Astra Microwave Products Limited — Q3 FY26

Astra Microwave Products Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=oDaXhifWLls Published: 3 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Astra Microwave Products Limited Q3 FY26 earnings conference 0:09 9 seconds call. This conference call may contain forward-looking statements about the company which are based on the beliefs, 0:16 16 seconds opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and 0:25 25 seconds uncertaintities that are difficult to predict. As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to 0:34 34 seconds ask questions after this presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then 0:43 43 seconds zero on your touchstone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. SG Reddi, the 0:52 52 seconds managing director for the opening remarks. Thank you and over to you sir. 0:58 58 seconds Thank you and good morning everyone. 1:02 1 minute, 2 seconds A warm welcome to all the participants to the post results uh call of our company. I am with my colleagues uh Mr. 1:09 1 minute, 9 seconds Miri and Atim Kabra and SGA our investor relations advisers. 1:16 1 minute, 16 seconds The results and investors presentation for Q3 and 9 months of FI26 are already uploaded on our company 1:24 1 minute, 24 seconds website and stock exchanges. I hope uh you had a chance to look at it. 1:31 1 minute, 31 seconds In Q3 FI26, the company delivered its uh best ever performance supported by margin improvement primarily due to 1:39 1 minute, 39 seconds favorable revenue mix and strong order execution. Our standalone numbers uh for 1:46 1 minute, 46 seconds Q3 is at 258 crores with the EBIT at 80 crores. 1:53 1 minute, 53 seconds Corresponding with the margin expansion, the beta margin stood at 30.9% while profit after tax is close to about 2:02 2 minutes, 2 seconds 39 crores. These results underscore the strength and resilience of our operational capabilities. 2:10 2 minutes, 10 seconds on a standalone basis 9 months revenue subject to 668 crores with the EB test 2:16 2 minutes, 16 seconds at 165 crores with a healthy margin of uh 25%. 2:22 2 minutes, 22 seconds And the PAT has seen a growth of of 6.3% yearonear with a margin of 10.9%. 2:31 2 minutes, 31 seconds Our standalone order book has crossed the 2,000 cr and stands at 2226 crores 2:38 2 minutes, 38 seconds as of December 2025 providing strong visibility for the upcoming quarters. 2:44 2 minutes, 44 seconds This include orders of 1,477 crores from defense specs and DRDO labs, 2:51 2 minutes, 51 seconds 249 crores from space sector, 369 crores from merology and hydrarology sector and 2:59 2 minutes, 59 seconds 130 crores from exports and we continue to focus and execute modules 3:09 3 minutes, 9 seconds and subsystems with the critical and complex applications in the area of electronic warfare, radar systems, 3:17 3 minutes, 17 seconds space-based platforms. To mention a few, we have delivered asia and modules, 3:24 3 minutes, 24 seconds expand DWR, AAT, TRU, telemetry products and some more products for QR and SBA. 3:34 3 minutes, 34 seconds during the quarter to strengthen our relationship and uh be a partner in making India India making 3:41 3 minutes, 41 seconds India programs. We signed MOU with Barat Electronics to work together on design, development and manufacturing of 3:48 3 minutes, 48 seconds advanced systems with the shared objective of strengthening indigenous design and production capabilities in key defense technologies. 4:00 4 minutes On the order flow front, we received 450 plus cres of orders during the year which has a mix of defense and other 4:06 4 minutes, 6 seconds segments. We are on the way to achieve our order guidance for the year. More details about the same will be shared by JMD. 4:15 4 minutes, 15 seconds Our joint venture Astrael Comp has bagged two prestigious orders worth of 300 plus crores during the quarter and 4:22 4 minutes, 22 seconds is poised to do well in the coming years. From a strategic standpoint, we continue to take study steps towards 4:29 4 minutes, 29 seconds becoming an integ integrated player in advanced electronic modules, subsystems and complete systems for defense electronics and space applications. 4:41 4 minutes, 41 seconds More business related updates and future plans will be shared by my other two colleagues. 4:48 4 minutes, 48 seconds Quick industry updates. When we look at the broader industrial landscape, it is evident that the defense sector has undergone a structural shift. It is very 4:57 4 minutes, 57 seconds encouraging that the government is working towards improvising the earlier L1 formula under which the lowest 5:05 5 minutes, 5 seconds technically compliant bidder was selected which is now changing by incorporating additional technical parameters as well as indigenous design. 5:15 5 minutes, 15 seconds The Indian government now chooses to prioritize the Indian companies that focus on research and development and invest in owning IPR rather than just obtaining technology transfers. 5:27 5 minutes, 27 seconds Looking ahead, the union budget 2627 provides a strong thrust towards indigenous manufacturing and reduced 5:35 5 minutes, 35 seconds import dependence positioning domestic defense industries including private sector players as key beneficiaries. 5:44 5 minutes, 44 seconds The government's continued focus on defense modernization making in India and uh self-reliance is clearly 5:51 5 minutes, 51 seconds reflected in the budget with allocation towards defense increasing by 15%. 5:58 5 minutes, 58 seconds Within the aerospace ecosystem, the space segment is witnessing accelerated momentum supported by raising 6:05 6 minutes, 5 seconds investments, expanding capabilities and strong policy backing. The Union budget 6:12 6 minutes, 12 seconds 2026 underscores this trend by healthy allocation to the space sector highlighting government's intent to 6:19 6 minutes, 19 seconds strengthen India's space capabilities and support long-term ecosystem development. 6:29 6 minutes, 29 seconds Currently, our order visibility across the industry is strong and backlogs are no longer a constraint. The focus has 6:37 6 minutes, 37 seconds therefore moved to execution specifically the ability to meet delivery milestones while protecting margins and maintaining balance sheet 6:45 6 minutes, 45 seconds discipline. Additionally, a further support from various global trade engagements is expected to enhance 6:52 6 minutes, 52 seconds export potential. Together these developments act as a strong tailwind for all defense PCs as well as private sector companies like Astra. 7:03 7 minutes, 3 seconds From a near-term perspective, we reaffirm our growth targets for FI26 comprising approximately 10% growth in 7:10 7 minutes, 10 seconds top line with a healthy healthy PBT level and order inflows in the range of 1,300 crores to 1,400 crores. Here I 7:20 7 minutes, 20 seconds would like to assure all of you though we have achieved about uh 600 plus crores uh revenue as of Q3 we are 7:28 7 minutes, 28 seconds confident to reach our target of 1150 crores as a top 10 for the year. Further as previously guided we are on track to 7:37 7 minutes, 37 seconds deliver revenue growth around 15% for FI27 and an order book of around 1,500 plus crores with a healthy bottom line. 7:47 7 minutes, 47 seconds Further when we look at the long-term prospectives of the company we are sure that company is likely to grow much faster from the financial year 2829 7:56 7 minutes, 56 seconds onwards and I am sure all of you will be very happy with the performance of the company with this I thank you very much 8:04 8 minutes, 4 seconds now I hand over to Miri and later on to Mr. Satin Kaka. Thank you. 8:14 8 minutes, 14 seconds Thank you, Azure. Uh good morning to all and thank you for joining us. 8:19 8 minutes, 19 seconds [clears throat] 8:20 8 minutes, 20 seconds I'm pleased to report that our company continues to demonstrate a strong operational resilience, disciplined execution and moving with a clear 8:28 8 minutes, 28 seconds strategic direction to achieve its goals. 8:32 8 minutes, 32 seconds As we close the third quarter FI26, our performance remains aligned with the guidance we shared at the start of the 8:39 8 minutes, 39 seconds year, reflecting both the strength of our execution engine and the trust our customers and partners place in us. 8:48 8 minutes, 48 seconds As of December 25, our order book remains in line with the guidance. As my colleague just now had mentioned, we 8:56 8 minutes, 56 seconds have booked about 476 crores orders in Q3 and overall standalone order book stands at 2,226 crores. 9:07 9 minutes, 7 seconds We have also concluded price negotiations for the contracts worth of approximately 550 to 600 crores which are likely to 9:16 9 minutes, 16 seconds convert into firm orders by end of this quarter. 9:20 9 minutes, 20 seconds With the visibility, we remain firmly on track to achieve our FI26 order book guidance of 1,400 to,450 crores. 9:29 9 minutes, 29 seconds Our delivery pipelines are stable. 9:31 9 minutes, 31 seconds Execution across program is disciplined and our revenue trajectory continues to be healthy. 9:38 9 minutes, 38 seconds The third quarter has been particularly encouraging with high value wins in critical defense and weather uh segments totaling around 300 crores. This 9:47 9 minutes, 47 seconds includes Doppler weather riders and software defend radios. Reinforcing our leadership in advanced RF and microwave systems. 9:57 9 minutes, 57 seconds We also secured strategically significant wins such as DCPP for EW suit for SU30 platform and also few other subsystem strengthening our role 10:06 10 minutes, 6 seconds in complex subsystem integration and deepening our participation in mission critical national programs. 10:13 10 minutes, 13 seconds Looking ahead, we are even more energized by the strategic opportunities before us. We are strongly positioned in 10:21 10 minutes, 21 seconds the major programs which our DPSU customers are expecting contracts in next couple of quarters where our 10:28 10 minutes, 28 seconds competitive edge lies in key subsystems and in-house critical MMIC capabilities. 10:35 10 minutes, 35 seconds At the same time, as we had mentioned earlier, we are expanding our P presence in space domain, which we see as a major 10:42 10 minutes, 42 seconds long-term growth driver. We partnered with a couple of startup companies to participate meaningfully in the evolving 10:50 10 minutes, 50 seconds space ecosystem, combining our RF and microwave strength with advanced propulsion and satellite technologies to capture opportunities in both domestic and global markets. 11:02 11 minutes, 2 seconds We continue to invest in future ready technologies aligned with evolving Ministry of Defense requirements and 11:08 11 minutes, 8 seconds growing export opportunities. Our JVC ARC overall performance is exceptionally 11:15 11 minutes, 15 seconds well and executed 18.19 million US in Q3 with order book of $80 million and with 11:25 11 minutes, 25 seconds the visibility of opportunities which we have today. We are confident of maintaining sustainable growth for the ARC next five to six years. 11:34 11 minutes, 34 seconds In summary, Astra Micro is delivering exactly as committed. We are meeting our guidance, strengthening our order book 11:41 11 minutes, 41 seconds with highquality programs and executing with discipline and confidence. More importantly, we are building a technology roadmap aligned with the 11:50 11 minutes, 50 seconds market needs and global trends. The future ahead is not only promising and strategically secured through sustained 11:57 11 minutes, 57 seconds investment in technology partnerships and execution excellence. That's all from my side. I would like to be happy 12:04 12 minutes, 4 seconds to answer your questions. Now I hand over to Mr. Natim Kraba Cobra, executive director. 12:13 12 minutes, 13 seconds Thank you MV and SG for a quick summary as always and like you both I too can 12:21 12 minutes, 21 seconds sense that Indian defense and aerospace sector is pregnant with multiple opportunities. 12:28 12 minutes, 28 seconds It has been five plus years and only five plus years since DAP 2020 and the vision laid out by the government at 12:35 12 minutes, 35 seconds that time has led to the bloom blooming of this sector and now we all we have the adi revised version almost in place. 12:47 12 minutes, 47 seconds However, I continue to believe that private sector defense is still in its infancy and even though all the companies here are expecting a flurry of 12:56 12 minutes, 56 seconds orders, we all still face an execution challenge which if handled efficiently will take the sector and the 13:04 13 minutes, 4 seconds constituents of this sector to newer heights. 13:08 13 minutes, 8 seconds So on the back of these developments last quarter for the first time we were 13:15 13 minutes, 15 seconds confident enough to mention that 3 to four years from now we are expecting to more than double our double our turnover. 13:26 13 minutes, 26 seconds All timelines are hazy as the entire ecosystem has to come together for the price 13:33 13 minutes, 33 seconds negotiations to happen, orders to be placed, supply chain activated, flawless execution to happen and then at the and 13:41 13 minutes, 41 seconds for the end client to accept and take delivery of the product. 13:47 13 minutes, 47 seconds So today I want to briefly touch upon the criticality of adequate financing 13:54 13 minutes, 54 seconds and how that is a lubricant which keeps the working the system moving in an efficient manner. 14:01 14 minutes, 1 second So as you're aware defend is a highly working capital intensive industry. The government does release the orders to 14:09 14 minutes, 9 seconds the defense prime PSUs and increasingly of course direct orders are being uh from the users are being placed with uh 14:18 14 minutes, 18 seconds folks like us and in turn DPSUs place orders to their vendors while they may obtain adequate financing for execution 14:26 14 minutes, 26 seconds more often than not they are not inclined to pass on similar working capital benefits to the supply chain. 14:33 14 minutes, 33 seconds sort of complain this is just business but that's the nature of the beast. So when I look at my our receivables, our 14:42 14 minutes, 42 seconds inventory levels etc. you know and I look at the other industries of course taken in isolation these numbers seem 14:51 14 minutes, 51 seconds scary high but that's only mitigated by the fact that our receivables are grade one government of India credit which 14:59 14 minutes, 59 seconds banks are more than happy to discount. I must tell you that even with increasing numbers of receivables and uh inventory, we have had a credit rating improvement. 15:12 15 minutes, 12 seconds You would have read about it and one of our banks has already prime banks has already reduced the interest rate which has been charged to us. 15:22 15 minutes, 22 seconds Can you put it on mute for others because there's a lot of disturbances. 15:27 15 minutes, 27 seconds So as far as the Okay. Um as far as the availability of financing 15:34 15 minutes, 34 seconds is an issue for us it is actually not that big an issue but as you know balance sheets for efficiently for them 15:44 15 minutes, 44 seconds to efficiently function especially when our sales volumes are projected to go significantly higher. We need to be 15:53 15 minutes, 53 seconds creative as well as uh ensure that there enough financing is there so that our NCNC projects the products being 16:00 16 minutes developed and the large blue sky thinking driven projects do not suffer due to inadequate financing. So watch 16:07 16 minutes, 7 seconds the space there are few very interesting options as they crystallize we'll be letting you know. So the way we look at 16:14 16 minutes, 14 seconds why is the inventory high? The way we look at it our high inventory is a function of the long gestation product 16:22 16 minutes, 22 seconds cycles and the lengthy time spans between the quotations we make to the placement of orders and the price negotiations before that. 16:35 16 minutes, 35 seconds And finally, the lengthy delivery schedules over which the contracted products have to be delivered on contracted pricing. 16:44 16 minutes, 44 seconds The foreign content is fairly high in quite a few orders and with a fluctuating exchange rate like ours. If 16:53 16 minutes, 53 seconds our margins have to be protected, then orders need to be placed and your components and subcomponents acquired much ahead of the delivery schedule. And 17:02 17 minutes, 2 seconds I must compliment our team here that despite the rupee you know guiding all over and going down I think uh we have 17:11 17 minutes, 11 seconds done fairly uh well and actually have a small profit uh on the foreign exchange side. 17:19 17 minutes, 19 seconds So moving ahead and often in the supply chain the quantity 17:26 17 minutes, 26 seconds which needs to be ordered is defined up front. supply chain partners are designated. Plus, there is a minimum 17:34 17 minutes, 34 seconds economic order quantity uh concept which comes into the play at times which 17:41 17 minutes, 41 seconds requires us to order in significant inventory which is utilized over a period of time but of course we carry the risk of 17:49 17 minutes, 49 seconds obsolescence in this. So combined all these items create a significantly high 17:56 17 minutes, 56 seconds inventory and you have to appreciate the fact that we have been around for three 18:03 18 minutes, 3 seconds decades plus. So the numbers you see are a combined number of which has accumulated over close to three decades. 18:12 18 minutes, 12 seconds It is it does not necessarily directly pertain to the ongoing production levels. So why do these numbers look manageable to us guys? 18:22 18 minutes, 22 seconds We receive advances from the customers also but the numbers you see reported are gross receivables without being 18:30 18 minutes, 30 seconds adjusted for these rece for these advances and that's a very significant thing which we are sharing with you that 18:37 18 minutes, 37 seconds the numbers we report are gross receivables not adjusted for the advances which we have received. 18:45 18 minutes, 45 seconds So we look at our numbers as inventory plus gross number of days receivable minus the customer advances. 18:56 18 minutes, 56 seconds So advances if I look at the numbers for December 25 advances for customers 19:04 19 minutes, 4 seconds accounted for nearly 25% of the gross receivables. So our net receivables 19:10 19 minutes, 10 seconds are accordingly reduced and that brings the number down to fairly significant level and remember that these are 19:19 19 minutes, 19 seconds sovereign receivables. So as long as the banks have an interest in funding sovereign receivables we should have no problems in funding the business and 19:29 19 minutes, 29 seconds even for these receivables. The way we can look at it is also that the 19:35 19 minutes, 35 seconds incremental receivables over the normal receivable cycles let's say if it doubles up from the 19:42 19 minutes, 42 seconds normal receivable cycle of let's say 90 90 days or 100 days which exists then at the current co rate of interest 19:51 19 minutes, 51 seconds it's costing me probably 2% in incremental out of my margins to take care of the business which is a 20:00 20 minutes very very very manageable number and we are fairly comfortable. Lastly, please 20:07 20 minutes, 7 seconds note that these numbers are as of the balance sheet on 31st of March and the nature of business is such 20:16 20 minutes, 16 seconds that most of the or significant amount of orders come in in the last quarter of the years. So this amount will always 20:25 20 minutes, 25 seconds the the 31st March number will always be significantly high given the nature of 20:32 20 minutes, 32 seconds the business and the fact that there's a normal receivable cycle even if it is a normal receivable cycle it will show us as a gross receivable being very high. 20:40 20 minutes, 40 seconds So while the cash flow is spread out over the years. 20:45 20 minutes, 45 seconds So these two things I think if when you look at the inventory numbers and the uh receivable numbers I think once you start looking at it from our perspective 20:54 20 minutes, 54 seconds it is fairly manageable. And I want to end this conversation with a note on how 21:01 21 minutes, 1 second we view our business. We view our business in blocks of three to four years not on a quarterly basis not an annual 21:09 21 minutes, 9 seconds basis as there is a significant step up which happens in terms of our technical capabilities in terms of our R&D and in 21:18 21 minutes, 18 seconds terms of the overall tech scenario as well as our capabilities which are continuously being upgraded. 21:25 21 minutes, 25 seconds So we expect right now that the fruits of the last 3 to five years of R&D and 21:32 21 minutes, 32 seconds mind you we are very very horizontal in terms of our product breath probably one of the best horizontal plays which you 21:39 21 minutes, 39 seconds will get uh in terms of the tech breadth uh in the industry. So 21:46 21 minutes, 46 seconds we expect that this will translate into multiple large scale programs which if I even if I look at just four years 21:54 21 minutes, 54 seconds scenario uh MV ready and ready are very confident of giving us a number of around 8 to 10,000 crores worth of new 22:04 22 minutes, 4 seconds order booking and concurrent sales happening to the tune of about 7,500 plus over the next four years 22:12 22 minutes, 12 seconds themselves. If you do the maths, we have already given you a guidance of 1,400 137,400 crores for the next year plus minus 25. 22:23 22 minutes, 23 seconds We are talking about uh 1,650,700 plus - 25 uh to 15 20% over there 22:30 22 minutes, 30 seconds because the visibility is very high. And if you subtract these numbers from the 7,500 odd crores which I'm talking 22:37 22 minutes, 37 seconds about, you will see that FI29 and FI30 is where we again go into a completely 22:46 22 minutes, 46 seconds different orbit. And our margin profile has been I guess slightly on the upward 22:53 22 minutes, 53 seconds trend only. And if I look at the overall operating leverage which comes in and 23:01 23 minutes, 1 second the accumulative PBT numbers over the next four to 5 years, I think it will help us very clearly achieve our 23:10 23 minutes, 10 seconds cherished target of being a free cash flow generating company towards which we have been working. So it's looking good. 23:18 23 minutes, 18 seconds Focus is on execution and I'm sure our team will deliver. With this I hand you back for question and answers. Thank you. 23:27 23 minutes, 27 seconds Thank you sir. We will now begin the question and answer session. 23:32 23 minutes, 32 seconds Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you 23:40 23 minutes, 40 seconds may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will 23:49 23 minutes, 49 seconds wait for a moment while the question queue assembles. 23:56 23 minutes, 56 seconds Our first question comes from the line of Amit Digshit from Goldman Sach. Please go ahead. 24:04 24 minutes, 4 seconds Yeah. Hi. Uh good morning everyone and thanks for the opportunity. Uh congratulations for a good performance and uh very healthy margins. uh 24:12 24 minutes, 12 seconds [clears throat] couple of questions and more from uh medium-term view. uh first one is uh we have executed MOU with BL u 24:21 24 minutes, 21 seconds and as we all know BL is uh one of the in one of the consortiums for AMA while your name directly doesn't figure in you 24:30 24 minutes, 30 seconds know uh as a part of consortium unlike your some of your peers but just wanted to understand the opportunities that we 24:37 24 minutes, 37 seconds see in AMA platform if very broadly you can highlight uh what kind because we have been involved in SEO we have been 24:44 24 minutes, 44 seconds involved in um pages Yes. So I just wanted to understand the broad range of opportunities in AMA both in terms of 24:53 24 minutes, 53 seconds products as well as uh if you can highlight some uh you know financial u part as well. 25:03 25 minutes, 3 seconds Yeah. Um uh Amit um as far as the AMA program is concerned uh you know the 25:11 25 minutes, 11 seconds basically you know our core expertise in basic in radar and EWCs and these are the major systems or 25:19 25 minutes, 19 seconds sensors I would say which we have the core expertise in AMA and these sensors 25:26 25 minutes, 26 seconds are being dealt by DRDO separately they are not in the scope of the EOI what being released East. So it is the most 25:35 25 minutes, 35 seconds of most of like mechanical and the avionics part of it and the of course 25:43 25 minutes, 43 seconds some equip avionics electronics is there but where we don't have expertise. So uh 25:50 25 minutes, 50 seconds to be frank we don't have direct contribution in that particular scope what being uh given in that EO but we 25:57 25 minutes, 57 seconds are there in the radar and EWC that is which is being dealt by the separately that anyway we we are working on that 26:08 26 minutes, 8 seconds and is it fair to assume that since we have a you know historical I would say precedent of 26:15 26 minutes, 15 seconds being in Tjas being and now being in Sukoi and congratulations for that. Uh so it is you know we would have an edge over others possibly in AMA as well. 26:27 26 minutes, 27 seconds Yeah we will be uh once we complete the development and then uh once we made the product system we will become the part 26:34 26 minutes, 34 seconds of uh who is wins the consortium. Today the consortium basically more focus on the building the aircraft and uh the 26:42 26 minutes, 42 seconds other sensors and all. So we will be a supplier to those consortium whichever wins the bit. 26:51 26 minutes, 51 seconds Okay. Uh the second question is essentially on the export opportunities now with the EU India FDA in place and 26:58 26 minutes, 58 seconds US India trade deal also in place. Uh there was a uh I mean DAC approval for 27:06 27 minutes, 6 seconds record A yesterday. uh what kind of export opportunities we see particularly when you know of global OEMs are keen on 27:14 27 minutes, 14 seconds dubtailing into Indian suppliers for their global supply chains. 27:20 27 minutes, 20 seconds Uh yeah actually uh this has opened up uh although you know we have been working with couple of European 27:28 27 minutes, 28 seconds companies for last few years uh especially in uh radar and EW components 27:35 27 minutes, 35 seconds and subsystems. Uh we have now the discussions whatever we had in the past 27:41 27 minutes, 41 seconds now we are again reinitiated and uh there is we have seen a lot of positive 27:48 27 minutes, 48 seconds uh response in last couple of like you know weeks you know soon after this deal is over but uh in fact it is too early 27:56 27 minutes, 56 seconds to say that how much you know we can uh get these opportunities and all but yes there definitely uh there is good number 28:04 28 minutes, 4 seconds of uh you know uh opportunities are there to work together to address the global market and as well as the Indian 28:11 28 minutes, 11 seconds market. We have been discussing uh renowned European players uh who are all working in this our domain. 28:22 28 minutes, 22 seconds Okay sir, thank you so much and all the best. Thank you. 28:28 28 minutes, 28 seconds Thank you. A reminder to all participants you may press star and one to ask a question. 28:37 28 minutes, 37 seconds The next question comes from the line of Varun Bal from Pluto's Investment. Please go ahead. 28:45 28 minutes, 45 seconds Thank you for the opportunity and uh well done on the margin side. Frankly speaking, the execution lethargy of 28:53 28 minutes, 53 seconds management is slightly worrying. Even with such clear order visibility, a 10% revenue growth in the current year and 28:59 28 minutes, 59 seconds only a 15% revenue growth next year is underwhelming. In this period of extreme tailwinds for the ecosystem, why can't we have bigger goals? 29:09 29 minutes, 9 seconds Thank you. 29:14 29 minutes, 14 seconds Uh well uh see uh as far as the execution capability, we have built this 29:20 29 minutes, 20 seconds capability. uh but you know uh most of these programs what we are executing are 29:27 29 minutes, 27 seconds uh R&D in nature and also uh the the you 29:33 29 minutes, 33 seconds know uh and domestic for market and in this kind of a market where we have many 29:41 29 minutes, 41 seconds other like you know uh this thing like you know entrances like inspection delay and in sometime like you know there is a 29:49 29 minutes, 49 seconds delay in uh approvals So all these things are leading to some sort of a project delays. uh that is one of the 29:57 29 minutes, 57 seconds reason and uh the as far as R&D projects like you know since we have taken up very complex R&D projects few of the 30:04 30 minutes, 4 seconds projects have gone for iteration and uh because of that uh few projects which we have planned to execute uh in last 30:12 30 minutes, 12 seconds quarter or last before got slipped away but uh as as I said you know we are fairly you know whatever we worked out 30:21 30 minutes, 21 seconds in the beginning of the year we are almost in line with the you guidance been given to you. So yeah for 30:29 30 minutes, 29 seconds the percentage and all we can probably we can increase like you know the moment when we get high bulk you know production orders like which we are 30:37 30 minutes, 37 seconds anticipating now uh in the next quarter or so uh for the programs we have already developed. The moment when we 30:44 30 minutes, 44 seconds get these orders I think you know our production our execution uh will improve drastically and you can see the better 30:52 30 minutes, 52 seconds percentage in terms of both in revenue as well as uh bottom line. 30:59 30 minutes, 59 seconds Thank you uh sir. So this is a very common feature post getting the order and starting of execution the the 31:07 31 minutes, 7 seconds planning stage is uh where we are seeing these delays. Is that correct? 31:14 31 minutes, 14 seconds Uh, no I didn't get you. Can you repeat 31:17 31 minutes, 17 seconds [clears throat] 31:19 31 minutes, 19 seconds sir? The Yeah. 31:23 31 minutes, 23 seconds post receiving the Okay. Post receiving the order and u and 31:31 31 minutes, 31 seconds starting of execution the plans are re redrawn and in this phase is where we see the delays. Is that correct? 31:42 31 minutes, 42 seconds post receiving uh actually it's not that you know we redrawn the uh implement execution see what has what will happen 31:50 31 minutes, 50 seconds is uh uh in majority of the development contracts uh sometime like you know the after 31:59 31 minutes, 59 seconds execution after the receipt of the order during uh PDR that is you know design review stage there are many issues will 32:07 32 minutes, 7 seconds get sorted out by the user uh or customer I would say uh keeping in view of the complete total system requirement 32:16 32 minutes, 16 seconds that time like you know some decisions uh we don't we don't get as the committees and all have to sit and go 32:24 32 minutes, 24 seconds through all the details so there are some delays in this kind of a process and this we have been seeing for many 32:31 32 minutes, 31 seconds years but you know uh since we are now executing a major uh uh like you know complex systems 32:39 32 minutes, 39 seconds Now this kind of a delays especially in the approvals and all are there that is the reason I think some of the projects 32:45 32 minutes, 45 seconds got delayed but otherwise we are planning much ahead like you know the for especially the proprietary case the 32:54 32 minutes, 54 seconds moment when we come across the demand from the customer and all we have been planning and for the competitive 33:01 33 minutes, 1 second industries of course though we made the designs and everything ready but the procurement and all will start only once 33:08 33 minutes, 8 seconds we conclude the PNC. So that planning will start from the date of conclusion of the PNC and uh we we always uh know plan to execute within the schedule. 33:22 33 minutes, 22 seconds With all your respectation appreciated sir. Yeah. 33:30 33 minutes, 30 seconds Thank you. A reminder to all participants please press star and one to ask a question. Our 33:38 33 minutes, 38 seconds next question comes from the line of Vikas Singh from ICICI securities. Please go ahead Vikas. 33:45 33 minutes, 45 seconds Good morning sir and thank you for the opportunity. Sir my first question is regarding the 114 Rafael deal. We have a 33:53 33 minutes, 53 seconds JB with the same. So for the raffles which are going to make India just wanted to understand the opportunity 34:00 34 minutes size for us and thus we are adding this uh also in the next five year doubling of revenue capability targets. 34:11 34 minutes, 11 seconds Yeah I would like to clarify our JV is with uh Rafael defense systems Israel not with Rafael of France. 34:24 34 minutes, 24 seconds Notice sir uh but then those 114 what I really meant that the those 114 dafel 34:31 34 minutes, 31 seconds which are going to manufacture in India so in the 50 or 60% component provider buys basically so 34:39 34 minutes, 39 seconds radars we can supply right so what could be the time size for that uh actually as of uh today in fact we 34:49 34 minutes, 49 seconds are not in the supply chain to be frank but Yes. 34:54 34 minutes, 54 seconds So some discussions are happening. We we are discussing uh to indigenize a few 35:00 35 minutes components and subsystems in that uh but it is too early to comment on the business size of this particular deal. 35:09 35 minutes, 9 seconds MBR let me just come in for a second here to answer to add on to the previous uh gentleman's question. You know, I 35:17 35 minutes, 17 seconds thought that was a very derogatory way of putting in the efforts of nearly 2,000 people who are working to deliver 35:24 35 minutes, 24 seconds the numbers and a target which has been given. You know, you being a gentleman have addressed it very nicely. But uh guys, we are not here, we have explained 35:33 35 minutes, 33 seconds it multiple times, we are not here for a quarterly review. This business, we take a 3 to four year view. And if you want 35:42 35 minutes, 42 seconds to use uh you know fairly harsh words you know which I I I think this is not the right company you know it's your prerogative of course but 35:51 35 minutes, 51 seconds you must understand that this business is a long-term business which you have to look at it from a 3 to four year perspective. So I find it quite 35:59 35 minutes, 59 seconds offensive when somebody you know looks at a quarterly number and uh pulls down the efforts of uh the company and the 36:06 36 minutes, 6 seconds 2,000 people who work there and we are just reiterated that we will meet the targets for the year you know and I'm 36:14 36 minutes, 14 seconds actually will take a liberty to say we'll be more or less close to the numbers and we have given you a guidance for the next year. This is a 36:22 36 minutes, 22 seconds multi-pronged effort where multiple things have to come together to deliver the numbers and you must appreciate this 36:31 36 minutes, 31 seconds and we have given you a fairly sizable growth uh which has happened and which will happen in the next 3 to four years. 36:41 36 minutes, 41 seconds Just wanted to put this across very clearly for the benefit of everybody. 36:49 36 minutes, 49 seconds Can I go ahead? Yeah, please. 36:53 36 minutes, 53 seconds Yeah. The second question pertains to our target of double the revenue at the same time like you previously remark 37:01 37 minutes, 1 second said your working capital is going to be very high. So just wanted to understand would uh because the working capital 37:09 37 minutes, 9 seconds investment comes uh much earlier would that mean that we would need some capital infusion or our debt would go up in the next couple of years before we 37:18 37 minutes, 18 seconds started reaping the benefits. So how should we look at that your capital requirements? 37:26 37 minutes, 26 seconds Yeah, I don't think uh we have to raise any equity capital as such to meet this working capital requirements. I'm sure 37:33 37 minutes, 33 seconds that uh the bankers and other stakeholders will be more than happy to support the company. 37:40 37 minutes, 40 seconds So we won't be raising any equity capital for the support of the working capital. Yes, the working capital borrowings will go up as the top line 37:48 37 minutes, 48 seconds grows but at the end of the day it is going to profitable business what we are doing. 37:56 37 minutes, 56 seconds And this is just one clarification on an average what percentage we are getting as advance uh uh in the order book. 38:06 38 minutes, 6 seconds Generally for the development orders uh we get an advance uh anywhere ranging from about 20 to 25%. 38:14 38 minutes, 14 seconds Export orders we get about uh 30% advance. 38:18 38 minutes, 18 seconds Whereas the for the production orders we don't get any advance. Again the the orders from the space application center 38:25 38 minutes, 25 seconds and methology sectors again there we get advance in the range of 20 to 25%. 38:33 38 minutes, 33 seconds No sir thank you and all the best. 38:36 38 minutes, 36 seconds Yeah thank you. Our next question comes from the line of Karthik from Suang Advisers. 38:43 38 minutes, 43 seconds Please go ahead. 38:45 38 minutes, 45 seconds Sir good morning. Uh just wanted to understand the order backlog and revenue targets for the joint venture. 38:52 38 minutes, 52 seconds Rafael J for 26 and 27. Yeah. 38:57 38 minutes, 57 seconds Yeah. Yeah. [clears throat] Uh order book uh JV 39:03 39 minutes, 3 seconds for the JV we have uh close to $80 million uh as date right? 39:13 39 minutes, 13 seconds Yes sir. And uh uh what else you want revenues sir? For this year and next year possible revenues based on execution plans. 39:22 39 minutes, 22 seconds Yeah, for this year I think it is likely to to about uh 350 plus crores of top line and probably for the next year it should be close to about 400 plus. 39:33 39 minutes, 33 seconds I don't but it should be in the range of 400 plus. 39:39 39 minutes, 39 seconds And how is the profitability shaping up there sir? at PBT level uh they earn close to about uh 10 to 12%. 39:48 39 minutes, 48 seconds Okay. Okay. Okay. And and the uh 1,400 cr does not include any contribution from this right. So this is not consolidated. So this is only the non uh 39:57 39 minutes, 57 seconds JV revenues. Right. Can you talk about Yeah. Yeah. It is a standalone and the profit from uh consolidation of 40:06 40 minutes, 6 seconds revenues at the consolidated level but it is only a share of profit from the JV is taken. 40:12 40 minutes, 12 seconds Sure. Sure. Thanks for answering and very best wishes. Thank you. 40:19 40 minutes, 19 seconds The next question comes from the line of Kayor Kumar Balia from Nashai. Please go ahead. Please stay on the line. 40:27 40 minutes, 27 seconds All we'll move on to the next participant that is Pit Jane from Motil Oswald Financial Services. Please go ahead. 40:37 40 minutes, 37 seconds Yes, thank you for the opportunity. I have two questions. One is the order book order inflow guidance for this year 40:44 40 minutes, 44 seconds and next year which is 1,300 cr and 1500 cr. So what are the key orders that we expecting say like in next 12 to 15 40:54 40 minutes, 54 seconds months and if you can help with the quantum as well. Yeah. What your next one? 41:03 41 minutes, 3 seconds Hello. What is your next question? 41:06 41 minutes, 6 seconds Yes. So the next one is like you mentioned that the uh current projects which are being executed most of them like quite a few of them are in R&D 41:14 41 minutes, 14 seconds phase and still we are able to maintain such uh good margins. So going forward when these get into like a mass 41:22 41 minutes, 22 seconds production or execution phase uh like higher quantity will the margins improve or these levels will be maintained? 41:32 41 minutes, 32 seconds Okay. Firstly regarding order book uh m yeah see uh order book for this uh 41:39 41 minutes, 39 seconds current quarter u that is in Q4 we are expecting as I said around close to 550 41:46 41 minutes, 46 seconds to 600 crores in that uh majority uh will come from radar and ew. So the from 41:54 41 minutes, 54 seconds the defense overall we are expecting about 450 crores and uh from methology around 120 crores. This is the uh split 42:02 42 minutes, 2 seconds of order book plan for this current quarter. So with this I think we will be in position to achieve 14 and 14 50 42:11 42 minutes, 11 seconds around that uh for the current financial year for the next year for FI27 we have a clear visibility to book order 42:19 42 minutes, 19 seconds uh close to 1,500 to 1,600 crores around that and in that the majority programs 42:26 42 minutes, 26 seconds which as I mentioned like you know uh orders will come from public sector uh uh customers like BL and all where the 42:35 42 minutes, 35 seconds programs which they are expecting orders uh for the first quarter like QRM and uh the other programs like in from DRDO we 42:44 42 minutes, 44 seconds are uh participating uh few R&D programs then the production orders which we 42:51 42 minutes, 51 seconds already got qualified like in EW systems like the nayan maidas samudria dharaki 42:58 42 minutes, 58 seconds these are all programs where our customers are getting orders and in that we will be getting subsystems Then export front we are expecting 43:07 43 minutes, 7 seconds orders worth of 100 to 125 crores and in mid segment around 50 crores. So this is a broad split of order book for the next 43:16 43 minutes, 16 seconds year. All in all I would say around 1,500 to 1600 crores we are confident of booking the orders. 43:26 43 minutes, 26 seconds Yeah. The second question regarding uh profitability, I would I must tell you that uh R&D is also a profit center to 43:34 43 minutes, 34 seconds us even today. Therefore, uh uh either low R&D or 43:41 43 minutes, 41 seconds uh larger R&D contribution is not going to affect the profitability. 43:46 43 minutes, 46 seconds But uh as we grow the top line, I'm sure that uh there will be an improvement in the margins. 43:52 43 minutes, 52 seconds But how much it is going to be and all probably we have to wait and see. But definitely it is going to be a positive one uh from uh now onwards in terms of the profitability. 44:05 44 minutes, 5 seconds Okay. And if I can squeeze in one more question. So uh yesterday around 3.6 trillion of uh events were accorded. So 44:13 44 minutes, 13 seconds what are what is the potential time for uh Astra in this? 44:20 44 minutes, 20 seconds Uh actually we are working uh uh some of the advanced version of few uh projects 44:27 44 minutes, 27 seconds which we are working in uh there but u yes some components and subsystems are there in few programs and all but uh we 44:35 44 minutes, 35 seconds will come back to you maybe uh little later of the exit potential of the business what we can get it from the 44:41 44 minutes, 41 seconds asset is uh uh clear uh approved project okay that's all from my side thank you so much 44:49 44 minutes, 49 seconds thank A reminder to all participants, please press star and one to ask a question. 44:58 44 minutes, 58 seconds The next question comes from the line of Ketan Gandhi from Gandhi Securities. Please go ahead. 45:04 45 minutes, 4 seconds Yeah sir, congratulations on very good outlook for the next uh 3 to four years and wish you all the best for the same. 45:11 45 minutes, 11 seconds I have only one uh question or clarification or any can you share any update on uh main portable uh SDR. 45:20 45 minutes, 20 seconds I think trial was over and uh any color on the timeline of Iinging the contract. 45:28 45 minutes, 28 seconds Oh, it is still in the final. 45:30 45 minutes, 30 seconds Yeah. Um actually the uh trials uh more or less uh are getting over now but in 45:38 45 minutes, 38 seconds the final stages I think uh we'll get concluded maybe in a month time uh from now. 45:47 45 minutes, 47 seconds No so trial will be concluded or uh they will be come out with the result also? 45:51 45 minutes, 51 seconds No trials will be concluded and uh uh hopefully by March I think they may open the bits. This is what we are expecting. 45:59 45 minutes, 59 seconds Okay, thank you so much and all the best. Thank you. 46:04 46 minutes, 4 seconds But Ken in that it's not one short uh awarding of the contract. It's going to happen over a period of time in multiple lots. 46:13 46 minutes, 13 seconds Sure. Understand that sir. Thank you. 46:18 46 minutes, 18 seconds Thank you. The next question comes from the line of Joti Gupta from Nirmal Bank Securities. Please go ahead. 46:29 46 minutes, 29 seconds I'm sorry to interrupt. Ma'am, you're not you're not audible. Uh your line is not clear. Am I audible now? 46:36 46 minutes, 36 seconds Uh no ma'am, your voice is uh breaking. Sorry. 46:43 46 minutes, 43 seconds Uh could you please change your location and uh use your phone on handset mode? 46:48 46 minutes, 48 seconds Yes, I am doing that. Can you hear me now? Yes. Yes, please. 46:53 46 minutes, 53 seconds Yeah. Thank you so much for the opportunity and great set of numbers. I have two questions. One is uh in terms 47:00 47 minutes of uh the exports I've seen the contribution of exports have gone down sequentially. Is there any specific 47:07 47 minutes, 7 seconds reason? Uh second uh the margins are great. Any particular order that has led 47:14 47 minutes, 14 seconds to it and would that be sustainable? And third question is on the uh pseudo satellite uh you know which has recently 47:22 47 minutes, 22 seconds come where n and uh open research institute from Bangalore. There are in fact a lot of international in fact a 47:30 47 minutes, 30 seconds lot of uh country international countries are we also looking at pseudo satellites satellites. 47:40 47 minutes, 40 seconds Yeah. Uh your first question is uh the uh exports front. Uh as being mentioned 47:48 47 minutes, 48 seconds uh in uh last few uh ninkas, we are slowly moving moved away from the PTP 47:55 47 minutes, 55 seconds business. Now more or less uh except you know serving our joint venture where in fact we have a fairly reasonable good 48:04 48 minutes, 4 seconds margin and as we have we do have a value addition in those products. So we are getting better margin and we are 48:11 48 minutes, 11 seconds continuing uh to do that deemed export business and also few export which we have uh good margin but uh the past we 48:20 48 minutes, 20 seconds used to take the orders which have low margin of high volume but now we came out of that lines as we wanted to focus 48:28 48 minutes, 28 seconds more on the do uh high margin products and where our value addition is more the and that is the reason there is a dip in 48:36 48 minutes, 36 seconds the revenue as well as the exports are concerned in the last two years. But going forward as we are focusing more on 48:45 48 minutes, 45 seconds uh contracts which we we have our you know contributing in terms of design and all the future we are expecting some 48:54 48 minutes, 54 seconds production orders with our designs that I think maybe down the line after couple of years we will definitely with this 49:01 49 minutes, 1 second export will pick it up. So till that time we have enough domestic market toh capture and to work on that. So we are 49:09 49 minutes, 9 seconds focusing on this. Now the second question is uh the margin uh your you know the percentage of margin has been 49:16 49 minutes, 16 seconds increased. In fact this answer like you know we have been addressing only the domestic market and as well as export where we have a decent margins because 49:25 49 minutes, 25 seconds of the product mix and the composite of the uh you know the products line what we have taken it up. I have got a 49:33 49 minutes, 33 seconds reasonably good margin as compared to the previous years. Hence the margin has been increased. Then third question 49:40 49 minutes, 40 seconds about the pseudo satellites and all. So we we have some plans but we are in this still in the very initial stages. I 49:49 49 minutes, 49 seconds don't think I can answer your this good particular question straight as probably maybe down the line after some time only I can come back to you on this. 49:58 49 minutes, 58 seconds Okay. One last question. uh the advances that you're getting is it because you are now in some platforms you're in tier 50:06 50 minutes, 6 seconds one category or is it like now that private companies are entitled to uh 50:12 50 minutes, 12 seconds these uh advances for uh uh contracts actually uh since GRDO is the contracts 50:22 50 minutes, 22 seconds all we have been getting these advances for many years and it has been continuing uh especially in the 50:29 50 minutes, 29 seconds development contracts and uh the other uh even other institutions like ISRO uh 50:38 50 minutes, 38 seconds and all they have been giving advances and uh of course in PSUs most of these production orders we don't get as their 50:47 50 minutes, 47 seconds uh the guidelines are different for taking advance and uh we feel uh without advance uh we can you know the roll out 50:56 50 minutes, 56 seconds the execution much faster and also So the realization can happen faster than 51:02 51 minutes, 2 seconds uh this thing. Then other one is the uh for embody contracts. Yes. Uh now since 51:09 51 minutes, 9 seconds uh we started participating and uh the advance is there and the the private companies can be treated at par with the 51:18 51 minutes, 18 seconds PSUs for giving advances to the industry for development. 51:24 51 minutes, 24 seconds Okay. Great. Thank you so much sir and all the best. Thank you. 51:30 51 minutes, 30 seconds Thank you. Participants please press star and one to ask a question. 51:37 51 minutes, 37 seconds The next question comes from the line of Rupesh Tatia from Long Equity Partners. Please go ahead. 51:44 51 minutes, 44 seconds Yeah. Hello. Thank you. Thank you for the opportunity. Uh my first question sir, the LCA Mark1A uh second batch of 51:52 51 minutes, 52 seconds 97 when when can we see some orders for uh Utam Radar AU EW components? 52:00 52 minutes Any any timelines you can give? 52:03 52 minutes, 3 seconds Uh we have RFP on hand and we have responded RFPs and uh the negotiations 52:11 52 minutes, 11 seconds process is on. So I can share after this information uh as and when contracts gets finalized 52:18 52 minutes, 18 seconds we I will come back to you on this and and delivery will will start after some gap of let's say one year or it 52:26 52 minutes, 26 seconds will start right away in in staggered manner obviously but actually customer is the HL is expecting 52:34 52 minutes, 34 seconds these deliveries to happen in a staggered manner uh initially for few numbers to get stabilized this uh 52:41 52 minutes, 41 seconds indigenous his sensors in the platform and all. Thereafter I think they would like to give bul production clearance for the large quantity. So hence the 52:50 52 minutes, 50 seconds execution happens in a staggered manner and and where are we on the qualification of utam radar plus ASPJ pod shamak pod. 53:01 53 minutes, 1 second We have completed qualification for both au of utam radar and also the aatu of 53:08 53 minutes, 8 seconds the pod jummer both. No no not not for our side for overall overall final products overall also like utam radar as far as 53:17 53 minutes, 17 seconds the qual qualification like it's been completed and there are few observations that also have been addressed and stand 53:23 53 minutes, 23 seconds and uh the after once we H gets these proto units from the all vendors and 53:30 53 minutes, 30 seconds they integrate then uh pro probably the semilac I think you know they can uh again step in to see what are the uh 53:38 53 minutes, 38 seconds issues that we've been there to uh see and then thereafter they can give production clearance for the bul production clearance but otherwise on 53:47 53 minutes, 47 seconds the qualification front I think more or less it has been through so so final product I mean you you feel 53:54 53 minutes, 54 seconds in next 6 months you'll be certified uh that I cannot say because you know it uh is a DRDO is the you know the agency 54:03 54 minutes, 3 seconds to uh inform about the timeless but yes we are hopeful of um uh complete ating that this thing in within that particular time period. 54:13 54 minutes, 13 seconds Okay. Okay. And just second I mean question is more of a clarification. So you say QRM orders you expecting in Q1. 54:21 54 minutes, 21 seconds Uh I I didn't say that our customers are expecting in Q1. In fact although they they are hopeful of getting by March but 54:29 54 minutes, 29 seconds in case if they split over but I think maybe in Q1 they'll get order. for us it may take uh another uh 3 months or four 54:37 54 minutes, 37 seconds months uh to get orders uh from the subsystems. 54:41 54 minutes, 41 seconds Okay. Okay. and and on on SDR uh n man n 54:46 54 minutes, 46 seconds man n man n man n man n man n man n man n man n man portable SDR can you give some idea about competitive landscape uh and and and what kind of market share do 54:55 54 minutes, 55 seconds we expect to win or retain in in this segment and and also opportunity size you you can give maybe some yearby-year picture total opportunity and 55:03 55 minutes, 3 seconds yearby-year picture yeah actually uh this particular quantity which the RFP was released and 55:12 55 minutes, 12 seconds where the trials are going on is only I would say some I think 10% of the quantity what being projected by the 55:19 55 minutes, 19 seconds Indian army and uh they I think you can uh estimate roughly around 10 times to this particular quantity. So over a 55:28 55 minutes, 28 seconds period of five to six years uh they would like to induct these SDRs in that uh in the network. So the opportunity 55:36 55 minutes, 36 seconds size is too large and uh yes this is now as mentioned earlier also there are about three players once only the prize 55:45 55 minutes, 45 seconds bids are open we can we'll know who will be the successful bidder okay so you you you still wish I would 55:55 55 minutes, 55 seconds request you to rejoin the queue thank you the next question comes from the line of caurkumar vadalia from nashai 56:02 56 minutes, 2 seconds please go ahead Hello. Thank you for the opportunity. 56:09 56 minutes, 9 seconds Yeah. Am I audible? Yeah. 56:12 56 minutes, 12 seconds Uh so my question regarding the vertical one uh we have a 249 current like uh how this order is split like is it related? 56:25 56 minutes, 25 seconds Hello. Go ahead. 56:31 56 minutes, 31 seconds Yeah. So if these orders are related to payloads or payloads of systems or related to launch vehicles sir or and if 56:38 56 minutes, 38 seconds you can give us a direction like how we are looking forward to get the order in this vertical on which directions 56:45 56 minutes, 45 seconds payload auto vehicles. Yeah, whatever orders we have on the space as in today 56:52 56 minutes, 52 seconds it is all related to the satellite payload electronics and some small 56:58 56 minutes, 58 seconds portion I would say only 5% or 6% of the uh overall order what we have is related 57:05 57 minutes, 5 seconds to the launch vehicle electronics uh otherwise the most of the most of these are part of the payload which ISRO is 57:14 57 minutes, 14 seconds trying to build this payload for strategic applications s and going forward uh we do have a good uh visibility 57:23 57 minutes, 23 seconds uh to get repeat orders uh you know in the same uh you know uh configuration and all uh 57:32 57 minutes, 32 seconds maybe in next 2 to 3 years I think we should have a similar size of order book and apart from that as we mentioned we 57:41 57 minutes, 41 seconds are trying to build our own uh satellite uh with the payload for for future. So that I think will take another two years 57:50 57 minutes, 50 seconds uh to launch the satellite and then we are also we're trying to address the end market. 57:57 57 minutes, 57 seconds Okay. And so in last uh con mean you have mentioned like project mosome so 58:04 58 minutes, 4 seconds like uh means how far this opportunity is right now? 58:12 58 minutes, 12 seconds No, you are referring to that uh Indian methological department. Yes. Mosam. Yeah. We we getting Yeah. Yeah. 58:20 58 minutes, 20 seconds We are mission Mosum. We are we are there. Uh we got a couple of contracts recent past and we are in execution phase. 58:30 58 minutes, 30 seconds Uh so so I will very quickly like actually we mentioned that it was a very big opportunity right? So I'm expecting 58:39 58 minutes, 39 seconds like when this big opportunity can be translated in order book and then the delivery time frame like actually this uh series like you know 58:48 58 minutes, 48 seconds all these radas will be in procured in a phased manner. uh we are expecting at 58:54 58 minutes, 54 seconds least around four to five tenders to come uh to cover the overall requirement 59:01 59 minutes, 1 second of uh weather radars and uh other systems like wind profile radars even weather stations and all. So these uh 59:09 59 minutes, 9 seconds tenders will cover overall mission motion requirement and this may take at least couple of years uh to finalize 59:16 59 minutes, 16 seconds these orders and on the execution front also may take a 3 to four years time frame. 59:22 59 minutes, 22 seconds Okay sir, thank you. All the best for the future. Thank you. 59:28 59 minutes, 28 seconds The next question comes from the line of Shivam Parak from Valuewise Wealth Management. Please go ahead. 59:35 59 minutes, 35 seconds Yeah, good morning sir. Thanks for the opportunity. As mentioned in the investor presentation there was a m of 59:42 59 minutes, 42 seconds around 24 to 25,000 cr for extra till financial year 28. So how much is actually serviceable by us based on 59:50 59 minutes, 50 seconds capabilities currently and any expansion to be done ahead in the next 2 years or so some light on the same would be greatly appreciated. Thanks. 1:00:04 1 hour, 4 seconds Yeah. uh as well as the uh you know the investor presentation when we made as I 1:00:10 1 hour, 10 seconds me we mentioned and also uh a team mentioned uh you know in the opening uh this thing we do have the time time that 1:00:19 1 hour, 19 seconds is total accessible market of 25 to 30,000 crores uh but you know this what 1:00:26 1 hour, 26 seconds we are expected few contracts year two years back are getting shifted to a year or so but overall what we 1:00:33 1 hour, 33 seconds could See clearly an opportunity size of around 30,000 crores in next 4 years uh time frame and in that as we mentioned 1:00:43 1 hour, 43 seconds we can we are confident of a bagging or maybe around 8,000 crores for the execution in this uh particular front 1:00:51 1 hour, 51 seconds because in that many of the programs which are we are single uh or only 1:00:58 1 hour, 58 seconds approved qualified uh you know uh company for few programs taking all those things and also uh taking about 20 1:01:06 1 hour, 1 minute, 6 seconds to 25% weighted average for the competition. This is the figure what we have arrived. 1:01:14 1 hour, 1 minute, 14 seconds So the 30,000 cr addressable market is for the entire players in the ecosystem. Right. Yeah. 1:01:21 1 hour, 1 minute, 21 seconds Okay. Thank you sir. 1:01:23 1 hour, 1 minute, 23 seconds Thank you. Thank you ladies and gentlemen. Due to time constraints we will take that as the last question for today. I would now like to hand the 1:01:31 1 hour, 1 minute, 31 seconds conference over to the management for the closing remarks. 1:01:36 1 hour, 1 minute, 36 seconds Yeah. Thank you all of you for your active participation. Uh I hope uh we are able to address your questions uh to your satisfaction 1:01:44 1 hour, 1 minute, 44 seconds and very happy to meet you again at the end of Q4 and at the end of the financial year. Thank you. 1:01:51 1 hour, 1 minute, 51 seconds Thank you sir. Ladies and gentlemen, on behalf of Astra Microwave Products, that concludes this conference call. Thank you for joining us. And you may now disconnect your lines.