ideaForge Technology Ltd — Q4 FY26

ideaForge Technology Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=gEe5b6Q6NCA Published: 9 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to IDF Force Technology Limited Q4 NFI26 earnings conference call. 0:11 11 seconds As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:20 20 seconds Should you need assistance during the conference call, we signal an operator by pressing star then zero on your touchstone phone. Please note that this 0:29 29 seconds conference is being recorded. I now hand the conference over to Miss Vidhiasa from MUGG end time. Thank you and owe to you ma'am. 0:39 39 seconds Thank you and good morning. On behalf of MUGG end time. I like welcome you all to IDA Force Technology Limited Q4 and FI26 0:47 47 seconds earnings conference calls. From the management side, we have Mr. Ankit Meta, Chief Executive Officer and Director. 0:55 55 seconds Mr. Mr. Rahul Singh VP engineering and wholetime director and Mr. Vipul Jooshi chief financial officer and wholetime director. I hope everyone had an 1:04 1 minute, 4 seconds opportunity to go through our investor deck and press release that we have uploaded on our exchange and company website. A short disclaimer I would like 1:12 1 minute, 12 seconds to say before we begin the call. This call may contain some of the forward-looking statements which are completely based upon our beliefs, opinion and expectations as of today. 1:21 1 minute, 21 seconds These statements are not a guarantee of a future performance and may involve unfortunat With this now I hand over the call to Mr. Ankit MTA. Over to you sir. 1:34 1 minute, 34 seconds Good morning everyone. 1:37 1 minute, 37 seconds Good morning for idea for quarter 4 and F6 earnings consult. 1:44 1 minute, 44 seconds I hope all of you are doing well. I'm joined today by our CFO Mr. Victor Yoshi our VP of engineering and Mr. Ra Singh. 1:51 1 minute, 51 seconds I'm sorry. 1:54 1 minute, 54 seconds I'm sorry to interrupt. Your voice is muffled, sir. Okay. Can you come closer to the mic? 2:01 2 minutes, 1 second Yeah. Shall I restart? Yes, please, sir. Thank you. 2:08 2 minutes, 8 seconds Good morning everyone and uh thank you for joining for Idea Forges quarter 4 and FI26 earnings conference call. I 2:17 2 minutes, 17 seconds hope all of you are doing well. I'm joined today by our CFO Mr. Vipul Jooshi and our VP of engineering Mr. Rahul Singh and our investor relations team. 2:29 2 minutes, 29 seconds FI26 has been an important year for idea forge. 2:35 2 minutes, 35 seconds It is a year of auto visibility, strengthening execution readiness, drisking supply chains, 2:44 2 minutes, 44 seconds and continuing to invest in the technologies I believe will define the future of unmanned systems. 2:51 2 minutes, 51 seconds Quarter 4 brought many of these efforts together. 2:56 2 minutes, 56 seconds If I had to summarize the quarter in one line, I would say that quarter 4 was the quarter where while the order booking momentum continued. 3:08 3 minutes, 8 seconds It was also converted into execution all the way to acceptance of our delivered 3:16 3 minutes, 16 seconds electronic warfare resilience capability with real world testing. And as a result, the revenue converted into profitability as well. 3:27 3 minutes, 27 seconds In Q3, we had spoken about the strength of our order book and our focus on delivering a significant part of it in quarter 4. 3:37 3 minutes, 37 seconds I'm pleased to say that we delivered on that intent. During the quarter, we 3:43 3 minutes, 43 seconds executed around 40% of our open order book of Q3, recording our highest ever quarterly 3:51 3 minutes, 51 seconds revenue and profit after tax and closed FY26 with positive AITA. 4:00 4 minutes For us, this is more than a strong quarter. 4:04 4 minutes, 4 seconds It is a validation of the operating model we have built across engineering, 4:11 4 minutes, 11 seconds supply chain ecosystem, manufacturing and customer delivery. 4:16 4 minutes, 16 seconds When the opportunity arrived, the organization was able to respond with speed, discipline and quality despite the geopolitical shock in March. 4:28 4 minutes, 28 seconds Today I will cover five broad areas. 4:32 4 minutes, 32 seconds order execution, technology progress, our expansion into emerging defense opportunities, 4:40 4 minutes, 40 seconds other business updates, and finally the financial performance and focus for financial year 27. 4:50 4 minutes, 50 seconds Let me start with order booking. 4:53 4 minutes, 53 seconds FI26 was the strongest year in our history in terms of order inflow. We booked approximately 5:02 5 minutes, 2 seconds 530 crores of orders across defense and civil customers and the highest annual order booking in our nearly two decade journey. 5:12 5 minutes, 12 seconds While the value of the order book is important, the quality of the order book matters as well. When customers place a 5:20 5 minutes, 20 seconds large number of orders with us for EW resilient systems, it reflects their confidence in our platforms. our 5:29 5 minutes, 29 seconds technology depth and our ability to deliver a dependable systems at scale. 5:36 5 minutes, 36 seconds For Q4, our central focus was order to revenue conversion. 5:43 5 minutes, 43 seconds Our teams along with ecosystem partners worked simultaneously on product readiness, material availability, 5:52 5 minutes, 52 seconds production, customer inspections and acceptance to make it happen. 5:58 5 minutes, 58 seconds This happened during a period when global supply chains were again under pressure due to geo geopolitical developments. 6:08 6 minutes, 8 seconds Despite these challenges, we executed and delivered 40% of the open order book in Q4. 6:16 6 minutes, 16 seconds This was possible because of the scale and resilience we have built across the value chain and because of the choices we have made over the years. 6:28 6 minutes, 28 seconds To retain engineering ownership, build deeper control over critical technologies, 6:35 6 minutes, 35 seconds invest in capability and capacity building and avoid fragile assembly or transfer 6:43 6 minutes, 43 seconds of technology-led models for our core business. 6:48 6 minutes, 48 seconds When conditions are stable, these choices may not always be visible. But when conditions become difficult, breadth and depth both matter. 6:59 6 minutes, 59 seconds As of 31st March 26, our opening order book for FI27 stood at approximately 310 crores. 7:09 7 minutes, 9 seconds This gives us a healthy base to begin the new year and provides meaningful revenue visibility as we move into the next execution cycle. 7:19 7 minutes, 19 seconds Let me speak about technology. Now, one of the most important developments 7:26 7 minutes, 26 seconds in Q4 was the delivery and customer acceptance of our electronic warfare resilient systems. 7:34 7 minutes, 34 seconds Over the last few quarters, we have spoken about EW resilience moving from a desirable feature to a baseline requirement. 7:43 7 minutes, 43 seconds Global conflicts have made it clear that UAVs operating in contested environments must be able to handle jamming, 7:52 7 minutes, 52 seconds spoofing, degraded communication, and GNSS denied conditions. 7:58 7 minutes, 58 seconds For Idea Forge, this was not a sudden pivot. We have started investing in these capabilities 8:05 8 minutes, 5 seconds almost 3 to four years back because we could see where technology landscape and customer requirements were heading. Our 8:14 8 minutes, 14 seconds philosophy has been to build ahead of the market not to chase it after the requirement becomes obvious. In Q4, PW 8:24 8 minutes, 24 seconds resilience moved from being a developmental and demonstrable capability to a deployed and inducted capability. These systems went through 8:33 8 minutes, 33 seconds extensive acceptance testing by our end users in tough EW environments as well as rigorous country of concern inspections. 8:43 8 minutes, 43 seconds That matters because a demo proves possibility, but deployment proves capability and trust. As more 8:51 8 minutes, 51 seconds procurement programs begin to include EW resilience, GNSS has denied navigation and secure indigenous subsystems as 8:59 8 minutes, 59 seconds mandatory requirements. The capabilities we have built become repeatable advantages. They help us qualify faster, 9:07 9 minutes, 7 seconds compete stronger, and bring field tested solutions to customers who cannot afford failure or denial in real missions. 9:19 9 minutes, 19 seconds During the quarter, we also continued progress across multiple technology tracks, including production readiness 9:26 9 minutes, 26 seconds of our Q6 and switch plat next generation platforms, improvement in flight cloud, AI and 9:34 9 minutes, 34 seconds autonomy initiatives, resilient navigation and secure communications. But these are not isolated initiatives. 9:42 9 minutes, 42 seconds They are all part of the same core architecture. We have been building on performance, 9:49 9 minutes, 49 seconds reliability, autonomy, resilience, and secure indigenous control. 9:56 9 minutes, 56 seconds That has been Idea Forge's DNA from the very beginning. 10:02 10 minutes, 2 seconds A major strategic theme for the next phase of expansion of our capabilities beyond IFR. 10:11 10 minutes, 11 seconds Drones have moved from being just in surveillance and intelligence roles into offensive and tactical operations. 10:20 10 minutes, 20 seconds Litering munitions, longrange strike platforms, kami kazi systems, swarming and air launched effects are no longer 10:28 10 minutes, 28 seconds futuristic concepts. They are becoming part of active military planning. We are approaching this opportunity with intent but also with discipline. 10:40 10 minutes, 40 seconds We are now extending our technology base into combat drone capabilities including long range strike platforms 10:48 10 minutes, 48 seconds loitering munitions and kamicazi systems through a combination of in-house development and strategic partnerships. 10:56 10 minutes, 56 seconds This is not a sudden shift away from our core ISR business. It is an adjacency built on the same technology base and 11:05 11 minutes, 5 seconds our engineering and operational depth built over two decades gives us a credible right to compete and win. It so 11:13 11 minutes, 13 seconds happens as the customer thinks of including combat capabilities in their day-to-day operations in the next phase 11:23 11 minutes, 23 seconds they are looking at ISR drone providers as the fulcrum of integrating these 11:29 11 minutes, 29 seconds combat drones for multi-UV orchestration and futuristic fully autonomous 11:35 11 minutes, 35 seconds operations be it in swans or otherwise therefore idea forg's focus on ISR our 11:42 11 minutes, 42 seconds platforms till now and augmentation and integration of combat drones now gives us a natural advantage. 11:52 11 minutes, 52 seconds Q4 was also an important quarter for our international footprint. We received our first order in the US from the Lamar 12:01 12 minutes, 1 second Police Department in Texas where our drones will support student safety across a school district. 12:08 12 minutes, 8 seconds The first order in a new geography is never just about the order. It is about product market fit, customer validation, 12:16 12 minutes, 16 seconds execution, confidence and building referenceability. 12:21 12 minutes, 21 seconds We also became the first Indian drone company to train NATO forces at the US National Test Pilot School. For us, this 12:30 12 minutes, 30 seconds is a strong validation of our technology credibility and our ability to engage with sophisticated global defense users. 12:39 12 minutes, 39 seconds In addition, we demonstrated our products to US Department of Defense customers in extreme cold weather 12:46 12 minutes, 46 seconds conditions in ASA. Our platforms have now flown in some of the highest altitudes in the world and near both the North and South Poles. 12:58 12 minutes, 58 seconds This will help us target the right use cases and customers where our products offer differentiated capabilities. 13:07 13 minutes, 7 seconds We also signed a strategic with digital media professionals incorporated in Japan 13:14 13 minutes, 14 seconds to enter Japan and develop next generation AI drones. This is aligned with our broader ambition of taking 13:22 13 minutes, 22 seconds Indian deep tech to global markets through focused partnerships. 13:28 13 minutes, 28 seconds Our deployed fleet completed over two lakh 50,000 end customer flights in financial year 26 and crossed 9 lakh 50,000 cumulative flights. 13:40 13 minutes, 40 seconds These numbers reflect more than deployment scale. They reflect operational learning, customer trust and 13:48 13 minutes, 48 seconds reliability built through real missions in real conditions and now globally. 13:57 13 minutes, 57 seconds Let me now connect this operating and strategic process to the financial performance for Q4 FI26. 14:06 14 minutes, 6 seconds Revenue from operations stood at INR 141 cr compared to 20.3 cr in quarter 4 FI25. 14:17 14 minutes, 17 seconds This was our highest quarterly revenue so far. 14:21 14 minutes, 21 seconds Gross profit for the quarter stood at INR 95.4 cr with a gross margin of 67.6%. 14:32 14 minutes, 32 seconds AITA for the quarter 4 stood at 74.2 crlating to an AITA margin of 52.6%. 14:43 14 minutes, 43 seconds Profit after tax for quarter 4 stood at 60 cr with a pack margin of 42.5 cr 14:52 14 minutes, 52 seconds for the full year. F26 revenue from operations to 26.1 cr compared to 161 cr is 525. 15:04 15 minutes, 4 seconds I'm sorry sir again we are losing your voice. 15:10 15 minutes, 10 seconds Gross profit stood at 131 cr with a gross margin of 58%. 15:18 15 minutes, 18 seconds FI26 AITA stood at 27 cr. 15:24 15 minutes, 24 seconds This is in line with our indication in quarter 3 about positive AIA for FI26. 15:31 15 minutes, 31 seconds For FI26, we recorded PAT of 17 cr. 15:37 15 minutes, 37 seconds While the fullear PAT is still negative, the improvement is clear. The loss reduced sharply, AITA turned positive. 15:47 15 minutes, 47 seconds And Q4 demonstrated that when order book and revenue scale even moderately, 15:53 15 minutes, 53 seconds execution intensity, product mix and the cost discipline come together and the business is set up to generate strong profitability. 16:04 16 minutes, 4 seconds The task is now to move from quarterly profitability to annual profitability. 16:10 16 minutes, 10 seconds That is one of the focuses operating for FI27. 16:17 16 minutes, 17 seconds So the key financial message is FI266 was not only a recovery in demand, it 16:24 16 minutes, 24 seconds was also proof that perseverance, SC and financial discipline can go hand in hand. 16:33 16 minutes, 33 seconds As we enter FI27, our priorities are clear. First, execution. 16:41 16 minutes, 41 seconds We begin the year with an opening order book of approximately 310 crores. Our focus is to convert this order book into 16:49 16 minutes, 49 seconds revenue with discipline, quality and customer satisfaction. 16:54 16 minutes, 54 seconds Second, technology leadership. We will continue investing in differentiated capabilities such as EW resilience, 17:03 17 minutes, 3 seconds multi-UV autonomy, AI, secure communications, GNSS denied navigation, 17:10 17 minutes, 10 seconds payload flexibility and next generation platforms, including development and integration of combat UAVs and 17:18 17 minutes, 18 seconds continuing efforts on Zol and Yeti other than our legacy platform categories. 17:25 17 minutes, 25 seconds Third, emerging defense opportunities. 17:28 17 minutes, 28 seconds We will actively participate in opportunities around tactical UAVs, loitering munitions, and long range 17:35 17 minutes, 35 seconds strike systems and other combat drone capabilities where our technology base gives us a credible right to compete and win. 17:44 17 minutes, 44 seconds Fourth, diversification. We will continue to build civil, enterprise, softwareled and international 17:53 17 minutes, 53 seconds opportunities through platforms, drone as a service, analytics and partnerships. 18:00 18 minutes We remain mindful that execution risk, supply chain volatility, product mix, procurement timing, working capital 18:08 18 minutes, 8 seconds cycles and quarterly lumpiness will continue to be part of the business. We are not dismissing those realities. We 18:16 18 minutes, 16 seconds are actively working towards managing them. We are entering FI27 with a stronger order book, demonstrated 18:24 18 minutes, 24 seconds execution capability, a validated technology stack, deeper customer trust, 18:31 18 minutes, 31 seconds a higher visibility on profitability, and above all, visible demand signals in the market than we had a year ago. And this is a good place to build from. 18:44 18 minutes, 44 seconds To close, I want to leave you with the following key takeaways. First, the market opportunity is expanding, but 18:52 18 minutes, 52 seconds differentiation and execution will decide value creation. Defense, civil, enterprise, and international customers 19:01 19 minutes, 1 second are all moving towards greater adoption of drones as critical infrastructure. 19:06 19 minutes, 6 seconds India's push for self-reliance and the global need for trusted UAV capability create a strong long-term backdrop. Our 19:15 19 minutes, 15 seconds job is to convert this opportunity into revenue, profitability, and long-term trust. Second, FI26 was a turnaround 19:24 19 minutes, 24 seconds year. We booked our highest ever annual orders of approximately 530 crores, executed a significant part of the order 19:33 19 minutes, 33 seconds book in quarter 4, delivered our highest quarterly revenue and pack and ended the year with positive epitar. 19:42 19 minutes, 42 seconds I want to thank our customers for their trust, our employees for their perseverance, our partners for standing 19:49 19 minutes, 49 seconds with us and our shareholders for their continued confidence in Idea Forge. Thank you. We can now move to Q&A. 20:00 20 minutes Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may test star N1 on their touchstone telephone. 20:11 20 minutes, 11 seconds If you wish to remove yourself from the question queue, you may test star N2. 20:16 20 minutes, 16 seconds Participants are requested to use handset while asking the question. 20:20 20 minutes, 20 seconds Ladies and gentlemen, we will wait for a moment while the question assembles 20:55 20 minutes, 55 seconds The first question is from the line of Bala Subramanyan from Ariham Capital. Please go ahead. 21:03 21 minutes, 3 seconds Good morning sir. Uh thank you so much for the opportunity. Congratulations for good set of numbers. Uh sir, we have 21:09 21 minutes, 9 seconds received the first uh US order in Q4. I think JT is with uh first Gish uh like 21:16 21 minutes, 16 seconds uh you could explain uh what is the order size and platform end user and uh 21:23 21 minutes, 23 seconds uh like uh how we are aligned with uh this uh JV could uh throw some light on that uh uh 21:30 21 minutes, 30 seconds JV localization strategy and uh under training NATO forces is pretty prestigious. So is there any active uh 21:39 21 minutes, 39 seconds foreign military sales or NATO procurement program uh uh we uh we have qualified? 21:48 21 minutes, 48 seconds Uh hi Balat uh if I can call you that thank you for the question. 21:53 21 minutes, 53 seconds Yeah. Um the uh order that we received in the US is sort of a you can say early 22:02 22 minutes, 2 seconds pilot order that allows us to uh demonstrate our capability in the US to 22:09 22 minutes, 9 seconds deliver a reliable and for a very critical mission for those schools there because uh you know the kind of 22:16 22 minutes, 16 seconds challenges that happen in the US with respect to schools and other things because it's a school district they are looking at both the core products that 22:25 22 minutes, 25 seconds we were pitching so far in the US which is our switch and nra platforms or the Q6 platform for that matter and in terms 22:34 22 minutes, 34 seconds of the NATO uh opportunity. The NATO opportunity is essentially an opportunity for us to showcase our 22:43 22 minutes, 43 seconds products in front of customers in the western hemisphere where they are uh 22:50 22 minutes, 50 seconds very sophisticated and have very deep experience of using drone technology. We are both receiving feedback as well as 22:58 22 minutes, 58 seconds receiving appreciation for our uh capabilities that have been built and that is the area that uh we are very 23:05 23 minutes, 5 seconds excited about. It is a domain where it can lead to as the word of mouth progresses into opportunities that we 23:14 23 minutes, 14 seconds directly engage with them. However, in terms of opportunities that we have participated in, we have participated in 23:22 23 minutes, 22 seconds some opportunities uh in the European domain in the US as well. However, uh 23:29 23 minutes, 29 seconds trials and demonstrations are uh yet to take place in many of those. Even qualification uh as is usual in any 23:36 23 minutes, 36 seconds defense procurement sometimes takes time. Uh localization is very important. 23:41 23 minutes, 41 seconds So it's not so linear a journey in international markets and therefore we formed the JV with our uh partner first 23:49 23 minutes, 49 seconds breach in US and there the progress in terms of u planning to build our systems 23:56 23 minutes, 56 seconds there is ongoing and uh as that starts to happen we will continue to update over here. 24:03 24 minutes, 3 seconds Okay sir. So on the development side I need to understand about and fenc payloads and uh active development side. 24:12 24 minutes, 12 seconds First thing in I think which is our out customer segments in logistics 80 lift 24:19 24 minutes, 19 seconds or resupply and we we then we can expect uh uh significant revenue uh in 24:25 24 minutes, 25 seconds logistics and secondly on the offensive E2 payload side whether we are actively 24:31 24 minutes, 31 seconds developing higher power platform for FMC EW because I think it's required several 24:38 24 minutes, 38 seconds kilowatts and uh for that platform And thirdly uh we also actively 24:45 24 minutes, 45 seconds development of compact drones like uh uh loging and karmic case. So if you could share some light on that. 24:56 24 minutes, 56 seconds Uh hi good morning Mr. Bala. This is Rahul Rahul Singh. uh uh so three parts the logistics you it's uh target market 25:05 25 minutes, 5 seconds and when do we expect revenue second is EW capabilities and the third was like and 25:14 25 minutes, 14 seconds uh combat uh combat drones and uh related capabilities so uh Yeti broadly is a middle mile logistics platform for 25:21 25 minutes, 21 seconds us uh we believe there's a large scale uh requirement for moving uh the middle 25:28 25 minutes, 28 seconds mile problem uh in uh in a variety of domains. We expect to 25:40 25 minutes, 40 seconds I'm sorry sir you are not audible if you're speaking and we cannot hear you. Uh I I hope I'm audible now. Yeah. 25:48 25 minutes, 48 seconds Uh so so Yi is focusing on middleman logistics for a variety of domains. Uh we uh expect to start with milit 25:57 25 minutes, 57 seconds military high altitude heavy logistics as the first stage to establish our performance and credibility. Uh 26:06 26 minutes, 6 seconds eventually moving on to commercial logistics at scale which we believe is an even larger opportunity in the longer 26:12 26 minutes, 12 seconds term. Uh from a gotom market perspective we expect tentatively early commercial 26:20 26 minutes, 20 seconds explorations to start from the uh coming FI. uh this FI will continue to go into 26:27 26 minutes, 27 seconds uh continued development because of uh it being a much larger platform having uh much uh uh much more elaborate development cycles. 26:38 26 minutes, 38 seconds Uh on the second part which is EW capabilities broadly uh what you are indicating maybe uh so electronic 26:48 26 minutes, 48 seconds warfare can be both defensive and offensive. The primary focus has been resilience in electronic warfare domain. 26:56 26 minutes, 56 seconds The resilience part of uh the domain is more driven by the sophistication of the resilience approaches and technologies 27:05 27 minutes, 5 seconds rather than the power and that is an area for survivability that we are championing on with a lot of homegrown technologies and we'll continue to push 27:12 27 minutes, 12 seconds on that side. The areas which are power hungry are offensive capabilities which would mean airborne uh electronic 27:20 27 minutes, 20 seconds warfare offense. Those are uh not immediately part of uh the current work but are potential options for the 27:28 27 minutes, 28 seconds pipeline where we do put high power offensive uh electronic warfare uh payloads as well. On the third part 27:37 27 minutes, 37 seconds which is on the combat drones capability uh broadly we are tracking this for a while now and we are approaching it with 27:45 27 minutes, 45 seconds uh variants which we think have the highest need and the impact for the end user. The combat drones uh domain itself 27:53 27 minutes, 53 seconds has uh uh high variety from short medium to long ranges and a variety of strategies there. uh we are picking up 28:02 28 minutes, 2 seconds the most relevant ones where uh we think there's a path toward the highest impact and uh hopefully we'll be able to convert into opportunities in this year. 28:13 28 minutes, 13 seconds Sir my last question on the order book side I think we have delivered 40%age of open orders in in this Q4 and guided to 40 to 45% conversion uh for the quarter. 28:24 28 minutes, 24 seconds So we could share overall order pipeline and uh uh what is our winning rate is there any uh tenders are coming up and 28:34 28 minutes, 34 seconds uh secondly on the supply chain side uh which specific uh subsystems or components are uh most at risk uh based 28:41 28 minutes, 41 seconds on the current geopolitical uh side uh like specifically like GNSS chips 28:48 28 minutes, 48 seconds specialized uh cons models scope share on the supply uh supply chain Right. 28:55 28 minutes, 55 seconds Sorry your voice is not very clear. 28:59 28 minutes, 59 seconds Uh so first thing on the order book side so I need to understand about the pipeline or conversion rate and is there 29:05 29 minutes, 5 seconds any active uh tenders are there and second thing uh on the supply supply chain side what which specific 29:13 29 minutes, 13 seconds subsystems or components are at risk uh because of the current geopolitical uh uh side. 29:21 29 minutes, 21 seconds See on the supply chain side uh because of a global supply chain around uh thermal imagers 29:30 29 minutes, 30 seconds they remain to be a uh constraint challenge for uh everyone at this point in time because of multiple reasons and 29:39 29 minutes, 39 seconds therefore uh you know that's one area that I can suggest uh is a challenge 29:46 29 minutes, 46 seconds amongst many others in terms of um order book itself. Order book is of course a 29:54 29 minutes, 54 seconds mix of orders for all three of our uh core platform categories which is Zohalt 30:02 30 minutes, 2 seconds and uh switch and uh Nitra category of systems or category of systems. So we 30:09 30 minutes, 9 seconds have orders for all of them. The order book is a mix of both our defense and civil customers with defense being the 30:16 30 minutes, 16 seconds uh bigger uh much bigger share of the pie as compared to our civil customers. 30:23 30 minutes, 23 seconds And uh overall I think uh in terms of opportunities uh there are many 30:30 30 minutes, 30 seconds opportunities that are brewing uh the inditions and there continue to be traction on that indication with respect 30:38 30 minutes, 38 seconds to a very large buying cycle coming in from the Indian armed forces. Uh there have been certain approvers that have 30:45 30 minutes, 45 seconds also happened in the BPB for the same uh for at least some of those opportunities. So uh it's an actively 30:53 30 minutes, 53 seconds developing uh scenario with respect to a very large opportunity base that is 31:00 31 minutes unlocking in the year as well as uh small opportunities continue to come by and uh get converted as well from time to time. 31:12 31 minutes, 12 seconds Thank you so much for the assistance. All the best. 31:19 31 minutes, 19 seconds Thank you ladies and gentlemen. In order to ensure that the management will be able to address questions from all the 31:27 31 minutes, 27 seconds participants in the conference, kindly limit your questions to two per participant. Should you have a follow-up question, please reach on the queue. The 31:35 31 minutes, 35 seconds next question is from the line of Deepak Podal from Sappire Capital. Please go ahead. Yeah, I'm audible sir. 31:43 31 minutes, 43 seconds Yes, you are. 31:44 31 minutes, 44 seconds Okay. Thank you very much sir for this opportunity and um so just wanted to understand on order book that you were 31:52 31 minutes, 52 seconds mentioning. Um so is it possible to give some uh quantific number I mean what sort of pipeline we have and what sort 31:59 31 minutes, 59 seconds of inflow we are expecting in FI27 and and FI27 execution where we are seeing I mean what percentage of your 32:07 32 minutes, 7 seconds order book we are expecting to execute in FI27 in terms of uh execution in FI27 the 32:17 32 minutes, 17 seconds open order book that we have indicated which is about um 310 crores. Uh that is slated for execution in the FI27 itself. 32:30 32 minutes, 30 seconds And in terms of uh pipeline, we do expect to continue to close a lot of uh 32:38 32 minutes, 38 seconds what we know typically internally call as run rate opportunities that keep coming in the market. Uh we are seeing 32:45 32 minutes, 45 seconds developments on the geospatial side. We are seeing developments on a lot of u 32:52 32 minutes, 52 seconds homeland security side etc. So that will be there. There will be procurements that will happen at the command level in 32:58 32 minutes, 58 seconds the armed forces as well. We hope that we will be able to close uh some business on the international side as well. However, in terms of uh large 33:08 33 minutes, 8 seconds opportunities, uh they are currently under u progress. Like I said, some of them have been approved by the defense 33:16 33 minutes, 16 seconds production board and uh there is work happening with respect to getting them onto the road with respect to tendering 33:23 33 minutes, 23 seconds and all of that as well. So that's what is happening both with respect to execution and order pipeline development, opportunity pipeline. 33:35 33 minutes, 35 seconds And what sort of order info we are targeting? I mean which were around I mean this year we saw around 530 crores, right? 33:42 33 minutes, 42 seconds Uh again we don't uh give those uh projections at this point in time. 33:48 33 minutes, 48 seconds Okay. Okay. Um understood. And just one last thing on the working. I'm sorry Deepak. I'm really sorry. Please read more question. 33:56 33 minutes, 56 seconds Oh okay. Thank you. 33:59 33 minutes, 59 seconds Thank you. The next question is from the line of Santos from PMS. Please go ahead. 34:07 34 minutes, 7 seconds Uh hello sed? Yes. Yes, you are. 34:12 34 minutes, 12 seconds Hello. Yeah. Okay. Uh can you just give me the break up of the audio book segment based like uh different interviews? 34:20 34 minutes, 20 seconds Uh we've traditionally not done that uh Santos. So we restrain from that uh presently as well. 34:29 34 minutes, 29 seconds Yeah. Okay. uh show noises. Uh also um one more question on the recent government tender uh on the sol is 164 34:38 34 minutes, 38 seconds uh drones in um are you participating in the tender uh I mean any general comment on the 34:46 34 minutes, 46 seconds state of the tender since May deadline for the tender. 34:52 34 minutes, 52 seconds Uh Santosh, we won't be able to comment on specific opportunities if that is okay. 35:02 35 minutes, 2 seconds Okay. No, that's it. 35:07 35 minutes, 7 seconds Thank you. The next question is from the line of Kirk Kumar from Nshai. Please go ahead. 35:15 35 minutes, 15 seconds Hello. Yes, you are audible. 35:19 35 minutes, 19 seconds Uh so congratulation on good success number sir. The first question is when it's what kind of margin stability we 35:26 35 minutes, 26 seconds are looking forward in quarters and on the yearly level and on the second time is like the capabilities we are 35:34 35 minutes, 34 seconds developing is it getting developed on existing platform or it is entirely new product development sites. 35:44 35 minutes, 44 seconds Thank you. So far expectation as a blended for the year roughly about 50 to 35:50 35 minutes, 50 seconds 55% is our hope for the year. Uh quarter and quarter numbers obviously you know that we don't give any forwardlooking 35:58 35 minutes, 58 seconds projections. So on a blended rate uh that will be our expectation from a product perspective. I'll let Rahul answer. 36:07 36 minutes, 7 seconds Sure. Um so on the uh combat drones capability as I already indicated in the 36:15 36 minutes, 15 seconds uh opening uh remarks that uh it will be built both as a combination of in-house capability. So our existing technical 36:23 36 minutes, 23 seconds stack will role in a lot of these capabilities but we are also mixing it with a lot of partnerships to augment capabilities 36:32 36 minutes, 32 seconds wherever relevant. So uh both internal as well as partnerships. 36:39 36 minutes, 39 seconds Okay. And the last question sir uh like uh right now we all almost got the orders for the emergency procurement like uh are we participating in the 36:47 36 minutes, 47 seconds capital procurement also in current year or the forward looking years? Yes of course. 36:57 36 minutes, 57 seconds Okay. Thank you. 37:00 37 minutes Thank you. Next question is from the line of Yesha from SKP Capital. Please go ahead. 37:08 37 minutes, 8 seconds So actually I wanted to ask what the government is thinking for this FY27 in terms of defense and how companies are leveraging it. 37:21 37 minutes, 21 seconds So uh yes from our understanding uh you know if you look at the amendments that have happened in the uh defense 37:30 37 minutes, 30 seconds procurement process as well uh 37:33 37 minutes, 33 seconds [clears throat] 37:33 37 minutes, 33 seconds or they are you know impending to happen. The approach in terms of uh looking at procurement in the form of 37:42 37 minutes, 42 seconds strategic platforms that have uh decadal life is a different long-term approach which may be a little bit slow in terms 37:50 37 minutes, 50 seconds of procurement versus looking at platforms that have a very high iteration cycle and shorter life in 37:57 37 minutes, 57 seconds terms of technology stability. Uh the approach will be to get into faster procurement cycles. So from that 38:05 38 minutes, 5 seconds standpoint what we are seeing in terms of uh traction is for a lot of uh faster 38:12 38 minutes, 12 seconds procurement cycles with respect to uh tactical drone capabilities which includes drones for 38:20 38 minutes, 20 seconds uh long range capability. When I say long range, uh at least uh from what's visible, there are 38:29 38 minutes, 29 seconds opportunities for a few hundred kilometers or 100 plus kilometers as well, including opportunities for uh shorter ranges than that. And then of 38:38 38 minutes, 38 seconds course uh many of these capabilities are being juxtaposed with the ability to act 38:45 38 minutes, 45 seconds on that intelligence gathered by an ISR drone. and therefore uh there is in many cases a combination of ISR plus uh 38:54 38 minutes, 54 seconds strike capability as well. So that's broadly the approach for procurement. 38:59 38 minutes, 59 seconds The intended scale of procurement I had indicated last time as well that um it's 39:06 39 minutes, 6 seconds a multi-billion dollar opportunity uh within the year going to the floor for um in terms of purchases. So it's a 39:16 39 minutes, 16 seconds very large uh scale that at least we have learned from from public sources as well. 39:22 39 minutes, 22 seconds Okay. Okay. Got it. And my next question is like which areas are the main target in terms of spending or opportunities for companies like Idea Forge? 39:34 39 minutes, 34 seconds For us uh you know we will continue to iterate on the broad categories that we have defined for ourselves in terms of 39:40 39 minutes, 40 seconds drones. We are working on uh quadcopters which are of a backpackable class. We've been working on uh hybrid V tall UAVs 39:50 39 minutes, 50 seconds for of the backpackable class as well as we are working on vehicle portable uh 39:57 39 minutes, 57 seconds hybrid V tall UAVs as well as we are working on a very large logistic uh logistics UAV as well. So these are the 40:05 40 minutes, 5 seconds broad categories within this uh you know airframes may evolve but the broad categories remain the same and from 40:13 40 minutes, 13 seconds traditionally doing ISR to looking at oneway attack systems as well is the broad uh pivot that we are also making 40:22 40 minutes, 22 seconds but like I said uh the pivot is on the back of the fact that we do an ISR system of a very high quality uh that 40:31 40 minutes, 31 seconds allows us to be in that pole position to integrating the strike capability because one thing uh that we've been 40:39 40 minutes, 39 seconds talking about for a very long time is that ISR or intelligence surveillance and reconnaissance is the bedrock of uh 40:47 40 minutes, 47 seconds building uh a very useful combination of systems that can detect uh targets as 40:55 40 minutes, 55 seconds well as then leverage some of these one-time use systems to neutralize the target. So that combination is something that we've always been uh vocal about 41:03 41 minutes, 3 seconds and it's coming to play in that same fashion now. 41:07 41 minutes, 7 seconds Okay. Okay. Got it. Got it. Thank you so much. Thank you. 41:13 41 minutes, 13 seconds Thank you. Next question is from the line of Mulan Karma from Dalal and Rocha. Please go ahead. 41:22 41 minutes, 22 seconds Well, thank you very much for uh taking my question. So I had basically wanted I basically wanted to understand that it 41:30 41 minutes, 30 seconds seems that there is a large opportunity since India is uh growing its transmission line significantly. There 41:38 41 minutes, 38 seconds seems to be a very big opportunity in uh for drones in power line inspection and 41:44 41 minutes, 44 seconds uh other things especially in US. I know that there is a lot of opportunity which is triggered off now. So just wanted to 41:52 41 minutes, 52 seconds understand are you seeing that already happen in the in India and are we participating with that? 42:01 42 minutes, 1 second Uh it's a great question Milan the I agree with you that uh power line inspections is a very useful opportunity. In fact, like you rightly 42:09 42 minutes, 9 seconds said, India has a lot of upcoming power line uh projects as well and our drones are very useful in one 42:17 42 minutes, 17 seconds doing a more accurate planning of uh power line inspections or power line installations. Then we have a role to 42:25 42 minutes, 25 seconds play in power line inspections as well particularly in the right ofway inspections. Traditionally we had not 42:33 42 minutes, 33 seconds built solutions for power inspections in power lines and that is why we had sort of not very enthusiastically approached 42:41 42 minutes, 41 seconds that market but uh going forward since we now do have certain capabilities and tower inspection as well we will be 42:50 42 minutes, 50 seconds approaching that market opportunity. So thanks for the question. All right thank you. 42:58 42 minutes, 58 seconds Thank you. Next question is from the line of Jan from three asset manages. Please go ahead. 43:09 43 minutes, 9 seconds Uh Mr. Chan is good afternoon. Thank you. Yeah, thank you for the opportunity. 43:17 43 minutes, 17 seconds Yes, you are. 43:19 43 minutes, 19 seconds Congratulations on a good set number. Uh I just have one question. I I was just going through few of the new 43:27 43 minutes, 27 seconds developments in the counter system. So I came across a video of SPS which can you know disable entire swarm 43:35 43 minutes, 35 seconds targeting onboard electronics uh rather than communication need. So uh I just wanted to understand is there any you 43:43 43 minutes, 43 seconds know ongoing efforts around uh since you are talking about EW uh resilience uh is there any ongoing efforts you know to 43:52 43 minutes, 52 seconds protect us from this technology or uh or are you aware of the same? 44:02 44 minutes, 2 seconds So uh uh if I understood your question uh correctly, you are indicating towards uh uh the variety of strategies for 44:10 44 minutes, 10 seconds counter drone systems uh uh and our strategies to counter them. So broadly we understand uh counter drone systems 44:18 44 minutes, 18 seconds uh lie in broadly two domains uh hard kill and softkill. within softkill as well the typical approach has been 44:26 44 minutes, 26 seconds electronic warfare uh where uh the communication and the GPS navigation signals have been interrupted and that's 44:34 44 minutes, 34 seconds the first order of business which has been hardened to a level and that will continue to get hardened because this area is essential for technologies which 44:43 44 minutes, 43 seconds need continued operation and real time insight availability. So that's the baseline and uh we've been doing 44:51 44 minutes, 51 seconds tremendous amount of work to do uh uh to generate these capabilities uh inhouse uh domestically. Uh on top of that uh 45:00 45 minutes the others that you indicated which are essentially uh large uh microwave or high energy pulses which go and take down a large swarm of drones in mass. 45:11 45 minutes, 11 seconds Again there are strategies to uh uh shield against these as well which are uh under works. The effectiveness of 45:19 45 minutes, 19 seconds these uh remains in evolution because they require large amount of energy and are only effective at very short ranges. 45:28 45 minutes, 28 seconds Uh but those are also part of our uh awareness and strategy uh to counter against uh then goes the uh area of hard 45:38 45 minutes, 38 seconds kill options and uh we are uh actively tracking those capabilities as well as a part of the long-term strategy. Hard 45:45 45 minutes, 45 seconds kill options obviously are uh relatively harder to evade because uh depending on the sophistication and cost of the hard 45:53 45 minutes, 53 seconds kill offense. Uh it may be difficult to run out a fast approaching missile or something like that. But typically we 46:01 46 minutes, 1 second make it difficult for the hard kill option to be cheaper than the uh than the solution that it is trying to 46:08 46 minutes, 8 seconds neutralize. uh in which case the asymmetry of solution remains uh uh effective. So as a mix of all of these 46:17 46 minutes, 17 seconds uh aspects uh this is a constantly evolving field and no one can so say that something is solved in black and 46:24 46 minutes, 24 seconds white because as Ukraine proved as uh Iran is proving right now uh these offensive capabilities are developing um 46:33 46 minutes, 33 seconds every month, every quarter and hence what we feel is most important is to have a lot of control over the core 46:40 46 minutes, 40 seconds technology so that we can evolve at the pace of relevance rather than just do one time integration and be obsolete in a quarter or a year. 46:52 46 minutes, 52 seconds Got it. That makes sense. That's it from Thank you. 46:58 46 minutes, 58 seconds Thank you. Next question is from the line of dish from Philip Capital. Please go ahead. 47:04 47 minutes, 4 seconds Uh hi sir. Uh thank you for this opportunity and congratulations on a great acceleration quarter. Uh so my question coming back on the author book 47:13 47 minutes, 13 seconds again. So uh while you have mentioned that you're closing your order book in that say 310 crores uh what is the 47:20 47 minutes, 20 seconds execution timeline that you're looking at? So is it entirely so since we have won a lot of emergency procurement orders which were largely due in the 47:28 47 minutes, 28 seconds first half of FYI 26. So um what is the execution by timeline that you're looking for the execution of this 10 and 47:36 47 minutes, 36 seconds 10 hours scroll worth of order books and uh any um order that we can expect in say next uh in near term in next one or 47:43 47 minutes, 43 seconds two quarters that might be on the advanced stages of conversion u yeah 47:52 47 minutes, 52 seconds in terms of execution uh I think the first uh yeah the first three quarters is when 48:00 48 minutes the order book is uh from a timeline standpoint expected to be converted into uh revenue. Uh so that is of the uh 48:10 48 minutes, 10 seconds pipeline that is uh doing a carry forward from the last uh year. In terms of new opportunities uh like I said 48:19 48 minutes, 19 seconds there are opportunities which are in advanced stages on the run rate side of the business. large opportunities from 48:27 48 minutes, 27 seconds the standpoint of capital procurement are yet to be uh tendered. So that will take uh slightly longer. 48:38 48 minutes, 38 seconds Uh got it. So um is it safe to assume that uh this 310 flows will be entirely be executed in FI27 or there'll be some 48:46 48 minutes, 46 seconds spillover because of the kind of contract to say later? 48:50 48 minutes, 50 seconds No, this is expected to be executed within this year. Got it sir. Uh that's it from my side. Thank you so much for answering my questions and all the best. 49:00 49 minutes Thank you. 49:02 49 minutes, 2 seconds Thank you. Next question is from the line of Rakkesh Roy from BIMC. Please go ahead. 49:11 49 minutes, 11 seconds The first question related to margin 50 to 55%. 49:19 49 minutes, 19 seconds So the it means the current order is a high margin resist. Yes. 49:28 49 minutes, 28 seconds Okay. And uh this is for full year to 55%. Yeah. 49:35 49 minutes, 35 seconds Okay. And any any any guidance any outlook for next three years how how you will your margin or revenue over the next three years sir? 49:47 49 minutes, 47 seconds The way we have seen uh Mr. Rakkesh is that when the customer looks for buying advanced capabilities 49:56 49 minutes, 56 seconds the margin profile improves. When the customer is looking to buy you can say 50:02 50 minutes, 2 seconds um you know mass market capabilities in that cases the margin profile is relatively muted. That's basically what shows up uh in general for us as well. 50:14 50 minutes, 14 seconds At this point in time, all indications are that the customer is looking at more advanced capabilities. At the same time, 50:23 50 minutes, 23 seconds they are looking at uh volumes in those advanced capabilities. 50:29 50 minutes, 29 seconds So there is going to be a mix of uh higher volume uh but the capability will 50:37 50 minutes, 37 seconds continue to be more advanced than what we were demanding earlier. 50:43 50 minutes, 43 seconds and we don't anyways give uh very specific projection what I can definitely say is that from all 50:50 50 minutes, 50 seconds indications of uh how the government and the market and the ecosystem is evolving 50:57 50 minutes, 57 seconds the focus has robustly shifted towards prioritizing drone and drone defense. So that is 51:04 51 minutes, 4 seconds something which I can uh definitely very categorically suggest and the scale of procurement from a few thousand crores 51:14 51 minutes, 14 seconds in single digits is likely to uh scale rapidly to a much uh much larger number 51:23 51 minutes, 23 seconds in the next cycle and then okay sir in other way. Yes sir. Yes sir please. 51:31 51 minutes, 31 seconds Just to complement that part, our continued technology investment will continue to give us uh greater uh control over our margin of the business 51:40 51 minutes, 40 seconds in the future. So that will directionally remain an area that will continue to strengthen. 51:46 51 minutes, 46 seconds Okay. In other words, sorry to interrupt Mr. Roy, please rejoin the for your question. Thank you. 51:52 51 minutes, 52 seconds Thank you. Next question is from the line of Kashar from Peace Wealth. Please go ahead. 51:59 51 minutes, 59 seconds Yeah. Hi, thank you for the opportunity sir and congratulations on a great set of numbers. Uh so my first question is 52:06 52 minutes, 6 seconds uh so if I look at last few quarters our main focus was on surveillance and how do we increase the civil application 52:14 52 minutes, 14 seconds side of our core segment and now this quarter we announced entering into combat drones and bidding in the upcoming procurement cycle for kamik 52:22 52 minutes, 22 seconds kazi and other uh target drones. So I just need to understand what really changed that we changed our perspective 52:30 52 minutes, 30 seconds uh from last quarter till now and also in the last call you mentioned that there are certain kind of ammunition licenses that are required uh for a 52:39 52 minutes, 39 seconds company to add those ammunition to the drone which we did not have at that point in time which you said last time. 52:45 52 minutes, 45 seconds So so what what uh what is the latest update on that if you're entering into this long range target drones. So do we 52:53 52 minutes, 53 seconds have that licenses also in place? So that is my first question. 53:00 53 minutes So uh you know Tushar it's a great question. Uh first of all uh we do not intend to take those licenses even 53:07 53 minutes, 7 seconds today. We are partnering with a lot of uh people who handle mutations traditionally for the government and 53:14 53 minutes, 14 seconds therefore those partnerships are what uh we will continue to leverage and fractify as we progress towards that 53:22 53 minutes, 22 seconds direction. Second of all in terms of priority I think diversification remains an important priority for us. It is 53:31 53 minutes, 31 seconds necessary for the long-term health of the business. Diversification in the form of international markets is continuing as you can see from the 53:39 53 minutes, 39 seconds traction that we have shared in terms of continuing our development of drones on the side of enterprise use 53:48 53 minutes, 48 seconds cases. That is also something that is robustly on its way. It is not impacted in that one sense because of the 53:55 53 minutes, 55 seconds existing uh you can say scale that we operate in by default. Uh the new approach is 54:04 54 minutes, 4 seconds essentially to take this very strong indigenous technology base that we have 54:11 54 minutes, 11 seconds created over the last few years. That base now has our own homegrown autopilot 54:18 54 minutes, 18 seconds in its mix. We have our own communication technology. 54:22 54 minutes, 22 seconds We have our own GPS and uh or GNSS denied solution. We have our own 54:29 54 minutes, 29 seconds communication resilience stack as well as our own ability to design platforms 54:37 54 minutes, 37 seconds for extreme environments and very different and varied altitudes. All of this when you put together 54:45 54 minutes, 45 seconds adding this small I would say a incremental layer of uh combat capability which is essentially hosting 54:53 54 minutes, 53 seconds a payload and having the ability to target a specific point. Uh those are the capabilities that we will be 55:01 55 minutes, 1 second augmenting and delivering a new capability to the market. So it's well within our strike range. We we use a lot of our systems because they've been 55:09 55 minutes, 9 seconds designed to be effective in many environments. So it's not really a very large shift. It is a shift in terms of 55:16 55 minutes, 16 seconds how we think and the opportunities we will approach. And like I said, the customer is looking at our traditional 55:24 55 minutes, 24 seconds capabilities and is pushing us in the direction of integrating those capabilities in our system. A lot of what we will do may not just be 55:33 55 minutes, 33 seconds in-house. It will be achieved by partnering with ecosystem players who are already building good capability in this domain. 55:42 55 minutes, 42 seconds That that's very helpful sir and if I may ask a follow followup question on this so what is the role that will be played by Zold platform in this target 55:50 55 minutes, 50 seconds zone and I believe we we executed all the 72c order that we had on Zold have we added any new orders also on the Zold 55:59 55 minutes, 59 seconds platform in the quarter gone by um Pashan not yet uh but in terms of the 56:06 56 minutes, 6 seconds combat capabilities if I may uh bring you back to some of our earlier conversations s on these calls. We have 56:13 56 minutes, 13 seconds been building Zol as a platform that is capable of dropping munitions and therefore that capability is what is 56:22 56 minutes, 22 seconds going to come up first on the platform and then we will be iterating towards oneway capability if we believe it's the 56:31 56 minutes, 31 seconds right fit for the platform. However, there are other platforms that are uh 56:38 56 minutes, 38 seconds looking more conducive for the kind of capabilities or the demand we are envisaging on ground. So it may not 56:45 56 minutes, 45 seconds necessarily come up on Zol based on the demand that we are seeing. Maybe we will evolve that uh stance as the demand 56:53 56 minutes, 53 seconds evolves for those categories. Some of these capabilities when we build up front as well. We will uh suggest once we have those capabilities built out. 57:02 57 minutes, 2 seconds So execution is still because of the order timelines uh that were there. 57:10 57 minutes, 10 seconds Okay then that's very helpful. My last question to call ourselves question. 57:21 57 minutes, 21 seconds Uh my my last question is so we call ourselves as a robotic company not a drone company. So maybe not in the near 57:28 57 minutes, 28 seconds future but in the medium to long run do we have any plans to enter into AI humanoids. 57:36 57 minutes, 36 seconds See uh one thing is very clear that uh as an AI and a robotics company uh presently our focus has been aerial 57:44 57 minutes, 44 seconds robotics but collaborative autonomy is something which is not uh a future that we can escape. We will have to be a part of the collaborative autonomy future. 57:55 57 minutes, 55 seconds uh however uh whether we will build our own humanoids or we will collaborate and partner I think it's a matter of uh uh I 58:03 58 minutes, 3 seconds would say opportunity the capability available in the market and uh the price point at which that capability is 58:12 58 minutes, 12 seconds available in the market as well for the needs that the customer has. 58:18 58 minutes, 18 seconds Okay, thank you very much and all the best. Thank you. Thank you. 58:23 58 minutes, 23 seconds Thank you. Next question is from the line of Shadhang Gupta from Prosper W Private Limited. Please go ahead. 58:31 58 minutes, 31 seconds Hello. Yeah. Please proceed. 58:34 58 minutes, 34 seconds Okay. Uh sir uh like uh as per your order book like next year how much revenue are you expecting like uh like 58:44 58 minutes, 44 seconds uh in percentage terms what will be and will you be able to maintain the margins like the current OPM margins that are there? 58:53 58 minutes, 53 seconds Shbam if you uh look at the open order book and the fact that we have to execute that order book uh within the 59:00 59 minutes first uh three quarters or so I would uh say that that's already giving a very strong indication of where the uh 59:08 59 minutes, 8 seconds revenue will look like in the year to begin with uh how much more and uh uh you know at what scale eventually is an 59:16 59 minutes, 16 seconds area which we are continuing to uh evolve. Like I said, there are opportunities in the rungate business and we are also working towards large 59:25 59 minutes, 25 seconds opportunities on the capital side. So all of this is uh work in progress. We will update uh the market as we move on. 59:34 59 minutes, 34 seconds Okay sir. And as per your current capability like uh um like how long will it take to complete the current order 59:42 59 minutes, 42 seconds book like current as per the current capability? 59:46 59 minutes, 46 seconds That's what I mentioned right the first three quarters. 59:49 59 minutes, 49 seconds So the overall order timeline uh it's still about three quarters. Uh we will execute uh as and when we get ready. 59:58 59 minutes, 58 seconds Okay. And uh will the margin be sustainable? Uh uh the current margin as was previously answered as well. Uh 1:00:06 1 hour, 6 seconds we hope to keep a margin structure between 50 to 55% as a blended for the year. 1:00:14 1 hour, 14 seconds Thank you ladies and gentlemen. In the interest of time, this was the last question for today. I would like to hand the conference over to the management for closing comments. 1:00:26 1 hour, 26 seconds Uh thank you uh and thank you for your questions and for your continued engagement. 1:00:32 1 hour, 32 seconds FI26 reinforced our belief that the work we have done over the years is becoming increasingly relevant to our customers and to the market. 1:00:42 1 hour, 42 seconds We moved through a challenging cycle, rebuilt momentum, delivered on our Q4 execution intent and demonstrated that 1:00:51 1 hour, 51 seconds idea for can scale with discipline. As you moved into FI27, our focus remains 1:00:58 1 hour, 58 seconds clear. Thank you once again for your support and confidence in Idea Forge. 1:01:03 1 hour, 1 minute, 3 seconds Jim, thank you very much on behalf of Idea Forge Technology Limited. That concludes 1:01:11 1 hour, 1 minute, 11 seconds this conference. Thank you all for joining us today. And you may now disconnect your lines.