Effwa Infra & Research Ltd — Q4 FY26

Effwa Infra & Research Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=IjSTHEGsDT4

0:02 2 seconds Ladies and gentlemen, good day and welcome to the H2 FY26 awnings conference call of FY Infra and Research Limited hosted by XB4 Advisory. As a 0:11 11 seconds 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 0:20 20 seconds during this conference call, please signal an operator by pressing star and zero from your touchstone phone. I now 0:27 27 seconds hand the conference over to Miss Rasika Savant from XP for advisory. Thank you and over to you ma'am. 0:34 34 seconds Thank you. Good evening everyone and welcome to H2 and FI26 earning conference call of FI and Prime Resource 0:42 42 seconds Limited. Today on this call we have with us Dr. Vsha Kamill promoter chairperson and managing director, Mrs. Subhash 0:50 50 seconds Kamill, promoter and wholetime director, Mr. Bhavin B finance director and Miss Lena L chief financial officer. This 0:59 59 seconds conference call may contain forward-looking statement about the company which are based on beliefs, opinions and expectation as of today. 1:05 1 minute, 5 seconds Actual results needed for the statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to 1:13 1 minute, 13 seconds predict. A detailed safe harbor statement is given on second page of earnings presentation of the company which has been uploaded on the stock 1:21 1 minute, 21 seconds exchange as well as the company's website. With this I now hand over the call to Dr. Vsha Kamal for opening remark. Over to you ma'am. 1:30 1 minute, 30 seconds Thanks. 1:32 1 minute, 32 seconds Good evening everyone and thank you for joining us on our earnings call. On behalf of EPA Infra and Research 1:41 1 minute, 41 seconds Limited, I extend a warm welcome to all our shareholders, investors, analysts, 1:49 1 minute, 49 seconds and stakeholders on this call. We sincerely value your continued trust and support. 1:57 1 minute, 57 seconds I'm delighted to share that FY26 has been a year of encouraging 2:04 2 minutes, 4 seconds performance reflecting the company's continuous focus on sustainable growth, operational efficiencies and value creation for our stakeholders. 2:16 2 minutes, 16 seconds For the year ended 31st March 2026, our revenue from operations stood at 2:27 2 minutes, 27 seconds 253.29 cr reflecting growth of 36.8% 2:35 2 minutes, 35 seconds year on year. I beta for the year came in at 42.11 2:44 2 minutes, 44 seconds cr up up by 40.3% year on year while pad stood at 28.62 cr registering growth of 42.3%. 2:58 2 minutes, 58 seconds This was supported by stronger operational efficiencies achieved through continuous monitoring and 3:06 3 minutes, 6 seconds control systems, focused value engineering initiative, adoption of advanced engineering software and 3:15 3 minutes, 15 seconds sustained investments in the technical and soft skill development of our workforce. 3:23 3 minutes, 23 seconds The company also delivered a healthy operating cash flow during FY26 3:31 3 minutes, 31 seconds reflecting our strengthened working capital management practices, efficient realization of resources and 3:39 3 minutes, 39 seconds implementation of stringent credit control measures. 3:44 3 minutes, 44 seconds In line with our long-term growth vision and expanding scale of operations, the 3:50 3 minutes, 50 seconds company acquired new office premises measuring approximately 3:57 3 minutes, 57 seconds 10,000 square ft in a location which is a prime location 4:04 4 minutes, 4 seconds in Tan. This strategic investment will further strengthen our operational 4:11 4 minutes, 11 seconds capabilities and support future expansion initiatives. 4:17 4 minutes, 17 seconds We are delighted to announce a dividend of 10% for our valued shareholders, 4:24 4 minutes, 24 seconds reflecting the company's strong financial performance and reaffirming our commitment to delivering sustainable returns and long-term stakeholder value. 4:37 4 minutes, 37 seconds With this, I will hand over to Mr. 4:40 4 minutes, 40 seconds Basham who will share more on our business outlook, project momentum and 4:47 4 minutes, 47 seconds strategic priorities. Thank you everyone. Thank you Dr. and good evening everyone. 4:57 4 minutes, 57 seconds Uh the environmental cleaning industry has been transforming from traditionally known pollution control towards 5:06 5 minutes, 6 seconds sustainability, resource recovery and recycling paving way for circular economy. At fara we have consistently 5:16 5 minutes, 16 seconds stayed ahead of ahead by anticipating where the industry is heading. 5:22 5 minutes, 22 seconds Demand remains strong across steel, metal, oil and gas, infrastructure, fertilizer and other segments like data centers. 5:35 5 minutes, 35 seconds Customers today want solution that improves the efficiency, reduce operating cost and manage the waste rain more effectively. 5:44 5 minutes, 44 seconds The areas where our experience and core strength gives us clear age. 5:52 5 minutes, 52 seconds We have seen strong momentum across our major projects this year. Execution this year executing key orders for multi 6:01 6 minutes, 1 second clients order book strands at around 750 cr plus with a pipeline of more than 6:08 6 minutes, 8 seconds 2,600 cr giving a solid revenue visibility ahead. 6:14 6 minutes, 14 seconds Operation and maintenance is becoming an increasingly important focus area for us 6:20 6 minutes, 20 seconds as the project size grows. ONM adds recurring revenue and deeper client relationship 6:29 6 minutes, 29 seconds and we are actively encouraging customers to bundle it with EPC. 6:35 6 minutes, 35 seconds Our export we continue to selectively expand in Africa and other international market. 6:43 6 minutes, 43 seconds Our technical qualifications, financial strength and execution record 6:49 6 minutes, 49 seconds are all improving enabling us to be for larger and more complex tenders. 6:57 6 minutes, 57 seconds Looking ahead, our focus is three-fold. 7:01 7 minutes, 1 second executing the order book efficiently, converting the pipeline into profitable orders and building capability through technology, talent and innovation. 7:13 7 minutes, 13 seconds We are also strengthening internal system to scale up without compromising quality and safety. 7:22 7 minutes, 22 seconds A combination of industry demand, execution strength, a growing client base and a technology-led approach a 7:30 7 minutes, 30 seconds positions your effort well to create a long-term value for all stakeholders. 7:38 7 minutes, 38 seconds Thank you for your support and I'll request our CFO to uh present the 7:45 7 minutes, 45 seconds financial archives for H2 FY26. Thank you. Thank you commissioner and good evening to all participants. Starting 7:53 7 minutes, 53 seconds with the financial performance for the second half of FI26, we recorded an operating profit of 163.09 crores 8:01 8 minutes, 1 second reflecting a yearon-year growth of 31.2%. 8:05 8 minutes, 5 seconds IITA came in at 26.68 crlating to an IITA margin of 16.4%. 8:12 8 minutes, 12 seconds Net profit after tax stood at 18.47 47 crores with a pass margin of 11.3%. 8:20 8 minutes, 20 seconds For the full financial year FI26, our operating income was 253.29 cr a strong 8:27 8 minutes, 27 seconds growth of 36.8% yearonear. IATA for the year was 42.11 cr up 40.3% from the previous year. The teta margin of 15.6%. 8:38 8 minutes, 38 seconds Net profit after tax was 28.62 62 crores reflecting in a PAT margin of 11.3%. 8:45 8 minutes, 45 seconds Let me now walk you through the segmental and business vertical performance for H2 FY26 and for the full year FY26. 8:56 8 minutes, 56 seconds Starting with H2 FY26 from an institutional perspective 63.2% 2% of our revenue came from public sector 9:03 9 minutes, 3 seconds undertaking while the private sector contributed 36.7% and government institutions accounted for a marginal 0.1%. 9:12 9 minutes, 12 seconds In terms of geography, our business remained largely domestic with 97% of revenue coming from domestic markets and 9:18 9 minutes, 18 seconds exports contributing 3%. Looking at the service mix, affluent treatment plants with ZLD dominated or revenue at 95.1%. 9:29 9 minutes, 29 seconds This was followed by affluent treatment with recycling at 1.7% and operation maintenance contributing to 3.2%. 9:37 9 minutes, 37 seconds Now moving to the full year FY26 performance from an institutional standpoint 61.1% of our revenue came 9:45 9 minutes, 45 seconds from public sector undertakings while 38.4% was contributed by private sector and.5 from government institutions. 9:54 9 minutes, 54 seconds On domestic versus export fronts 87.2% 2% of total revenue was generated domestically with exports contributing a 10:02 10 minutes, 2 seconds stronger 12.8% for full year. Finally, in terms of service mix, effluent treatment with ZLD remained the dominant 10:10 10 minutes, 10 seconds contributor at 92.4% followed by effluent treatment with recycling at 4.6 and Om contributing 3.3%. 10:19 10 minutes, 19 seconds Overall the numbers clearly highlight a strong positioning in GLD based solutions and a predominantly domestic PSUd driven revenue profile. Thank you. 10:29 10 minutes, 29 seconds With that I would conclude the segmental overview and would like to open the questions for uh uh I would like to open the floor for any questions. 10:39 10 minutes, 39 seconds Thank you much. 10:42 10 minutes, 42 seconds We will now begin with a question and answer session. Anyone who wishes to ask a question may press star and then one 10:49 10 minutes, 49 seconds on their touchstone phone. If you wish to remove yourself from the question queue, you may press star and two. 10:57 10 minutes, 57 seconds Participants are requested to use handsets while asking a question. 11:02 11 minutes, 2 seconds Ladies and gentlemen, we will wait for a moment while the question assembles. 11:06 11 minutes, 6 seconds Again, to register for a question, please press star and then one. 11:21 11 minutes, 21 seconds Your first question comes from the line of Rainder Bir Singh from Alpha AMC. Please go ahead. 11:31 11 minutes, 31 seconds Congratulations sir on the great set of numbers. So my first question is regarding the order book. uh in the last month that I held like in January you 11:40 11 minutes, 40 seconds have mentioned the order book was around 750 per cr but at the end of FY 26 the order book still remained at 750 but you mentioned like we will be closing this 11:48 11 minutes, 48 seconds year by more than thousand CR of order book so isn't that we didn't get any orders or how working 12:00 12 minutes yes uh this present order value is whatever was executed 12:06 12 minutes, 6 seconds the balance of that and few orders are already in our favor declared but still we have not got the written intimation. 12:17 12 minutes, 17 seconds Mhm. Which will be intimidated which will be to one previously once we have you know on paper but 12:26 12 minutes, 26 seconds procedurally we have been declared successful so it will probably add to almost the anticipated figure of thousand. 12:35 12 minutes, 35 seconds Okay, how much of worth of order book have you bid for? How many worth of orders are in pipeline? 12:43 12 minutes, 43 seconds Uh when you say pipeline is kind of getting into that, right? And few are serious, right? 12:51 12 minutes, 51 seconds That is around 2,600 or little more than that. 2,600. 12:59 12 minutes, 59 seconds Okay. Uh and just uh can you share about the progress that you filed on patent for material discharge like how is that benefit coming live? 13:11 13 minutes, 11 seconds Uh July 27 we expect to launch it. We should have got the patent by then 13:18 13 minutes, 18 seconds however uh with one of the client with some NDA we are trying to implement. I'm 13:25 13 minutes, 25 seconds unable I'm bound due to NDA not to reveal where So you will uh you will be receiving the uh period in July 2027 am I correct? 13:38 13 minutes, 38 seconds Yeah, before that we should get Okay. And what are the margins that we will be commanding on that project? 13:51 13 minutes, 51 seconds Definitely will be improving our margin because this is the technology right 13:58 13 minutes, 58 seconds and first time and which is going to save huge money for the industry. 14:07 14 minutes, 7 seconds Okay, my last question is regarding that uh in FY26 we have seen in capital work in progress of around 20 CR close to 20 14:15 14 minutes, 15 seconds CR. So what is that related with how much? Hello. 14:24 14 minutes, 24 seconds Yes sir. 14:25 14 minutes, 25 seconds Hello. Yeah. Yeah. Can you repeat the question? 14:28 14 minutes, 28 seconds My question is in FY26 financials balance sheet uh there is a capital work in progress of around 20 CR close to 20 14:35 14 minutes, 35 seconds CR 19.8C dates here. So what is that related with? 14:39 14 minutes, 39 seconds Uh that is basically we have got the office which is under construction. So the 19 cr is the amount which we have already paid to the developer. Okay. The 14:48 14 minutes, 48 seconds registration is already done on the name of FA and the position will be in December 27. So that is the part which is reflected over there. 14:58 14 minutes, 58 seconds So is it are you shifting your registered office or how is like no no we are shifting our register office over there and say now our present office is 15:07 15 minutes, 7 seconds around 5,000 ft² plus so we have bought this uh new office of 10,000 as I'm rightly mentioned by Vasama speech that 15:16 15 minutes, 16 seconds uh we are increasing the manpower also and uh we have you know bought one 10,000 plus square of office in very 15:26 15 minutes, 26 seconds prominent area in Tane A which is under construction. So that part which already take to the developer which is reflecting as a capital W in fixed assets. 15:35 15 minutes, 35 seconds Okay. And when it is expected to commission uh it will be we get the position somewhere soft position somewhere in 15:44 15 minutes, 44 seconds September 27. By December 27 we are expecting sit over there. 15:49 15 minutes, 49 seconds Okay sir. Actually I do have some few more questions but I will read your queue. Thank you. Yeah yeah sure. Sure. Thanks. Thanks. 15:57 15 minutes, 57 seconds Thank you. Before we take the next question, a reminder to all the participants. You may press star and then one to ask a question. 16:05 16 minutes, 5 seconds Our next question comes from the line of Taher Hyderabad Wala from Gobis Fund. Please go ahead. 16:11 16 minutes, 11 seconds Uh, hi sir, thank you for the opportunity. I have a specific question like uh uh what are there any develop on 16:20 16 minutes, 20 seconds the technology which you are using belong? 16:27 16 minutes, 27 seconds Sorry to interrupt sir your slightly muffled if I can request it please. 16:33 16 minutes, 33 seconds Uh sir I I thank you for the opportunity once again and uh I have just two three questions. First of all was uh is on the 16:40 16 minutes, 40 seconds zero liquid dischar technology which was planned to launch by FI27. So are there any major updates? 16:53 16 minutes, 53 seconds Yeah that is zero material destroy basically because that is a step ahead 16:59 16 minutes, 59 seconds of the right. Yeah. So the process of protecting is you know it's on because 17:07 17 minutes, 7 seconds not one day process lot of documentation clarification they keep coming you know so it's in advance stage we hope should 17:15 17 minutes, 15 seconds be done in the first quarter or you know something around there in 27. So we have planned to launch it commercially by 17:23 17 minutes, 23 seconds July 27. So we hope it should happen much before. 17:28 17 minutes, 28 seconds Okay. answer um we uh have given a guidance of uh grow 50% plus in FI26 17:38 17 minutes, 38 seconds I kind of say that what will be what will be guide for next two to three years going forward 17:47 17 minutes, 47 seconds 29 or if you can give us a number would be great 35 to 40% we are expected to grow next 17:56 17 minutes, 56 seconds year okay Okay. Uh and sir, uh one last question. If you can give us a uh 18:04 18 minutes, 4 seconds revenue by definition between uh affluent treatment plant with LD uh treatment plants with recycling 18:13 18 minutes, 13 seconds uh and waste management and ONM around 92.4% 4% is effluent treatment 18:22 18 minutes, 22 seconds plant is 3% is and treatment plant is recycling 4.6%. 18:30 18 minutes, 30 seconds Okay. And uh how this mix will uh evolve going forward when we say going forward two to three years. Uh where will we 18:37 18 minutes, 37 seconds focus more and growth will come from? So we are basically present we are focusing on ZD plus as Ras mentioned that Z we 18:47 18 minutes, 47 seconds are already developed and we will be consuming some project in 2027 once that is picked up. So that will be first more 18:56 18 minutes, 56 seconds advantage to us. We are the only one providing such kind of uh solution to the customer. So definitely looking at a 19:03 19 minutes, 3 seconds bigger margin over there and considering the demand because that can be you know 19:10 19 minutes, 10 seconds taken care uh in terms of existing plant also which can be populated plus the new plant which will be coming with this 19:17 19 minutes, 17 seconds sort of solution. So that will really change the dynamics but at at present uh 19:24 19 minutes, 24 seconds whatever we have available ZLD is uh that is contributing and we are focusing also because now all the projects are 19:32 19 minutes, 32 seconds more than 200 cr plus so the size of is also higher okay and that is spread out of three to four years of any projects 19:40 19 minutes, 40 seconds so we are expecting to three to 5% uh revenue should come from okay okay uh out of the order book of uh 19:50 19 minutes, 50 seconds 600. Uh what number we have said I missed that part. Uh if you can break it up into uh what is the order book from 20:00 20 minutes uh government or public sector and private uh private sectors? 20:05 20 minutes, 5 seconds uh private sector is around out of 750 we have around 500 plus from private sector like JSW and uh uh and that balance part is from TSH. 20:19 20 minutes, 19 seconds Okay. 20:20 20 minutes, 20 seconds Okay. Okay sir. Okay. Thank you. Thank you for sir. 20:26 20 minutes, 26 seconds Thank you. The next question comes from the line of Praesh Shira from Lucky. Please go ahead. 20:33 20 minutes, 33 seconds So this 750 cr order means how many sites? 20:37 20 minutes, 37 seconds Uh around five sites. Okay. And uh second on the ZND. 20:45 20 minutes, 45 seconds So what kind of industries will need ZMD? Just a minute. I hand it over to Mr. S. 20:56 20 minutes, 56 seconds Yeah. uh actually all the industries who are uh having JLD today or will be having JLD the whole concept will change 21:05 21 minutes, 5 seconds to J&D and what is the difference between so it's basically is it basically 21:12 21 minutes, 12 seconds addressing the liquid discharge only or uh because you use the word Z LD so I was just confusing 21:21 21 minutes, 21 seconds yeah uh at that what we are doing under Z LD All liquid is turned into water and the 21:29 21 minutes, 29 seconds residue is all unwanted stuff which is a hazardous thing for disposal which we 21:36 21 minutes, 36 seconds are paying heavily you know a client is paying heavily for safe disposal. 21:42 21 minutes, 42 seconds Okay. So what we are good at is we have water and then we'll have several byproducts for reuse in different 21:51 21 minutes, 51 seconds industries either the self industry or you can have some other industry. 21:57 21 minutes, 57 seconds So you will have to dispose so you will save lot of money in disposal cost and also in energy cost. 22:06 22 minutes, 6 seconds Okay. 22:08 22 minutes, 8 seconds So basically let's say in ZLD liquid is turned into water and between that uh whatever a sludge or any other material 22:16 22 minutes, 16 seconds has to be disposed whereas under Z there will be nothing to dispose exactly 22:23 22 minutes, 23 seconds okay and what will be the uh let's say a capex cost premium to ZL 22:35 22 minutes, 35 seconds should be we should be making some premium for sure for all our efforts. 22:41 22 minutes, 41 seconds Okay. But for for any for any plant or let's say any any company that is putting up uh certain 22:49 22 minutes, 49 seconds liters of ZLD and if it puts a ZD how much more capex that they would have to recover. 22:56 22 minutes, 56 seconds So in that case the company will recover that additional premium what they are paying for ZMD in one hour one one and a half year payment period. 23:04 23 minutes, 4 seconds Okay. And when will the has the solution being already started being offered to the bank? 23:12 23 minutes, 12 seconds No. 23:14 23 minutes, 14 seconds No just we are waiting for patent to be in place of the patent 23:21 23 minutes, 21 seconds because you know we launch then we can sustain maybe for a couple of years before you know others start copying it 23:28 23 minutes, 28 seconds which is encouraged by many industries also. So we wanted we have patents and however by the time I get my patent we 23:38 23 minutes, 38 seconds would like to have one plant operational. 23:41 23 minutes, 41 seconds So we have uh done some NDA with one of the reputed clients right who know we 23:48 23 minutes, 48 seconds are working for many years with them. So hopefully before we get the patent something there will be witnessed 23:57 23 minutes, 57 seconds then in your opinion it's a 12 month affair to get the plant up for the client or it's more than 12 months? 24:04 24 minutes, 4 seconds It's less than less than 12 months. Okay. It's less than 12 months. Okay. 24:10 24 minutes, 10 seconds So uh okay. Uh the last thing is on the ZLD side uh which is the bulk of your 24:17 24 minutes, 17 seconds business. If you could translate into the liters of water uh 24:26 24 minutes, 26 seconds treated uh or annual annual installation and our market share uh considering this 24:34 24 minutes, 34 seconds uh 250 260 cr revenue that we have uh if you translate into the market share 24:42 24 minutes, 42 seconds um so the market size is more than 10 cr okay and we are mainly doing only 24:51 24 minutes, 51 seconds industrial water recycling. We are not into municipal corporation or STP or anything otherwise market size is humongous 25:00 25 minutes and in the industrial water supply how industrial treatment what is the market share 25:07 25 minutes, 7 seconds you can industrial water recycling you know it's around if you talk about India 25:15 25 minutes, 15 seconds India India I think your question uh I'll address the see we do not worked with individual private sector. 25:27 25 minutes, 27 seconds We work with leading topnotch private sector. They are almost like PSUs right 25:33 25 minutes, 33 seconds name Tata there is the blue. So they are the clients and our success rate is almost plus 30%. 25:42 25 minutes, 42 seconds They bid even in these sector also we do not bid for everything like water treatment we do not because we can't be competitive there are many other people. 25:53 25 minutes, 53 seconds So we you know we have very selective things where we can have some premium where our engineering is valued. 26:05 26 minutes, 5 seconds So our success rate is almost 30% plus and we have good competitors good companies to compete. 26:14 26 minutes, 14 seconds Okay. But uh let's say in the 150 cr business that we do or let's say what was the inflow that you took last year 26:23 26 minutes, 23 seconds order inflow pardon can you repeat the question sir 26:31 26 minutes, 31 seconds what was the order inflow last year order inflow last year was around uh 26:38 26 minutes, 38 seconds 600 plus so when you say 30% success rate on 600 crores does it See 26:46 26 minutes, 46 seconds success is not at least more than 2,000 cr orders were bidded or that we got 600 cr. 26:53 26 minutes, 53 seconds Yeah, that's what I'm saying that in the clients that you address there was a 2,000 cr of order info available and you got 600 cr. 27:03 27 minutes, 3 seconds Yeah. Yeah. Yeah. 27:04 27 minutes, 4 seconds And those clients that you refer to are some large corporate large listed organized corporates of India. Yes. Yes. 27:12 27 minutes, 12 seconds any size of corporate that you you would go up to because let's say there are 3,000 4,000 listed companies in India 27:21 27 minutes, 21 seconds and in manufacturing there will be certain number of companies there's a certain size up to which you go and bid 27:27 27 minutes, 27 seconds or how it is now large it's not you know the size or their rating we don't do we 27:35 27 minutes, 35 seconds just see the track record with respect to financials and their stability risk analysis do where there's lot parameters before we decide to break. 27:47 27 minutes, 47 seconds So right now we are working with Tata JWani 27:52 27 minutes, 52 seconds in private sector in public sector BPCL and those are our clients. So 27:59 27 minutes, 59 seconds considering those big corporates blue chip company you can call it. Okay. 28:08 28 minutes, 8 seconds So your usual industry has to be steel, metal, uh oil, uh refineries. These are the main industry, right? 28:17 28 minutes, 17 seconds Yes. Yes. Okay. Thank you, sir. 28:24 28 minutes, 24 seconds Thank you. A reminder to all the participants, you may press star and then one to ask a question. 28:33 28 minutes, 33 seconds Our next question comes from the line of Adita from Securities Investment Management. Please go ahead. 28:42 28 minutes, 42 seconds Yeah. Hi sir. Uh thanks for the opportunity. Uh so now with this war happening uh material costs have been 28:49 28 minutes, 49 seconds increasing uh throughout. So uh in our business how are we placed against this raw material inflation? Do we pass on 28:57 28 minutes, 57 seconds this inflation or uh we have in most of the contracts 29:04 29 minutes, 4 seconds escalation class right all almost all the contracts that we 29:13 29 minutes, 13 seconds have are with the escalation clause and so this escalation clause is for 29:21 29 minutes, 21 seconds particular metals only or for what kind of uh They are basically 29:29 29 minutes, 29 seconds RBI license where metal comes, electrical components come separately, right? Diesel and petrol rate also 29:36 29 minutes, 36 seconds effect that goes with the civil. So we have for almost everything and and yeah 29:46 29 minutes, 46 seconds part of the contract understood. So we don't expect the margins to take a hit because of this raw material inflation. 29:55 29 minutes, 55 seconds We are well protected. Understood sir. 29:59 29 minutes, 59 seconds And also uh on the balance sheet what is the retention money amount currently? So it's 20 to 30 crores. 30:09 30 minutes, 9 seconds Okay. And sir uh I think uh we were looking to furnish bank guarantees uh so that we can faster recover our retention 30:17 30 minutes, 17 seconds money. So how is the progress on that front going? 30:21 30 minutes, 21 seconds Yeah, couple of clients have accepted it and in coming projects we are putting their drones. 30:29 30 minutes, 29 seconds Okay, understood. And now uh I think we are primary present in steel and oil and gas sector. Uh so are there any other 30:38 30 minutes, 38 seconds sectors which the company is looking to get into where ZD uh is miserably used and which would 30:45 30 minutes, 45 seconds also help us you know increase our addressable market. 30:51 30 minutes, 51 seconds Just uh mining, steel, metal, fertilizer, oil 31:02 31 minutes, 2 seconds and gas and then uh data center is picking up. So now we are into although or not yet received but yes we are in 31:11 31 minutes, 11 seconds that field as well. Then in addition we were not into municipal business but with the current trend that treated 31:19 31 minutes, 19 seconds sewage to be used by industry right. So we are into that field also we are participating for sewage recycling 31:27 31 minutes, 27 seconds plants existing sewage recycling projects which is a huge huge program. Yeah. 31:37 31 minutes, 37 seconds But sir what I understand was uh the reason we were not participating in the sewage projects was uh there used to be 31:45 31 minutes, 45 seconds delays in the project commissioning and uh uh the payment was also not uh on time. Uh so just wanted to understand 31:53 31 minutes, 53 seconds why are we now getting into this municipal kind of business because this business is not being built or controlled by municipalities. 32:02 32 minutes, 2 seconds This is falling under industrial states. Right. 32:09 32 minutes, 9 seconds They are not run by municipal authorities. So we are dealing with agencies like GC or MIDC's. Number one 32:18 32 minutes, 18 seconds to executing sewage project getting delayed while due to laying the sewer line and you know excavating all over 32:26 32 minutes, 26 seconds the township. So those were the challenges and they remain. Therefore we are not into that. So why we are now 32:34 32 minutes, 34 seconds interested is because at one point I'm getting the treated sewage from there I have to further treat and recycle it and 32:42 32 minutes, 42 seconds supply to industrial states and now uh now as we are now bidding for 32:53 32 minutes, 53 seconds larger uh contracts uh so how the exhibition timeline now different versus the earlier small size orders we used to 33:03 33 minutes, 3 seconds See they are going up to 36 months. The biggest one we are basically is part of 33:10 33 minutes, 10 seconds a pipeline will extend up to 36 month but normally it is 12 months to 20 months. 33:19 33 minutes, 19 seconds Okay. Okay. 33:23 33 minutes, 23 seconds Wonderful. Sure sir. Thanks for answering my questions. Yeah. Thank you. Thank you. 33:30 33 minutes, 30 seconds The next question comes from the line of Karthi from Suyos Advisor. Please go ahead. Yeah, good evening sir. Good 33:38 33 minutes, 38 seconds evening. Yeah. Uh sir, a couple of thing on the 750 cr order backlog. What is the 33:45 33 minutes, 45 seconds committed execution schedule for FY27 and what is the revenue recognition policy? 33:53 33 minutes, 53 seconds We are anticipating around 350 plus to commission in next coming financial year in this. 34:03 34 minutes, 3 seconds Yeah. Yeah. But see if I remember the JSW order is an 18month order and it's already four and a half five months into 34:10 34 minutes, 10 seconds that project right likewise the SNI project is a 14month project. So I'm just wondering why you are being conservative or is it that there is a 34:19 34 minutes, 19 seconds change in the schedule education schedule? 34:23 34 minutes, 23 seconds No there is no change in the city just in JSW we have already done with the engineering still is going on and side 34:32 34 minutes, 32 seconds work already com is by the client right so they are already they have started 34:40 34 minutes, 40 seconds and by March we shall be executing almost 25 to 30% of the uh order value 34:48 34 minutes, 48 seconds in this and then it goes beyond March basically so this I'll be executing in 28. 34:56 34 minutes, 56 seconds So total period was 20 months. 35:00 35 minutes So we are we could not do in this financial year because engineering is going on. 35:06 35 minutes, 6 seconds Okay. Okay. Okay. And what would be the revenue recognition policy sir? 35:13 35 minutes, 13 seconds recognize same as we what we do always once the bill is accepted by the client and approved by the client we recognize 35:23 35 minutes, 23 seconds right so this so depending it is uh percentage of completion basis or is there a different milestone 35:29 35 minutes, 29 seconds milestone based only we the milestones are defined and according to the milestones we submit 35:37 35 minutes, 37 seconds our bids they do all their check once they approve client approves then only we are on the way. 35:44 35 minutes, 44 seconds Right. Right. Right. Right. And and so this year for example FI 26 there was a if I remember correctly 15 20 cr below 35:52 35 minutes, 52 seconds from the previous year when when you couldn't make certain deliveries and that spilled over to this year. So if I just saw that the growth has not been uh 36:01 36 minutes, 1 second uh you know as as positive as I would have liked as was originally indicated actually. So I'm just wondering if there is any challenge on the execution side. 36:10 36 minutes, 10 seconds No, there is no challenge on the edgation side. But what happens there are 10 things that are that plays very important role which is not in our 36:18 36 minutes, 18 seconds controls like because of the war situation and labor supply issues in the last uh month there were couple of 36:25 36 minutes, 25 seconds dispatches got delayed. Okay. So uncertaintity is the only thing that uh we need to see otherwise what we plan 36:35 36 minutes, 35 seconds those dispatches were done but not done yet. 36:40 36 minutes, 40 seconds You said some that just could not happen. 36:42 36 minutes, 42 seconds Done. That is done in the this first off. Yeah. 36:49 36 minutes, 49 seconds Uh but I couldn't see anything in the inventory number. There's only 25 lakhs inventory number. 36:53 36 minutes, 53 seconds It was it was not purchased now. So how I can develop the inventory? It came the material came in April. 37:03 37 minutes, 3 seconds Okay. Anyway, yeah. Then it would come in the inventory, you know. 37:10 37 minutes, 10 seconds Focus. Thank you. Thanks. 37:16 37 minutes, 16 seconds Thank you. The next question comes from the line of Mano Chetty from MS Investments. Please go ahead. 37:23 37 minutes, 23 seconds Uh thank you for the opportunity. Uh sir, it's regarding the 250 crores of sales that we have done in the current year. 37:31 37 minutes, 31 seconds uh if I remember correctly in one of the earlier calls uh you had given a target of around 360 crores. So there is a drop 37:40 37 minutes, 40 seconds of more than 100 crores. So you have just mentioned about the bar part and all but was there any other reasons because the difference is more than 100 crores. 37:51 37 minutes, 51 seconds Sir I think you are entering very old call. Okay. Because that time we were expecting JSW order to come somewhere in 37:58 37 minutes, 58 seconds June, July but due to their SOP system it got delayed and we got that order somewhere in December and also we were 38:05 38 minutes, 5 seconds expecting in May or June but now there are lot of their internal approvals and their government uh approvals are 38:12 38 minutes, 12 seconds required to start this. So we got that okay somewhere in December. So because of that only it can happen but in our 38:19 38 minutes, 19 seconds all after November or December only we started uh know revising those numbers 38:26 38 minutes, 26 seconds because we are everywhere we we we were confident of getting those projects even know but because of the procedure aspect 38:34 38 minutes, 34 seconds that got delayed but otherwise there is no reason of any any problem in terms of execution and 38:41 38 minutes, 41 seconds okay sir now for the FI27 you are saying 35 to 40% growth 38:47 38 minutes, 47 seconds So for the for FY26 sales figure of 255 crores if I add 35% minimum number so it 38:55 38 minutes, 55 seconds comes to around 350 crores. So with whatever the orders you have on hand like 750 crores plus whatever you know 39:04 39 minutes, 4 seconds 250 you said you have already won and yet to receive that. So that should be sufficient to do this 350 crores for 39:11 39 minutes, 11 seconds FI27 then there is no other problem in that right. Yes. Yes. Yes. 39:16 39 minutes, 16 seconds Correct. Okay. Yeah. Regarding the order book side, uh you are mentioning that you know as on January or January or 39:25 39 minutes, 25 seconds February when you did the last call you had uh you know order book of 750 crores as on that day thereafter whatever you 39:34 39 minutes, 34 seconds have executed you know in last 3 months that is January, February, March plus whatever the new one have come so all 39:42 39 minutes, 42 seconds put together it is again it's that 750 crores only and another 250 crores You are expecting in another one or two months. Is that understanding is correct? 39:52 39 minutes, 52 seconds Yeah. Yeah. We are expecting in two three months that additional one. So, so that it will become 1,000 crores. Yeah. Yes. 39:59 39 minutes, 59 seconds Okay. Now, in this 1,000 crores, can you tell me how much of these orders includes O and also see basically is a part of the projects. 40:10 40 minutes, 10 seconds Okay. There is no separate order for the project. uh now whatever projects we have completed in past say in 2025 or 40:18 40 minutes, 18 seconds 2026 which is handed over that revenue of OM will start coming which we are anticipating around in terms of absolute 40:25 40 minutes, 25 seconds amount uh it may be 10 to 10 to 12 crores in the fi 27 40:33 40 minutes, 33 seconds yeah see what I'm saying is so in this 1,000 cr of water whatever you are having so 40:39 40 minutes, 39 seconds that should have more than 90% z H yeah more than 90% almost 40:46 40 minutes, 46 seconds almost okay and all these ZL because you had mentioned in the earlier call that all these ZLD projects you are quoting 40:54 40 minutes, 54 seconds with O and so all these have O and yes yes yes uh so so now in the current 41:02 41 minutes, 2 seconds year see 4.6% 6% is the O and revenue of the overall revenue. So I should give 41:09 41 minutes, 9 seconds you pardon me sir it's 3%. 41:14 41 minutes, 14 seconds No sir operation and oh sorry 3%. So so that means it's around 8 crores or so. 41:20 41 minutes, 20 seconds Yeah. So so next year for FY27 there will not be much increase in that because you are saying only 10 to 12 crores. 41:30 41 minutes, 30 seconds See whatever project is completed that oil only will start. So and second thing if my base amount has gone up see from 41:38 41 minutes, 38 seconds 250 I'm going 350 then in percent it will be diluted. 41:42 41 minutes, 42 seconds Ah oh okay okay but this Osans have relatively better margins correct obviously. Obviously. 41:50 41 minutes, 50 seconds Obviously. Okay. Sir, my last question is uh see even though we are cash flow positive this year uh you had mentioned 41:58 41 minutes, 58 seconds that once we cross uh you know revenue of 350 crores plus then you may have to look for some you know rising the funds. 42:07 42 minutes, 7 seconds So is that situation remains the same or is there any other changes? Uh no we have got uh sufficient bank limits from 42:16 42 minutes, 16 seconds our bankers since our credibility from Christine has gone up. Okay. Okay. And looking at our financials our banks has 42:23 42 minutes, 23 seconds uh proposed a reduction in collateral also. So we are sufficient enough with the funds based limit plus non-fund 42:32 42 minutes, 32 seconds based limit to execute project plus project of around 450 plus. So this is what the right present situation is. 42:40 42 minutes, 40 seconds Okay. So that means so till FY you know 28 more or less looks like you are covered 42:48 42 minutes, 48 seconds you would not be required to raise money most likely provided see what happens sir uh we are now bidding for a very 42:55 42 minutes, 55 seconds high high value projects okay previously we were doing 50 60 cr then we gone up to 100 crores then 200 crores now they 43:02 43 minutes, 2 seconds 300 cr plus now we what we are look doing is around 500 600 cr projects also if we fortunately if we uh the project 43:12 43 minutes, 12 seconds then we may require some fund. So let's you know if you we go in this speed uh 43:19 43 minutes, 19 seconds we are sufficient enough but God we get some 5 600 for a single project uh in coming time then definitely we can look for some funds. 43:28 43 minutes, 28 seconds Okay fine but to do 450 crores of turnover you don't require any cash but if it is more than that if you're trying to cross then only you would be 43:37 43 minutes, 37 seconds requiring the fund that is what you are saying correct. Yeah. Yeah. Yeah. Yeah. 43:40 43 minutes, 40 seconds Sir. Lastly, I'll squeeze in one more question. Uh as on 31st March, uh there 43:46 43 minutes, 46 seconds is no dattors amount of 128 cr or 128.7 crores. Yes. 43:52 43 minutes, 52 seconds Uh so the data amount has not gone uh you know up proportionate to the increase in the revenue which is 44:01 44 minutes, 1 second commendable uh you know job. But I just wanted to know how much of this 128 crores you have this retention amount. 44:10 44 minutes, 10 seconds 20 to 30 crores sir. 28 to 30 crores. Yeah. 44:15 44 minutes, 15 seconds Okay. Thank you very much sir. I wish you all the best for the current. Thank you. Thank you. 44:20 44 minutes, 20 seconds Thank you participants. You may press star and one to ask a question. 44:27 44 minutes, 27 seconds The next follow-up question comes from the line of business from IMC. Please go ahead. 44:36 44 minutes, 36 seconds Uh sir uh my question is regarding the larger single order. Is it just from the JSW that is for 300 CR and what is the capacity of that order? 44:46 44 minutes, 46 seconds This is 313 cr of order from JW that is the highest value project. 44:53 44 minutes, 53 seconds Okay. And uh so uh you mentioned like you have orders from the clients like the oil and gas companies. So with the 45:01 45 minutes, 1 second coming uh with the ongoing geopolitical tensions don't you think like they will be defering the projects or is there any kind of delay in the projects that you 45:08 45 minutes, 8 seconds might face on the verge of right 45:20 45 minutes, 20 seconds project that we are right now executing is almost now completion and uh uh as 45:28 45 minutes, 28 seconds far as the capex is concerned we don't see any reduction or deferment of capex from those industries at present. 45:35 45 minutes, 35 seconds In fact, okay, uh just I missed that part. You mentioned the zero m uh zero material 45:43 45 minutes, 43 seconds discharge like I'm just I was just asking like when are you expected to receive that patent? 45:49 45 minutes, 49 seconds That is under procession. So we have already prepared all the documents know and attorneys are already appointed 45:57 45 minutes, 57 seconds papers are given to them. We are expected in a in a months or so we will be able to file those things and sir as 46:05 46 minutes, 5 seconds sir has already mentioned that we are also trying to do NDA with client for practical 46:12 46 minutes, 12 seconds uh you know solution uh demonstration no full at a 46:20 46 minutes, 20 seconds full scale so that's what the status is sir uh sir actually mentioned we have the date for around July 2027 7. So is 46:29 46 minutes, 29 seconds it the date for completing the ZMB project or is it for receiving the patent? 46:34 46 minutes, 34 seconds Patent is around 12 to 13 months or 14 months time. So both are happening parallelly. So that is what July we can get both of the both the things. 46:45 46 minutes, 45 seconds Okay. So you are expected uh the patient life is it will take more than one year now right? 46:51 46 minutes, 51 seconds Yeah. Yeah. It's general period because we are doing it globally also. tomorrow India are you facing any kind of challenges 47:00 47 minutes because we have filed it around more than for six months so it will take more than one year so it will totally be around more than close to around two 47:08 47 minutes, 8 seconds years of filing the pet and is there any issues or delays that you are facing no no there is not even it's very highly 47:15 47 minutes, 15 seconds technical part of it there are lot of paper need to write and give it to the attorney okay so it's a process uh 47:22 47 minutes, 22 seconds lengthy process but we have already passed after those uh milestones. 47:28 47 minutes, 28 seconds Okay. And sir, you have mentioned the growth of revenue of around 35 to 40% on revenue. But if we see the order book of 47:35 47 minutes, 35 seconds around 750 plus CR which you are which will be closing around 1,000 plus CR. So and the timeline of that projects are 47:44 47 minutes, 44 seconds around 18 to 21 month. So don't you think like it will be close to 400 to 500 CR by the end of F27? 47:51 47 minutes, 51 seconds We are trying our level best. We are just putting numbers on a conservative side because these are the numbers what already there in hand. Okay. The 47:58 47 minutes, 58 seconds projects are already there in hand and I just need to execute. Okay. But to be a conservatively we are putting those numbers. 48:06 48 minutes, 6 seconds Okay. And so my last question is regarding can you mention about the total of fund based limit and non-fund based limit like the working capital line how much do you have and what is 48:15 48 minutes, 15 seconds the cash emergency cycle like how much you can do of revenue with that. With the present limit we can put 450 plus CR 48:23 48 minutes, 23 seconds revenue and we have around 565 235 cr total limit of which uh 62 is funded balance is non finance. 48:38 48 minutes, 38 seconds Okay. So with 235 CR of limits you can do around 450 CR of revenue. 48:44 48 minutes, 44 seconds Yeah. Yeah. Yeah. Yeah. 48:47 48 minutes, 47 seconds Okay sir. And sir uh just from the followup about the shifting of new offices uh so are you planning to increase your work force or how is it 48:56 48 minutes, 56 seconds going and what is the employer strength as of now? 48:59 48 minutes, 59 seconds Yeah definitely we want to increase our work work force from here now to achieve uh 500 plus see we we are targeting uh 49:09 49 minutes, 9 seconds quite a big amount in coming 3 to four years time. 49:14 49 minutes, 14 seconds Okay. And what is the strength of the employees as of now on your complete payroll? Right now it is around 140 145. 49:25 49 minutes, 25 seconds Okay sir. Thank you. That's all for my Yeah. Yeah. 49:33 49 minutes, 33 seconds Thank you. The next question comes from the line of Aditi Kasper an investor. Please go ahead. 49:39 49 minutes, 39 seconds Um good evening sir. Thank you for the opportunity to ask question. Uh so you just mentioned that we have uh 145 employees. Is that correct? 49:51 49 minutes, 51 seconds Yeah. Uh how many of these are engineers sir? 75% of them are engineers. 49:58 49 minutes, 58 seconds 75% engineers. And by the end of FI27, so I assume that this is uh you know as at 31st March is the number. So by the 50:07 50 minutes, 7 seconds end of next year, how many people uh we plan to hire? 50:14 50 minutes, 14 seconds That is around 10 10%. 10 to 15%. 50:20 50 minutes, 20 seconds Uh so the total count will grow by 10 to 15%. Is it? Yes. Yes. Yes. 50:26 50 minutes, 26 seconds Uh got it. And I I believe that all of this will be growth in uh engineers. So engineers currently around 108 to 110 engineers which will grow by 10 to 15%. 50:37 50 minutes, 37 seconds Is that the right understanding? Yes. Yes. 50:42 50 minutes, 42 seconds Got it sir. Uh so the other question I have is uh you know your in your corporate presentation you've mentioned that you're planning to foray into high 50:50 50 minutes, 50 seconds purity water treatment segment for data center applications. Um so what I wish to understand about this segment is uh I 51:00 51 minutes mean firstly who are our competitors or who are the other people who are doing this already. Um and secondly uh you 51:07 51 minutes, 7 seconds know uh in terms of technology or in terms of sort of the capability to execute those kind of projects etc. How 51:15 51 minutes, 15 seconds different um are these high purity water treatment segments for data centers different from what we are currently 51:22 51 minutes, 22 seconds doing which is primarily ZL for uh metal plants or you know uh some of the other industries that you already spoke about. 51:30 51 minutes, 30 seconds So uh two parts to that question. One is how different is that technologically or in terms of capability and secondly who are the competitors. 51:41 51 minutes, 41 seconds Yes. See high purity water you require in pharmaceutical right 51:48 51 minutes, 48 seconds in pharmaceutical industry but the quantity required is very small. Mhm. 51:54 51 minutes, 54 seconds Number one. So high purity is not something very important is the quantity of high purity water. Now that generally 52:04 52 minutes, 4 seconds I have to add one more step or high purity from purity to high purity one more step comes 52:12 52 minutes, 12 seconds in that you need large quantity of water where they are already proven track record. 52:19 52 minutes, 19 seconds So in fact we were not in we not focusing on this but growing data center 52:26 52 minutes, 26 seconds and then people reaching out to us right. Mhm. That's how we are now into. 52:33 52 minutes, 33 seconds We have yet to get our first project but yes earlier we were not into but since it's growing so we have got into now. 52:42 52 minutes, 42 seconds Got it. Got it sir. Uh but basically in terms of sort of the uh so basically what you're saying is to go from purity 52:49 52 minutes, 49 seconds to high purity there are additional steps involved. That's what you're suggesting. Yeah. An additional step of this cycle. 52:59 52 minutes, 59 seconds Therefore you name good companies like WAG is there Tax. 53:05 53 minutes, 5 seconds So we are there where there are hundreds of companies who are who have been focused and specialized for very high 53:13 53 minutes, 13 seconds priority water but the quantity are very small. They were cuts they were machines. 53:21 53 minutes, 21 seconds What we do is a project understood. So if I give you the size 53:27 53 minutes, 27 seconds one lakh liter and it becomes 1 cr liter that's the kind of difference. 53:34 53 minutes, 34 seconds Oh I see. Okay. 53:37 53 minutes, 37 seconds Got it sir. Got it. So basically in terms of I mean techn technologically it's the same but the scale is a lot larger in terms of managing the water 53:46 53 minutes, 46 seconds and that's why and there is also given that you're moving from purity to high purity there are additional steps involved and we're saying that we I mean 53:54 53 minutes, 54 seconds Bab and I think have been our competitor in our current segment as well. So they will be competing with us in this segment too but this is where we 54:03 54 minutes, 3 seconds increasingly trying to focus more attention. Is that the correct angle? You got it right. Got it. 54:12 54 minutes, 12 seconds They were not. We were not in competition. Now we'll be in competition. Understood. Rather now we are having competition. 54:21 54 minutes, 21 seconds Understood, sir. Um and and how do we see that market? I mean just can you talk a little bit through you know h how 54:28 54 minutes, 28 seconds much I mean what kind of inquiries are you seeing? How is that market going? 54:32 54 minutes, 32 seconds because obviously there is a lot of uh talk around India going very aggressively into building out data center capacity across uh across across 54:41 54 minutes, 41 seconds the country. So can you just elaborate on you know what kind of opportunity we are seeing there? 54:47 54 minutes, 47 seconds We don't see it as a very big exciting opportunity. It's only because we had to address for our stakeholders. 54:54 54 minutes, 54 seconds Everyone was asking oh data center is something big. So we said if how big it is let's see. So that's how we got into 55:01 55 minutes, 1 second it's not something where you can run your own future with this. 55:06 55 minutes, 6 seconds Understood. Understood. No, fair enough sir. Thank you very much for the clarification. This is clear. Thanks a lot sir. 55:15 55 minutes, 15 seconds Thank you. The next question comes from the line of Atul Kumar an investor. Please go ahead. 55:22 55 minutes, 22 seconds Hi. Thank you sir. Congratulation on the good set of numbers. Am I audible? Hello. 55:30 55 minutes, 30 seconds Yeah. Am I audible? 55:32 55 minutes, 32 seconds Yes, I am. Yeah, please. Please go ahead. Yeah. Yeah, please. 55:34 55 minutes, 34 seconds Okay, cool. Congratulations on a good set of numbers. So, basically uh I had some questions regarding uh painting for 55:41 55 minutes, 41 seconds zero uh discharge. So, basically uh as far as I understand it right, uh this 55:48 55 minutes, 48 seconds will depend on the type of equipments that's coming out from the industry. So uh so basically the chemical processes 55:56 55 minutes, 56 seconds and technology will differ based on whether we are making it for steel industry versus pharmaceuticals or some other industry right so so when you're 56:04 56 minutes, 4 seconds applying for the patent uh is it for some sort of industry like few specific industries or it's it's a cross that 56:11 56 minutes, 11 seconds you're applying for uh uh we are not limited to particular industry it's wide open wherever you 56:19 56 minutes, 19 seconds have a jet this will JLD concept basically and every industry needs JLD. 56:28 56 minutes, 28 seconds Yeah, there are internal change or they are design changes depending on the industry and the way. 56:38 56 minutes, 38 seconds Okay. Okay sir. And also you said that you are applying this for uh global market as well and not just India. So 56:45 56 minutes, 45 seconds basically uh like if what is the competition in India or in global market and I I know I think we are seeing that 56:54 56 minutes, 54 seconds we are first mover in this. So is it that no one else has patented this process or technology for zero material 57:01 57 minutes, 1 second discharge so far? Yeah, actually there are patents available but that process 57:09 57 minutes, 9 seconds is so cumbersome, unreliable which produces the material of poor quality. 57:17 57 minutes, 17 seconds The process is very expensive with a recurring huge cost in field of 57:24 57 minutes, 24 seconds payback period. It only reduces and not yet proven. 57:32 57 minutes, 32 seconds And when we do this when we make our application this is the first step whether our innovation is worth 57:40 57 minutes, 40 seconds patenting does it deserve does it qualify so we already qualified it means we are not clashing with any other 57:48 57 minutes, 48 seconds options available and that is great actually to listen to and also like uh we we are planning to 57:56 57 minutes, 56 seconds get it uh in next July so do we know what how many years of uh advantage we'll for this patient is it going to be more than five, seven or 10 years yet? 58:05 58 minutes, 5 seconds 15 years. That's for 15 years. 58:10 58 minutes, 10 seconds 15 years. Okay. Great. Uh so one more question I have on the growth that we are saying that we're planning to grow 58:16 58 minutes, 16 seconds for uh grow at a rate of 35 to 40% in next 3 years. So to fund this growth are 58:24 58 minutes, 24 seconds we are we planning to have any KPIX uh uh in in next two three years and if yes then uh if you can share some details on 58:31 58 minutes, 31 seconds that and if if if we are right are we going to increase the debt levels? 58:36 58 minutes, 36 seconds No we are not we don't require any capex as such. 58:43 58 minutes, 43 seconds Okay. So basically in next three four years we are saying we don't require any cap whatever uh capabilities we have 58:50 58 minutes, 50 seconds today it will be uh sufficient for us to give a growth for 35 to 40% for next 24 years. 58:57 58 minutes, 57 seconds Yes. Yes. We are very assetike company. Mhm. 59:01 59 minutes, 1 second Even today also we don't do any any assets. Uh we take the balance sheet except the office what we bought right now. there is no no assets no tangible big assets. 59:12 59 minutes, 12 seconds Yeah. In future also we're planning to remain this uh like keep this asset like uh approach. Yeah. Yeah. Yeah. Yeah. Yeah. 59:21 59 minutes, 21 seconds Okay. So one one last question on uh uh main board migration. So basically I I think by uh July 59:30 59 minutes, 30 seconds be completing yeah we'll complete we'll be completing three years in theme. So uh is there is there any thought on by like are we by 59:38 59 minutes, 38 seconds by when we planning to move to main? As soon as we are eligible, we are already you know as far as other things are concerned, we are eligible once the time 59:46 59 minutes, 46 seconds uh you know 3 years completed we will be doing uh shifting to the main board in 59:53 59 minutes, 53 seconds July 27. That's great. And then just one last question if I can squeeze that in. 59:58 59 minutes, 58 seconds Uh so when we work on uh um effluent treatment plants with uh recycling u 1:00:05 1 hour, 5 seconds capacities basically in those what exactly we do like what processes do we do we do like hydromeology to recover 1:00:13 1 hour, 13 seconds some critical metals if you can uh tell few sentences on that it will be it will be really helpful 1:00:23 1 hour, 23 seconds can you repeat or put your question again please yeah Sure. So basically I'm saying when 1:00:30 1 hour, 30 seconds we execute u projects which are Z&D with uh sorry which are refuge treatment plants with um uh basically recycling. 1:00:40 1 hour, 40 seconds So in that what processes do we use? do we use hydromeology some other process to recover some critical metals or how 1:00:48 1 hour, 48 seconds exactly uh that uh that is for us? It's industry specific not even industry 1:00:55 1 hour, 55 seconds specific you may call it a steel plant but then you have to look at what the waste is what is the affluent right 1:01:05 1 hour, 1 minute, 5 seconds based on that we have to you know make the process so we have several unit operations to be optimized 1:01:13 1 hour, 1 minute, 13 seconds so there's nothing standard that you have and then keep on repeating so every time at least in your company for We we look at the waste and give solution. 1:01:27 1 hour, 1 minute, 27 seconds Okay. And sir, how big uh potential market potential we have in zero material discharge? Like this can throw some some light on the once we get the 1:01:35 1 hour, 1 minute, 35 seconds patient and we we start the operation for it. So how big that market is in terms of total electricity market 1:01:43 1 hour, 1 minute, 43 seconds because JMD market will be existing JLD projects and all upcoming 1:01:50 1 hour, 1 minute, 50 seconds because all JLD will change into JMD because it pays back. Okay. Okay. 1:01:58 1 hour, 1 minute, 58 seconds And all upcoming MD will be known as J MD. 1:02:04 1 hour, 2 minutes, 4 seconds Okay. Thank you sir. Thanks for the question. 1:02:08 1 hour, 2 minutes, 8 seconds Thank you ladies and gentlemen. We will take that as our last question for today. I now hand the conference over to Mr. Subash Kamal for closing comments. 1:02:23 1 hour, 2 minutes, 23 seconds Instead of subash sir ma'am would be giving the closing comments. Ma'am please go ahead. 1:02:29 1 hour, 2 minutes, 29 seconds Thank you Lena. Thank you all everyone for participating in this 1:02:37 1 hour, 2 minutes, 37 seconds earnings phone call. I hope we have been able to answer your questions satisfactoryy. 1:02:44 1 hour, 2 minutes, 44 seconds If you have any further questions or would like to know more about the company, please reach out to our 1:02:51 1 hour, 2 minutes, 51 seconds investor relationship partner at XB4 Advisory. Thank you everyone and take care. Good evening. 1:03:02 1 hour, 3 minutes, 2 seconds Thanks. 1:03:07 1 hour, 3 minutes, 7 seconds Thank you. On behalf of FWA Infra and Research Limited, that concludes this conference. Thank you everyone for joining us and human nowadays connect alliance.