Sirca Paints India Limited — Q4 FY26

Sirca Paints India Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=Bb76dcYrr94 Published: 1d ago

0:04 4 seconds Hello and good evening everyone and thank you for joining us today for circ India limited Q4 FY26 results call. I am 0:12 12 seconds Dishi from Finn portal investor relations team and it's my pleasure to welcome you all. We are joined today by senior members of the management team in 0:20 20 seconds including Mr. Sanjay Agraal chairman and MD, Mr. Apurwa joint managing director, Mr. Hirakumar company secretary and Miss 0:28 28 seconds Shallu Aurora CFO. So let me let me now hand it over to CFO Miss Shalu Aurora to take you through the financial highlights. Over to you ma'am. 0:38 38 seconds Thank you Rushik. Hi good evening everyone and thanks for joining for our quarterly results discussion. I'm pleased to share with you the financials 0:46 46 seconds performance of Circa Pain India Limited for the fourth quarter of FY226 on a standalone basis. Revenue from 0:53 53 seconds operations increased to 134.29 29 KES in Q4 FY26 from 100.92 Cr in the same 1:01 1 minute, 1 second quarter last year. This represents a robust growth of 33.07% YI. This strong performance was 1:08 1 minute, 8 seconds primarily driven by the differentiated portfolio's premium positioning and deeper market penetrations. Moving on to our profitability metrics for the 1:17 1 minute, 17 seconds quarter. A beta for Q4 FY26 increased to 25.74 KES from 18.97 K in the same 1:25 1 minute, 25 seconds quarter last year reflecting a healthy growth of 35.6% yearonear. Our AITA margin for the quarters stood at 19.17% compared to 18.8% in Q4 FY25. 1:39 1 minute, 39 seconds Looking at the bottom line, profit after tax increased to 17.71 K this quarter 1:45 1 minute, 45 seconds from 14.16 K in Q4 FY25. This represents a 25.07% year-on-year growth. In fact, coming to 1:54 1 minute, 54 seconds the FY 26 year performance revenue from operations increased to 492.48 SR in FY26 from 373.68 Kores in the 2:04 2 minutes, 4 seconds previous financial year. This represents a robust growth of 31.79%. 2:10 2 minutes, 10 seconds The beta for FY26 increased to 98.88 K from 67.44 Ks the previous financial 2:17 2 minutes, 17 seconds year reflecting the healthy growth of 46.6% yearonear. Our AITA margin for the year stood at 20.08% compared to 18.05% in FY25. 2:29 2 minutes, 29 seconds Looking at the bottom line, profit after tax increased to 65.05 05 KES this year from 49.10 KES in FY25. This represent a 2:39 2 minutes, 39 seconds 32.48% year-on-year growth in PAT. Let me now hand it over to our joint managing director Mr. Apur Vagarval for 2:47 2 minutes, 47 seconds ongoing strategic initiative and progresses during the quarter. 2:52 2 minutes, 52 seconds Thank you Shaloo and good evening everyone. Thank you for joining us. 2:57 2 minutes, 57 seconds Financial year 2026 has been a transformational year for CIRA. Despite a subduted industry environment, we 3:06 3 minutes, 6 seconds outperformed the broader paint market. A result of our differential portfolio, 3:13 3 minutes, 13 seconds premium positioning, and deeper market penetration. Quarter 4 delivered resilient growth supported by acrylic, waterborn, and advanced coating systems. 3:26 3 minutes, 26 seconds wider distribution and stronger architect and institutional engagement. 3:32 3 minutes, 32 seconds Our acrylic coating system saw strong traction. It is the fastest growing premium wood coating category preferred 3:41 3 minutes, 41 seconds for superior aesthetics, non- yellowing durability and low VOC formulations. We 3:49 3 minutes, 49 seconds expanded our luxury and super premium portfolio across Circa Oso 3:56 3 minutes, 56 seconds and Wembley Valentino enabling participation from mass market to luxury decorative finishes. 4:05 4 minutes, 5 seconds The new Wembley manufacturing facility is now fully operational, consolidating multiple production lines into one 4:13 4 minutes, 13 seconds integrated setup, improving efficiency, quality consistency, and cost economics. 4:21 4 minutes, 21 seconds The Wembley acquisition further strengthens our position in mass and mid-premium wood coatings with strong 4:30 4 minutes, 30 seconds cross distributional synergies between CIRA's premium network and Wembley's North India footprint. Formula transfers 4:40 4 minutes, 40 seconds for acrylic and polyester system are complete. Commercial trials are underway with production expected to commence in the quarter 1 of FY27. 4:51 4 minutes, 51 seconds The UV technology transfer is also on track for quarter 1 of this financial year, deepening localization and 5:00 5 minutes supporting long-term margins. On brand building side, we deepened our engagement through partnerships with 5:08 5 minutes, 8 seconds architectural digest and licor magazines and exclusive architect programs at premium destination. 5:16 5 minutes, 16 seconds Distribution continue to expand across tier 2 and tier three cities with the upgraded circa parad platform driving stronger channel royalty. 5:28 5 minutes, 28 seconds Our key priorities for FI27 is scaling Wembley across India using 5:36 5 minutes, 36 seconds circa nationwide distribution completing manufacturing localization to 5:42 5 minutes, 42 seconds build efficiency and margin. Continuing to expand the premium and luxury portfolio. 5:50 5 minutes, 50 seconds Deepening tier 2 and tier three distribution through new depots, dealer appointments and circa studios. Growing 5:58 5 minutes, 58 seconds our OEM and institutional business as organized furniture industry scales 6:04 6 minutes, 4 seconds rapidly and initiating exports under the brand Wembley Valentino beginning the 6:12 6 minutes, 12 seconds polyurethin coatings in the coming quarters. 6:16 6 minutes, 16 seconds Our vision is clear to build India's most aspirational quoting platform 6:24 6 minutes, 24 seconds anchor in stronger manufacturing a multibrand portfolio spanning mass two 6:30 6 minutes, 30 seconds pro luxury products expanding panindia distribution and deep engagement with interior designer architects OEM and 6:40 6 minutes, 40 seconds institutions circa is well positioned for sustainable and profitable growth in the near 6:48 6 minutes, 48 seconds future. And now I would like to hand over the call to the moderator for question and answer session. Thank you everyone. 6:59 6 minutes, 59 seconds Thank you to the management for the insightful introduction about the company. We will now move on to the Q&A sessions. Participants who wish to ask a 7:07 7 minutes, 7 seconds question are kindly requested to raise their hand. To ensure we accommodate as many queries as possible, we request each participants to limit themselves to 7:15 7 minutes, 15 seconds three questions at a time before rejoining the queue if needed. 7:36 7 minutes, 36 seconds The question is from Mr. Fen. Uh hello. Hi Mr. Fenel. 7:45 7 minutes, 45 seconds Yeah, I hope I am audible. So uh yeah, congratulations for a good set of numbers. So uh uh Apra I just want to 7:53 7 minutes, 53 seconds know if you can share the uh uh segment wise uh uh revenue 8:00 8 minutes revenue mix like the circa imported from Italy circa made in India welcome then bmolino and then oas 8:09 8 minutes, 9 seconds and well paint. So if if you can share some uh some more details on on segment wise then that would be helpful. 8:18 8 minutes, 18 seconds Yeah. Uh so you know uh uh despite being the tough year, Circa has registered 8:25 8 minutes, 25 seconds organic as well as inorganic growth. So the revenues combined from uh welcome and vimlay were approximately 120.5 8:35 8 minutes, 35 seconds kores uh out of which almost 46.5 was coming from uh welcome and 74 was k was 8:43 8 minutes, 43 seconds coming from and you know out of 372 kores coming from our core business of circa wood coatings approximately 124 8:52 8 minutes, 52 seconds were was coming from the products which were imported from Italy and approximately 252 odd was coming from uh the products manufactured in India. 9:03 9 minutes, 3 seconds Okay. So this is year- wise number you are saying right or yes on a on a year yearly basis I'm I'm telling yes. Okay. Okay. Good. 9:12 9 minutes, 12 seconds So 492 crores if I combine into two category core circa was approximately 9:18 9 minutes, 18 seconds 372 crores and uh welcome was approximately 120.8 crores. 9:27 9 minutes, 27 seconds Okay. Not it not uh I just want to know uh what's your view on the margins considering the current geopolitical 9:37 9 minutes, 37 seconds environment like the uh Middle East crisis conflict and all. So what what is 9:45 9 minutes, 45 seconds the management view on the margins for a coming quarter or FI27? 9:52 9 minutes, 52 seconds Uh see so we are you know uh experiencing a short-term margin pressure because the raw material 10:00 10 minutes situation as you rightly said because of the global situation and you know crude oil because most of the products that we 10:08 10 minutes, 8 seconds use are crude link uh are on higher side and you know highly volatile. So the graph is like this and uh but the good 10:16 10 minutes, 16 seconds thing is that we have uh we have taken couple of price increase following the industry and you know these couple of price increase were taken in two phases. 10:27 10 minutes, 27 seconds Uh and you know post implementation of these couple of prices price increase uh we will uh you know we will be in a 10:35 10 minutes, 35 seconds position to maintain the gross margins that company was maintaining uh you know throughout the year. So there might be a 10:43 10 minutes, 43 seconds period of 10 15 days where uh the company has experienced pressure on the margin side uh which is a period where 10:51 10 minutes, 51 seconds you know we were not able to pass on the increase considering the situation to be highly volatile but as I said that uh 10:58 10 minutes, 58 seconds the industry uh and all the players in the industry have taken the price increase so as circa pain. So the 11:05 11 minutes, 5 seconds increase that we are incurring in the cost of production due to various reasons which are uh the logistics, the 11:13 11 minutes, 13 seconds packaging, the raw material has we are able to pass it on to the market in some or other way. So you know uh we don't 11:21 11 minutes, 21 seconds see any long-term contractions on the margin side. Beside this you know uh to go aggressive as I 11:28 11 minutes, 28 seconds told you that company is going to now manufacture the balance uh products that we were importing last year. So we will 11:35 11 minutes, 35 seconds have some margin benefits from that from from the from that side by producing those products in India which will try 11:42 11 minutes, 42 seconds to you know help us to go aggressive as well as maintain the margins in the category that we have been registering for last couple of years. 11:54 11 minutes, 54 seconds Okay. And and last question on this export market what we have highlighted in the presentation the Sri Lanka, Nepal 12:02 12 minutes, 2 seconds and Bangladesh. So we already started this export or we are planning to start. 12:08 12 minutes, 8 seconds So you know in the last year as well and you know uh for the future also Nepal is one country where company has already 12:17 12 minutes, 17 seconds been exporting and this year uh we have you know we have uh targets of increasing uh sale in Nepal Sri Lanka we 12:26 12 minutes, 26 seconds are sell we last year we only sold couple of consignment to a single customer but now we are trying to find 12:34 12 minutes, 34 seconds full-time distributors in Sri Lanka but uh for the rest of the countries uh including Middle East and C certain 12:42 12 minutes, 42 seconds other parts of uh uh of the world companies starting to you know export in 12:48 12 minutes, 48 seconds brand Valentino Valentino under the brand Wembley. Uh this is going to start in this year for which company has 12:57 12 minutes, 57 seconds identified the distributors the parties where we want to sell. Unfortunately because of the current situation the 13:04 13 minutes, 4 seconds shipment cost uh and you know finding the vessel for the volatile highly highly flammable material is a little 13:11 13 minutes, 11 seconds difficult but yes we are expecting as the situation normalize our our exports to Middle East including uh Dubai should 13:20 13 minutes, 20 seconds start uh you know uh in this year. 13:26 13 minutes, 26 seconds Got it. Got it. Thank you. Thank you and all the best for you coming for us. 13:45 13 minutes, 45 seconds Next question is from Mr. Hmons. Hello. 13:54 13 minutes, 54 seconds Hi. Hi, Mr. Hmon. Yeah. Yeah. Hi sir. Hi. I just wanted to ask you one thing sir. 14:00 14 minutes Uh what to will be the revenue guru's guidance for the next year and uh any color on the margins for the next year? 14:10 14 minutes, 10 seconds Yeah. So you know uh considering the current situation and you know considering uh companies uh expansion 14:17 14 minutes, 17 seconds into product uh lines and also you know deeper uh penetration into uh into newer cities including south and west uh we 14:26 14 minutes, 26 seconds are looking at a growth of almost 25 to 30% based on you know caggr growth 14:34 14 minutes, 34 seconds and any color on the margins sir the margins should the epita margin should remain in the category of say 19 14:42 14 minutes, 42 seconds to 21%. So uh as previously mentioned you know the the volatility in the raw 14:50 14 minutes, 50 seconds material prices has given us some temporary uh margin pressure but with the couple of price increase that will 14:58 14 minutes, 58 seconds come back to track. So you you know the AITA margin should stay you know in the range of 19 to 21%. 15:07 15 minutes, 7 seconds So sir Avita margins in the range of 19 to 21% and uh revenue growth uh in the range of 25 to 30% right? 15:16 15 minutes, 16 seconds Yeah. 15:16 15 minutes, 16 seconds So sir that thousand cr of revenue that vision we had that seems achievable by fi 29 right? 15:26 15 minutes, 26 seconds Yes. 3 years from now. 15:28 15 minutes, 28 seconds 3 years from now. Okay sir. Thanks a lot. Thank you. 15:39 15 minutes, 39 seconds Next question is from Mr. Kunal Tokas. Hello. Am I clear? 15:46 15 minutes, 46 seconds Yeah, I can hear you. Thank you Mr. U. 15:54 15 minutes, 54 seconds My first question is uh you talked about uh starting to export Wemble Valentine. 16:04 16 minutes, 4 seconds I also recall you had mentioned sometime last year that we might do contract manufacturing for Sika for regions like 16:11 16 minutes, 11 seconds Russia, Middle East but that all for some reason. So is there any progress on that? 16:19 16 minutes, 19 seconds So you know uh uh the final discussion that we have with circa Italy which happened in December 2025 where we also 16:28 16 minutes, 28 seconds signed and completed the transfer of agreements of the balance acrylic products to be produced in India. During that time internally with the discussion 16:36 16 minutes, 36 seconds of the management of circa Italy was decided that you know uh it will be beneficial for uh circa spy and circa 16:45 16 minutes, 45 seconds India to start exports in the Middle East against the prevalent economical brands coming in from Middle East and 16:52 16 minutes, 52 seconds Turkey and that is why we have we decided to target uh these markets with a newer Wembley Valentino brand with 17:01 17 minutes, 1 second economical range of polyurethane products. 17:04 17 minutes, 4 seconds So, so these are going to target the customers where you know because of the prices uh the the uh you know the polyin 17:13 17 minutes, 13 seconds ranges are not able to be sold. So this will be this sale will be done under the web valentino brand now. 17:21 17 minutes, 21 seconds Okay. Understood. But there there is still possibilities of going in with the circa brand as well sometime later. 17:28 17 minutes, 28 seconds Yes. So you know Circa Spa is already exporting you know to certain nations. 17:34 17 minutes, 34 seconds So if we talk about Sri Lanka, Nepal, Bangladesh, we are going to continue into the brand circa but other than that 17:40 17 minutes, 40 seconds where Circa Spy is selling some uh higher quality of products like acrylic, waterborn which still are viable to sell 17:49 17 minutes, 49 seconds from Italy to to the other part of nations. We don't want to uh create the confusion in the market certain products 17:56 17 minutes, 56 seconds coming from different origin and certain from different origin. So in order to cater that you we will be doing it in Wembley Valentino brand which will gain 18:05 18 minutes, 5 seconds the acceptance because in any case the brand newer brands from Turkey and Middle East are gaining traction. So yes. 18:13 18 minutes, 13 seconds Okay. Okay. I mean second what are what what is the current utilization of our capacities at different places? 18:24 18 minutes, 24 seconds So you know uh for our core facility which is uh uh the the you know the circa facility where we initially had 18:33 18 minutes, 33 seconds 16,000 tons in the beginning of year uh but this year we have increased the capacity by 1,750 18:40 18 minutes, 40 seconds tons perm. So the total capacity today almost stands at 7 you know 17,750 18:47 18 minutes, 47 seconds out of which we have this year we have utilized almost 12,000 plus 12,000 tons. 18:53 18 minutes, 53 seconds So we are expecting that by the end of this year the capacities will be uh you know utilized uh fully in single shift 19:01 19 minutes, 1 second of the unit one coming uh which is the circa core circa unit and beside that the uh if we talk about the capacities 19:09 19 minutes, 9 seconds of the welcome Valentino and the newer products we have installed a newer capacity uh you know where we have 19:16 19 minutes, 16 seconds combined the four capac four units of old Wembley distributors into one where we have installed almost three times the 19:25 19 minutes, 25 seconds capacity that Wembley had earlier. So here we are sorted to you know reach to a turnover of about 250 to 300 Kores 19:33 19 minutes, 33 seconds with a right product mix of nitro cellulose and polyurethane. So in the journey of thousand Kores we are more or less sorted with the sira and the capacities. 19:48 19 minutes, 48 seconds Question is uh about competition. Are you seeing increasing competition from the larger place like Villa or Asian 19:57 19 minutes, 57 seconds banks or are they not making a move on this uh premium quoting segment right now? 20:05 20 minutes, 5 seconds Yes. So you know uh as we always speak about circa has been positioned in India as a premium category wood coating 20:12 20 minutes, 12 seconds player. So when it comes to the premium product category which is the polyurethan and the acrylic and the waterpings we still prefer to move 20:20 20 minutes, 20 seconds through design spec designer specification and that is why company's major marketing uh marketing you know 20:28 20 minutes, 28 seconds budget goes to the interior design architect fraternity where we are becoming their preferred partner when it comes to the recommendation of the wood 20:36 20 minutes, 36 seconds coating. So in the premium category I would stay say that you know we still have lesser uh challenge in terms of 20:43 20 minutes, 43 seconds competition with the bigger players. For the mass category yes but we are trying to manage it wi with the with the uh you 20:51 20 minutes, 51 seconds know better margin offering to the retailer and also one retailer in one market which will give him exclusivity 20:58 20 minutes, 58 seconds and you know motivation and incentives to promote circa products. 21:04 21 minutes, 4 seconds Okay sir. Yes sir. Thank you for answering my questions and have a good day. Thank you. 21:18 21 minutes, 18 seconds Next question is from Miss Raa. Uh thank you. Uh I hope I'm audible. 21:28 21 minutes, 28 seconds Yes Risha, you are audible. 21:30 21 minutes, 30 seconds Yeah, thank you. So I am fairly new to the company. So just to understand the brand architecture the circa brand is 21:37 21 minutes, 37 seconds premium and Wembley and welcome which I believe are the two acquired brands are operate in the mass segment. Is this understanding right? 21:45 21 minutes, 45 seconds Absolutely right and uh you know so I think you know before we used to import a lot of silka 21:53 21 minutes, 53 seconds products from Italy which has reduced over a period of time. So can you just talk about this journey and are we like 22:01 22 minutes, 1 second uh uh you know indigenizing production here in India and what that does to our margins and also the uh you know raw 22:09 22 minutes, 9 seconds material volatility part because of reducing the imports from Italy. 22:14 22 minutes, 14 seconds Yeah. So Risha yes as you rightly said we started as a pure trading company and till FI 24 100% of our revenues coming 22:22 22 minutes, 22 seconds was uh from import and trading no manufacturing since so in FI25 we started manufacturing and started with 22:30 22 minutes, 30 seconds almost 11 products which contributed to about 50% of the revenues which were the polyurethan technology and in December 22:38 22 minutes, 38 seconds 2025 we signed the agreement and started the knowhow transfer of the balance acrylic and you know uh other products 22:46 22 minutes, 46 seconds and today we can say that you know 95% of the uh products that we used to import from Italy will now be produced 22:53 22 minutes, 53 seconds in India. So we have moved from a trading to a manufacturing company and this has been done with again uh you know with India becoming a manufacturing 23:02 23 minutes, 2 seconds hub and you know most of the raw materials most of the global companies have now strong presence in India. So the cost of the production uh uh and the 23:12 23 minutes, 12 seconds raw material availability was much better. So it was more viable to produce in India which has increased our gross 23:18 23 minutes, 18 seconds margins a lot but following this the competition has also followed the same activity and most of the our immediate 23:26 23 minutes, 26 seconds competitors are also producing in India in lie to which we have transferred in last couple of years the price benefit also to the market. So for example if we 23:35 23 minutes, 35 seconds saved say uh a 20% on my cost we have transferred almost 12 to 15% to the 23:43 23 minutes, 43 seconds market making product more affordable and that is why our quantity uh wise growth in polyurethane has been much 23:50 23 minutes, 50 seconds more than the value wise because we have done revision of price and reduced the selling price by 12 15% after being 23:57 23 minutes, 57 seconds becoming uh cheaper and then four to 5% we have uh increased our marketing cost that is Why you don't see a jump in the 24:05 24 minutes, 5 seconds AIA? But yes, our gross margins have increased which are being passed on in the market by increasing the schemes and also increasing our marketing budgets towards design fraternity. 24:19 24 minutes, 19 seconds Understood. And uh you know I think uh Wembley uh brand when we had acquired was doing around 72 crores of revenues 24:26 24 minutes, 26 seconds if I'm not wrong and this year I think at the very start you called out that uh uh it's done around 74 crores revenues in FY26. 24:36 24 minutes, 36 seconds So does that imply that you know there's been no growth in the Wembley brand in the last one year and if yes then you 24:43 24 minutes, 43 seconds know why and what are we doing to try and fix the growth part? 24:48 24 minutes, 48 seconds Yes. So Risha there are a couple of reasons where we don't see uh a lot of growth in the Wembley reemble brand since it was the first year so 24:56 24 minutes, 56 seconds first year the transformation and you know the teething problem took was a little more than what we expected. So 25:03 25 minutes, 3 seconds the so when we acquired the brand so the old distributors did you know extended and some more quantity sales before uh 25:11 25 minutes, 11 seconds the acquisition was completed. So you know their their 72 odd crale last year they had almost 56 cr sale that that 25:19 25 minutes, 19 seconds they did additional before the transition. So one one one strong billing to all their distributors. So practically most of the April sale was 25:28 25 minutes, 28 seconds done in March. Also in the in the month of March we faced uh a major shortage of a main product raw material which goes 25:37 25 minutes, 37 seconds into NC called cotton nitrix which is which was you know uh which uh actually 25:44 25 minutes, 44 seconds made us you know loss revenue of about four to five odd kores uh you know in in the month of March. So we almost lost 25:52 25 minutes, 52 seconds orders of four to five crores in March from Wembley. had it it had been done we could have reached revenue of 80 crores and you know uh considering Apple to 26:01 26 minutes, 1 second Apple we were expecting a 20% growth but considering these two factors we uh you know we were more or less flat but uh as 26:09 26 minutes, 9 seconds we go into the next financial year where the trans transformation and where the acquisition uh has completed the 26:17 26 minutes, 17 seconds one-year deadline and the terms and agreement with the old distribute old owners of the company has completed we expect that this revenue will show real growth. 26:29 26 minutes, 29 seconds Okay. And uh can you just call out your RM basket uh you know your top four five RMS and what is their percentage 26:36 26 minutes, 36 seconds allocation at a company level? 26:40 26 minutes, 40 seconds Yeah. Uh our RM majorly comprises of three parts which is uh the resins which are alkit and you know polyester based 26:47 26 minutes, 47 seconds resins. Then is the solvents which are the by parts of crude. So solvents include solvents like toluine, like 26:54 26 minutes, 54 seconds butile acetate, like PMA and then the third part which is the smallest part is the additives which comes from global 27:01 27 minutes, 1 second suppliers like BYK, DAO, bear. So these three are the main category of the RM which we use out of which 95% is solvent 27:09 27 minutes, 9 seconds plus uh the resin and 5% is the additives. 27:14 27 minutes, 14 seconds Okay. And resins and solventsh both are essentially imported, right? Or do we buy it from local dealers? No, both are 27:22 27 minutes, 22 seconds essentially important and mostly we buy from uh from the uh from the dealers and you know from the reputed companies. The 27:29 27 minutes, 29 seconds resins that come are from global suppliers and are made on our recipe which is the key product going into our 27:38 27 minutes, 38 seconds formulation and some key resins we manufacture inhouse as well. 27:44 27 minutes, 44 seconds Right. And uh you know uh so since we what would be our export revenue salient 27:51 27 minutes, 51 seconds would it be very small negligible or negligible if you talk about absolute numbers last year was about 9 crores 27:59 27 minutes, 59 seconds majorly from Nepal and one to customers from Sri Lanka. This year under the brand Wembley Valentino we expect to grow our exports from the first quarter itself. 28:10 28 minutes, 10 seconds And uh uh so you know you did say that you have faced some challenges in you know your raw material uh for especially 28:19 28 minutes, 19 seconds formlay right. So uh are we seeing that raw material shortage or because of supply chain disruption right now and 28:26 28 minutes, 26 seconds because of that do you know foresee that it could hamper the revenue growth? 28:34 28 minutes, 34 seconds See uh mostly if we talk about uh circa and you know solvent side we are not facing any significant delays or 28:42 28 minutes, 42 seconds shortages of the raw material. The only problem is the high volatility in the prices. But when it comes to the nitroc cellulose coatings which uses a very 28:51 28 minutes, 51 seconds important raw material called cotton which is NC cotton which comes from a global supplier called nitrix. Uh there 28:58 28 minutes, 58 seconds we are still facing and pressures from uh from the supply because it is a product which also go in defense and you 29:06 29 minutes, 6 seconds know the defense demand has been increased and some part of nitrous has been diverted to defense and there are some problems also with the maintenance 29:14 29 minutes, 14 seconds of certain u cotton suppliers. So uh this is expected to be uh you know 29:21 29 minutes, 21 seconds streamlined by beginning June when the other unit uh a new unit of nitrix gets operational. So currently only with this 29:29 29 minutes, 29 seconds raw material we are facing shortages we are which you know where where we are not able to supply the nitro cellulose products completely but uh we are 29:36 29 minutes, 36 seconds expecting that within June it will streamline and you know we will be back on track. 29:43 29 minutes, 43 seconds So basically only the Wembley brand gets impacted right uh because of the nitrogen. Yes. Because NC is under Wembley only. 29:52 29 minutes, 52 seconds If we talk about the polyurethan, acrylic and other ranges of coatings, the raw material price volatility is there but there is no major shortage or 29:59 29 minutes, 59 seconds disruption in in in the raw material and you know with the agreement that we recently you know uh or the discussions 30:08 30 minutes, 8 seconds that we had recently with uh uh our Italian partner. So uh uh with that does 30:15 30 minutes, 15 seconds that open up any fresh opportunities be it uh you know for contract manufacturing or for exports or you know maybe for something else. 30:25 30 minutes, 25 seconds Uh yes. So you know as per our latest agreements we have signed to produce uh the balanced products which were earlier 30:32 30 minutes, 32 seconds imported considering you know uh the need of the market and uh with this we have already discussed the export 30:40 30 minutes, 40 seconds opportunities and after the mutual discussion with circa Italy and their management Mr. Luji Durante uh we 30:48 30 minutes, 48 seconds decided to you know start the export in full swing under the brand Wembley Valentino and see the results and see 30:56 30 minutes, 56 seconds the market and then maybe think about contract manufacturing at the later stage because uh currently with the key 31:03 31 minutes, 3 seconds product category Circus Spa is still uh you know comfortable and competitive to export to other nations. So maybe uh in 31:12 31 minutes, 12 seconds the coming quarters or in later in the year we will be discussing that opportunity. But for now what we are going to focus is on the exports to the 31:21 31 minutes, 21 seconds other nations under the brand Valentino by Wemble. 31:27 31 minutes, 27 seconds Understood. And uh you know the uh uh if you can talk about the distribution expansion which you said is going to be 31:36 31 minutes, 36 seconds one of the drivers of growth. Right. So uh currently uh uh we would be strong in north I presume. So how much percentage 31:44 31 minutes, 44 seconds of our revenues comes from say north, west, east, south you know currently majority of our revenues even after acquisition of 31:53 31 minutes, 53 seconds emblem and welcome which were also north centric comes from the northern part of India where we include states like Delhi, NCR, Punjab, Hiana, UP, UK, 32:01 32 minutes, 1 second Rajasthan and MP. So 80% of the revenues are coming from these n from these these 32:09 32 minutes, 9 seconds uh these territories and 20% is coming from the west and the south where we have now started to expand and you know 32:16 32 minutes, 16 seconds out of uh 20 depots that we have pan India five depot recently have been opened in last year which are in 32:23 32 minutes, 23 seconds Bangalore or majorly in the south and the west from Pune to surab to you know Mumbai a new branch coming in the center 32:30 32 minutes, 30 seconds of Mumbai. So the core focus of the company remains to grow the revenues in the west and the south this year. 32:38 32 minutes, 38 seconds So you know with this uh growth focus in west and south and considering there is uh of course competition as well. Do you 32:46 32 minutes, 46 seconds see that as we expand we try to expand more to uh you know markets outside of the north. we may have to give uh extended credit periods or trade 32:54 32 minutes, 54 seconds discounts or so on and so forth to you know our channel partners which may in turn you know uh affect our margins or stretch our working capital. 33:04 33 minutes, 4 seconds Uh see no what I think is that you know circa is a brand which is not new to west or south market. uh it's a brand 33:12 33 minutes, 12 seconds which is very much accepted by the designer and the architects but unfortunately we are a little late to you know enter strongly and fully into 33:20 33 minutes, 20 seconds the south and the west uh company is recognized as one of the preferred partners for furniture manufacturers in those regions. So people like God, 33:29 33 minutes, 29 seconds people like Nari, people like Space Food which are in Nagpur, Nasi and Pune are using our products since many years. So 33:37 33 minutes, 37 seconds you know we circa is a is a is a preferred or it is a established name in the market where you know even the 33:45 33 minutes, 45 seconds retail market knows that it is a brand which is very very popular in the north but now with the right teams which were which was set in last year the the 33:54 33 minutes, 54 seconds revenue momentum has already began and you know it follows the similar payment lines which are you know uh which which 34:01 34 minutes, 1 second are in line with the competition or which are in line with what we are following in the north so we don't see any extended credit terms but also But 34:10 34 minutes, 10 seconds also in fact better credit terms because if we speak when we go from north to you know south and west the credit terms in the retail in south and west are a 34:19 34 minutes, 19 seconds little better than what it is in north right and one last question if I may uh 34:26 34 minutes, 26 seconds right so what are the price hikes that we have taken you did call out we've taken two price hikes but just if you could quantify that yeah so at the circle level we have 34:34 34 minutes, 34 seconds taken a price increase of 5% which was implemented from uh first week of April and another price increase of again a 5% 34:43 34 minutes, 43 seconds uh which has been implemented from today. So two price increases combining to almost 10% on the whole range of circa products and uh on the Wembley and 34:53 34 minutes, 53 seconds the welcome side the price increase has been approximately 35 rupees per liter 35:02 35 minutes, 2 seconds and this is enough to offset the RM price uh inflation so far. so far. Yes. 35:10 35 minutes, 10 seconds All right. Okay. Thanks. Thanks so much, Apura, for answering all my questions. I'll join back with you. Thank you. 35:21 35 minutes, 21 seconds Next question is from Mr. Mahhatal. 35:30 35 minutes, 30 seconds Congratulations on good set of numbers, Apurwa. Uh am I audible? Yeah. Thank you, Mahes. 35:37 35 minutes, 37 seconds Yeah. Uh so I am fairly new and I was just looking at your results and uh see 35:45 35 minutes, 45 seconds uh the kind of growth that you have done in FY26. 35:51 35 minutes, 51 seconds What optimism you take along with you with the last financial year that gives you a strength or maybe uh kind of 36:00 36 minutes uh say optimism at company level that you'll be able to give same kind of results in the next maybe uh we can talk 36:09 36 minutes, 9 seconds about the next financial year or maybe in a couple of year down the line that if you can just give some guidance on that. 36:15 36 minutes, 15 seconds Yeah. Yeah. damage you know. So there are three major points that actually fuel us and that actually make us very 36:23 36 minutes, 23 seconds confident and optimistic about registering you know uh the growth that we have been doing for last many years 36:31 36 minutes, 31 seconds and you know uh the first thing is that you know uh the demand for the polyurethan and the product shift from 36:38 36 minutes, 38 seconds uh certain product category to pol to polyurethan technology is happening very fast in the market which will you know 36:46 36 minutes, 46 seconds circa being as a established player in the polyurethan category will give us uh a lot more opportunity and we can say in 36:54 36 minutes, 54 seconds simple words that the market size of polyurethane is going to rise in the coming year which make us very confident that you know we will be able to grow in 37:03 37 minutes, 3 seconds our polyurethan category. The second good reason is that Indian furniture industry in India is almost ready to you 37:12 37 minutes, 12 seconds know scale to next level after the BIS implementation which happened a couple of months ago. We are expecting the 37:19 37 minutes, 19 seconds local production of of furniture in India to grow very aggressively for next 3 to five years. So this year we are 37:27 37 minutes, 27 seconds seeing an upside in the manufacturing of local furniture and you know less of imports which will allow us to sell more 37:34 37 minutes, 34 seconds coatings to the furniture manufacturer which is the core uh business of circa. 37:39 37 minutes, 39 seconds The third again very important uh as also mentioned earlier that circa is expanding into newer territories with a 37:47 37 minutes, 47 seconds core focus in west and south an experienced team coming in uh and joining us for last six six months are 37:54 37 minutes, 54 seconds already started have already started to show results. So the real number expansion will be shown in this year and with the Wembley welcome integration 38:02 38 minutes, 2 seconds into Circa we are seeing you know to use the positive sides and energies of both the brand to increase the sale of both 38:09 38 minutes, 9 seconds the brands. So all three points that the addressable market for circa India is increasing. The uh furniture industry is 38:17 38 minutes, 17 seconds set to rise because of the various reason that I mentioned. And third the distribution network and web welcome integration will give us more powers to 38:25 38 minutes, 25 seconds uh increase the sales fuel our uh you know strategy and thought of registering the growth that we did this year. 38:34 38 minutes, 34 seconds So you will be maintaining the same growth numbers that you have delivered in this financial year. Are you confident on that? 38:40 38 minutes, 40 seconds Yeah. So, we are quite confident and that is why in the beginning I mentioned that you know we expect a minimum considering the market situation and 38:48 38 minutes, 48 seconds being you know being uh a little uh on the uh restricted side we still see that 38:55 38 minutes, 55 seconds 25 to 30% CAGR growth is what we expect as minimum. 39:00 39 minutes Okay. Uh so uh I just want to understand the let's I just want to go to the basics. I mean uh yeah to understand 39:07 39 minutes, 7 seconds your business. So let's say I I am getting furniture done at my office or maybe at my residential space. So why would I why would I require only circa? 39:19 39 minutes, 19 seconds I mean why would the person who's actually helping me do it? Maybe the interior guy or maybe 39:26 39 minutes, 26 seconds who's the one who recommends your product? Like basically uh what is your selling point? I mean why would someone 39:34 39 minutes, 34 seconds come to sir buy silka as a brand and where exactly this polyurethane thing you say right what was prior to 39:44 39 minutes, 44 seconds polyurethane is what I want to understand I mean okay so I will answer your second question first before polyurethane 39:50 39 minutes, 50 seconds people were mainly using melamine melamine is a is a comp two component product but only with 10% hardener and very very easy to apply so for the 39:59 39 minutes, 59 seconds contractor it was very easy but if you talk about the VOC content and if you talk about the final finish it is you know nowhere near to polyurethin which 40:08 40 minutes, 8 seconds is still a very less VOC and high on quality product. So coming back to your second question in our trade there are 40:16 40 minutes, 16 seconds mainly three influencers uh when we talk about retail business uh one is architect and designer which we called 40:24 40 minutes, 24 seconds as call as a doctor of our trade. Second is the contractor and the painter which actually goes to the dealer and buy our product. Third is the dealer which is 40:33 40 minutes, 33 seconds the point of sale which are the multibrand shop which is selling Asian paints burle and also keeping circa uh as a product. So these are the three 40:41 40 minutes, 41 seconds main influencers and you know circa has been originated and circa has been positioned as a premium wood quoting 40:48 40 minutes, 48 seconds player in the market and that is because of the design fraternity. Circa has given India best of the products at the time where you know no competition 40:57 40 minutes, 57 seconds existed and that is why we have maintained a pure made in Italy identity and that is why we are the preferred choice of designer. So we have the 41:06 41 minutes, 6 seconds category of the products which have been specified by the designer like a doctor. 41:11 41 minutes, 11 seconds And these specification goes into their drawings and goes into their uh uh to uh 41:17 41 minutes, 17 seconds to uh into their project and when a when a when a contractor is hired at the site who has to polish the furniture which is 41:24 41 minutes, 24 seconds made on site that contractor then goes to the market to the retailer to buy the product. So this is the whole cycle and 41:31 41 minutes, 31 seconds that is why our influencer program with designers is very strong and today we are proud that we are one of the top uh 41:39 41 minutes, 39 seconds partners when it when it comes to wood coatings with uh with architects because we have developed that relation with the design fraternity in last 20 years by 41:48 41 minutes, 48 seconds recommending our product and that is why we say that you know 100% of our sale which we do is secondary then we also run a very strong influencer program 41:56 41 minutes, 56 seconds where with contractor on circa parivar app and dealer act as our uh logistic partner who keeps our product and sell it to the uh as per demand. 42:07 42 minutes, 7 seconds KEX number for FY27. Huh? CEX capex any capex outline for FI? 42:14 42 minutes, 14 seconds You know for FY27 we are not uh actually uh expecting very big CEX. We are only expecting a five to six odd crex which 42:23 42 minutes, 23 seconds we will do to enhance our production of the acrylic products which we have just completed the knowhow. Most of the capex 42:32 42 minutes, 32 seconds has been completed this year which were mainly towards the web welcome site to consolidate three four different facilities into one for cost economies 42:40 42 minutes, 40 seconds and also to increase the capacity for next three years. 42:44 42 minutes, 44 seconds What would be the what is the royalty number that the parent company gets from the sale? 42:50 42 minutes, 50 seconds The parent company gets 75% of our to total reported revenue. 42:56 42 minutes, 56 seconds uh that is excluding the Wemble brand right brand is something that we have acquired on our own on our own but we are giving it on a 43:04 43 minutes, 4 seconds total thing because in December 2025 we signed an agreement to also export the polyurethin products uh in Wembley 43:13 43 minutes, 13 seconds Varentino brand and also launch in Indian market which are made from and which are been done uh with the help of circa Italy. So to avoid any confusion 43:22 43 minutes, 22 seconds and everything we bring out we calculated that number of 75% but on the total reported revenue. 43:30 43 minutes, 30 seconds Okay. Okay. Yeah. And what's the what what's something so specialized about Wembley that gives you a confidence that 43:40 43 minutes, 40 seconds this will be accepted very well in Indian markets uh and the global markets or uh what is the kind of size that you 43:48 43 minutes, 48 seconds are looking at in the first year of operations? Any numbers that you have worked on? 43:54 43 minutes, 54 seconds you know uh Wembley actually is a household brand uh when it comes to you know uh the the products like sanding 44:03 44 minutes, 3 seconds sealer and lacquer which are nitro technologies nitrobased technologies and you know it is a brand which is which 44:09 44 minutes, 9 seconds was present in India since 1962. So it is a kind of a legacy and it they have been positioned very very well in their 44:17 44 minutes, 17 seconds product category. They sell the volumes which we did which we do in polyurethan because the average realization of the 44:24 44 minutes, 24 seconds product is very less but in terms of the quantity they are more or less similar size of what we sell in circa because the average realization is less. Uh 44:32 44 minutes, 32 seconds surprisingly you know 70% of the revenue of of comes from two products which are their hero product and you know which 44:40 44 minutes, 40 seconds they are selling for many years which are called as sanding sealer decker. So brand is very well positioned in terms of name. They have not scaled revenues 44:48 44 minutes, 48 seconds because of their own personal reasons where the old promoters had own interest uh to invest. But that is where we saw a 44:57 44 minutes, 57 seconds uh strategic upside and you know with the increasing demand and addressible size of polyurethane we are all set to launch PU in Wembley Valentino brand. So 45:06 45 minutes, 6 seconds we are seeing that altogether uh there we see from the base that we have done this year almost a 40% increase in the 45:13 45 minutes, 13 seconds revenues coming from Wembley and Valentino this year and uh the margins on that would be 45:21 45 minutes, 21 seconds higher than our uh ex uh existing business margins or it would be on the same lines. 45:28 45 minutes, 28 seconds No no the margins on these products are less than the circa luxury product range. 45:35 45 minutes, 35 seconds How less I mean uh can you just quantify the margins that uh this this business will have? 45:41 45 minutes, 41 seconds You know this business uh has all 10 12% less gross margins compared to uh 15% 45:48 45 minutes, 48 seconds less margins that compared to gross margins compared to you know circa. 45:52 45 minutes, 52 seconds These are the products which goes uh you know uh which goes into retail as a primary product and not as a secondary 46:00 46 minutes product. So selling circa requires a lot more manpower, a lot more schemes, a lot more effort in terms of marketing. But 46:08 46 minutes, 8 seconds with the mass product like sanding sealer leer under the Wembley brand and uh you know PU under the Valentino which 46:15 46 minutes, 15 seconds we uh uh intend to offer to the mass mass market need of polyurethane will require less manpower and more primary 46:23 46 minutes, 23 seconds selling. So what we believe is that even if the gross margins are less in terms of uh Wembley and CIRA but you know 46:32 46 minutes, 32 seconds final AITA if I make a separate balance sheet of Wembley welcome and circa the final AIA would still come down more or less at the same level. 46:41 46 minutes, 41 seconds Okay. So basically what you're saying is that absolute re absolute numbers would be increasing and but the margins would be shrinking. Yeah. 46:49 46 minutes, 49 seconds Okay. So you would be actually increasing your top line a lot because of adding this thing right. Exactly. 46:56 46 minutes, 56 seconds Okay. So should we take the bandwidth of what we have achieved in FI26 that could be the bandwidth that we see from here or it may be slightly decrease on that? 47:08 47 minutes, 8 seconds See uh you know uh only considering the external factors you know the market sentiments and you know uh even if you 47:16 47 minutes, 16 seconds see last couple of years and results from the building material space that you know uh none of the company actually 47:23 47 minutes, 23 seconds has registered much very good growth in uh yearon-year basis still circa has outperformed because of the distribution 47:31 47 minutes, 31 seconds network and everything only because the market sentiments the demand side never uh was opening up and still we going 47:38 47 minutes, 38 seconds through a rough patch or a stage where still because of the current ongoing situation the demands are you know not uh increasing to the expect that we do. 47:49 47 minutes, 49 seconds If that happens in the coming quarter of course yes we should be you know more or less in line uh uh in terms of our 47:56 47 minutes, 56 seconds growth with the last fin with the FI26 and what is the price differential between the melamine thing and this 48:04 48 minutes, 4 seconds polyurethan thing. See if we talk about per liter melamine today after so much increase about 230 240 rupees a liter PU 48:13 48 minutes, 13 seconds comes out and at an average of 450 460 but you know there is a m kick to it because the coverage of the product of polyurethane is much more than melamine. 48:23 48 minutes, 23 seconds So per square fit cost we see a 10% difference. 48:27 48 minutes, 27 seconds So basically polyurethane would be on the higher side and then poly is on the higher side. Yes. But then the quality 48:34 48 minutes, 34 seconds as you said or maybe the it's something which anyone can make from naked eye even a lay man. 48:42 48 minutes, 42 seconds Okay. All right. Okay. Thank you Apura. 48:45 48 minutes, 45 seconds That's all from my side and all the best. Thank you ma. Next question is from miss ra. 49:00 49 minutes Yeah thank you. So uh I would presume you would have an exclusive right to sell the circa uh branded products in India right? 49:09 49 minutes, 9 seconds Yes Raa we have a agreement uh brand agreement with them uh which you know which is currently till 2041. 49:18 49 minutes, 18 seconds Understood. And uh uh products are they a new product line and hence a new revenue stream for us and would this also be under the SIRA brand? 49:30 49 minutes, 30 seconds Yeah. So, acrylic is under the circa brand and these were the products which still in the market is being sold as a made in Italy product and you know after 49:38 49 minutes, 38 seconds the technical know-how agreement with circa Italy in December 2025 we are almost completing the trial stage and the made in India product will be rolled 49:46 49 minutes, 46 seconds out in the quarter one of current financial year. Acrylic is not a very new product. It is fairly old technology in Italy but in India we launched it 49:54 49 minutes, 54 seconds three years ago where the revenue for the first year was negligible but in last couple of years revenue has shown a great spike after polyurethin becoming a 50:02 50 minutes, 2 seconds commodity. Acrylic is taking over the architect segment. 50:09 50 minutes, 9 seconds Okay. So the application would be the same for acrylic products just like the PU. Yeah, the method of application is 50:16 50 minutes, 16 seconds exactly the same like we apply PU we apply acrylic. The main difference is acrylic is a higher technology product. 50:23 50 minutes, 23 seconds So the VOC content is 50% less compared to polyurethane. Secondly, it is a product which actually enhances the uh 50:32 50 minutes, 32 seconds aesthetic value of the veneer or or the wood that you apply acrylic on. So it has non- yellowing properties. It has a property which gives you even a smoother 50:40 50 minutes, 40 seconds finish. So it is something which is you know more premium than polyurethin. 50:47 50 minutes, 47 seconds Understood. All right. And your thousand cr revenue vision basically also captures the opportunity that arises from acrylic products. Right. 50:56 50 minutes, 56 seconds Exactly. Yes ma'am. All right. That's it. Thank you. 51:07 51 minutes, 7 seconds Next question is from Mr. Tanme. 51:28 51 minutes, 28 seconds Hello. Yeah. Hi T. Yes, you are audible. Yeah. Hi sir. 51:37 51 minutes, 37 seconds Hello. 51:38 51 minutes, 38 seconds Like I want to ask what is the timeline for exports to become a meaningful contributor like say for 5% or more to overall revenues? 51:49 51 minutes, 49 seconds uh see you know uh we are expecting the exports to uh under Wembley and Valentinos to start uh you know within 51:58 51 minutes, 58 seconds the first quarter. We already have certain uh orders but because of the current ongoing situation we are still you know uh facing some logistic issues. 52:10 52 minutes, 10 seconds So as you know as we go forward this year I think we will uh the export will 52:16 52 minutes, 16 seconds become you know uh uh uh uh a part of contributor in the revenue if not 5% we are expecting should be near 3 4%. 52:30 52 minutes, 30 seconds Okay and one more question I would like to ask like which geographies beyond north India are you prioritizing for membles distribution? 52:39 52 minutes, 39 seconds So, pan India you know pan India we are now going to expand and along with the 52:46 52 minutes, 46 seconds Valentino and welcome brand into east uh by hiring a distributor in Kolkata into west and south by hiring distributors in 52:53 52 minutes, 53 seconds all the major state uh cities of south and west. 53:00 53 minutes Okay. Thank you sir. Lovely voice. Thank you. 53:10 53 minutes, 10 seconds We will be taking next question from Mr. Arnam. 53:21 53 minutes, 21 seconds Hello sir, thank you for the opportunity. 53:24 53 minutes, 24 seconds Uh I have just one question on the working capital of the company. uh if I compare our working capital with our 53:31 53 minutes, 31 seconds peers uh like Asian paints it's almost twice as high uh can you give some explanation uh why is this the case 53:41 53 minutes, 41 seconds uh yeah so Arav in last couple of years because of our uh uh inorganic uh growth coming from the acquisition of the 53:49 53 minutes, 49 seconds welcome and brand has actually increased a little on the working capital side uh 53:57 53 minutes, 57 seconds because of the transition phase because you know during the transition uh we have uh to acquire all the closing 54:05 54 minutes, 5 seconds stocks and also ensure the newer production and maintain better uh better inventories in terms uh you know to ensure that the transition is is smooth. 54:16 54 minutes, 16 seconds Beside that uh again the receivables from Wembley welcome has been uh a little on the slower side because of the 54:25 54 minutes, 25 seconds initial transition phase and you know the payments of the old owners has to come first before our payments coming in 54:33 54 minutes, 33 seconds and you know by the end of this year uh it has completed. So in the coming quarter we are expecting both the 54:39 54 minutes, 39 seconds inventory and also the uh datas to come down and which has been up from last two years majorly following this acquisition 54:48 54 minutes, 48 seconds and also because of the global disturbance which pushed us to you know to immediately signed agreement of 54:56 54 minutes, 56 seconds producing acrylic also in India. So acrylic sales were growing and almost contributed to almost 120 odd kores this 55:02 55 minutes, 2 seconds year and the and there the the inventories of these product had to be kept for 6 months because of the 55:10 55 minutes, 10 seconds logistic issues the production time in Italy was increased the logistics time was increased so we were keeping inventories of these products of almost 55:19 55 minutes, 19 seconds 6 months so that we don't run out of the stock but now by producing it in India and you know consuming the old 55:26 55 minutes, 26 seconds inventories by maximum imum June end we will have a lot of relief from the import inventories which we were holding 55:34 55 minutes, 34 seconds for a period of 6 months and you know we are expecting almost 20 15 20 kores uh inventory going down from here and also 55:43 55 minutes, 43 seconds from data side we are expecting huge numbers to go down as the transition stage from welcome has completed now and you know the newer payment all the 55:51 55 minutes, 51 seconds payments to circa will start coming from now so this will help us to improve the working capital in the in the coming days. 56:01 56 minutes, 1 second Understood. Understood, sir. Thank you. That's all from my side. 56:11 56 minutes, 11 seconds Okay. We will be taking last question from Mr. Maheshhat. 56:29 56 minutes, 29 seconds Hello Mahes. Are you there? 56:53 56 minutes, 53 seconds Okay, as there are no further questions, I would like the management to give the closing remarks. 57:05 57 minutes, 5 seconds Uh all right. Uh thank you team film portal and thank you everyone for joining. You know at CIRA as I mentioned 57:13 57 minutes, 13 seconds earlier our vision remains very clear to build India's most aspirational and technologically advanced quoting 57:22 57 minutes, 22 seconds platform across premium luxury and mass market categories with stronger manufacturing capabilities a diverse 57:30 57 minutes, 30 seconds brand portfolio expanding distribution reach and deep engagement with the designer and architects. We believe the 57:38 57 minutes, 38 seconds company is well positioned for the next phase of sustainable and profit growth. Thank you. 57:46 57 minutes, 46 seconds Thank you. On behalf of Fen Portal, I would like to express our gr gratitude to the management team of Circa Paint India Limited for taking the time to 57:54 57 minutes, 54 seconds join us and provide such detailed responses to the questions. We also we also appreciate all the participants for their engagement. If any questions 58:02 58 minutes, 2 seconds remain unanswered, please feel free to reach out to us at the email id given in the chat box. You may disconnect now.