Thermax Limited — Q4 FY26

Thermax Limited Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=hfwi4Es3zCE Published: 5 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Thermix Q4 FY26 earnings call hosted by Dan Capital. As a 0:10 10 seconds reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions. 0:17 17 seconds After the presentation concludes, should you need assistance during this conference call, please signal an operator by pressing star then zero on 0:26 26 seconds your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kunal 0:33 33 seconds Sha from Dam Capital. Thank you and over to you sir. 0:38 38 seconds Yeah. Hey good afternoon. Uh welcome to the 4K earnings call of theax limited. Uh we have the management today Mr. 0:45 45 seconds Rajendran uh the group CFO and executive vice president. Uh over to you sir for the opening remarks post which we can pick up the Q&A. Thank you. 0:56 56 seconds Thank you Kunal. Uh good morning to all of you. To those those joined the call. 1:01 1 minute, 1 second Uh uh up front would want to inform you that Ashish Bandari our managing director and CEO normally heads this 1:08 1 minute, 8 seconds call. Uh he's on travel and is unable to join this call. Uh I would be picking this up today. I would be happy to 1:15 1 minute, 15 seconds answer your queries. uh broadly talking of our Q4 I think uh we came good on our plans for revenue uh execution of jobs 1:24 1 minute, 24 seconds and recognizing revenue this quarter better than the prior quarters profitability was uh planned uh for us 1:32 1 minute, 32 seconds the order book number I think as you must have seen and as for an earlier disclosure we had done we've booked an uh super critical job uh for about 1:41 1 minute, 41 seconds roughly 1,600 crores so that has increased our order book numbers for the quarter. However, excluding that as 1:49 1 minute, 49 seconds well, our order book for the quarter has been reasonably robust. Um, I think on overall other performance parameters and 1:56 1 minute, 56 seconds the cash balance, I think you must have seen the investor presentation, uh, we're fairly better off than the prior period. Uh, so I'll keep that comments 2:05 2 minutes, 5 seconds brief and, uh, would now take any questions that you may have on the Q4 numbers. 2:14 2 minutes, 14 seconds Thank you. Thank you very much. We'll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the 2:23 2 minutes, 23 seconds touchstone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are 2:30 2 minutes, 30 seconds requested to use handsets while asking the question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. 2:55 2 minutes, 55 seconds The first the first question is from the line of Ravi Swami Natan from Aendes Park. Please go ahead. 3:03 3 minutes, 3 seconds Uh hi sir. Uh very good morning. Uh thanks a lot for taking this call and congrats on a good set of numbers especially the order in flow. Uh my 3:11 3 minutes, 11 seconds first question is in terms of the inquiry pipeline for the uh traditional sectors uh that generally gives you the 3:19 3 minutes, 19 seconds orders including steel, cement, uh power and oil and gas. How is the momentum there in terms of inquiries and pipeline of orders? Uh that's the first question. 3:31 3 minutes, 31 seconds Okay. Uh Ravi, I think for that. Um the general order book outlook both from a domestic perspective as well as on our 3:38 3 minutes, 38 seconds international front is reasonably fair, reasonably robust. Uh we seeing a good pipeline on the sectors that you 3:46 3 minutes, 46 seconds mentioned. Uh some some of the large on the projects for our industrial and business uh as well as for our industrial products business uh where 3:55 3 minutes, 55 seconds there are other sectors like pharma, chemicals, uh FMCG uh that we focus upon. I think the order pipeline and 4:02 4 minutes, 2 seconds outlook for our heating water treatment our pollution control businesses are also reasonably there at this point of 4:09 4 minutes, 9 seconds time. So uh we feel confident of how the working platform looks on our order fronts. Now at this time however uh a 4:17 4 minutes, 17 seconds point to note would be the impact of war uh prolonging and any other further uh impacts that could be having across 4:26 4 minutes, 26 seconds various industries both domestically and internationally. If that was to develop more uh on that front then I think we 4:33 4 minutes, 33 seconds believe that there could be some impact going ahead in Q2 Q3 which we will have to watch out for. So I think that's the 4:40 4 minutes, 40 seconds cautious part that uh we have to be on the outlook front and are there any pipeline of large 4:47 4 minutes, 47 seconds orders from the power and steel side uh just just like how we had got this quarter something similar can it pan out in the next 12 to 24 months? 4:58 4 minutes, 58 seconds uh not sure that uh I well there are quite a few on the uh refinery side and others that we are working upon but uh 5:06 5 minutes, 6 seconds uh I think uh there's one which we are reasonably confident of uh having a win which is on the data center side but 5:14 5 minutes, 14 seconds that's more on the um energy front for our industrial infra business. This is for an supply of boilers to a steam 5:24 5 minutes, 24 seconds turbine based solutions for a data uh center opportunity in the global market. 5:29 5 minutes, 29 seconds We're looking at that closely and we're hoping that we'll be able to conclude that u we'll see where that comes in in quartto one. 5:37 5 minutes, 37 seconds Sure sir. And uh with respect to data centers just double clicking on the kind of opportunity that is there what would 5:45 5 minutes, 45 seconds be the addressable market in India and outside India especially the US that we can end up catering to is there any 5:52 5 minutes, 52 seconds market size for it for the chillers and possible boiler supplies also. 5:58 5 minutes, 58 seconds Okay I think uh Ravi I'll take this as your last question and so that we can come back on other questions as well from others. uh yeah and this particular 6:06 6 minutes, 6 seconds one on the data center opportunity is I think the first one which we informed you was of the cooling opportunity that we had both in the international market 6:14 6 minutes, 14 seconds and the domestic one the orders that we in the quarter three uh the outlook on the that cooling 6:22 6 minutes, 22 seconds opportunity remains robust uh for us at this time uh however we uh we haven't yet quantified the way that I think you 6:30 6 minutes, 30 seconds would be looking for in terms of market opportunity target market share etc. 6:35 6 minutes, 35 seconds which we would uh uh going ahead be able to do it uh for you but at this time I think uh we have no numbers to share on 6:43 6 minutes, 43 seconds that front. Uh on the the other part of this data center opportunity is the uh boiler side opportunity that has come 6:51 6 minutes, 51 seconds by. Uh so that's an interesting other uh other solution opening for us uh in terms of revenues. So that's a good part that we see on that opportunity. 7:02 7 minutes, 2 seconds Got it sir. Thanks a lot. Thank you. 7:07 7 minutes, 7 seconds Thank you. A reminder to all the participants, please rest yourself for two questions. The next question is from 7:14 7 minutes, 14 seconds the line of Mohit Kumar from IC Securities. Please go ahead. 7:19 7 minutes, 19 seconds Good morning, sir. Thanks for the opportunity. My first question is on the data center. Sir, what is the capacity of the data center for which you are 7:27 7 minutes, 27 seconds supplying the uh your your cooling solution? Is it possible to share that number? We got uh Moit I think I can get back to you on 7:36 7 minutes, 36 seconds that. I don't have it off hand. Uh we will share that with you separately. 7:41 7 minutes, 41 seconds Understood. My second question is sir on the green solution in this quarter. I think we have there are the losses in the quarter. Can you just explain the 7:50 7 minutes, 50 seconds what led to the losses and what is the megawatt which has got commissioned at the end of uh by the end of F FI27 FI 26 right? Yeah. 8:00 8 minutes Yeah. So I think we have two sets of businesses under green solutions as you are aware of. One is thermax onsite 8:07 8 minutes, 7 seconds energy solutions that we talk about which is the biomass based uh uh heating solutions that we provide at our 8:15 8 minutes, 15 seconds customers on site. Uh and the other is the wind and solar uh energy hybrid solutions that we offer to our customers 8:23 8 minutes, 23 seconds both on BU basis. Uh one is on the captive power side that you're aware of. 8:28 8 minutes, 28 seconds I think our challenge I think our uh TMX on-site energy solutions business has done very well. I think a stable set of numbers from that. The challenge has 8:36 8 minutes, 36 seconds been on the first energy uh business of ours. Uh we've had uh one uh challenge on a project that we are executing down 8:44 8 minutes, 44 seconds south where one of the contractors have uh uh you know has uh failed to perform as per the contractual terms and uh that 8:53 8 minutes, 53 seconds has forced us to step in and uh complete the contract or continue execution of that contract and uh so there's been a 9:00 9 minutes cost overrun on that account uh which which involves some uh picking up some of the challenges uh which are new to us 9:09 9 minutes, 9 seconds and that uh location. So I think it's incurring a bit more of the cost than we had planned originally for and that's the cost uh uh in additional incurrence 9:17 9 minutes, 17 seconds that we are having which is reflecting in the results for the period uh which is the uh which is the unexpected uh 9:24 9 minutes, 24 seconds impact to our bottom line. Um the uh from an capacity part of it we are thereabouts of about 250 megawatt on 9:33 9 minutes, 33 seconds ground uh with uh two three large one which has been commissioned as on 31st of March and two together large projects 9:41 9 minutes, 41 seconds one in Gujarat and two more in one more in uh south uh that the talked about earlier which will be commissioned in 9:48 9 minutes, 48 seconds the next two three quarters. So I think uh those would add up to the uh to this balance that I mentioned and I think by 9:56 9 minutes, 56 seconds 27 we would pro we will close probably much better than this number. 10:01 10 minutes, 1 second Understood sir. Thank you and all the best. Thank you. 10:09 10 minutes, 9 seconds The next question is from the line of Adita Monga from KOTC Securities. Please go ahead. 10:16 10 minutes, 16 seconds Uh yes thank you for the opportunity. Um uh uh Raj the first question that I had was on margins uh in the top two 10:24 10 minutes, 24 seconds segments. Uh um there one could not see any impact of um RM headwinds. Uh when you do call that out in your 10:32 10 minutes, 32 seconds presentation just trying to get a sense whether the margins were impacted by RM headwinds or um um is that something that can happen incrementally. 10:44 10 minutes, 44 seconds uh thanks. I think that's important for the quarter. 10:50 10 minutes, 50 seconds We haven't shown any large uh uh impact on the raw material cost for this quarter for sure. Um because I think the 10:57 10 minutes, 57 seconds impact came quite uh because of the war sometime in the month of March uh where by which time procurement for the 11:04 11 minutes, 4 seconds quarter had all been completed and uh the execution was in progress. uh so I think the price increases that we are 11:12 11 minutes, 12 seconds seeing in commodities across from steel to styrene to uh um copper nickel etc. I think all of them I think we seeing the 11:20 11 minutes, 20 seconds price movements for sure you are aware of them as well. Um that that is that is a bit of an uh challenge for us in this 11:28 11 minutes, 28 seconds quarter. uh having said that I think traditionally I'm sure you have seen that our margin impact on our industrial 11:35 11 minutes, 35 seconds infra the project business is fairly uh controllable uh given that we uh end up tying tying up on a backto-back basis on 11:44 11 minutes, 44 seconds all our uh bought outs as well as on contractual cost for large orders. Um however on the product business side we 11:52 11 minutes, 52 seconds would have a typically a shorter range of visibility on the inventory front coverage that we will have. So we would be exposed to some of this uh challenges 12:01 12 minutes, 1 second that we are having going ahead on the industrial product side. Uh having said that these these increases have not been 12:08 12 minutes, 8 seconds substantial as you will also notice and uh we are handling the situation at this point of time uh we would be able to uh 12:16 12 minutes, 16 seconds and with some coverage available on the inventory front as on March I think we'll be able to give you a more uh better understanding of the impact uh uh by quarter one numbers. 12:34 12 minutes, 34 seconds Thanks. I hope I answered your question. Hello. Yeah. 12:39 12 minutes, 39 seconds Thank you. The next question is from the line of Pulkit Putney from Goldman Securities. Please go ahead. 12:47 12 minutes, 47 seconds Uh thank you uh for taking my question Rajendran. Uh my first question is uh coal gasification. This is one 12:55 12 minutes, 55 seconds opportunity where we are technology ready but we've never had a chance given that uh the commercials have not worked 13:02 13 minutes, 2 seconds now that this is a global problem in terms of uh you know post the west Asia crisis. Do you see any shift in government policy any viability gap 13:11 13 minutes, 11 seconds funding etc that has been spoken about for the coal gasification opportunity that would be question number one. Yeah, 13:19 13 minutes, 19 seconds thanks Pulkit. I think uh overall you're right in identifying the opportunity with the current energy cris uh that um 13:30 13 minutes, 30 seconds many of our green energy sustainable that we offer currently I think are bound for a better uh brighter market uh 13:39 13 minutes, 39 seconds going ahead u I think you talked about specifications while we haven't won uh any in the recent past but uh we're sure 13:47 13 minutes, 47 seconds uh that uh you know in terms of government coming in uh to support some of this um is is is a is a 13:55 13 minutes, 55 seconds is something that we would definitely look forward to. uh but just to mention and simultaneously another one bio CNG 14:03 14 minutes, 3 seconds where we see more of uh state government policies coming in to support that uh is is a way similar way uh and uh better 14:12 14 minutes, 12 seconds opportunity that is going to come in for our biog and similarly for other uh solutions that you have at this time. Um so yes 14:22 14 minutes, 22 seconds overall I think this uh energy challenge for India is an good opportunity for us on the green solution side. 14:30 14 minutes, 30 seconds Uh sure your line is actually not very clear but yeah I did get get uh what you said. My second question is on data 14:37 14 minutes, 37 seconds centers. Uh since bulk of the data centers globally are not being put on 14:44 14 minutes, 44 seconds captive power plants or thermal power plants is either grid or renewable. um is the opportunity size for us in terms 14:52 14 minutes, 52 seconds of cooling towers relatively small to the overall uh you know cooling uh tower or or or say the chiller opportunity. 15:01 15 minutes, 1 second I'm just trying to understand uh even if you don't want to talk about the numbers but the area we can cater to within the 15:08 15 minutes, 8 seconds data center opportunity is relatively limited given that we'll mostly be using thermal heat in order to convert uh into 15:17 15 minutes, 17 seconds those chillers. uh is that understanding right in the first place? 15:21 15 minutes, 21 seconds Um so Pulkit I would not be uh too much in uh uh detail to be able to answer 15:28 15 minutes, 28 seconds that question a bit but I will try and get back to you on this uh to help that understanding down the line. 15:38 15 minutes, 38 seconds Sure no problem. Thank you so much Rajendra. Thanks. 15:45 15 minutes, 45 seconds Thank you. The next question is from the line of Karthik Kohli from Kot Securities. Please go ahead. 15:54 15 minutes, 54 seconds Hi sir, thanks for taking my question. 15:56 15 minutes, 56 seconds Uh I had a couple of them. First of all, I wanted to understand uh where is where 16:03 16 minutes, 3 seconds is the progress for us on the coal gasification side? As far as I remember, there has been progress in a facility 16:12 16 minutes, 12 seconds where your technology has been uh broadly finalized. Is there progress on that front? Do you see incremental 16:20 16 minutes, 20 seconds orders that you can do or partner with uh players who can utilize your technology? That's my first question. 16:28 16 minutes, 28 seconds Yeah, Karthik, I think uh that your understanding is right. I think we have the technology solution tested uh uh 16:36 16 minutes, 36 seconds fairly in place. Uh but I think the technology solution in my understanding I think hasn't become viable uh for the 16:45 16 minutes, 45 seconds market players to progress on this front. Uh so this is an area that we have been working on uh with uh you know 16:53 16 minutes, 53 seconds interested customers uh who want to test this out and who would have this in their plans sustainable energy solution 17:02 17 minutes, 2 seconds uh and having an earlier uhation that we had in this call we are hoping that the government would uh there would be some 17:10 17 minutes, 10 seconds support and this this particular area picks up um so at this time there's nothing that uh on the order front that 17:18 17 minutes, 18 seconds uh I have I have an update for Q4 but going ahead we're hopeful that things would get better on the space 17:27 17 minutes, 27 seconds and so your strategy here is broadly on the lines of that you will be only offering technology and doing technology 17:35 17 minutes, 35 seconds partnership you'll not be taking on the risk of executing the full project is that understanding correct 17:41 17 minutes, 41 seconds no EPC capability we hold so I think APC would also be an opportunity for us in 17:49 17 minutes, 49 seconds But do you like is there a as far as I remember there was some talks in the past that you'll be limiting yourself to smaller projects uh 17:58 17 minutes, 58 seconds initially or is that yeah that's for sure I think uh we talked about on the EPC front on the 18:07 18 minutes, 7 seconds industrial intra what we have been telling uh the market is that we have been cautious on the margin front uh and that I think could apply here as well 18:15 18 minutes, 15 seconds otherwise I don't think we shying away from uh orders uh just that we would be cautious to make sure that our margins 18:22 18 minutes, 22 seconds bet are protected that I think would be the criteria. Yeah, thanks Karthik. 18:32 18 minutes, 32 seconds Thank you. The next question is from the line of Atul Tari from JP Morgan. Please go ahead. 18:39 18 minutes, 39 seconds Uh yeah sir sir uh what is the outlook for revenue growth next year given that this year the consol revenue growth was 18:46 18 minutes, 46 seconds just about 3 4%. And obviously our order book has you know filled up quite a bit. 18:53 18 minutes, 53 seconds So yeah um I can't well I can't give you an number per se but I think uh atul um yes the order balance uh which is about 19:02 19 minutes, 2 seconds 27% better than the prior uh period closing gives us a better opportunity uh in terms of posting better good numbers 19:10 19 minutes, 10 seconds on the revenue front uh having said that uh I think we have to look forward to uh executing better uh and specifically 19:18 19 minutes, 18 seconds some of the site challenges and uh the delays that we have seen across customer sites on civil and other places. Uh I 19:26 19 minutes, 26 seconds think those have been the disturbances in the past that we have seen and have been a bit of cause for our revenue performance over the quarters. Uh and I 19:35 19 minutes, 35 seconds think also the Middle East related crisis while at this time it it does appear to be something that we have to watch for. I think these are one or two 19:44 19 minutes, 44 seconds things that I think we have to keep in mind with the good order balance that we have for the execution ahead. But we are confident uh that this will this this 19:52 19 minutes, 52 seconds execution plans that we have across various businesses of ours uh should come through uh and I think uh the 20:00 20 minutes quarter one and quarter two uh with this part balance uh would tell us really as to how we are able to catch up. Uh but yes but overall quite positive on our execution front. 20:12 20 minutes, 12 seconds Okay. And sir as of now I mean I know it is still very early days and probably the impact of fuel prices and the 20:19 20 minutes, 19 seconds shortage of gas and petrochemicals is still ahead of us but you know looking at your client base in you know across 20:26 20 minutes, 26 seconds industries what is your sense are we seeing fair bit of disruption to business activity especially for the small scale industries and will it have 20:35 20 minutes, 35 seconds some kind of adverse consequence for your order say especially in industrial product segment. 20:43 20 minutes, 43 seconds Yeah. So I think uh well you picked up the industrial product segment but in terms of disturbance as what you talk about I think we've had some bit of challenge really on our chemicals 20:51 20 minutes, 51 seconds business I think which I haven't covered earlier but I thought I'll speak about it now. Um you know I think our chemical business is having a bit of challenge 20:59 20 minutes, 59 seconds clearly on the raw material side uh because many of the uh some of the key raw material like styrene uh and some on 21:08 21 minutes, 8 seconds the water treatment and construction chemical or have been disturbed in terms of supply as well as price increases. So 21:16 21 minutes, 16 seconds availability and booking some of the raw material for our execution I think at higher costs uh and correspondingly 21:24 21 minutes, 24 seconds having to manage the uh prices with the customers to avoiding impact or contribution. I think that's been one 21:31 21 minutes, 31 seconds reasonably high challenge for our chemical business at this point of time. 21:36 21 minutes, 36 seconds uh we're doing our best in that regard and uh we're hopeful that uh we should be able to maintain our margin numbers and the volume uh that we have planned 21:44 21 minutes, 44 seconds out for quarter one. Uh yes and extending it the uh discussion to what you had talked about in terms of smaller 21:51 21 minutes, 51 seconds uh this thing as well as our industrial product businesses getting impacted. 21:55 21 minutes, 55 seconds Yes, I think uh the what we started seeing in the month of March was with regards to the uh you know the gas 22:02 22 minutes, 2 seconds availability uh impacting fabrication uh smaller units and um you know that of course getting stabilized down the line. 22:12 22 minutes, 12 seconds Um so yes some bit of challenges around that uh and the raw material price increases on um you know various 22:20 22 minutes, 20 seconds commodities that we have talked about has definitely impacted uh operations for some of the smaller vendors and that's where I think I talked about you 22:29 22 minutes, 29 seconds talked to you about the cost pressures for quarter one and then finally what is the planned capex for FI27 console entity 22:38 22 minutes, 38 seconds so I think um I think we will have a regular capex of about 150 crores of regular capex that we would be doing. Uh 22:47 22 minutes, 47 seconds apart from this uh I think we have a few capexes that we have planned upon on some bit of capacity expansions 22:55 22 minutes, 55 seconds uh in our boiler facility as well as in our cooling facility. Uh they are more like uh not um you know I think I would 23:04 23 minutes, 4 seconds say some bit of an capacity uh line extensions kind of capex. Uh I think put together I think the number would roughly be about 250 crores. 23:15 23 minutes, 15 seconds Okay. Okay. Thank you sir. 23:21 23 minutes, 21 seconds Thank you. The next question is from the line of Seth Shurab Gujar from ICIC potential AMC. Please go ahead. 23:31 23 minutes, 31 seconds Thank you for the opportunity. Uh first question is on the super critical boiler from MB power. You can just elucidate more on this order in terms of the 23:40 23 minutes, 40 seconds execution period and specifically on super critical boiler for say other utilities are there similar tenders and pipeline. 23:50 23 minutes, 50 seconds Um so super critical opportunities I think uh would continue to be there uh and I think we have uh you know I think 23:57 23 minutes, 57 seconds clarified in the past with VR stands on uh the public sector opportunities and the private sector opportunities and you 24:04 24 minutes, 4 seconds will note of course our preference on the private sector space and I think this particular one is also on the private sector uh as you can see uh this 24:12 24 minutes, 12 seconds order would get executed over a period of 42 uh 45 months time frame uh and uh 24:20 24 minutes, 20 seconds Yeah, I think you know the order value uh that we have disclosed about uh and I think the year one would be more uh focused on uh design engineering and 24:29 24 minutes, 29 seconds ordering uh and I think it could pick up in the coming periods. 24:34 24 minutes, 34 seconds Got it. And second question on the middle age part how much is the exposure in terms of sales for you and specifically each of these segments 24:41 24 minutes, 41 seconds maybe on industrial products and industrial and on those exposure are you seeing any execution challenges in terms of supply chain or cost or payment challenges. 24:52 24 minutes, 52 seconds Um sorry can you just repeat the first part of your question I missed a bit of that on the Middle East exposure in terms of sales which you would have on industrial 25:00 25 minutes products as well as industrial entire right how much is that and any cost or execution challenges currently like let's say supply chain or any payment 25:07 25 minutes, 7 seconds delays currently being noticed yeah so I think um you know middle east has been a good opportunity for us over the last two years I think we've been 25:15 25 minutes, 15 seconds mentioning that u uh so the opportunity uh has some order balances for execution at this point of time uh for us uh we 25:24 25 minutes, 24 seconds haven't seen specifically any uh delays at this stage at this point u and uh things are fine uh having said that in 25:33 25 minutes, 33 seconds terms of future opportunities I think uh hopefully there could be more uh uh given the damages that have been there 25:41 25 minutes, 41 seconds on account of the war uh we hoping for some some opportunities coming around on account of that um but uh yeah the price 25:49 25 minutes, 49 seconds cost disturbances this uh you know due to fate and other things was a reality when we were executing it in the month of March uh as well uh and that's that's 25:58 25 minutes, 58 seconds the place that we will have to be uh watching above uh however no executions have got delayed per se at this point of 26:06 26 minutes, 6 seconds time can you quantify the exposure say metadage of order book or something like that uh we I think we did disclose to you 26:14 26 minutes, 14 seconds that in quarter three uh we had booked a quarter two we had booked a large 450 cr order on the Middle East front in our 26:21 26 minutes, 21 seconds industrial impro business. Uh that's one among the large ones. The other ones will be in our industrial product business which will be of smaller 26:29 26 minutes, 29 seconds values. Um so I I don't have an consolidated number for Middle East on the auto back balance 26:37 26 minutes, 37 seconds this thing but we will see whether we'll be able to get together get that together and disclose. 26:42 26 minutes, 42 seconds Sure. Thanks and thanks. 26:47 26 minutes, 47 seconds Thank you. The next question is from the line of Amit Mahame from UBS. Please go ahead. 26:55 26 minutes, 55 seconds Hi, congratulations on ending fiscal with a very strong line by line. 26:59 26 minutes, 59 seconds Amit sir, sorry to interrupt. I would request you to be little bit louder or get the headset handset near to you. 27:06 27 minutes, 6 seconds Yeah. Uh is it fine now? Yeah, that's better. Yeah, better able to hear. Go ahead. 27:13 27 minutes, 13 seconds Yeah. Yeah. I think um my question is on segment one um we can see a very strong momentum and this is been there you know 27:22 27 minutes, 22 seconds for rising compliance and maybe package boiler business can we grow at like 15 20% 20% next year um on segment one and 27:31 27 minutes, 31 seconds because you also have some large wins impacting segment one and second question is on segment two where um um 27:39 27 minutes, 39 seconds you know in the BAPCO uh segment beyond the utility supercritical order. Uh you might have uh quite a few large boiler 27:48 27 minutes, 48 seconds orders. So can we broadly achieve a 2x topline uh in 28 v what we did in 25 26 27:55 27 minutes, 55 seconds on second segment? That's two two questions for me. 28:00 28 minutes Okay. Um yes I think u you know on the industrial product bit I think well yes indust the boiler business is one 28:08 28 minutes, 8 seconds specific segment and the large segment larger segment uh largest business within that segment uh I think we've been commenting over 28:16 28 minutes, 16 seconds the last uh couple of quarters or probably more on the uh increasing mix change that's happening in terms of our 28:23 28 minutes, 23 seconds growth in our uh envirro that's our pollution control and water treatment businesses more significantly Um so I 28:31 28 minutes, 31 seconds think those growths of those businesses have been robust as well. Um so industrial boilers I think um the growth 28:38 28 minutes, 38 seconds continues to be reasonably good. um uh on your ask as to whether they would see a 15 20% growth. I think I will get go 28:46 28 minutes, 46 seconds back to my comments on uh that the reasonable working platform on the order book looking good for us on Q1 but I think we'll have to temper that with the 28:54 28 minutes, 54 seconds uh war impact across various industries and what decisions that could cause on the capex spr which we'll have to you 29:02 29 minutes, 2 seconds know watch carefully um so at this time I think uh reasonably optimistic uh but 29:08 29 minutes, 8 seconds I think cautious on that for the future on the industrial Infra fact yes I think 29:15 29 minutes, 15 seconds uh you are seeing the recent trend of things that we have been declaring on the uh infra space um specifically for 29:24 29 minutes, 24 seconds the last business I think one two another one in quarter three uh which was a uh 29:32 29 minutes, 32 seconds but I think yeah there's slight disturbance on the line I'm sorry sir if it's only uh is it better uh yeah yes sir yeah 29:40 29 minutes, 40 seconds okay and I think the super critical order in quarter four that we talked about uh and I just 29:48 29 minutes, 48 seconds now in the call talked about another opportunity on the data center side on the energy front. So I think we are uh 29:54 29 minutes, 54 seconds resembling a good uh bit of order uh for that. Sorry to interrupt sir. 30:00 30 minutes Yeah sir the voice is uh you know uh breaking a lot. Just give me a moment. Sure. 30:12 30 minutes, 12 seconds I'll disconnect and reconnect your lens just a moment. 30:30 30 minutes, 30 seconds Heat. Heat. 30:53 30 minutes, 53 seconds Number 31:11 31 minutes, 11 seconds two. 31:47 31 minutes, 47 seconds We have the management line be connected. Yes, sir, you can go ahead. 31:51 31 minutes, 51 seconds Yeah. Um, so yes, so I I was talking to you about the uh strong momentum on the large orders that we are booking apart 31:59 31 minutes, 59 seconds from the regular ones that we have a pipeline of. Um, so yes, I think uh we're bullish and we're confident of the 32:06 32 minutes, 6 seconds that business doing well. Uh this is the pipeline that we are seeing. Um so I'll limit my comments to that. Uh uh and I 32:14 32 minutes, 14 seconds hope I answered to some extent. Yeah, thank you and good to see the leadership programs at Thermax working very well. Thank you. 32:22 32 minutes, 22 seconds Sure. Thanks. 32:25 32 minutes, 25 seconds Thank you. The next question is from the line of Parikit Kpal from HDFC Securities. Please go ahead. 32:33 32 minutes, 33 seconds Yeah. Hi. Hi Rajend. Congratulations on a good carter. So my first question is on the boiler opportunity which you spoke on the data center side. So is the 32:43 32 minutes, 43 seconds border opportunity much bigger in the global markets or is the cooling opportunity? So how does one look at this? 32:51 32 minutes, 51 seconds So I think um you know uh um honestly I think uh parikes I think this would be a difficult one to quantify at this stage. 33:00 33 minutes These are opening up for us. I think we've been uh making the similar commentary on the cooling front as well. 33:06 33 minutes, 6 seconds Uh we seeing these opportunities. I think we won the first set of ones. Uh I think you'll have to give us some time to be able to assess this and uh let you 33:15 33 minutes, 15 seconds know on both on the energy side as well as on the cooling side. So give us some time on this one. 33:21 33 minutes, 21 seconds But the data center one is on the large boilers and will it be done through the TV TWWs or can directly do that? So I think that 33:28 33 minutes, 28 seconds it will be done for TWW TVWs business. Okay. And uh there's a second question on the KEX. I think Apex 33:36 33 minutes, 36 seconds and capacity building on the cooling side. Last time I think it was mentioned by the management team that given how the disorder performance is the market 33:45 33 minutes, 45 seconds is quite big and competition and pricing is not that of a bigger concern. Uh so how are we planning for building 33:52 33 minutes, 52 seconds capacity and the capeex on the data center business side? So she can help us find this. 33:59 33 minutes, 59 seconds So uh uh we have a reasonable facility uh to be able to handle uh this uh uh demand requirement at our CCT site for 34:07 34 minutes, 7 seconds our cooling business. And I think I earlier mentioned that there is an capex on an uh line building that uh you could 34:15 34 minutes, 15 seconds you know and line building that we would be an expansion that we are doing there um this financial year uh and that would 34:22 34 minutes, 22 seconds come into support uh the growth um the demand additional demand that we can expect on this particular one. 34:30 34 minutes, 30 seconds Okay. Those are my two questions. Thank you. Thanks. 34:37 34 minutes, 37 seconds Thank you. The next question is from the line of Priyanka Vishwas from JP Financial, JM Financial. Please go ahead. 34:47 34 minutes, 47 seconds Uh good morning sir and thanks for this opportunity. Uh my first question is uh sir I see that uh compared to FY25 it 34:55 34 minutes, 55 seconds seems there has been a substantial working capital build last year. uh can you please provide the uh what is what 35:04 35 minutes, 4 seconds are the causes for it and uh is there some way that we should look at a reversal of this working capital build in the next year how how should we see 35:12 35 minutes, 12 seconds it yeah I think this is well observed uh you're right I think u we've had a bit of uh working capital uh increase in 35:22 35 minutes, 22 seconds this particular quarter um uh this has been caused by some project 35:30 35 minutes, 30 seconds delays and uh um and hence the uh related collection uh delays on some of 35:38 35 minutes, 38 seconds our receivables as well as retentions uh have happened across a few large orders as well as uh overall in some some 35:45 35 minutes, 45 seconds portion of our industrial product and industrial entra business. uh we conscious of this fact and um we are um 35:54 35 minutes, 54 seconds focusing on this in the coming quarters to uh get back on better numbers for working capital uh and would remain a 36:02 36 minutes, 2 seconds focus uh so yes thank thanks for spotting that and uh so should we like see like this uh 36:10 36 minutes, 10 seconds coming up let's say if not let's say next couple of quarters but maybe over a period in FY27 would that be the right way to look at it 36:18 36 minutes, 18 seconds see Yeah, it's not going to uh you know while I'll be hopeful that we should uh you know resolve all the overds in one 36:25 36 minutes, 25 seconds quarter but yes the business realities I'm sure that we would be able to work it over the next couple of quarters 36:33 36 minutes, 33 seconds the second question is uh Dangot if I remember in uh third quarter 36:40 36 minutes, 40 seconds now usually what we have seen from Hermes and also other companies involved in let's say Nigeria and countries uh 36:50 36 minutes, 50 seconds like in cases of uh when hard currency that is USD or EUR availability is kind of at a stress and when those countries 36:58 36 minutes, 58 seconds go into the sort of fiscal stress like execution difficulties tends to naturally crop up so given that has happened in the past history what are 37:07 37 minutes, 7 seconds the risk mitigation measures that we are taking specifically for Dangote yeah so see I think uh while I think 37:15 37 minutes, 15 seconds this has been the past we've experienced it as Well uh though not not specifically in the large order that we executed in the past uh which was backed 37:24 37 minutes, 24 seconds up by letter of credit and which will be the case uh uh you know quite a bit uh the um 37:32 37 minutes, 32 seconds the uh the currently I think the currency if I if I though not been closely following it but if I know of what we have seen in the recent past 37:40 37 minutes, 40 seconds those issues have fairly stabilized for Nigeria and with the oil prices where they are I think uh uh things are fairly 37:47 37 minutes, 47 seconds table is what my last understanding of that matter was. But yes, we conscious of that and so we do uh take care of our 37:55 37 minutes, 55 seconds payment terms to be secured and uh so that we are not unduly exposed on the credit uh risk side and that would be 38:02 38 minutes, 2 seconds the case uh for this uh as well. Um so uh I meaning I I think we I think we'll be cautious on this brand for sure. 38:13 38 minutes, 13 seconds So that was broadly just if you can just answer just a bookkeeping question because a lot of the order wins that has happened this year and hopefully the 38:22 38 minutes, 22 seconds next year is TBWS. Can you someh can you provide uh let's say a broad ballpark number that what would be the order book 38:31 38 minutes, 31 seconds of PBWS and maybe its revenues and margin for FY26 that's coming for FY26 I think you'll have to wait for 38:40 38 minutes, 40 seconds it sure that you know you know that there's a separate subsidiary and then 100% subsidiary so its financials will be available uh in the public space and I 38:48 38 minutes, 48 seconds think you should wait for it yeah we'll get that abs thanks 38:55 38 minutes, 55 seconds Thank you. The next question is from the line of Shirom Kapoor from Jeff. Please go ahead. 39:02 39 minutes, 2 seconds Hi sir, thanks for the opportunity. Just wanted to ask you a little bit more on on the large boiler order that you received in March. Um so what would be 39:11 39 minutes, 11 seconds your capacity uh on these boilers? U yeah like how how much could you execute? How many more orders could you take on uh in this field? 39:20 39 minutes, 20 seconds So I think we have a uh three facilities uh for this particular you know overall for the boiler 39:28 39 minutes, 28 seconds business and I think uh uh we would be able to execute this particular one and uh uh while I think uh yes to the extent 39:38 39 minutes, 38 seconds that there has been other demands as well I think we talked about it uh on the order flow side uh as well as a regular business that we would have um I 39:47 39 minutes, 47 seconds think uh yes our ability to service uh would be constrained uh to that extent of uh capacity becoming available and I 39:55 39 minutes, 55 seconds talked to you about the expansion that we are doing uh you know to debottleneck the facility to certain extent uh so 40:04 40 minutes, 4 seconds that would uh keep us uh ready for any opportunities that might come in the future. uh but I think uh and we also 40:12 40 minutes, 12 seconds have ability to uh develop and execute some of them through outsourced uh facilities on the fabrication front. So 40:20 40 minutes, 20 seconds I think fairly uh confident of what we have won and what we will be able to execute. I think the super critical one 40:28 40 minutes, 28 seconds opportunities if they were to come we would be obviously be looking at it closely uh on on our abilities to uh 40:35 40 minutes, 35 seconds pick them at the right price and being able to execute. So I I'm I don't think I've answered you fully on a capacity front but I think that's something that 40:44 40 minutes, 44 seconds uh we look we we review that closely in terms of their abilities to execute orders. 40:51 40 minutes, 51 seconds Understood sir. And would you be able to give some sort of quantification of the pipeline for these kinds of boiler orders specifically these uh these large 41:00 41 minutes boilers like you know what is the bid pipeline and um what is the outlook for the next two to three years or even more near-term 1 to two years. 41:09 41 minutes, 9 seconds I don't have an that number. Sorry. Um this this particular one I don't have at this time to share any with you. 41:17 41 minutes, 17 seconds Sure sir. Thank you. Thank you. 41:22 41 minutes, 22 seconds Thank you. The next question is from the line of Tina Virmani from Motivival Oswald Financial Services. Please go ahead. 41:31 41 minutes, 31 seconds Yeah, thanks for taking my question. Uh sir, I have two questions. uh one on the legacy orders which were pending earlier 41:38 41 minutes, 38 seconds to an extent of around 500 to 600 cr uh in the books of the company. So what would be the status of those legacy 41:45 41 minutes, 45 seconds orders? And my second question is regarding the margin profile for uh the large orders that you have booked both 41:53 41 minutes, 53 seconds on the data center side and even on the boiler side. So uh is the margin profile of those orders uh much better than the 42:01 42 minutes, 1 second margin profile that you are currently having? um uh in your current set of uh business and u ultimately how to view uh 42:10 42 minutes, 10 seconds the margin profile for the upcoming orders also on these two areas. 42:15 42 minutes, 15 seconds Okay. Uh I think uh yes I I think we probably failed to put an update in the investor presentation that we were planning to I think on the uh those uh 42:25 42 minutes, 25 seconds you know low margin orders that we had specifically in our uh biog uh business as well as some bit on our uh power and energy solutions business. 42:36 42 minutes, 36 seconds I think we almost uh executed uh them. 42:40 42 minutes, 40 seconds um the at least the biog I think uh um very clearly there uh but I think the uh 42:48 42 minutes, 48 seconds the large project NRL that we have talked about on the bio energy solutions and the uh two large uh FGD projects that we are currently executing on the 42:57 42 minutes, 57 seconds balance closure completion uh NRL1 I think we've talked about the cost overruns and uh uh this thing we're 43:04 43 minutes, 4 seconds hopeful we're keeping an eye on it and it I think it would take the entire year and bit uh to get that order to its 43:11 43 minutes, 11 seconds closure. Uh we hopeful uh that we have the right cost estimates at this time for its closure. However, the FGD orders 43:19 43 minutes, 19 seconds that we are executing at this time are better off for us and uh uh the margins are uh stable there. Um uh on the bio 43:28 43 minutes, 28 seconds CNG side I think uh uh we have uh you know we are we are in the performance completion performance trial stage for 43:36 43 minutes, 36 seconds most of our orders and I think quarter one and two of those for this year uh we should be able to complete them and uh 43:43 43 minutes, 43 seconds that should uh uh that should settle them. So um yeah and all the new set of orders that we have booked uh across our 43:51 43 minutes, 51 seconds industrial infra industrial product I think every other places I think they have been with uh uh better margin uh 43:59 43 minutes, 59 seconds margin target profile that we have internally uh talking of this cooling as well as the uh superc critical order 44:06 44 minutes, 6 seconds that you talked about the margins on the cooling one are are good uh uh and I think uh on the super critical one we 44:15 44 minutes, 15 seconds have been conscious on the margin margin front uh when we booked this and I think uh they are stable uh and uh uh you know 44:22 44 minutes, 22 seconds as per our target margin profile for the particular segment I wouldn't be able to obviously talk about the margin specifically because it's a single order and I'm sure you'll appreciate that. 44:33 44 minutes, 33 seconds Yeah sure but there's a sufficient buffer that you would have booked taking into account the higher RM prices which are prevailing right now. 44:40 44 minutes, 40 seconds So the order was finalized in the month of March. uh the prevalent uh situation obviously would have been factored in uh 44:47 44 minutes, 47 seconds yes but we have to manage that with the developing situation and that would be have to be handled over a period of time as well because it's a long time a 44:56 44 minutes, 56 seconds couple you know it will be executed over the next 3 to four years understood understood thank you sir 45:06 45 minutes, 6 seconds thank you the next question is from the line of Amid Anwani from PL Capital please go ahead Hi, so thanks for taking my question. 45:18 45 minutes, 18 seconds First question on if you could give some color uh in terms of uh the heating cooling electric boiler uh how that has 45:26 45 minutes, 26 seconds performed in industrial product and uh uh there was a kind of double digit margin which we have been doing last year. We did good a bit margin there. 45:35 45 minutes, 35 seconds This year also uh the margin has came off by 100 uh more than 100 bits but still we are in double digits. So just 45:42 45 minutes, 42 seconds wanted to understand uh what one should uh take it as a sustainable margin for F27 45:50 45 minutes, 50 seconds and how has been the performance of uh each of the subverticals in the industrial product business. 45:58 45 minutes, 58 seconds Okay. Uh thanks Amit for that question. 46:01 46 minutes, 1 second I think uh we broadly talk about the industrial product business of the multiple businesses that that under them but we don't we we haven't disclosed 46:08 46 minutes, 8 seconds specifically any margin profiles for each one of them. Uh having said that I think um there have been uh in the past 46:16 46 minutes, 16 seconds I think uh the I think I I can see that your question is around the margin drop over the last year uh on the industrial 46:23 46 minutes, 23 seconds product business. Uh so the prior period had a set of uh good uh projects where there were uh good savings opportunities 46:32 46 minutes, 32 seconds for us uh having those those projects having been picked up during a certain cycle of commodity cost being higher and being executed at a time when the 46:41 46 minutes, 41 seconds commodity cost cooled off. So we had good savings opportunity in some of them. Uh in couple of businesses we missed in one of the businesses uh we 46:49 46 minutes, 49 seconds missed a bit of export opportunity which had better margin profile. Um so that's been one. Um the other one has been on 46:58 46 minutes, 58 seconds or one which I can talk about more clearly is on the Dan Stoker business that we have in the Euro. I think we have a mix of oil and gas as well as 47:05 47 minutes, 5 seconds biomass based boilers. And I think uh uh the margin mix on uh uh the biomass based boilers are better off than the 47:12 47 minutes, 12 seconds oil and gas boilers. And in the last uh last year cycle uh the oil and gas boilers were much more executed than the 47:19 47 minutes, 19 seconds biomass ones. But we see the mix changing for the year ahead. Um so I think that that was also cause of uh the change in the margin that you saw in 47:27 47 minutes, 27 seconds that segment. So a couple of uh reasons for uh this thing broadly I think the mixed change uh on the uh uh on the on 47:37 47 minutes, 37 seconds the individual businesses uh I think uh was the main cause for the uh margin uh dip. uh but yes uh we would uh I think 47:47 47 minutes, 47 seconds look forward to uh some improvements going ahead subject to of course commodity cost impacts 47:54 47 minutes, 54 seconds right in the uh intra business the this does this boiler order I'm just again asking for better understanding has the 48:03 48 minutes, 3 seconds price variation clock and second is that the correct understanding that at least the uh this is uh at the margin accative 48:12 48 minutes, 12 seconds margin relative to to the overall farm level margins. If you could give some color uh for this uh utility boiler 48:19 48 minutes, 19 seconds order which you have taken uh that would be helpful. 48:23 48 minutes, 23 seconds Thanks. I think uh I think I'll reiterate what I think I told earlier that I would not be able to talk specifically about this job margin 48:31 48 minutes, 31 seconds because it's a specific order. Um and uh yeah I can't also discuss any bilateral clauses that we have in the contracts. 48:40 48 minutes, 40 seconds Um uh having said that I think uh we uh and firm level segment level target margins we have kept in mind at the time 48:48 48 minutes, 48 seconds of finalizing this order. Uh and uh I I think that's that's the confidence that I can have at this time. 48:56 48 minutes, 56 seconds Right. So with this order can and as you explained already about the legacy order status on uh that orders can we see 49:05 49 minutes, 5 seconds meaningful improvement further for the industrial infra business? uh we had a good improvement this year in terms of margins. 49:12 49 minutes, 12 seconds So uh is that on the card or this should stabilize at the current levels? 49:18 49 minutes, 18 seconds I think the current levels are a good levels. I think you have seen them or increasing over the last 2 three years but I will just draw your attention to 49:25 49 minutes, 25 seconds an specific uh uh state incentive that we have been receiving and which we have been disclosing in our quarterly and in 49:32 49 minutes, 32 seconds our annual results as well. uh that's that's an um uh accretion to that business which has happened over the last two three years uh but that's 49:41 49 minutes, 41 seconds that's available I think we have disclosed it it will be for till 2728 uh cycle uh so I think that is one piece uh 49:50 49 minutes, 50 seconds of uh uh margin meaning one piece of profits that I think is for a limited cycle otherwise yes I think uh with the 49:58 49 minutes, 58 seconds flow of orders uh and uh certain operating leverage I think we should definitely be uh having confidence on 50:06 50 minutes, 6 seconds our margins going right. So lastly on the data center is there any uh lead time or you have to 50:15 50 minutes, 15 seconds get on uh some approval process which takes some time. So just wanted to understand when did you started uh applying for this orders and when did 50:23 50 minutes, 23 seconds they convert it for you is there uh if you could uh let us understand the uh timelines or process to get these orders 50:31 50 minutes, 31 seconds and are you in touch with multiple OEMs in US to get further business for cooling towers or uh at least where we 50:39 50 minutes, 39 seconds got the order uh with that uh are you looking for orders from the same vendor or we talking to uh more OEMs there some color uh on that please. 50:52 50 minutes, 52 seconds Yeah. Uh yes Amit I think the the color is going to be limited. I'm not obviously going to discuss whom what etc. I think yes we as we I think 51:00 51 minutes earlier commented we're confident of the order pipeline and the discussions that we are having. Uh but this is something that we will uh you know continue to 51:08 51 minutes, 8 seconds comment in the coming quarters you know and have nothing more to add than what I have told earlier. Thanks. 51:17 51 minutes, 17 seconds Thanks a lot. 51:18 51 minutes, 18 seconds Thank you. The next question is from the line of Reu Bin from IFL Capital. Please go ahead. 51:25 51 minutes, 25 seconds Yeah. Hi. Uh morning team. Uh just um a small follow-up question more on the bookkeeping side. Um so can you help us 51:33 51 minutes, 33 seconds um give what is the broad order book split between fixed price and variable price projects and orders? 51:40 51 minutes, 40 seconds So I think uh uh you can uh fully assume that all our orders are fixed price orders. uh there would be a few which uh 51:47 51 minutes, 47 seconds if at all uh very enlarge ones if any that we would have price variation clauses but I think they would be you 51:55 51 minutes, 55 seconds know fairly few and far uh I think so by and large all our orders are placed uh orders 52:02 52 minutes, 2 seconds because this is more pertinent with respect to large orders if one or two of the large orders that we have recently won in the last two quarters if they have price variation cost that it 52:10 52 minutes, 10 seconds changes the mix materially um so which is the reason why so should we assume broadly 90% is all fixed price or in value terms how would this be? 52:20 52 minutes, 20 seconds As I said to you, I think you should assume fixed price orders because that's primarily the nature of all our businesses and orders. 52:29 52 minutes, 29 seconds Sure. And um given the way the execution has panned out of the overall backlog while we have this so large orders of that which we can count on what 52:37 52 minutes, 37 seconds percentage of the backlog has execution cycle beyond 12 months? 52:44 52 minutes, 44 seconds Uh so I think uh some of the large jobs that they have picked up naturally uh the execution cycles are more than this 52:51 52 minutes, 51 seconds thing. I think the super critical one I commented earlier as well. I think I think yeah so would al would all clearly exceed 12 months. Uh they would 53:00 53 minutes more be in 16 to 18 month kind of ranges for execution. 53:06 53 minutes, 6 seconds Got it. Got it. Sure. Um thank you and best wishes to you. Thank you. Thank you. 53:13 53 minutes, 13 seconds Thank you. The next question is from the line of Adita Monga from KOTC Securities. Please go ahead. 53:22 53 minutes, 22 seconds Yeah, thank you for the opportunity again. Um, Rajend, a few questions. Um um as in um another context the first 53:29 53 minutes, 29 seconds question is that you had um in V solutions um a partner who did not um fully do the work and then the company 53:36 53 minutes, 36 seconds had to take it up and in the same year earlier uh there was an issue on the design engineering part um with a 53:43 53 minutes, 43 seconds certain partner as well. I'm just trying to get a sense this is uh becoming uh an issue that the company would want to kind of see through and address and what 53:52 53 minutes, 52 seconds steps are being taken in this selection wherein um the partner network is u um is is better off than earlier. 54:01 54 minutes, 1 second um agree with the question uh Adita and I think uh unfortunately the the issue has been with the same partner uh that 54:09 54 minutes, 9 seconds we've had and so it's not across multiple partners who would want to give you uh some color around that and uh yes 54:16 54 minutes, 16 seconds the impact uh I think we we we've explained that um so yeah we aren't facing this across our projects or 54:23 54 minutes, 23 seconds across c across vendors uh so and we are conscious of this uh and for future future orders as well. Thanks. 54:34 54 minutes, 34 seconds Uh so the second question uh that I had was u more linked up to um the order inflows that have happened um in the 54:43 54 minutes, 43 seconds year on the domestic side inside industrial infra u if I take away uh the thermal order I 54:52 54 minutes, 52 seconds think expectations would have been better for the year. So just trying to get a sense across customer sites where have the disappointments come and and if 55:01 55 minutes, 1 second if in those segments anything is changing uh for the better as we think through 55:08 55 minutes, 8 seconds uh yeah I think um yeah I think our industrial infra business I think uh the two other parts I think apart from what 55:15 55 minutes, 15 seconds we have talked about I think FGD I think you are aware of we've been speaking about it for the last one or two one year or more I think on the dry down of 55:24 55 minutes, 24 seconds uh orders on that front. Biocng business I think has also uh been uh less on orders. Uh but I think in the recent 55:33 55 minutes, 33 seconds past we've won some change orders uh uh you know in the existing with our existing clients. Uh but otherwise I 55:41 55 minutes, 41 seconds think it's been uh there's been a change in the market and I think uh there there's some bit of uh slowdown and I think by CNNG business order book has 55:50 55 minutes, 50 seconds also been not as per our uh expectations. uh so that's another area that I think yes which is part of industrial infra which has not uh uh 55:58 55 minutes, 58 seconds picked up uh yeah so I think those would be the concerns for us at this time but I think as I said earlier biong is a business that we're looking forward to 56:07 56 minutes, 7 seconds of better better opportunities and you know and better market uh down the line 56:15 56 minutes, 15 seconds um any comment on the green metal um endeavor of the company uh there in a certain small quantum of um capacity is 56:24 56 minutes, 24 seconds being set up but uh how does the company think through it and uh any investment targets that you would want to share? 56:32 56 minutes, 32 seconds Uh I don't have an uh current update but uh I think Arita maybe I might be able to get back to you on this if there's any further development but nothing at this time that I have to share. 56:43 56 minutes, 43 seconds Thank thank you lashend for this responses question. Thank you. 56:50 56 minutes, 50 seconds Thank you. The next question is from the line of Nikl Chri from Toro Wealth Management. Please go ahead. 56:59 56 minutes, 59 seconds Yeah. Uh hi. Um good afternoon and congratulations on a great set of numbers. Uh I had two questions. Uh so 57:07 57 minutes, 7 seconds wanted to understand following on to the earlier participant with respect to the data center. Uh two we say that we have 57:14 57 minutes, 14 seconds lesser competition in the North American cooling solution and our value ad is higher. So wanted to get a sense around 57:22 57 minutes, 22 seconds when the qualifications are done with probably say the hyperscalers the incremental orders do we get a higher 57:30 57 minutes, 30 seconds chance with the same hyperscaler or do we is it like a each project is a fresh fight like wanted to understand that 57:38 57 minutes, 38 seconds second thing is we've been very vocal in our earlier calls that we'll be staying stay staying away from very heavy projects citing probably the FGD as a 57:48 57 minutes, 48 seconds one of our less ence then this recent 16 of that probably we have taken it has got 57:57 57 minutes, 57 seconds very long delivery timelines so wanted to understand what was our thought process behind this and if you may allow 58:04 58 minutes, 4 seconds I have one more questions but yeah yeah so Nikl I think the data center piece I think I've spoken enough there 58:11 58 minutes, 11 seconds have been multiple questions I think uh I I've clarified as much as we can I don't have anything to add beyond that 58:18 58 minutes, 18 seconds uh nothing specific on the parts that you had to ask on that one but however we'll add on the heavy projects or the 58:26 58 minutes, 26 seconds 16 and the super critical order that this thing I think super critical we have been earlier uh clarifying that uh 58:34 58 minutes, 34 seconds we are staying away from uh uh possible you know uh possible challenges in our c 58:41 58 minutes, 41 seconds abilities to execute uh any uh any uh superc critical orders on the public sector side uh and had shown our 58:49 58 minutes, 49 seconds preference and inclination to execute uh on the private sector side. Uh and I think you'll see that this one is on the private sector side. Um and so yes, the 58:58 58 minutes, 58 seconds margin concern that we had I think is something that we have I have commented earlier on the call already. Uh yes uh it is it's a slightly long cycle order. 59:08 59 minutes, 8 seconds uh but I think this is a sort of a breakthrough as well for us in terms of uh the super critical business and sets up our capability to execute more on 59:17 59 minutes, 17 seconds this particular space. Um and I think yes we are seeing this more this opportunity as an our ability to get 59:24 59 minutes, 24 seconds into this space as well as execute it profitably. I'll I'll I'll stop there. Thanks. 59:33 59 minutes, 33 seconds Thank you. That was the last question for the day. I now hand the conference over to the management for closing comments. 59:43 59 minutes, 43 seconds Yeah. Uh thanks. I think I have nothing more to add. I think I hope I have been able to answer the questions today on the call. Thank you and we'll look 59:50 59 minutes, 50 seconds forward to seeing you again in the quarter one call. Thanks. 59:56 59 minutes, 56 seconds On behalf of TAM Capital, that concludes this conference. Thank you for joining us and you may now disconnect your lines.