INOX India Limited — Q4 FY26

INOX India Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=_3miWeY7w5U Published: 15 hours ago

0:01 1 second Ladies and gentlemen, good day and welcome to INOX India Q4 F526 earnings conference call hosted by ICICI 0:10 10 seconds Securities Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions 0:19 19 seconds after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a 0:26 26 seconds touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar 0:34 34 seconds from ICIC Securities Limited. Thank you and over to you sir. Good morning on 0:42 42 seconds behalf of ICICI Securities. I welcome you all to the Q4 FY26 earnings call of 0:49 49 seconds Inox India Limited. Today we have with us from the management Mr. Deep Akachara 0:56 56 seconds CEO and Mr. Pawan Logar CFO. We'll begin with the opening remarks on the management which will be followed by Q&A. Thank you and over to you sir. 1:07 1 minute, 7 seconds Uh thank you Mohit. Good morning everyone. I welcome all our stakeholders, investors, analysts and 1:14 1 minute, 14 seconds friends to the Q4 and FI26 earning call of Inox India Limited. 1:21 1 minute, 21 seconds I trust you had the opportunity to review our results, earning release and investor presentation which are 1:28 1 minute, 28 seconds available on the stock exchange and on our website. Joining me today is our CFO Pawan Logger who will later take you 1:36 1 minute, 36 seconds through the detailed financial performance following which we will open the floor for the Q&A session. 1:44 1 minute, 44 seconds Let me begin with overview of the global economic scenario. Towards the close of FI 2026 and in the beginning of FI2027, 1:54 1 minute, 54 seconds the global economic environment has been brimming with ambiguities. 1:58 1 minute, 58 seconds Geopolitical issues evolving trade dynamics and energy transition continue to reshape the calculus for capital 2:07 2 minutes, 7 seconds allocation, infrastructure investment and industrial policies across economies. Tariff pressure and supply 2:14 2 minutes, 14 seconds chain reconsideration have added layer of uncertaintity that businesses in our space must navigate and caution and 2:22 2 minutes, 22 seconds precision despite trade tensions and policy uncertainty. Global growth was 2.8% in 2025 driven by front-loaded 2:32 2 minutes, 32 seconds trade supply chain adaptions and AI related investments. 2:38 2 minutes, 38 seconds While the growth in 2026 is estimated to be to be 2.7%. 2:43 2 minutes, 43 seconds The ongoing West Asian conflict is creating headwinds through elevated 2:48 2 minutes, 48 seconds energy prices, shipping disruptions and weakened investor confidence. 2:58 2 minutes, 58 seconds Talking about the Indian economic scenario in the current challenging global economic environment, India 3:04 3 minutes, 4 seconds stands strong. growth increased to 7.1% in FY2026, making it the fastest growing major 3:12 3 minutes, 12 seconds economy supported by robust domestic demand, relatively lower inflation, income tax and GST rate reductions and accommodative monetary policy. 3:23 3 minutes, 23 seconds Manufacturing and service rose supply conference uh performance although net exports weighed on GDP as imports 3:32 3 minutes, 32 seconds increase. Private consumption rose to 7.0% yearon year, bolstered by rising household incomes. Investment 3:40 3 minutes, 40 seconds strengthened across both private and public capital expenditure. 3:46 3 minutes, 46 seconds However, a prolonged West Asian conflict poses a significant risk to India. As a major energy importer, India remains 3:53 3 minutes, 53 seconds exposed to sustained oil price increase, fiscal pressure from fuel subsidies and rupee depreciation. With nearly 38% of 4:01 4 minutes, 1 second remittance of inflows originating from Gulf economies, any labor market disruption, there will be further stress 4:09 4 minutes, 9 seconds in the forex reserves. India's macroeconomic buffers provides some insulation. But energy diversification, 4:16 4 minutes, 16 seconds fiscal produce, renewable energy exploration and trade liberalization through FDA remain critical to sustain 4:23 4 minutes, 23 seconds resilence in an increasingly fragmented global environment. The fundamental opportunity this creates for capable 4:31 4 minutes, 31 seconds wellpositioned companies remains firmly intact. Despite the global hiccups at Inox India, we find ourselves at the 4:39 4 minutes, 39 seconds juncture of reinvorated growth driven by India's industrial growth. 4:45 4 minutes, 45 seconds ambitions and the global transition towards cleaner, more efficient energy system. 4:51 4 minutes, 51 seconds The rising adoption of LG as a transition fuel, the gradually yet accelerating development of green hydrogen infrastructure and increasing 4:59 4 minutes, 59 seconds investment in defense and aerospace, cryogenic systems are not short-term trends but a long-term structural opportunity. 5:07 5 minutes, 7 seconds We believe that Inox India is well positioned to capitalize on these opportunities through its engineering expertise diversified capabilities and expanding global presence and footprint. 5:20 5 minutes, 20 seconds The global industrial growth and LG landscape continue to evolve rapidly. 5:26 5 minutes, 26 seconds Shipping companies are increasingly transitioning towards LNG powered vessels. Aerospace infrastructure requirements for scaling work globally 5:34 5 minutes, 34 seconds and emerging applications such as data centers, pooling are introducing new business avenues with our strong capabilities across engineering, LNG 5:43 5 minutes, 43 seconds infrastructure, industrial gas solution and advanced scientific application. 5:47 5 minutes, 47 seconds Inox India remains well positioned to participate meaningfully in these evolving high growth sectors. Business 5:54 5 minutes, 54 seconds performance overview Q4 and the full year FI 2026 reflected a strong operational momentum for Inox India with 6:02 6 minutes, 2 seconds healthy revenue of 1632 crores growth across key business segments. Our Ibida margins 23.8% 8% for FI26 remained in 6:11 6 minutes, 11 seconds line with a remained in line with or better than the guidance provided earlier demonstrating disciplined execution despite had been arising from 6:20 6 minutes, 20 seconds the US terrorists global logistic disruption and geopolitical uncertaintity our diversified business model expanding 6:30 6 minutes, 30 seconds geographic presence and focus on high value tailor made technologically complex products continue to strengthen our competitive position and enhancing 6:39 6 minutes, 39 seconds long-term growth visibility. I will now take you through the segmental highlights. 6:46 6 minutes, 46 seconds Let me begin with our largest revenue contributor to industrial gas solutions. 6:50 6 minutes, 50 seconds The segment delivered another strong quarter and a record year marked by high value ordering important volume 6:58 6 minutes, 58 seconds milestones and growing global resolution. 7:02 7 minutes, 2 seconds During Q4, we received a significant aerospace order from a leading US-based private space company with a total order value of approximately 200 crores. 7:13 7 minutes, 13 seconds We are expecting more high value orders in Q1 FI27. 7:18 7 minutes, 18 seconds This order is a direct outcome of our proven execution capabilities and reinforces the growing confidence that global aerospace players have inox India's engineering expertise. 7:29 7 minutes, 29 seconds Transport tanks also achieved a significant milestone in FI2026 with annual sales exceeding 300 transport tanks and semi-trailers for 7:37 7 minutes, 37 seconds the first time in the company history surpassing the earlier benchmarks. We continue to witness strong order inflow 7:45 7 minutes, 45 seconds across the transport tanks IMO tanks and standard industrial gas products reinforcing our confidence in sustaining this growth momentum in the years ahead. 7:54 7 minutes, 54 seconds on the disposable center fund. I'm pleased to share that despite the challenging US tariff environment, we crossed the milestone of dispatching over 2 million units during FI2026. 8:07 8 minutes, 7 seconds This is a remarkable achievement for our team and reflects the sustained demand for our products across the international market. In liquid 8:15 8 minutes, 15 seconds cylinders and cryosil brand continue to gain strong market acceptance with a record order intake during this year. 8:22 8 minutes, 22 seconds Demand remained robust across both domestic and export market. I'll now share the details of business in the LNG solution segment. 8:30 8 minutes, 30 seconds This segment had a breakthrough quarter and a defining year. One of the most significant highlights was the order received from the coin shipyard. One of 8:38 8 minutes, 38 seconds the India's premier ship building companies for LG fuel tanks to be installed in the LNG power ships being built for one of the world's largest shipping companies. 8:49 8 minutes, 49 seconds This is a landmark order for Inox India and marks our entry into the marine LNG ecosystem. A market currently undergoing 8:57 8 minutes, 57 seconds a major structural transition towards the cleaner fuels. The order involves six LG tanks of 800 cubic meter the 9:05 9 minutes, 5 seconds stringent execution timeline. In addition, we received LCG stations order from Gujarat Gas and continued dispatches of LG fuel tanks to the OEM. 9:14 9 minutes, 14 seconds While the adoption in the LG truck segment has witnessed some near-term challenges, we believe that the long-term opportunities remain robust 9:22 9 minutes, 22 seconds supported by favorable economic conditions and regulatory targets. Our LNG semi business in India continue to 9:29 9 minutes, 29 seconds maintain market leadership with more than 250 LG cmters currently operating on Indian roads and commanding a 9:37 9 minutes, 37 seconds dominant market share. We are also dispatched the first batch of 5 into 1,500 cubic meter tanks for the Bahamas 9:44 9 minutes, 44 seconds in LNG terminal reffirming our capability to execute large complex LNG storage infrastructure 9:52 9 minutes, 52 seconds project in timely manner with highest quality. 9:58 9 minutes, 58 seconds I'll now take you through the updates from the cryoscientific division. The cryoscientific division continued to strengthen its position as a trusted 10:06 10 minutes, 6 seconds partner for highly complex global scientific infrastructure products. 10:10 10 minutes, 10 seconds During the quarter, we received a repeat order from the ether fans for modification work related to capac panels. Further validating our deep 10:18 10 minutes, 18 seconds execution expertise in the world's most ambitious fusion energy projects. We also completed the production of highly 10:26 10 minutes, 26 seconds complex lock sign for submarine related application highlighting our capabilities in mission critical cryogenic engineering and advanced defense application. 10:36 10 minutes, 36 seconds I will now take you to the beverage cake business. The beverage cake segment delivered exceptional year and a strong close FI 2026. 10:44 10 minutes, 44 seconds During the FI202526, we recorded 13% increase in cake dispatch over the previous year, reflecting continued market expansion and strong demand momentum. 10:57 10 minutes, 57 seconds We announced secured approvals and active orders from three of the world's leading global braveries, namely Henkin, Airbnb, and 11:04 11 minutes, 4 seconds Mson Cruz, collectively representing more than 40% of the global beer market volumes. is position us strongly for the next phase of growth in this business. 11:14 11 minutes, 14 seconds In FI2526, we have supplied cakes to henkies in Bulgaria, Croatia and Reunion Island. 11:22 11 minutes, 22 seconds We also secured first order from Wilson Cruz USA and also repeat orders from the non-standard crates from Mess or Germany. 11:31 11 minutes, 31 seconds Our distribution partnership in Germany, Poland and United Kingdom are now operational providing us with direct commercial access to the European 11:39 11 minutes, 39 seconds market. We're also increasingly focusing on specialized non-standard cake variants designed for niche applications. These products yield 11:47 11 minutes, 47 seconds higher margins and help differentiate us from commodity oriented players in this industry. 11:53 11 minutes, 53 seconds True to our vision of remaining historically futuristic, we keep evolving newer opportunities in advanced business areas. One of such opportunity is data center cooling. 12:05 12 minutes, 5 seconds I'm happy to share that we have signed an MOU with European company to jointly develop liquid nitrogen uh liquid nitrogen based cooling solution for the 12:14 12 minutes, 14 seconds data center. This is currently an early stage R&D lead initiative and we expect meaningful development over the next 6 12:22 12 minutes, 22 seconds to 12 months. With the growing energy efficiency requirements in modern data centers, we believe that cryogenic cooling technology could emerge as a 12:30 12 minutes, 30 seconds compelling and scalable opportunity for Inox India in the years ahead. At Inox, we strongly believe in building our own 12:37 12 minutes, 37 seconds capabilities consistently. In line with this, I'm happy to share that we are developing a new facility at Kandla. We 12:45 12 minutes, 45 seconds have acquired approximately 7 acres of land near the Kandla port on a 30-year lease basis. The saturity is expected to 12:52 12 minutes, 52 seconds be commissioned within approximately 9 to 10 months. It strategic proximity to the port around 2.5 km away offers a 13:01 13 minutes, 1 second significant logistic advantage. The Kanda facility will substantially enhance our capability to manufacture 13:08 13 minutes, 8 seconds ultra large tanks with diameter 8 to 9 m, length up to 60 m and weight up to 500 tons. 13:15 13 minutes, 15 seconds This expansion opens opportunity for LG mega storage tanks, large scale aerospace tanks and several other high value large format product that are 13:24 13 minutes, 24 seconds currently difficult to execute at our existing facility. 13:29 13 minutes, 29 seconds This year saw a strengthening of revenue mix from the geographical viewpoint as well. 13:35 13 minutes, 35 seconds Revenue contribution from North and Central America increased from 14% in the previous year to approximately 26% 13:42 13 minutes, 42 seconds in the FI2026 driven by LG terminal related orders, aerospace orders, disposable center exports and LNG related shipments 13:51 13 minutes, 51 seconds despite tariff related headwinds. Our revenue contribution from European market continue to improve because of the opportunities in LG and cryentic 14:00 14 minutes area in the Middle East, Southeast and Far East. Our revenue has improved from 8% in FI25 to 10% in FI26 in spite of global disturbances in this region. 14:15 14 minutes, 15 seconds The key takeaway is that demand fundamental remain robust across the geographies. The primary constraint continue to be logistics and supply 14:23 14 minutes, 23 seconds chain related challenges rather than the slowdown in the market demand. Outlook as we look ahead FY27 our strong order 14:30 14 minutes, 30 seconds backlog expanding global customer base growing share of high value engineering products and capacity agumentation at Kandla collectively places us in a 14:39 14 minutes, 39 seconds comfortable position to sustain and accelerate our growth trajectory. We remain focused on operational excellence innovation growth and delivering long-term value for our stakeholders. 14:50 14 minutes, 50 seconds Thank you for your continued trust and support. I will now hand over the call to Mr. Pawan lo our CFO to take you through the financial highlights. Thank 14:58 14 minutes, 58 seconds you very much. Thank you and good morning everyone. I will now take you through the financial highlights for Q4 and the full year end March 2026. 15:10 15 minutes, 10 seconds For Q4 FR 26 total income stood to 475 crores representing growth of approximately 24.2% and 2% on 15:19 15 minutes, 19 seconds year-to-year basis driven by strong execution across key segments including the LNG terminal project related sales 15:27 15 minutes, 27 seconds large aerospace order and uh report transport tank dispatches Q4 FI F426 is 15:34 15 minutes, 34 seconds very special to us as we have achieved higher ever quarterly revenue export revenue and order booking adjusted IIDA 15:43 15 minutes, 43 seconds stood at 108 crores up by 13.4% 4% YI basis reflecting improved operating efficiency and better product mix 15:52 15 minutes, 52 seconds adjusted profit after tax was 72 crores growing by 9% YI supported by margin 15:59 15 minutes, 59 seconds expansion and robust volume growth over the full year FI26 total in income is 2,632 16:07 16 minutes, 7 seconds crores with growth of approximately 21.2% 2% over FI25 reflecting healthy performance across industrial gas LNG 16:16 16 minutes, 16 seconds cryoscientific and CA division adjusted IBIDA for the full year stood at 380 crores with adjusted IBIDA margin of 23.8%. 16:26 16 minutes, 26 seconds This year recorded highest sale for LNG segment and thereby total sales of the company. Adjusted paid for the full year 16:34 16 minutes, 34 seconds stood at uh 261 crores registering a growth of 19.3% over financial year 25. 16:42 16 minutes, 42 seconds As of 31st March 2026, our order book stood at 1514 crores providing a strong revenue visibility for the coming year 16:50 16 minutes, 50 seconds coming quarters of the approximately 60% is from exports and 37% from the domestic market. Reaffirming our strong 16:59 16 minutes, 59 seconds global presence, our total fund availability is on 31st March 26 to date at rupes 257 crores providing ample 17:08 17 minutes, 8 seconds headroom to support the kla facing investment on ongoing project executions and other strategic initiatives. 17:16 17 minutes, 16 seconds This concludes my remarks on the financial performance for Q4 and the full year 2026. I would now request the 17:24 17 minutes, 24 seconds moderator to open the floor for question and answers. Thank you. 17:29 17 minutes, 29 seconds Thank you very much. We will now begin the question answer session. Anyone who wishes to ask the question may press star and one on the touchstone 17:37 17 minutes, 37 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a 17:45 17 minutes, 45 seconds question. Ladies and gentlemen, we will wait for a moment while the question assembles. 17:54 17 minutes, 54 seconds We have first question from the line of Mr. Abinam Nalawad from ICIC securities. Please go ahead. 18:02 18 minutes, 2 seconds Yeah, good morning sir. Thanks for the opportunity. My first question on the order inflow front. Uh we had one big 18:09 18 minutes, 9 seconds order uh worth over 200 during the quarter end of boosted order inflow. Uh what is pipeline for this big orders in 18:18 18 minutes, 18 seconds the coming quarters and FY 27? Uh what will be your guidance for inflow? 18:26 18 minutes, 26 seconds Yeah. Well, we have uh backlog of around 1,514 cr out of which uh I told you 18:33 18 minutes, 33 seconds about uh uh the order from the aerospace company is around 200 crores and going forward in the Q1 or maybe Q2 we are 18:42 18 minutes, 42 seconds expecting few more orders of similar nature and similar uh value uh very soon 18:49 18 minutes, 49 seconds now and that will improve our uh order booking for this FY27. 18:57 18 minutes, 57 seconds I hope around 450 to 500 could be a right for in terms of influence. 19:06 19 minutes, 6 seconds Your voice is cracking. I'm not getting the clear voice. Uh is it better now? Yeah, slightly better. Yeah. 19:13 19 minutes, 13 seconds Uh I was saying that around 4 500 crores of order estimate for per the right number, right? 19:21 19 minutes, 21 seconds Yeah. Yeah. given the big order that you're expecting Q1 and Q2. Yes. 19:26 19 minutes, 26 seconds Okay. My second question is on execution front on the revenue front. Uh how is Q1 going currently? I mean you mentioned 19:34 19 minutes, 34 seconds that there is logistic challenges. Um uh what what is the revenue one can expect in Q1 and you know going forward if the things normalize for FI27. 19:45 19 minutes, 45 seconds So we will be uh our revenue will be in in line with our target of the next year that is almost like around 1,600 or 1632 19:54 19 minutes, 54 seconds we have targeted around 18 to 20% growth. So in similar fashion our quarter revenue will be increasing in 20:01 20 minutes, 1 second that fashion and our uh order booking will be also growing the similar speed of around 450 to 100 crores every every quarter. 20:11 20 minutes, 11 seconds Understood. So the does this 18 to 20% growth begin that you know things normalize uh in coming quarters in terms of war and all? 20:21 20 minutes, 21 seconds Yeah, war slightly impact is there but we are not depending only on the one region or one area. We have multiple 20:30 20 minutes, 30 seconds products, multiple geographies we target. So plus minus happens into this middle east 20:38 20 minutes, 38 seconds area but that will be compensated by other areas. So we don't find any much of a impact of this. 20:45 20 minutes, 45 seconds Understood. Uh my next question is on uh BK segment. So what was the revenue contribution from this segment and how 20:52 20 minutes, 52 seconds much uh what was the dispatch for FI26 and what is the order book looking like? 20:59 20 minutes, 59 seconds Yeah, just 21:08 21 minutes, 8 seconds for 26 our book was for 65,000 uh K and 21:16 21 minutes, 16 seconds uh sales around uh 61,000 units and value wise likely it is last year 21:24 21 minutes, 24 seconds basically because there are different models into is we had sold more of a 20 lit cake than the 30 50 lit and there is 21:34 21 minutes, 34 seconds a component which is called as the spear which is almost like 7 to 8 or 10 opponent 21:43 21 minutes, 43 seconds people have thought that they fix it at their place so we dispatch the kids without the sphere that's why slightly the so we have increased the volume by 21:52 21 minutes, 52 seconds by 31% our sales is almost similar like last Uh so my final question is what is your 22:01 22 minutes, 1 second outlook on the LNG tanks from order inflow perspective in FI27? 22:06 22 minutes, 6 seconds There are a lot of things happening with regards to energy security. Overall what's your take on it? 22:12 22 minutes, 12 seconds See as you see uh there are like various challenges of LNG coming from Katar and 22:19 22 minutes, 19 seconds all that places but definitely it has uh improved our uh situation basically because as the uh delivery of LNG coming 22:29 22 minutes, 29 seconds from Australia and USA it takes little more time. So the storage capacity at all places where people have installed the LG facility they will improve upon. 22:40 22 minutes, 40 seconds So we will have more of a storage orders and transportation equipment requirement going forward uh till this Qatar 22:48 22 minutes, 48 seconds solution is resolved which may take few years to complete that facility which is damaged during the war. 22:57 22 minutes, 57 seconds Understood. Thank you. Thanks a lot. Very helpful. Thank you. Thank you. Thank you. 23:03 23 minutes, 3 seconds Thank you. We have we have next question from the line of Pesh Cher from Lucky Investment. Please go ahead sir. 23:12 23 minutes, 12 seconds Yes sir. I have two questions. One's related to the LNG. So you know we have this whole uh string of equipments which 23:21 23 minutes, 21 seconds we which we show in the slides right from storage to transportation to smaller uh LG tanks which are to be put 23:29 23 minutes, 29 seconds up on the vehicles. So uh just storage and transportation what is the size of the market uh you know and at 459 crores 23:39 23 minutes, 39 seconds that we have done last year what will be the market share and do we do these small uh transportation tanks as well? 23:48 23 minutes, 48 seconds Yeah we do this transportation tanks uh but normally the LG density is half that of the nitrogen. So uh the smallest size 23:57 23 minutes, 57 seconds what people prefer is around 46 scale tank. However, we have smaller capacity also LNG trailers where people require 24:06 24 minutes, 6 seconds uh less of LNG uh for the transportation but that is not a standard model or hot selling product. So 46 scale trailer is 24:16 24 minutes, 16 seconds the most uh optimized trailer and more than 250 trailers are on the road now. 24:21 24 minutes, 21 seconds Uh on the LNG uh uh use and this from the storage point of view uh uh the LG 24:28 24 minutes, 28 seconds storage vessels are used for satellite application even for LG failing station and LCG stations. So the demand of all 24:36 24 minutes, 36 seconds these three is going to increase. So automatically the storage requirement will increase. Presently because of 24:43 24 minutes, 43 seconds abundance of LNG people were just keeping one tank of 56 kale or 113 kale. 24:48 24 minutes, 48 seconds But now going forward people are asking for at least two tanks, one standby tank for their uh consumption. So that they 24:55 24 minutes, 55 seconds are not stockout is not uh there because these stations are directly connected with uh people and if there is a large 25:04 25 minutes, 4 seconds queue of tanks for filling purpose and suddenly your tank is empty and you don't get a liquid that is a very uh 25:12 25 minutes, 12 seconds difficult situation for them. So we hopefully think that uh more and more storage requirement and definitely uh if 25:20 25 minutes, 20 seconds storage requirement is there the liquid has to be transferred from the terminal to the customer station by the transport equipment and the trailer requirement 25:27 25 minutes, 27 seconds will go on uh in the coming year. Now so this 459 cr LNG this is pure India business for you or there is export in 25:36 25 minutes, 36 seconds this this is export as well. So you can consider almost 60% is export and 40% is local roughly. 25:46 25 minutes, 46 seconds Okay. And can you give some uh some color on the size of the India market at least uh you know when we have what the 25:54 25 minutes, 54 seconds market share for for LG? 25:58 25 minutes, 58 seconds Yeah. Yeah. For LG sir uh we have different products and market uh shares for different products. On an 26:05 26 minutes, 5 seconds average our market share for the LNG market, LNG products in India is almost like 60 to 65%. 26:13 26 minutes, 13 seconds Any any possibility to know the global market share for LNG? Yeah. Yeah. LG sir. 26:21 26 minutes, 21 seconds Yeah. This is in single digit only as of today maybe 6 to 8%. 26:27 26 minutes, 27 seconds Okay. My second question is on Okay. Can will this division uh grow much farther than the company level growth? 26:38 26 minutes, 38 seconds Yeah, this uh division has a good potential to grow because of several things. Uh especially uh the prices of 26:45 26 minutes, 45 seconds LNG even though the diesel prices and uh petrol prices we are expecting a rise LG price will also rise but the ratios will 26:54 26 minutes, 54 seconds remaining the same and uh LNG being a clean fuel and almost advantage of 15 to 20%. Uh this LG division is going to grow faster than our standard products. 27:06 27 minutes, 6 seconds Okay, my second question is on the beverage keg side. Uh so when we sell 61,000 kegs uh you know this is India 27:16 27 minutes, 16 seconds number or this is the includes export number also this is including export in India. 27:22 27 minutes, 22 seconds Okay. Can you tell the total global cakes market and gross there? 27:28 27 minutes, 28 seconds The total uh uh number of cakes available as on today is 120 million cakes are available in the global 27:35 27 minutes, 35 seconds market. There is a four to 5% replacement demand. So average demand in a year is around 4 to 5 million cakes 27:43 27 minutes, 43 seconds and there are two three manufacturers already in Europe and one in China and we are the second in Asia. 27:51 27 minutes, 51 seconds Okay. 27:54 27 minutes, 54 seconds And capacity for us will be so presently we have installed a capacity of around 300,000 cakes a year 28:02 28 minutes, 2 seconds and presently we are uh just one/ird of the capacity. Okay. When do you see utilization? 28:10 28 minutes, 10 seconds whatever we have uh the cakes to the industry to hik and abno now to mulson cruise or many other small I'm happy 28:19 28 minutes, 19 seconds that everywhere the cakes what we supplied are approved by the customers and uh they will definitely take some 28:26 28 minutes, 26 seconds trials initially and we'll go for a full swing in coming year and aspiration for a market share what 28:34 28 minutes, 34 seconds will be your aspiration in that 4 to 5 million ts so we We have put a facility of 1 million cakes. 28:43 28 minutes, 43 seconds You just said 300,000 K, right? Capacity finger is presently but our uh uh building 28:52 28 minutes, 52 seconds point of view everything point of view we can go up to 1 million K without any problem. I think some machinery definitely. 28:59 28 minutes, 59 seconds Okay. Okay. Okay. Uh thank you. I'll come back if you have more questions sir. Thank you. 29:06 29 minutes, 6 seconds We have next question from the line of Mr. J N Gandhi from Bit Capit. Please go ahead. 29:12 29 minutes, 12 seconds Hi. Uh good morning. I hope I'm audible. Yeah. 29:16 29 minutes, 16 seconds Yeah. Great. So, uh we said that we have made a pro. Uh please continue. 29:26 29 minutes, 26 seconds Uh sir, we have lost the line of Mr. J Gandhi. Okay. 29:30 29 minutes, 30 seconds We have we have next question from the line of Mohit Kumar from ICS security. Sir, please go ahead. 29:36 29 minutes, 36 seconds Yeah. Hi, good morning sir and thanks for the opportunity. My question is around the working capital. The working capital has increased meaningfully in 29:45 29 minutes, 45 seconds this particular in this particular in this fiscal. It used to be 731 cr by by FI25 it has gone up to 990 cr and 29:54 29 minutes, 54 seconds primarily one of the driver is contract assets. Uh even if I remove the contract assets the I think there's a meaningful 30:01 30 minutes, 1 second accretion. How how should we think about the working capital in F27 and F28 30:10 30 minutes, 10 seconds actually you know our project orders are now increasing a lot and we have the order book of more than 1,000 crores in 30:18 30 minutes, 18 seconds projects and in projects what we are doing we are taking the orders with uh some uh payment terms uh which is on the 30:26 30 minutes, 26 seconds basis of various terms like 30% 50% 60% whereas on EOCM as per the ICICI 30:34 30 minutes, 34 seconds guidelines we have to book the revenue as per the percentage completion method of how much uh project is completed on 30:43 30 minutes, 43 seconds that basis we move the sales whereas the collection is always uh happens as per the payment in terms of the order. So 30:51 30 minutes, 51 seconds that is why little bit uh contact assets is increasing and uh it will remain like this only because you know the project 30:58 30 minutes, 58 seconds orders are increasing now. But still you know my advances if you see advance from customer has increased a lot and at 31:06 31 minutes, 6 seconds present we have advances of of around 500 with us. 31:12 31 minutes, 12 seconds We expect it to stay at similar level right as we go forward. Is that fair expectation? 31:16 31 minutes, 16 seconds Although you know the projects are there and big projects are coming now. So in this big project definitely I have to 31:23 31 minutes, 23 seconds book the contract assets accordingly and due to that little bit may be there but overall it is you know my inventory is 31:30 31 minutes, 30 seconds in totally in control everything is in control. Understood. My second question is can you just help us with the market 31:37 31 minutes, 37 seconds for industrial represent which exporting to us? uh was that uh was the market stable in FY26 31:46 31 minutes, 46 seconds or or was there any growth compared to FI25 and how do we see this number in FI27, FI28? Uh is there a is a chance of some growth or it most likely flat? 31:58 31 minutes, 58 seconds Yeah, this product is uh you know so it's used for storage of refrigerant gases. So all these uh major uh 32:06 32 minutes, 6 seconds refrigerant gas manufacturing companies they have a kota system. So they cannot produce more and they cannot sell more 32:12 32 minutes, 12 seconds also. So the growth is uh maybe very marginally it will improve perhaps our market share can improve uh if we uh 32:21 32 minutes, 21 seconds target few more customers from US market and compete with the uh other competitors. So that way uh we have 32:29 32 minutes, 29 seconds increased ourselves uh as compared to FI25 to in FI26 and we are targeting customers which are not buying or which 32:37 32 minutes, 37 seconds are buying less quantities from us uh for the uh FI27 and hopefully we will gain over there. That is what is the 32:46 32 minutes, 46 seconds present situation for disposable senders and we have sold more than 1.5 million uh cylinders to US uh in last year. 32:56 32 minutes, 56 seconds Understood. My last question can you just help us with the outlook on the uh cryosscientific division ordering for 33:03 33 minutes, 3 seconds F27 and where is that ISRO launchpad tender is is currently 33:10 33 minutes, 10 seconds yeah cryoscientific division uh we have ample of opportunities not only in India but all over the globe and there are 33:18 33 minutes, 18 seconds very few players who operate into this region so enough India can be among one on you can count on single perhaps maybe 33:27 33 minutes, 27 seconds two three such suppliers are there. So we we are one of them. Our advantage is our uh strong engineering execution and 33:35 33 minutes, 35 seconds our competitive offers what we are giving. So we have a strong uh belief that uh cry scientific division will 33:43 33 minutes, 43 seconds grow substantially in coming years on this uh third launchpad. Yes. uh the tender will be coming by end of this 33:52 33 minutes, 52 seconds quarter and uh we have to bid uh maybe the quarter two and maybe by end of this year uh some uh outcome will come for 34:01 34 minutes, 1 second the order sir. Thank you sir. Best of luck. Thank you. Thank you. 34:08 34 minutes, 8 seconds Thank you. 34:10 34 minutes, 10 seconds We have next question from the line of Mohit Surana from Monarch Network Capital. Please go ahead. 34:17 34 minutes, 17 seconds Sir first of all congratulation on a good set of numbers. Um my first question is with respect to the margins. 34:24 34 minutes, 24 seconds So our um profit margins have come in a bit. Um I mean can can you just give some understanding why is that 34:33 34 minutes, 33 seconds see uh Mohit if I told you when you visited our factory also. So we have always a product of standard and 34:41 34 minutes, 41 seconds non-standard time and quarter to quarter if you see there'll be slight variation in the margins because of the product 34:48 34 minutes, 48 seconds mix variations. However if you see year on year basis or uh we are always maintained our margins of 21 to 24% what 34:57 34 minutes, 57 seconds we have given the guidelines. So this year we for year total year was that is 21.6 last year it was also the same 35:05 35 minutes, 5 seconds thing. So we are in the same bracket. I don't think there is a much variation but our products are very difficult to I 35:12 35 minutes, 12 seconds mean you can't control like that depending on the market requirement we have to uh push the products so understood sir 35:20 35 minutes, 20 seconds plays a vital uh importance in the margins understood answer the coin shipyard order can you share the order value and 35:29 35 minutes, 29 seconds uh what's the completion timeline for this order yeah we got uh six uh tanks order uh for 35:37 35 minutes, 37 seconds the six ships uh of around 8 uh 800 cubic meter tank the order value is around 85 crores and we have to complete 35:45 35 minutes, 45 seconds between two to three years. The first uh we as the ship gets uh constructed we have to supply so you can say uh in a 35:53 35 minutes, 53 seconds year we may have to supply around two numbers uh tanks uh two shipyard. 36:00 36 minutes Understood sir. 36:03 36 minutes, 3 seconds Um and so for the Bahamas I mean what how much have we already supplied for the Bahamas order and how much is spending? 36:12 36 minutes, 12 seconds So we had initial order of around 230 35 crores and we got some additional order because of some changes. So the total 36:19 36 minutes, 19 seconds order was around 240 crores. We have supplied around 160 cr in this year balance will be supplied in FY 27. 36:28 36 minutes, 28 seconds Understood. 36:30 36 minutes, 30 seconds So that's all from my answer. Thank you so much. Thank you mate. Thank you. 36:36 36 minutes, 36 seconds We have next question from the line of sabharab gujar from ICIC potential AMC. Please go ahead. 36:45 36 minutes, 45 seconds Thank you for the opportunity sir. On the data center cooling I tie up serve you mentioned with one of the OEM. Uh can you just throw some more light on 36:52 36 minutes, 52 seconds what sort of work or role you're trying to play in this? This is more like a joint system integrator or this is just for supplying some of the component uh 37:01 37 minutes, 1 second applicability you already have say the piping and all. Yeah. 37:05 37 minutes, 5 seconds So this is this I can say it's a basically R&D project what we are doing initially and this company is one of the 37:12 37 minutes, 12 seconds pioneer company in the IT infrastructure manufacturing the you can say the racks uh the cooling system and other things. 37:22 37 minutes, 22 seconds So they are already into the existing business and major businesses they are doing in this sector. So when we are discussing with them uh they said the 37:30 37 minutes, 30 seconds major power consumption is the main thing uh for cooling purpose. So we suggested them if we can uh cool the 37:37 37 minutes, 37 seconds because they have to the chips and the microprocess has to be cooled at a particular temperature. So there uh if 37:45 37 minutes, 45 seconds you use liquid nitrogen for cooling that can improve. So we have recently attended a uh exhibition in Europe as 37:53 37 minutes, 53 seconds well and got lot of feedback how it has to be done and uh we have started the project of understanding how we can 38:00 38 minutes develop a model or product for them. So this is under trial initial purpose and it may take uh six to one year time to develop a product for this application. 38:12 38 minutes, 12 seconds So you're trying to be a solution provider in this not just a component supplier to this OEM. 38:18 38 minutes, 18 seconds No no no the entire solution they will be manufacturing the racks and other systems and we'll be providing them the cooling solution and together we will uh offer it to the customer. 38:29 38 minutes, 29 seconds Got it. That's it from all the 38:40 38 minutes, 40 seconds Thank you. We have next question from the line of pre Jan from N. Please go ahead. Hello. 38:48 38 minutes, 48 seconds Hello sir. Am I audible? Yeah. Yeah. Yeah. Congratulations on both set of numbers. 38:55 38 minutes, 55 seconds My first question is on iter side. Sir has nine vacuum vessels thermal sheet and I know has now received prepare 39:03 39 minutes, 3 seconds orders for what appears to be all of them by Q1 FI26. H. So can I get to know 39:10 39 minutes, 10 seconds is there any new scope of work being discussed with ITRE beyond this thermal shade repair? 39:18 39 minutes, 18 seconds Yeah, iter work will continue for next 7 to 8 years more and presently we have that uh 39:26 39 minutes, 26 seconds uh repair work which is going on which will be continued for one and a half year uh at our shop and then we have the work for installation that work at site. 39:35 39 minutes, 35 seconds Besides that there are many such equipments which they require on a uh short period notice and uh they are directly contacting us because of our uh 39:44 39 minutes, 44 seconds good quality and timely delivery of products. So there are many such uh pipeline work or maybe some improvement work which is required and they are contacting us and we are doing for them. 39:55 39 minutes, 55 seconds So can you give us a ballpark figure of how much uh quantum of orders are we 40:02 40 minutes, 2 seconds expecting from them? So on an average going forward at least 50 to 60 crores we should get on a regular basis for next uh at least five years. 40:13 40 minutes, 13 seconds Okay. Thank you sir. And another question is on uh you mentioned in your PPT about high view power uh liquid air 40:20 40 minutes, 20 seconds energy storage system. So basically that the first Carrington order which we supplied to them is was worth 935 40:28 40 minutes, 28 seconds million. So now I want to know that as Hi view power management has indicated that Hube has plans for four more 40:35 40 minutes, 35 seconds projects by 2030. So is there any uh order visibility in that area uh in coming two to three years uh and what 40:44 40 minutes, 44 seconds will be the per project tank value if we get the first order from them? 40:50 40 minutes, 50 seconds Yeah, we have bidded for all the projects what they require and perhaps uh uh uh the order value will be quite 40:58 40 minutes, 58 seconds big. Uh but they are just waiting for this first project getting commissioned and seeing the fruits from this uh first 41:05 41 minutes, 5 seconds project. So favorably uh maybe another 6 to 8 months uh the some one addition at least one project will come up now. 41:15 41 minutes, 15 seconds Okay. And what will be the quantum of that order? be very difficult to say at this moment because what they order at 41:23 41 minutes, 23 seconds this moment to us but definitely they are asking for some additional work what besides what we are supplied to the Manchester 41:30 41 minutes, 30 seconds okay and sir about the LG fuel tanks we described our product China has a lot of 41:37 41 minutes, 37 seconds penetration of LNG LNG tanks moving in their country so don't you see import as an risk if basically India as a market 41:45 41 minutes, 45 seconds for LNG tanks will grow won't Chinese player will dump their products as they have as their specialized multi capacity 41:54 41 minutes, 54 seconds in that area. So are imports a risk for us? 41:59 41 minutes, 59 seconds No. See there are some initially some tanks had come to India. I do agree with you but going forward there is a 42:06 42 minutes, 6 seconds regulation in India called as a peso which governs the uh incoming flow of such tanks and there is no shop in China which is approved by peso as on today. 42:17 42 minutes, 17 seconds So no further more tanks can come to India because it has to go with peso approvals. Number one. Number two, 42:25 42 minutes, 25 seconds these tanks are to be uh utilized on the trucks or or the buses which are moving all and it requires regular maintenance 42:34 42 minutes, 34 seconds periodic inspection and support from the uh vendor as well. So China find to really manage such show whereas we have 42:43 42 minutes, 43 seconds our service centers across northsoutheast west and people are very happy with the service provided by anox India. So going forward quite confident 42:52 42 minutes, 52 seconds that we can beat the Chinese on competition from these two aspects. One is every truck has a different dimension. 43:00 43 minutes So we have to design the uh fuel tank according to their needs. So in in China they will say this is my standard if you 43:08 43 minutes, 8 seconds want to buy buy take it otherwise forget it. But in our case we design them to their requirement. We service them. We support them because this is a new technology all together. 43:18 43 minutes, 18 seconds So people need lot we have put our people at Tata and AOC land on their conveyor line to see that they don't face the problem. So such type of 43:26 43 minutes, 26 seconds services cannot be offered by Chinese people. Thank you sir. 43:36 43 minutes, 36 seconds Thank you. 43:38 43 minutes, 38 seconds Reminder to all the participants, please restrict yourself to two two per questions. We have next question from the line of Sajal Kapoor from Antifile thinking. Please go ahead. 43:51 43 minutes, 51 seconds Yeah, thank you for the opportunity. Uh two questions please. uh first is um what aspects of cryogenic systems 44:00 44 minutes integration and engineering have the steepest learning curves and realistically how many years would a serious competitor need to kind of you 44:09 44 minutes, 9 seconds know replicate INX India's capabilities at comparable reliability and scale 44:17 44 minutes, 17 seconds very million dollar question you are asking me it depends on the type of people you are investing into it okay So 44:24 44 minutes, 24 seconds if the skills are already available with the person then they can do it but it takes a long time for the approval of the plant the equipment uh prototypes 44:34 44 minutes, 34 seconds have to be produced. So uh there's not only one product any number of products so I can say there are more 30 40 type 44:41 44 minutes, 41 seconds of uh uh approvals and certifications we are having and this is on a regular basis it has to be renewed and reviewed. 44:49 44 minutes, 49 seconds So it is a quite cumbersome task. So in my opinion even when you start with highly skilled people and put a plant 44:57 44 minutes, 57 seconds which is uh modern day plant it will take at least 10 to 15 years to replicate this facility. 45:05 45 minutes, 5 seconds Understood sir INX has demonstrated you know capability across many domains LNG 45:13 45 minutes, 13 seconds hydrogen aerospace scientific cryogenic systems at the prototype and project 45:19 45 minutes, 19 seconds level. what capabilities or processes give you confidence that you know these can reliably scale into kind of a 45:28 45 minutes, 28 seconds repeatable industrial um businesses um because I've seen many companies are 45:35 45 minutes, 35 seconds very good at the prototype or initial stage but the industrial scale at the commercial scale manufacturing is a completely 45:43 45 minutes, 43 seconds different ballgame. So in your experience how many can you give us some sort of a data point that you know we got 100 prototypes across our last 10 45:51 45 minutes, 51 seconds years history and we converted X out of those into industrial scale and that kind of a uh number is what I'm looking 45:59 45 minutes, 59 seconds at because it's not easy to convert um a pilot or a or an experiment scale project into commercial scale. So our 46:08 46 minutes, 8 seconds our methodology of working for prototypes is different. What we do is we listen to the customer. We listen to 46:16 46 minutes, 16 seconds our marketing guys what products are required in the market and accordingly we develop. It is not we just develop the product and then find the 46:23 46 minutes, 23 seconds application. No, we just have the application and we develop the product. 46:27 46 minutes, 27 seconds For example, I'll tell you one simple example of cryis which is a very good product for artificial incimination 46:34 46 minutes, 34 seconds program. So there was a need 25 years before that India needs to have a higher uh output of uh or yield from the for 46:44 46 minutes, 44 seconds milk from a in cow and that was the project and there are very few people in this uh country who can supply such a 46:51 46 minutes, 51 seconds solution. So we developed that solution and today uh 95% of the uh insemination program is through a bias which are supplied by us uh for this project. 47:03 47 minutes, 3 seconds Similarly the healthcare sector we have supplied so many products uh during corona time the 47:10 47 minutes, 10 seconds cryogenic tanks the liquid cylinders so many things so in our case I can say around 95% of our products that we 47:18 47 minutes, 18 seconds develop is commercialized and if there is a commercialization possible and if there is a need then only we develop the product. 47:29 47 minutes, 29 seconds Understood that's helpful. Thank you so much. Thank you. Thank you. 47:36 47 minutes, 36 seconds We have next question from the line of Ekal Sha from Dalal and Brooch. Please go ahead. 47:43 47 minutes, 43 seconds Yeah. Uh thank you for the opportunity. 47:45 47 minutes, 45 seconds Uh just a couple of questions. Uh firstly, could you provide the revenue share for cakes and disposable cylinders 47:52 47 minutes, 52 seconds for Fer 25 and 26 and would it be fair to assume as if their share in the revenue increases our margins would 48:01 48 minutes, 1 second consume margins would decline and secondly sir any update on the ISRO third launchpad? 48:08 48 minutes, 8 seconds Yeah, that is the market. 48:10 48 minutes, 10 seconds Yeah, for the uh K's business uh FI25 was around 27.15 cr whereas FI 26 was 48:19 48 minutes, 19 seconds around 26.13 cr. Uh I told you though the volume has increased from 46,000 to 61,000. 48:26 48 minutes, 26 seconds uh the container was like 20 we sold 30 and 50 more in FI25 whereas we sold more 48:33 48 minutes, 33 seconds of 20 liter cakes in uh FI26 on the disposable cylinders I have don't have the correct number but something 48:41 48 minutes, 41 seconds around 135 cr or something on FI25 and this year we have just reached around 150 cr so more than 2 million cylinders 48:50 48 minutes, 50 seconds we have sold in this one and of the uh ISRO yes uh the RF RFQ is on the way and 48:57 48 minutes, 57 seconds hopefully in another one month's time we should have the RFQ and uh ordering will be placed in the next year beginning. 49:04 49 minutes, 4 seconds This is what is the present situation. 49:08 49 minutes, 8 seconds Got it sir. And just one last question sir. Uh what percentage of the current order book is exit in the coming one year? Could you modify that? 49:18 49 minutes, 18 seconds Pardon? 49:19 49 minutes, 19 seconds Uh what percentage of the current order book would be executable in the coming one year? Is it possible to verify that? 49:27 49 minutes, 27 seconds We have order book of or pending order of around 1,514 crores. So out of that 49:33 49 minutes, 33 seconds at least uh 1,200 uh crores will be executed this year. 49:40 49 minutes, 40 seconds Thank you. Uh thank you sir. That's really helpful. Not the best. 49:46 49 minutes, 46 seconds Thank you. We have next question from the line of Ishwar from I thought PMS. Please go ahead. 49:54 49 minutes, 54 seconds Hi sir, am I audible? Yeah. Yeah. 49:58 49 minutes, 58 seconds So thank you for taking the question. Uh so I had uh my question was regarding the high view power order. So there was 50:06 50 minutes, 6 seconds an article it suggested that u high view they raised 300 million pounds uh for this project for uh from UK investment bank and uh the UK's utility. 50:18 50 minutes, 18 seconds Correct. Uh so how much would our contribution be uh in this project our equipment contribution? 50:25 50 minutes, 25 seconds We are we are supplying only the cryogenic tanks for storage of liquid air. So that way our contribution for the entire project is not much in the 50:34 50 minutes, 34 seconds value wise but definitely from the technology point this has got a importance and going forward now we are discussing with them for three four 50:42 50 minutes, 42 seconds projects where the capex will be much higher from the kagenic point of view because they have relied and they have understood our capabilities now so going 50:50 50 minutes, 50 seconds forward we'll definitely have more scope in the whole project uh because this is mainly a kogenic project and besides 50:58 50 minutes, 58 seconds that said there are many equipments which they are manu manufacturing somewhere else but we have also offered them the non-corring equipment for their 51:05 51 minutes, 5 seconds requirement. Let us see how does it come up in future. 51:10 51 minutes, 10 seconds Yes sir. Uh so the second phase uh which high is planning which is in Scotland it is almost eight times bigger. So can we 51:18 51 minutes, 18 seconds assume that uh our order would also be eight times bigger uh from high view for the next uh project. The tank sizes are 51:26 51 minutes, 26 seconds very very big and we have given them a solution uh which we can uh some site work as well. So they are happy with our proposal. So let us see you are correct. 51:36 51 minutes, 36 seconds Uh the size of the uh value or the order value will be around 8 to 10 times uh of the present order booking. 51:46 51 minutes, 46 seconds Okay. And uh let's say uh the capital cost for such a liquid storage plant would be 100 rupees. How much of that 51:54 51 minutes, 54 seconds contribution uh how much of this would be uh uh cryogenic storage tanks? 52:02 52 minutes, 2 seconds It will be around 20 to 25%. Oh okay. Okay. 52:09 52 minutes, 9 seconds And uh I also wanted to understand uh so now that we've dispatched the first lot 52:16 52 minutes, 16 seconds for our uh mini LG terminals in the Bahamas uh what is uh could you provide more 52:23 52 minutes, 23 seconds color on the pipeline for uh uh such more mini LG projects? So does this 52:31 52 minutes, 31 seconds success of the Bahamas project open doors of similar island mission energy projects or do you have any visibility there? 52:38 52 minutes, 38 seconds Yeah, we already received two small orders from uh the Bahamas uh small islands. Uh so the two orders which we 52:46 52 minutes, 46 seconds have received is under construction now and uh we are targeting few more uh in various countries now because of our 52:54 52 minutes, 54 seconds success of our the small scale LNG terminals uh projects in uh Scotland then uh Caribbean now the Bahamas and 53:03 53 minutes, 3 seconds two more orders in Bahamas we have received recently. So people have understood the importance of this and 53:10 53 minutes, 10 seconds the majority problem in the islands is uh the electric power and if that power is taken care with a green uh method of 53:19 53 minutes, 19 seconds uh manufacturing I think people are very much interested in these type of projects. 53:25 53 minutes, 25 seconds Okay. Okay sir. And also the recent uh Mr. Iso sorry for the interruption. 53:31 53 minutes, 31 seconds Uh please join the queue for the followup question. Please join the queue. Sure. Sure. Sure. Thank you. Thank you. 53:40 53 minutes, 40 seconds We have next question from the line of Dam Josie from 9243 capital. Please go ahead. 53:50 53 minutes, 50 seconds Congratulations on the great set of numbers. I just wanted to ask you that we had discussed uh an order from MSR TC 53:59 53 minutes, 59 seconds bus conversion, right? So is there any update on that? And also on the Starbucks keg for for coffees. Is there any update on that? 54:08 54 minutes, 8 seconds Yeah. 54:21 54 minutes, 21 seconds Noise. Sorry. Sorry. Sorry. Yeah. Yeah. 54:25 54 minutes, 25 seconds Yeah. on the MSRDC whatever equipment we have supplied uh they are running uh successfully. Uh the trucks are running 54:33 54 minutes, 33 seconds every day sorry the buses are running every day and uh unfortunately that uh 54:39 54 minutes, 39 seconds customer is not uh uh so aggressive and uh he has some different uh mindset. So 54:48 54 minutes, 48 seconds we are not pushing that customer very hard because of the payment terms and other things are also very difficult with that party. So uh beyond that we 54:56 54 minutes, 56 seconds don't have much information but I understand they are working somewhere uh other than an ox now. 55:05 55 minutes, 5 seconds Okay. And on the Starbucks keg uh coffee cakes. 55:08 55 minutes, 8 seconds Yes. Yes. Starbucks we have supplied the samples and it is successful. So hopefully in uh this quarter we should get some trial orders. 55:18 55 minutes, 18 seconds Okay. And uh from last question that uh the LMG can you give me an update on the 55:24 55 minutes, 24 seconds LNG uh installed tank vehicles and fueling stations. 55:30 55 minutes, 30 seconds Is there any big orders for fueling stations in the near term? 55:34 55 minutes, 34 seconds Fueling station awarded as on today are almost 17 numbers. The fuel tanks are uh in put together around 1,500 plus trucks 55:44 55 minutes, 44 seconds are running on the Indian roads. 55:49 55 minutes, 49 seconds Okay. And is there is there any big orders we have or are we in talks for? 55:55 55 minutes, 55 seconds Uh we don't have much big order for uh both LNG failing station as well as the fuel tank. But uh going forward uh there 56:04 56 minutes, 4 seconds are two three companies which are venturing into a big way uh into this business and we are tracking them for our audience. 56:13 56 minutes, 13 seconds Okay. So thank you so much. I'll join back in with you. 56:17 56 minutes, 17 seconds Thank you. We have next question from the line of Praas Kaparia from Kaparia Financial Services. Please go ahead. 56:26 56 minutes, 26 seconds Yeah, thanks for the opportunity. I had one specific question. You know last 3 years if I were to look at the revenues 56:35 56 minutes, 35 seconds they've grown at 18%. But you know cash flow from operations are not growing. So 56:41 56 minutes, 41 seconds you know in 23 on a sales of 966 crores operating cash flow was 177 crores. 56:48 56 minutes, 48 seconds Today on you know sales of 1,587 crores cash flow from operations is 116 56:55 56 minutes, 55 seconds crores. Even last year you know with a 21% sales growth cash flow from operations is actually lower than 25. So 57:04 57 minutes, 4 seconds you know what is leading to this decline and you know given the order book of you know 50% industrial gas 28% from LNG and 57:13 57 minutes, 13 seconds 22% from cryosantic how should we look at operating cash flow on a going forward basis. 57:21 57 minutes, 21 seconds Yeah actually you know operating we thing is especially you know the capex 57:30 57 minutes, 30 seconds every year we are doing capex more than from last two three years and in the coming doesn't come in operating cash 57:37 57 minutes, 37 seconds flow now I'm talking operating cash flow not free cash flow okay so another thing is you know we are 57:45 57 minutes, 45 seconds now increase in the order book we are we are getting more and more project orders big orders in big orders part of the investment is 57:54 57 minutes, 54 seconds very high and uh it is going on uh as per the PC and method of uh calculation 58:01 58 minutes, 1 second for the booking the sales. So and the the payment terms in these orders are on various stages uh where when the stages 58:09 58 minutes, 9 seconds are completed then only we get the payment. So uh the the investment is high and the payment receipt cycle is as 58:16 58 minutes, 16 seconds for the payment terms agreed with the customers. Because of that my uh contract assets is little bit high and 58:25 58 minutes, 25 seconds due to that my operating cash flow is little bit lower. Otherwise my inventory is control my vendors you know if you because of this order book we are paying 58:34 58 minutes, 34 seconds to our vendors very timely and uh our vendor payment is very strong now. So uh 58:41 58 minutes, 41 seconds so that we can not we doesn't face any problem from the material side. 58:47 58 minutes, 47 seconds So to understand this better you were saying if you know I have a project of say 100 crores and as per you know 58:55 58 minutes, 55 seconds billing terms till the time that 100 crores is not fully executed. You cannot 59:02 59 minutes, 2 seconds you know have any you know cash flow related stuff in your accounts. I just 59:09 59 minutes, 9 seconds give one example 100 cr this is order of 100 from a project business right an example of 100 cr I got a project 59:18 59 minutes, 18 seconds order of 100 crores and as per payment terms I got advance of 50 crores whereas I I already completed the project of 60 59:27 59 minutes, 27 seconds crores okay I in the v it is 60 crores whereas I collected only 50 crores so what 59:36 59 minutes, 36 seconds happens to the 10 crores 10 crores invested from my pocket my pocket till the next next payment 59:44 59 minutes, 44 seconds terms arise like we are having the payment terms of 10% 30% 50% 70% 90% and 59:50 59 minutes, 50 seconds last 100%. So it depends on the payment terms which we agreed whereas product goes on the regular basis so some 59:59 59 minutes, 59 seconds product may be completed 65 whereas the next payment terms is 70%. Unless I complete with 70% I will not get balance 20%. 1:00:08 1 hour, 8 seconds So because of that whatever the project orders we are uh we we have to collect as for the payment 1:00:15 1 hour, 15 seconds terms agreed only to get operating cash flow little bit less but you know given our varied businesses 1:00:25 1 hour, 25 seconds varied projects and you know multiple segments in which we operate it should get offseted over a period of time now 1:00:33 1 hour, 33 seconds see I'm not looking at one specific year I'm looking at one year, 2 year, 3 year. 1:00:38 1 hour, 38 seconds So you know sales is definitely growing but you know sales at the cost of cash flow is happening. So are we okay with 1:00:47 1 hour, 47 seconds that or is it a business mix which is driving it? I'm just trying to understand it better to you know forecast how would that uh remain 1:00:55 1 hour, 55 seconds because it should get normalized with you know multi-product lines multi-stage execution because you know we are a you 1:01:03 1 hour, 1 minute, 3 seconds know uh you know contractdriven company I understand that a project driven company but you know various stages various orders come various orders get 1:01:11 1 hour, 1 minute, 11 seconds executed so that that should improve right right right I way but you know my my product mix is changing my product mix 1:01:20 1 hour, 1 minute, 20 seconds is changing. My standard tank is reducing and my non-standard orders are increasing. If you see earlier it was just 30% project orders. Now we have 1:01:30 1 hour, 1 minute, 30 seconds more than 60% project orders in our order. So the the the change in product mix is there. My project uh work is 1:01:38 1 hour, 1 minute, 38 seconds increasing and uh my standard uh products are not increasing so much than the non products non 1:01:46 1 hour, 1 minute, 46 seconds project orders. my project orders project orders mix is arising 1:01:54 1 hour, 1 minute, 54 seconds more than 60 now 8% is my project orders so we would expect expect this kind of 1:02:01 1 hour, 2 minutes, 1 second you know not too much of operating cash flow growth if project business continues to grow the way it is it would remain more or less in that 1:02:09 1 hour, 2 minutes, 9 seconds range yes so sorry for the interruption please come back in queue for the follow-up question it's only one question there is no 1:02:17 1 hour, 2 minutes, 17 seconds follow-up question I'm is talking about the operating cash flow only. There is no followup question from my end. We are just talking about that. Anyways, we'll take it offline. I think we need to 1:02:26 1 hour, 2 minutes, 26 seconds discuss it better. They'll be offline the nation depending on the data. Yeah. Thank you. Thank you. 1:02:34 1 hour, 2 minutes, 34 seconds Thank you. We have next question from the line of Kunal Bhya from Dalal and Bro. Please go ahead. 1:02:42 1 hour, 2 minutes, 42 seconds Yes. Uh thank you for the opportunity and uh congratulations on a a very good set of numbers sir. I just had one 1:02:49 1 hour, 2 minutes, 49 seconds question in terms of the uh uh uh LNG business. So now uh this uh 122 odd 1:02:58 1 hour, 2 minutes, 58 seconds crores of a uh run rate uh going forward can we sustain this kind of a run rate 1:03:05 1 hour, 3 minutes, 5 seconds or uh in in your overall guidance given of an 18 to 20% kind of a growth um what is the kind of growth we are expecting 1:03:13 1 hour, 3 minutes, 13 seconds especially on the LNG front the LG business is more of a you can say project uh based business there are 1:03:22 1 hour, 3 minutes, 22 seconds standard equipments but The standard equipments also are limited. So if these orders are little bit uh lumpy you can 1:03:29 1 hour, 3 minutes, 29 seconds say if you get order you get order of 200 crores or you don't get a order. So the time for uh from concept stage to 1:03:38 1 hour, 3 minutes, 38 seconds realization stage uh it takes a little longer time. So the variation will be there in quarter to quarter but yearly 1:03:46 1 hour, 3 minutes, 46 seconds basis we'll maintain our uh uh targets and perhaps improve upon that. 1:03:53 1 hour, 3 minutes, 53 seconds Okay. Okay. And and so just one clarification. So you mentioned fleet on the road uh as of now of Inox India in India is about 250 vehicles or 1500. 1:04:05 1 hour, 4 minutes, 5 seconds 1,500 are the trucks with the fuel tank and and uh others are 46 scale trailers 1:04:13 1 hour, 4 minutes, 13 seconds which are running on the road for carrying the liquid from the terminal to that station. 1:04:19 1 hour, 4 minutes, 19 seconds So there's a difference. 1,500 is the truck having the fuel tank whereas these trailers are delivering liquid from the 1:04:26 1 hour, 4 minutes, 26 seconds terminal collecting the liquid from the terminal and delivering to the fuel station. 1:04:32 1 hour, 4 minutes, 32 seconds Okay. Okay. Got it sir. Thank you so much. Yeah. 1:04:44 1 hour, 4 minutes, 44 seconds Next We are done with the time. 1:04:53 1 hour, 4 minutes, 53 seconds Mr. Kushal, uh, your line is emitter. Please ask your question. Hello. Hello. 1:05:00 1 hour, 5 minutes Yes, you're audible. 1:05:02 1 hour, 5 minutes, 2 seconds Yes. My question is on your data center side like you said that there is a technology cryogenic cooling technology. So how is 1:05:11 1 hour, 5 minutes, 11 seconds it different from air cooling or liquid cooling in the unit economics terms and what kind of opportunities are we expecting from this technology going? 1:05:20 1 hour, 5 minutes, 20 seconds Yeah, I told you uh this technology is getting developed. This is in the R&D stage as today. Uh but if you say air 1:05:28 1 hour, 5 minutes, 28 seconds cooling then you require air conditioners. If there is a water cooling then you require chilling water. 1:05:33 1 hour, 5 minutes, 33 seconds So the amount of energy and the time which takes to for cooling from say maybe room temperature to say 2° or less 1:05:42 1 hour, 5 minutes, 42 seconds than that it's a lot whereas in if you put the chip into the nitrogen temperature it will get the 77k or minus 1:05:50 1 hour, 5 minutes, 50 seconds 196 in fraction of uh seconds or minutes. Okay. So that is what we are studying how much energy saving will be 1:05:58 1 hour, 5 minutes, 58 seconds possible if we can achieve that and how much time we will save to achieve that. 1:06:02 1 hour, 6 minutes, 2 seconds This is what we are studying and this is especially in R&D stage and numbers. 1:06:07 1 hour, 6 minutes, 7 seconds Is there any company in global level that they are doing this kind of tech or develop the product as of now? Yes, 1:06:15 1 hour, 6 minutes, 15 seconds there are there are no other companies who are thinking like this. But in our recent discussion during the exhibition in Europe, uh we found that there are a 1:06:24 1 hour, 6 minutes, 24 seconds lot of companies uh like mainly the Intel, Microsoft and other companies they are really interested in finding out a solution like this. So we will try 1:06:33 1 hour, 6 minutes, 33 seconds to work with them and develop some prototype and test it at our place. We have the R&D facility at IIT Mumbai. So we'll put in some test over there. 1:06:43 1 hour, 6 minutes, 43 seconds provide them the data and we'll work out how much energy saving and how much time saving is there and if it is successful 1:06:50 1 hour, 6 minutes, 50 seconds then there's a I mean uh plenty of opportunities I can say and what is our R&D spend at turnover as 1:06:58 1 hour, 6 minutes, 58 seconds percentage of turnover or an average uh I mean it is uh for to comment on this wait for some 1:07:06 1 hour, 7 minutes, 6 seconds time for this sir sure thank you very much for answering question thank Thank you. 1:07:16 1 hour, 7 minutes, 16 seconds Thank you. This was the last question. I now hand the conference over to management for closing comments. 1:07:23 1 hour, 7 minutes, 23 seconds Thank you very much for your time and energy and uh we had a very wonderful discussion and if any questions are remaining pending, you can send that to 1:07:32 1 hour, 7 minutes, 32 seconds our IR team and we will be uh uh answering those questions. Uh we always organize some uh visit to the plant uh 1:07:41 1 hour, 7 minutes, 41 seconds so you can be in touch with our uh ad factor which is the agency who is dealing in all this so we can organize 1:07:49 1 hour, 7 minutes, 49 seconds their visit so you can see the products getting manufactured and we can have one more uh discussions uh on face to face. 1:07:56 1 hour, 7 minutes, 56 seconds Thank you once again for joining this call and I hope you had a good time. 1:08:00 1 hour, 8 minutes Thank you so much ladies and gentlemen on behalf of ISIS securities that concludes this conference. Thank you for joining us and 1:08:09 1 hour, 8 minutes, 9 seconds you may not disconnect clients. Thank you. Thank you. Bye. Thank you. Bye-bye.