INOX India Limited — Q3 FY26

INOX India Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=0UkBpTOsBdU Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to Inox India Limited Q3 FI26 earnings call hosted by ICICI Securities 0:09 9 seconds Limited. As a reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions after the presentation 0:18 18 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then 0:26 26 seconds zero on your touchtone phone. Please note that this conference is being recorded. 0:32 32 seconds Anah conference over to Mr. Mohit Kumar from ICIC Securities Limited. Thank you and to you sir. 0:40 40 seconds Thank you. Good morning everyone. On behalf of ICICI securities, I welcome 0:47 47 seconds you all to the Q3 FY26 earnings call of Inox India Limited. Today we have with 0:54 54 seconds us from the management Mr. Deep Pakara CEO Mr. Pawan Locar CFO we'll begin with 1:03 1 minute, 3 seconds the opening remarks from the management which will be followed by Q&A. Thank you and over to you sir. 1:11 1 minute, 11 seconds Thank thank you Mo. Good morning everyone. I welcome all our uh shareholders investors analyst friends 1:18 1 minute, 18 seconds to our Q3 and 9 month FI26 earnings call of Inox India Limited. I trust you had 1:25 1 minute, 25 seconds the opportunity to review our results, earning release and investor presentation which are available on the stock exchange and on and our website. 1:35 1 minute, 35 seconds Joining me today is our CFO Pawan Loer who will later take you through the detailed financial performance following 1:42 1 minute, 42 seconds which we will open the floor for the questions. 1:47 1 minute, 47 seconds macro and industrial context. As we move towards the close of FI26, India's macroeconomic outlook remains 1:54 1 minute, 54 seconds robust, supported by strong domestic fundamentals and sustained policy focus. 2:01 2 minutes, 1 second Amid a period of global uncertainty, India has emerged as a relative bright spot offering a narrative of resilience and cautious activism. 2:11 2 minutes, 11 seconds As per the first advanced estimate released by the National Statistics Office, real GDP growth for FY 2526 2:18 2 minutes, 18 seconds is estimated to be 7.4% higher than the previous year of 6.2%. 2:24 2 minutes, 24 seconds Underpinned by resilient consumption, steady investment activity and continued infrastructure momentum. 2:32 2 minutes, 32 seconds Growth continue to be laid by the service sector which remains the primary engine of the economy while manufacturing and constructions are 2:40 2 minutes, 40 seconds expected to grow at around 7% from 5.25% previous year reflecting stable momentum 2:47 2 minutes, 47 seconds in the secondary sector. Healthy growth of private consumption and gross pick capital formation highlights sustained 2:56 2 minutes, 56 seconds demand and investment confidence. These trades remain well aligned with the Inox India's strategic focus on cryogenics, 3:03 3 minutes, 3 seconds LNG, industrial gases, scientific infrastructure and beverage packaging solutions. 3:10 3 minutes, 10 seconds We are well positioned to play a meaningful role in India's economic expansion supporting the karagenic demands of 3:17 3 minutes, 17 seconds growing manufacturing base. Business performance overview. 3:22 3 minutes, 22 seconds The the third quarter and the first nine months of FI26 reflect sustained execution momentum for 3:29 3 minutes, 29 seconds Inox India supported by robust order enclosures deeper customer engagements and increasing acceptance of our 3:36 3 minutes, 36 seconds products across the globe. Our diversified business model, strong export orientation and focus on technologically complex and high value 3:45 3 minutes, 45 seconds products continue to strengthen our competitive position and a long-term growth visibility. 3:52 3 minutes, 52 seconds Now I will take you through the segmental highlights the industrial gas solution. The industrial gas segment delivered an outstanding performance 4:00 4 minutes during Q3 in the first 9 months FI26 marked by record order wins volume growth and global recognition. During 4:08 4 minutes, 8 seconds the quarter we received an order from a leading US space aerospace company for two cryogenic storage tank 1,000 cubic 4:15 4 minutes, 15 seconds meters each. This order underscores the customer confidence in Inox India's engineering capabilities and product 4:22 4 minutes, 22 seconds reliability in highly critical applications. 4:26 4 minutes, 26 seconds We achieved the highest ever quarter order intake for our liquid nitrogen containers product category under the brand name cryosil with an order 4:34 4 minutes, 34 seconds quantity close to 20,000 units in Q3. 4:41 4 minutes, 41 seconds Price orders for the first months reached to excess of 50,000 units exceeding the volume achieved in the 4:48 4 minutes, 48 seconds entire previous financial year. Liquid cylinders demand also remained exceptionally strong. During the quarter, we received orders exceeding 4:56 4 minutes, 56 seconds 1,700 liquid cylinders, taking the cumulative 9mon figures to more than 2,300 units, representing the highest 5:04 5 minutes, 4 seconds ever volume for the product line. In disposable cylinders, we secured high value order during the quarter despite 5:11 5 minutes, 11 seconds the tariff. This includes order exceeding seven lakh disposal cylinders from US customers during this quarter. 5:19 5 minutes, 19 seconds Highlighting sustained demand and our ability to remain competitive in challenging trade environment. 5:26 5 minutes, 26 seconds LG solutions. The LG segment continued its strong growth trajectory during Q3 and the first nine months of FI26 5:34 5 minutes, 34 seconds supported by rising adoption of LNG as a clean and cost effective fuel across marine industrial and transportation applications. During the quarter, we 5:44 5 minutes, 44 seconds received an LG marine fuel tank order from a European customer for two tanks of 150 cubic meters each. The marine 5:51 5 minutes, 51 seconds segment is regaining momentum globally with an increasing number of vessels being covered converted to LNG creating a long-term demand opportunity. 6:02 6 minutes, 2 seconds We also secured orders for LG solar tank for LNG terminal projects in Africa comprising of two tanks of 500 cubic 6:09 6 minutes, 9 seconds meters seats from South Korean customers. In India, we crossed a significant milestone with over 250 LMG semmit trailers now operating on Indian 6:18 6 minutes, 18 seconds roads commanding a market share of over 85%. Strong traction continue for our 6:25 6 minutes, 25 seconds most efficient 42 scale LMG trailer. In the US, we introduced 48 cubic meter LMG trailer with DOT approval opening up a 6:33 6 minutes, 33 seconds new opportunities in North America market. On the LG fuel tank front, we also commissioned a fully automated 6:41 6 minutes, 41 seconds serial production line for LG fuel tanks at our Colonole plant to meet the string engine quality requirement of automotive OEMs in India. We are witnessing 6:50 6 minutes, 50 seconds encouraging traction from OEMs and we expect this momentum to translate into a stronger demand in the coming quarters. 6:59 6 minutes, 59 seconds I'm happy to share that our group company Inox Air Products flagged off its first peso approved LNG powered Karajik tanker following regulatory 7:08 7 minutes, 8 seconds changes permitting LG fueled vehicles built in Gujarat and powered by 450 LG 7:14 7 minutes, 14 seconds tank supplied by Nox India. This tanker is expected to reduce CO2 emissions by 25% and particulate emission by 95% 7:24 7 minutes, 24 seconds enabling more sustainable industrial gas logistics while delivering significant costsaving. 7:31 7 minutes, 31 seconds This milestone should open up a growth avenue for LG fuel tanks in the cinic transportation space as well. 7:39 7 minutes, 39 seconds Additionally, the petroleum and natural gas regulatory board has highlighted the significant opportunity for LNG in the 7:46 7 minutes, 46 seconds heavy transport sector. As per PNGB, LNG has the potential to replace 30 to 40% of diesel usage in heavy vehicles for 7:55 7 minutes, 55 seconds the next 5 to seven years which could result in substantial savings in imports and meaningful environmental benefits. 8:03 8 minutes, 3 seconds Cryoscientific division Cryoscientific Division continue to strengthen its position as a trusted partner for 8:10 8 minutes, 10 seconds complex global scientific infrastructure projects. We continue to receive repeat orders from Eater fans reflecting our 8:18 8 minutes, 18 seconds strong execution track record at the site. During the period we receive orders for installation of work of X Y 8:25 8 minutes, 25 seconds and W cry lines and warm lines refurbishment of lower cryostat thermal shield and fabrication installation of 8:32 8 minutes, 32 seconds bio shield shrimming plates. We are proud to announce the successful completion of several highly precise prestigious milestones at the ether 8:40 8 minutes, 40 seconds site. Inox India achieved a benchmark by cooling down the magnet cold test bench to four degree kelvin and sector 3 was 8:48 8 minutes, 48 seconds successfully lowered and installed inside the docomat. 8:52 8 minutes, 52 seconds These achievements reinforce our technical expertise and execution excellence in mission critical kagenic applications. Beverage cake. The 9:01 9 minutes, 1 second beverage cake business delivered important strategic wins during Q3 and the first nine months of FI26. We 9:08 9 minutes, 8 seconds received our first ever order from Henikin for supply of cakes to European market making a significant entry into Europe and opening the door for large 9:17 9 minutes, 17 seconds ahead. Inox India has also been approved by Mson Cruz of USA one of the world's 9:23 9 minutes, 23 seconds leading bravery uh bravering company with approval from Heniken ABND and Mson 9:31 9 minutes, 31 seconds Cruz. We are now approved by global braveries representing over 40% of the global beer market. This positions our 9:38 9 minutes, 38 seconds cake business strongly for scaleup geographies in the coming years. 9:43 9 minutes, 43 seconds Recognition. We are also proud to share that in uh CVA received a significant global recognition at the GL at the gas 9:52 9 minutes, 52 seconds world global innovation awards. Noxway was awarded the winner of the most impactful EH initiative for our 9:59 9 minutes, 59 seconds sustainability practices and was also recognized for the launch of India's first high uh ultra high 10:08 10 minutes, 8 seconds purity ammonia. So bank winning the innovation distribution category. These awards reinforce our leadership in 10:15 10 minutes, 15 seconds purposeful innovation, sustainable uhdriven engineering and global thought leadership. Further we were conferred 10:22 10 minutes, 22 seconds with the prestigious PI industry academic partnership award 2025 in the platinum category the highest of the 10:30 10 minutes, 30 seconds award at the group level. This recognition recognition was based on our impactful collaboration with IIT Mumbai 10:38 10 minutes, 38 seconds IIT Delhi IT Bangalore and ITM university focused on advanced research building excellence and skill 10:45 10 minutes, 45 seconds development. The social and intellectual impact created through these initiatives clearly stood out as a national level 10:53 10 minutes, 53 seconds outlook. As we look ahead, our strong order pipeline, expanding global customer base, increasing share of high 11:00 11 minutes value engineering products and capacity augmentation initiatives provide us with strong confidence in sustaining our 11:07 11 minutes, 7 seconds global uh growth momentum. We remain focused on operational excellence, innovationled growth and delivering long-term value to all our stakeholders. 11:17 11 minutes, 17 seconds Thank you for your continued trust and support. I will now hand over the call to Mr. 11:25 11 minutes, 25 seconds Pawan lo our CFO to take you through the financial highlights. 11:31 11 minutes, 31 seconds Thank you and good morning everyone. I will now take you through the financial highlights for the quarter and one month 11:37 11 minutes, 37 seconds ended 31st December 2025 for uh for this quarter total income stood at 436 crores representing a 11:46 11 minutes, 46 seconds growth of around 27% yi driven by strong execution across key segments making the highest ever quarterly sales company 11:55 11 minutes, 55 seconds also recorded highest ever quarterly export revenue of 271 crores adjusted to date 102 crores which which 12:04 12 minutes, 4 seconds is up by 34%. YI the highest ever adjusted IB reflecting improved operating efficiency and better product 12:11 12 minutes, 11 seconds mix. Adjusted profit after tax uh was 68 crores growing 32% yi supported by 12:20 12 minutes, 20 seconds margin expansion and robust volume growth for 9 months fi26 total income 12:26 12 minutes, 26 seconds for 9 month revenue stood at 1157 crores with growth of 20% on yi adjusted ibida 12:34 12 minutes, 34 seconds for 9 months uh 281 crores with growth of 23% on yi adjusted paid for 9 months 12:41 12 minutes, 41 seconds to date 89 crores registering a growth of 23.7% over the same period last year. As of 12:49 12 minutes, 49 seconds 31st December 2025, our order backlog is studented and 1457 crores providing 12:56 12 minutes, 56 seconds strong revenue visibility for the coming quarters. Of this 63% is from exports and 37% from domestic market reforming 13:05 13 minutes, 5 seconds our strong global presence. Our total fund availability is on Q3 FI2060 13:12 13 minutes, 12 seconds course providing ample pre headroom to support future capacity expansion ongoing project execution and other strategic initiatives. 13:22 13 minutes, 22 seconds That concludes my remarks on the financial performance for the quarter and 9 months. I would now request the moderator to open the floor for question answers. 13:32 13 minutes, 32 seconds Thank you. 13:35 13 minutes, 35 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 13:42 13 minutes, 42 seconds star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you 13:49 13 minutes, 49 seconds may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will 13:57 13 minutes, 57 seconds wait for a moment while the question Q assembles. 14:18 14 minutes, 18 seconds The first question is from the line of Abhinav from ICIC Security is Limited. Please go ahead. 14:25 14 minutes, 25 seconds Yeah. Hi sir, good morning. Congrats on a good quarter on execution front. My first question is on the order inflow front. uh we have been in the range of 14:33 14 minutes, 33 seconds about 350 to 400 crores of quarterly order inflows consistently now near 400 crores uh with one of large order wins 14:41 14 minutes, 41 seconds which has pushed the order inflow above 450 cr for a quarter last year. When can we expect order inflow above 450 crores 14:51 14 minutes, 51 seconds on a consistent basis? Uh that will be my first question. 14:56 14 minutes, 56 seconds Yeah. Uh we are very positive about u increasing order flow and we wish that uh you will see substantial good results 15:05 15 minutes, 5 seconds in Q4 and uh next year going forward because we are waiting for some high value orders which are not materialized 15:12 15 minutes, 12 seconds in Q3 but uh we are very close uh in Q4 and maybe the uh first quarter of the next year. So we are hopeful that uh 15:21 15 minutes, 21 seconds after that we'll get good orders uh in close. 15:26 15 minutes, 26 seconds So, so this um I mean order inflow of about 450 cr will it be driven based on only large value orders or we can see uh 15:33 15 minutes, 33 seconds the inflow consistently above 450 in your 500 crores. 15:38 15 minutes, 38 seconds There are always like some big orders can 400 there's a cross talking. 15:54 15 minutes, 54 seconds Sorry sir I missed you. Uh I think the line was not audible. Is going on. 16:01 16 minutes, 1 second Can you stop that? 16:03 16 minutes, 3 seconds So I'm saying around 300 to 350 is our standard orders and uh one of two one or two bigger orders can move us to more 16:12 16 minutes, 12 seconds than 500 crores going forward. Now understood. Uh so my second question last me that you know about close to 900 16:22 16 minutes, 22 seconds crores will be executed in second half of FI26 uh which will roughly entail about 470 crores of uh 16:30 16 minutes, 30 seconds sorry to interrupt Abhinav sir your voice is a bit muffled uh yeah now is it better? 16:37 16 minutes, 37 seconds Yeah please go ahead. Uh so my question is on the execution u last time around we had um mentioned that about 900 16:44 16 minutes, 44 seconds crores of revenue will be executed in second half of 26 which enters about 470 crores u in the last quarter. So are we 16:52 16 minutes, 52 seconds on track to achieve that or uh will we exceed it? 16:56 16 minutes, 56 seconds We are absolutely on track and we can perform perhaps better than this. 17:01 17 minutes, 1 second Understood. Uh so my final question on the gross margin front uh this quarter gross margins have been lower. uh is it due to rise in commodity prices? Uh can you explain that? 17:13 17 minutes, 13 seconds Actually you know this gross margin level also you know 1 2 3% we are always telling that it is not possible to track 17:22 17 minutes, 22 seconds exactly. So plus minus 3% you have to take the take it sometimes in some project it is lower but otherwise 17:30 17 minutes, 30 seconds commodity doesn't affect us because you know maximum big orders we are taking the orders on the basis of the formulas only so automatically the rates are 17:39 17 minutes, 39 seconds adjusted according to the commodity rates. So uh normally commodity rates are not affecting our company. Uh uh 17:47 17 minutes, 47 seconds only small in case of small orders in which the formula is not there some little bit effect may be there but you 17:53 17 minutes, 53 seconds know plus minus 2 3% we have to keep uh as a normal thing in the uh data. 18:02 18 minutes, 2 seconds Understood. That was helpful. Thank you sir. All the best. 18:09 18 minutes, 9 seconds Thank you. The next question is from the line of Prakash Kapadia from Kapadia Financial Services. Please go ahead. 18:17 18 minutes, 17 seconds Yeah, thanks for the opportunity. Um, I think you know it would help if you could give us some sense on you know the 18:24 18 minutes, 24 seconds LG side. How is the demand shaping up for LG fuel tanks on the OEM side? I think in the opening uh remarks you 18:33 18 minutes, 33 seconds mentioned about you know market share being 85%. So what is the potential on you know the semi-trail side if you can 18:41 18 minutes, 41 seconds give some more insights that'll be helpful and secondly you know government 18:47 18 minutes, 47 seconds has huge plans of you know launches so I think vikram one is you know going to be 18:55 18 minutes, 55 seconds launched in you know mid 26 did we have a role in that government is talking of you know huge increase in you know space 19:03 19 minutes, 3 seconds launches vikram one skyroots is investing more 10,000 crores. So are we placed for that opportunity? Did we have 19:11 19 minutes, 11 seconds a role in that? Uh if you could comment on that also that would be helpful. 19:16 19 minutes, 16 seconds Yeah. Uh if you see LG LNG fuel tank is not the only business. It is a smaller business. I can say the major business 19:24 19 minutes, 24 seconds uh lies in the LG fueling stations, LNG LCNG stations and LG satellite stations. 19:31 19 minutes, 31 seconds So if you see uh total out of 65 stations LG fueling stations are either have started or in operation or maybe 19:38 19 minutes, 38 seconds under uh final stage of commissioning we have almost like 69% market share into fueling station and we have L changes 19:47 19 minutes, 47 seconds station out of 64 uh fully commissioned uh fully equipment supplied are around 23 uh by Nox India which is almost like 19:56 19 minutes, 56 seconds 36% and balance we have partially given some equipment from side on LNG satellite station we have 88 satellite 20:04 20 minutes, 4 seconds stations all over India out of that we have supplied 64 stations comprising of 73% of the total uh sales so far 20:13 20 minutes, 13 seconds happened in India so overall if you see the average uh 65 to 70% market share for these products which are the major 20:20 20 minutes, 20 seconds products besides that the fuel tank what you rightly said we are the uh only Indian manufacturer in India as on today 20:29 20 minutes, 29 seconds and we enhanced our capacity by uh serial production line for the LG fuel tanks and we are supplying to the all 20:37 20 minutes, 37 seconds the majors. Uh however in the last quarter we could not see much of a uh impact of uh requirement from fuel tanks 20:46 20 minutes, 46 seconds but this quarter that is Q4 we have received a a good amount of uh tank requirement from the major OEMs and 20:53 20 minutes, 53 seconds we'll be uh supplying those uh fuel tanks on road. One such a important change which has happened 21:02 21 minutes, 2 seconds that PNGB has now allowed uh uh use of uh LG fuel tanks on the pressure vessel 21:09 21 minutes, 9 seconds as well. For example, we have the cryogenic uh tank which is installed on the truck which is a part of a pressure 21:15 21 minutes, 15 seconds which is a pressure vessel. So earlier pressure vessel the small pressure vessel that is fuel tank was not allowed but now it is allowed and we have 21:24 21 minutes, 24 seconds installed the first such tank in our company Inox air products uh under the approval from peso and RTO and that is 21:33 21 minutes, 33 seconds giving a substantial good result. So if this exercise is fruitful so we are just watching the performance for next 2 21:40 21 minutes, 40 seconds three months. So there can be a very big demand for even for retrofitting of these fuel tanks. Okay. Okay. Okay. 21:48 21 minutes, 48 seconds Okay. That that is helpful on the LNG side. 21:53 21 minutes, 53 seconds On on the space side space side. Yes. Uh we have variety of projects which are going ahead. Uh the lunar project uh 22:01 22 minutes, 1 second which is uh likely to come. The RFQ will be coming before March and we are very well placed into this uh because we have 22:10 22 minutes, 10 seconds done the second launchpad for the ISRO where we have supplied all the ground equipments. Besides that there are two three more projects which are coming in 22:18 22 minutes, 18 seconds such as engine test facilities there propellant tank manufacturing is there or 50 tons ASU plant requirement is 22:26 22 minutes, 26 seconds there. So we are all bidding for such uh projects for ISRO and uh Skyroot, Ether and all the many other small uh you can 22:35 22 minutes, 35 seconds say startups. We are associated with them from the beginning and we supply them uh lot of equipment and uh even we 22:44 22 minutes, 44 seconds supply in uh tell them about the various activities what we are doing they can use our facility for some testing because of their some financial 22:53 22 minutes, 53 seconds constraints are there. So we are uh helping them to grow faster because that will help us in uh uh years to come for 23:02 23 minutes, 2 seconds further development and if as they grow big we will also uh do more business with them. That is our philosophy. 23:09 23 minutes, 9 seconds Understood. And you said March this tender should open or it should close. What is the timeline from? Yeah. 23:18 23 minutes, 18 seconds RFQ will RFQ will come now. RFQ will come and then that should be what a 3 to 6 month process for closure of the government side. 23:28 23 minutes, 28 seconds Normally it will be 3 months. 3 months. 23:30 23 minutes, 30 seconds So maybe the next year uh uh the court will be we have to supply the give the final quotations. 23:39 23 minutes, 39 seconds Okay. Understood. Thank you. I'll come back if I have more questions. Thank you Praash. 23:47 23 minutes, 47 seconds Thank you. The next question is from the line of J N Gandhi from Ambit Capital. Please go ahead. 23:54 23 minutes, 54 seconds Uh hi, good morning. I hope I'm audible. Yeah. Yeah. 23:59 23 minutes, 59 seconds Okay, great. So, sir, uh earlier you confirmed that our uh large large supply uh contracts are normally linked with a price variation or an escalation clause. 24:08 24 minutes, 8 seconds I just wanted to confirm that is there any cap on it or the complete commodity inflation can be passed on to the customer? 24:17 24 minutes, 17 seconds Uh no we have like uh the formula which we already worked upon and if there is a around 3% increase decrease maybe there 24:25 24 minutes, 25 seconds are many factor like wages is there steel prices is there inflation is there commodity prices is there so that 24:32 24 minutes, 32 seconds formula is there if there is a increase in around 3% uh plus minus then we automatically uh increase our pricing or 24:40 24 minutes, 40 seconds decrease our pricing depending on that but if it is a totally long one-year contract or like that But when for a particular project is there, it is a 24:49 24 minutes, 49 seconds fixed contract and we book our material uh when we uh get the order immediately. 24:54 24 minutes, 54 seconds So we don't have to have any risk of increase in pricing or any other things into the contract. 25:01 25 minutes, 1 second Understood. Uh my second question is uh do we have any update on the small scale LNG bids that we had made for Indonesia, 25:09 25 minutes, 9 seconds Philippines and the man? It would be good if we have a like current status or a finalization timeline. 25:16 25 minutes, 16 seconds I understand your anxiety. Uh but somehow the process is little slow. We are very much uh on the verge of uh 25:24 25 minutes, 24 seconds getting a final offer, final uh tender from the Andaman Nikobar. Uh but uh Indonesia and Malaysia uh it's still 25:32 25 minutes, 32 seconds under active consideration only. Uh the tenders are not released. Okay, understood. Um thank you so much. 25:40 25 minutes, 40 seconds I'll get back in the queue if I have more questions. All the best. Good. Thank you. 25:47 25 minutes, 47 seconds Thank you. The next question is from the line of Amar from Regent Capital. Please go ahead. 25:59 25 minutes, 59 seconds Yeah, slightly louder will better. 26:03 26 minutes, 3 seconds So I wanted to ask you is that what was the order inflow in Q3? 26:11 26 minutes, 11 seconds Q3 order inflow. Just uh it was around 390 392 K. 26:25 26 minutes, 25 seconds Okay. And uh uh when will you close this uh FI26 at like what will be the order? 26:33 26 minutes, 33 seconds Uh we'll be meeting our targets whatever we have planned around uh 1700. 26:40 26 minutes, 40 seconds Okay. And uh any guidance in terms of uh going ahead F. 26:45 26 minutes, 45 seconds Sorry to interrupt Amir. Your voice is muffled. We are unable to hear you. Is it is it fine now? No, still the same sir. 26:53 26 minutes, 53 seconds Still same but okay you continue. Uh yeah I was asking is uh would you like to give any guidance for FY27 27:03 27 minutes, 3 seconds FY27 at least whatever we are targeting around 18 to 20% growth we'll continue and we have various uh opportunities we 27:11 27 minutes, 11 seconds are looking ahead and uh we definitely meet that target of around 18 20% growth. 27:20 27 minutes, 20 seconds Okay. And uh one last question uh what will be the execution timeline of the current order book sir. 27:28 27 minutes, 28 seconds So depending on the size of the project uh the normal standard projects are there which is like tanks are there which is 3 to four months slightly 27:36 27 minutes, 36 seconds complex is around 8 months and big project like Bahamas and other thing it takes from 1 year to 18 months. 27:46 27 minutes, 46 seconds Thank you so much. That's all from my side sir. 27:52 27 minutes, 52 seconds Thank you. The next question is from the line of Dyam Doshi from 9 to3 Capital. Please go ahead. 28:00 28 minutes Hello sir. Uh congratulations on a great set of numbers. I just wanted to know that um uh now we have the approval from 28:08 28 minutes, 8 seconds Hemiken and AB web. We have approx 40% exposure in the market. Right. So are they are there any other uh approvals 28:17 28 minutes, 17 seconds planned for this coming quarter and yeah we were binging upon uh AB uh this 28:25 28 minutes, 25 seconds Ksburg and Asahi and somehow we are pushing them but uh they wanted to come uh in January now but I know uh they'll 28:35 28 minutes, 35 seconds be slightly delayed now but yes we have bidded for the Kalp requirement though they are not visited us once they allocate get the order they will definitely come for the audit. 28:46 28 minutes, 46 seconds Okay. And uh what is the lifeline of this sketch that we make? 28:50 28 minutes, 50 seconds Uh it depends on the use but roughly 20 to 25 years. 28:54 28 minutes, 54 seconds Okay. Okay. Okay. And I have one more question that um uh right now we have a very strong export export growth for 29:03 29 minutes, 3 seconds this quarter. Right. So what is the uh margin difference between the domestic and the export uh that we do? It's normally 2 to 3% uh higher on exports. 29:15 29 minutes, 15 seconds Okay. And uh you mentioned that uh the uh LNG for uh ocean right uh ocean 29:22 29 minutes, 22 seconds vehicles right ships and everything. So how long does that last? For example, you had mentioned that for uh commercial vehicles normal vehicles last 500 to 600 29:31 29 minutes, 31 seconds km while we assembled two tanks so it last appro. So what about ships? 29:39 29 minutes, 39 seconds uh ships it's like depend on how much movement is there but the ships they normally it's a uh at least one tank of 29:47 29 minutes, 47 seconds 800 cubic meter they fill in and the possibility is there now we have designed the ships so the bunkering can happen on the sea itself so that is not 29:55 29 minutes, 55 seconds a constraint that how much kilometer it has to travel so uh they get the information that uh okay the tank is 30:03 30 minutes, 3 seconds getting empty so the bunkering vessel will come and fill it on the sea itself so that is not a constraint 30:10 30 minutes, 10 seconds Okay sir and last question that uh in the two conc you you had mentioned you are planning to build some products for 30:18 30 minutes, 18 seconds data center cooling opportunity. So is there any update on that? 30:22 30 minutes, 22 seconds Uh yes uh we are uh very close to discussion with one of the German um company who is manufacturing this uh 30:31 30 minutes, 31 seconds sort of a big racks for the IT industry and uh we will provide them uh the cooling system and they and to us 30:39 30 minutes, 39 seconds together we are uh expecting a small prototype to be developed first and then we will go in a big way but uh the 30:47 30 minutes, 47 seconds chances that it will happen is around 6 to 8 months in next coming few months. 30:51 30 minutes, 51 seconds Okay. And what are what would be the margins uh in this? 30:56 30 minutes, 56 seconds Uh it's too primitive to tell me tell you about this but substantial margins will be there because uh the present 31:03 31 minutes, 3 seconds cooling is with through uh air conditioning or water and uh this will substantially save them the uh uh energy 31:11 31 minutes, 11 seconds cost. Uh and it's a very complex you can say uh mechanism uh first time will be introduced in the market. So definitely it will have a good margins. 31:22 31 minutes, 22 seconds Okay. Okay. Thank you so much and all of us sir. Thank you. Thank you. Thank you so much. 31:29 31 minutes, 29 seconds Thank you. The next question is from the line of Mohit Surana from Monarch Network Capital Limited. Please go ahead. 31:38 31 minutes, 38 seconds Um sir, thank you for the opportunity and uh congratulations. The good set of numbers. Um so my first question is with respect to the Sabi plant. Um so wanted 31:47 31 minutes, 47 seconds to understand when can we reach optimum utilization in this plant. Um I I believe beer kegs for this quarter was only 1.4% of total sales 31:56 31 minutes, 56 seconds and although we have bid for the orders uh from these global alcoholic beverage companies we are yet to see growth in that. So by what time I think there will 32:04 32 minutes, 4 seconds be a slow ramp up of utilization but by when can we expect optimum utilization at the si plant? So the SAI plant is not 32:11 32 minutes, 11 seconds only the cake plant. We have also the shop there. And as you know that the cake plant has a 32:20 32 minutes, 20 seconds capacity to produce around three lakh cakes on a annual basis. Uh presently we 32:28 32 minutes, 28 seconds are having order book around 65 70,000 uh kegs. So our utilization is that low. uh but uh we 32:38 32 minutes, 38 seconds have already occupied one part of that uh shop into for a CST work and uh we 32:45 32 minutes, 45 seconds are uh hello we are getting orders from hen now we are received from Bulgaria Croatia and uh we are expecting few more 32:54 32 minutes, 54 seconds as well uh but the volume is not increasing to our expectation uh but hopefully around maybe around uh 80,000 33:03 33 minutes, 3 seconds to one lakh uh order uh by March chain we should be getting. Uh so our utilization into the cake plant is 33:10 33 minutes, 10 seconds little less as you are rightly said but on the uh cryoshop we are almost like 70% full now and we have a lot of orders 33:19 33 minutes, 19 seconds we are pumping in and it cers to the domestic as well as the international market. So whatever is surplus for our 33:26 33 minutes, 26 seconds kal kandla facility we are shipping uh transferring it to sai facility. So uh 33:33 33 minutes, 33 seconds we don't find any capacity utilization issues in Savi uh barring the uh inflow of orders for the cake plant. 33:42 33 minutes, 42 seconds Understood sir. So that 80 to 1,000 orders that you mentioned for Q4 those will be new orders or for the full year? 33:49 33 minutes, 49 seconds For the full year for the full year. 33:51 33 minutes, 51 seconds Right. Right. Uh understood sir. Um so one more question with respect to the semiconductor opportunity. So I think we 33:59 33 minutes, 59 seconds supplied cryogenic tanks for Tata semiconductor facility in Assam. 34:04 34 minutes, 4 seconds Um if if you can give some details on the order value and the kind of opportunity that you see in this space going forward and have you have the 34:12 34 minutes, 12 seconds visibility for more such orders for uh for the upcoming financial year. 34:16 34 minutes, 16 seconds Yeah. uh recently uh uh even the ministry of uh uh uh transportation and 34:24 34 minutes, 24 seconds I think uh uh uh waterways they have published that uh such a small waterways are available for shipping the um tanks. 34:33 34 minutes, 33 seconds So we have recently supplied 250 cubic meter into two tanks to the Assam project. Uh we also supplied some 34:40 34 minutes, 40 seconds vaporizers, piping heats and other things. Uh the roughly value for this is not so big but around 8 crores and uh we 34:48 34 minutes, 48 seconds have also received order for a doera project now uh with abbt tanks uh some storage tanks piping and uh feeds uh 34:58 34 minutes, 58 seconds roughly around 10 to 12 crores. So slowly and steadily we are entering into this area and whatever initial 35:05 35 minutes, 5 seconds requirements are there. So we have started supplying and perhaps uh we are the only one you can say in this sector 35:14 35 minutes, 14 seconds now because uh we have demonstrated our capabilities in semicondu industry to the Korean uh to the Japanese and Singapore market earlier. 35:24 35 minutes, 24 seconds Understood sir. Great. So that's really helpful. Um so my next my next question is with respect to u the uh another um 35:34 35 minutes, 34 seconds project that you executed for Indian railways. Uh I think we also supplied LG tanks for retrofitting in a train um 35:42 35 minutes, 42 seconds maybe maybe in Ahmedabad. wanted to understand was it uh a hybrid dial diesel and LG use or it was in a a 35:51 35 minutes, 51 seconds complete transition to LG and will that and did that require a change in the engine of the uh train? 35:58 35 minutes, 58 seconds Yeah, very good question and uh this is uh not happened though we have supplied the equipment earlier. This news has 36:06 36 minutes, 6 seconds come in the quarter 4. Now uh we supplied uh 2,200 liter LNG storage and region system for 36:14 36 minutes, 14 seconds integration in 100 1,400 uh HP dual power unit cars that they called as a 36:21 36 minutes, 21 seconds DPUs of dual uh that is diesel uh and uh LNG uh trains. So this was one of the 36:31 36 minutes, 31 seconds first initiative we took uh almost a year back. So we have already supplied two such uh installations uh to uh LNG 36:40 36 minutes, 40 seconds uh for to railways and the trains are working from Ahmedabad to Masana and other Saburant and other areas. Their 36:48 36 minutes, 48 seconds basic idea is that uh wherever there are coal based uh trains which are still 36:54 36 minutes, 54 seconds there they want to and uh electricity uh lines are difficult to lay. So in that area uh railway is trying to put uh this 37:04 37 minutes, 4 seconds LNG uh powered uh train and we are successful in doing that. RDS approves now they have received they have placed 37:12 37 minutes, 12 seconds four more orders to us and two of them we are just on the verge of dispatch and two are under construction. So once that 37:20 37 minutes, 20 seconds is uh well proven I think the ministry also and many railway authorities have shown that it's a substantial saving uh 37:30 37 minutes, 30 seconds and almost 40% they're depending on the LNG and 60% balance on the uh conventional diesel. So going forward we 37:38 37 minutes, 38 seconds see wherever there is a possibility uh railway will convert this their engine to this uh dual fire technology. Uh so 37:46 37 minutes, 46 seconds we are very hopeful that this business will grow much faster. 37:50 37 minutes, 50 seconds So sir this dual power technology uh does not require any change in engine of the train. 37:55 37 minutes, 55 seconds They they requires modification in the engine and that is being done. 38:00 38 minutes Understood. Understood. So that's that's very helpful. I think that's that's another growth lever for the company. Yeah. Absolut absolutely. 38:08 38 minutes, 8 seconds Even railway is very bullish about it now. 38:11 38 minutes, 11 seconds Right. So just one last question. Um we have seen uh the Indian currency depreciating uh recently um and since 38:20 38 minutes, 20 seconds around 60 65% of our revenue this quarter came from exports. Do you think there can be some lever for us to improve our margins uh for Q4? 38:30 38 minutes, 30 seconds uh certainly slight improvement will be definitely there because we have the orders in hand from either uh US dollar 38:37 38 minutes, 37 seconds or Europe or euros and both the currencies are almost like uh going mad 38:43 38 minutes, 43 seconds now. Uh there's almost like 25% increase in the European and around 10 to 12% in 38:50 38 minutes, 50 seconds uh US dollars. So whatever advance we are issued it is in the old rates but uh the new things which will come 38:57 38 minutes, 57 seconds definitely with the the new rates and we'll have some some slight margins improvement uh as we uh dispatch is in quarter 4. 39:07 39 minutes, 7 seconds Understood sir that's that's very helpful sir. Thank you so much and all the best. Thank you so much. Thank you ma'am. 39:15 39 minutes, 15 seconds Thank you. The next question is from the line of Arvind Aurora from a square capital. Please go ahead. 39:24 39 minutes, 24 seconds Hello. Am I audible? Yeah. Yeah. 39:27 39 minutes, 27 seconds Yeah. First of all, thank you sir. Thank you for all your effort and like thank you to you and your team for all the efforts that we can clearly see in uh 39:36 39 minutes, 36 seconds revenue numbers and margins and everything. So thank you first of all and sir um yeah I have two questions. 39:45 39 minutes, 45 seconds One is like what is our capacity utilization of now? 39:49 39 minutes, 49 seconds So we have four four plants to that extent and our kal and gandla facility is almost like 85 90% uh completed full 39:58 39 minutes, 58 seconds and our silvas uh silvas also is almost 90%. And our si plant there are two main plants one is cryoplant and another is 40:08 40 minutes, 8 seconds cake plant. Our cake plant is almost like 25 to 30% utilized. Whereas our kaya plant is 70% utilized and this is 40:17 40 minutes, 17 seconds the first year of our cry shop. So going forward definitely we will like always to work around at least 90 plus for the 40:25 40 minutes, 25 seconds capacity utilization for all our plants and we have enough space in uh Savi and uh we are looking for some space at 40:33 40 minutes, 33 seconds Kandla also. So as the opportunity increase definitely we will uh uh expand our facility at both these two locations. 40:42 40 minutes, 42 seconds And how much time will it uh take like uh for expanding the capacity? 40:47 40 minutes, 47 seconds Uh see basically uh as the land is already acquired uh or is in our hand. 40:53 40 minutes, 53 seconds It takes around 6 to 8 months to build the shield and the machinery and it takes around 3 to four months to streamline the whole operation. So almost a year you can say consider. 41:03 41 minutes, 3 seconds Okay. So okay understood and sir uh like are the revenue is coming from order book only or is there any kind of 41:11 41 minutes, 11 seconds revenue where we get the order and we can execute within few days or weeks something like that. I could not understand your question. 41:19 41 minutes, 19 seconds The revenue always come from the order booking order comes routine orders also come like you know disposable cylinders. So 41:28 41 minutes, 28 seconds we are getting the orders and it is produced in a day or two. Even similar fast moving items. 41:35 41 minutes, 35 seconds Fast moving items are also there. Cry. 41:37 41 minutes, 37 seconds So we have we have we have we have multiple uh product line you can say. We are cryos seals, we are disposed cylinders, we have vaporizers, we have 41:45 41 minutes, 45 seconds liquid cylinders, we have fuel tanks. Uh these small small products are very fast in moving uh that way. So uh we can 41:53 41 minutes, 53 seconds finish the for disposal cylinders rightly said you start in the morning and finish in the evening and next day you dispatch. So that is the speed of 42:01 42 minutes, 1 second the disposal renders whereas some bigger what is share of these kind of revenue sir 42:08 42 minutes, 8 seconds so almost like 30% 30 to 40% is this through this orders okay so your order book what we can see as of now on December is like would be 42:17 42 minutes, 17 seconds around 70% of your uh next revenue correct if uh we just try to yeah calculate 42:25 42 minutes, 25 seconds right yeah yeah okay and sir uh last question like when you are giving guidance like you are giving guidance of 18 20%. Okay. And 42:33 42 minutes, 33 seconds when we see when we discuss when we understand the updates from you it's like there are lots of elements that we 42:40 42 minutes, 40 seconds are having in the business. So why we are like sticking to only 18 20% like it is it like an conservative uh guidance that you are giving or how it is. 42:51 42 minutes, 51 seconds So it's very difficult question to answer but yes we are slightly conservative in giving these numbers because uh the lumpy orders are there 42:59 42 minutes, 59 seconds which we are we can't commit you know so whatever is the standard growth and some uh risk in those orders that we can 43:06 43 minutes, 6 seconds commit whereas something comes up uh big projects like third launchpad or many such projects are coming in if that goes 43:14 43 minutes, 14 seconds and uh it will be substantial growth no problem. Thank you sir. Thank you so much. 43:21 43 minutes, 21 seconds Thank you. 43:24 43 minutes, 24 seconds Thank you. The next question is from the line of Pravesh Cocher from For Lion Capital. Please go ahead. 43:34 43 minutes, 34 seconds Hi. Uh thank you for the opportunity. Um just wanted to check on the aerospace uh additional order that you have 43:41 43 minutes, 41 seconds mentioned. U is this the same amount as the one in last quarter or uh can just give some more color on what this is 43:49 43 minutes, 49 seconds this more than tanks or is it this tanks etc. The last quarter was 1,500 cubic meter tank. So it was slightly bigger. 43:57 43 minutes, 57 seconds Uh these tanks are one cubic meter into two tanks. So from the same customer in US uh which is very uh well-known party 44:06 44 minutes, 6 seconds in aerospace in US. So and we expecting few more as well from them now. 44:12 44 minutes, 12 seconds And these will all be in the tank side or are we going to do more components for that uh for that space station? for the timing it is mostly storage tanks 44:21 44 minutes, 21 seconds for variety of their applications and uh maybe oxygen nitrogen or many other gases. So depending on the requirement 44:29 44 minutes, 29 seconds uh we designed the equipments even we are designing some heat exchangers for them also. So but we have not received any orders so far but uh inquiries are 44:38 44 minutes, 38 seconds coming from them now because they are very mega projects coming up in US and they are finding it difficult that such 44:45 44 minutes, 45 seconds type of huge tanks manufacturers are also very less in the world. So we have got that advantage now. 44:52 44 minutes, 52 seconds Makes sense. And with now the tariffs sort of uh also rationalized is the negotiation moving uh quicker 45:00 45 minutes than what it was let's say last quarter or uh are you seeing some change there? 45:06 45 minutes, 6 seconds We are thinking a lot and now they are not thinking they are just releasing now. 45:11 45 minutes, 11 seconds Okay lovely. Um my second question is on u uh you know Mr. Eduardo Man's visit. 45:18 45 minutes, 18 seconds uh any update on if that would open up new partnerships with the sister company air products uh uh going forward. 45:27 45 minutes, 27 seconds Yeah, we are uh working with them for variety of uh requirements uh worldwide and uh we will be working with some 45:35 45 minutes, 35 seconds projects which they have in line but not yet materialize everything but uh very positive discussion is going on. 45:43 45 minutes, 43 seconds Got it. Um lastly on uh you know a lot of capacity is coming on uh cell manufacturing on the solar module side 45:52 45 minutes, 52 seconds um uh at least air products is you know uh putting out a lot of uh press releases to that extent just wanted to understand what would be our 46:00 46 minutes participation in uh the sale capacity that's coming online you know across India now from a variety of uh solar 46:08 46 minutes, 8 seconds module manufacturers. Thank you. Yeah, mainly solar modules manufacturing they are using ultra high purity ammonia uh 46:16 46 minutes, 16 seconds which we already supplied eight units to them and we have recently received additional five units. uh going forward uh there is a substantial requirement of 46:25 46 minutes, 25 seconds this ultra high purity ammonia for solar applications and we are again the first in India to develop such product because 46:33 46 minutes, 33 seconds it's a very critical product and uh we have developed that and uh we are hopeful that uh not only uh inoxare 46:41 46 minutes, 41 seconds products but there are many such companies who are entering into it and even we are supplying equipments to the solar glass manufacturers like uh 46:51 46 minutes, 51 seconds Vishakha then uh S goin and many other people. So this is a good uh requirement which is coming up and we are catering to those requirements. 47:02 47 minutes, 2 seconds Unless thank you so much and nomination. 47:07 47 minutes, 7 seconds Thank you. The next question is from the line of H Sha from Dal and Procha. Please go ahead. 47:14 47 minutes, 14 seconds Yeah. Uh thank you for the opportunity and congratulations on a case of head of numbers. Look couple of questions. uh 47:21 47 minutes, 21 seconds firstly in terms of the R&D segment in Q Q1 uh you had given a growth guidance that uh it'll be bare minimum 20% growth 47:30 47 minutes, 30 seconds uh what I see is 9 month this 9 months itself we have exceeded uh FI25 uh numbers so where do we see LM uh uh 47:40 47 minutes, 40 seconds in terms of revenue for this coming year and secondly uh uh one it's with respect 47:47 47 minutes, 47 seconds to the catch division so we are In Q2 we had a target of about 100,000 units for 47:54 47 minutes, 54 seconds the whole year. So where are we in terms of that in terms of quantity as well as 900 numbers uh with respect to disposable cylinders. 48:05 48 minutes, 5 seconds So in the last one call you had said we had an internal target about 2 million units. So where are we in terms of that? 48:12 48 minutes, 12 seconds Because H1 we were at about half a million in terms of production units. 48:17 48 minutes, 17 seconds Correct. So and how much of it is towards national refrigeration? So yeah, so I'll answer the third question first 48:26 48 minutes, 26 seconds perhaps. Uh the disposal cylinder we are doing very well and uh we will cross the our target of 2 million cylinders this 48:33 48 minutes, 33 seconds year. Uh one of the important customer from US has placed their quarter 1 quarter two requirements more than seven 48:41 48 minutes, 41 seconds lakh cylinders to us and uh we'll be delivering them as on schedule. So we 48:47 48 minutes, 47 seconds are quite uh hopeful that uh disposal cylinder business is uh going to grasp the last year's what we have achieved uh in volume as well as in uh the revenue. 48:59 48 minutes, 59 seconds Uh the next question was on your uh cakes 49:05 49 minutes, 5 seconds kegs. Okay. So cakes in we uh order book was around 15,662 49:11 49 minutes, 11 seconds units and sell was around 15,241 units and in 9 months we have order book of 49:18 49 minutes, 18 seconds around 67,000 plus and sell of around uh 36,000 so far and we have still in Q4 we 49:25 49 minutes, 25 seconds have order book which is there. So we'll finish that. We'll try to order book of around uh 100,000 and uh sale of around 49:34 49 minutes, 34 seconds 60 to 70,000 we will try to achieve in Q4 because it's continuously working. 49:39 49 minutes, 39 seconds Now we have received order from Hen from Croatia and Bulgaria and uh few more 49:46 49 minutes, 46 seconds orders are in pipeline now supplying to Germany, South America and uh other countries. 49:56 49 minutes, 56 seconds Thank you. Just uh one thing regarding the Kajber approval. So the sample that we sent in November they've been approved right only the audit has been further delayed which was already delayed in the last quarter. 50:06 50 minutes, 6 seconds Yeah they have uh delayed their visit however but they have sent us the uh tender and we have filled that tender 50:14 50 minutes, 14 seconds and the results are likely to come uh shortly now. 50:19 50 minutes, 19 seconds Got it sir. Thank you. Before we take the next question, a 50:26 50 minutes, 26 seconds reminder to all the participants that you may press star N1 to ask a question. 50:32 50 minutes, 32 seconds The next question is from the line of Kunal Bhya from Dalal and Procha Stock Broking Limited. Please go ahead. 50:41 50 minutes, 41 seconds Uh yeah, hi sir. Uh congratulations on a very good set of numbers. Um sir, uh just one question in terms of 50:47 50 minutes, 47 seconds Sorry to interrupt Mr. Bhya. Uh can you use your handset Mi? Yeah. Can you hear me now? Yeah. Yeah. Thank you. 50:55 50 minutes, 55 seconds Yeah. Yeah. So, uh so congrats on a good set of numbers. Just uh one question in regards to the uh industrial uh um gas 51:04 51 minutes, 4 seconds division. So, sir, this order from the US aerospace uh company. Um sir, could you give us some sense on how big is the 51:12 51 minutes, 12 seconds opportunity for say the next uh two to three years? Uh how uh well we are penetrated uh within that client. So uh 51:21 51 minutes, 21 seconds do we enjoy uh a good uh market share va visav is the other uh global players uh 51:29 51 minutes, 29 seconds uh in this specific opportunity. Could you give some sense on that because industrial gases is one of our large uh revenue contributors? 51:39 51 minutes, 39 seconds Yeah, as you know this uh aerospace company is one of the top leading private company in the US and they are 51:47 51 minutes, 47 seconds spending huge amount of money for the future and you can say many uh heavyduty rockets they are going to launch for 51:55 51 minutes, 55 seconds which they require a huge amount of facilities and uh they are just scouting all over the world to see how they can get uh quick deliveries for the 52:04 52 minutes, 4 seconds equipment. So that is the key of everything and definitely the quality and reliability of the products. So in 52:11 52 minutes, 11 seconds last one one and a half year we have been working very closely with this company this company and we are regularly meeting their technical people 52:19 52 minutes, 19 seconds their operation people understanding their pain areas and they are now very close to us to uh 52:27 52 minutes, 27 seconds give their requirements or even the product development what they want. uh most likely they will also visit our facility to see our future expansions 52:35 52 minutes, 35 seconds and how big vessels because Bahamas vessels of,500 cubic meter is under progress. So they would like to see our 52:42 52 minutes, 42 seconds facility and uh they have given us a very big uh RFQ uh for uh next 6 months 52:50 52 minutes, 50 seconds now. So once uh they are clear about our capabilities and if we can deliver this equipment as per their schedule I think 52:58 52 minutes, 58 seconds uh we have a very good opportunity working with them. 53:03 53 minutes, 3 seconds Okay. Um so just trying to get a bit more on uh uh the uh financial per se just wanted to understand say say last 53:11 53 minutes, 11 seconds year uh we had uh x from there uh from them in terms of our revenues uh would 53:18 53 minutes, 18 seconds it be say 1.5x or 2x this year and that could scale up to a say a 3x next one or 53:26 53 minutes, 26 seconds two years could you give some some kind of a uh color on the same 53:39 53 minutes, 39 seconds two three times three times we are even ready for five times as well. So no problem. So whatever the challenge they 53:46 53 minutes, 46 seconds throw on us definitely we will make our best to see that we cater their requirements. What we know is very 53:53 53 minutes, 53 seconds clearly that for such a huge requirement there are very few manufacturers in the world who can really handle their requirements. So they have to depend on 54:02 54 minutes, 2 seconds us at least 50% of their requirement will be ours that much I can tell you. 54:08 54 minutes, 8 seconds Okay. And so this opportunity would be much larger than the ISRO opportunity if I'm not. Uh no ISRO is a different ballgame. 54:16 54 minutes, 16 seconds There is not the storage tank. There are many such equipment. Uh yes but totally the investment what they are looking at 54:23 54 minutes, 23 seconds is very high. How much we can really do and what is their uh speed at which they 54:29 54 minutes, 29 seconds want it. is more important but yes uh the ISRO is uh smaller as compared to these uh uh opportunities. 54:40 54 minutes, 40 seconds Okay. Okay. And uh sir lastly on on the same thing uh the margins from this client uh would be slightly higher 54:50 54 minutes, 50 seconds because they there it's more of a uh time constraint commitment reav's uh on integrity on one or two percentage. If 54:58 54 minutes, 58 seconds you see the last quarter in spite of 50% they have given us order and now we are 25% almost uh putting that steel 55:06 55 minutes, 6 seconds component and the uh additional duty because of the Russian oil and all that. 55:11 55 minutes, 11 seconds So it is now coming to 20 to 25%. So we are very hopeful that they will give a very uh big share for their requirement to enox India. 55:22 55 minutes, 22 seconds Okay. Okay. Perfect sir. Thank you so much sir. Thank you. 55:31 55 minutes, 31 seconds Thank you ladies and gentlemen. Due to time constraint that was the last question for today. I now hand the conference over to the management for closing comments. 55:42 55 minutes, 42 seconds Uh thank you everybody for joining this call. I hope we have answered all your queries. uh if something is uh trending 55:49 55 minutes, 49 seconds we can still continue to discuss over mail or maybe call and we will be happy to answer your all queries and we 55:57 55 minutes, 57 seconds hopefully we'll meet again in Q4 with uh still better numbers and better performance. Thank you so much for your kind patience. 56:06 56 minutes, 6 seconds Thank you. Thank you so much. 56:10 56 minutes, 10 seconds Thank you very much on behalf of ICIC Securities Limited. That concludes this conference. Thank you all for joining us 56:17 56 minutes, 17 seconds today and you may now disconnect your Airlines lines. Thank you.