Gretex Corporate Services Limited — Q3 FY26

Gretex Corporate Services Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=-E0FhkaJ2GA Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to the Gretex Corporate Services Limited earnings conference call to 0:08 8 seconds discuss the undated financial performance for the quarter and 9 month ended 31st December 2025. 0:15 15 seconds As a reminder, all participant lines will be in the listen only mode. There will be an opportunity for you to ask questions after the presentation concludes. 0:25 25 seconds Should you need assistance during this conference call, please signal an operator by pressing star pen zero on 0:32 32 seconds your touchstone phone. Please note that this conference is being recorded. We have with us today Mr. Arlo Harlka, 0:40 40 seconds managing director and CFO, Mr. Arvind Harla, whole time director and Mr. Sumit Hurlala, whole time director. Before we 0:50 50 seconds proceed, I would like to bring to your attention that certain statements made during this discussion may constitute 0:57 57 seconds forward-looking statements. These statements are based on the correct expectations, assumptions, and beliefs 1:04 1 minute, 4 seconds regarding future developments and are inherently subject to various risk, uncertainties, and factors beyond your 1:12 1 minute, 12 seconds control. Such forward-looking statements involve both known and unknown risk and we advise you to interpret them with 1:19 1 minute, 19 seconds caution. I will now hand the conference over to Mr. Alo Kharulka, managing director and CFO for his opening remarks. Thank you and over to you sir. 1:31 1 minute, 31 seconds Good morning everyone and welcome to Gritex Corporate Services Limited's earning call for quarter 3 and 9 months FY26. 1:41 1 minute, 41 seconds Joining me on the call today are Mr. 1:43 1 minute, 43 seconds Arvin Halala and Mr. Sumit Halka, our whole team directors. 1:48 1 minute, 48 seconds Thank you all for taking the time to participate. The financial results and investor presentation have been uploaded 1:56 1 minute, 56 seconds on the stock exchanges and are also available on our company website. We trust you have had the opportunity to 2:04 2 minutes, 4 seconds review them. [clears throat] For the benefit of participants who may be new to the company, let me begin with a brief overview of the greatest group. 2:14 2 minutes, 14 seconds Greatest today operates as an integrated capital markets platform combining merchant banking, broking and market 2:22 2 minutes, 22 seconds making capabilities to enable capital access and growth for emerging enterprises in India. At the core of the 2:30 2 minutes, 30 seconds group is Gitex Corporate Services Limited, our listed entity and uh semi-registered category 1 merch maker 2:39 2 minutes, 39 seconds supported by our subsidiary Gretex Share Booking Limited and associates company Gretex Industries Limited. Together 2:47 2 minutes, 47 seconds these entities function as a cohesive ecosystem delivering end to end client centric solution across the capital 2:55 2 minutes, 55 seconds markets value chain. Since inception, Gradex has built a strong executionled 3:02 3 minutes, 2 seconds franchisee with a clear focus on compliance, governance, and long-term 3:08 3 minutes, 8 seconds value creation. GCSL has successfully executed 60 public issues including 58me 3:18 3 minutes, 18 seconds IPOs, one main good IPO and one follow on public offer and has also facilitated multiple private placements. 3:28 3 minutes, 28 seconds Complementing this, GSBL operates as a sevy registered stock broker and market 3:34 3 minutes, 34 seconds maker, providing liquidity support to 63 SM listed companies while serving 3:41 3 minutes, 41 seconds institutional and retail clients through a diversified broking platform. This integrated [clears throat] model enables Gritex to support clients 3:51 3 minutes, 51 seconds across the entire life cycle from fundraising and listing to post-listing liquidity and investor engagement. 4:01 4 minutes, 1 second [clears throat] 4:02 4 minutes, 2 seconds Coming to the broader industry environment, India's capital markets continue to remain structurally strong and supportive for business like ours. 4:12 4 minutes, 12 seconds The primary equity market remained active in FI26 with 1.46 lakh cr IPOs up 4:21 4 minutes, 21 seconds to number November 2025 of [clears throat] which mainboard IPOs accounted for 1.38 lakh cr and SMB 4:30 4 minutes, 30 seconds platform issuances contributed 8,33 cr reflecting sustained demand for growth 4:39 4 minutes, 39 seconds capital from corporates. This continues to provide a favorable backdrop for merchant banking and IPO advisory 4:47 4 minutes, 47 seconds services. At the same time, domestic participation in the equity market has remained robust, supported by a growing 4:56 4 minutes, 56 seconds investor base and increasing financialization of savings. Liquidity conditions in the secondary markets have 5:04 5 minutes, 4 seconds been stable which is particularly important for the FME ecosystem and reinforces the relevance of market 5:13 5 minutes, 13 seconds picking and broking services. We are also seeing a gradual shift towards professionally managed investment 5:20 5 minutes, 20 seconds solutions with rising interest across mutual funds PMS and alternative investment platform. Overall, these 5:29 5 minutes, 29 seconds industry trends continue to support long-term opportunities across the capital markets value chain and remain 5:37 5 minutes, 37 seconds will aligned with greater integrated business model. 5:42 5 minutes, 42 seconds Against this opport support supportive industry backdrop, we have also taken steps to expand our presence in the 5:50 5 minutes, 50 seconds alternative investment space. As part of this initiative, the company has proposed an investment in a category 2 5:58 5 minutes, 58 seconds AIF to be sponsored and managed through Bahutex Ventures LLP in which greatest 6:05 6 minutes, 5 seconds corporate services limited will hold a 50% partnership interest as a designated partner. The proposed fund will have a 6:14 6 minutes, 14 seconds target corpus of up to 100 cr including a green shoe option and the investment 6:21 6 minutes, 21 seconds is being undertaken in the ordinary course of business in line with applicable SE regulations. We believe 6:29 6 minutes, 29 seconds this initiative aligns well with the evolving investor preference for alternative investment products and 6:36 6 minutes, 36 seconds complements our existing capital markets platform. During the quarter passed by, we successfully completed the listing of 6:45 6 minutes, 45 seconds several crime companies including Flywing Simulator Training Center Limited, MPK Steals India Limited and 6:52 6 minutes, 52 seconds Munish Forge Limited. In addition, we received in principal approval for SSG Furnishing Solutions Limited, VAMA Womanf Limited and Sria Septek Limited. 7:04 7 minutes, 4 seconds We also filed DRSP for Brandman Retail Limited, Shoreflow Technocon Limited and Aztec E-commerce Limited collectively. 7:13 7 minutes, 13 seconds These milestones highlight the strong execution momentum and the continued robust of our IPO pipeline. Moving 7:20 7 minutes, 20 seconds forward, the financial highlights during quarter 326. The company continued to deliver resilient operating 7:30 7 minutes, 30 seconds performance across its delivered business model. Total income for the quarter stood at 54.8 cr reflecting 7:39 7 minutes, 39 seconds sustained business activity across core segments. The company reported an IVITA 7:45 7 minutes, 45 seconds of 12.3 cr in quarter 3 FI26 demonstrating a strong improvement in 7:53 7 minutes, 53 seconds operating profitability on a sequential basis. 7:58 7 minutes, 58 seconds IBITA margin stood at 22.4% underscoring the inherent operating leverage and disciplined cost structure of the business. 8:08 8 minutes, 8 seconds Profit after tax stood at 6.9 cr marking a meaningful sequential expansion. Pat 8:16 8 minutes, 16 seconds margin improved to 12.5% reflecting healthy bottom line conversion on a 8:23 8 minutes, 23 seconds 9-month basis. Performance remained steady with total income of 144.8 8 cr and income from operation of 143.7 cr. 8:36 8 minutes, 36 seconds Iita for 91 FI26 was 34.2 crlating into an IITA margin of 23.6% 8:45 8 minutes, 45 seconds indicating consistency in operating performance over the year. Profit after 8:51 8 minutes, 51 seconds tax for 9 month FI26 stood at 20.7 cr with a pat margin of 14.3% 8:59 8 minutes, 59 seconds reinforcing the company's ability to maintain profitability through verifying market conditions. We continue to 9:06 9 minutes, 6 seconds maintain a strong and wellbalanced pipeline across both our merchant banking and broking in businesses. On 9:14 9 minutes, 14 seconds the IPO front, we currently have 20 active IPOs under execution comprising 14 SM IPOs on NSE and BSC platform and 9:23 9 minutes, 23 seconds six mainboard IPO mandates providing healthy visibility across market segments. 9:30 9 minutes, 30 seconds In addition, our marketing business remains about with 26 active market making vendors. Of these 14 mandates are 9:39 9 minutes, 39 seconds on the NSE emerge and BSE SM platforms while 12 mandates are from institutional clients reflecting the growing scale and depth of our market making operations. 9:51 9 minutes, 51 seconds Overall this diversified pipeline positions us well for sustained execution momentum in the coming 9:58 9 minutes, 58 seconds quarters. Our subsidiary G sharebooking limited continues to progress towards its proposed listing during the quarter. 10:07 10 minutes, 7 seconds We remained actively engaged in creative work for the same which we believe will further strengthen the platform and 10:14 10 minutes, 14 seconds support the next phase of growth across our market making and broking operations. Looking ahead, we will 10:21 10 minutes, 21 seconds continue to prioritize execution excellence while building scale across our merchant banking and broking 10:29 10 minutes, 29 seconds platforms in a measured and sustainable manner. With the continued evolution of India's capital markets, we believe the 10:36 10 minutes, 36 seconds operating environment remains favorable and greatest is well positioned to capitalize on emerging opportunities. We 10:45 10 minutes, 45 seconds appreciate the continued support of our stakeholders and remain focused on maintaining open and transparent 10:52 10 minutes, 52 seconds engagements. Thank you for your time and we will now be happy to take your questions. 11:00 11 minutes Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 11:07 11 minutes, 7 seconds star and one on the touchstone telephone. 11:11 11 minutes, 11 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants, you are requested to use handsets while asking a question. 11:21 11 minutes, 21 seconds Ladies and gentlemen, we will wait for a moment while the questions. 11:43 11 minutes, 43 seconds A reminder to all the participants. You may press star and one to ask a question. 11:53 11 minutes, 53 seconds The first question is to the line of part from Patel Investments. Please go ahead. 12:01 12 minutes, 1 second Good morning sir. Yes, you're well. Good morning. 12:05 12 minutes, 5 seconds Yeah, thank you. Thank you for the opportunity. Yeah, I just had a couple of questions. Uh first one is uh regarding the recent study 12:14 12 minutes, 14 seconds order that you received earlier this January. Yeah. 12:18 12 minutes, 18 seconds So I just uh wanted to know that is this as a final conclusion of the inspection uh and does the payment of the penalty 12:27 12 minutes, 27 seconds effectively close the book or is there something else that is pending on it? 12:33 12 minutes, 33 seconds See this is the final I mean uh this is the last inspection which we had. Okay. 12:38 12 minutes, 38 seconds And this final conclusion order has been there now. So there's nothing is pending after this nothing is pending. 12:46 12 minutes, 46 seconds Okay. Got it. And even though 50 lakhs is not that big of an amount. Uh I just wanted to check that when it comes to uh you know the operational impact of it. 12:58 12 minutes, 58 seconds So, can we still uh fulfill all the orders that we have when it comes to the AIF license or uh is there any 13:06 13 minutes, 6 seconds short-term shadow band that has been put on us? 13:10 13 minutes, 10 seconds I didn't get your question. Please can you repeat your question again? 13:14 13 minutes, 14 seconds Uh so uh I what I mean is uh along with the 15 lakhs fine is there any uh ban 13:22 13 minutes, 22 seconds imposed by si on us for a short period that you cannot fulfill any orders during this period or we can continue with our daily operations. 13:32 13 minutes, 32 seconds Yeah the there is no ban apart from this financial liability which SB has charged 13:38 13 minutes, 38 seconds to us. There is no band as such and and even nobody's going to have later on as well. 13:47 13 minutes, 47 seconds Got it. So it is the financial penalty that's all. Yes, that's it. That's it. Yeah. 13:51 13 minutes, 51 seconds [clears throat] 13:52 13 minutes, 52 seconds Okay. Uh next question Alg I had for you. uh so in the last quarter when we had the con call uh I had a query 14:01 14 minutes, 1 second regarding the bottom line for our business and you had mentioned that we will receive uh somewhere we will reach 14:09 14 minutes, 9 seconds somewhere around 40 to 50% uh fat level margins so I just wanted to know by when 14:16 14 minutes, 16 seconds we'll be able to achieve this see we are expecting in this quarter I mean this current quarter because uh uh 14:25 14 minutes, 25 seconds if If you remember right now is the report which I uh just read out. So we have mentioned that we have gotten 14:33 14 minutes, 33 seconds approval of three companies approval is already there in our hand. Remaining C4 companies we are also expecting approval 14:40 14 minutes, 40 seconds by this month only and hope to list all the company within this quarter only. So once we'll have all the listing in 14:47 14 minutes, 47 seconds place. So definitely what I have proposed last quarter we'll be able to reach this quarter. 14:54 14 minutes, 54 seconds So Q4 FI26 we'll be able to reach about let's say 45% uh pattern 15:01 15 minutes, 1 second yeah cons I'm talking about consolidator okay that's all from my side for now 15:10 15 minutes, 10 seconds I'll join the queue again yeah thank you thank you a reminder to all the 15:17 15 minutes, 17 seconds participants you may press star and one to ask a question the next question is from the of Vikrant WHMA from RK advisory. Please go ahead. 15:29 15 minutes, 29 seconds Good morning sir. Thanks for the opportunity. Uh I just few questions. Yeah. 15:34 15 minutes, 34 seconds Like uh what is the great own capital commitment to the AIF and is it expected to be major enough to impact the dividends? 15:42 15 minutes, 42 seconds No. [clears throat] Uh to be very we are committing only 2 and a half% uh as the capital commitment of the 15:50 15 minutes, 50 seconds overall fund that we raising that is 2 and a half cr. overall and obviously this 2 and a half cr is not going to 15:58 15 minutes, 58 seconds stop this dividend distribution. So hopefully this dividend distribution can be there. This is not going to affect our AF investment as well. 16:07 16 minutes, 7 seconds Mhm. And what is like the 100 AF boutique ventures is the focus on preipo investment in companies? 16:14 16 minutes, 14 seconds Yeah, majority preip investment. Yes, correct. 16:18 16 minutes, 18 seconds And uh are there any safeguards are in place to manage contracts between fund entry valuations and eventual IPO pricing? 16:25 16 minutes, 25 seconds Yes. Yes. There will be a separate all the team uh I mean the investment managers everyone are the separate entity. So there is uh obviously on 16:34 16 minutes, 34 seconds conflict of interest are there but uh but definitely yes first of all we are not going to invest only in such PIP 16:42 16 minutes, 42 seconds opportunity where GIS is in involved uh that this fund is going to uh I mean invest in some other transition as where 16:51 16 minutes, 51 seconds is not involved so that's part one and as I said the investing team and all are all are the professional people but 16:59 16 minutes, 59 seconds definitely the all the checks and balances will there some strategies are also there. So they are also showing that there will be no conflict of I mean 17:07 17 minutes, 7 seconds there will be no uh I mean benefit to be given to the greatest directly directly or indirectly. 17:14 17 minutes, 14 seconds Mhm. Uh one more question I have like uh with the six ongoing main board IPO mandates that have long longer execution 17:21 17 minutes, 21 seconds cycles versus so should we expect more uneven or lumpy revenue revenue recognition in the upcoming quarters? 17:30 17 minutes, 30 seconds Yeah, definitely. Yes. 17:33 17 minutes, 33 seconds Okay. Okay. Thanks for the for the answer, sir. I'll join the queue again. Sure. Thank you. 17:41 17 minutes, 41 seconds Thank you. The next question is from the line of TP Pal Singh, an individual investor. Please go ahead. 17:49 17 minutes, 49 seconds Hello. Good uh good morning. Uh Tpide, we are seeing some sign of FME30 with subs subscription numbers starting to 17:58 17 minutes, 58 seconds normalize. Do you foresee this leading to pricing pressure on merchant backing fee as a issue try to lower their cost of capital? 18:07 18 minutes, 7 seconds I didn't get your question. Please repeat me again. 18:10 18 minutes, 10 seconds Sir, uh there are lot of talks about that IPOs fatigue. There are less and less subscription about IPOs. So are we 18:19 18 minutes, 19 seconds seeing any impact on pricing as a merchant banking uh partner? 18:26 18 minutes, 26 seconds No. No. You mean uh what pricing? 18:29 18 minutes, 29 seconds Pricing means uh pricing means uh the content bankers that charge to the um issuer on the issuers. 18:38 18 minutes, 38 seconds So [clears throat] is there any pressure because their subscription is very uh less. 18:43 18 minutes, 43 seconds Okay. Okay. See uh no to be very honest uh I mean u though we have seen in past even currently we also working in so 18:52 18 minutes, 52 seconds much of mandates. So definitely we are not decreasing our fees whatever we are charging. So there is no com I mean uh 19:00 19 minutes compromising in terms of uh our fees if market is doing very poor it doesn't mean our our efforts has gone down even 19:08 19 minutes, 8 seconds our efforts has gone more if the market is not doing well. So obviously we don't decrease our cost uh if market is not 19:16 19 minutes, 16 seconds too good even we try to imp increase though we don't do that but yes our objective is to meet our expenses and 19:25 19 minutes, 25 seconds the effort that we have put in so minimum what we are uh what we charge we that we should get that's that's from our side 19:34 19 minutes, 34 seconds okay okay sir thank you thank you a reminder To all the 19:42 19 minutes, 42 seconds participants you may press star and one to ask a question. The next question is from the line of Namish Pandya an individual investor. Please go ahead. 19:54 19 minutes, 54 seconds Hello. Yes. Good morning. How are you? Good morning. 19:59 19 minutes, 59 seconds Yes. Uh so my question is like you spoke about the tech growth from the broken arm. uh uh could you uh share what kind of capital expenditure budget is 20:07 20 minutes, 7 seconds allocated for technology upgrades in coming year 26 uh and 27 and just in 20:13 20 minutes, 13 seconds just like how the growth would be no I didn't get your question please repeat me again I just spoke about the tech tech group 20:22 20 minutes, 22 seconds for the brokina tech group tech uh could you share the kind of 20:30 20 minutes, 30 seconds capital uh expenditure budget You know you are allocated for technology upgrades. 20:37 20 minutes, 37 seconds Technology upgrade even obviously uh it is a regular course of upgradation is going to happen but there is no as such big capex going to be there in broking. 20:49 20 minutes, 49 seconds Yes there is nothing like that. Okay. Okay. 20:55 20 minutes, 55 seconds Got it. So my uh um next question is uh so uh there's been uh you know uh 21:02 21 minutes, 2 seconds significant volatility in a raid margin swinging from 2.6% in the Q3 if I'm not wrong last year to 21:10 21 minutes, 10 seconds 22.4 four this time. So uh as we look ahead what should we consider as a sustainable margin band you know so is 21:18 21 minutes, 18 seconds this the range of credit to arrange with the new normal or should we expect it to fluctuate based on the 21:24 21 minutes, 24 seconds so in the business like us or always Q1 uh and Q2 may be the I mean uh lower uh 21:34 21 minutes, 34 seconds I mean margin in terms of regular because uh if you see the listing uh the number of number of country which got 21:43 21 minutes, 43 seconds listed. Obviously first quarter will not have any much listing. Second quarter we may have little bit. Third quarter again 21:51 21 minutes, 51 seconds we may have little bit and fourth quarter will also have major one. So second quarter and fourth quarter will 21:58 21 minutes, 58 seconds always have better revenue and first quarter and third quarter will have always lesser revenue. Then only uh we 22:04 22 minutes, 4 seconds can have a consolidated we will have 20 to 22% average for last 2 three years. 22:12 22 minutes, 12 seconds This year we are expecting 40 to 45% margin considering all four quarters put together. 22:19 22 minutes, 19 seconds Okay. Got it. Got it. Thank you. Thank you. 22:27 22 minutes, 27 seconds Thank you. The next question is from the line of Rohan Ma an individual investor. Please go ahead. 22:34 22 minutes, 34 seconds Hi uh good morning sir and uh thank you for the opportunity. 22:38 22 minutes, 38 seconds Good morning. I wanted to get some uh uh qualitative insights from you in terms of there has been some u talk in the 22:45 22 minutes, 45 seconds market about sebi uh you know potentially increasing the minimum threshold of net worth or sort of the track record criteria for investment bankers. 22:55 22 minutes, 55 seconds uh you know so relative to you know smaller companies uh how well capitalized are we to handle such norms 23:03 23 minutes, 3 seconds if if such uh if if the norms are made most stringent by se 23:10 23 minutes, 10 seconds [clears throat] 23:10 23 minutes, 10 seconds you're talking about for this uh eligibility for the investment um merchand licenses which se has just recently increased the criteria right 23:19 23 minutes, 19 seconds right sir yes yeah so uh to be very honest uh This is a very good step which he has taken. 23:29 23 minutes, 29 seconds It's not like that I'm asking for myself. It is about this entire industry. So definitely uh because this 23:37 23 minutes, 37 seconds listing uh I mean uh whichever company wanted to list they need to go to machine like us. So it is always 23:45 23 minutes, 45 seconds important to have such people only who has the knowledge who has that capabilities to do uh the right I mean 23:54 23 minutes, 54 seconds uh disclosure has to happen and considering all these things uh uh it is very much important the com the person 24:02 24 minutes, 2 seconds who is taking the responsibility to disclose everything in the document which you are submitting with exchanges 24:10 24 minutes, 10 seconds NCB that has to be perfect perfectly right and I have seen So much of uh inconsistency 24:18 24 minutes, 18 seconds uh in terms of the disclosure which keeps happening uh for last 2 three years. Uh lot many new merch mentors 24:26 24 minutes, 26 seconds have joined this industry taking the license they are trying their best but the things are not happening in a right 24:33 24 minutes, 33 seconds manner. So these steps were very important. So uh according to me uh in this industry only such people should 24:42 24 minutes, 42 seconds come in this industry who has the right capabilities I mean right knowledge and 24:48 24 minutes, 48 seconds as well as to have the more int more stronger ecosystem to sustain this 24:55 24 minutes, 55 seconds market. So I think this is the right decision which se has taken and only uh 25:03 25 minutes, 3 seconds limited people should come then only this industry can do uh best performance 25:09 25 minutes, 9 seconds because uh as I said we have seen so many irregulatories in this entire ecosystem. 25:16 25 minutes, 16 seconds So this steps was correctly taken by SE according to me. 25:21 25 minutes, 21 seconds Got it. Got it. Okay sir. That that's uh that's very useful. So just a little insight on the number of HMI IPOs that 25:28 25 minutes, 28 seconds have been coming out after you know such a surge in FM IPOs over the recent past. 25:34 25 minutes, 34 seconds Do you see the number plateauing out in the coming months and do you see do do you foresee any pricing pressure uh in 25:43 25 minutes, 43 seconds terms of merchant banking fees because of this? That is one thing and second question was pertaining to the same 25:49 25 minutes, 49 seconds aspect is if uh mainboard IPOs do you see in terms of executing mainboard IPOs 25:56 25 minutes, 56 seconds does it require a different level of uh investment or in terms of skills compared to FM IPOs. [clears throat] 26:06 26 minutes, 6 seconds See uh first question was about the you mean uh how the valuation is going to happen how the merchmental fees is going 26:14 26 minutes, 14 seconds to impact right that was the first question right considering do you whether you feel the number of SN IPOs sort of slowing down compared to the rate at 26:23 26 minutes, 23 seconds which they were coming in the recent past yeah yeah so currently uh if you see the current scenario in the market definitely 26:32 26 minutes, 32 seconds uh there are line of companies wanted to list but yes because of market sentiments are not very good even for 26:40 26 minutes, 40 seconds SME or main board both. So definitely uh there will be impact in terms of number of listing which was happened last year 26:49 26 minutes, 49 seconds compared to last year what we remember what I thought that number of listing will reduce compared to last year though 26:57 26 minutes, 57 seconds as I said lot many apps are there even with us even with with some other merch maker as well. So we understand the kind 27:05 27 minutes, 5 seconds of uh market uh behavior especially for SMMES it's not too good 27:13 27 minutes, 13 seconds but yes listing is going to happen yeah so number of listing may not be just like last year and and this as you 27:22 27 minutes, 22 seconds asking the fees of the merchant banker we we generally charge so according to me uh much uh I mean uh we will not be 27:31 27 minutes, 31 seconds reducing our cost because our efforts are more if market is not doing well we have to do more effort because we always 27:39 27 minutes, 39 seconds uh get challenges uh to get the investors on board even for any company be forme so we uh according to me there 27:49 27 minutes, 49 seconds will be no cost of matchmaking fees to be reduced from the from the IPO activities according to me 27:57 27 minutes, 57 seconds I see I see got it sir so just one last question if you could throw some light on that we have around I six odd 28:04 28 minutes, 4 seconds mainboard IPO mandates currently and uh I believe mainboard takes a longer time also in terms of the execution cycle 28:12 28 minutes, 12 seconds compared to SM and maybe a little more expertise. So uh maybe the investment involved in conducting a a mainboard IPO 28:21 28 minutes, 21 seconds might be more. So if you could throw some light on how you see the revenue coming in over the next few cycles uh 28:27 28 minutes, 27 seconds from these mainboard IPO mandates and also if uh we are looking to tighten our internal risk limits w with uh you know 28:36 28 minutes, 36 seconds the market making portfolio of 60 plus companies that we have whether we are seeing any inventory risk due to the volatility. 28:44 28 minutes, 44 seconds Yeah. [clears throat] So first of all uh in terms of uh human uh quality checking uh I mean uh for the main board lot many 28:53 28 minutes, 53 seconds uh due diligence is required comparing to comparing with semi right that's the first question. Yes. Yes. Yes sir. 29:01 29 minutes, 1 second So definitely uh if you talk about this uh main board definitely we have more I 29:08 29 minutes, 8 seconds mean uh stronger team which we already have. Okay. So definitely today we have 29:16 29 minutes, 16 seconds two set of uh uh I mean manpower in the entire ecosystem within the X. One is for SM, one is for main board. So 29:25 29 minutes, 25 seconds technically uh definitely we we need to have I mean uh more extended uh I mean uh having the proper 29:34 29 minutes, 34 seconds due diligence for mainboard company. So we have two set of employees. One is forme one is for mainboard. So mainboard 29:42 29 minutes, 42 seconds people have that kind of u skill set which is required for mainboard which we already have. So we don't need to 29:50 29 minutes, 50 seconds increase any cost per se for the main goal as well that we have already in place. Right. So that is there I think the first question is answer right. 30:01 30 minutes, 1 second Right. Right sir. And the second part was in terms of market making portfolio the inventory risk that we are exposed to uh given the uh you know correction 30:10 30 minutes, 10 seconds in mid and small cap with that volatility in context uh whether we are you know looking at tightening our internal risk limits. 30:19 30 minutes, 19 seconds Yeah. See uh now uh if you I mean I don't know whether you have attended our first call or not. I don't remember 30:27 30 minutes, 27 seconds that. So what I remember that in first call when uh uh we have internally 30:33 30 minutes, 33 seconds discussed that uh we will be reducing the I mean uh theme gradually we will be 30:41 30 minutes, 41 seconds transforming our entire business model to the main board focused so that our business I mean revenue will be much more and there will lesser risk because 30:50 30 minutes, 50 seconds in theme only you need to invest at least 5% of the IPO size minimum as a market maker. But as our market maker 30:58 30 minutes, 58 seconds entity is uh managed by us only. So the investment is compulsory to be done for 31:06 31 minutes, 6 seconds in most of the SMS company which we brought. So gradually we are going to decrease uh the FME IPOs and focusing on 31:16 31 minutes, 16 seconds the main boards that's how we wanted to have so definitely that risk we are reducing gradually going forward and we 31:25 31 minutes, 25 seconds will be focusing majorly on main board and yes we will be doing but very limited company will be doing by uh 31:33 31 minutes, 33 seconds greatex going forward in future. So that's how we have internally we have discussed. You got it. You got it sir. Thank you. 31:41 31 minutes, 41 seconds Thank you very much. That's very useful and all the best from you. 31:49 31 minutes, 49 seconds Thank you. A reminder to all the participants. You may press star and one to ask a question. The next question is 31:57 31 minutes, 57 seconds from the line of Shaya Jen, an individual investor. Please go ahead. Hello. Hi sir. 32:04 32 minutes, 4 seconds Yeah. Yeah. Uh I just had few questions. 32:07 32 minutes, 7 seconds First one like why there is so significant uh volatility in EITA margins. 32:14 32 minutes, 14 seconds Okay. See uh in this industry uh it's very uh we need 32:21 32 minutes, 21 seconds to understand this industry major uh this uh listing happens I mean the business model what we have the company 32:29 32 minutes, 29 seconds once company gets listed that time only we'll get major revenue. It's not every day listing happening. It's not like that. 32:37 32 minutes, 37 seconds So that's the reason this ITA margin keeps volatile. But yes, at the end of the year uh our uh ITA margin will be 23 32:45 32 minutes, 45 seconds to 22% which which is the bar track record of 2 three years and this year we are targeting 40 to 45% margin at least 32:54 32 minutes, 54 seconds in this financial year. So this is uh so this happens uh if you [clears throat] see last two three quarters results then 33:01 33 minutes, 1 second you will see the uh same kind of mortality will be there in last 2 three years quarters. 33:09 33 minutes, 9 seconds Okay. Okay. Okay. Sure sir. Sir also like given the sharp reduction in the topline revenue number does this also translate to a lower working capital 33:18 33 minutes, 18 seconds requirement for our business or how is it? Yes. 33:23 33 minutes, 23 seconds Okay Sha, that's it from my side. Thank you so much. 33:31 33 minutes, 31 seconds Thank you. A reminder to all the participants, you may press star and one to ask a question. 33:38 33 minutes, 38 seconds As there are no further questions from the participants, I would now like to hand the conference over to Mr. Aloc Halala for the closing comments. Thank you and over to you sir. 33:49 33 minutes, 49 seconds Thank you. Uh thank you all the participants who have given your uh time to attend this call. Um and I'm sure 33:56 33 minutes, 56 seconds that uh this financial year FYI 2526 will be the best year according to me which where we are trying to achieve 34:05 34 minutes, 5 seconds more and more listing to happen so that uh revenue will be much and the profit margin will be much. So hope to reach 34:14 34 minutes, 14 seconds that target very soon. Thank you all to joining us again. Thanks. 34:19 34 minutes, 19 seconds Thank you very much. On behalf of Corporate Services Limited, that concludes this conference. Thank you for joining with us today and you may not 34:27 34 minutes, 27 seconds disconnect your