Thank you and all the best. I'll come back in the queue. Thank you, sir.
Thank you. The next question is from the line of Neha Manhuparia from Axis Mutual Fund. Please go ahead.
Hello, am I audible?
Yes, sir.
Congratulations, sir, on a very strong set of numbers. Two questions from my side. First is, as per some reports, there is a big shortage of 155 mm shells, and I think in Q4, we are also starting commercial production of 155 mm. So are these, and after this FTA, are we planning to cater the demand, or are we getting any inquiry from that side?
So like I said in the previous quarterly call, that we are planning to start manufacturing of 155 mm caliber ammunition. So we still working on that, and commercial production definitely should start in the Q4.
Okay. And second question is also on UAV. Currently, where do we stand when it comes to the progress of MALE and HALE UAV?
So we are working on these programs, and these programs takes longer time to develop. So we will wait for the final outcome. Let's assume that in a year's time, once anything concrete happens, we will definitely share with our stakeholders.
Okay. Okay. Thank you, sir. This is all from my side.
Thank you. The next question is from the line of Amit Dixit from Goldman Sachs. Please go ahead.
Yeah, hi. Good morning, everyone, and, sir, congratulations on a great set of numbers and conferment of the fourth highest civilian award to the chairman. Two questions from my side. The first one is just extrapolating a bit on the shell part. We were already supplying 30 mm shells to Indian Navy. And now defense minister has inaugurated the medium-caliber shell factory, and you spoke about 155 mm. So just from an industry perspective, how you are seeing the demand shaping up? We have been reading that there is a very firm demand for next 6-7 years based on replenishment, and Solar is nicely dovetailing itself to this demand. So just wanted to get an industrial perspective from your side. How do you see this demand for exports as well as within the country?
So it's definitely it was a big achievement on the part of our company to develop these products like 23 mm, 30 mm, and for which the inauguration has been there in the last month. And the demand for this product is quite good, and we have participated in the long-term RFP from Indian Ministry of Defense. And we are expecting orders to come out because we are still participating in the final trials, where they will do the technical analysis, and once those round is over, then it will enter into the commercial stage. It's going to take some more time, but in this coming year, we should see the orders coming for 23 and 30 mm programs. So definitely that will help us to ramp up the production.
At the moment, we are only manufacturing for naval requirement, and once the army requirement starts, this can become a good portion of our total defense order group or defense revenue.
Some color on export market?
It is difficult for me to give any color on export market, but as and when we receive orders, we will definitely discuss, because the international market is so huge that it is very difficult to digest the numbers. But like in every country, they have their own players, and once you have to say, if you think that we should be part of those programs, it takes little more time. We are trying to enter into that, those markets. And once we start getting orders, we will share with all the people.
Great, sir. The second question is essentially on international non-defense business. We have seen the revenue picking up sharply, and, for the first time, we have achieved INR 1,000+ crores in revenue. I know you give, these numbers in your annual report every year on the subsidiaries performance, but just wanted to get a little bit of color on, you know, how, which geographies actually contributed to this kind of growth, and, whether we have, ramped up operations in some of the, some of the newly started subsidiaries, or what kind of, you know, you are seeing more exploration, essentially, in mining business, particularly because of the high base metal prices that we are seeing. So that is contributing to this growth.
Just wanted to get a bit sense on the drivers for this international mining business, because this has performed exceedingly well.
Yeah, you are very right on, on the observation that we are doing quite good in international business. And like I have shared in my press note, that across the world, we have seen that there is a good demand, in demand for commodities like gold, copper, and related industrial metals, and those are helping us to increase our international business. In last seven to 10 years, we were trying to set up, the facilities across the world, and we have seen that business from international market is going up year- on- year. There were some turbulent years in between while we were setting up those things, but now things are shaping up quite well.
In this quarter, like I said, we have crossed INR 1,000 crore, which is a growth of almost 35%, and we believe that it is all because of our efforts in last so many years. Specifically on your question on which geography, so definitely demand in African market is quite good. We are getting good traction in some of the Southeast Asian market also. We are doing quite good in Turkey and nearby market also. So by and large, most of our geographies, wherever we are present, is doing quite well, and we expect the momentum to continue. But by and large, on annual basis or business as a whole, like we say that sometimes India is very good, international is little low. Sometimes international is quite good and India is low. So it's a combination of various factors.
Business as a whole, we still believe that, growing at 15% should not be a big problem for a company like Solar. I hope I have answered your questions.
Yes, sir, very much. Thank you so much, and all the best.
Thank you.
Thank you. The next question is from the line of Bhavin from SBI Mutual Funds. Please go ahead.
Good afternoon, Manish.
Good afternoon.
Yeah. So at the outset, congratulations for the award to our chairman. And the question actually for me is to understand if I were to break the defense order book into the domestic and international. If you give us, c an you help us with more color on the international piece of the defense order book? What it is currently, what's the kind of projects that are there in the defense order book on the international side, and what's the gestation of the execution for these projects?
If you look at our total order book from defense, it's around INR 18,000 crore, and out of that, around INR 6,500 crore-INR 7,000 crore is from Indian market, and balance, which is around, say, INR 11,000 crore, is from the international market. As far as gestation time is concerned, we are continuously ramping up our facilities. Products are already well qualified, so we don't see much challenge on converting these orders into the numbers. And you can see that from Q3, we have improved our defense business significantly, although Pinaka is not part of the Q3 numbers. And once Pinaka will also start in Q4, defense will grow up, and these international orders will also keep converting at a larger level. So from Q4 onwards, I think you can see better numbers from India as well as defense markets, overseas markets.
Sure. So just if I—if... Just help me understand if I'm, my understanding is correct, that a bulk of the international... order book is on the, HMX, side for, of our business, and, out here, the delivery timelines, the contractual delivery timelines would vary between three to four years. Is this understanding correct?
You asked good question on the product specific, for which our company policy is very clear, and you are aware of that. As far as conversion of orders are concerned, like I said, whatever orders we have received, against each order we have mentioned the timeline. like I said, that we are confident that we can convert these orders into the numbers because our products are well-qualified, and we have been successfully supplying these products. ramping up is not a problem.
Over the incremental margins that we have seen over the last couple of years, would you attribute to the change in the mix towards the defense, where the underlying investments, which was dragging down the margins, is now actually bearing the fruit, where the margins that we are seeing currently could be sustained over at least the next three to four year period?
I think because, since two factors, which were, were definitely impacting our EBITDA margin in, say, couple of years back, one was international and second was defense. Since international has started performing quite well, and we are expanding in more geographies and expanding the capacities in those markets. So definitely up and down will keep going. It's a part of business. But defense has been shaping quite well because of all the geopolitical tensions and the vacuum across the world for these products. So we are confident that we should be able to maintain the EBITDA margins around 27%-28% as we move forward also.
Yeah, great. Those were my questions. Thank you so much.
Thank you very much.
Thank you. The next question is from the line of Sanjeev from Antique Stock Broking. Please go ahead.
Yeah, thanks for taking my question. First of all, congratulations for to the chairman for being awarded with Padma Shri. Much deserved, sir. Sir, my question was on the Pinaka rockets. Is there any seasonality associated with delivery of these rockets? Maybe in FY 2027, because FY 2026 was just a part year, in FY 2027 onwards.
No, I think from Q4 we will start supplying Pinaka rockets, and as we move forward, things will be better and better. And the programs are of long tenure, seven to 10 years. We will see that every year we will keep supplying the product consistently. And like you might have read, that there will be new variants of Pinaka, and once those will also become part of our kitty, overall basket of Pinaka series products, so we will see more business from this product this year.
Sir, on the gross margin expansion we've seen in the standalone side, what could be the main drivers?
Main drivers are basically increasing defense business and increasing international business, which is well supported by exporting out of the country. There are various initiatives which we have taken to improve the efficiencies across the facilities. That is helping us.
And sir, lastly, the non-defense and export business hasn't contributed much in terms of growth in the first nine months. What outlook, you have for the next two years? Do you expect a rebound in terms of growth for the other segments?
Yeah, if you look at India business, definitely in the first nine months, the demand was greatly impacted due to heavy monsoon and some slowdown in the economy. And we can correlate these sentiments with the fact that demand from coal and overburden, which is mainly Coal India, Singareni Collieries, and private coal mines, there has been practically no growth in this financial year. And if you look at the demand for electricity, which is also quite flat. But these are the dull periods, and in every economy, we can see such kind of periods. But we are a firm believer that the demand for these things, or the mining products and related products for generating electricity, should keep growing at 6%-7% on annualized basis.
They should grow at around 10%-12% on volume terms, and which will help us to grow our business even in India on 15% on annualized basis. It can be up and down on some quarter or a year, but if you look at the long-term trajectory, we are quite confident of growing the business around 15%.
Okay, great, sir, and all the best. Thank you.
Thank you.
Thank you. The next question is from the line of Alisha Mahawla from Trust Mutual Fund. Please go ahead.
Hi, sir. Good morning. Thank you for your presentation. The first question is, if you could highlight what else is part of our defense pipeline for this year and next year?
Can you repeat the question, please?
Hi, I hope I'm audible.
Yeah, yeah.
Yes. So what is our defense pipeline looking like for this year and next year, specifically for the domestic market?
... Defense pipeline as of now is around INR 18,000 crore as of now, and we will be definitely doing a lot of sales out of these orders. And we expect more orders to come in as we move forward, because we are developing plenty of products for India and international markets. So we expect a lot of orders to keep coming in our kitty. But as of now, it is very difficult to give a firm number on the product pipeline for the next year.
Okay. And, the Pinaka execution from Q4, so you said that it is delayed because some trials are pending, but is that complete? Or, there could be some further delays to the execution of Pinaka from Q4 to Q1?
No, I don't see any more delay in this, right?
Have the trials been complete?
Like I said, you will see the numbers from Q4 for Pinaka rockets, so let us stick to that.
Okay, sure. Last question is on 155-mm shells. If you could just re-highlight, what is the capacity? When is it coming on stream? And what, what is the kind of ramp up or contribution we're looking from that perhaps by 2026 or 2027?
So we have started working on Pinaka 155 mm shells in last year, and we have started production as well, and we are waiting for the final round of qualification. Once we finish with that, then we can share more details on this product. But as a policy, we don't share such kind of details on product-wise, like you have asked for capacity for 155 mm, all that. But more or less, we believe that we should focus on the overall guidance for defense product as such, and the results we are delivering.
Okay, sir. Thank you.
Thank you. The next question is from the line of Balas ubramanian from Arihant Capital. Please go ahead.
Good morning, sir. Thank you so much for the opportunities, and congratulations for Padma Shri Award to the chairman. He was well recognized for his significant contributions, specifically in strengthening India indigenous defense manufacturing capabilities, which including development of ammunition and rockets. Sir, my first question: I think earlier we have faced entry restrictions and currency availability issues, especially in African markets. Nearly around 40% of our sales is coming from international markets. Just want to understand how much of business is coming from African markets, and how the situation currently is improving, and how much is our forex exposure in those regions? This is my first question.
So as far as the forex exposure is concerned, it is basically normal expense cost for our business. It is a routine expense which is incurred because we are operating in multiple currencies and multiple geographies. So this is one which is a very normal cost of the business, and approximately it is in the range which we expect. So it's approximately around INR 20-odd crores, which is very, very normal cost for that.
Okay, madam. Another question, we have guided nearly INR 2,500 crore kind of CapEx. As of nine months, how much we have achieved? What percentage of allocation goes to different capacity expansion versus international or new business CapEx?
Yeah, we will share the total CapEx update on the Q4 numbers, please.
Okay, sir. Thank you.
Thank you. The next question is from the line of Bharat Shah from ASK Group . Please go ahead.
Hi, Manish. Hearty, hearty congratulations to you and the entire Solar team. Not only just having very healthy growth rates, but improving the quality of the growth rate even more and more. So that really deserves a huge amount of praise. I have two questions. Starting with the first one, on a long-term basis, say three to five years, clearly our defense as well as international business will continue to drive growth rate ahead of our domestic CIL or non-CIL or infra business, or at least that's what I assume. If that is the case, what kind of—I'm aware that you mentioned during discussion just now 15%+ growth rate.
But I would have assumed that, given the fact that domestic business, you just now mentioned about 18 odd percent growth rate, 11, 12 volume and 18% value. And if defense and international business will continue to deliver, given the healthy order book and opportunity at a much higher rate, would we say over the next three to five years, our earlier picture of 20%, plus, kind of a compounded growth, over the five-year period is a realistic assumption?
Thank you, Bharat . Basically, if you look at my update, I have said that on volume terms, we should grow at 10%-12% per annum, and that will help us to grow our business, especially in mining side, by around 15% per annum. So we believe that this is quite, very much possible to grow at around 15% on annualized basis. And if you look at the defense potential, like I have shared, that we are getting a lot of orders, and we are participating in many of the long-term defense programs like MPATGM and KUSHA program, apart from the Pinaka series of products. So potential is quite good, and we are getting a lot of orders as well.
If you combine the mining and defense together, definitely, growing at 20%+ is not at all difficult for Solar at this stage for next three to five years down the line.
Fantastic. Presumably, given the fact that defense is a higher margin business, so is international and exports, our margins have a reason to be protected or improved over the period of time?
Yeah. Like we have demonstrated that since international business has no much baggage left over, which will impact the margin improvements or sustaining the margin. As defense keep growing, definitely margin should keep improving. But as a prudent practice or conservative policy of our company, we try to maintain at a subdued level. And based on those things, I expect that getting 27% in next three to five years should not be big problem for us.
Fantastic. The second and last question. We have come a long way, over the period of time that I've interacted with you and the firm. 5, 6 years back, we had nonexistent defense business, but we were building for it. We had very small but a difficult international business. Like you just now described, a lot of baggage and challenges were constantly causing confusion over the period of time. But from there, these two businesses have now become 70% of our total turnover, roughly, and among the healthy growth bulwarks. We have developed a lot of products. We have earned respect of the products that we are supplying, getting into more complex programs, more geographies, more opportunities, better products, technology.
Keeping in mind all of these, when you view next five years, what are, in your mind, key strategic challenges and key strategic priorities for you?
So for us, looking at these kind of opportunities, our key priority is to focus on the new technologies, which we should be able to adopt and keep on developing the products for our security solutions or providing security solutions for not only for our country, but outside the country as well. So as we are expanding in defense in various zones or areas, it will be a challenge for us to maintain the relationship and a strong connect with all our stakeholders. So that is, I believe, is a key priority or challenge as well. And as far as the focus is concerned, like I said, that, adopting new technologies, developing new products is our focus.
Fantastic. And once again, hearty congratulations, not just getting healthy growth rate, but very superior quality of the growth. Your numbers make it look as if it is very easy to get these kind of results, but I'm sure there is a remarkable work going on. So congratulations to you and your team, for this, performance and for the future.
Thank you very much, Bharat.
Thank you. Ladies and gentlemen, we will take that as our last question for today. I now hand the conference over to Ms. Jyoti Gupta for closing comments. Over to you, ma'am. Jyoti?
Heartiest congratulations, sir, on being honored with Padma Shri. This is well-deserved recognition, truly reflects your visionary leadership, unwavering commitment, and significant contribution to India's industrial progress. Wishing you continued success, good health, and many more milestones as you continue to inspire future generations and common people like us. Thank you so much. On behalf of Nirmal Bang Institutional Equities, we would like to thank the management of Solar Industries Limited for the call, and also many thanks to the participants for joining the call. Thank you very much, sir. Thank you, thank you, Aanchal. We will now conclude the call. Thank you.
Thank you. On behalf of Nirmal Bang Institutional Equities, that concludes this conference. Thank you for joining us, and you may now disconnect your line. Thank you.