Ratnaveer Precision Engineering Ltd — Q4 FY26

Ratnaveer Precision Engineering Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=E5b0JeTdzdI Published: 15 hours ago

0:00 Good day everyone and welcome to the quarter 4 and fiscal year 2026 earnings call for Ragnami Precision Engineering Limited. Thank you for joining us today. 0:10 10 seconds This call will cover the company's operational and financial performance for the quarter and the year followed by an update on strategic priorities going 0:18 18 seconds forward. Please note that certain statements made during this call may be forward-looking in nature based on management's current expectations and 0:27 27 seconds assumptions. These statements are subject to risk and uncertaintities that could cause actual results to defer. 0:34 34 seconds The participants are advised to exercise due caution and not place undue reliance on such statements. This call is being recorded for reference purposes. 0:43 43 seconds Representing Ratnavir Precision, we have with us on call today Mr. Vijay Sangri, managing director, Mr. Ajay Panchchal, 0:50 50 seconds general manager of finance and Miss Swarti, finance analyst. I now invite the management team to share their opening 0:58 58 seconds remarks. We will subsequently open the floor for the Q&A session. Thank you and over to you. 1:08 1 minute, 8 seconds Uh thank you so much uh Finn portal and the entire team of fin portal to connect us for this uh wonderful session and the 1:16 1 minute, 16 seconds conference call and earning calls. So I welcome you all uh on behalf of the Ratnavid Precision Engineering Limited 1:23 1 minute, 23 seconds for the quarter 4 and the year uh year financial highlights on this call. Thank 1:30 1 minute, 30 seconds you. Uh meanwhile I can just uh address you about the company's uh activities in 1:38 1 minute, 38 seconds a very short highlight for the next three to four minutes. So you all can be uh listen and understand the company 1:45 1 minute, 45 seconds well. So I can be just describe you. So the company Ratnavir will be established in 2002 and it's having a 1:55 1 minute, 55 seconds fantastic 25 years pass through this journey. So the Aratna will be mainly engaged into the celestial washers in 2:02 2 minutes, 2 seconds early stage and we have been started with the washer of the journey. We are the largest producers in a country for the celestial washers. number of SKUs. 2:11 2 minutes, 11 seconds We have a largest number of SKUs in a country for the washers and also there is a backward and forward integrations 2:19 2 minutes, 19 seconds would be in place. So the company is a fully integrated company. The washer would be application for the any kind of 2:26 2 minutes, 26 seconds the fasteners. So any kind of the fasteners like nut and bolt without the washer is any fastening solution would be incomplete. So it playing a very 2:34 2 minutes, 34 seconds vital and precision role into the any application for the fastening solutions will be there. So company having almost 2:42 2 minutes, 42 seconds uh 900 people 2,000 peoples working in a company. Company having a five different of locations. Uh company also been 2:50 2 minutes, 50 seconds having a twostar export house. companies getting the 15 years consecutively many awards recognization 2:57 2 minutes, 57 seconds highest export trophies uh into their basket for consecutively last 15 years and also the all the certifications 3:06 3 minutes, 6 seconds process certifications product certifications and required QM and ISO certified as well as 9,000 certified as 3:14 3 minutes, 14 seconds well as to the 14,000 and 18,000 certified company. So whatever the certificates required for the process and certification for the product qualification that would be in place. 3:24 3 minutes, 24 seconds Company having four kind of the different products in line the fasteners. Fasteners business carries a 3:30 3 minutes, 30 seconds nut bolt and washers. Washers also having the spring washers, belly washers, lock washers and circlip which 3:38 3 minutes, 38 seconds all are the very high value added items into the line of the products. Equally that company having a sheet metal components for the solar free component 3:45 3 minutes, 45 seconds as well as to the automobile components as well for the tailorment product. 3:50 3 minutes, 50 seconds Company having a product line of stainless steel finishing line as well as company running the tubes and pipes. 3:55 3 minutes, 55 seconds Company have a backward integration process for melting division and rolling division for making the coils and the seals and the parts and the flat 4:04 4 minutes, 4 seconds products for their own uh capital consumption as well as to the outsider sales. uh equally that uh we have been 4:12 4 minutes, 12 seconds application of this industry would be for the railways, long transportation, highspeed trains, high bullet trains as 4:20 4 minutes, 20 seconds well as the marine industry, defense industry, aerospace, pharmaceuticals and ABC sectors, chemical engineering 4:27 4 minutes, 27 seconds department, dairy product and so all the engineering products are been cover up by the companies and we have been serving to the 31 countries globally 4:35 4 minutes, 35 seconds plus local distributors OEM and the large and the small distribution. 4:39 4 minutes, 39 seconds Computers have been cover up. So company having a very strong presence in last 25 years in all the products very strongly 4:47 4 minutes, 47 seconds and varieties of the different different of the scales company has been growing together. Last three years company has been also growing with the CAGR growth 4:55 4 minutes, 55 seconds of the 25% plus nearby to the 25% plus in topline AITA and pet as well. Company 5:02 5 minutes, 2 seconds has been showing a fantastic and tremendous results for the consistency maintaining into the line. company has also been a greenfield project can be 5:11 5 minutes, 11 seconds established in a capex one, capex 2 and capex 2a which is going on. So a company having a greenfield capital expenditure 5:19 5 minutes, 19 seconds and growth uh committed for the growth into the coming years as well. uh 5:26 5 minutes, 26 seconds equally that's a company is also looking forward for the next vision for the company for the in a couple of years to 5:34 5 minutes, 34 seconds reach to the same consistency maintained into the epitita pet line and topline also companies looking forward for the green field and brownfield projects over 5:42 5 minutes, 42 seconds there also companies been looking for the inorganic growth to the maintaining the growth structure for the companies in in coming years together so we have 5:51 5 minutes, 51 seconds been working on to the same for the line of the growth and company would be over there. Thank you. Thank you so much. 6:03 6 minutes, 3 seconds Thank you so much, sir. We will now begin the question and answer session. I request the participants to please use the raise hand feature to ask the 6:10 6 minutes, 10 seconds question. Uh to ensure that we are able to address as many queries as possible within the next 50 minutes. We request 6:17 6 minutes, 17 seconds participants to limit themselves to two questions and refrain from asking the repetitive question that uh the previous participant has already asked. 6:26 6 minutes, 26 seconds Uh we'll take the first question from Mr. 6:40 6 minutes, 40 seconds Man. Hi sir, am I audible? 6:49 6 minutes, 49 seconds Yes. 6:50 6 minutes, 50 seconds Okay. Uh so my first question is can you throw some more light on your CCL project like who are your technology 6:58 6 minutes, 58 seconds partner? If you could share the name and our BI certification which would which was due in July 26 even throw some light on that. 7:09 7 minutes, 9 seconds Okay. Uh man thank you so much and good afternoon to all uh about the CCL product. it would be a very emerging and 7:16 7 minutes, 16 seconds very excitement uh in myself as well as to the my team to see about the CCL because it's a CCL is a product which is 7:25 7 minutes, 25 seconds a copper clad laminates uh copper clay laminates would be a application for the all kind of the PCB industries so all 7:33 7 minutes, 33 seconds kind of the PCB industry this is a basic raw material for the any kind of the PCB industries and the chip manufacturing so we have been a tie up with the Chinese 7:42 7 minutes, 42 seconds company for the uh technology ical partner and till up to the installation, commissioning and quantity of the product should be coming out. So we have 7:51 7 minutes, 51 seconds already been placed the order for the machine and already the second round of the inspection is also been done. 7:58 7 minutes, 58 seconds progress of the site the civil work is going on and the uh ground uh the civil and PB work is already been full swing 8:06 8 minutes, 6 seconds going on equally that uh this business would be substituted to 8:13 8 minutes, 13 seconds the 100% imports right now uh the all the copper clay laminates would be imports and we have been a one of the 8:21 8 minutes, 21 seconds first company over there who can be established this manufacturing facility in India first time. So might be that 8:29 8 minutes, 29 seconds our project deadline will be coming up for the November 26 to start the production and we look forward that this 8:37 8 minutes, 37 seconds monsoon season would be uh normal and we could be commence this produ production very easily and smoothly and we coming 8:46 8 minutes, 46 seconds out with the November 26. Equally there this huge demand is available into the 8:53 8 minutes, 53 seconds current of the market. Once upon a time we have been also getting the approval from government of India for this kind of the product in a first time to the 9:02 9 minutes, 2 seconds company Rakavir and we could be established such kind of the copper plate laminates like five lines over there. First we 9:11 9 minutes, 11 seconds have been installed the first line up to November and remaining balance line once upon a succession of the first line we 9:19 9 minutes, 19 seconds could be deciding and planning out for the remaining balance uh project over there. Total uh we are getting the 338 crores of the approval from the ECMS 9:28 9 minutes, 28 seconds scheme of central government of India as well as there is a GE scheme for the Gujarat government policy also been there. So it would be a very well 9:37 9 minutes, 37 seconds protected with the government incentives and the subsidiary scheme as well. 9:41 9 minutes, 41 seconds Equally there is a uh there is an import substitutes can be done. So it can be a dependency of the PCB manufacturers from 9:50 9 minutes, 50 seconds the for the raw material to imports that dependency can be reduced and we can be also been a part for a country for the 9:58 9 minutes, 58 seconds foreign exchange uh uh dist for foreign exchange earnings for the country as well and to save the foreign exchange 10:05 10 minutes, 5 seconds for the country. Equally there is an uh uh there is an the strong uh uh technological partner who having already 10:12 10 minutes, 12 seconds experienced to establish the copper clay laminates plants globally and they have been with us for the tank solutions for 10:20 10 minutes, 20 seconds entire this project. We have already visited and the plant for the CCL in outside India as well and we visited the 10:29 10 minutes, 29 seconds three times China with them also and we have a core agreement between the both the companies to establish the production establish the machine 10:37 10 minutes, 37 seconds erectioning commissioning formulas and the epoxy and all the fully automated state of modern art plant would be 10:45 10 minutes, 45 seconds established here and we can maintain the appletole quality of the international So this is what the uh we have been 10:53 10 minutes, 53 seconds going and we have been very much aggressive onto this. Thank you. Thank you so much. 10:58 10 minutes, 58 seconds Uh okay sir. And my second question is we had issued warrants at 196 rupees which were due to be converted in this 11:06 11 minutes, 6 seconds month or next month. So are we going to convert them to equity or we going to forfeit them? 11:13 11 minutes, 13 seconds No no no that's uh man you have a slightly the wrong news. uh we have a warrants for the rate of the 159 and we 11:22 11 minutes, 22 seconds have already paid for the 25% and partially partially we have been already been paid up and that can be converted for the equities and remaining there is 11:31 11 minutes, 31 seconds a period of 18 months will be there so it would be uh the time period would be over by next September 27 so till time 11:39 11 minutes, 39 seconds we have a time to balance to conversion for this thank you okay thank you so 11:46 11 minutes, 46 seconds Uh thank you. We have the next question from Mr. Sanjay Sha. 11:55 11 minutes, 55 seconds Yeah thanks for opportunity Vijay G. Um sir my question was regarding the uh am I hope I'm audible sir. 12:04 12 minutes, 4 seconds Yes sir. 12:05 12 minutes, 5 seconds Yeah. So uh my question was uh more on uh understanding the rational of going into this business because we don't have 12:13 12 minutes, 13 seconds any expertise and uh what is the technical tie-up terms and conditions and how do you see that uh we appreciate 12:21 12 minutes, 21 seconds the demand side what you explained but how about the competition which we face from other Chinese countries and Korean 12:29 12 minutes, 29 seconds from where we are usually importing and government I suppose have some anti-dumping duty also. 12:38 12 minutes, 38 seconds Are you are you speak about the stless business with current or are you speaking about the remance? Yeah. CCL. 12:46 12 minutes, 46 seconds Okay. Uh good afternoon Sanjay. I would be very happy to share you the such news. There is a no any anti-dumping 12:53 12 minutes, 53 seconds duty on the imports right now. The number two the we are been a competitive 13:00 13 minutes of more than uh 10% to 13% to the imports. Number three, the all the PCB 13:08 13 minutes, 8 seconds manufacturers who have been importing raw materials, they have a they have a commercially, technically and the uh uh 13:15 13 minutes, 15 seconds administratively advantage to buy from the indigenous product. Always there is a logistic cost, there is a inventory management cost, there is a lead time of 13:24 13 minutes, 24 seconds the procurement, the open foreign exchange risk as well as the appletoapple product. If they can get into the uh correct deliveries uh good 13:33 13 minutes, 33 seconds qualities and uh equally matching pricing then definitely they can be buy from the local itself. Also there is a 13:41 13 minutes, 41 seconds government back uh uh uh support for all the indigenous buyers and they will get the 2% of cash subsidy also if they can 13:49 13 minutes, 49 seconds buy from the local uh local manufacturers. So we have been make a comparison ourself into the all kind of 13:57 13 minutes, 57 seconds the technical commercially uh viabilities and we have been very much sure and confident that our output of 14:04 14 minutes, 4 seconds the production cost can be easily beat to the Chinese uh uh products as well in 14:12 14 minutes, 12 seconds terms of the quality in terms of the uh production as well as in terms of the commercial viability as well. So we are 14:21 14 minutes, 21 seconds uh at this moment we have been very much confident on uh incoming uh project for the viable in uh in all 14:28 14 minutes, 28 seconds kind of the products and equally the technology would be apple to apple uh uh great it would be automized production 14:36 14 minutes, 36 seconds and the number of lines can be automatically covered and lot of things which we have been doing into this line that can be save up the cost and we 14:45 14 minutes, 45 seconds could be a competitive. Thank you. Sir any technology side uh what are the terms and condition are we paying any royalty to them or how that will work out? 14:55 14 minutes, 55 seconds No dear uh Sanjay there is no uh royalty would be there but yes we have a internal agreement that we have been buying the machine from them so they can 15:04 15 minutes, 4 seconds be make the complete solution of the entire CCL line to send it. Number two 15:11 15 minutes, 11 seconds to send the people to train our people here. Number three, they can install commission linking and uh uh take up the 15:19 15 minutes, 19 seconds entire responsibilities of the quality of the output of the product and they also can help us into the set up the SOP 15:26 15 minutes, 26 seconds systems and the system administrative for the plant is required. And number five they can be give the back support to the company for the one and a half 15:34 15 minutes, 34 seconds years to two years until up to the product quality of the customers can be accepted and any kind of the resolutions 15:42 15 minutes, 42 seconds of the quality product and the acceptance of the customers they have been bounded to solve this and it could be a fully automized and they have 15:50 15 minutes, 50 seconds enough and enriched experience to supply such kind of the uh project globally. So they have been very confident and 15:58 15 minutes, 58 seconds equally that we also have our own team who having a suffic sufficient and enrich experience about this product. So 16:05 16 minutes, 5 seconds this is also been backbone for our team to support them and so we don't have to be paid the royalty but it all would be 16:12 16 minutes, 12 seconds covered under the project cost. So uh this is an opportunity for them also that they have been coming up into the India and India will be emerging market. 16:21 16 minutes, 21 seconds So they definitely give the good service. We have been with them last one and a half years and we signed the agreement in December and our machines 16:29 16 minutes, 29 seconds are in under the progress and they're Chinese machinery right? Yes. 16:35 16 minutes, 35 seconds Okay. So my next question was regarding our guidance of 2,500 cr top line where uh 750 will be from CCL that is in next 16:44 16 minutes, 44 seconds two two and three years. Can you can you highlight upon the rational optimism? 16:50 16 minutes, 50 seconds Sure. So uh we have done a 17578 in uh last year. This year our target 16:58 16 minutes, 58 seconds line would be at 1350 and uh we could be working uh towards this. So stellless business and existing business will be 17:06 17 minutes, 6 seconds growing with the 25% CGR and in next 3 years over the 3 years of the time we can reach to the 1,800 crores from the 17:13 17 minutes, 13 seconds current business line and equally that is if uh and parallely that CCL business can be established in the next two years 17:20 17 minutes, 20 seconds that can be given 5050 crores as a top line. So all together in a consolatedly the 1800 17 to 1,800 KES plus 750 that 17:29 17 minutes, 29 seconds can be reached to 2,500 K of the top line that road map is been very much cleared and very very uh clarity uh we 17:38 17 minutes, 38 seconds have in our plans and uh we have been working with the current business capital expenditure is also going on. So 17:45 17 minutes, 45 seconds that can be help us to reach to the 1100 K say for example the estimated 1100 crores to reach to the 1,800 Kores and 17:55 17 minutes, 55 seconds CCL project can be all five lines together with the capacity of 69% utilization we can be reached to the 750 crores of the top line. 18:05 18 minutes, 5 seconds Thank you sir. I'll come in for further questions. Thank you very much sir. 18:10 18 minutes, 10 seconds Thank you sir. We'll take Thank you. 18:12 18 minutes, 12 seconds We'll take the next question from Harsh Sha. 18:20 18 minutes, 20 seconds Hi uh good afternoon sir ask my first question is on the stainless steel business. Uh just wanted to understand the industry a little bit better. uh I 18:29 18 minutes, 29 seconds mean uh which are the industries uh that we serve to I mean uh which would be the top five industries that would uh you 18:37 18 minutes, 37 seconds know form uh the part of our revenue and uh the the products that we which we sell the hooks and washers I mean are 18:47 18 minutes, 47 seconds these products procured by all the fastener manufacturers some third party like you or they also do backward integration into it. So if you can explain this this industry dynamic. 18:59 18 minutes, 59 seconds Sure. First uh it's a very good questions about the current business overall. uh I have already explained uh 19:06 19 minutes, 6 seconds in our brief that we can be serving to the automobile industry to the large transportation, 19:14 19 minutes, 14 seconds small transportation, ice trains, aeros trains are 19:22 19 minutes, 22 seconds mainly for the fastness oil, sugar and fast for the tubes and 19:28 19 minutes, 28 seconds pipes for wooding components over there and for the finishing line we can supplied to the dairy products as well 19:36 19 minutes, 36 seconds as to the veing scale or architecture building construction as well as to the elevator industries and as well as to the all FMCG companies where this home 19:45 19 minutes, 45 seconds appliances kitchen appliances have been produced. So these are the industries where wealth that is a serving over that and equally there is a dynamics of the 19:54 19 minutes, 54 seconds business uh would be into the stainless steel that we have been serving to such kind of the industries last 25 years 20:01 20 minutes, 1 second plus and we having a sound and very strong and presence into the local as well as to the global market as well and 20:09 20 minutes, 9 seconds we have been growing with 20 25% of CGR and maintaining and consistently growing into this line. So we have a strongest 20:17 20 minutes, 17 seconds audible positions also over there and uh equally that's a strong customer network through distributors distributor uh 20:25 20 minutes, 25 seconds distribution network as well as to the partially with the OEMs and partially with the small and large distribution 20:33 20 minutes, 33 seconds and the corporates to whom we have been serving and for the tubes and pipes and for other sheet metal products we are also been trying to get the approvals 20:42 20 minutes, 42 seconds from the PE QR Lloyds EIL and all the companies. So that is all would be into the place and gradually gradually we 20:49 20 minutes, 49 seconds have been um entering into the last uh end users to the product. So this is how the company's been growing and the shipping out. 21:00 21 minutes Okay. uh I I mean if you have to look at top five industries how much would that contribute to your revenue or or are you 21:08 21 minutes, 8 seconds saying that it is very very fragmented and you cater a lot of industries that one or two industry doesn't make a difference 21:16 21 minutes, 16 seconds yes but h it could be differentially for the all the product range would be there for example into the washers there is a 21:23 21 minutes, 23 seconds top five customers would be from the exports and the domestic as well so this can be a contributed 2% 3% % 5% nearby 21:31 21 minutes, 31 seconds to this for the finishing line business then is that the top customers who are going into the 10 12% over there uh and 21:38 21 minutes, 38 seconds might be would be four 5% 3% of the sales of the revenue equally into the sheet metal products and the tubes and 21:45 21 minutes, 45 seconds pipes there would be a 5% 10% or 8% kind of the products over there. So that is a totally different different uh uh 21:53 21 minutes, 53 seconds product lines we have and the different product customer wise sales over been there. So that can be a differentially 22:01 22 minutes, 1 second partially that can be a shelling out. So uh my main is uh there is no any single customers over there who are be catering 22:09 22 minutes, 9 seconds to the all the parts but yes there is 5% to 10% of the sales revenue over there 22:17 22 minutes, 17 seconds one question on your cash flow uh this year we had negative OC of around 50 cr and we have done cex of 115 cr. So if 22:26 22 minutes, 26 seconds you can explain on this part I mean uh why are we not consistent in in terms of generating operating cash flow? One year it's negative one year is positive. So 22:34 22 minutes, 34 seconds when can we expect the OCF to be consistently positive and uh and on what we we've incurred this capex of 115 crores. 22:44 22 minutes, 44 seconds Okay H I think this Swati would be available and Swati can be answer you about on the cash flows. I think you have some uh misunderstanding onto the 22:53 22 minutes, 53 seconds cash flow. Mr. Swati, can you answer for this please? 22:57 22 minutes, 57 seconds Yeah, actually our operating cash flows are already in place in the already financials in available. However, the 23:04 23 minutes, 4 seconds current year's net cash flow which is of 203 CR this includes the FDS already kept with the banks of from QIP funds. 23:13 23 minutes, 13 seconds So because of that reason this is showing. Apart from this we are also undergoing the two major capexes. Once 23:19 23 minutes, 19 seconds these capex will be in place and all the um working capitals and all will be fully deployed these oper operational cash flows will be then stabilized. 23:34 23 minutes, 34 seconds I mean the OCF is is is -48 cr. 23:39 23 minutes, 39 seconds Uh I need I need understanding to your your your explanation. If you can 23:49 23 minutes, 49 seconds what 48 cr of for the year what 48 also which year you are 23:57 23 minutes, 57 seconds referring for uh f26 if I look at your cash flow statement the the result filing that you have 24:05 24 minutes, 5 seconds uploaded uh on on the standalone uh cash flow front you you can see net cash flow oper 24:13 24 minutes, 13 seconds operating activities is 44 million negative. 24:29 24 minutes, 29 seconds Uh Hush, so you can drop this question in the Q&A tab and we can take it uh late later on. Let's 24:37 24 minutes, 37 seconds fine. H we can we just Swati, can you check the cash flow statement? uh if with you and we can be express this part. No question. 24:47 24 minutes, 47 seconds Yeah. Yes, please. 24:55 24 minutes, 55 seconds Yeah, I can drop this question in the Q&A tab and we can we can carry we can carry on. Yes, sir. Thank you so much. 25:03 25 minutes, 3 seconds Uh we'll take the next question from Mr. Tan Ziri. 25:11 25 minutes, 11 seconds Hello. Hi sir, congratulations sir to you and your entire team for CCL approval. Uh sir uh I wanted some 25:19 25 minutes, 19 seconds clarity on our overall capital allocations and the fundraising road maps because I'm getting little confused. So what I understand is the 25:28 25 minutes, 28 seconds company earlier had a QIP of 183s in December 2025 and now we are planning for another QIP 25:36 25 minutes, 36 seconds of 330 to in addition to that there will be promoter infusion of 120 troos to warrant. Is this understanding right? 25:46 25 minutes, 46 seconds Yes. I can be just come to the point correct. 25:53 25 minutes, 53 seconds So uh Tai uh uh uh can I uh answer you on to this? Okay. Uh company has been 26:00 26 minutes raised 185 crores of the QIP. Which objectives have been given for the working capital of reach to the 800 crores to 1500 crores of the journey of 26:09 26 minutes, 9 seconds the current business and the capital expenditure would be uh made by the company capital expenditures already been completed last year for the uh 26:17 26 minutes, 17 seconds current business as well. So this can be met uh the requirement of this working capital and this is ongoing number one. 26:24 26 minutes, 24 seconds Number two about the about the uh 330 K of the funds company has been 26:31 26 minutes, 31 seconds the 338 K of the project approval for the capital expenditure and equar 26:41 26 minutes, 41 seconds of 46 K. So total roughly would be 400 26:48 26 minutes, 48 seconds to be invested by a company next working capital for the CCL project that can be a total requirement of 650 crores. Out 26:56 26 minutes, 56 seconds of this company has been planned right now to be a growing uh business over there and looking to the project approvals. We have been raising the fund 27:04 27 minutes, 4 seconds of 3 330 crores right now through PIP or equivalent uh right issue or equivalent 27:11 27 minutes, 11 seconds any kind of the fund raise solutions. So so this is in the plan for this to be established the CCL project as well as 27:18 27 minutes, 18 seconds to the current business working capital as well as to the working capital of the uh uh CCL project. So this is how it can 27:26 27 minutes, 26 seconds be more equally there is in the warrant issued of the 115 KS by the company out of this 25% would be paid off in the 27:34 27 minutes, 34 seconds last year itself. So uh this can be into the flow of the company as well and uh remaining would be for the amount where 27:43 27 minutes, 43 seconds we are companies been doing the first line of CCL that can be used for the same. So this road map is very very clear that out of the 650 crores where 27:52 27 minutes, 52 seconds the company wants to be reached by 2,500 as a top line so working capital 28:00 28 minutes expend and the company is planning right now for the 330 crores of the funders to meet the capital expenditures as well as to the working capital requirements on 28:08 28 minutes, 8 seconds the basis. Thank you sir. So what will be our cumulative promoter holding post 28:15 28 minutes, 15 seconds this UIP and warrant conversion 28:29 28 minutes, 29 seconds sir I was asking post QIP of 330 K and warrant conversion I'm 28:37 28 minutes, 37 seconds 330 K and warrant conversion of uh remaining is 46 crores No. So what will be the promoter holding percentage sir? 28:46 28 minutes, 46 seconds Okay. Uh the promoter holding percentage would be right now after the warrant conversions it can be reached to the around 47 48% if the fully warrant 28:55 28 minutes, 55 seconds conversion can be done and after this 330 of the dilution it can be reached to the 42 43% uh nearby to this. 29:06 29 minutes, 6 seconds Okay. Uh sir one question was regarding the inorganic growth. We were evaluating a European company for acquisition. Uh 29:16 29 minutes, 16 seconds so if you could just throw some more colors on this. How have we processed on this? Uh and what kind of company like 29:24 29 minutes, 24 seconds what are the core business of that company and by when do we expect this deal to that close? 29:31 29 minutes, 31 seconds Great. uh uh in last call also that we have been uh acquire uh company for the Europeans that discussions would be 29:40 29 minutes, 40 seconds ongoing. There is a uh similar kind of the product of the precision components over there. They have been manufacturing 29:47 29 minutes, 47 seconds such components over there and it is an mainly for the acquisition of the customer acquisitions are been behind the object of the company as well as to 29:55 29 minutes, 55 seconds the fastest uh growing company over there and number two there is a the progress of this company would be we 30:02 30 minutes, 2 seconds have a commercial understanding between the both the companies would be done but due diligence and the lot of procedures have been banned to this process which 30:10 30 minutes, 10 seconds is partially going on so uh it will take almost uh 10 to 12 months more time to acquire 30:19 30 minutes, 19 seconds the company do the all the sense because in the European uh laws and the Indian laws they have been clearing their all 30:27 30 minutes, 27 seconds statuto compenses and the other dues would be into the place. So once upon a time all the due diligence can be completed we can be plan to uh move 30:37 30 minutes, 37 seconds ahead onto this direction. The mainly this components are been serving to the all automobile companies. They have a very good fortune 500 companies are mean 30:45 30 minutes, 45 seconds into their customer range and the precision components similarly components of the washers and stamping product what we have been manufacturing 30:52 30 minutes, 52 seconds similar kind of the and the just on the shape can be changed then same kind of the products they have been producing. 30:58 30 minutes, 58 seconds So our idea would be to get the immediate entry to the all automobiles and the large corporate client what they 31:05 31 minutes, 5 seconds have been serving to the 25 years plus they having a gross margin of 66% and net margin of 3% because of European 31:13 31 minutes, 13 seconds production cost was too high. So um European company get the 31:23 31 minutes, 23 seconds huge additional orders over there and they can be transferred this strength can be boosted up and our cost of production can be reduced. So the 31:31 31 minutes, 31 seconds automatically the viabilities can be coming up. So this is what the idea behind into the commercial viability and the customer acquisition and the global 31:39 31 minutes, 39 seconds presence would be there and the such kind of the experience would be help us to growing into the inorganic growth but 31:45 31 minutes, 45 seconds still the process is on and it will take some uh some times to clear all the 31:53 31 minutes, 53 seconds compliances once upon a time we have been ready we definitely inform to the all of them timely. 31:59 31 minutes, 59 seconds Thank you sir. So I have one last question on CCL side. Uh do we do we have any contract of pre-order for from any PCB companies? 32:11 32 minutes, 11 seconds Uh tan sir we have to wait to take this question. We have already taken two questions and we have to get to another participant. 32:20 32 minutes, 20 seconds But but can uh can I get the question of tan please because some other questions I can recover of this also. Tai please repeat the question please quick. 32:30 32 minutes, 30 seconds So my question was on the CCL side. Do we have any contract or pre-order from any PCB companies in India for a CCL product? 32:39 32 minutes, 39 seconds Okay. Okay TMA it's an very sweet and uh short answer. We have been approached to all the PCB industries. We get the many of the soft confirmations over there. 32:50 32 minutes, 50 seconds Many of their uh availabilities that once upon a time you can be ready. we have been ready to buy it or production completely. 33:02 33 minutes, 2 seconds So soft confirmations are there not any kind of the we have also not taken any kind of the return confirmation right now because it's a too early but yes 33:10 33 minutes, 10 seconds after the five lines we are just serving the 1.8% 8% of the current market and what is the demand has been available 33:16 33 minutes, 16 seconds for the CCL and the CCL products PCB and the chips it would be fastest growing 33:21 33 minutes, 21 seconds with the 35 to 40% of C growth so 33:34 33 minutes, 34 seconds the market was huge market potential was very very very very huge honestly speaking and the soft confirmations are there Please continue for the next. 33:48 33 minutes, 48 seconds Thank you sir. Uh we'll take the next question from Mr. Darin. 33:56 33 minutes, 56 seconds Hello. Uh uh good evening sir. Thank you so much for ask letting me allow questions. Firstly congratulations on a great deal of 34:04 34 minutes, 4 seconds results. That's a really good PPT which lays out a lot of stuff sir. So just one question sir. uh from CCPL we are as we 34:13 34 minutes, 13 seconds are sorry CCL we are as thinking of a 15% PAD and for FI27 also we mentioned a 34:20 34 minutes, 20 seconds 9% PAD then a threeyear pad guidance wise it's 9% a pad should 34:27 34 minutes, 27 seconds improve right so just wanted to understand either our FI 27 PA 9% is a bit difficult or 3 years uh down later 34:36 34 minutes, 36 seconds on our pad should be higher than Okay. Uh that's good afternoon. I understand your questions in between 34:44 34 minutes, 44 seconds there is a lot of disturbance but uh what I understood the consolated profit and the individual profit. Yes. The individual CCL is working with the 13% 34:53 34 minutes, 53 seconds of the PAT for the first line over the five lines. Yes, we can be maintain this pro uh pet line with the 13% and AITA 35:01 35 minutes, 1 second with the 20 21%. uh in consolidatedly the both the celestial business and the CCL business together we can be cover up 35:09 35 minutes, 9 seconds 2,500 K topline is estimated and the projected uh plus the 13.5% as a margins 35:18 35 minutes, 18 seconds and the consolidated 10.5% or 9.7% that would be a nearby to the pet margin for the consolidatedly both the facilities 35:27 35 minutes, 27 seconds can be covered up so this is how it can be presented I hope I have been answered Yeah. Yeah. Fair fair enough sir. I just 35:34 35 minutes, 34 seconds wanted to understand like uh with a current guidance like from an existing business we are saying around you know 35:41 35 minutes, 41 seconds 30% growth. Uh so due to the war situation do you feel that you know that can be you know short-term some decline? 35:49 35 minutes, 49 seconds How will our Q1 or H1 be like uh because uh the situation is a bit fluid right now right? Are you impacted? So how do 35:57 35 minutes, 57 seconds you see it in terms of H1 H2 right uh that's the war has been last 45 60 36:06 36 minutes, 6 seconds days is going on uh uh honestly the our company and our products are not been much affected with the any kind of the 36:14 36 minutes, 14 seconds worst situations right now and still uh I am not looking any kind of the declines into the next coming months 36:21 36 minutes, 21 seconds also we have a good order book positions only the affected pos affected areas would be this oil and gas prices have 36:28 36 minutes, 28 seconds been increasing. So whatever we have been using the consumables like D tools and the oil gas directly uh fuels that 36:38 36 minutes, 38 seconds price can be shoot up but uh this price can be shoot up and this is for the everyone. So we have been passing this 36:45 36 minutes, 45 seconds cost to the uh adding into the cost and passing to the customers. Equally there is in the freight cost that also can be 36:53 36 minutes, 53 seconds slightly affected which can be increased and that is also can be pass on. So the demand was uh uh that uh demand was 37:03 37 minutes, 3 seconds equally available and in spite of this the metal prices 37:10 37 minutes, 10 seconds have been increasing very rapidly. So better so we feel that there is no declination right now. In spite of this 37:18 37 minutes, 18 seconds we see that the pricing are pricing and the business has been growing but yes uh the processing 37:25 37 minutes, 25 seconds uh consumables cost have been improving but this can be passed to the customers and uh obviously this is for the 37:33 37 minutes, 33 seconds everyone. So the it cannot be affect to the any of the single company. So with this war any kind of the decline 37:41 37 minutes, 41 seconds situation for first quarter or second quarter we not seen much more any effects over there. Thank you. 37:47 37 minutes, 47 seconds Oh okay. Okay. Got it. Got it. So sir like so quarter on quarter there will be growth right? Like what we are saying 30%. So we can see that like last year's 37:55 37 minutes, 55 seconds June quarter we can see uh 30% increase or will it be more ended like when the you know CCL comes in right how do 38:04 38 minutes, 4 seconds you sir see that sir our existing business growth will be uh linearly right sir. 38:14 38 minutes, 14 seconds So uh Daril that's uh uh we always been saying that 25% growth and CG growth 38:21 38 minutes, 21 seconds will be continuously maintained by the company last 14 to 16 quarters if you can we compare year on year or quarter to quarter or next quarter to one 38:30 38 minutes, 30 seconds quarter. So there is not an much more gap over there. Uh we have been still confident about the our orders and situations looking to our business plans 38:38 38 minutes, 38 seconds we have been still confident to be maintain the same. Number three that's uh the some of the capex is going on. If 38:45 38 minutes, 45 seconds some of the capex would be slightly uh prolonged then it could be affected for one quarter to another quarter that's it 38:53 38 minutes, 53 seconds nothing else would be a part of this this can be affected but uh it can be maintained in between of 25% CGR growth that can be uh surely maintained. 39:03 39 minutes, 3 seconds Okay. Okay. I just last question from my answer uh like a bookkeeping question. 39:07 39 minutes, 7 seconds what is the tax rate like it's a bit fluctuating uh right like so current what is the effective tax rate I think 39:14 39 minutes, 14 seconds in FI26 was around 15% so what is what can we expect 39:27 39 minutes, 27 seconds your voice is not audible yeah I was saying your voice is not able can you hear me sir right now Hello. 39:41 39 minutes, 41 seconds Can you come again? That was I was saying that tax rate in FI26 was 15%. What can be the effect of tax rate going? 39:49 39 minutes, 49 seconds No. Yes. Yes. 39:57 39 minutes, 57 seconds I'm not audible. You very clear. Please in between of this it would be breakthrough. Can you repeat again please? 40:04 40 minutes, 4 seconds Hi uh sir uh I uh what is our effective tax rate going forward sir? 40:13 40 minutes, 13 seconds tax rate. Yeah, it it was 15%. 40:17 40 minutes, 17 seconds It could be we could not we could not be anticipate to the tax rate right now but it can be depending on to the situations 40:25 40 minutes, 25 seconds of uh the depreciation and the all the other things can be calculated but normally normally in the growing 40:33 40 minutes, 33 seconds scenario of 30% equally the capital expenditures are also been done. So how much of the percentage can be running 40:41 40 minutes, 41 seconds out but yes I could be uh see that the 13% to 15% can be a tax rate can be uh 40:48 40 minutes, 48 seconds uh going on into the similar scenario because the we have a capital expenditure over there also we have been 40:56 40 minutes, 56 seconds a solar capex where the 40% of the depreciation will be considered so slightly I could not be overcome it right now to you but yes uh 15% 14 13 41:05 41 minutes, 5 seconds 15% of the range can be over there. Okay. Okay. Fair enough. Fair enough. 41:13 41 minutes, 13 seconds So, I have more questions. I'll get back in my Thank you. 41:16 41 minutes, 16 seconds Thank you, sir. We'll take the next question from Mr. Jignesh. Perfect. 41:25 41 minutes, 25 seconds Yeah. Am I audible? Yes, you're very much. 41:29 41 minutes, 29 seconds Yeah. So, as you mentioned that consolidated AITA would be around 13%. 41:35 41 minutes, 35 seconds So since we are being the first in this CCL uh product so sir wouldn't it be wise to 41:43 41 minutes, 43 seconds assume that our aida initially for 2 3 years can be much higher since a lot of people will shift to 41:51 41 minutes, 51 seconds indigenous products it would be on aggressive side your 41:58 41 minutes, 58 seconds answer would be yes but I can just tell you that the uh AIA uh would maintaining with the 20% for the first 42:07 42 minutes, 7 seconds line what we have been projected for individual CCL business okay individual CCL business would be running with the 42:13 42 minutes, 13 seconds 20% of AITA and 13% of the pet but when we consolated uh the both stainless 42:20 42 minutes, 20 seconds steel business which is in the 9% 10% 10.5% AITA and 20% AITA that 42:27 42 minutes, 27 seconds consolatedly coming down to the 13% or 14% of AITA on a conservative side so at this moment This is a new business line 42:35 42 minutes, 35 seconds that is and the establishment is going on. So once upon a time we have been also giving the conservative uh numbers right now. Why? Because this is the new 42:44 42 minutes, 44 seconds line of the business. How we are been uh commenced successfully if it is would be a one or two months here and there or 42:52 42 minutes, 52 seconds product can be established in a slightly higher. So we can be calculate the safer margin and the risk calculations on 42:59 42 minutes, 59 seconds site. That's why it could be okay numbers right now. So but honestly the 43:06 43 minutes, 6 seconds individual individual CCL business would be carrying with 20% AITA and 13% PET. 43:11 43 minutes, 11 seconds So you can be considered like this way if you compare to the CCL product. 43:15 43 minutes, 15 seconds Okay sir other question if we see the current year's balance sheet uh the last year's trade receivables was 65 crores. 43:26 43 minutes, 26 seconds Now over last one year there hasn't been much improvement in the total overall business but the uh receivables have 43:35 43 minutes, 35 seconds increased to uh around 110 crores to 175 crores. So what is the main factors behind this? 43:45 43 minutes, 45 seconds Yes. Yes. uh the business is uh carrying out uh into the you can see the in the last 3 years company's top line is from 43:53 43 minutes, 53 seconds 419 KES to uh 1,78 KES it could be a growing with the three times multiffold 44:00 44 minutes okay so there is a there is a credit uh the the receivables or the data sites uh you can we have been increasing the more 44:08 44 minutes, 8 seconds datas more customer networking more end user to be serving and we have to give them a credit period or we have to give them a testing testimonial. We have been 44:16 44 minutes, 16 seconds launching the new product. We are launching the nut boards in the last two one and a half years ago. We have been adding up the new SKUs. We have been 44:24 44 minutes, 24 seconds adding up the circlip, washers, clip, block washers, belly valley, all the new product range will be there. That's why the testimonial period, launching period 44:33 44 minutes, 33 seconds and the slightly moving up. So the creditors and the resource cycles have been increasing. But it can be into the control time. But equally that if you 44:41 44 minutes, 41 seconds can be compare the inventory cycle time that can be also reduced. So this is this is how the inter intermediate would be connected together. 44:52 44 minutes, 52 seconds So it would normalize in uh next year or so since your new business. Definitely definitely that's 45:01 45 minutes, 1 second because in last one year your revenue has just grown 100 crores but your dattors has grown more 100 around from 45:10 45 minutes, 10 seconds 65 to 175 100 I fully understand I I fully understand that datce 45:17 45 minutes, 17 seconds upon a time how your product would be entering into the market and we have to give them a liberty to launching out to 45:24 45 minutes, 24 seconds give them a end users product so we have to be work with the market scenario and situations and equally that you can see 45:32 45 minutes, 32 seconds the inventory period uh would be also effectively improving. So this is uh once upon a time the new product new 45:40 45 minutes, 40 seconds product range that can be a result and once upon a time it can be settling down it can be automatically coming down into the uh ratio of the industry. 45:49 45 minutes, 49 seconds Okay. Yeah. So last this 330 cr when are uh this capital raise when we are planning to complete 45:59 45 minutes, 59 seconds capital raise this 330 crores that fund raising that we are doing okay 330 cr uh uh at this moment we have 46:06 46 minutes, 6 seconds a plan to complete by September looking to the geographical conditions looking to the interest of the investors and looking to the meeting with the 46:14 46 minutes, 14 seconds investors as fast as possible we can be cover up that is always idea for the any kind of the promoter or the fund raise but looking to the geographical 46:22 46 minutes, 22 seconds conditions also we have to be walk through make the sure ourself and try our level best to conclude as soon as possible 46:31 46 minutes, 31 seconds right okay thank you thank you sir I'll take the next question from Mr. Summer cooktop. 46:58 46 minutes, 58 seconds Good evening, sir. Good evening, sir. Yeah. Yeah. Good evening. 47:05 47 minutes, 5 seconds Yeah. Yeah. We cannot hear it. 47:18 47 minutes, 18 seconds Sir, am I audible? 47:20 47 minutes, 20 seconds Yes, now it's very sir. My question is related to our uh uh new CCL business that we are planning to for. 47:32 47 minutes, 32 seconds So uh sir are we planning to manu manufacture a highspec top tier CCL that is used in GPU semiconductors 47:40 47 minutes, 40 seconds uh or is it uh uh the general purpose uh serving? No no no no it could be 47:47 47 minutes, 47 seconds this CCL line would be a world world's top CCL line of the production is a 47:53 47 minutes, 53 seconds modern art facilities we have been doing equivalent 48:02 48 minutes, 2 seconds compromise that is the first point which can be produced the all the CCL for double side one side from starting range 48:10 48 minutes, 10 seconds of TG value to 110 to 180 TG value we have been So it can be application for the semicon chips as well as to the 48:18 48 minutes, 18 seconds mobile and the all the critical electronic appliances would be cover up for 48:25 48 minutes, 25 seconds like of the defense or the for the any kind of the air industries every every 48:32 48 minutes, 32 seconds PCB industries can be cover up for CCL product line. 48:37 48 minutes, 37 seconds So just a followup question on this uh so PCB manufacturers over globally are 48:45 48 minutes, 45 seconds pointing out uh high shortage concerns amid high demand from from AI industry semiconductors and data centers. 48:55 48 minutes, 55 seconds So also hearing some news about demand in Korea having gone up by 5x on a monthly basis and even China is unable 49:02 49 minutes, 2 seconds to uh cater to such such demand uh constraints. So is our understanding correct and uh I don't think will be an 49:10 49 minutes, 10 seconds issue for company to uh uh reach full capacity utilization during the commencement. 49:19 49 minutes, 19 seconds No no no no there if there is a huge demand that is your understanding was very very correct the internationally and the globally demand was very very 49:28 49 minutes, 28 seconds high at this moment after the 38 cr of the capex of the five line installed we just cover up the 2% of 49:37 49 minutes, 37 seconds itself for the current demand for India market not global market the 49:44 49 minutes, 44 seconds chips and the PCB industry with growing with the 30 35% So if we can be compared to this, this 49:52 49 minutes, 52 seconds could be a what we are producing is a nothing. So there is no any scope for this to be a demand would be a issue 50:00 50 minutes important. We have to be a correct quality, correct execution of the project and uh uh the quality of the 50:07 50 minutes, 7 seconds resin and the glue and the entire copper foil and the fiberglass would be a perfectly used. Once upon a time if our product quality was approved, it could 50:15 50 minutes, 15 seconds be uh very easy to sell honestly because there is a first mover advantage. Number two uh uh it could be the plant will be 50:23 50 minutes, 23 seconds very effectively used and number three the global demand was very very huge and the incoming years of next 20 years is 50:31 50 minutes, 31 seconds for the electronic and the digital world and we all know about that how fast is the semiconductor industries how fast is 50:38 50 minutes, 38 seconds the data center how fast is the PCB industries are being growing and we have been looking so this is what the 50:46 50 minutes, 46 seconds entirely the government of India and the ministry of electronics have been very worrying that you all people are been 50:53 50 minutes, 53 seconds putting the 10x capacity and growing with this because demand was huge and the supplies have been very less. 51:02 51 minutes, 2 seconds Thank you so much sir. Uh just uh last question I wanted to check the commercialization timelines for this facility. 51:16 51 minutes, 16 seconds Yeah, the commercialization the facilities would be a commencement of this project of the machine. Uh November October would be a trial run and 51:23 51 minutes, 23 seconds November 26 would be a production uh first production coming out. That is the timeline and deadline. It all depend 51:32 51 minutes, 32 seconds upon the monsoon how it affects the execution work otherwise the November 26 51:39 51 minutes, 39 seconds would be okay but uh maximum by one or two months here and there we can we complete the project machineries inspection of the second time would be 51:47 51 minutes, 47 seconds done and it could be leave to the China by uh July first week. So we have been very aggressive that in July and or 51:55 51 minutes, 55 seconds August we have been distinguishing the machine and they need the 60 days time to the execution. 52:02 52 minutes, 2 seconds Thank you so much sir. Uh all the best. 52:07 52 minutes, 7 seconds Thank you sir. We'll take the next question from Mr. Thank you so much. 52:18 52 minutes, 18 seconds Uh namaste Vijay. Uh I am J from Vodra. 52:22 52 minutes, 22 seconds Uh I have only one question. Could you please share the tech splits floor CCL project like how much for machines, how 52:29 52 minutes, 29 seconds much for land and how much for civil and construction work 52:40 52 minutes, 40 seconds uh uh thank you so much you are the local guy for us but uh I can just tell you that the 70% would be contributed for the equipment plant and machinery 52:48 52 minutes, 48 seconds which is a tank solutions. 18% will be cover up for the uh building and the 12% 52:54 52 minutes, 54 seconds will be for the uh miscellaneous and the uh filling and the cost and land is already been with the company uh so it 53:02 53 minutes, 2 seconds cannot be a calculated right now but yes these are the breakup for the plant machineries building and the auxiliaries for the equipments. 53:12 53 minutes, 12 seconds Okay thank you sir and all the best for bright future. Thank you J. Thank you so much. 53:19 53 minutes, 19 seconds Thank you sir. We'll take the next question from Mr. Vinit. 53:26 53 minutes, 26 seconds Hello sir, good evening. Um sir, my question is my question is again with respect to the CCL. Uh I mean I want to first of all 53:35 53 minutes, 35 seconds understand uh more about the CCL like you said even after having the five lines in India you will be just catering to like a sing low single digit 53:44 53 minutes, 44 seconds percentage of the entire demand in India right? uh I want to understand uh why any player in India has not uh like come 53:51 53 minutes, 51 seconds in this space in the past. And next uh uh I also want to understand about the 53:58 53 minutes, 58 seconds Apex plan that we have right like for the all the five uh lines if you can mention the timeline. 54:07 54 minutes, 7 seconds Yes. 54:10 54 minutes, 10 seconds Okay Vinn good afternoon uh good evening as well. So uh why other players are not there? It's not been uh honestly the our 54:19 54 minutes, 19 seconds lookout but yes I can just tell you that everyone would be behinding to the CCL and the new product developments always 54:26 54 minutes, 26 seconds been there electronic semiconductor and digital uh time would be there and India 54:33 54 minutes, 33 seconds would be emerging and the very actively and progressively under the leadership of Mr. uh Narendra Modi and the entire 54:41 54 minutes, 41 seconds team of Ashini Kumar Vishna and all the ministry of electronics are working behind the very sincerely to establish the all the electronic sectors over 54:50 54 minutes, 50 seconds there because they all are visualized and very much seen that how much next 30 years or the 40 years to changing the 54:58 54 minutes, 58 seconds world with the uh semiconductors EV vehicles PCB electronics and conversion to the next new era of the digital 55:08 55 minutes, 8 seconds world. So uh the demand was there everyone every entrepreneurs like us also looking forward to invest into the 55:15 55 minutes, 15 seconds such kind of the industries where the players are not there. First more advantage would be there if we can be tie up with the good uh uh machine 55:23 55 minutes, 23 seconds manufacturers and the collaborations to then for the technology partners. So we can be definitely succeeding and India is an emerging market. India will be 55:32 55 minutes, 32 seconds growing with the uh huge potential market into this area as well. All the foreigner foreign client are been coming 55:40 55 minutes, 40 seconds up and investing into the electronics like the micron the Tata and 55:49 55 minutes, 49 seconds the canes Dixon here who are been investing into this lines because they have been seeing the very emerging 55:57 55 minutes, 57 seconds market over there. So we are also looking forward to this. We find out the uh product we evaluate in all the SWAT 56:04 56 minutes, 4 seconds analysis and we come up and we take the our calculative decisions that we can be moved into this area where we have been 56:12 56 minutes, 12 seconds a first comers where there the product can be covered up with the capital incentives as well. So risk of commerciality can be covered up. Equally 56:21 56 minutes, 21 seconds the technology partner also been there and the good team to hand over this project are been also available looking 56:29 56 minutes, 29 seconds to all this scenario they have been coming up but equally there is a many more other peoples who have been working 56:36 56 minutes, 36 seconds onto this line as well but uh at this moment the how much is the demand indigenous manufacturers are not there 56:44 56 minutes, 44 seconds that is a fact and uh looking to all this scenario and opportunity we grab it 56:51 56 minutes, 51 seconds and calculatively risk taken and hope this calculations would be 56:57 56 minutes, 57 seconds going in very smooth way and we get the advantage and our stakeholders our stakeholders and our investors as well get the advantage for this. Thank you. 57:08 57 minutes, 8 seconds Thank you so much sir for the explanation and if you can like take the second part uh where uh please explain the brief timeline of all the five lines 57:17 57 minutes, 17 seconds that we are coming up with in the CCL and also to mention that one of the reports of our IR mentions about 500 cr 57:30 57 minutes, 30 seconds Hello forget your yeah I was saying that I was saying that uh one of the one of the but yes there 57:39 57 minutes, 39 seconds is first line you can continue 57:50 57 minutes, 50 seconds okay uh that's uh uh our timeline for this first linement succession uh uh uh two 57:58 57 minutes, 58 seconds years all the four lines together. 58:09 58 minutes, 9 seconds We can be insert the two lines in the next year and two for the first and system establishment and the 58:18 58 minutes, 18 seconds response of the customers dep depending on to them 58:29 58 minutes, 29 seconds very next years we can be established at two lines or we can be plant that is 58:41 58 minutes, 41 seconds Please sir, I couldn't hear you because of the network issues. 58:49 58 minutes, 49 seconds Uh V sir, I would request that you um turn off your camera. I think there is some network issue at your end. So if 58:56 58 minutes, 56 seconds you can turn off the camera from my end. Uh yes, there is some network issue. 59:04 59 minutes, 4 seconds Your voice is breaking maybe. 59:07 59 minutes, 7 seconds Oh my good. Oh, sorry. If you can answer. 59:15 59 minutes, 15 seconds Yes sir, you're audible. 59:17 59 minutes, 17 seconds Okay. Uh I just told that for the first line of the timeline of November 26 would be uh commence and get the production out. uh depending on to the 59:26 59 minutes, 26 seconds succession of the first line in terms of the quality of machines, process and quality of product output and the 59:34 59 minutes, 34 seconds response of the customers. We decided to be remaining four lines all together or it can be split out the two lines uh of 59:43 59 minutes, 43 seconds each year. So maximum over the two three years of two years of the time we can install all the four five lines together. 59:51 59 minutes, 51 seconds Got it sir. And the 750 crores of revenue guideline guidance that you have given for the CCL in FI28 is combining all these five lines. Right. 1:00:01 1 hour, 1 second Yes. Exactly. 1:00:03 1 hour, 3 seconds So I mean uh how will be like ramping up the other lines in FI28 then if we are coming up in that year itself. 1:00:13 1 hour, 13 seconds No that's uh the if we can install the four lines all together. Okay. This is at the capacity of 68% is a calculation 1:00:22 1 hour, 22 seconds of 68% utilization. So our first line and all the four lines would be established into the next year. So in 28 1:00:29 1 hour, 29 seconds we can be definitely give the full utilization of this plant. So the 750 crores would be a definitely achievable figure. 1:00:36 1 hour, 36 seconds Okay. Answer given the demand side uh are we anticipating uh like close to 90% types of cap capital capacity 1:00:45 1 hour, 45 seconds utilization in the second half for the first line that we will be coming up with normally yeah normally the in any kind of the process industry the utilization 1:00:54 1 hour, 54 seconds would be nearby to 80 85% would be a excellent utilization so I can just tell you that yes 80 85% we can be definitely 1:01:02 1 hour, 1 minute, 2 seconds reach by 28 for the sure at this moment very conservative We have calculated the 69% utilization and revenue would be 1:01:10 1 hour, 1 minute, 10 seconds calculated according to the 69% but if we can be reached to the 80% it can be increase the revenue this figure would be a consolidated side because of the 1:01:18 1 hour, 1 minute, 18 seconds new line and the all the other parameters of the safer side that can be calculated if we can get the 80 85% 1:01:27 1 hour, 1 minute, 27 seconds realization the numbers have been improving too much. 1:01:31 1 hour, 1 minute, 31 seconds Got it sir. Sir once again all the best for the new venture that you are coming up in. I have more questions on CCL but 1:01:38 1 hour, 1 minute, 38 seconds maybe uh we can connect later offline after this call as well. 1:01:43 1 hour, 1 minute, 43 seconds Sure. You have been always been most welcome and pleasure to hearing you and thank you so much for your kind words. Yes sir. Thank you so much sir. 1:01:51 1 hour, 1 minute, 51 seconds Thank you so much sir. We'll take the next question from Mr. Ankur Gulati. 1:02:00 1 hour, 2 minutes Sir question or second 1:02:12 1 hour, 2 minutes, 12 seconds Chinese uncle. Uh uh thank you so much and nice 1:02:19 1 hour, 2 minutes, 19 seconds to hear you again. Um for the CCL line we already paid the advance in January. We have paid the 1:02:27 1 hour, 2 minutes, 27 seconds second branch of the payment also uh been into the process right now because inspection of machine last month we already done. Uh we have been expecting 1:02:35 1 hour, 2 minutes, 35 seconds the line by July and or August from here in India as well because the machine uh manufacturing work is going very smooth 1:02:43 1 hour, 2 minutes, 43 seconds and as per the plan and the time bar chart given and our timeline for the uh August, September, October uh would be a 1:02:50 1 hour, 2 minutes, 50 seconds commencement of installation of the machines. This also been uh online at this moment for the civil work as well 1:02:57 1 hour, 2 minutes, 57 seconds as to the uh uh PB work is also online only and only the how the monsoon can be affect for the some days that can be 1:03:06 1 hour, 3 minutes, 6 seconds adjust to be wait and watch for this otherwise all the things have been online and uh as per this timeline chart 1:03:14 1 hour, 3 minutes, 14 seconds November would be a ideal time for the production and we can be come out for this si benefit capex 1:03:29 1 hour, 3 minutes, 29 seconds PL as soon as we can be complete the capex we have submitted the relevant documents whatever the requireds in a list of the 1:03:38 1 hour, 3 minutes, 38 seconds form we have be submitted and normally their timeline would be for the 90 days after the election and commissioning of the product and the first invoice to be 1:03:47 1 hour, 3 minutes, 47 seconds prepared. uh but from the government work we can be calculated that 90 days might be a 150 days 180 days can be dispersed 1:03:56 1 hour, 3 minutes, 56 seconds so Vijay what I'm trying to understand is 380 crores kex or whatever it is right your PLA benefits will come to you 1:04:04 1 hour, 4 minutes, 4 seconds when you have started revenue from this project on okay Please 1:04:19 1 hour, 4 minutes, 19 seconds first immediately. 1:04:43 1 hour, 4 minutes, 43 seconds Okay. or benefit 1:04:54 1 hour, 4 minutes, 54 seconds benefit would be at 25% from the central government of India and uh 25% from the state government of India. So it would 1:05:01 1 hour, 5 minutes, 1 second be at nearby to the 50%. So 70 K 35 K is what you will get back 1:05:09 1 hour, 5 minutes, 9 seconds and this 35 time as soon as 1:05:26 1 hour, 5 minutes, 26 seconds operational period is there a subsidy on power cost or anything of that sort? 1:05:31 1 hour, 5 minutes, 31 seconds Yeah, more question the Gujarat Gujarat electronic policy the power uh uh service cost of 15% will be exempted. 1:05:40 1 hour, 5 minutes, 40 seconds Number two then the logistic cost logistic cost of all the imports raw material and import machineries that can be exempted and the supplier side the 1:05:49 1 hour, 5 minutes, 49 seconds customer side they will get the 2% of uh uh sales value if they can buy from the 80 supplier. So lot of small small 1:05:57 1 hour, 5 minutes, 57 seconds benefits are also been there for interest benefit and capital interest cost and what 1:06:04 1 hour, 6 minutes, 4 seconds should be extra advantages or capital 1:06:12 1 hour, 6 minutes, 12 seconds and subsidy only the subsidy. 1:06:23 1 hour, 6 minutes, 23 seconds What is the interest subsidy sir on that interest? 1:06:34 1 hour, 6 minutes, 34 seconds Uh not pura there is a 2% they have been charging remaining% interest 1:06:41 1 hour, 6 minutes, 41 seconds 2% we have to pay and 7% can be exempted and this is over and above 50% uh kex exactly exactly would be the last question. 1:06:52 1 hour, 6 minutes, 52 seconds Yep. Thanks. 1:06:54 1 hour, 6 minutes, 54 seconds Thank you, sir. We'll take the next question. 1:07:00 1 hour, 7 minutes We'll take the last question now from Mr. Anoj. Yes, please. Uh, am I audible? 1:07:08 1 hour, 7 minutes, 8 seconds Yes. 1:07:10 1 hour, 7 minutes, 10 seconds All right. So, sir, uh, thank you for taking my question first of all. So, we see a sharp increase in the other income side. So, could you shed some light on 1:07:18 1 hour, 7 minutes, 18 seconds that? I assume it's from the cash that was kept in the bank. 1:07:21 1 hour, 7 minutes, 21 seconds Yeah, exactly. So you could be have a a very correct answer over that there will be a cash would be available into the bank for the QIP in the November that 1:07:29 1 hour, 7 minutes, 29 seconds interest could be into the other income and there is a sum of the uh portions uh which can be uh cover up with the other 1:07:38 1 hour, 7 minutes, 38 seconds cost as well. So this is only the other income breakup which has been uh given up into the balance sheet as well. 1:07:45 1 hour, 7 minutes, 45 seconds So sir on a normalized basis it is is it fair to say that the um bottom line for this quarter would have been around 11 to 12 crores leaving the exception aside. 1:07:56 1 hour, 7 minutes, 56 seconds No no no no that is not a point that is the income tax guideline that we have to be shown the interest income in a separate side that is why it can become 1:08:04 1 hour, 8 minutes, 4 seconds otherwise the finance cost can be reduced. So you can say there is a uh the uh uh income side is a 17 crores 1:08:11 1 hour, 8 minutes, 11 seconds that can be uh uh equally there otherwise the finance cost can be reduced. So uh one side finance cost will have been paid and one side the 1:08:19 1 hour, 8 minutes, 19 seconds finance cost will be covered up under the other income. So I think uh this could be just the presentation point. 1:08:27 1 hour, 8 minutes, 27 seconds All right and sir another question in the previous con call uh you had guided for a top line of,500 crores for 1:08:34 1 hour, 8 minutes, 34 seconds financial 27 financial year 27 and 1,800 crores for financial year 28. Now why is there a downgrade revision in the 1:08:43 1 hour, 8 minutes, 43 seconds financial year 27 topline guidance are there issues on the demand side or on the supply side? 1:08:48 1 hour, 8 minutes, 48 seconds No no no no we are we are still on the line of the,500 crores. We have just given the number of 1,350 as a part of 1:08:56 1 hour, 8 minutes, 56 seconds the 25% of the growing but we still working onto the 1,500 on the top line 1,800 rupee at the uh very next year and 1:09:05 1 hour, 9 minutes, 5 seconds consolatedly we have been covering up the 750 K from the CCL. So it can be reached to the 2550 1:09:13 1 hour, 9 minutes, 13 seconds but we can be assumingly that 2500 top line to 1350 to 1400 would be ideal lines 1:09:22 1 hour, 9 minutes, 22 seconds which we have been giving up that is already been there and 25% plus 27 28% grow 1:09:30 1 hour, 9 minutes, 30 seconds so there is no any doubt onto this 27 28% grow that can be maintained consistently as I told the previously 1:09:38 1 hour, 9 minutes, 38 seconds also All right then sir last two questions from my side. So what would be the effective tax rate going forward because 1:09:46 1 hour, 9 minutes, 46 seconds in the previous quarters I see that the tax rate has been very you know inconsistent and what's the reason for that if you could throw some light on 1:09:53 1 hour, 9 minutes, 53 seconds that and my second question is on the receivable side. So we have taken both the questions. 1:09:59 1 hour, 9 minutes, 59 seconds So so Anush by that we have taken this both the questions already over there. 1:10:04 1 hour, 10 minutes, 4 seconds So if you uh don't mind the tax rate will be a maintaining in between of 13 to 15% what I already answered and about 1:10:11 1 hour, 10 minutes, 11 seconds the receivables there is a lot of new products new range end of the customers uh uh going through the the down the 1:10:20 1 hour, 10 minutes, 20 seconds line to the end of the customers we give them a credit once upon a time we have been done the capital expenditure over there and uh over the period it can be 1:10:28 1 hour, 10 minutes, 28 seconds coming down into the smooth line. So there is a point which already covered under the question of the some of the participants over there in a few uh minutes before. 1:10:38 1 hour, 10 minutes, 38 seconds All right. All right. Thank you so much. 1:10:40 1 hour, 10 minutes, 40 seconds Wishing the man and Swati Swati. Yes sir. 1:10:45 1 hour, 10 minutes, 45 seconds Uh if you prepared with the H question of cash flow then we can be answer it. So it cannot be open. 1:10:52 1 hour, 10 minutes, 52 seconds Yeah. So that's uh the reason behind that cash flow is because we are factoring certain uh figures in this uh 1:11:00 1 hour, 11 minutes current financial year that's like we are making payments to advances to our capex ad uh suppliers. Apart from this 1:11:07 1 hour, 11 minutes, 7 seconds we are also having depreciation in place. So this is the effect once this capitalization will be in place of the 1:11:15 1 hour, 11 minutes, 15 seconds fixed assets. So and will start generating the revenues those cash flows will again got improved. 1:11:22 1 hour, 11 minutes, 22 seconds So uh so basically the question would be this the cash flows why the year on year can be changed it can be a maintaining into the smooth conditions that is what 1:11:31 1 hour, 11 minutes, 31 seconds the question and we can we say that uh the cash flows can be maintained uh regularly onto the board of time once 1:11:39 1 hour, 11 minutes, 39 seconds upon a time this capital expenditures interest can be covered up right yes okay 1:11:47 1 hour, 11 minutes, 47 seconds okay thank you so much sir on behalf of portal I would like to extend our sincere your gratitude to the management team of Ratnavir for their time and the 1:11:55 1 hour, 11 minutes, 55 seconds detailed responses today. We also thank all the participants for their active engagement and thoughtful questions. I 1:12:02 1 hour, 12 minutes, 2 seconds would request Vijay to please give closing remarks. 1:12:06 1 hour, 12 minutes, 6 seconds Yes. Uh as far as the Mr. AJ Panchar has also been there. Uh AJ can you give the closing remarks and then I also adding up the closing part over there please. 1:12:16 1 hour, 12 minutes, 16 seconds Thank you very much. uh pin portal team to conduct a bouty pool conversation with the uh investors. 1:12:25 1 hour, 12 minutes, 25 seconds Uh I would like to summarize our uh financial year 2026 is the purposeful 1:12:32 1 hour, 12 minutes, 32 seconds growth and marked by better margins and diversified revenue base and learner cost structure. We are well positioned to build on this momentum a year ahead. 1:12:43 1 hour, 12 minutes, 43 seconds Thank you so much. 1:12:45 1 hour, 12 minutes, 45 seconds And uh lastly that's uh I would be extended my grateful and thankful to the all the investors who have been 1:12:53 1 hour, 12 minutes, 53 seconds supporting us guiding us take up their time to come understand the company in a deep and detail lot of interesting 1:13:01 1 hour, 13 minutes, 1 second questions is coming up and open up the eyes and open up the company's futuristic plan. I can just tell you 1:13:08 1 hour, 13 minutes, 8 seconds that we have been into the uh volume to value growth. The value engineering is our uh moto. The vision to the company 1:13:17 1 hour, 13 minutes, 17 seconds would be into the diversified and the stellar and the electronic business. 1:13:21 1 hour, 13 minutes, 21 seconds Moving ahead together uh consistent and the maintaining growth would be a company's statement and we are committed 1:13:29 1 hour, 13 minutes, 29 seconds to grow with the balance growing and uh committedly and consistently and uh communication uh would be a very sharp 1:13:38 1 hour, 13 minutes, 38 seconds and the very skillful uh growth would be there. Number three, the last and foremost that company's vision for the 1:13:47 1 hour, 13 minutes, 47 seconds next three years and the two and a half years would be for the 2500 as a top line with the 13% of AITA and 10.5% of 1:13:55 1 hour, 13 minutes, 55 seconds PET with the both the business together of electronic CCL as well as to the service business together and we have been very much firm committed and 1:14:04 1 hour, 14 minutes, 4 seconds devoted and our integrity would highest integrity would be there to execute this project very smooth execution with the 1:14:12 1 hour, 14 minutes, 12 seconds bless blessings of all the investors, shareholders directly or indirectly supporting to the company's growth and the management. Thank you. Thank you so 1:14:21 1 hour, 14 minutes, 21 seconds much. Thank you Finn portal to connecting us. Thank you everyone for your participation. Thank you so much. 1:14:28 1 hour, 14 minutes, 28 seconds Thank you so much sir. Uh should any queries remain unanswered, please uh do not hesitate and uh drop your questions on the email id given below. Thank you. 1:14:37 1 hour, 14 minutes, 37 seconds Uh with this we conclude today's session. You may now disconnect.