Mishra Dhatu Nigam Ltd — Q3 FY26

Mishra Dhatu Nigam Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=ruIPuSlNNO8 Published: 2 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to Midhani Q3 FI26 earning conference call hosted by ICIC 0:09 9 seconds securities. As a reminder, all participant line will be in the listenon only mode and there will be an opportunity for you to ask questions 0:16 16 seconds after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on 0:24 24 seconds your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. 0:31 31 seconds Vikas Singh from ICAC Securities. Thank you and over to you sir. Thank you Dh. 0:38 38 seconds Good morning everyone. Welcome to Musha Dhhatu Nigam Q3 FI26 results conference call. We would like to thank the 0:46 46 seconds management to give us the opportunity to host them. From the management side we have with us M Dr. SVS Narayana Morti Chairman come managing director Mrs. 0:57 57 seconds Madubala Kaluri director of finance and Mr. P. Babu director production and marketing without taking any much time 1:04 1 minute, 4 seconds I'll hand over the management for their opening them up. Over to you sir. Okay so good morning everyone. 1:13 1 minute, 13 seconds I Dr. SPS Narend Morti, chairman and managing director of Mishraatunigum Limited, extend a warm welcome to all of 1:21 1 minute, 21 seconds you who are joining online to our earnings conference call for the quarter and 9 months ended 31st December 2025. 1:32 1 minute, 32 seconds We have with us Mrs. K. Madubala, director of finance and CFO, Shri Babu, director of production and marketing. 1:41 1 minute, 41 seconds Mr. Paul Antony, company secretary and compliance officer with me. 1:48 1 minute, 48 seconds We also have senior officials from marketing and finance function. 1:53 1 minute, 53 seconds Since the quarter and 9 months functional results have already been submitted, I'll just go through the key aspects of quarter and 9 months ended 9 2:02 2 minutes, 2 seconds months ended financial results of the company. 2:05 2 minutes, 5 seconds The salient points are turnover for the third quarter stood at 275.66 2:12 2 minutes, 12 seconds cr recording a robust 31.44% growth over second quarter turnover of 29.72 cr. 2:22 2 minutes, 22 seconds Second point value of production for the third quarter was 34.05 05 cr compared 2:29 2 minutes, 29 seconds with 256.37 cr during the second quarter of FI26 registering a growth of 18.6%. 2:39 2 minutes, 39 seconds Profit before tax for third quarter was 39 cr compared with 19.11 cr for second quarter. 2:46 2 minutes, 46 seconds Fourth point point profit after tax for third quarter stood at 27.46 46 cr compared with 12.76 cr for the second quarter. 2:55 2 minutes, 55 seconds For the 9 month period that is April to December 2025 our turnover was 655.88 3:04 3 minutes, 4 seconds cravi 663.54 cr last year and value of production 3:11 3 minutes, 11 seconds grew by 8.86 to 81.73 cr. PBT and PAT remained stable at 77.1 3:20 3 minutes, 20 seconds cr and 53.04 cr respectively despite the marginal motoriiz moderation in topline 3:27 3 minutes, 27 seconds performance and our order book position as on 1st January 2026 is 2440 cr. 3:37 3 minutes, 37 seconds I want to highlight some very important achievements that Midani has made in the last quarter. 3:43 3 minutes, 43 seconds uh one of the significant uh uh contributions is the supply of titanium alloy windows for Ramjan mmabumi at 3:52 3 minutes, 52 seconds iodia. So we have supplied 31 titanium windows. Many of you would have seen it 3:59 3 minutes, 59 seconds and this is the first time that in India titanium has been used for architectural purposes. Even though Bidani has been 4:06 4 minutes, 6 seconds supplying titanium alloys for last 40 years to various customers like ISRO, DRDO, H many other customers, India 4:16 4 minutes, 16 seconds never this material has been used for architectural purpose. You can see the beautiful windows in Iodiah Ramandir. 31 titanium jollies have been supplied. 4:24 4 minutes, 24 seconds This is one important achievement. 4:26 4 minutes, 26 seconds Another achievement that we can be proud is that we have supplied around 90 tons of 4:33 4 minutes, 33 seconds material for presidential das uh for republic day. So recent republic day many of you would have watched one of 4:40 4 minutes, 40 seconds the significant contributions is the material for the presidential das has been made by Midani. 4:47 4 minutes, 47 seconds And third point that is of uh interest to us technically is Misani has been 4:55 4 minutes, 55 seconds certified. Misani produced alloys. Very very special alloys particularly super alloys have been certified by semileac 5:04 5 minutes, 4 seconds center for military airworthiness certification has been received for 10 cast and rot super alloys. It only shows 5:12 5 minutes, 12 seconds the uh the capability of Midani towards supply of super alloys and also we have 5:20 5 minutes, 20 seconds a NATCAP certification. This is an international certification for heat treatment. We are going to receive it because audit is over. So this is uh I 5:28 5 minutes, 28 seconds wanted to share with all of you these significant achievements technically. I think uh with the above I 5:37 5 minutes, 37 seconds now request the moderator to invite questions from the enlist or investors who are there joining the conference call. Thank you so much. Thank you sir. 5:46 5 minutes, 46 seconds Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone 5:54 5 minutes, 54 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 6:02 6 minutes, 2 seconds question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. 6:10 6 minutes, 10 seconds Our first question come from the line of Amit Dishit from Goldman Sach. Please go ahead. 6:15 6 minutes, 15 seconds Yeah. Hi, good morning everyone and thanks for the opportunity. 6:19 6 minutes, 19 seconds Congratulations for a good set of numbers sir. Uh a couple of questions from my side. The first one is that in India if we look at the recent developments the aerospace particularly 6:28 6 minutes, 28 seconds Indian ecosystem is kind of uh showing very good potential. 6:33 6 minutes, 33 seconds uh whether it is like uh the possible domestic manufacturer of uh of M88 engines or going ahead uh co-production 6:42 6 minutes, 42 seconds of F414 or co-development of Safran for AMA. So I just wanted to understand you 6:49 6 minutes, 49 seconds know how Mindani geared up uh for this opportunity because we have this titanium capacity for very long time. I just wanted to understand the kind of 6:57 6 minutes, 57 seconds approvals we have in place or we are looking at in the future. Also, if you could highlight the utilization of titanium capacity 1,000 tons in as of now. That is the first question sir. 7:10 7 minutes, 10 seconds Okay. Thank you Mr. Rammit. It's a very nice question. 7:14 7 minutes, 14 seconds See first of all I think ever since Midani has started 52 years back we have been working on these very specialized 7:22 7 minutes, 22 seconds kind of alloys. As you know that this whole organization has been put up with the with the purpose of indigenization of 7:29 7 minutes, 29 seconds materials in 1973 and we have been making these alloys the so-called alloys that are required for very critical 7:37 7 minutes, 37 seconds alloys performance critical alloys for fighter aircraft. So we regularly supply the nickel based alloys the cobalt based 7:44 7 minutes, 44 seconds alloys and even some of the iron based alloys regularly to our customers. Okay. 7:50 7 minutes, 50 seconds So you told you mentioned MI18, F14, Saffron and AMA all these things people are looking for these kind of alloy what 7:59 7 minutes, 59 seconds goes into aero engine has to be manufactured to the utmost uh quality and Midani has been supplying because 8:05 8 minutes, 5 seconds one of our major customers is ISRO. If you look at the right from the uh the solid rocket mo motor booster that gets 8:14 8 minutes, 14 seconds ignited on the ground when you look at a PSLV or a GSLV launch to the upper stage cryogenic engine midani materials are 8:22 8 minutes, 22 seconds used everywhere every stage. So that is the kind of perfection that we are we have been trained to do and supply to 8:31 8 minutes, 31 seconds our customers and not not to say that our materials are there in in the form of Chandrean 3 our materials are there 8:37 8 minutes, 37 seconds on moon. So here in manufacturer of any aero engine quality is the most important thing and Milani is known for 8:45 8 minutes, 45 seconds quality. So over the last four decades Milani has supplied these materials. Not only I'm not mentioning our defense 8:54 8 minutes, 54 seconds related supplies since it is civilian I could mention but we have been supplying and you asked about titanium. Titanium 9:02 9 minutes, 2 seconds Midani made titanium is used in all gas bottles and all propellant tanks of ISROS launch vehicles. 9:10 9 minutes, 10 seconds Every satellite propellant tank or launch gas bottle. Every launch vehicle stage they have several gas bottles. The raw material is supplied from Midani and 9:19 9 minutes, 19 seconds it is used for this thing. So Midani is known for super alloys and titanium alloys and we are completely ga 9:28 9 minutes, 28 seconds whatever requirement. We are closely working with H. Yes, we are there. We are supplying to them both super and 9:34 9 minutes, 34 seconds titanium. So even future AMA aero engine whatever whoever is the customer we will be supplying the materials and we are in 9:43 9 minutes, 43 seconds we are in talks with all foreign customers at very advanced stage we are working with them including Saffron on 9:50 9 minutes, 50 seconds the supply of materials. So India is fully geared up and we are fully geared up at Mizani to supply these critical performance critical materials. 10:01 10 minutes, 1 second Okay. And what is the capacity utilization if I may ask of the 1,00 tons titanium plant as of now? 10:10 10 minutes, 10 seconds So if you if you look at uh we have a total order book for 657 crores and we 10:18 10 minutes, 18 seconds have multiple titanium melting facilities. As you can see we have multiple these is made by vacuum or 10:25 10 minutes, 25 seconds creamting and uh we have multiple furnaces and about 27% of our uh order 10:34 10 minutes, 34 seconds book is on titanium and you we we can meet the requirements our uh 10:41 10 minutes, 41 seconds capacity utilization is almost uh uh near to the full established capacity so I can give you 10:50 10 minutes, 50 seconds an date order. Yeah, as on date order around 29% or 741 cr worth of titanium 10:57 10 minutes, 57 seconds alloys are there and we are fully operating our titanium plant. 11:02 11 minutes, 2 seconds This during this period last year and now actually last year 390 390 t we melted but this time 465 ton we melted 11:12 11 minutes, 12 seconds means at least 20% of titanium production has gone up. 11:23 11 minutes, 23 seconds it considerably particularly this quarter. So is it due to the product picks or the contracts that you're executing at the moment and also if you 11:33 11 minutes, 33 seconds could just broadly highlight the uh revenue split you know by materials uh titanium super alloys bargain steel etc. 11:44 11 minutes, 44 seconds Now probably little part of your question was not not heard. Can you just repeat it? 11:49 11 minutes, 49 seconds Yeah sure. So the question is that you know uh this quarter we saw that margins improved considerably. So uh could you 11:57 11 minutes, 57 seconds also highlight the drivers behind that whether it was uh revenue mix or the kind of you know uh contract that we are executing that carry possibly higher 12:06 12 minutes, 6 seconds margins. Also if you could highlight the if you could mention the revenue mix in terms of products like titanium what the 12:13 12 minutes, 13 seconds percentage was titanium or of revenue super alloys marang steel etc. 12:20 12 minutes, 20 seconds Okay okay okay fine so if you look at the alloy wise revenue uh in the third quarter 9 months 12:27 12 minutes, 27 seconds for the 9 months we have superoy contribution is around 20%. and titanium alloy is around 19%. 12:36 12 minutes, 36 seconds Marging steel is about 15% and special steels is about 37%. And remaining all other grades about 9%. 12:44 12 minutes, 44 seconds So predominantly super alloys and titanium alloys constitute about 40% of our total revenue. So that is what we have been concentrating on currently. 12:55 12 minutes, 55 seconds And it this is for 9 month right? Yeah this is for 9 months. And what are the key margin drivers? 13:03 13 minutes, 3 seconds E margin drivers if you look at okay we we have ultra high strength 13:11 13 minutes, 11 seconds steels which are um where margins are significantly higher and this is for this what application 13:19 13 minutes, 19 seconds sir it is for all missiles and rockets okay okay 13:28 13 minutes, 28 seconds got it sir got it thank you so much and all the Thank you. Thank you. Thank you. 13:37 13 minutes, 37 seconds Our next question come from the line of Hanil Badia from EQOP. Please go ahead. 13:42 13 minutes, 42 seconds Thank you for the opportunity sir and congratulations on good set of results. 13:45 13 minutes, 45 seconds I just wanted some clarification regarding the NAPCAP certification. Uh you said that the audit is done. So it is it was actually due in Q4 of this 13:52 13 minutes, 52 seconds year right? So is it on place or do you expect some delays for that? 13:58 13 minutes, 58 seconds Uh okay actually the audit is over some minor queries we are answering so it should be uh we should be getting it by end of Q4. 14:08 14 minutes, 8 seconds Okay so coming to the aerospace side so we have also there has been a good breakrough breakthrough with GTRE and PTC we had also tested the uh the cavary 14:16 14 minutes, 16 seconds dry engine and we have actually got under the crystalline turbine plate and the PMD dishes and I think so PTC has also started getting orders. So how big 14:25 14 minutes, 25 seconds can this opportunity be for us given that we'll be RM suppliers for uh this particular project? 14:31 14 minutes, 31 seconds Okay, GTRE we have been working for last almost 25 years for cavary engine program and Midani was there right from day one of the quark cavary engine 14:39 14 minutes, 39 seconds program. Milidani has supplied and cavary engine whatever was flight tested all it contains only Midani materials. 14:47 14 minutes, 47 seconds Okay. So uh we continue to work with GTRE and we continue to supply materials to uh Indian aero engine manufacturers. 14:56 14 minutes, 56 seconds Okay. So for this particular crystalline turbine blades and PMD dishes, how big can the orders be? Because PTC has also started getting orders I think. So they'll start sourcing the RM from us. 15:06 15 minutes, 6 seconds Yeah, there are multiple people who are doing this blades. uh the raw material that goes into the manufacturer of 15:14 15 minutes, 14 seconds single crystal blades is melted only in Midani. So whoever is the downstream who 15:20 15 minutes, 20 seconds wants to make the blades midani is can supply the blades blade material basically blade is coming after the cast 15:30 15 minutes, 30 seconds stick. So casts are made by midani and blade is an outcome from the castic. So raw material has to be melted to the 15:38 15 minutes, 38 seconds precise chemical composition and it has to be made into the form of a blade. So bizani is gailed up to meet any requirements whatever are required. 15:48 15 minutes, 48 seconds Okay. So so this utility will also be there in multiple programs like the cavary dry engine program for the UCAV program or the manic STSC engine program 15:56 15 minutes, 56 seconds or uh you don't see these days being utilized there. Yes. 16:02 16 minutes, 2 seconds Yeah. I mean see aero engines are picking up now. There are talks going on at multiple levels and all materials 16:10 16 minutes, 10 seconds requirement whatever are are required for any of these parties minani is fully geared up to 16:17 16 minutes, 17 seconds meet the uh metallic materials requirement we will be there in the uh uh the suppliers list. 16:25 16 minutes, 25 seconds Okay. So coming to the AB bulletproof jacket I think so we we have we do plan to apply for the big 10,000 cr tender that is coming up. So I mean what would 16:34 16 minutes, 34 seconds be the pro possible win because there will be multiple players here also there is also being a another private company based out of Delhi which has also got 16:41 16 minutes, 41 seconds the toot from DRD and IIT for the AB jacket. So what is the scope for Midani versus what is the scope for them? Uh I 16:49 16 minutes, 49 seconds just want some more understanding out here. 16:52 16 minutes, 52 seconds Okay. See it is like this. Midani already have a technology called Babakawage from BRC that is a to 16:59 16 minutes, 59 seconds last quarter we have taken a technology transfer from IIT Delhi DRDO combined center of excellence that is called AB what you have been mentioning. So we 17:07 17 minutes, 7 seconds have we are having capability already we are under testing of the abase multiple testing needs to be done at uh uh the 17:14 17 minutes, 14 seconds ballistic material testing laboratory and we are conducting and we are ready to uh take the orders now okay we'll be participating aggressively and we will 17:23 17 minutes, 23 seconds be getting the orders and when such a big order comes definitely it'll be multiple people it will be given so we are hoping that we'll be in the race and we'll work towards that. 17:35 17 minutes, 35 seconds Okay on the helical spring side so what is the utilization there and how do you see the opportunity because I think so we have supplied it for the wand barat 17:43 17 minutes, 43 seconds and we also do plan to supply it for the LFP coaches so how big can the opportunity be I think so we have got 60,000 springs per month if I'm not 17:50 17 minutes, 50 seconds mistaken and about 250 springs per wandat uh that train is required 17:58 17 minutes, 58 seconds it is like this uh keeping in view of such a requirement has established a spring plan and Now we are going to 18:05 18 minutes, 5 seconds operationalize it for the requirements of Mandai bar and uh whatever requirements are there. Now we are 18:12 18 minutes, 12 seconds having plans to meet participate in that and get the RDSO approval and once that is there we will be supplying to them. 18:21 18 minutes, 21 seconds That is the whole idea. This is a imported plant. It is a machinery is having very very sophisticated things. 18:28 18 minutes, 28 seconds not many people can supply this kind of sizes that are uh uh there in the uh requirement for wand bars and all. So we 18:35 18 minutes, 35 seconds are in the uh race for that. So uh if I get it clear we'll have to first apply for the RDS certification and then we'll 18:43 18 minutes, 43 seconds be uh doing the supplies right we are under the process of that once that certification is obtained we'll be 18:50 18 minutes, 50 seconds uh participating in the tenders and we'll be getting it and lastly before I get into the queue so we also plan to supply to BML so on 18:59 18 minutes, 59 seconds the metro coaches side we also expand we plan to expand the scope to the metro so we have we supplied any test batch quantities to BML or along because I 19:07 19 minutes, 7 seconds think So these guys are also but yeah we'll be we'll be doing because for anything no because it is a passenger vehicle RDSO certification is 19:15 19 minutes, 15 seconds essential and we are in the process of uh going in that direction. So we will be getting once a certification is given 19:22 19 minutes, 22 seconds then we'll have uh continued supply of materials it is yet to be done not yet done till now. 19:29 19 minutes, 29 seconds Okay thanks a lot for the answer so I'll get back into the queue. Thank you. Thank you. 19:34 19 minutes, 34 seconds It is a great next question come from the line of Shashi Ranjan from Anandan Capital. Please go ahead. 19:42 19 minutes, 42 seconds Morning sir. Thank you for the opportunity and congratulation on good set of numbers. The first question is can you uh get me the status on the middle bank that we were planning. 19:52 19 minutes, 52 seconds Okay. So as you all know that uh keeping in view of the supply chain disruptions, 19:58 19 minutes, 58 seconds Midani has established a metal bank. So already that we are working with five of 20:05 20 minutes, 5 seconds our customers uh to establish uh this metal bank in the premises of Mani and 20:11 20 minutes, 11 seconds already uh the purchase procedures are ongoing and the civil works are also underway. So maybe down the line within 20:20 20 minutes, 20 seconds 6 months a fully full-fledged metal bank uh of six important raw materials that are essential for uh all the defense and 20:29 20 minutes, 29 seconds uh uh other customers will be in place inside Midani. So maybe you will see by 20:36 20 minutes, 36 seconds end of uh uh Q1 26 27 we'll be uh we'll be giving a better information on the uh 20:45 20 minutes, 45 seconds actual situations. Now currently things are underway. 20:51 20 minutes, 51 seconds From my understanding that the setting up of this metal bank will help bring down the working capital days and the high inventory days that are uh plaguing uh the performance of Midani. 21:04 21 minutes, 4 seconds No, this is a customerowned uh uh metal bank that is located inside Midani. 21:11 21 minutes, 11 seconds So it it won't it's not having any impact on the working capital of the company because the inventory that is being uh like held in the central bank 21:19 21 minutes, 19 seconds is in the books of the customers not in the books of maidan. 21:23 21 minutes, 23 seconds Okay. So sir what are the there is any requirement and all we just be drawing that material with the on a loan basis and we'll be replenishing it. 21:32 21 minutes, 32 seconds Okay sir. So any steps that we are taking to bring down the working capital and the high inventory days uh as far as money is concerned. 21:40 21 minutes, 40 seconds Yeah, that we are continuously working like if we can also see the improvement from Q2 to Q3 wherein the scrap utilizations have improved. So basically 21:49 21 minutes, 49 seconds the inventory today when we look at the in working capital the major contributor is inventories WP and scrap. So we are 21:56 21 minutes, 56 seconds taking all the steps that continuous work is going on that so effective utilization of the materials and uh 22:04 22 minutes, 4 seconds remelting the things wherever the materials. So scrap utilization has been increased and also the virgin and scrap composition mix also. But of course 22:13 22 minutes, 13 seconds again it depends on the product that we manufacture. Certain products requires the virgin. So there there are certain restrictions. We cannot just use it. But 22:21 22 minutes, 21 seconds otherwise we are putting all the efforts to reduce the inventory which will definitely have a positive impact on the working capital. 22:29 22 minutes, 29 seconds Thank you for the update sir. Before I turn up in the queue the last question is I have about the utkashhatu nigam limited which is a JB between you and 22:36 22 minutes, 36 seconds NALCO. So and and that this will uh get us uh aluminium alloy of high grades. So are we looking into some grades like 219 22:44 22 minutes, 44 seconds T6 grade used that can be used in Bhat uh Andre station uh company the country is trying to get into uh space by 2028. 22:53 22 minutes, 53 seconds So are we going to contribute to that as well through this uh JV between Nalo and 23:01 23 minutes, 1 second so your question is Uttaria. So with respect to that the due to the non I mean viability of the project it has 23:09 23 minutes, 9 seconds been recommended for closure. So that is a very brief answer to your question. We are not going to pursue that project 23:16 23 minutes, 16 seconds anymore. We are going to uh formally close down. We are uh continuously discussing with Nalco both of us are 23:24 23 minutes, 24 seconds going to discuss on this and take the proposal for closure forward. Then uh coming to the second one, yes such 23:32 23 minutes, 32 seconds alloys are required but the total requirement like you mentioned 2219219 those alloys are required for ISRO but 23:41 23 minutes, 41 seconds the currently the total annual requirement is too small for anyone to have a dedicated plan because these are 23:47 23 minutes, 47 seconds aerospace grade aluminum alloys and they need very very uh careful processing until last stage. So 23:57 23 minutes, 57 seconds because of the uh very small quantity and uh we'll not be in a position to process them through utkash. 24:06 24 minutes, 6 seconds Thank you so much for the update sir. 24:07 24 minutes, 7 seconds All the best to you and the team. Thank you. Okay. Thank you. Thank you. 24:16 24 minutes, 16 seconds Our next question come from the line of Ravi Naredi from Naridi Investments. Please go ahead. 24:22 24 minutes, 22 seconds Thank you very much sir. basic raw material of titanium from where we get 24:28 24 minutes, 28 seconds how many uh we import and how many we received from recycle product. 24:36 24 minutes, 36 seconds Okay. 24:39 24 minutes, 39 seconds So it is like this to titanium alloy as you know India is having a titanium alloy production sponge production plant 24:46 24 minutes, 46 seconds at Chavara in Kerala. Okay, that is about 500 ton peranom. It makes titanium sponge and the actual production is 24:54 24 minutes, 54 seconds about 150 tons peranom and the quality uh uh of the sponge that comes in different grade. So it will not be able 25:02 25 minutes, 2 seconds to meet the total requirement of uh uh the order book whatever we Midani has. 25:07 25 minutes, 7 seconds So normally uh we import uh to meet the requirements and we we meet Yeah. So we 25:16 25 minutes, 16 seconds we import from uh our East European nations and uh to meet our requirement. 25:24 25 minutes, 24 seconds So this is a short answer for you. We import this titanium spongy. 25:30 25 minutes, 30 seconds Okay. Understand sir. In Kerala any mines is there or it is scrape material? 25:37 25 minutes, 37 seconds No no no no it is not scrap actually if you look at titanium is processed from the beach sands of Kerala. The beach 25:45 25 minutes, 45 seconds sands of Kerala they have a mineral called ilmanite. So the ilmanite is processed because they have originally they were having a titanium dioxide 25:54 25 minutes, 54 seconds pigment plant. Okay. So white color pigment whatever you use in industries it is called titanium dioxide and because titanium dioxide is there 26:02 26 minutes, 2 seconds technology was available and within uh the defense lab and it was used to make titanium sponge. So there is no scrap or 26:12 26 minutes, 12 seconds recycling and there is no mineral beach sand. 26:16 26 minutes, 16 seconds So it is only in Kerala other Indian state it's not like that it is there along the 26:24 26 minutes, 24 seconds coast of along the uh west coast of east coast also you have in fact Orisa has uh some of the beach sands it only depends 26:33 26 minutes, 33 seconds on uh the processibility and the amount of titanium in that otherwise it the the sands are available including Orisa 26:42 26 minutes, 42 seconds Andhra Pradesh Tamil Nadu Kerala All the beach signs have this titanium contenders. 26:49 26 minutes, 49 seconds Not in Goa and Mumbai site. Goa beaches are there silver beaches. 26:55 26 minutes, 55 seconds No, they are not having I do not know whether it is there in that. It all depends on the content. 27:03 27 minutes, 3 seconds Understand sir. Other than this sand content titanium we can cannot get from the mines. 27:13 27 minutes, 13 seconds uh it is it depends on the or you are talking about. So titanium ore is what is important. Normally it is 27:21 27 minutes, 21 seconds coming from beach sands illmanate kind of thing which is available in sand. Yeah. Okay. Okay. Thank you. Thank you. 27:29 27 minutes, 29 seconds Yeah. Thank you. 27:35 27 minutes, 35 seconds Our next question come from the line of Arya Sha from Whitstone PMS. Please go ahead. Hey. Hi. Thank you for the opportunity. 27:42 27 minutes, 42 seconds So my first question is what is the order book timeline execution? Current order book. Yeah. 27:50 27 minutes, 50 seconds So the current order book execution. 27:52 27 minutes, 52 seconds Okay. As uh the maximum period 28:01 28 minutes, 1 second max 29. 28:06 28 minutes, 6 seconds Yeah. Total order book is uh 2,594 cr as on today. 2 years. 28:12 28 minutes, 12 seconds Okay. So we have a timeline of 2 years for execution. 28:17 28 minutes, 17 seconds Okay. And the sustainable margin the AIDA margin around 23% on an average we can take. 28:28 28 minutes, 28 seconds Okay. And I think in the Q2 you are mentioning some KEX plan which will be announced in Q3. So could you talk about the Apex plan for the next two years? 28:40 28 minutes, 40 seconds in preparation that we are working on that that projects are under evaluation we are working on that it's not yet finalized probably by end of this Q4 we should be 28:49 28 minutes, 49 seconds able to give a clarity on that okay and and the powder plant k is the work ongoing and what would be the 28:58 28 minutes, 58 seconds turnover estimated yeah we are in the process of procuring some formalities are there uh which have 29:05 29 minutes, 5 seconds to be completed because some export license uh that procedure is uh going on in uh 29:13 29 minutes, 13 seconds foreign country. So once that is there then we will be able to set up the plant and do now currently uh equipment is yet to arrive. 29:25 29 minutes, 25 seconds Okay. Yeah. That's it from my side. Thank you. Thank you. Thank you. 29:34 29 minutes, 34 seconds Our next question come from the line of Sujel from opportunity. Please go ahead. Uh hello am I audible? 29:43 29 minutes, 43 seconds Yeah. Yes sir. J you are. 29:46 29 minutes, 46 seconds Uh congratulations on the good set of numbers. First of all sir sir I just want to understand that uh in you have guided in last quarter you have guided 29:53 29 minutes, 53 seconds of 13 cr revenue and I and also 23% of aida margin. So I want to understand 30:01 30 minutes, 1 second what are the good drivers for that and are we on the line or not? 30:07 30 minutes, 7 seconds Yeah, drivers per uh this uh Q3 performance. 30:12 30 minutes, 12 seconds Yeah, basically the drivers are titanium and super alloy where we have executed whatever balance were there in Q2 we 30:19 30 minutes, 19 seconds could uh liquidate them and uh yeah so basically they are the super alloys and titanium alloys. 30:30 30 minutes, 30 seconds Uh sir I just want to ask about like you are telling according to your guidance you are telling to bring 650 K blocks k 30:38 30 minutes, 38 seconds revenue incremental in quarter 4. So what are the growth drivers for that? 30:44 30 minutes, 44 seconds Yeah growth drivers. So we are now currently manufacturing some of the aeronautical grades. Okay. So some of 30:52 30 minutes, 52 seconds the aero grades that are to our aero customers we are now currently processing and uh uh then whatever are 31:00 31 minutes under processing uh from Q3 we are going to liquidate them and uh some special steals are also there in 31:09 31 minutes, 9 seconds that uh which will be uh booking them in the fourth quarter. 31:15 31 minutes, 15 seconds So uh can you tell me are we on properly uh in the line for uh again like able to 31:22 31 minutes, 22 seconds get the 650 K of revenue and also can you please guide me on the upcoming capeex for the year and order book. 31:31 31 minutes, 31 seconds Yeah one point uh regarding capeex yes it is under DPR stage so we are just looking for it. Okay, once DPR is 31:40 31 minutes, 40 seconds complete, we will be able to share some more information and growth divers you asked. Yes, predominantly the super 31:47 31 minutes, 47 seconds alloys and special steels we are looking for for the revenue that we are uh for Q4 revenue. And third point is uh one. 31:56 31 minutes, 56 seconds Yeah. Okay. That's for myself. Thank you. Thank you. 32:04 32 minutes, 4 seconds Thank you. 32:09 32 minutes, 9 seconds Ladies and gentlemen, anyone who wishes to ask a question may press star and one. 32:19 32 minutes, 19 seconds The next question come from the line of Russia from RBSA Investment Manager. Please go ahead. 32:26 32 minutes, 26 seconds Yeah. Hi sir, I just want to understand last quarter I think you said that we had some ambitious growth plans and maybe you'll give some update on Q4. So but I just want to understand suppose 32:34 32 minutes, 34 seconds you are a thousand cr company now suppose you want to become a 2,000 cr company uh what will be the constraints or product gaps that we have to fill or 32:42 32 minutes, 42 seconds are we you know fully you know just waiting for orders to come in and we're ready to execute them. 32:50 32 minutes, 50 seconds Yeah one is uh capacity enhancements at effective utilization of some of the facilities. So probably we can uh answer 32:58 32 minutes, 58 seconds your question in two prongs. One is there are facilities which can be I mean like uh where we can effectively utilize 33:06 33 minutes, 6 seconds more uh output from them with existing facilities and second thing is if we can um establish some capex that is the 33:14 33 minutes, 14 seconds whole idea currently as you told we are 1,000 plus cr company if you want to take it to two 2,000 cr company in that 33:23 33 minutes, 23 seconds direction that is the whole idea of management how to take the sales to the next level. So if you want to double the 33:31 33 minutes, 31 seconds uh our uh capacity we need to put some u uh infrastructure. So we are currently 33:39 33 minutes, 39 seconds looking on that as I told in the previous uh question we are now currently working on what are the uh important equipment that we need to 33:46 33 minutes, 46 seconds facilities that we need to establish so that we can take it to that. So as a part of that we are having some capex 33:53 33 minutes, 53 seconds plan so that we will be able to share once DPR and other approvals internal approvals are ready maybe by Q4 uh end 34:02 34 minutes, 2 seconds of Q4 we will be able to give you more information but idea is how to take into the growth path towards 2,000 crores as 34:10 34 minutes, 10 seconds you mentioned okay and the capacity mostly ground field or green field sir or you cannot share this uh 34:18 34 minutes, 18 seconds yeah now we will be giving full details sir I probably once DPR is ready we'll be able to give you full details. Okay. 34:26 34 minutes, 26 seconds Hello. Yes. My second question was actually we have you know the recently the FDA has been signed with the EU. So 34:34 34 minutes, 34 seconds how does that help in terms of import of raw material for us? Can you repeat? 34:40 34 minutes, 40 seconds No. Recently the country has signed the trade agreement with EU. So how does it help us in respect to the import of raw materials from the Eastern Europe? you 34:49 34 minutes, 49 seconds mentioned. So how does it helps us in ter are we paying duty in that currently or how does it help us? 35:02 35 minutes, 2 seconds Actually yeah if if you if you look at it if you look at it yes we are importing some of the uh I mean raw 35:09 35 minutes, 9 seconds materials we are also trying parallelly how to indigenize them. So that is plan B already we have and we are trying to work but predominantly the metallic 35:18 35 minutes, 18 seconds materials are imported. So as a part of that we are already having an internal metal bank. So to insulate from any 35:25 35 minutes, 25 seconds supply chain constraints plan B we are currently not having as on today any supply chain issue. So we only hope that 35:32 35 minutes, 32 seconds the whatever agreements have taken place will boost the supply and debottle neck only. So we are not anticipating any 35:40 35 minutes, 40 seconds major constraints in the supply of or import of raw materials. 35:46 35 minutes, 46 seconds So whatever import you're doing well you're doing it duty free or we pay some duty to it. I'm trying to get that answer is duty paid only. 35:55 35 minutes, 55 seconds Duty free only. Okay understood. And mention about this metal and bank which will be owned by the customer. So how does this agreement actually change the 36:03 36 minutes, 3 seconds you know inventory days for us because we have to just you know it be I think more as an as an need basis for us 36:10 36 minutes, 10 seconds currently as we holding three to five months of inventory now so now customer b the ownership will be the customer the inventory ownership it it won't make any 36:19 36 minutes, 19 seconds change in the inventory days that's what I mentioned that suppose if that inventory is in the books of the company then it will have an impact on the working capital as well the inventory 36:27 36 minutes, 27 seconds days since that that inventory is only like in the we are only a custodian and the inventory will be in the in the 36:35 36 minutes, 35 seconds books of customers. So the materials whatever is required on need basis whatever based on the requirement just will be drawn on a loan and as and when 36:43 36 minutes, 43 seconds our materials comes which will get replenished basically in a net that inventory remains same. So because if I 36:51 36 minutes, 51 seconds get my material then my raw material inventory will go up. So immediately the once the maidan material has come the 36:58 36 minutes, 58 seconds same will be replenished. So the next material impact is remain same. It will not have any impact on the inventory days of the because of metal bank. 37:07 37 minutes, 7 seconds Okay. And so just one data point if you could share for example suppose we are supplying to the indigenously made suppose the light combat aircraft. Uh so 37:15 37 minutes, 15 seconds in terms of in sum of say say say say 37:17 37 minutes, 17 seconds say say say say say say say say say say say say say say say say say k kgs or metric tons what is the total amount total volume of that will be that is applying to say one light combat 37:25 37 minutes, 25 seconds aircraft isn't data point that you can share across 10 of super or whatever products we supply to an aircraft. So in 37:32 37 minutes, 32 seconds aircraft what happen there are lot of materials not only midani manufactured items like super light and special steel 37:39 37 minutes, 39 seconds there are aluminium composites and many other components are there we are not very much sure what exactly the weight and 37:47 37 minutes, 47 seconds I'm asking only I'm from the milani perspective what midani supplies how much do we supply in terms of kometric and whatever data point can we share I just want from manani not the other 37:54 37 minutes, 54 seconds materials only midani perspective yeah just to give you what will happen is they will uh take maybe say 10 38:03 38 minutes, 3 seconds aircraft 20 aircraft and they put a common material requirement bill of material. So what will happen is we will not be knowing for how many aircraft 38:12 38 minutes, 12 seconds they are using but the difficulty non-regular question is only that we'll only know what is the purchase order placed on that in that very small 38:19 38 minutes, 19 seconds component they may be making or very big component. So numbers for which the order is placed is unknown. 38:26 38 minutes, 26 seconds Okay. Okay sir. Thank you. Thank you. Thank you. 38:33 38 minutes, 33 seconds Our next question come from the line of Hanil bagia from EQB. Please go ahead. Thank you for the answer here again sir. 38:41 38 minutes, 41 seconds So coming to the question related to the helical spring. I had just one small question. So if uh I mean the orders start taking up after we get the 38:47 38 minutes, 47 seconds certification. So do we have plans to even supply to also and seammens uh given that uh they are also supplying orders out here and do you see large 38:56 38 minutes, 56 seconds export opportunity in this particular area? 39:00 39 minutes Okay to answer your question yes we will supply our plant is capable of supplying very high quality large size springs 39:08 39 minutes, 8 seconds also because the capacity is in such a direction so we will be supplying to any customer whoever is meeting I mean uh 39:15 39 minutes, 15 seconds their specifications we are ready and we are also open to exports so we'll be trying everything 39:22 39 minutes, 22 seconds to get orders for spring plant okay so the wand we are also supplying specialtity steel on the axle side, 39:30 39 minutes, 30 seconds right? Uh so other than the springs, we will also be doing some RM supplies for the axle, right? 39:37 39 minutes, 37 seconds It is like this. See, one of the important things for Midani is we are also raw material supplier and we also are doing this value added business. So 39:44 39 minutes, 44 seconds we can make our own material internally and make the springs. So even there are some special springs even other than railway springs. Okay, there are many uh I mean springs are used everywhere. 39:55 39 minutes, 55 seconds Okay. So any spring material also is available in house and spring also can be made. So that specialtity will be 40:03 40 minutes, 3 seconds there with Midani. Yes, we will be we will be doing specialized springs also and whatever composition is required for 40:10 40 minutes, 10 seconds the spring from the manufacturer even that also that raw material that melting and that bar making also is within the 40:18 40 minutes, 18 seconds capability of Midani. So we are looking at very high value products also from this. Okay. which are non railway also we can uh do it. 40:29 40 minutes, 29 seconds So do you are you looking on the vehicles or the light combat tanks or any such places where speciality springs is actually needed 40:38 40 minutes, 38 seconds for we'll see we'll see see first we will start with railway then we'll expand into other areas because these special 40:45 40 minutes, 45 seconds springs are used by only in western countries I to the uh best of our knowledge minus railway springs or 40:53 40 minutes, 53 seconds elevator springs or other carbon steel business there are other grades of uh springs that are used by I mean 41:00 41 minutes imported. So we are looking for value added materials rather than this carbon strings. We'll see how it goes. 41:07 41 minutes, 7 seconds Okay. Uh on the rolling mill side uh so are we supplying a rolling uh roll plate mill rolled uh sorry the plates for 41:15 41 minutes, 15 seconds NGC's or any other uh big naval programs. 41:19 41 minutes, 19 seconds See this wide plate mill whatever product is coming we are supplying it to uh for example ISRO for example shipyard 41:28 41 minutes, 28 seconds all wide wide plates now very large plates are used in ship construction and defense applications recently as I told 41:36 41 minutes, 36 seconds you presidential d we have supplied so multiple customers are there that mill can do anything whatever material is loaded it will roll and give a plate so 41:44 41 minutes, 44 seconds depending on the customers orders we use predominantly it is used for okay so since we've got suboptimal 41:52 41 minutes, 52 seconds utilization in the uh rolling plate mill facility we also plan to do some contract manufacturing on the aluminium or the super specialtity steel side for 42:01 42 minutes, 1 second any of the industry customers to just cover more of the fixed cost and also increase the utilization so any progress there 42:09 42 minutes, 9 seconds yeah actually what happened okay your question may be related to some of the uh uh opportunities that we are 42:15 42 minutes, 15 seconds exploring with uh the other aerospace companies who are requesting us for us to uh take up aluminium. Yes, there are 42:24 42 minutes, 24 seconds orders within DPSUs and outside DPSUs for utilizing the uh rolling mill for aluminium. Yes, we are doing already we 42:31 42 minutes, 31 seconds have done for your information on a trial basis. The products are good and we are thinking of because it needs some 42:39 42 minutes, 39 seconds additional facilities for setting up a full line. So at least for white plate mill utilization for rolling to sheets 42:46 42 minutes, 46 seconds and plates can be are being explored currently we are doing it. 42:52 42 minutes, 52 seconds Okay. So on the margin steel side also what is the capacity utilization and are we supplying it just for the aerospace or are we supplying it for the missile skills and on the defense side also? 43:02 43 minutes, 2 seconds Which one? White plate is or no no no margin steel. 43:08 43 minutes, 8 seconds Maraging steel. See as you know uh it is known to everyone that the 43:15 43 minutes, 15 seconds PSLV the GSLV and launch vehicle Mark III the booster case material that gets ignited when you see a launch vehicle 43:23 43 minutes, 23 seconds launch of any of these launch vehicle from Sri Kota everything is made in Midani plant. Okay that maraging steel 43:31 43 minutes, 31 seconds plant. So our main customer our biggest customer for malaging steel is ISRO. 43:38 43 minutes, 38 seconds Yeah. Then second thing is the same grade is used in some of the missiles. 43:42 43 minutes, 42 seconds Okay. Then third thing we are there are other opportunities other grades of high strength steels we are also exporting. 43:49 43 minutes, 49 seconds Okay. So margin steel yes it is uh a big um very strategic thing and uh we also 43:57 43 minutes, 57 seconds export some of these grades some of the uh uh non-cobalt containing grades are being exported also 44:05 44 minutes, 5 seconds okay so lastly on the gaganyan part uh so we have got about three gaganyan missions that is G1 G2 and G3 this year 44:12 44 minutes, 12 seconds also we've got the Mongalan mission and the relaunch of the PSLV that was not successful last year sir are you seeing any last minute orders slow or more most 44:21 44 minutes, 21 seconds of these orders have actually been booked and and the supplies will be in progress to ISRO. It is like this. 44:30 44 minutes, 30 seconds Midani is supplying materials and these are raw materials. Basically they are in the form of plate, sheets, bars, ring 44:38 44 minutes, 38 seconds rolled rings. Okay. So ISRO takes the materials and gives to subcontractors like there are many subcontractors for 44:45 44 minutes, 45 seconds ISRO for making the like uh solid rocket boosters, liquid engines and cryogenic 44:52 44 minutes, 52 seconds engines. So our raw materials go and the timeline is like uh the moment they receive material they will be starting 45:00 45 minutes starting using these materials for fabrication of rocket boosters or the liquid engines or whatever they want. So 45:08 45 minutes, 8 seconds the the orders for midhani are put maybe at least 2 years in advance. It is not that the last minute they'll come and 45:15 45 minutes, 15 seconds give. Okay. So it is a well planned uh calendar for them. So their projects are already well in advance and they will 45:23 45 minutes, 23 seconds back calculate the lead times and they will put orders with us. 45:27 45 minutes, 27 seconds Okay. Just a small followup to yourself when you said you plan to get into the value ad side. I actually assumed you actually plan to get on the little bit on the forging side or probably on 45:36 45 minutes, 36 seconds making some uh components here and there. So what exactly would you mean by value added when we see these contracts where we just supplying RN suppliers? 45:46 45 minutes, 46 seconds Yeah. So we can see for example spring. 45:49 45 minutes, 49 seconds So spring is a value added product. It is not a raw material. We are having fastner plant for example a 40 cr fner plant is there in manani which will 45:57 45 minutes, 57 seconds supply aerospace square fasteners to our customers. So the fastner material is also available fastner plant is also available. So our own raw material we'll 46:06 46 minutes, 6 seconds take we'll make fasteners and supply. So these are the like for example castings we have a raw material making alloy making plant. 46:15 46 minutes, 15 seconds We are also having casting plant. So we can make so yeah manani makes all the titanium alloy castings and super castings for our 46:23 46 minutes, 23 seconds customers. We have a welding electrode plant. So we have right from melting stage we make the material forge it then 46:30 46 minutes, 30 seconds roll it and then wire draw exting electrodes for some of our customers. So we have a very large special welding 46:38 46 minutes, 38 seconds plant. Okay welding electrode plant. So these are all the value added products. 46:42 46 minutes, 42 seconds So castings, fasteners, uh this welding electrodes, these are all the plants and some like for example 46:50 46 minutes, 50 seconds that titanium windows for Ramjan boom it is a fully fabricated one. So just we made everything within the plant and we went and fixed data. So we are looking 46:59 46 minutes, 59 seconds at products where we can add value rather than give only raw materials. So that is the whole idea of using that word uh value added products. 47:09 47 minutes, 9 seconds Okay. Okay. Thanks a lot for the answer sir and wish the team all the very best. Thank you. 47:16 47 minutes, 16 seconds Thank you. 47:18 47 minutes, 18 seconds Our next question come from the line of Arya from Whiteststone PMS. Please thank you for the opportunity again. I just wanted to know the bulletproof 47:26 47 minutes, 26 seconds jacket. How much is the capacity for your for the bulletproof jacket? 47:34 47 minutes, 34 seconds Hello. 47:36 47 minutes, 36 seconds Jacket capacity for bulletproof jacket. Bulletproof jackets. Okay. Okay. 47:44 47 minutes, 44 seconds See it is it is like this. So we are currently making I mean numbers wise if you want to give we make we process in that in terms of uh uh the batches. 47:54 47 minutes, 54 seconds Okay. So each batch contains maybe 50 jackets. Okay. 100 jackets depending on the order. So uh the limitation is uh uh 48:04 48 minutes, 4 seconds not really the equipment availability or the facilities that are available. So we can ramp up by putting uh uh number of 48:13 48 minutes, 13 seconds shifts we can increase and we can jack up also. So it all depends on orders. 48:18 48 minutes, 18 seconds The facilities are available end to end like from raw materials to products and we also have a uh agreement for testing 48:25 48 minutes, 25 seconds all these things testing of jackets. So we are looking forward for getting the order. 48:34 48 minutes, 34 seconds Okay. And could you like say in the absolute terms the defense factory contributes to the revenue? 48:42 48 minutes, 42 seconds Uh currently the Rohhatak plan I think the plant the defense plant yeah defense we have revenue from 48:51 48 minutes, 51 seconds defense sector is 28% of the total revenue up to 9 months December 25. 48:56 48 minutes, 56 seconds Yes. Okay. And any any order book there? Yeah. 49:02 49 minutes, 2 seconds We have from defense. Our order book if you look at total uh 72% of our order book is from defense 49:11 49 minutes, 11 seconds because it includes Yeah. It includes all are all are there put together. 49:18 49 minutes, 18 seconds Okay. Thank you. Thank you. 49:23 49 minutes, 23 seconds Thank you. Our next question come from the line of Rabi Naredi from Naredi Investment. Please go ahead. 49:30 49 minutes, 30 seconds Sir, I would like to ask what is our key factor to run our company? Shortage of 49:39 49 minutes, 39 seconds raw material, shortage of capacity constraint or something else. 49:46 49 minutes, 46 seconds Yeah, raw material supply constraints are were there. Okay. Now we are trying to inflate ourselves from this raw material uncertainty by establishing 49:54 49 minutes, 54 seconds metal bank. So unless there is a major geopolitical thing we don't expect a uh issue with respect to raw materials and 50:03 50 minutes, 3 seconds that is with respect capacity constraints point number two what you arised we are working at full capacity I mean of the uh downstream mills if 50:12 50 minutes, 12 seconds required we can uh melting wise we have sufficient capacity okay so wherever possible there are opportunities for us to even go outside wherever it is 50:21 50 minutes, 21 seconds permitted from the customer we can use outside I mean we can offsource outsource the downstream processing requirements only melting melting 50:30 50 minutes, 30 seconds capability outside people may not have because the alloys that we are processing are very unique and their uh 50:37 50 minutes, 37 seconds I mean their proxing needs special uh capabilities okay so there there should not be issue with respect to capacity 50:45 50 minutes, 45 seconds also by uh doing a good plan so that is what currently we are doing so what growth we are expecting for 50:54 50 minutes, 54 seconds financial year 27 and 28. 51:00 51 minutes Yeah. So that is uh 26 27 51:08 51 minutes, 8 seconds talking about 26 27 or 27 both both. 51:12 51 minutes, 12 seconds Okay. So around 20% incremental incremental revenues we can expect it till the capex 51:21 51 minutes, 21 seconds things are finalized. Once the capex clarity has come then probably we will be able to revisit that figures otherwise in the current cons current 51:29 51 minutes, 29 seconds current capacities and current utilizations we can expect a 20% increase year on year and who gives you the capacity 51:37 51 minutes, 37 seconds permission to increase the permission your board is not authorized to do all such things 51:44 51 minutes, 44 seconds no it involves investment of money so we have to go to board and we have to take approval board is also empowered and 51:53 51 minutes, 53 seconds board position it request ministry approval. Majority projects are within the board only we are operating. 52:00 52 minutes Okay. But it is normal routine one or some specific need is required. 52:06 52 minutes, 6 seconds No, we are planning some capex projects which are unique and which will enhance our capacity as well as topline. Those 52:13 52 minutes, 13 seconds are in DPR stage. Maybe by end of Q4 we can able to give correct picture how much it is going to. 52:20 52 minutes, 20 seconds Okay. Okay. Okay. Thank you. Thank you. Thank you. 52:27 52 minutes, 27 seconds Thank you. 52:30 52 minutes, 30 seconds A nice question come from the line of Pimal Mitani from Credential Investment. Please go ahead. Hello. Can you hear me? 52:38 52 minutes, 38 seconds Yeah, we are able to hear. 52:40 52 minutes, 40 seconds Thank you. Thank you for the opportunity sir. I have two questions. uh one is in your previous calls you have mentioned 52:46 52 minutes, 46 seconds that you have 500 grades of uh material of which 100 are aeronautical grades. So how it is unique in India in terms of a 52:54 52 minutes, 54 seconds company like us compared to our competitors globally and how how does it a strength if you can throw light on it 53:03 53 minutes, 3 seconds and sir if you can give a you know uh guidance in terms of how do you you see see Midani in next 3 to four years 53:11 53 minutes, 11 seconds since the government is keen on you know having uh indigenous manufacturing and you know lot of emphasis on given on 53:19 53 minutes, 19 seconds being self-sufficient in the defense and space and all that if you have some road map it will be much better for us. So 53:26 53 minutes, 26 seconds okay yeah thank you. So you told first thing is uh our capability is to make 53:34 53 minutes, 34 seconds alloys okay novel alloys and the whole idea of establishing the company also is again towards 53:41 53 minutes, 41 seconds you know different platforms and different organizations have different requirements. The requirements of aerospace for example like ISRO and the 53:51 53 minutes, 51 seconds examples like HAL or the materials requirement for say DRDO are different because it all depends on in which 54:00 54 minutes environment we are working. So how do you see strength? For example, 54:06 54 minutes, 6 seconds uh if a national program has to import material today, for example, uh 54:13 54 minutes, 13 seconds aluminium alloys, white plates are being imported from outside the country and that is how these uh it becomes critical. Suppose there is an issue with 54:21 54 minutes, 21 seconds respect to import of those things. It is a it'll crumble the whole program. So the recently we have seen also in the 54:29 54 minutes, 29 seconds Ukrainian conflict or the covid time there were supply chain disruptions and there was large delays in obtaining 54:36 54 minutes, 36 seconds materials and because of the growth of the industry the milks in abroad are also booked. In fact foreign customers come to us because our lead times are 54:45 54 minutes, 45 seconds shorter sometimes. So the strength is that our national programs are protected. If I say that 500 grades of alloys are there out of which 100 54:54 54 minutes, 54 seconds aeronautical grades are there, there is no necessity for any of these 500 grades for any user within the country to go 55:03 55 minutes, 3 seconds and import. So we are fully protecting them. Any new grade of alloy technology is available in this bouquet of 500 uh raw materials. That is point number one. 55:14 55 minutes, 14 seconds And we consider it as a very great strength because national programs should not get suffered because of this. Okay. Because 55:22 55 minutes, 22 seconds of lack of materials and material is the first line of confrontation. Okay. First line of defense is material. Material not available. There are many people who can machine and give components. Okay. 55:33 55 minutes, 33 seconds Because they can be used for but material is one thing that no one will give. And you are listening continuously this national critical minerals mission 55:40 55 minutes, 40 seconds and all these things. So everybody is trying to control through materials the strategic raw materials. So that is 55:47 55 minutes, 47 seconds point number one. We are able to process the materials and give to our customers. 55:53 55 minutes, 53 seconds You also told where you want to see Milani in 3 to four years and road map. 55:58 55 minutes, 58 seconds Yes, we have our own internal road map, a very strategic road map to develop alloys and we want to increase our 56:05 56 minutes, 5 seconds production. We want to take the production to new heights so that by going for capex so that we can meet the 56:14 56 minutes, 14 seconds increasing demand. Even today there are there are hundreds of crores of materials worth are getting imported. 56:22 56 minutes, 22 seconds Okay. So how to meet the full requirement? How to stop this uh import of materials and uh if we can meet that 56:30 56 minutes, 30 seconds requirement through upgradation of our facilities and uh plan in such a way that we can meet for the next 10 years 56:37 56 minutes, 37 seconds uh the growth plan by installing some additional capacities wherever there are critical things. That is point number one. Another point is some of the older 56:45 56 minutes, 45 seconds equipments that are inside the plant which are nearing their end of life. I think uh if we can substitute with 56:52 56 minutes, 52 seconds higher productivity machines that also will aid Misani to uh grow at 20% whatever we were telling in the coming 57:00 57 minutes years that kind of growth plan if you want to have we have to have certain capex plans. So currently we are working on that and by installing additional 57:10 57 minutes, 10 seconds capacity in critical areas Midani will be able to achieve higher growth and uh that 3 to five I I'm we are looking at 57:18 57 minutes, 18 seconds 10 years and beyond long-term plan. So that is what our slowly we want to move towards a 2,000 cr company in uh uh 57:27 57 minutes, 27 seconds maybe coming 10 years. So the towards that yes we are doing uh lot of things and this is capex is one of them. I I 57:36 57 minutes, 36 seconds hope uh this is what uh is required now currently. 57:43 57 minutes, 43 seconds And yes, second thing is you know since couple of con calls we've been mean been mentioning in the calls you know that lot of foreign vendors have shown 57:51 57 minutes, 51 seconds interest and all that but we have not seen any certification of you know in terms of deals or in terms of agreements 57:58 57 minutes, 58 seconds with them. You think any in next course he will two years can we see some certification with global vendors and 58:06 58 minutes, 6 seconds how does it because some of them are setting shops in India and how we'll be in that supply chain with them. If you 58:14 58 minutes, 14 seconds look at midani we are last year we have exported about 90 cr worth of materials okay 90 cr worth of our export order was 58:21 58 minutes, 21 seconds 90 crores and many of these people since the grades are aeronautical grades the so-called super and titanium allies they 58:30 58 minutes, 30 seconds are obviously going to aeronautical customers now with respect to your question that we are not seeing the foreign parties yes certification is a 58:38 58 minutes, 38 seconds process that is a process that takes significant amount of time the there are audits involved. In fact, there are multiple audits involved. Their teams, 58:46 58 minutes, 46 seconds their technical teams visits. It is a process basically. So, we are negotiating with uh different customers. 58:53 58 minutes, 53 seconds In fact, as I as we talk, there are some audits that are going on. So, essentially it is that uh once the audit 59:01 59 minutes, 1 second teams are auditing our certifications whatever we are having those things are in place obviously we'll get order and the effort is towards that okay to 59:09 59 minutes, 9 seconds increase the export markets. So we are working on that. 59:14 59 minutes, 14 seconds So any in next two years any fortification can you say in terms because I understand the process it's a long thing but any lightfully over next two years 59:21 59 minutes, 21 seconds can you see in terms of in that yes certainly in next two years definitely we can we'll have uh significant understandings uh for supply 59:30 59 minutes, 30 seconds of materials to some of the aero customers outside whomever you are popularly you are listening so we'll be 59:36 59 minutes, 36 seconds in their suppliers list. Okay fir thank you and all the best. Thank you. Thanks. 59:44 59 minutes, 44 seconds Thank you ladies and gentlemen. That was the last question for today. I would like to hand the conference over to the management 59:51 59 minutes, 51 seconds for the closing comments. Thank you and over to you team. 59:58 59 minutes, 58 seconds So thank you so much. I I think uh we have had a wonderful question. I think 1:00:05 1 hour, 5 seconds total 12 questions were asked by our members. Uh we are very happy to answer. 1:00:11 1 hour, 11 seconds Uh we only uh feel that there is enormous potential and uh we are working towards on improving our uh plans, 1:00:20 1 hour, 20 seconds growth plans and uh as I mentioned during our discussion. So probably we'll see Q4 time again uh with more uh 1:00:29 1 hour, 29 seconds interesting things from Binani. So thank you all. 1:00:36 1 hour, 36 seconds Thank you ladies and gentlemen on behalf of ICA securities that conclude this conference. Thank you for joining us and you may now disconnect your lines. 1:00:46 1 hour, 46 seconds Yeah. Thank you. Yeah.