EPack Prefab Technologies Limited — Q3 FY26

EPack Prefab Technologies Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=O0GhMX4mMWE Published: 3 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to the EPA Prefab Technologies Limited Q3 F126 earnings conference call 0:10 10 seconds hosted by DAM Capital Advisors. As a reminder, all participant lines will be in the listenonly mode and there will be 0:17 17 seconds an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an 0:25 25 seconds operator by pressing star then zero on a touchstone phone. Please note that this conference is being recorded. I now hand 0:33 33 seconds the conference over to Mr. Aim from DAM Capital. Thank you and over to you sir. 0:39 39 seconds Thank you. Uh good afternoon to all. Uh it's a pleasure to host the senior leadership team of EPAC 35 technologies today as they will discuss their Q3 FY26 0:49 49 seconds performance and the way forward. Uh from EPAC team we have Mr. Sanja Singha managing director and CEO, Mr. Nikil 0:56 56 seconds Bhra, executive director and Mr. Rahul Agarwal CF. So we'll begin the call with Mr. Singana for his initial thoughts and post this we can open the floor for questions. Thank you and over to you Mr. 1:06 1 minute, 6 seconds Singa. 1:09 1 minute, 9 seconds Yeah thank you and uh good evening everyone. I would like to start first of all by just you know like taking 60 seconds and running through what we 1:18 1 minute, 18 seconds exactly do. So EPAC prefab technologies we are into the pre-fabricated building solutions. So we designed the buildings 1:26 1 minute, 26 seconds and uh we then we manufacture the uh buildings in our all the components of the buildings in our factories. So we 1:33 1 minute, 33 seconds have three locations for pre-fabricated buildings. One is in greater the second one is in Gilot Rajasthan and third is 1:41 1 minute, 41 seconds Mumbo. So the three facilities we manufacture each of the components of the buildings that has been designed by us and then we go to the we take all the 1:49 1 minute, 49 seconds metal to the customer site and do the execution. So this is our typical business model. As far as the plants and 1:57 1 minute, 57 seconds their capacities are concerned, uh we have in the preab we have two kinds of capacities. One is on the structural steel front. So structural steel fabrication across these three plants. 2:08 2 minutes, 8 seconds We have a capacity of 1 lak 33,000 tons and the second capacity is about the 2:15 2 minutes, 15 seconds sandwich panels. So we make insulated sandwich panels which has applications in walls of coal stoages, building 2:23 2 minutes, 23 seconds facads and clean rooms. So for that we have a capacity of 13.1 lakh square m perom. 2:33 2 minutes, 33 seconds Now I will talk about you know like designing. So in our business since each of the buildings is customized most of 2:40 2 minutes, 40 seconds the buildings for us are either industrial buildings, warehousing buildings or now the trend is towards 2:47 2 minutes, 47 seconds the high-rise buildings which are typically used for commercial or institutional or data center purposes. 2:55 2 minutes, 55 seconds So these kind of buildings uh are being designed by our team of 100 plus uh 3:02 3 minutes, 2 seconds engineers and designers who sit in our three design centers based out of greater 3:09 3 minutes, 9 seconds Hyderabad and YZ. So this is about the company and the capacities. So coming to the quarterly performance I'm very happy 3:18 3 minutes, 18 seconds to say that in this quarter quarter 3 uh 26 uh on a yearon basis uh on a yi basis 3:26 3 minutes, 26 seconds the revenue of the company of the prefab division has grown by 31% and overall the revenue of the company has grown by 3:35 3 minutes, 35 seconds 22%. Yes, on a quarter toquarter basis uh there there seems to be a dip in the 3:43 3 minutes, 43 seconds revenue of the company and the overall performance of the company. But I think we maintain this guideline for now and for future deck to know look into our 3:52 3 minutes, 52 seconds business. It is important to look at YUI quarter rather than quarter on quarter because our business gets affected by 4:00 4 minutes seasonity. Our business gets affected by monsoon wherein uh our customers are unable to know like draw material from 4:08 4 minutes, 8 seconds us to work at the site uh because most of the sites the work is it is either stopped because of civil work is not 4:15 4 minutes, 15 seconds been done or uh like know we do not get the from the customers. So for our business it is important to compare on a 4:24 4 minutes, 24 seconds YI quarterly basis. As far as the 9 months of the companies are concerned on the revenue front the company's uh uh 4:32 4 minutes, 32 seconds revenue has grown again by 41%. So our growth is 41% as compared to 9 months of 4:39 4 minutes, 39 seconds uh same uh last year same period last year and AIA is 57% up. So this is very 4:46 4 minutes, 46 seconds much in line with the guidance which we have been giving to the market time to from time to time and the guidance which 4:53 4 minutes, 53 seconds we gave to our anchor investors during our shows uh before the IPO. Uh and also 5:01 5 minutes, 1 second you would like to tell that our IPO happened only four months three and a half months back. We got listed on 1st of October and this is our second 5:08 5 minutes, 8 seconds investor call after the IPO. on the margin uh last quarter was 10.1% it is 5:17 5 minutes, 17 seconds little down uh for sure but on a 9 9 month basis it is 10.8% 8%. Our guidance has always been that the margins would be rangebound between 10.5 to 11.5%. 5:29 5 minutes, 29 seconds And we continue to uh stand by this guidance not only for this year but also for the next year. Our order book has 5:38 5 minutes, 38 seconds been very strong. Uh our order uh pending order as on uh 1st of January 26 5:47 5 minutes, 47 seconds is 1215 crores. So which gives us a clear uh runway for the next uh 7 to 8 months. 5:57 5 minutes, 57 seconds And uh you know as far as the capacity utilization is concerned very happy to uh bring to your knowledge that our 6:04 6 minutes, 4 seconds average capacity utilization of the last three months across all the three plants put together is 74% plus. And in terms 6:13 6 minutes, 13 seconds of capacity aggression uh the two capacities which we are adding one is the structural sil fabrication capacity 6:21 6 minutes, 21 seconds in Mumbai 2 which we call as unit four for us in Ahmed Pradesh that is well on track the capacity will be 6:28 6 minutes, 28 seconds commercialized within this quarter the fourth quarter of the financial year and there we are doing a capex of 56 57 crores which we had taken from the IPO. 6:40 6 minutes, 40 seconds The second capex is towards the sandwich panel line being installed at the lot plant in Rajasthan. So there also the 6:48 6 minutes, 48 seconds building is progressing well although there is certain uh delay on account of NGT ban and grap at in Delhi NCR but we 6:59 6 minutes, 59 seconds are very hopeful that this uh facility in which uh the capacity will be 8 lakh square meters of sandwich panel that 7:06 7 minutes, 6 seconds will also be chemicalized in the third quarter of uh FY27 7:13 7 minutes, 13 seconds and uh you like the I talked about order book So last quarter was you know like in particular a very good quarter for us 7:22 7 minutes, 22 seconds in terms of order book. Uh we we we are you know like gradually becoming one of 7:28 7 minutes, 28 seconds the most preferred um vendors uh for the renewable sector and uh I think uh uh 7:37 7 minutes, 37 seconds the kind of the kind of work which we are doing for the renewable sector no other company in our in our sector is 7:43 7 minutes, 43 seconds doing it. So uh in our order book in our pending order book also uh we have close to 25 to 28% of our order from the 7:52 7 minutes, 52 seconds renewable sector and uh around uh 18% is from electronics semiconductor and 8:00 8 minutes electrical in which you know like we have two major projects from CG power which is transformer company and 8:06 8 minutes, 6 seconds technical associates then FMCG auto and pharma are you know like uh factors are also uh there the projects from this 8:15 8 minutes, 15 seconds sector keeps on coming every now and then and logistics warehousing is another sector where we get uh almost 8:22 8 minutes, 22 seconds you know like new orders almost every month. So the most important highlight for us or the achievement of our company 8:29 8 minutes, 29 seconds has been that we have been able to position ourselves as one of the fastest construction company through prefab 8:36 8 minutes, 36 seconds technology in this country. So we are the first one to be recall mind recalled uh whenever someone needs a fast 8:43 8 minutes, 43 seconds construction and uh you know more and more people are showing their trust on us and very happy to share that you know we have been able to meet the 8:51 8 minutes, 51 seconds expectations in terms of speed and quality for most of our customers. So that is it from my side. Yeah happy to go on the floor for the questions. 9:03 9 minutes, 3 seconds Thank you very much. We will now begin with the question and answer session. 9:08 9 minutes, 8 seconds Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question, you may 9:16 9 minutes, 16 seconds press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question assembly. 9:27 9 minutes, 27 seconds The first question is from the line of Priyans Jane from Growth X Infiniti. Please go ahead. 9:36 9 minutes, 36 seconds Hello. Am I audible? Yes, sir. Yes. 9:41 9 minutes, 41 seconds Good afternoon, sir. Uh, Mr. Jane, are you there? 9:57 9 minutes, 57 seconds Yes. 9:59 9 minutes, 59 seconds Good afternoon, sir. Uh, I have few questions. Uh so first is on the number side sir uh can you uh throw some light 10:07 10 minutes, 7 seconds on it more as you mentioned in your earlier remarks uh regarding that there is a decline in Q1 Q basis. So 10:22 10 minutes, 22 seconds this is my first question actually Mr. Jen, we may have you know like your question I put it here properly. 10:33 10 minutes, 33 seconds Uh so my question is that there is a decline in on Q1 Q basis. So can you throw some more light on it? 10:42 10 minutes, 42 seconds Yeah, you're right. You know there is a decline there seems to be decline in the Q1Q basis but as I said you know like how business gets affected because of 10:50 10 minutes, 50 seconds the monsoon season. So that is not the right way to look into the business. But yes, you know like uh uh all I can tell you is the revenue could have been 10:58 10 minutes, 58 seconds little better for us but uh we had an additional inventory in penny scores of 35 to 40 crores which could not be build 11:06 11 minutes, 6 seconds in the month of December because last six seven days of the of December uh the payment uh could not be made by the customers because of you know Christmas 11:14 11 minutes, 14 seconds holidays and all those things. So that is one thing that affected the revenue and the secondly the month of October and November the billings were not up to 11:23 11 minutes, 23 seconds the mark because you know as I said the monsoon prolonged in in the south to be particular and in south we had the maximum project at that time. So that 11:32 11 minutes, 32 seconds was the reason otherwise you know like this revenue could have been another 30 40 odd crores. 11:38 11 minutes, 38 seconds Okay. Uh sir would you like to revise your indicate 11:48 11 minutes, 48 seconds our annual guidance? No, I couldn't hear you properly but what I understand is uh there's no revision on the uh guidance 11:55 11 minutes, 55 seconds being given. Our annual guidance has always been in the range bound between 1500 to 1560 and we stick by 12:03 12 minutes, 3 seconds Okay sir. Thank you. Uh and my second question is uh does the company currently cater to the terms of infrastructure requirements particularly 12:11 12 minutes, 11 seconds like for modular insulated structures in extreme climatic conditions? 12:17 12 minutes, 17 seconds Again you like I'm finding little difficult but what I understand from your question 12:24 12 minutes, 24 seconds is are we capable to handle the modular buildings requirement in extreme climate conditions is this correct? 12:31 12 minutes, 31 seconds Yes sir for the defense personnels who for our nations so like sometimes they have to be uh deployed at extreme weather conditions. 12:41 12 minutes, 41 seconds Yeah. Yeah. Are we capable to deliver over there? 12:44 12 minutes, 44 seconds Yes. Yes, we are very much capable to you know deliver over there. So I will tell you know like the highest post in India in Sia Chin which is about 300 12:53 12 minutes, 53 seconds kilometers above Sia Chin it is u hot spring post. So we are the company who did this project. Uh we we made some 13:01 13 minutes, 1 second houses for the defense personnel you know like who are staying there. So yes we have the capability to work in the extreme conditions and also the extreme 13:10 13 minutes, 10 seconds extreme geographical locations in the country. 13:15 13 minutes, 15 seconds Uh so can you throw some light on the opportunity like are we in talks with the government for like large 13:21 13 minutes, 21 seconds opportunities in the side going forward in our business you know like uh we keep 13:30 13 minutes, 30 seconds on engaging with various agencies with the government the defense and PWD CPWD 13:37 13 minutes, 37 seconds and lot of other you know like so we everywhere the idea is you know we don't want uh uh you know like to this prefab 13:45 13 minutes, 45 seconds to become uh technology to be adopted rather we are working towards embedding this technology to become a part and 13:54 13 minutes, 54 seconds parcel of the overall construction. So the idea is that you know like how fast can we make it uh the prefab could be 25 14:02 14 minutes, 2 seconds to 30% of the overall construction and demand. So that is the direction in which we are working and definitely we are in touch with most of the peers who 14:10 14 minutes, 10 seconds are who are you know going to consume this uh technology a question uh will be on the edge can 14:20 14 minutes, 20 seconds you mentioned so Mr. Jen, can you please uh rejoin the queue? We can't hear you properly. 14:30 14 minutes, 30 seconds Yeah, sure. 14:31 14 minutes, 31 seconds Thank you. The next question is from the line of Nitin Jane from Fair Value Equity. Please go ahead. 14:40 14 minutes, 40 seconds [clears throat] 14:41 14 minutes, 41 seconds Yeah. Uh thank you for the opportunity. 14:43 14 minutes, 43 seconds Uh I have a couple of questions. Uh so if you observe the [clears throat] employee expenses, so uh there's been 14:50 14 minutes, 50 seconds almost 100% jump year on year. uh can you throw some color on the significant increase? 14:59 14 minutes, 59 seconds Yeah. So employee expenses have increased for us because you know like uh this company has grown quite rapidly. 15:07 15 minutes, 7 seconds You can see in the last uh you know four years our CGI growth is more than 50 55%. So yes, we have always been ahead 15:14 15 minutes, 14 seconds of times in terms of hiring people and with the kind of ambition which we have uh for next year, it is important for 15:22 15 minutes, 22 seconds the company to be people ready. So that is the reason you know you see uh little increase in the overall employee 15:30 15 minutes, 30 seconds expenses but as the revenue catches up the percentage of re employee expenses will be around 9% which has been there traditionally. 15:40 15 minutes, 40 seconds Okay. So you're guiding towards 9% as a percentage of revenue right going. 15:44 15 minutes, 44 seconds Yeah, it has been there and 9 9 to 9 and a half% I think you know more or less it has been there right because this quarter it is close 15:51 15 minutes, 51 seconds to 12%. So yeah. Okay. [clears throat] Uh so your absolute finance 15:58 15 minutes, 58 seconds okay uh your absolute finance cost uh also has been rising uh you know despite uh 16:06 16 minutes, 6 seconds the company being in possession of IPO fund. Uh so uh this is actually a little contrasting. Uh so can you uh throw some provide some color here? 16:18 16 minutes, 18 seconds Yes. [clears throat] Our CFO Rahul Gi will answer this. please. 16:22 16 minutes, 22 seconds Yeah. Hi. Uh look, I mean there are two part to it. So the you said the IP money is there. So we are deploying that IP 16:31 16 minutes, 31 seconds money. Uh since this is deployed in particular serial commercial type. So there is an other income that you see uh clearly uh coming through that IPO fund. 16:40 16 minutes, 40 seconds However on an employee on a on a finance cost look we have done reduction of about 70 cr of term loan. So you will 16:47 16 minutes, 47 seconds see a clear impact of uh that uh in the quarter that is ahead. Obviously we uh 16:54 16 minutes, 54 seconds we we also use some of the uh methods of LC sector to discount our bills for our receivables as well as for our uh vendor 17:03 17 minutes, 3 seconds partner in some cases where we get benefits and all that is sitting here but like I had mentioned in the previous quarter as well there will be definite 17:12 17 minutes, 12 seconds reduction and uh today on a 9-month basis we are at about 2.2% 2% of the entire revenue which is expected to go to about uh 1.9% by end of this year. 17:25 17 minutes, 25 seconds Obviously as a as a percentage uh also this this will improve. 17:32 17 minutes, 32 seconds Okay. So you're guiding towards closer [clears throat] to 2% by end of the year is it? Yeah. So your guidance is close to 2%. 17:42 17 minutes, 42 seconds Okay. [clears throat] Uh also uh on the revenue front uh so uh the management mentioned that uh the 17:50 17 minutes, 50 seconds company felt the impact of prolonged monsoon. Uh my only question is that uh Q2 had uh like it had peak monsoons. 17:59 17 minutes, 59 seconds However, the company delivered peak performance in Q2. 18:03 18 minutes, 3 seconds So [clears throat] uh why in Q3 uh the impact was more pronounced of Monsoon? 18:11 18 minutes, 11 seconds Yeah, it's a great question. See what happens is in the Q1 most of the civil work is done and Q2 if the civil works 18:19 18 minutes, 19 seconds is ready, it is easier for us to manufacture and set to the sides. So that was you know done because the civil works already was available for us to 18:27 18 minutes, 27 seconds work for us. We are not affected that much by the monsoons. The civil works is affected and because of that our effect 18:35 18 minutes, 35 seconds is more. So you know like uh and also what happened is we had two big orders uh with us in south and if you look at 18:44 18 minutes, 44 seconds the geographical distribution which we have shared in the H1 uh 50% of the revenue of H1 had come from south. So 18:54 18 minutes, 54 seconds there were two projects which were going on very well and we were able to ship our material to them. So that is the reason that you know like we could get 19:03 19 minutes, 3 seconds uh great revenue increment in the quarter two. 19:10 19 minutes, 10 seconds Okay. So you're [clears throat] saying uh due to prolonged bonsul in south you you felt the impact more in Q3. Is that 19:17 19 minutes, 17 seconds what you're trying to say? Just trying to clarify because what happens is what happens is civil work cannot be done in quarter two 19:25 19 minutes, 25 seconds especially in the month of say July August the civil work left behind and when the civil work has not been done we cannot start our work whereas in you 19:34 19 minutes, 34 seconds know like quarter one most of the civil work is done say in the till the month of June so July August September even if there is no civil work has been done the 19:41 19 minutes, 41 seconds site is ready so we we can start the erection and the supplies and the erection everything else can go on 19:48 19 minutes, 48 seconds Okay. So, no just because that uh in [clears throat] the last quarter uh call uh there was no guidance towards uh you know civil works being delayed and this 19:56 19 minutes, 56 seconds has come kind of as a surprise to the street. That's why I'm trying to clarify but uh just uh thank you for your clarification. And my last question is 20:05 20 minutes, 5 seconds [clears throat] 20:06 20 minutes, 6 seconds uh on the NGT ban you mentioned about uh impacting your plant operations. Can you please say that a bit? Thank you. 20:14 20 minutes, 14 seconds Yeah. See you know first of all I will clarify on uh um the guidance you know or not speaking about the monsoon season 20:23 20 minutes, 23 seconds or affecting our quarter three see we don't do the civil work it is being done by the customer so it depends from customer to customer and also their site 20:31 20 minutes, 31 seconds there are customers who are able to manage their sites very well and work during the motion as well so it depends on the customer and specially and the 20:39 20 minutes, 39 seconds second point is about this NGP so yes NGP ban is there in Delhi NCR construction Typically it affects all the 20:47 20 minutes, 47 seconds construction from after Diwali and till till yesterday you know like the ban was there for two and a half months that is 20:54 20 minutes, 54 seconds affecting all the construction and the PB is also uh you know like affected there but as far as our plants are 21:01 21 minutes, 1 second concerned we have two plants one in order and the other one in Glo and operations of the plant the manufacturing and everything else is not 21:09 21 minutes, 9 seconds discontinued it continues. What I meant to say was we have an expansion going on in Gilot for the sandwich panel line and 21:18 21 minutes, 18 seconds for that also we have to do civil works so that we can start the building of engineered. So there also the civil works is getting delayed. So that is 21:26 21 minutes, 26 seconds what I wanted to consider there right so [clears throat] uh what you're trying to say is the capeex is being delayed at kilo uh due to the NGT ban. 21:35 21 minutes, 35 seconds react right. Should we see any impact of that on the Q4 number? 21:41 21 minutes, 41 seconds No. No. This capex you know like as it is uh as I said this capex as it is will go uh into commercial production only in the third quarter of 27. 21:52 21 minutes, 52 seconds Okay. Okay. Yeah. Yeah. 21:54 21 minutes, 54 seconds Okay. We already have sufficient capacities both in terms of structural steel fabrication and in terms of sandwich panels for the quarter four of 22:02 22 minutes, 2 seconds this financial year as well as for the quarter one of next financial year. 22:07 22 minutes, 7 seconds Great. Great. Just one last question there [clears throat] is uh so the order book that we are holding right now is there anything uh that is preventing us 22:15 22 minutes, 15 seconds uh in you know executing that uh at our peak capacity in quarter 4 like this would be a great time to me 22:24 22 minutes, 24 seconds yes you see this is the best time actually this quarter is the best quarter in terms of you know like site clearances so civil works also goes on 22:33 22 minutes, 33 seconds rapidly unfortunately you know like uh is the only period when there's some disruption at site level in terms of 22:39 22 minutes, 39 seconds execution. So uh you know that is the reason we say that fourth quarter is the best quarter in our business and uh uh 22:47 22 minutes, 47 seconds there are you know like chances of uh some uh delay in the revenue postponement because of design delays and things like that. But fortunately 22:56 22 minutes, 56 seconds for us in this quarter whatever you know we are planning to produce and execute at the site level most of the projects are already been cleared from the design engineering point of view as well. 23:08 23 minutes, 8 seconds So we do not see any challenge in this quarter. 23:17 23 minutes, 17 seconds Thank you. A request to all participants, please restrict your questions to two questions per participant. For more questions, please 23:25 23 minutes, 25 seconds rejoin the queue. The next question is from the line of Vehav Gupta from AIA Advisor. Please go ahead. 23:33 23 minutes, 33 seconds Yeah. Hi S. Am I audible to you? Yes. Yes. 23:38 23 minutes, 38 seconds Yeah. So, uh I want to understand I can't hear you. 23:48 23 minutes, 48 seconds Hello. Am I audible right now? Yes. 23:51 23 minutes, 51 seconds Yeah. So, you have mentioned that the u meaningful order book is coming from the renewable sector around 25 to 28% of the order book is coming from the renewable 24:00 24 minutes sector. So I wanted to understand how this segment is how this sector uh basically different from the other 24:07 24 minutes, 7 seconds sectors PB businesses is specifically in terms of what are the advantage in terms of the project size execution timelines 24:14 24 minutes, 14 seconds modes or any any other renewity compared to the other uh segment businesses. 24:22 24 minutes, 22 seconds Yeah see you know like uh most of the renewable companies now are going in for background integration. So if we had made some module factory for someone 24:30 24 minutes, 30 seconds then he is going for cell and for those you know like who have uh who have for whom we have done the cell plant now 24:37 24 minutes, 37 seconds they are going in for aluminium or glass and also thinking of going in for wafer plant and import plant. So there is a 24:44 24 minutes, 44 seconds you know like uh regular flow of orders from the same customer. So it is important that we continue to retain the customer and give him the best of services and you know like understanding 24:53 24 minutes, 53 seconds this requirement of the customer what we have done is we have a focused team of uh uh focus team of people in the in the 25:01 25 minutes, 1 second company who take care of these customers because they have a unique requirement of speed. Most of these uh projects are 25:08 25 minutes, 8 seconds a very very high speed projects. Uh firstly you know I think it is because of the huge opportunity in the neighborhood sector. No one wants to miss the opportunity because of the 25:16 25 minutes, 16 seconds timelines. So they want their factory to be ready in five to 6 months time and time and again we have displayed our ability to execute much faster than any 25:26 25 minutes, 26 seconds of our PA group. So that is the reason we are becoming a preferred player in this market and uh also you know like 25:33 25 minutes, 33 seconds since we delivered now so many projects successfully so most of these you know like renewable companies are preferring us in terms of complexity. Yes. While 25:41 25 minutes, 41 seconds the module building is fairly simple to execute but the complexity level especially in cell building and the 25:49 25 minutes, 49 seconds glass plant you know which we are executing is very very high and it is not possible for you know any uh any you 25:57 25 minutes, 57 seconds know like any anyone just anyone to execute it you know like there are a lot of design complexities and execution complexities which has to be taken care of. 26:06 26 minutes, 6 seconds Okay. And in terms of this s uh basically aa or margins uh how this uh renewable sector is 26:16 26 minutes, 16 seconds yeah see you know like uh while we are uh living our uh margins and a bit on a console basis on a company level basis 26:24 26 minutes, 24 seconds but yes uh uh margins are little better but see you know like more than the margins it is the opportunity to uh do 26:31 26 minutes, 31 seconds repeat business with these people you know because understanding the fact that They already have say land in place. We 26:39 26 minutes, 39 seconds have made some mobile plant and we are very much sure that you know they will come up with more buildings. So idea is to get business rather than just you 26:47 26 minutes, 47 seconds know like uh thinking about margin which is one time which is one time a fair. So it's a competitive marketplace and you 26:54 26 minutes, 54 seconds know margins come from service. So you know like uh we there's a customer whose order we have booked just last in the last last last week itself and we have 27:03 27 minutes, 3 seconds already done some 14 15 buildings with them we got some 3 4% orders in the last one year from them and now it is the 27:11 27 minutes, 11 seconds time you know they have seen our uh aggregation they have seen our quality and this time you know we could get some 2% 2 and a half% premium from them so I 27:20 27 minutes, 20 seconds think you know margins will come only after we have been able to demonstrate our capabilities to the to the 27:27 27 minutes, 27 seconds Okay. And uh second question is uh what portion of the basically in the total order book what portion of the order book is coming from the repeat customer versus the new customer sir. 27:39 27 minutes, 39 seconds Yeah. So repeat customer for us is around 40 to 45%. For this quarter uh we have not worked out you know like what 27:47 27 minutes, 47 seconds the repeat customer but it will be between 40 to 45% for us. 27:52 27 minutes, 52 seconds Okay. Uh I just have a one more question. 27:55 27 minutes, 55 seconds Uh so basically uh it is on the business understanding basically uh would it be possible for you to share a broad cost 28:02 28 minutes, 2 seconds breakup of a typical PEB or prefer project for an example like if we consider total PB cost is 100%. So how 28:10 28 minutes, 10 seconds much is generally distributed across the primary buildup section then secondary members then how much is for the rooting and sandwich in terms of percentage and 28:18 28 minutes, 18 seconds how how much is for the other accessories? 28:22 28 minutes, 22 seconds Yeah it's a great question. I wish I had the answer to it because you know for us uh each of the building is a customized 28:29 28 minutes, 29 seconds building. So let us you know I was talking about solar let us stick to it. 28:33 28 minutes, 33 seconds So why you know like in case of say mobile building which is simpler the buildup section may be 50%. But in case 28:41 28 minutes, 41 seconds of cell building in which the height is also much more and there are a lot of loading of the HVAC 28:47 28 minutes, 47 seconds uh and a lot of other equipments. Uh so the uh same same building may be having 65% or 70% of the uh of the of the 28:57 28 minutes, 57 seconds buildup sections. So it varies from building to building and in a high-rise building the buildup sections may be even more like 80% plus. So very 29:06 29 minutes, 6 seconds difficult to give you a thumb rule on that but uh as on a generalized basis what we what we typically assume is 29:13 29 minutes, 13 seconds build up is around 60 to 65% range we can say on annualized basis of all the projects which you do but it may vary 29:22 29 minutes, 22 seconds substantially you know like depending on the projects. 29:24 29 minutes, 24 seconds Mhm. Understood. True. And I just have one last warehousing like a warehousing you know the roofing area is much more in a 29:32 29 minutes, 32 seconds warehouse. So the roofing quantity is higher but in the industry building you know like roofing area is less but you know like the loading of 29:40 29 minutes, 40 seconds the EOT crane the loading of uh you know various uh uh flows offices is higher. 29:47 29 minutes, 47 seconds So there the weight is more of the structur okay so I just have one last question uh 29:55 29 minutes, 55 seconds so can you please rejoin the queue for the followup question as there are more participants left in the queue. 30:01 30 minutes, 1 second Okay, sure man. Yeah, thank you for the opportunity. 30:05 30 minutes, 5 seconds Thank you. The next question is from the line of Akash Shivasta from Intech Technology. Please go ahead. 30:12 30 minutes, 12 seconds Yeah, good afternoon sir. Uh sir, we can't hear you properly. Can you please read me louder? 30:18 30 minutes, 18 seconds Hello. Yeah, good doctor. No, sir. Uh thanks for the opportunity. Uh I'm I think I'm I'm audible to you. 30:26 30 minutes, 26 seconds Yes. Yeah. Sir, I have two question. 30:28 30 minutes, 28 seconds First uh as we are seeing the rise in the commodity prices. So how we are able to manage uh these means whether we will 30:37 30 minutes, 37 seconds able to manage our uh OPM in the next upcoming quarters or whether we can see 30:44 30 minutes, 44 seconds any dip in the OPM because uh we are seeing some uh rise in the commodity prices. So you are the better to answer this question. 30:57 30 minutes, 57 seconds So this is first question hir. 30:59 30 minutes, 59 seconds Yeah. Yeah. First question and the second one is that sir we have provided a guidance for next 3 to five years that we will grow for 30 to 35% with OPM of 31:07 31 minutes, 7 seconds 10.5 to 11.5%. So are we uh are we having with this guidance or we are we we can change this guidance also. 31:19 31 minutes, 19 seconds Yeah. First I will answer your commodity. So uh this is a fact that the commodity prices are behaving quite 31:26 31 minutes, 26 seconds abruptly right now and the seat prices have gone up by some four to 5% in this month and uh uh you know like uh but you 31:35 31 minutes, 35 seconds know like in our business what happens is we have three kinds of cushioning uh to give us a protection in the OPM. The first one is the uh raw metal inventory. 31:44 31 minutes, 44 seconds So typically we have a inventory of 30 to 45 days of production. Secondly, we have a purchase order given to the uh uh vendors already based on our order book. 31:56 31 minutes, 56 seconds So you know like uh uh whatever we are going to produce in the next 2 and a half months, 3 months is already ordered 32:03 32 minutes, 3 seconds to steal and advances have been made. So there you know like the protection is there with us. Thirdly, what happens in 32:10 32 minutes, 10 seconds our business is we book orders every week. So when we book the orders then it is on the basis of the current commodity 32:18 32 minutes, 18 seconds prices. So that gives us a natural hedging itself. So yes, I do not I do not foresee any impact of this commodity 32:26 32 minutes, 26 seconds price increase in our OPM and uh as far as the guidance to the market is concerned. uh we have given a guidance 32:34 32 minutes, 34 seconds for this current FY of 1,500 to,550 crores that is in fact very well you know like uh uh possible for us and uh 32:44 32 minutes, 44 seconds uh I'm not very sure you know like where have they given a guidance of 30 to 35% of the over the last five years or three 32:51 32 minutes, 51 seconds years actually in one actually sir in one TV interview you have given the means in your team someone has given the 32:58 32 minutes, 58 seconds guidance of 30 35% CGR growth for next three year that is something like with OPM of 10.5 to 11.5%. So that's why 10.5 33:07 33 minutes, 7 seconds to 11.5% we have margin we continue to uh guide the market for this year as well as for the next year and 35% you 33:16 33 minutes, 16 seconds know year on year uh that will be your endeavor you know like that depends on the technology adoption and lot of other factors considering the you know current 33:24 33 minutes, 24 seconds global scenario and the things are happening very difficult to predict the future but what the guidance which we are given is if the market grows at 10% 33:32 33 minutes, 32 seconds we'll definitely grow at 20% because the kind of services and the delivery and the pricing strategy which we have will definitely you know be ahead of the 33:40 33 minutes, 40 seconds market growth. Okay. Thanks sir. One followup question actually you have said that uh you you pro uh you procure the 33:48 33 minutes, 48 seconds pro you procure material on weekly basis. So just want to know that whether we uh when we uh bid for a project 33:56 33 minutes, 56 seconds whether the project is fixed project or whether there is a cause of mean clause of uh price escalation also because uh if the project is a fixed cost project 34:04 34 minutes, 4 seconds and we uh order the uh we procure the material on a weekly basis. So we have to take the burden of if the price 34:12 34 minutes, 12 seconds increase in the commodity market. So who will take the burden is the we as a company or the 34:19 34 minutes, 19 seconds customer see our our our contracts are fixed price contract but we do not order the material on a weekly 34:27 34 minutes, 27 seconds basis. What I see what I told to you is our order booking the order intake happens on a weekly basis on the current 34:34 34 minutes, 34 seconds prices. So if today the prices is 56 it will happen at 56. If next week the se is 58 the order booking for us will 34:42 34 minutes, 42 seconds happen at 58. So it gives us a natural hedging. So it means you know like uh if today's order has to be delivered 3 months after and if the 3 months after 34:51 34 minutes, 51 seconds the raw prices come down to 54 then then we are the beneficiaries month after the raw prices go up to 60 then again you 34:58 34 minutes, 58 seconds know like the or next order which you're working next week or next to next week it will be on 50 itself. So give a natural hedging we are not you know like 35:06 35 minutes, 6 seconds one project or two project. We don't do one or two projects in a year. We do 500 projects and that gives a natural hedging itself. And you know like in the 35:14 35 minutes, 14 seconds last so many years of our business the only time where we suffered uh loss because of you know like price increase 35:22 35 minutes, 22 seconds it was during the uh year 2022 uh when there was a war between Ukraine and Russia in the month of February and 35:30 35 minutes, 30 seconds March and that prices went up by 40% it affected our bottom line of that quarter but any you know like price increase or decrease of 3 to 5% doesn't affect us. 35:42 35 minutes, 42 seconds Okay. Thank you. Means uh there is no price escalation cloud in our project and we procure the order. We procure the material weekly basis. That's that's the conclusion. 35:53 35 minutes, 53 seconds We we procure the material. We give the orders to the me on a weekly basis but the price is set on a monthly basis and 36:01 36 minutes, 1 second the delivery happens over the next 10 8 to 10 weeks. Means in any project there is no price escalation class. Suppose 36:08 36 minutes, 8 seconds something happened like uh uh that like like what happened in the past in the Ukraine war. If suppose something that dis disruption happens then there is no 36:17 36 minutes, 17 seconds cost to uh means pass the price to the uh customer increased price. Our projects our our 36:25 36 minutes, 25 seconds contracts have two things. One is a fixed size and second is the fixed time. 36:29 36 minutes, 29 seconds Okay. Okay. So what happens is within the timeline the project has to be executed. So there are a lot of projects which gets delayed from the customer 36:37 36 minutes, 37 seconds side because either his site is not ready or his you know like drawings are not clear. So in that case we are bound 36:44 36 minutes, 44 seconds by the project only for that particular duration. So if there is some project which we have won in the month of July and it is still not taken off because 36:52 36 minutes, 52 seconds the customer has not got certain approval or design approval has not been done. So we can always go back to the customer and tell that okay the period 36:59 36 minutes, 59 seconds of the project is over now and you have to give us this price increase. And in the past also we have been able to take it successfully because the objective of 37:07 37 minutes, 7 seconds the customer is not only to you know like stop us from giving us an increase. 37:10 37 minutes, 10 seconds It is his objective is much bigger. He's putting up a new factory which is you know like maybe thousands of crores. So for us for him you like giving us one or 37:18 37 minutes, 18 seconds two cr extra which is genuinely asked for is not a challenge. 37:23 37 minutes, 23 seconds Okay. Okay. Thank you. Thank you very much. Thank you. 37:28 37 minutes, 28 seconds A request to all participants. Please restrict your questions to two questions per participant. For more questions, please rejoin the question queue. The 37:37 37 minutes, 37 seconds next question is from the line of Deepak Kodar from Safia Capital. Please go ahead. Yeah, I'm audible sir. 37:45 37 minutes, 45 seconds Yes sir, please continue. 37:46 37 minutes, 46 seconds Okay. Um, thank you very much sir for this opportunity. So just wanted to check one thing. Um, now on your order book, can you please be a little louder? 37:55 37 minutes, 55 seconds Uh yeah, this is better. Yes. 37:58 37 minutes, 58 seconds Yeah. Yeah. Okay. Uh so I just wanted to uh ask I mean we have got around 1200 crores of order book right. So what's the execution timeline on that? 38:10 38 minutes, 10 seconds Our order book to revenue cycle is 1.5. 38:13 38 minutes, 13 seconds So which means you know like 7 to 8 months is the total cycle time. 38:17 38 minutes, 17 seconds 7 to 8 months. Right. So, so ideally for I mean since your order book duration is 7 to 8 months but but the raw material 38:25 38 minutes, 25 seconds that we hold is close to about 30 to 45 days. So do we see any kind of mismatch on that? I mean uh as per current 38:32 38 minutes, 32 seconds commodity prices whatever order book we would have it might be 7 8 months old order book right. So order that would 38:40 38 minutes, 40 seconds have got might be little older. So is there any mismatch that can arise because of this? Because our order book duration and our raw material duration is different. Right? 38:51 38 minutes, 51 seconds See our raw material duration is 4 to 6 weeks and the order which we have with the meal is 8 to 10. 8 to 10 weeks. So 38:59 38 minutes, 59 seconds typically is the next 14 to 16 weeks is covered for us. 14 to 16 weeks is more than 3 to 4 months around 3 to 4 months. 39:06 39 minutes, 6 seconds So 3 to 4 months coverage is already given. And as I said there are certain poses which get delayed from the customer end. So those projects we have 39:16 39 minutes, 16 seconds the you know like uh as per the contract um we can always go back to the customer and ask them for a price increase 39:24 39 minutes, 24 seconds because the delays from their site may be related to the design approval or the site uh not ready or things like that 39:31 39 minutes, 31 seconds and it is always mutually decided and that's quite possible for us because the designing and all you know it involves a lot of bandwidth of the customer consultant his PNC as well. 39:42 39 minutes, 42 seconds Okay. And also you know if you if you see the cycle of the project if we get a project today around 1 month goes for 39:51 39 minutes, 51 seconds the designing and approval then next two to 3 months is for the manufacturing and the next three to two to 3 months or four months depending on the size of the 39:59 39 minutes, 59 seconds project is execution at site. So typically if you see any project you know we have a supply timelines of 3 to four months from the date of purchase 40:07 40 minutes, 7 seconds order. So typically we have a stock inventory of around 35 to 40 days plus we are covered with the mills which for 40:16 40 minutes, 16 seconds the orders that we have placed for two 2 and a2 months. So almost for the three three and a half months till we have to supply for that project we are covered. 40:25 40 minutes, 25 seconds So that's how you know the overall project cycle works. 40:28 40 minutes, 28 seconds Okay. Understood. Understood. And my second question is on your uh sandwich panel. I I mean uh for this new capeex 40:35 40 minutes, 35 seconds uh uh so what's the capeex involved the new expansion that we are doing and what's the margin differential between 40:42 40 minutes, 42 seconds sandwich panel and pb 40:53 40 minutes, 53 seconds yeah yeah so we are doing a capeex a green field capeex in glo for salvage 41:00 41 minutes panels we are doing 101 odd roads there where you know we have already started uh the plan at this uh location and 41:08 41 minutes, 8 seconds it'll be operational by the uh third quarter of the next financial year. 41:13 41 minutes, 13 seconds In terms of if it so panel sandwich panel application we use in two ways. So one is in our uh in-house projects like 41:21 41 minutes, 21 seconds we do a lot of you know uh site infrastructure accommodation buildings where we do a lot of clean room projects for our you know renewable energy sector 41:30 41 minutes, 30 seconds customers or data center customers. So those are where we supply the panels and we erect them as well. So that is one 41:38 41 minutes, 38 seconds category where we use the sandwich panels. The second category is only for the supply of panels as a product. So 41:46 41 minutes, 46 seconds there are a lot of contractors who do a lot of cold stoages, a lot of cleaning rooms, a lot of other you know pre-fabricated structures. So we do the 41:53 41 minutes, 53 seconds supply of those panels to those contractors as well. So if we talk about the margin range that is quite similar 42:00 42 minutes in TB as well as the panels both uh in terms of the percentage. 42:06 42 minutes, 6 seconds Okay. Unders. And are we looking at export market also? I mean our export is very less. So so is that something we are exploring? 42:14 42 minutes, 14 seconds So yes, you know, export market is available but uh you know what we have studied as of now we have good growth 42:22 42 minutes, 22 seconds opportunities in India. So current focus is in India. Uh going forward you know we have now the plant in the south as well. So going forward yes we will 42:31 42 minutes, 31 seconds explore uh uh the market in in Africa and other countries but as of now uh we are focusing on the Indian market growth. 42:39 42 minutes, 39 seconds Fair enough. Okay that would wish you all the way there. Thank you so much. 42:45 42 minutes, 45 seconds Thank you. The next question is from the line of Sahus Jane from White Oak AMC. Please go ahead. 42:54 42 minutes, 54 seconds Yeah. Hi. Yes sir. 42:58 42 minutes, 58 seconds Yes. Okay. I from Y2. Uh sir based on your guidance Q4 should at least should 43:07 43 minutes, 7 seconds be in the range of 470 cr top line. I'm just taking the midpoint as a guidance 43:13 43 minutes, 13 seconds and about 65 criteria and given how three three weeks of January have gone 43:20 43 minutes, 20 seconds and obviously Delhi NPR has got this certain restrictions and construction and all that are you you know what is 43:30 43 minutes, 30 seconds the level of confidence in terms of you know meeting these numbers? 43:36 43 minutes, 36 seconds Yeah, see you know like uh we have been repeatedly telling about this revenue guidance of 1500 to 1550 and uh I really 43:45 43 minutes, 45 seconds don't foresee any challenge in the last 20 days of this month or so the building is pretty good. So yeah absolutely no 43:52 43 minutes, 52 seconds challenge on you know like because you know for our business what happens typically a challenge is after receipt of order is the there can be two two 44:00 44 minutes kinds of delay one is the design approval and design and engineering approval from the customer and or his consultant and the second is the civil 44:07 44 minutes, 7 seconds works delay by the uh customer's civil contractor. So fortunately for the civil work this is the best time to do in the 44:15 44 minutes, 15 seconds entire country and uh for as like lot of our projects which we had back last quarter and before that also so most of 44:23 44 minutes, 23 seconds the designing engineering is already completed and approved by the customer whatever is lion is at our end in terms of you know like making the shop going 44:31 44 minutes, 31 seconds so I really don't foresee any challenge to achieve all right okay thank you so all the best 44:41 44 minutes, 41 seconds thanks Thank you. The next question is from the line of Dwang Patel from Samikshia Capital. Please go ahead. 44:49 44 minutes, 49 seconds Hi sir, in Rajasthan where we were putting 11,000 t capacity, is that also delayed to Q3 next year and given our PB 44:58 44 minutes, 58 seconds capacity is 69% in 9 months. Do we have room to scale up by 50% in Q4 over Q3 from capacity perspective? 45:10 45 minutes, 10 seconds is the Rajasthan capacity of 11,000 tons which you're talking about is a part of the overall 33,000 tons capacity which 45:17 45 minutes, 17 seconds we are you know adding so Rajasthan also uh some of the machines have already arrived and has been installed it is being done at the existing plant in it 45:26 45 minutes, 26 seconds is not in the new plant and other machines are already you know like uh in the in in various stages of 45:34 45 minutes, 34 seconds either commissioning or uh you know like reaching the factory. So it will be commissioned this uh 36,000 tons which 45:41 45 minutes, 41 seconds comprises of two location Mumbaru and Gil will be commissioned within this within this quarter. 45:48 45 minutes, 48 seconds Okay. And how about having headroom to you know scale up revenues quarter on quarter by 50%. 45:56 45 minutes, 56 seconds By 50%. Yes you about from 300 to 450 crores. 46:03 46 minutes, 3 seconds Yeah. See 300 to 450 crores for this quarter is quite possible because as I said we have a FG of 35 to 40 crores of 46:13 46 minutes, 13 seconds last quarter which could not be uh you know like lifted by the customers. So that is giving us those kind that kind of headroom and also uh you know like as I said it depends on project to project. 46:24 46 minutes, 24 seconds So there are certain projects in which the buildup section is less and there are you know items like ancillary items like jacking sheet and roofing and 46:31 46 minutes, 31 seconds things like that. So it increases our overall revenue. So fortunately for this quarter also we have some of the projects in which you know this kind of 46:39 46 minutes, 39 seconds ancillary items are very high in terms of percentage. 46:45 46 minutes, 45 seconds Okay. My other question was on working capital. Now the Q2 presentation said it was at 23 days. Uh the Q3 presentation 46:52 46 minutes, 52 seconds says it is at 38 days. So has there is are these like to like numbers and is there been that kind of increase in working capital between Q2 and Q3? 47:02 47 minutes, 2 seconds Yes. See, last time also when we had a call, we you know like very explicitly told that this 23 days is a long not a long-term thing which has happened 47:10 47 minutes, 10 seconds because you know like we were able to execute some of the projects very fast and get the payment from them also you know like the payment comes from them 47:19 47 minutes, 19 seconds but it is not normal. Normally we are given a guidance of 35 days and uh it will be arranged around within that you know within that framework only. 47:28 47 minutes, 28 seconds Okay. Especially trade payables were 328 crores in Q2. Could you give that number for Q3 has that normalized down? 47:39 47 minutes, 39 seconds Uh Raji, do you have the figures in handy? 47:42 47 minutes, 42 seconds So trade payable is uh more or less similar. It's it's about 15 cr less for the quarter though uh we haven't 47:50 47 minutes, 50 seconds presented the balance sheet but you know since you asked it's about 310 12 cr for the quarter. 47:57 47 minutes, 57 seconds Okay. So when the working capital has you know gone up from C2 to C3 is it on receivable side or is it on the inventory side? 48:04 48 minutes, 4 seconds Yeah. So there is there is uh some bit of stretch on the receivable but uh much of this receivable we anticipate to 48:11 48 minutes, 11 seconds recover in the month of January. So uh you know and then like Sanji G earlier mentioned uh you know we had ready 48:19 48 minutes, 19 seconds materials also of SG worth 30 40 cr which we could not bill and recover the money because of want of payment. So as 48:27 48 minutes, 27 seconds that comes this working capital cycle should improve but like we said earlier 35 days is an realistic expectation. 48:35 48 minutes, 35 seconds Okay. Okay. And the plastic would you give a guidance for capeex next year since you're accelerating Gujarat plan CEX also. 48:44 48 minutes, 44 seconds Correct. So sorry would you want to take this? 48:48 48 minutes, 48 seconds Yeah. Yeah. So while you know like uh for the next FY we'll be utilizing uh all the uh capex you know like of race 48:56 48 minutes, 56 seconds to IP of 160 crores in two plants in Mumbai 2 and Gilot and for the Gujarat that is an additional capex for us we 49:04 49 minutes, 4 seconds have invested around 40 around 40 crores in getting this 40 acres 39 acres of land in Vlapur and the idea is know like 49:13 49 minutes, 13 seconds to put up a capacity of 50,000 tons to start with so which needs a capex of around 55 to 60 cr rupes. So that will also be done in the next financial year. 49:25 49 minutes, 25 seconds Thank you so much. 49:28 49 minutes, 28 seconds Thank you. The next question is from the line of Madindra, an individual investor. Please go ahead. 49:36 49 minutes, 36 seconds Yeah. Hello. I'm ready. Hello. Yeah. Yeah, you are. 49:42 49 minutes, 42 seconds Yeah. Uh so sir I have one question that should we compare financials y or 49:53 49 minutes, 53 seconds y because as I said our business gets affected during the mon season so y is the best way to do it 50:02 50 minutes, 2 seconds but still means uh if we um look at the disappointment with the result so first 50:10 50 minutes, 10 seconds half is 45% second half is 55% 5%. So typically the second half starting in Q3 50:18 50 minutes, 18 seconds uh the result should be more than the Q2 it should be like that. 50:26 50 minutes, 26 seconds Yes and no. If you think it that way no because if you compare to the quarter Y then already the company has grown by 31%. 50:37 50 minutes, 37 seconds Yes. 50:42 50 minutes, 42 seconds uh yeah that means the company has grown by 31%. But uh given the kind of 50:49 50 minutes, 49 seconds reaction the market has given means it's slightly uh disappointing considering that you have said that we will report 50:58 50 minutes, 58 seconds similar numbers means as of Q2 like 400 51:03 51 minutes, 3 seconds something and then you miss the numbers like I will tell you our guidance our 51:10 51 minutes, 10 seconds guidance to of growth of revenue growth was around 38% 39% for the entire year last year it was 1140 this was this year 51:19 51 minutes, 19 seconds we have given 1550 1500 to 1550 so it is 38% our 9 month achievement is 41% growth so 51:27 51 minutes, 27 seconds we are above the target so I really don't understand you know like uh this context of we have not been able to 51:33 51 minutes, 33 seconds deliver the revenue targets we are very much lying 51:40 51 minutes, 40 seconds to achieve our end guidance yeah Okay, thank you. The next question is from the 51:49 51 minutes, 49 seconds line of Anoj from Philip Capital. Please go ahead. 51:54 51 minutes, 54 seconds Uh hi, good evening sir. Uh I actually you know majorly all my questions were answered. Just a quick question that uh 52:02 52 minutes, 2 seconds while you know securing orders it is directly from the customer there's some sort of a building pipeline that you have. 52:12 52 minutes, 12 seconds Yeah, most of our you know like orders are directly from the customers. We like to deal directly with the end user of the building. So it may be a factory or 52:21 52 minutes, 21 seconds it may be a warehouse owner who may be a investor-driven company or any other you know like uh player but but yes mostly it is the end user. 52:33 52 minutes, 33 seconds Okay. And uh any I mean uh where is the uh you know coming from it? 52:41 52 minutes, 41 seconds There's some disruption. I'm sorry. 52:43 52 minutes, 43 seconds There's some disruption. I can't Hello. Can check this. Hello. 52:51 52 minutes, 51 seconds Yeah. Hello. Hello. Can you check this? 53:02 53 minutes, 2 seconds I carry on. I will try to answer. 53:06 53 minutes, 6 seconds Sir, he has left. The next question is from the line of please go ahead. 53:14 53 minutes, 14 seconds Excuse me. Excuse me. What is this? You know like song I can hear. Hello. What is this sound? 53:22 53 minutes, 22 seconds Yes. Checking. Just give me a moment. Yeah. Thank you. 53:33 53 minutes, 33 seconds Hello. Yes. 53:36 53 minutes, 36 seconds H uh so my question is on your PP is showing that your fat has been grown by 53:43 53 minutes, 43 seconds around 48%. But uh when I exclude other income then your P has been grown by 53:50 53 minutes, 50 seconds around 18%. So I just wanted to understand your other income has been like last year there is no other income but right now it is around 59 million. 54:00 54 minutes So what is the nature of other income? 54:02 54 minutes, 2 seconds Like why is there significant increase in other income? Please go ahead. 54:15 54 minutes, 15 seconds Hello. 54:18 54 minutes, 18 seconds Yes, I'm joining now. Just give me a moment. Yeah. Yeah. Okay. Okay. 54:55 54 minutes, 55 seconds Yes sir please continue. 54:58 54 minutes, 58 seconds Okay. Uh so my uh first of all my question is on other income basically. So your PPD has 55:06 55 minutes, 6 seconds showing PAT has been grown by 48%. But we exclude the other income then PA has been grown by 18%. So and the last year 55:15 55 minutes, 15 seconds there is no other income but right now it is showing that 59 million of that 59 million of other income. So what is the 55:23 55 minutes, 23 seconds income like why there is so much increase in other income 55:34 55 minutes, 34 seconds thank you are you there? Yeah. Yeah, I'm there. I here. 55:41 55 minutes, 41 seconds So, he got disconnected. I'll take the next question from the line of Rishi Kotari from Pquare Investment. Please go ahead. 55:57 55 minutes, 57 seconds Yeah, thank thanks for the opportunity. 55:59 55 minutes, 59 seconds Uh just wanted to have a quick update on what sort of PSA are we if you want to compare our business with what sort of PS would you like to recommend? 56:14 56 minutes, 14 seconds Sorry I didn't get your question properly. What set of what sort of peer do you want you like to compare our business with in the 56:20 56 minutes, 20 seconds military space you want to do that because we have you know prefab business as well as an business as well in the 56:27 56 minutes, 27 seconds industry right yeah our peer group is interarch and MNB so that is the best comparison because 56:36 56 minutes, 36 seconds although we may be having uh the sandwich panels and preab but uh most of the chunk of the business is coming from the similar nature of business which interact or be done. Yeah. 56:49 56 minutes, 49 seconds Okay. Um my next question will be the monsoon that you said that more like last quarter was affected by monsoon 56:56 56 minutes, 56 seconds delay and all that. So will it be all across industry players as well or will it be just for us in a way? 57:05 57 minutes, 5 seconds It depends you know like see it depends on project to project and side to side. 57:09 57 minutes, 9 seconds So there are you know customers in the same locations in our so there's a customer who has been able to execute 57:17 57 minutes, 17 seconds you know his site activities very plant very well and do the civil activities and give us the front and there's other customer who is not able to do it. So 57:26 57 minutes, 26 seconds you know like it depends on project to project very difficult to say whether know like the PSU has also been affected by the same uh monsters or not. 57:34 57 minutes, 34 seconds Okay. Understood. 57:39 57 minutes, 39 seconds Thank you. The next question is from the line of Madu from MD Capital Advisor. Please go ahead. 57:48 57 minutes, 48 seconds So, hi sir. Uh am I audible? Yes sir. 57:54 57 minutes, 54 seconds Okay. So my question is basically you know uh there was no other income uh during last quarter last Q3 of last year 58:03 58 minutes, 3 seconds but uh there is a six crores of other income this quarter right. So can you please explain about that? 58:10 58 minutes, 10 seconds Yeah. So I'll take this uh other income primarily uh you know come in last 9 month we had a other income of close to 58:19 58 minutes, 19 seconds 3 cr and this year it's about 11 cr on 9 month basis. Majorly this is because of two reasons uh you know we got a private 58:27 58 minutes, 27 seconds equity investment uh in December 2024 which has remained with us until until 58:34 58 minutes, 34 seconds now. Right? So we haven't used that money for anything else. Uh major part of that money has been lying in fixed deposit to be utilized for the Gujarat 58:43 58 minutes, 43 seconds expansion which Sanjay G just explained that we bought the land uh and the expansion work will happen in this year FI27. 58:52 58 minutes, 52 seconds So uh interest income that that is acrewed out of that money and uh uh you know part of the quarter where we use 59:01 59 minutes, 1 second the uh proceeds to park in temporarily in the commercial bank MD has resulted in this other income. 59:08 59 minutes, 8 seconds Okay. Thank you. Thank you sir. So my second question is so can we expect any large orders uh during this quarter the last quarter of FI26? 59:20 59 minutes, 20 seconds Yes yes for sure. Uh NIL can you please take it up? N you will you know answer more all the more questions. Yeah. 59:26 59 minutes, 26 seconds Uh so you know uh like Sanji mentioned our current order book is 1250 odd crores and we have a very strong 59:34 59 minutes, 34 seconds pipeline. We have a good leads and inquiries from all across the country from various sectors. So going forward 59:42 59 minutes, 42 seconds you know uh like you know we have inquiries further inquiries from the renewable sector also. We have good inquiries from the uh building materials 59:50 59 minutes, 50 seconds in glass sector, cement sector, automobile sector. So going forward we are seeing a strong tailwind you know in 59:57 59 minutes, 57 seconds terms of uh the capex that are happening in these industries and for sure we are on track of booking the orders uh you know in this uh quarter as well. 1:00:08 1 hour, 8 seconds Okay. Thank you sir. And one last question. So what is your what is your revenue guidance for next two to three years? Any guidance for that? 1:00:21 1 hour, 21 seconds Hello. The uh yeah our revenue guidance for the next alpha is 20 uh 27 which we are giving is a 1:00:29 1 hour, 29 seconds minimum 20% of growth over the uh 26. So uh I think it is the same guidance which we have been maintaining uh throughout 1:00:38 1 hour, 38 seconds uh during our roles as well. It will be around 1800. Okay. Thank you sir. 1:00:45 1 hour, 45 seconds Thank you. The next question is from the line of Himmanshu from MB Investments. Please go ahead. 1:00:53 1 hour, 53 seconds Hi uh I'm Dudra Kala from MB Investments. Uh my questions are firstly is the site readiness bottleneck now 1:01:00 1 hour, 1 minute fully uh resolved and what should we expect uh like uh when should we expect the execution to normalize from the 1:01:08 1 hour, 1 minute, 8 seconds current quarter onwards? How many quarters it's going to take to you know uh settle down? Uh my next question uh I'll uh I'll just ask uh after you answer this. 1:01:27 1 hour, 1 minute, 27 seconds Are you going ahead with the next question as well? 1:01:38 1 hour, 1 minute, 38 seconds So he left the queue. The next question is from the line of Bhavya from Chris PMS. Please go ahead. 1:01:46 1 hour, 1 minute, 46 seconds Hello. Yes. 1:01:50 1 hour, 1 minute, 50 seconds My question is uh what is uh it's a bookkeeping question. What are the volumes for this quarter? 1:01:59 1 hour, 1 minute, 59 seconds Volumes in terms of tenage. You want to know? Yeah. Volumes. 1:02:07 1 hour, 2 minutes, 7 seconds I don't have it handy right now. in terms of tonnage but all I can tell you is in in this 9 month we have been able 1:02:14 1 hour, 2 minutes, 14 seconds to do around 70 to 74,000 tons of structural steel and then we have some 1:02:21 1 hour, 2 minutes, 21 seconds add-on items like the uh sandwich panels and others which are measured either in terms of square meters or in terms of numbers depending on the kind of buildings which you do. 1:02:32 1 hour, 2 minutes, 32 seconds Okay. Okay. Thank you sir. 1:02:38 1 hour, 2 minutes, 38 seconds Thank you. The next question is from the line of Shubhanker Gupta from Equitri Capital. Please go ahead. 1:02:46 1 hour, 2 minutes, 46 seconds Hello. Yeah. Am I audible? Yes, sir. Yes. Yes, please. Go ahead. Perfect. Question. 1:02:54 1 hour, 2 minutes, 54 seconds Yes. 1:02:55 1 hour, 2 minutes, 55 seconds Can I go ahead? Yeah, I'll just go ahead. Yes, please. 1:02:57 1 hour, 2 minutes, 57 seconds So, I just want to understand you said overall capacity utilization uh has been 74%. uh but when I looked at your uh the 1:03:06 1 hour, 3 minutes, 6 seconds last one of the last slides of your presentation it said I think around 91,000 700 out of 1 lakh 34,000 right so 1:03:15 1 hour, 3 minutes, 15 seconds it's around 68% capacity utilization so I just want to understand how you are calculating this like the capacity util and then how does it flow into the 1:03:23 1 hour, 3 minutes, 23 seconds realization per ton like what is our usual realization per ton for the PD business 1:03:33 1 hour, 3 minutes, 33 seconds Right. So generally you know capacity utilization capacity how we build up the capacity is so there are different components to a building. So one is the 1:03:42 1 hour, 3 minutes, 42 seconds built-up structure then then is the cold foam sections then is uh some other hot roll sections then is the sheeting the 1:03:49 1 hour, 3 minutes, 49 seconds roofing and the wall cladding. So generally uh you know the capacity of the company is driven by the bitup sections because that is the major chunk 1:03:58 1 hour, 3 minutes, 58 seconds of the building. So whenever we build up a capacity we build like if we build up a capacity in Gujarat per say so we have 1:04:05 1 hour, 4 minutes, 5 seconds to build up capacities of all of these items right but generally we see the major capacity utilization happens of the buildup which is the major capacity 1:04:14 1 hour, 4 minutes, 14 seconds and all the other capac capacities are tagong capacities because if we put up a beta capacity then you know the in one 1:04:23 1 hour, 4 minutes, 23 seconds building supposedly a buildup is 60 65% but the cold form would be around 20% or 15% or 25% depending on the building 1:04:31 1 hour, 4 minutes, 31 seconds type. So uh you know when we build up a capacity generally what we see is the buildup capacities are utilized to the 1:04:38 1 hour, 4 minutes, 38 seconds most and the other capacities are tag along. So they are not utilized completely. So generally it varies from you know uh around 50 60% like that for 1:04:48 1 hour, 4 minutes, 48 seconds the other tag along capacities. So uh we calculate the capacity as well the total capacity and how much we have produced 1:04:55 1 hour, 4 minutes, 55 seconds in that quarter or in in the 9 months periods that we are saying. So that's how it's uh calculated. I'll see why the 1:05:03 1 hour, 5 minutes, 3 seconds difference of uh this what you are figing out I will yeah Nik I'll take this question. 1:05:09 1 hour, 5 minutes, 9 seconds I think what you heard earlier uh Sanji G pointing out was the quarter utilization and what we have given in 1:05:17 1 hour, 5 minutes, 17 seconds the presentation is the 9 months capacity utilization close to about 69%. 1:05:23 1 hour, 5 minutes, 23 seconds I think that there's that's what you were asking, right? 1:05:27 1 hour, 5 minutes, 27 seconds Yeah, I get your point. I get your point. Okay. My overall thing uh let's say what I'm wanting to understand is how does the whole capacity utilization 1:05:36 1 hour, 5 minutes, 36 seconds flow into the realization for right. So let's say we have around 134 1 lakh 34,000 overall capacity this year. Out 1:05:44 1 hour, 5 minutes, 44 seconds of that how much is usable? Out of that usable how much are we effectively utilizing which is the capacity utilization and then what would it 1:05:52 1 hour, 5 minutes, 52 seconds translate into uh on realization per time basis. You get the question. Hello. 1:06:01 1 hour, 6 minutes, 1 second Yes. Yes. Yes. Yes. We got your question. So typically you know 1:06:08 1 hour, 6 minutes, 8 seconds can answer this or you know like see this question has come come to us for the first time. So on a realization 1:06:15 1 hour, 6 minutes, 15 seconds basis all I can tell you know like our realization per turn uh you know like if you look at only the structural steel uh 1:06:22 1 hour, 6 minutes, 22 seconds is around 1 lakh 20,000 rupees a ton to 1 lakh 45,000 tons that has been there obviously it depends on the property prices but this year it may be a little 1:06:31 1 hour, 6 minutes, 31 seconds lower but again you know like as I told you it's a it's a mix of tonnage as well as square meters and numbers so if you just divide say you know 70 1:06:40 1 hour, 6 minutes, 40 seconds it's like 74,000 ton or 70,000 ton with that revenue you may arrive at certain figure which may be a misnomer also because you know recently we have you 1:06:48 1 hour, 6 minutes, 48 seconds know booked a order in which the sandwich panel quantity is very very high. So you know if you look at that order then in that you know like real 1:06:55 1 hour, 6 minutes, 55 seconds retaliation for us but then will be more than two rupees but it is not the fact because there is a lot of sandwich panels that is involved. 1:07:04 1 hour, 7 minutes, 4 seconds Okay. But on a basis realization for steel will be rangebound between say 100 1:07:12 1 hour, 7 minutes, 12 seconds to 120 rupees depending on the property prices. 1:07:16 1 hour, 7 minutes, 16 seconds So that's fair. Okay, I got that. Uh so in this when you I referring to the same slide as you know mentioned by you. So 1:07:24 1 hour, 7 minutes, 24 seconds there I'm seeing the Mombatu plant uh that its capacity utilization is around 57%. for the 9 months F26 right and that is what is probably leading to the 68% 1:07:33 1 hour, 7 minutes, 33 seconds of the capacity util so let's say when we go to 170k right 30 around 36,000 you're adding how much do we expect the 1:07:42 1 hour, 7 minutes, 42 seconds capacity utilization for the coming year to be coming year or two I think you can give me a rough ballpark that would be fine 1:07:50 1 hour, 7 minutes, 50 seconds if you'd be very happy with your capacity overall capacity utilization of 80%. If we able to do it on on an average basis, annual less basis, we'd be really very happy. 1:08:01 1 hour, 8 minutes, 1 second Okay. Okay. So that's our ideal and then probably we looked at capacity expansion. Okay. Fair. Fair. Uh and also wanted to understand one more thing. Um 1:08:10 1 hour, 8 minutes, 10 seconds so you know as I think one of the earlier uh let's think uh one of the earlier people also mentioned in the in the conference call for only that uh 1:08:18 1 hour, 8 minutes, 18 seconds their field fighters have increased over the last one one and a half months right and that's that number is fairly decent for a for our business which does around 1:08:26 1 hour, 8 minutes, 26 seconds 10 11% operating margin right so I just want to understand what are the measures we are currently taking to mitigate this 1:08:33 1 hour, 8 minutes, 33 seconds risk right uh you said I think one is fixed versus variable pricing I think we are totally on a fixed model. Uh so and 1:08:41 1 hour, 8 minutes, 41 seconds second could be hedging, third could be maintaining inventory, right? So what are the measures we currently taking to kind of mitigate this big risk at least for this water? 1:08:51 1 hour, 8 minutes, 51 seconds See we we don't have any short-term policy understand there is a commodity risk in our business because we have a fixed price contract but the contract is 1:09:00 1 hour, 9 minutes fixed only for a period of maximum five because within this period most of our projects are completed and within this 1:09:08 1 hour, 9 minutes, 8 seconds you know five to six months also as Nik said that you know the manufacturing period is maximum three or four months that is 1:09:17 1 hour, 9 minutes, 17 seconds a part of the agreement. So typically what happens in the agreement if the total time duration is 6 months then the 1:09:24 1 hour, 9 minutes, 24 seconds manufacturing duration manufacturing supply duration is three at this so 1:09:35 1 hour, 9 minutes, 35 seconds the front I think I'm losing voice is not very clear so can you just repeat sorry I was not very clear 1:09:44 1 hour, 9 minutes, 44 seconds okay okay I will ask Nik I will ask Nik to do it yeah maybe I'm in I have an echo NL can you please take it up? 1:09:50 1 hour, 9 minutes, 50 seconds Yeah. Yeah. Yeah. So steel prices like you know we earlier also said that the project size maybe you know timelines 1:09:57 1 hour, 9 minutes, 57 seconds would be 6 months but our supply generally finishes for that kind of a project in three and a half to four months. One month goes in designing it 1:10:04 1 hour, 10 minutes, 4 seconds then goes in the supply and once half of the material is supplied our erection starts and you know for the last two two 1:10:12 1 hour, 10 minutes, 12 seconds and a half months is the only erection at site that happens because generally we supply the material to the site in 1:10:18 1 hour, 10 minutes, 18 seconds within those specified timelines. So uh you know having said that now if we have to supply for a project if you book a 1:10:26 1 hour, 10 minutes, 26 seconds project today supposedly then we have 35 to 40 days of inventory in hand right so 1:10:33 1 hour, 10 minutes, 33 seconds uh and we have orders through the mill which will be delivered in next you know 8 weeks or 10 weeks or 12 weeks time 1:10:42 1 hour, 10 minutes, 42 seconds depending on what type of material that we are getting. So generally we are covered for for that three three and a half months. Now comes to the price 1:10:49 1 hour, 10 minutes, 49 seconds volatility. I agree. So supposedly we you know we book an order today and we place you know we are covered for three 1:10:57 1 hour, 10 minutes, 57 seconds three and a half months and supposedly the prices go up of the steel by you know 3% 4% 5% in the next few weeks. 1:11:06 1 hour, 11 minutes, 6 seconds Then we again book a order in the next week with the increased price. Then later on after 3 months the prices goes 1:11:13 1 hour, 11 minutes, 13 seconds down also. So we booked an order you know one week prior at supposedly 56 rupees raw material and later on after 2 months it might go down to 54 53 also. 1:11:24 1 hour, 11 minutes, 24 seconds So overall if you see you know o overall cycle that balances that's the natural hedging that comes to our face and we are already covered for 3 to four months 1:11:32 1 hour, 11 minutes, 32 seconds with our inventory and our order to the mills. So generally we have not seen a huge variation in terms of our 1:11:40 1 hour, 11 minutes, 40 seconds profitability because of the price volat volatility. Uh you know we have only faced it once when the prices escalated 1:11:48 1 hour, 11 minutes, 48 seconds uh substantially and that time you know it was like a force situation but otherwise we don't see any challenge in 1:11:56 1 hour, 11 minutes, 56 seconds that that's fair that's fair. I think I have one last question. Uh I'll just quickly ask. 1:12:02 1 hour, 12 minutes, 2 seconds Sorry to interrupt but can you please rejoin the queue for more questions? Uh yeah sure. No problem. 1:12:09 1 hour, 12 minutes, 9 seconds Thank you. The next question is from the line of Raman Ki from Sequent investments. Please go ahead. 1:12:16 1 hour, 12 minutes, 16 seconds Uh hi sir. Thank you for uh allowing me to ask a question. I just want to understand uh we have around uh 220 1:12:24 1 hour, 12 minutes, 24 seconds crores of debt in our books and from the IPO we raised around 70 crores to repay the uh borrowing. Have we uh repaid the borrowing yet? 1:12:35 1 hour, 12 minutes, 35 seconds Yeah. So I will take this uh question. 1:12:38 1 hour, 12 minutes, 38 seconds So the answer to that question is we do not have as on date as on 31st December 220 cr it was there earlier as on 30th 1:12:46 1 hour, 12 minutes, 46 seconds September. Today we have a term loan close to about 45 odd cr and we have close to 80 odd cr on our working 1:12:55 1 hour, 12 minutes, 55 seconds capital loans. So put together it's about 125 127 odd cr of term uh term loan plus wcl put together that we have. 1:13:04 1 hour, 13 minutes, 4 seconds So we did repay we did repay the 70 cr uh you know term loan that we uh took from the IPA proceeds. 1:13:14 1 hour, 13 minutes, 14 seconds Uh sir just a follow up on this uh I just want to understand the working capital requirement in this business. 1:13:21 1 hour, 13 minutes, 21 seconds Typically how much what percentage of total revenue do you require as a working capital debt? 1:13:29 1 hour, 13 minutes, 29 seconds Uh look I mean uh like we had mentioned it's it's about 35 day uh cash conversion cycle. So the way it works is 1:13:37 1 hour, 13 minutes, 37 seconds when we place an when we get an order from a customer we typically get uh 15 to 20% advance and then uh we get about 1:13:46 1 hour, 13 minutes, 46 seconds 10% on design approval then prior to dispatch or on dispatch we get the supply uh money. So put together we we 1:13:55 1 hour, 13 minutes, 55 seconds we have seen this over a period of time and that's what the guidance we're maintaining about 35 days working capital cycle close to about 9% of our 1:14:04 1 hour, 14 minutes, 4 seconds overall revenue uh gets into the working capital cycle understood sir. So uh and my uh uh 1:14:14 1 hour, 14 minutes, 14 seconds question is with one final question with respect to the order book is we have around 1 1200 crores of order books out 1:14:21 1 hour, 14 minutes, 21 seconds of this uh how much is prefab and how much is EPS packaging. 1:14:29 1 hour, 14 minutes, 29 seconds So this order book of 1215 crores is completely of prefab. Uh so in packaging 1:14:36 1 hour, 14 minutes, 36 seconds it's not on an order basis. So we have long-term agreement with our customers uh you know where they uh they have 1:14:44 1 hour, 14 minutes, 44 seconds fixed uh pricing as well as fixed quantities that projections that they give for one month or two months and accordingly uh this regularly flows as 1:14:54 1 hour, 14 minutes, 54 seconds per their production. So there's no such order book. It's a it's a agreement long-term agreement that we have with our customers on a regular basis because 1:15:02 1 hour, 15 minutes, 2 seconds we make molds for them specifically for their products for manufacturing packaging material. So it you know once 1:15:08 1 hour, 15 minutes, 8 seconds we have uh you know one product line u supplying uh you know packaging for them then it continues for a long long run 1:15:18 1 hour, 15 minutes, 18 seconds maybe 2 years 3 years or four years also un uh understo 1:15:28 1 hour, 15 minutes, 28 seconds final and prefab in terms of order book. 1:15:34 1 hour, 15 minutes, 34 seconds Yes. So s uh around you know in in 1215 crores we'll have around uh 1,000 odd 1:15:41 1 hour, 15 minutes, 41 seconds crores in PEBB and maybe around 200 215 odd crores I don't have exact figures that should be the ratio 200 of sandwich planning right 1:15:50 1 hour, 15 minutes, 50 seconds yeah for modular and panels yes prefab structures smaller buildings understood sir thank you thank you so much 1:15:58 1 hour, 15 minutes, 58 seconds thank you the next question is from the line of subhanu from three head capital please go ahead 1:16:05 1 hour, 16 minutes, 5 seconds Yeah. Uh hope I'm audible. Thank you for opportunity. Uh sir, can you tell me bit more about the seasonality? Which 1:16:12 1 hour, 16 minutes, 12 seconds quarter is most best for us? Like you said uh Q4 is the best then which quarter is best for us. 1:16:24 1 hour, 16 minutes, 24 seconds Yeah. So in terms of seasonality generally the trend that we have seen quarter 4 is the best quarter for us uh 1:16:31 1 hour, 16 minutes, 31 seconds in terms of the deliverables and the execution uh and generally if you see in in the half yearly basis the H2 is better than 1:16:40 1 hour, 16 minutes, 40 seconds the H1. Generally that's the trend but depending on again the season seasonality and other things sometimes 1:16:47 1 hour, 16 minutes, 47 seconds it might vary because you know like this year as we discussed earlier the rains got extended a little beyond the you 1:16:56 1 hour, 16 minutes, 56 seconds know regular seasonal timelines that is why a few projects were affected the big projects and that is why that quarter was affected otherwise generally you 1:17:04 1 hour, 17 minutes, 4 seconds know the fourth quarter is the best uh for us in terms of our uh deliverables in prefab structures and pre-engineered buildings 1:17:12 1 hour, 17 minutes, 12 seconds Yes, but according my understanding Q4 is best Q1 and Q3 then uh Q4 uh Q2 am I right? 1:17:22 1 hour, 17 minutes, 22 seconds Yeah. So Q4 is the best then it would be I mean again depending on the seasonality Q1 would also be pretty 1:17:31 1 hour, 17 minutes, 31 seconds good. Q2 and Q3 uh this year was uh you know Q3 was little history I I don't I don't uh saying 1:17:39 1 hour, 17 minutes, 39 seconds about this this year I I I saying about historically 1:17:47 1 hour, 17 minutes, 47 seconds yeah so historically Q4 uh then Q3 then Q1 and Q2. 1:17:53 1 hour, 17 minutes, 53 seconds Yes. Yes. Uh uh my second question is uh out of our uh sandwich products and capacity how much volume uh we consume in house and how much we sell. 1:18:07 1 hour, 18 minutes, 7 seconds Yes. So uh you know typically what we are planning to do currently what we are doing in the last couple of months also 1:18:15 1 hour, 18 minutes, 15 seconds we are planning to utilize almost 60% of the capacity of panels in house and balance 40% we'll be selling as a product to the market. 1:18:26 1 hour, 18 minutes, 26 seconds Okay. Okay. Uh thank you sir. Uh these are from my side. Uh thank you. Thank you. 1:18:34 1 hour, 18 minutes, 34 seconds Thank you. The next question is from the line of Arsim from DAM Capital. Please go ahead. 1:18:41 1 hour, 18 minutes, 41 seconds Yeah. Hi everyone. Uh so just one question. So you have talked about revenue growth uh 20% CAG in the near term. This year also we'll be doing far 1:18:49 1 hour, 18 minutes, 49 seconds better overall and margins of you know 10 and a half to 11 and a half% odd. Can you also comment on you know how your return ratios will move from current 1:18:57 1 hour, 18 minutes, 57 seconds level both ROC and ROE and what are steady state levels once your capex work is all done and peak utilization are achieved. 1:19:07 1 hour, 19 minutes, 7 seconds Yeah, please take it up. 1:19:10 1 hour, 19 minutes, 10 seconds Yeah, look, I mean uh historically we have always had a great return ratios owing to the fact that we never had uh 1:19:19 1 hour, 19 minutes, 19 seconds private equity capital etc. But but given once the uh you know KFX etc 1:19:26 1 hour, 19 minutes, 26 seconds uh you know the steady state thing happen uh we should be able to deliver our roe close to about 18%. Obviously 1:19:33 1 hour, 19 minutes, 33 seconds you will see a little blip in the roe in the year FY27 because the capex will be happening there. Uh but but as it 1:19:40 1 hour, 19 minutes, 40 seconds steadies uh we will see about 18 17 18% ROE return coming up. And on the ROC front we are still very very optimistic 1:19:49 1 hour, 19 minutes, 49 seconds and uh we look forward to delivering close to 22 to 25% ROC over over the next few years. 1:19:59 1 hour, 19 minutes, 59 seconds Okay. Thanks. That's it from my side. 1:20:03 1 hour, 20 minutes, 3 seconds Thank you ladies and gentlemen. That was the last question for today. I now hand the conference over to the management for closing comments. 1:20:15 1 hour, 20 minutes, 15 seconds Yeah. So thank you so much everyone for uh uh for this call and showing interest in our stock and our business. So thank you so much. 1:20:25 1 hour, 20 minutes, 25 seconds Thank you on behalf of DAM Capital Advisers Limited. That concludes this conference. Thank you for joining us and you may now disconnect your line. Thank you. 1:20:35 1 hour, 20 minutes, 35 seconds Thank you everyone.