Skipper Ltd — Q4 FY26

Skipper Ltd (India) Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=bTl30C9B4zE Published: 2 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Skipper Limited Q4 FY26 earnings conference call hosted by ICICI 0:10 10 seconds Securities. As a reminder, all participle lines will be in the listenon mode and there will be an opportunity for you to ask questions after the 0:17 17 seconds presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star pin zero on your touchstone phone. 0:26 26 seconds Please note that this conference is being recorded. I now hand the conference over to Mr. Naven Sahado from ICICI securities. Thank you and over to you sir. 0:38 38 seconds Thank you. U good evening everyone on behalf of ICICI securities I welcome you 0:44 44 seconds all to the Q4 FY26 earnings call of Skipper Limited. Today we have with us 0:51 51 seconds from the management Mr. Sharon Bansil, Mr. Dish Bul Mr. Shiv Shankar Gupta 0:58 58 seconds their CFO and Mr. Adjit Bjari AP finance and I so without any further ado I hand 1:06 1 minute, 6 seconds over the floor to the skipper management for their opening comments. Over to you sir. 1:14 1 minute, 14 seconds Good evening. Good evening everyone. Uh very warm welcome to all participants joining us today for the skipper limited 1:21 1 minute, 21 seconds earning conference call for the fourth quarter and full financial year ended 31st March 2026. 1:29 1 minute, 29 seconds We sincerely appreciate your continued interest and support. 1:35 1 minute, 35 seconds FY26 has been a defining year in Skipper's journey marked by record financial performance, strong execution 1:43 1 minute, 43 seconds across all business segments and significant progress on our strategic priorities. 1:48 1 minute, 48 seconds If I were to describe FI26 in one line, I would say this has been a year where execution, scale, and operating 1:56 1 minute, 56 seconds discipline have come together to deliver record performance across all metrices. 2:02 2 minutes, 2 seconds Over the fa past few years, we have been building a manufacturingled, scalable and globally competitive platform and 2:10 2 minutes, 10 seconds FY26 reflects the early outcomes of that strategy, not just in terms of growth, but in margin expansion, improved return ratios and stronger cash generation. 2:22 2 minutes, 22 seconds Let me begin with the fourth quarter performance, which was our strongest quarter to date. We delivered highest 2:29 2 minutes, 29 seconds ever quarterly revenue of 1666 crores registering a growth of 29.4% year-onear 2:38 2 minutes, 38 seconds driven by strong execution across business segments. The engineering segment continued to lead growth with 2:44 2 minutes, 44 seconds revenue of 1248 cr up over 33% year-onear reflecting strong demand and 2:51 2 minutes, 51 seconds improved throughput. Most importantly, profitability scaled meaningfully. IITA 2:58 2 minutes, 58 seconds increased 40.2% year-onear to 173.4 crores. IITA margins expanded to 3:07 3 minutes, 7 seconds 10.4% compared to 9.6% last year. PAT increased 70% yearonear to 75.6 crores with margins improving to 4.5%. 3:20 3 minutes, 20 seconds This strong bottomline growth underscores the benefit of scale, improved cost structure and disciplined execution. 3:28 3 minutes, 28 seconds Importantly, we continue to strengthen our financial profile with finance cost as a percent of sales reducing to 3.3% 3:37 3 minutes, 37 seconds versus 4.4% last last year quarter reflecting better working capital efficiency and improved balance sheet discipline. 3:48 3 minutes, 48 seconds Moving on to fullear performance, FY26 has been a record year for Skipper. We achieved highest ever annual revenue of 3:56 3 minutes, 56 seconds 5,552.8 cr representing a growth of 20% yearon year. The engineering segment grew 24% 4:06 4 minutes, 6 seconds yearon year to rupees 4,300 359 crores reflecting strong demand in transmission infrastructure. 4:18 4 minutes, 18 seconds The polymer segment crossed 500 crores deliver delivering its highest ever revenue with strong volume growth. 4:26 4 minutes, 26 seconds Profitability improved consistently during the year. I beta margins expanded to 10.3%. 4:33 4 minutes, 33 seconds Driven by operating leverage and higher quality order execution. Finance cost reduced to 3.9% of sales improving 4:42 4 minutes, 42 seconds earnings quality. We delivered our highest ever pat of 207.3 crores, a growth of 42% 4:52 4 minutes, 52 seconds yearonear with margins expanding to 3.7%. 4:56 4 minutes, 56 seconds In addition, we saw improvement in return ratios. ROE improved to 14.1% compared to 12.3% last year. ROC return 5:06 5 minutes, 6 seconds on capital employees remained stable at 21%. Debt to IBITA remained stable at 1.6x. 5:12 5 minutes, 12 seconds 6x equity at 62 times indicating control leverage. Overall the year reflects a 5:20 5 minutes, 20 seconds balanced improvement across growth margins and capital efficiency which is a key focus area for us. 5:28 5 minutes, 28 seconds Order book inflows and visibility. 5:30 5 minutes, 30 seconds Turning to order book and growth visibility, we closed the year with our highest ever order book of 8,51.9 5:38 5 minutes, 38 seconds crores supported by record annual inflows of 5,678 5:45 5 minutes, 45 seconds crores. Quarter flow quarter 4 order inflow stood at 1,29 5:52 5 minutes, 52 seconds crores. The order book remains well diversified with 90% domestic and 10% export mix. A key milestone during the 6:01 6 minutes, 1 second year was securing a large multi-million dollar order from a leading North American utility which marks a 6:09 6 minutes, 9 seconds significant milestone in strengthening our position in developed markets and also we are currently working with PGCL in 25 active projects. 6:21 6 minutes, 21 seconds We are currently executing approximately 5,000 circuit kilometers of EHV and HVDC transmission projects reflecting both scale and complexity of our operations. 6:32 6 minutes, 32 seconds Our bidding pipeline remains strong at over 33,000 crores providing strong visibility for future order inflows. 6:40 6 minutes, 40 seconds operating leverage and capacity expansion. During the year, we made significant progress in strengthening our manufacturing capabilities. 6:48 6 minutes, 48 seconds Technological edge and global position. 6:51 6 minutes, 51 seconds Our capacity expansion of 75,000 tons is progressing well and we are on track to reach 450,000 tons per year capacity by June 26. 7:02 7 minutes, 2 seconds Utilization levels has remained strong and are above 85% indicating strong demand and execution momentum. 7:13 7 minutes, 13 seconds As nuclearization increases further, we expect incremental volume to drive higher margin expansion reflecting the structural operating leverage of our 7:21 7 minutes, 21 seconds manufacturing company. FI26 has also been important for capability building perspective. We successfully 7:29 7 minutes, 29 seconds commissioned test bed 2 making us the only company global with two dual test bed facilities at the same location 7:36 7 minutes, 36 seconds significantly enhancing our testing capabilities and global competitiveness. 7:41 7 minutes, 41 seconds We also successfully completed plant audits across North America, Middle East, LATAM, Australia and Europe strengthening our global qualification base. 7:52 7 minutes, 52 seconds [clears throat] 7:53 7 minutes, 53 seconds We also went go live with successfully with SAP S4 HANA rides enabling better 8:01 8 minutes, 1 second process control, real-time visibility and scalable operations. 8:06 8 minutes, 6 seconds Additionally, we also received the great place to work certification for the fifth consecutive year reflecting strong organization capability. 8:15 8 minutes, 15 seconds I'd like to talk about the sector outlook. The outlook for the power transmission sector remains very strong and structurally positive. India 8:23 8 minutes, 23 seconds continues to witness significant investment in transmission infrastructure driven by renewable energy integration, grid expansion and 8:31 8 minutes, 31 seconds electrical initiative. The NEP outlines a multi-year capeex pipeline creating a sustained demand visibility. 8:39 8 minutes, 39 seconds While FI26 saw some temporary moderation in ordering due to execution size constraints, primarily due to challenges 8:47 8 minutes, 47 seconds such as increased right away and forest clearance timelines on the ground and extended delivery cycles for critical 8:55 8 minutes, 55 seconds equipment such as transformers and HVDC which resulted in slower than expected bidding activity by CA allowing the 9:03 9 minutes, 3 seconds industry time to strengthen execution capabilities. 9:07 9 minutes, 7 seconds But the underlying tender pipeline continues to remain very strong supported by robust transmission capeex linked to renewable integration, grid expansion and system strengthening. 9:18 9 minutes, 18 seconds Order awarding is expected to accelerate significantly from FI27 approaching FI25 9:24 9 minutes, 24 seconds level. With this I open the floor to questions. 9:31 9 minutes, 31 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask question may press star L1 on the touchstone telephone. 9:42 9 minutes, 42 seconds If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. 9:51 9 minutes, 51 seconds Ladies and gentlemen, we'll wait for a moment while the question Q as 10:00 10 minutes first question is from the line of Balas Suburban from Arian Capital. Please go ahead. 10:07 10 minutes, 7 seconds Good evening sir. Uh thank you so much for the opportunity. So my first question on the trade receivable side uh it's almost double in FA26 compared to 10:16 10 minutes, 16 seconds FA25,485 cr despite uh 20% growth. We could share uh like uh like what is exact uh things 10:24 10 minutes, 24 seconds are there. Is there any uh project based uh uh billing cycles or any customer concentrations or is there any over position? 10:38 10 minutes, 38 seconds Yes, sure. So firstly I'd like to mention that our trade receivables none of them are uh uh are you know are 10:48 10 minutes, 48 seconds sticky dattors. They're all running dattors with good quality customers. The reason for increase in dattors is there 10:55 10 minutes, 55 seconds are two three reasons for that. Number one was due to a technical reason close to about 260 crores of funds which was 11:03 11 minutes, 3 seconds supposed to uh receive on the last week of March was received on the 1st and the 2nd of April and because of that we 11:11 11 minutes, 11 seconds could not show it obviously as realized dattors in the month of March. So that 11:16 11 minutes, 16 seconds inflated the dattors by 260 crores. Also 11:22 11 minutes, 22 seconds uh I'll just continue. Uh also the uh the domestic revenue has seen a increase 11:31 11 minutes, 31 seconds of close to about 45% uh you know year on year which is like let's say this year quarter 4 compared to last year's 11:39 11 minutes, 39 seconds quarter 4 we saw an increase in domestic revenue by close to about 45%. and domestic as we have maintained in the 11:46 11 minutes, 46 seconds past also it has a higher uh realization cycle compared to exports and that 45% 11:52 11 minutes, 52 seconds coupled with GST amount has inflated the overall data number so this is the primary reason uh the 260 crores which 12:01 12 minutes, 1 second was due to technical reasons could not be realized in the month of March and the growth of domestic revenue as compared to exports because exports had 12:09 12 minutes, 9 seconds a challenge due to the current ongoing geopolitical challenges export revenue revenue took a hit in the last year quarter 4. So because of this the data 12:17 12 minutes, 17 seconds number is seemingly high. However we have already realized close to about 6 to 700 crores of dattors in the month of 12:24 12 minutes, 24 seconds April itself out of this uh dattors which you are seeing in the month of March. 12:34 12 minutes, 34 seconds I hope that answered your question. Thank you. 12:43 12 minutes, 43 seconds The next question is from the line of Disha from Sappay Capital. Please go ahead. 12:50 12 minutes, 50 seconds Hello. Am I audible here? Yes, we can hear you. 12:56 12 minutes, 56 seconds Yes. Thank you so much for this opportunity. So, a couple of questions from my side. Firstly, on the order book, currently we have an order book 13:03 13 minutes, 3 seconds outstanding around 8,500 CR and a bid pipeline of 30,000. So, what sort of conversion ratio are we looking at? 13:11 13 minutes, 11 seconds Sorry, could you repeat your question please? So the bidding pipeline at 33,000 cr what sort of conversion ratio are we looking at? 13:20 13 minutes, 20 seconds Uh we in the past we have uh achieved a conversion ratio of anywhere between 20 to 25% and we hope to definitely 13:28 13 minutes, 28 seconds maintain that uh with this uh bidding pipeline as well. 13:34 13 minutes, 34 seconds So around 8,000 sort of 8,000 8,500 sort of audit inflow can be targeted. I mean it's a between 20 to 25% ma'am. 13:43 13 minutes, 43 seconds So hard for me to put a number but that's what we have seen historically in the past. 13:49 13 minutes, 49 seconds Okay. Okay. And coming on your growth so you've always maintained 20 to 25% sort of year-on-year growth. Are we still so 13:56 13 minutes, 56 seconds that that guidance still holds for FI27 and beyond? 14:01 14 minutes, 1 second uh for FI27 we are giving a guidance of 15% growth on revenue uh and 14:09 14 minutes, 9 seconds approximately a 30% growth in bottom line. 14:14 14 minutes, 14 seconds So so we have the order book visibility so we still 15% sort of growth cap. So are we seeing any challenges in execution? 14:24 14 minutes, 24 seconds In terms of execution uh we are you know obviously see exports are a concern right now as because of the ongoing 14:31 14 minutes, 31 seconds geopolitical challenges. Export growth has been a concern last year and it continues to remain a concern though the 14:38 14 minutes, 38 seconds opportunities in export markets are you know very very large and we are obviously in discussions with many uh large contracts in the export markets. 14:49 14 minutes, 49 seconds However, the execution, actual execution of those will likely probably not be coming this year. Uh, and so that is one 14:58 14 minutes, 58 seconds of the reasons why we have a conservative guidance of 15% on the top line. 15:05 15 minutes, 5 seconds Okay. And you also mentioned in your commentary that FR26 we saw some extended timelines for this equipment deliveries for transformers and HVDC. 15:12 15 minutes, 12 seconds How is the position now? Have we seen any pickup? 15:16 15 minutes, 16 seconds These continue to remain a constraint and which is why we saw lower than expected bidding activity in FI26. 15:24 15 minutes, 24 seconds Uh now we've seen uh some of those bidding activities pick up again because obviously the overall work to be done in 15:33 15 minutes, 33 seconds the transmission sector is very large and the bidding has rebounded uh in month of April itself. uh the on the 15:42 15 minutes, 42 seconds ground execution well these uh equipment constraints and the RO constraints remain so that is an ongoing activity 15:50 15 minutes, 50 seconds and that again has to be seen on a project to project basis okay okay all right fair enough so on 15:58 15 minutes, 58 seconds the capeex for any sort of guidance what sort of capeex are we expecting for FI27 16:06 16 minutes, 6 seconds uh we have uh uh for FI27 our KPI guidance will be similar to previous 16:12 16 minutes, 12 seconds years will be around about 250 crores and this six so by June end I think 16:21 16 minutes, 21 seconds we'll be around 4 lakh 20,000 sort of metric t capacity and I think you mentioned that by FI28 we'll be targeting to reach six lakh metric t is 16:29 16 minutes, 29 seconds that correct correct that's right yeah how the scale up be 16:36 16 minutes, 36 seconds uh the sc in like the capacity additional capacity expansion. Yeah. Yeah. 16:43 16 minutes, 43 seconds We are planning about 75 this year and again 75 next year. 16:49 16 minutes, 49 seconds So this so this the current 75,000 will come by June and then post that when will be when are we talking? So this the next I meant post June. I meant post June. 17:00 17 minutes This current 75 that is coming online at 450. This is a spillover from last year which we were expecting to commission in 17:08 17 minutes, 8 seconds March but now that is extended till June but uh the new capacity expansion post post this 450 we'll be taking on another 17:16 17 minutes, 16 seconds 75 plus 75 in the next two financial years FI 27 and 20 so the first phase of the 75,000 M are 17:23 17 minutes, 23 seconds we ready by FI27 end yeah expectedly yes okay okay and also you mentioned that sorry to interrupt Miss Disha may we 17:32 17 minutes, 32 seconds please request you to rejoin with you ma'am. Yeah. Thank you. Thank you. 17:38 17 minutes, 38 seconds Next question is from the line of Abhiji Singh from Systematics. Please proceed. Yeah. Am I audible? 17:46 17 minutes, 46 seconds Yes sir. 17:48 17 minutes, 48 seconds Uh good evening Sharon sir. Uh good to see a great set of results. So both on revenue and margin fronts. First question would be on the export sir. Uh 17:57 17 minutes, 57 seconds we've seen some kind of weakness in both order inflows and execution in Q4. 18:02 18 minutes, 2 seconds So on the outlook of exports and particularly um the execution order inflow and uh and margins. 18:11 18 minutes, 11 seconds So just want uh some commentary on the outlook in the near term and uh have we thought about a change in strategy because middle east was one of our uh 18:20 18 minutes, 20 seconds main export markets. So is there a possibility of redirecting some of the order inflows or trying to target some of the order inflows from other 18:28 18 minutes, 28 seconds geographies that we are present in let's say Natam or Southeast Asia? That is my first question. 18:36 18 minutes, 36 seconds Yeah. So Middle East definitely is a concern right now. Uh however we expect that you know that things situation 18:45 18 minutes, 45 seconds should ease up soon there. So the order uh inflow as well as the execution should resume uh from that market. Uh we 18:54 18 minutes, 54 seconds are obviously diversifying to other markets as I' as we've reported that we've secured a large contract from North America in this quarter also. We 19:02 19 minutes, 2 seconds are in discussions with other large contracts uh for other large contracts in those developed markets like North America and Europe and Australia. And of 19:11 19 minutes, 11 seconds course our traditional markets like Africa, Latam etc. they are we are focusing there more to make up the order loss from the Middle East market. So I 19:20 19 minutes, 20 seconds think all in all our long-term trajectory of increasing our export order book uh you know to about 25% and 19:28 19 minutes, 28 seconds then eventually 50% that's very much our long-term target and we are working towards that of course this year currently because of all these 19:35 19 minutes, 35 seconds geopolitical issues we are facing a temporary blip in towards that uh target. 19:42 19 minutes, 42 seconds uh and sir is there a impact on other uh export markets other than Middle East uh of of this entire situation of 19:50 19 minutes, 50 seconds geopolitics on decision making or ordering let's say North America or Latam or Southeast Asia. 19:57 19 minutes, 57 seconds because of this uh all of this uncertaintity and geopolitical issues is there an impact on decision- making and and ordering situation there as well. 20:04 20 minutes, 4 seconds There is a there is a impact there is an impact not not on the demand side but there is an impact because of the uh 20:13 20 minutes, 13 seconds freight the sea freight increasing. So overall there is a there is a the the customers are taking a longer time to 20:21 20 minutes, 21 seconds decide as because they have to bear uh the increased sea freight now. So that is I think the customers may wait for 20:28 20 minutes, 28 seconds the sea phrase to rationalize again because right now after the since the war started the sea rates have gone up significantly. 20:37 20 minutes, 37 seconds Absolutely. And so so given all this would would we be able to you know maintain our margins of 10 odd percent or do we have levers to maintain that 20:46 20 minutes, 46 seconds kind of margin because of the increased input cost and increased freight cost etc or no the freight cost again the freight 20:54 20 minutes, 54 seconds cost doesn't impact us because a the uh you know our export is only about 10% of our order book and on top of that also 21:03 21 minutes, 3 seconds we have a healthy mix of FOB and CIF contracts and because even the CIF contract with post major conditions etc. 21:10 21 minutes, 10 seconds We are able to renegotiate the ocean freight. So we don't expect any hit to us on the account of the ocean freight on account of the commodity prices etc. 21:18 21 minutes, 18 seconds As we maintained in the past our uh we have a healthy mix of variable price and firm price contract and firm price 21:26 21 minutes, 26 seconds contracts come with significant amounts you know sufficient buffer to take care of the commodity price increase. So we don't expect you know much of an impact on our margins. 21:36 21 minutes, 36 seconds Right sir. Uh thanks a lot for answering the questions and come back in queue. 21:42 21 minutes, 42 seconds Thank you ladies and gentlemen. In order to ensure that the management is able to address questions from all the participant in the question queue, 21:50 21 minutes, 50 seconds please restrict your questions to two per participant. Should you have a follow-up question, please rejoin the queue. Next question is from the line of Aditya Vlekar from Access Securities. 22:01 22 minutes, 1 second Please proceed. 22:03 22 minutes, 3 seconds Yeah, thank you and congrats for the whole set of numbers. So my question is with respect to our order bid pipeline, 22:09 22 minutes, 9 seconds it's quite healthy at 33,000 cr and our exports are just uh 10% of our order book. So uh means given you you have 22:18 22 minutes, 18 seconds just told that we are targeting 15% offline growth next year. So means we have a large amount of domestic market 22:26 22 minutes, 26 seconds to cater. So can we not uh means diversify from exports to domestic and focus on domestic and uh maintain our 22:35 22 minutes, 35 seconds topline growth at 20 to 20%. Just wanted to understand that part. 22:41 22 minutes, 41 seconds Uh the domestic quartering also as I have mentioned that FYI 26 we saw lower than expected bidding. uh a lot of key 22:50 22 minutes, 50 seconds projects uh transition projects for which we were expecting to be bid last year they have shifted to this year for example you know the Krishna giri res 22:59 22 minutes, 59 seconds phase one projects the the wisak kakinada tutorian project and also the 800 KB Rajasthan bomber project so these 23:07 23 minutes, 7 seconds which we were expecting the bidding to come last year they've all shifted to this year because of the constraint in the uh critical equipment like 23:15 23 minutes, 15 seconds transformers HVDC and of course the ongoing challenges of ro etc at site. So if you see overall in the industry for 23:24 23 minutes, 24 seconds the bidding in fi26 it was significantly lower than fi25. So our order inflow though we have maintained our overall 23:33 23 minutes, 33 seconds order inflow of 5600 crores uh which is better than last year but it is still lower than our own estimation. So I 23:40 23 minutes, 40 seconds think domestic uh there is whatever the scope is there to maximize our effort will be there to maximize the domestic 23:49 23 minutes, 49 seconds sales in exchange of the export this thing but we want to be conservative and that's why we are giving a conservative 23:56 23 minutes, 56 seconds guidance of 15% growth for on the on this elevated base and subsequent years uh means if on a 24:04 24 minutes, 4 seconds long-term basis uh the growth rate will continue. 24:08 24 minutes, 8 seconds No, of course absolutely we uh from next year onwards uh definitely like like I mentioned this year we expect the 24:16 24 minutes, 16 seconds bidding activity to be very very robust and obviously we also expect that the export markets uh they will open up 24:23 24 minutes, 23 seconds again uh towards the later part of the year. So I think with the both the things opening up for sure we can expect 24:30 24 minutes, 30 seconds come back to 20 to 25% growth run rate from next year onwards. 24:35 24 minutes, 35 seconds My second question is on u margin guidance for 27. So we have a huge bid pipeline. So if you can means throw some 24:45 24 minutes, 45 seconds color on what kind of uh quality of projects uh in that bid pipeline are that are there which can enhance our 24:52 24 minutes, 52 seconds margins because you said our bottom line will grow by 30%. So from that perspective, if you can throw some color 24:59 24 minutes, 59 seconds on the bid pipeline from where uh those beads and where those projects will uh translate to our order book, will they 25:08 25 minutes, 8 seconds be margin accurative from that perspective? 25:11 25 minutes, 11 seconds Yeah. So there are two parts to your question. I'll address the second part. 25:15 25 minutes, 15 seconds First is about our confidence on the bottom line front. So that's because uh the bottom line growth which I'm which we are guiding for that is a resultant 25:23 25 minutes, 23 seconds of our existing order book itself you know which is due for execution. So looking at the quality of that order and 25:30 25 minutes, 30 seconds looking at you know the overall our execution which is why that confidence 25:36 25 minutes, 36 seconds of 30% growth in is there uh that is not linked to the orders which we are targeting because the orders which we 25:44 25 minutes, 44 seconds secure will some of them are for execution in this year and majority will come for execution next year. Uh in terms of the bidding pipeline it's a 25:52 25 minutes, 52 seconds healthy mix of domestic and international. uh we like I mentioned uh to the previous uh caller that we are 26:00 26 minutes diversifying our exports from Middle East and we are looking at other markets more aggressively including developed markets like North America. So from 26:08 26 minutes, 8 seconds which we have secured a good order in this last quarter also. So I think overall we should be able to diversify 26:15 26 minutes, 15 seconds the export base quite well and start securing those large export orders uh you know from uh this year itself. 26:23 26 minutes, 23 seconds So just uh on the margin guidance on FI27 if you specifically throw some number on that 26:31 26 minutes, 31 seconds uh on a beta margin again look we have if you see this year we have delivered uh 26:39 26 minutes, 39 seconds you know almost a 50 basis point improvement compared to last year. 26:43 26 minutes, 43 seconds Obviously our effort will be to continue to improve our margins and achieve our long-term aspirational margins of 12%. 26:50 26 minutes, 50 seconds Now how much of that we will be able to do this year. Uh it is a challenging year with increased cost etc. So again 26:57 26 minutes, 57 seconds despite that we definitely should be able to increase margins but I'm not able to give an exact guidance of how much it will translate to the EIA but 27:05 27 minutes, 5 seconds long-term we will definitely move towards our aspirational margin of 12%. Okay sir got it. Thank you. 27:14 27 minutes, 14 seconds Thank you. 27:16 27 minutes, 16 seconds Next question is from the line of Naman Parmar from Nveshai Investments. Please go ahead. 27:22 27 minutes, 22 seconds Yeah, thank you so much uh for giving opportunity. So just I wanted on the industry side perspective that if we see 27:30 27 minutes, 30 seconds that the overall NEP plan for the uh transmission distribution of 9.2 trillion out of that 4.25 trillion is 27:38 27 minutes, 38 seconds already done. I think by 27 it will be ending and 4.25 25 would be for the next five years and the new transmission capex that the government has come up 27:47 27 minutes, 47 seconds with the for renewable evacuation the 7.2 trillion so don't you think the opportunity is given that the NP plan 27:55 27 minutes, 55 seconds and all the evacuation provide a very good fundamental to grow in the coming future given your growth guidance. So I 28:03 28 minutes, 3 seconds just wanted to understand what was the PDCL tenders that has been float in the FY26 because if we see PDCL tenders for 28:11 28 minutes, 11 seconds last two three years that has been majorly increased from 25,000 K to 36,000 K in FY26. So just wanted 28:19 28 minutes, 19 seconds understanding on that side that how much tenders have been float and how much tenders you are able to win from that. 28:27 28 minutes, 27 seconds No. So actually uh it is not a question of only PGCI tenders. As you all know 28:33 28 minutes, 33 seconds that uh the tenders are floated by PFC and all tenders are TVCB tenders, tariff 28:41 28 minutes, 41 seconds based competitive bidding where PGCL is one of the bidders uh along with several other private sector developers. So it 28:50 28 minutes, 50 seconds is one thing that PGCL has been able to maintain successfully a market share of 50% in all these TBCB bids but it is not 28:59 28 minutes, 59 seconds in the hands of PGCL because they are dependent in turns on the ministry and PFC for those bids to come out. Now the 29:07 29 minutes, 7 seconds bid volume itself has been lower compared to FI25 as because the uh the sector was already carrying a use order 29:15 29 minutes, 15 seconds backlog and the execution is slow as I mentioned due to RO and due to critical equipment. So which is why I think CA 29:23 29 minutes, 23 seconds purposely held back the bidding in FI26 but it is expected now even in PGCL KPEX guidance they have guided that annually 29:32 29 minutes, 32 seconds they can we can expect to see bids of 90,000 to one lakh crores coming up in the market. So they have been guiding that in their investor presentations 29:40 29 minutes, 40 seconds also and also they have in guided for increase of capex spending. So they they 29:47 29 minutes, 47 seconds themselves did capeex of 35,000 crores in FI26 and they have guided for 37,000 29:54 29 minutes, 54 seconds crores in FI27 and 45,000 crores in FI28. So which is why I think that they are also guiding that in FI27 they are 30:02 30 minutes, 2 seconds expecting to see good amount of order inflows which will translate to that higher amount of capex in FI28. 30:09 30 minutes, 9 seconds Understood. That was about the PGCS. 30:11 30 minutes, 11 seconds Then rest would be your Adani, Starlight and Tatap that also used to come with the major order. So how much would be we will be bidding for that private player 30:20 30 minutes, 20 seconds and current order book consist of how much from the PGCL orders or utility? 30:26 30 minutes, 26 seconds Current order book in domestic is predominantly power grid. We have less than 10% share from the private player 30:33 30 minutes, 33 seconds right now but we are looking to increase uh and do business with other private players like Tata Power. they are now quite aggressive of course Adani Resonia 30:42 30 minutes, 42 seconds all of them you know are now coming up in the market quite aggressively so we are looking to do you know business with them as well 30:51 30 minutes, 51 seconds okay and lastly on that you mentioned about the 33,000 K of be so if you can bifer that how much would be the domestic and how much would be the 30:59 30 minutes, 59 seconds export side I think about say about 60 to 65% is domestic and the balance is export Okay. And yeah, thank you so much. 31:13 31 minutes, 13 seconds Thank you. 31:15 31 minutes, 15 seconds Next question is from the line of Bhat Sharma from Three Sigma Asset Management Managers LLP. Please go ahead. 31:27 31 minutes, 27 seconds Yeah. Uh first and foremost, congratulations Mr. Shan for a brilliant set of results. 31:34 31 minutes, 34 seconds uh I just wanted to understand uh you use in the entire space. two things. One is that I see that you people are coming 31:41 31 minutes, 41 seconds out with uh regular capex and capacity increases and with whatever guidance you are giving you are probably going to 31:49 31 minutes, 49 seconds stay in the range which of your current cap capacity utilization but as my earlier I'll say person asked that 31:57 31 minutes, 57 seconds market is too huge right so just wanted to understand your use that what constrains us from probably uh 32:05 32 minutes, 5 seconds increasing it to much many fold and what rate we going in. Thanks. 32:11 32 minutes, 11 seconds As increasing capacity faster. 32:15 32 minutes, 15 seconds Yeah, I just wanted to check that because obviously the markets provides a lot of more opportunity, right? Is is my understanding right or wrong? I don't know. 32:23 32 minutes, 23 seconds Sure. Well, I think see uh we are increasing capacity in tune with the uh 32:31 32 minutes, 31 seconds execution capability also because see our business is very uh uh very uh involved in terms of engineering output 32:40 32 minutes, 40 seconds and it is very manpower heavy. So I think it is not just about capacity building it's also about capability building. So at the same time what we 32:48 32 minutes, 48 seconds are doing is that we are uh you know we are having to add a lot of skilled manpower a lot of engineering skills and 32:56 32 minutes, 56 seconds that also is a big constraint in terms of execution. So and of course if we try and increase capacity too much and uh 33:03 33 minutes, 3 seconds then we will probably have to compromise somewhere on the margins perhaps. So exports anyway the growth uh is slow 33:11 33 minutes, 11 seconds where we are dependent on a lot of uh uh approvals and certifications and uh you know various plant audits that we have 33:20 33 minutes, 20 seconds to go through in the export market. So there is a time uh you know time cycle for realizing the export opportunities 33:27 33 minutes, 27 seconds also and in domestic of course as the market is expanding we are also expanding our presence in the transmission line space. uh at the same 33:35 33 minutes, 35 seconds time we are increasing our total addressable market by adding uh other like segments like substations into our 33:43 33 minutes, 43 seconds portfolio. We are already executing close to about four high voltage substations right now and uh that will help us build our QR and be able to 33:51 33 minutes, 51 seconds address the other big part of the overall transmission line capex which is the substation portion. So I think in 33:58 33 minutes, 58 seconds terms of growth we are quite happy we have delivered you know a plus of 30 35% CGR growth in the last 3 years and even 34:07 34 minutes, 7 seconds on this elevated base again I think leaving aside you know uh temporary this year which is you know where we're 34:14 34 minutes, 14 seconds guiding for a 15% growth uh we are quite confident that we'll come back to 20 25% growth numbers from next year. 34:22 34 minutes, 22 seconds Thanks. I just want to check this substation comes under the infrastructure EPC uh grind line. Correct. Yes, it does. 34:30 34 minutes, 30 seconds And so it's a slightly lower margin business. Uh my understanding right or no that's not true. It's similar margins to our engineering business. 34:41 34 minutes, 41 seconds Okay. 34:42 34 minutes, 42 seconds The infra business itself yes of course is lower margins but overall for a project basis yes it's similar margins. 34:48 34 minutes, 48 seconds Okay. Thank and sir would you like to actually also share your views in terms of the overall I'll say we hear a lot about I'll say shortages of transformers 34:57 34 minutes, 57 seconds and shortage of lot more other I'll say products in this entire aspect you like share your views on the entire industry in 35:05 35 minutes, 5 seconds it is a it is a constraint not just in India but all over the world I would say we are seeing the same shortages of critical equipment in pretty much every 35:13 35 minutes, 13 seconds market where we are active in uh so it is definitely a bottleneck for faster project execution. I think various 35:22 35 minutes, 22 seconds utilities all over the world are trying their own strategies for overcoming this. Uh so it is a constraint right now. Definitely. 35:32 35 minutes, 32 seconds Thanks. Thank you and best wishes sir. Thank you. Thank you. Thank you. 35:39 35 minutes, 39 seconds Next question is from the line of Dyanch Takur from Fentress Capital. Please proceed. 35:51 35 minutes, 51 seconds Hi, my question was already asked. All right, thank you. 35:58 35 minutes, 58 seconds Thank you. 36:01 36 minutes, 1 second Next question is from the line of Prangal Mukhaja from Growth Sappire Ventures LLP. Please go ahead. 36:09 36 minutes, 9 seconds Uh yeah, am I audible? Yes, please. 36:13 36 minutes, 13 seconds Uh so thank you for giving me this opportunity and uh congratulations on a great set of numbers. Uh sir I have two questions. Uh so the first question is 36:22 36 minutes, 22 seconds actually around the HUDC based uh transmission infrastructure uh buildup that we're going to see between the period of FI28 and FI32. I think there 36:31 36 minutes, 31 seconds are some uh five seven five six projects that are going to get uh uh get bidded out u under the TBCB uh and with like a 36:39 36 minutes, 39 seconds total capacity of close to 15,500 circuit kilometers. So just wanted to understand like how are we placing ourselves uh to capture some of this 36:48 36 minutes, 48 seconds opportunity. I I understand PC here is the you know has the largest market share but like uh are we also like trying to reach out to the private 36:55 36 minutes, 55 seconds players here and you know trying to create some sort of a relationship there. Uh in this question I wanted to also understand in the current order book what is the like proportion of HBDC that we have that is the first question. 37:07 37 minutes, 7 seconds Okay. uh HVD as so definitely uh we are focused on taking business from the private players. Right now our share our 37:16 37 minutes, 16 seconds market share from the private players in our order book is low but we intend to definitely increase it uh in the future 37:23 37 minutes, 23 seconds and we are in active discussions with a number of them for doing that for HBDC in our current order book I don't have the numbers off hand but we are 37:32 37 minutes, 32 seconds executing a couple of projects of HBDC already so we are fully qualified for that opportunity and yes uh some of the 37:40 37 minutes, 40 seconds HBDC projects which were due for bidding last year uh they have shifted to this year. So they will definitely be bidded this year and uh subsequently most of 37:49 37 minutes, 49 seconds HBDC projects will be coming for which we definitely will be playing an active role both with power grid as well as private utilities. 37:58 37 minutes, 58 seconds Right. Thanks so secondly I just wanted to understand from a technical point of view uh you know we mentioned that uh we 38:05 38 minutes, 5 seconds recently commissioned a test bed 2 and we've become the world's only company with dual test bed facilities uh which 38:13 38 minutes, 13 seconds uh which can provide an integrated setup for you know latis stars and monopol. So if you could just like uh like maybe uh 38:20 38 minutes, 20 seconds like spread some color on this as to like why this is so significant and generally like why are we the only company in the world you know having 38:28 38 minutes, 28 seconds this capability now and why are other players not able to do this? 38:31 38 minutes, 31 seconds No. So again there are other test beds perhaps with other players. However we are the only company having a dual test 38:40 38 minutes, 40 seconds bed in the same location. So that's a big advantage for international customers because they are able to witness uh simultaneous testing of 38:48 38 minutes, 48 seconds multiple structures at the same time. So which is very useful for international customers and that is a unique uh 38:55 38 minutes, 55 seconds ability that we have and also the other thing that we other significant capability of our test bed is that it is 39:02 39 minutes, 2 seconds the highest capacity in the world. So it is it has the capability to test the highest voltage towers. In fact, for 39:10 39 minutes, 10 seconds this quarter, we set the world record of testing the heaviest tower ever tested, which was a single tower of 293 tons. 39:17 39 minutes, 17 seconds Now, we are going to break our own world record by testing another tower of 350 tons next month. So, these kind of heavy 39:25 39 minutes, 25 seconds towers testing capability doesn't exist in most test beds on the world. So, according to us, it probably we are the only test bed all over the world which 39:33 39 minutes, 33 seconds has the capability to test these heavy capacity towers. And of course with the dual test bed then we have the ability to test multiple of them in the same 39:41 39 minutes, 41 seconds location. So this is significant because engineering and testing is a very important activity before before which 39:49 39 minutes, 49 seconds uh without completing uh you know the main execution of the transmission line cannot happen. So with our uh enhanced 39:58 39 minutes, 58 seconds capability we are able to bring down the lead time uh required for the entire engineering activity uh and ensure faster execution for our customers. 40:09 40 minutes, 9 seconds So does the customer actually give a higher preference to a to a potential supplier with such kind of a setup? Of 40:16 40 minutes, 16 seconds course, absolutely because uh overall the project lead time uh like I said the engineering and testing is a significant 40:24 40 minutes, 24 seconds amount of lead time uh in addition to the supply. So not only are we able to give the supplies faster but because we are able to uh do the engineering and 40:33 40 minutes, 33 seconds testing faster. So that brings down the overall lead time for the customer. 40:39 40 minutes, 39 seconds All right. Thank you. Thank you. 40:46 40 minutes, 46 seconds Next question is from the line of Kumal Ayar from NBG investments. Please proceed. 40:52 40 minutes, 52 seconds Good evening sir. I just wanted to understand your guidance what you said was 15% on revenue and pad growth 30%. 41:00 41 minutes Uh so PAD growth would be 30% despite the inflationary pressures on raw materials which we are likely to see. 41:08 41 minutes, 8 seconds Yes, absolutely. Because like I mentioned our uh our contracts have already got that buffer to absorb the uh increased prices which we have seen. 41:21 41 minutes, 21 seconds Okay. And uh any particular raw material which you are seeing uh short supply which you said last year led to delay in the orders you know u I mean government 41:30 41 minutes, 30 seconds also delayed granting orders due to ro and shortage of critical equipment. So how is the shortage of equipments now in this year? 41:38 41 minutes, 38 seconds Uh that is different ma'am. So uh that is not our raw material. Uh the shortages is in the critical equipment 41:45 41 minutes, 45 seconds which goes into the transmission line and substations which is the transformers and the HBDC equipment because without which the system cannot 41:54 41 minutes, 54 seconds be commissioned and which is why the bidding activity itself was curtailed by the government. So okay and how on our raw material front 42:03 42 minutes, 3 seconds yeah this there's no constraint because we only our raw is 100% indigenous we don't have any import content so our raw there's 42:12 42 minutes, 12 seconds absolutely no disruption whatsoever okay thank you sir thank you thank you 42:22 42 minutes, 22 seconds next question is from the line of sil jen from lucky investments please go ahead Hi. 42:32 42 minutes, 32 seconds Yes, please. 42:34 42 minutes, 34 seconds Congrats on a good set of numbers. Uh, I just wanted to understand the HDC opportunity in 42:42 42 minutes, 42 seconds Sorry to interrupt. S your voice is breaking. Is this better? Yes, go ahead. 42:49 42 minutes, 49 seconds Yeah, I wanted to understand the HVDC uh, you know, side of the opportunity better. 42:55 42 minutes, 55 seconds uh per thousand kilometers or per uh line if you could call out the TAM for our products and secondly uh the share 43:03 43 minutes, 3 seconds of EHV uh you know orders in our order book today or or in revenues any sense on 43:10 43 minutes, 10 seconds that would be helpful uh HBDC shamik I don't have uh anything 43:17 43 minutes, 17 seconds else to add than what I told the previous caller if then that uh we saw some HBDC projects which were due for 43:24 43 minutes, 24 seconds bidding last year particularly this balmer project in Rajasthan that's shifting to this year so we expect the bidding to happen this year for those 43:33 43 minutes, 33 seconds projects and several other HBDC projects also to come for which we will play an active part uh in terms of EHV almost 43:42 43 minutes, 42 seconds all the projects that we are doing are falling in the 400 KV and 765 KV or 800 KV category so they are pretty much 43:50 43 minutes, 50 seconds almost 100% uh uh EHB focused only. 43:56 43 minutes, 56 seconds Okay. No, I wanted to understand the per line or per thousand circuit kilometers, you know, opportunity size for our products. Uh uh that is something that I 44:05 44 minutes, 5 seconds wanted to understand that will vary from uh project to project. It's hard to put a benchmark 44:12 44 minutes, 12 seconds number on that. But uh essentially look uh we cater to 50% of the overall transmission capex which is let's say if 44:21 44 minutes, 21 seconds the transmission capex is 1 lakh crores annually then our addressable market is 50,000 crores on the lines front. Uh the 44:28 44 minutes, 28 seconds other 50,000 crores primarily goes to substation for which also now we are evolving as you know as a as a key 44:35 44 minutes, 35 seconds player. uh so but there again we will take time to ramp up our uh sales in that sector but as of now you know 44:44 44 minutes, 44 seconds obviously we are the entire 50,000 crores of transmission line portion is fully our addressable market 44:51 44 minutes, 51 seconds important and you made a comment adding the quality of projects that will lead to you know better margins this is the visibility that you have from your order 44:59 44 minutes, 59 seconds book today is that a function of higher you know 765 KV and higher HBDC share in the order book is Is that how would you interpret that? 45:08 45 minutes, 8 seconds Yeah, in terms of the quality of orders, we have been maintaining that with the uh you know earlier we had a lot of non- 45:16 45 minutes, 16 seconds TND sales in the company also which were lower margins uh you know now our sales are predominantly for TND and uh which 45:24 45 minutes, 24 seconds is why our margins have seen an improvement uh you know along with operational leverage. uh going forward 45:32 45 minutes, 32 seconds there are several opportunities that we are working on you know with better product makes you know more monopoles 45:39 45 minutes, 39 seconds more export market there definitely we also see opportunities for increasing margins 45:46 45 minutes, 46 seconds that was all from my side thank you thank you next question is from the line of Gan 45:54 45 minutes, 54 seconds Kapra from NHI please proceed uh hi s congratul ulations for the good set of numbers and thank you for 46:03 46 minutes, 3 seconds opportunity. Uh the so first thing is that uh where do you think is the highest bottleneck right now in the transmission system in terms of lead 46:12 46 minutes, 12 seconds time as well. So is it more on the higher KV side and the larger part of the order tendering that you said uh right now in the call of around 90,000 46:20 46 minutes, 20 seconds to one lakh crores this year would be predominantly more on the higher KV side or distributed evenly between all the KVS. uh how is it going to be? 46:32 46 minutes, 32 seconds No, I think definitely Gujan the uh the bulk of the capeex will happen on the higher voltages. Uh having said that we 46:41 46 minutes, 41 seconds are seeing uh you know a growth in lower voltages now also. Uh recently what we have started seeing is that earlier most 46:49 46 minutes, 49 seconds of the large TVCB projects were on interstate basis only. uh but now even in intrastate uh you know there also we 46:57 46 minutes, 57 seconds are seeing good amount of bidding activity happening. Uh so uh certainly in those currently the intrastate 47:05 47 minutes, 5 seconds projects that have come for bidding they are of only high voltage of 400 KB or 765 KB but I have a feeling that even 47:13 47 minutes, 13 seconds the lower voltage projects of 132 220 KB we will see those coming up under TBCB bidding uh soon because I think 47:20 47 minutes, 20 seconds government of India is promoting uh most of this capeex to come through TBCB as because there's a lot of private sector 47:27 47 minutes, 27 seconds interest uh to become transmission line developers. because we have seen an increase in the overall uh number of 47:33 47 minutes, 33 seconds players bidding in all of these uh TBCB projects. 47:40 47 minutes, 40 seconds Got it. Uh but if we see on the execution front that you know you said 15% growth this year. So is it because 47:48 47 minutes, 48 seconds of the clearance and the RO issues will they get accelerated now because of the transmission bottleneck because 47:57 47 minutes, 57 seconds renewables is already getting installed and everything. So are are these processes going to be accelerated now in 48:04 48 minutes, 4 seconds terms of clearances or because maybe the timeline when you take the order the timeline is defined right. So is it that 48:11 48 minutes, 11 seconds the timeline of our orders is for the next year or it has got delayed? 48:18 48 minutes, 18 seconds No, I think uh a you know 15% is not a bad growth number to stake on you know on this elevated base. 48:25 48 minutes, 25 seconds Correct. Correct. 48:27 48 minutes, 27 seconds Uh again why it cannot be more aggressive. Obviously our effort will be to grow 20 25%. We're giving a conservative guidance because right now 48:36 48 minutes, 36 seconds like I said number one reason is exports are at a bit of a challenging situation and there is not full visibility of when 48:44 48 minutes, 44 seconds Middle East markets will open up again and when overall global shipping rates will come down. So that's probably the number one reason. Number two, probably 48:52 48 minutes, 52 seconds last year looking at the muted uh bidding activity that took place you know was know so even our order inflow 49:01 49 minutes, 1 second was lower than our expectation although we did better than the previous year but it was lower than our expectation so I'd 49:08 49 minutes, 8 seconds say that as a combination of these factors uh you know 15% is a reasonable number to take up obviously our effort 49:15 49 minutes, 15 seconds will be to go higher than that yeah but generally order bidding is fine. I mean that was a little slow last 49:23 49 minutes, 23 seconds year that was for any XY Z reasons but we have the order in place right and I'm just from the considering from the end 49:31 49 minutes, 31 seconds user demand I mean the demand is of of building up the transmission network is also high so from that perspective I was 49:39 49 minutes, 39 seconds asking whether the execution is getting delayed because of because there are a lot of externalities [clears throat] we are seeing of course look project 49:48 49 minutes, 48 seconds timelines on the ground are getting extended because of the rightway constraint. So definitely though we in the even though we are carrying a 49:57 49 minutes, 57 seconds healthy order book uh definitely the order execution at on the ground is probably not to the with the with the 50:05 50 minutes, 5 seconds schedule timelines you know because ro etc constraints do delay the projects and also on the export side if you take 50:14 50 minutes, 14 seconds some orders from the US and uh other countries Latin America and all so what's the execution timeline in those countries because it varies right from country to country. 50:24 50 minutes, 24 seconds Yeah, of course. So again, you know, uh it could depend on uh there are various types, you know, will we be competitive in the US market? 50:33 50 minutes, 33 seconds Firstly, we are we are quite competitive. Again, our products are engineering heavy and manpower intensive. So we have we have 50:41 50 minutes, 41 seconds been competitive. We have been winning orders in those markets and we are obviously targeting much larger orders there in that market in that geography 50:49 50 minutes, 49 seconds and of course in a lot of other geographies as well. 50:53 50 minutes, 53 seconds Okay. And the timeline sorry uh you were saying timeline again timeline again would depend whether the you know the 51:01 51 minutes, 1 second contracts are with engineering or without engineering. So again contracts which we see come with engineering there the timelines are significantly long 51:09 51 minutes, 9 seconds could be two two years 2 and a half years plus also but again without engineering you know the timelines could be shorter you know could be as low as one one and a half years also. 51:22 51 minutes, 22 seconds Okay. Yeah. Thank you so much. Good luck. Thank you. 51:28 51 minutes, 28 seconds Thank you. 51:31 51 minutes, 31 seconds Next question is from the line of Abhijit Singh from systematics. Please go ahead. 51:38 51 minutes, 38 seconds Thank you for the opportunity once again. So on the polymer products uh for the full year we have done about 51:45 51 minutes, 45 seconds 57 crores of revenue and uh as far as I understand we've been targeting some of the non- eastern markets uh where we had 51:54 51 minutes, 54 seconds lower presence compared to the eastern market. uh so where are we in that journey and if you could comment on your basis of market share and uh the 52:02 52 minutes, 2 seconds competition that you're facing uh and also on the margin of your own business uh it is still at a level which 52:09 52 minutes, 9 seconds we uh you know would want to agree from uh so on both these aspects if you can draw some color 52:31 52 minutes, 31 seconds Can you repeat the question please? 52:33 52 minutes, 33 seconds Sir polymer products business uh for the northeastern markets we were trying to gain market share on the northern market 52:41 52 minutes, 41 seconds and the western markets. So where are we in that journey? Have we been able to gain market share in this year? uh you 52:48 52 minutes, 48 seconds know if we can comment market wise if possible and uh what is our margin target for this this uh business are you 52:56 52 minutes, 56 seconds asking what is the growth in other non- eastern markets is that what you're asking right have you been able to uh achieve 53:03 53 minutes, 3 seconds what we were targeting for let's say gaining market share from a lower base in non- eastern markets so it is growing definitely you know our 53:11 53 minutes, 11 seconds uh if you see our overall volume growth has been quite significant despite a challenging uh market in the polymer consumer sector overall uh where a lot 53:20 53 minutes, 20 seconds of players have reported flat growth last year. We have grown our volumes by close to about 40%. Uh due to lower 53:27 53 minutes, 27 seconds commodity prices perhaps the actual growth has been lower uh in terms of value but uh we have obviously increased 53:36 53 minutes, 36 seconds our presence in the non-astern markets but of course compared to the larger national players our presence is obviously small. We are predominantly 53:44 53 minutes, 44 seconds focused still on the eastern region are likely going to be so for in the in the near future. 53:52 53 minutes, 52 seconds Right sir and luck on the infra projects. Sorry you had a question on the margin. 54:00 54 minutes Right. Right sir. 54:03 54 minutes, 3 seconds So we we've held up we've kept the margin steady uh you know in this business but of course it is still in the low single digits uh as uh as we've 54:12 54 minutes, 12 seconds seen volume growth has started taking place uh you know we've crossed this 500 crores of revenue for the first time as we get closer to I think a number of 54:21 54 minutes, 21 seconds 7800 or thousand crores definitely we will be much closer to the double digit margins which is our aspiration 54:29 54 minutes, 29 seconds right sir uh and lastly on the infra this business uh the order book has sequentially uh decreased over the past 54:37 54 minutes, 37 seconds six seven quarters from uh 2,000 odd crores to,000 odd crores now. So going forward uh in the near term do we see uh 54:45 54 minutes, 45 seconds some kind of demand coming from telecom or or railway uh you know any project that we're targeting uh so how would the trajectory look like for infra business 54:54 54 minutes, 54 seconds in terms of the audit book and revenue you're asking about the non&d revenue yes the intra project segment 55:04 55 minutes, 4 seconds inra no so the nonnd is not a significant portion in our order book now it's a It's 14%. 55:12 55 minutes, 12 seconds Yeah, it's only about 14%. Uh and that also is again mostly on account of the ON&M projects that we have on and M work 55:21 55 minutes, 21 seconds that we have for the BSNL project that we did. So uh it's mainly on TND only that our uh revenues are coming and even 55:30 55 minutes, 30 seconds the infra revenue which you are seeing is largely driven by TND only. 55:36 55 minutes, 36 seconds Right sir, thank you so much. All right. Thank you. 55:43 55 minutes, 43 seconds Next question is from the line of Pranchel Mukija from Growth Safire Ventures LLP. Please go ahead. 55:56 55 minutes, 56 seconds Trangel, your line is unmuted. Please go ahead with your question. Yeah, can I'm audible. Yes. Yes, please proceed. 56:04 56 minutes, 4 seconds Yeah, thank you for the followup. I just have one question. Wanted to confirm something. uh this additional capacity expansion that we're doing of 75,000 56:12 56 minutes, 12 seconds MTPA uh it'll come live in Q2. So this is the commercialization time frame right and uh like what what are the 56:19 56 minutes, 19 seconds assumptions around the optimum utilization of this capacity it'll get utilized in maybe a quarter or two. 56:27 56 minutes, 27 seconds Yeah. Right. I mean normally to achieve full capacity utilization it takes a couple of quarters. So I would say from 56:35 56 minutes, 35 seconds quarter three perhaps we can expect to see uh significant use of this capacity. 56:41 56 minutes, 41 seconds Right. And uh like similar to you know last expansion that we did uh it's going to roughly add some 1200 cr kind of a 56:47 56 minutes, 47 seconds revenue uh yearly right uh approximately 1,200 crores yes 56:55 56 minutes, 55 seconds okay great thank you thank you 57:02 57 minutes, 2 seconds as there are no further questions from the participants I now hand the conference over to the management for the closing comments 57:11 57 minutes, 11 seconds Thank you to all the participants. Uh looking ahead, we are confident of delivering a significant better FI27. 57:18 57 minutes, 18 seconds A multi-year growth runway ahead lies ahead of us. With a record order book, rising capacity utilization, improving 57:25 57 minutes, 25 seconds margin profile, expanding export footprint, and a structurally scalable manufacturing base, Skipper is entering 57:32 57 minutes, 32 seconds a phase where growth, profitability, and return ratios are set to compound together. We appreciate your continued 57:39 57 minutes, 39 seconds support and look forward to interacting with you again in the next quarter. Thank you. 57:48 57 minutes, 48 seconds Thank you, sir. On behalf of ICJS securities, that concludes this conference. Thank you all for joining us and you may now disconnect your lines.