Tilaknagar Industries Ltd — Q3 FY26

Tilaknagar Industries Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=KwPDGEUG5n4 Published: 3 months ago

0:00 Ladies and gentlemen, kayan welcome to the Telaknagar Industries Limited earnings conference call. As a reminder, 0:08 8 seconds all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should 0:16 16 seconds you need assistance during the conference call, please signal an operator by pressing start and zero on the touchstone phone. Please note that 0:23 23 seconds this conference is being recorded. I now hand the conference over to Mr. Sadhhat Rangar from CDR India. Thank you and 0:30 30 seconds over to you sir and thank you for joining us on Taratnagar Industries quarter 3 FI26 earnings conference call. We are joined 0:39 39 seconds today by chairman and managing director Mr. Amit Tahanukar chief 0:47 47 seconds uh and Mr. Aayesh Pande and Mr. Rajesh Chri chief financial officer of the company. We shall commence with views 0:56 56 seconds from Mr. Rammit Dhanukar on the closing of the Imperial Blue acquisition performance and financial highlights followed by a brief commentary from Mr. 1:04 1 minute, 4 seconds Desh Pande on the integration of Imperial Blue and the strategy going ahead. This shall be followed by an interactive question and answer session. 1:13 1 minute, 13 seconds Before we commence, I would like to state that certain comments made on today's call could be forward-looking in nature and a disclaimer to this effect has been included in the results 1:21 1 minute, 21 seconds presentation that is available on the stock exchange website and which has been mailed to you. I would now like to request Mr. Dhanuka to make his opening remarks. Over to you. 1:32 1 minute, 32 seconds Uh good evening everyone. Happy to have you all join us on this earnings call to discuss the quarter 3 FI26 results. 1:41 1 minute, 41 seconds This is also the first quarter where we will report on the performance of Imperial Blue business division. 1:48 1 minute, 48 seconds We completed the acquisition of Imperial Blue on 30th November and the current quarter's financials include Imperial Blue for the month of December 2025. 1:57 1 minute, 57 seconds I will provide an update on the current quarter's performance which will be followed by AMEA taking you through the integration of Imperial Blue. In the 2:06 2 minutes, 6 seconds very first month of Imperial Blue under TI ownership, we achieved a combined secondary sale of 2.1 million cases in southern India in the month of December. 2:16 2 minutes, 16 seconds This resulted in TI emerging as the largest prestige above IMFL player with a 32% market share. 2:23 2 minutes, 23 seconds Specifically on IB TI delivered an impressive volume of 1.8 million cases in December across India. 2:32 2 minutes, 32 seconds On the back of this promising start, we are confident of restoring IB's leadership position and make it India's largest selling whiskey. 2:40 2 minutes, 40 seconds During quarter 3, our overall volumes increased by 76.1% on a year-on-year basis, reaching 5.3 million cases. 2:49 2 minutes, 49 seconds Excluding IB, our volumes increased by 16.8% to reach 3.5 million cases. 2:56 2 minutes, 56 seconds For the 9 months ended 31st December 2025, the volumes increased by 40.5% to reach 11.9 million cases and excluding 3:05 3 minutes, 5 seconds IB, the volumes increased by 19.5% to reach 10.1 million cases. 3:11 3 minutes, 11 seconds I will now cover the financial performance for quarter 3 FI26 and 9 months FI26. 3:18 3 minutes, 18 seconds We have witnessed a strong growth of 90.5% on year-on-year basis to reach a net revenue of 6 664 crores. Adjusted 3:28 3 minutes, 28 seconds for subsidy, we recorded a growth of 89.2%. 3:33 3 minutes, 33 seconds EITA stood at 110 crores for quarter 3 FI26 clocking a growth of 82.3% and margin of 16.6%. 3:43 3 minutes, 43 seconds Adjusted for subsidy, the EIT grew by 49.6% 6% to reach 90 crores, a 14% margin on the combined business. 3:52 3 minutes, 52 seconds For the 9 months ended December 25, our revenue grew at 43.1% to reach 1,471 4:00 4 minutes crores. Adjusted for subsidy, we still clocked a growth of 39.5% to reach 1,413 4:08 4 minutes, 8 seconds crores. In the same period, EITA grew by 50% to reach 265 crores. Adjusted for 4:16 4 minutes, 16 seconds subsidy the EITA was 206 crores a 28.5% increase visa v the preceding 9 months 4:24 4 minutes, 24 seconds we have incurred an exceptional expense to the tune of 169 crores during quarter 3 fi26 on account of transaction related costs and TSMA fees. 4:36 4 minutes, 36 seconds In terms of our portfolio related updates during this quarter we launched our luxury whiskey 7 islands pure malt 4:44 4 minutes, 44 seconds whiskey in the state of Maharashtra and certain export markets. 4:48 4 minutes, 48 seconds This was soon followed by launch in Purucheri. 4:52 4 minutes, 52 seconds Seven islands is inspired by the city of Mumbai which was earlier seven islands joined by the sea. It contains four mold 4:59 4 minutes, 59 seconds spirits from Himalayas, Vindyas, Spaceside and lands. Each adding a distinctive characteristics. 5:07 5 minutes, 7 seconds While we are reaching new heights with the acquisition of Imperial Blue and launch of luxury products under house of TI, we continue to also focus on the 5:15 5 minutes, 15 seconds brandy market with an aim to maintain category leadership. 5:19 5 minutes, 19 seconds With a significant stronghold in two of the largest IMFl categories, we are now truly a pan India and PAN category PNA focused player. 5:30 5 minutes, 30 seconds On the debt side, we have taken on debt to the tune of 2,100 crores from banks and NBFCs. 5:37 5 minutes, 37 seconds The loan is subject to principal moratorium for the first two years of the six years tenure followed by a ballooning repayment structure with 5:46 5 minutes, 46 seconds majority principle only due in the last year. 5:50 5 minutes, 50 seconds During the year we have received 2,93 crores as a part of the preferential issue. This includes proceed proceeds 5:58 5 minutes, 58 seconds received in the current quarter upon initiation of warrant conversion by all public investors. 6:05 6 minutes, 5 seconds Warrants held by the promoter group will be converted during the upcoming fiscal year. 6:10 6 minutes, 10 seconds on capex related to our Prague bottling unit. We are expecting the expanded facility to be commissioned in the fourth quarter of the current fiscal. I 6:19 6 minutes, 19 seconds now hand over to Amea to take you through the integration of Imperial Blue and provide guidance on the future performance. 6:28 6 minutes, 28 seconds Thank you. Very warm welcome to everyone joining us today evening. As mentioned by Mr. Dhanukar, we completed the 6:35 6 minutes, 35 seconds acquisition of Imperial Blue on 30th November 2025. 6:39 6 minutes, 39 seconds As disclosed to the exchanges, the consideration paid to pera was rupees 3442 crores of which 182 cr rupees was 6:49 6 minutes, 49 seconds towards closing adjustments primarily relating to inventory taken over by us and prepaid expenses. There is another 6:58 6 minutes, 58 seconds euro28 million to be paid to the seller after 4 years of closing. That is in fiscal year 30. 7:07 7 minutes, 7 seconds On the operations front, we are in the midst of an exercise to integrate the Imperial Blue business with our existing business. We have hired a big four 7:16 7 minutes, 16 seconds consultant to assist us with operational integration and a boutique HR consultant from a human capital and cultural integration perspective. 7:25 7 minutes, 25 seconds As mentioned earlier, we have taken TSMA support services from Perno Ricard while the labels under TI name are being 7:32 7 minutes, 32 seconds registered. We are planning a phase-wise exit from TSMA with the aim of getting significant operations under TI belt by Q4 FI26. 7:45 7 minutes, 45 seconds With the increased scale of business, we have also carried out organizational restructuring at the top management level. With significant portion of 7:54 7 minutes, 54 seconds talent acquisition completed, we now have a fully built team to deliver continued success. 8:01 8 minutes, 1 second We are also entering into new bottling and vendor arrangements to ensure business continuity and minimal disruption during the changeover period. 8:10 8 minutes, 10 seconds During the integration phase, we are also undertaking cost-saving initiatives for the Imperial Blue business, which will result in margin expansion by 250 8:19 8 minutes, 19 seconds to 350 basis points on the acquired business over the next 24 months. 8:25 8 minutes, 25 seconds With Imperial Blue under our belt, the distribution network now gives us access to 200 million plus cases opportunity in 8:33 8 minutes, 33 seconds the Indian alcob market. Our strategy to lead the premiumization trend is anchored by dual engine. The strength of 8:41 8 minutes, 41 seconds our existing portfolio and a robust NPD pipeline. This leadership is further accelerated by a partnership with 8:49 8 minutes, 49 seconds Spaceman Spirits Lab which positions us to capture the market through targeted luxury launches. 8:55 8 minutes, 55 seconds I would now like to take some time to provide some guidance on the combined business going forward. 9:02 9 minutes, 2 seconds Even amidst integration exercise, we expect to register a high singledigit volume growth for IB in Q4 FI26. 9:12 9 minutes, 12 seconds Despite a strong start for TI for IB under TI ownership, the brand will witness a low to mids singledigit volume 9:19 9 minutes, 19 seconds degrowth in FI26 as compared to FI25 on account of tepid performance in the 8 months preceding the acquisition. 9:29 9 minutes, 29 seconds For FI27, we expect a high singledigit to low double-digit volume growth for the combined business, which will be 9:36 9 minutes, 36 seconds followed by low double-digit volume growth over the next couple of years. In terms of margins, we expect the 9:43 9 minutes, 43 seconds consolidated EITA margins to expand by 150 to 250 basis points for the combined business over the next 24 to 36 months. 9:53 9 minutes, 53 seconds As highlighted earlier as well, we expect the net debt to EITA ratio going down below one time by FI29. 10:02 10 minutes, 2 seconds With that, I would now request the operator to open the call for Q&A. 10:08 10 minutes, 8 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone 10:16 10 minutes, 16 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a 10:25 10 minutes, 25 seconds question. Ladies and gentlemen, we will wait for a moment while the question cue assembles. 10:38 10 minutes, 38 seconds Participants to ask a question please press star and one. 10:49 10 minutes, 49 seconds The first question is from the line of Benitesh from Alpha Investors. Please go ahead. 11:04 11 minutes, 4 seconds Wangesh, please go ahead with a question. Your line is unmuted. 11:20 11 minutes, 20 seconds I'm really very sorry but we are unable to hear you. 11:33 11 minutes, 33 seconds Mr. Wenites may be requested to please check your line and rejoin the queue. 11:38 11 minutes, 38 seconds Ladies and gentlemen to ask a question please press star and one. 11:44 11 minutes, 44 seconds The next question is from the line of Karan Kamar from Choice Institutional Equities. Please go ahead. 11:51 11 minutes, 51 seconds Hello sir. Uh I just wanted an update on Imperial Blue now that the transaction is complete. What sort of margins are we 11:58 11 minutes, 58 seconds looking at XIB as well as including IB and what what are the prospects going ahead? 12:07 12 minutes, 7 seconds Yeah. So uh current as you would have seen uh the the presentation has just gone up the earnings presentation right 12:14 12 minutes, 14 seconds and in the presentation we have mentioned the steadystate uh margin of imperial blue before acquisition which is around 11.7%. 12:25 12 minutes, 25 seconds Right now as per the guidance that I've just provided we are looking at a 250 to 350 basis points increase over and above 12:33 12 minutes, 33 seconds that level uh over the next 24 uh months or so when it comes to the entire sorry 12:41 12 minutes, 41 seconds yeah yeah sorry go ahead so 11% just for Imperial blue right yeah 11.7% is Imperial blue which is 12:49 12 minutes, 49 seconds expected to expand by 250 to 350 basis points over the next 24 months And from a combined business perspective 12:58 12 minutes, 58 seconds including TI which today till Q2 was doing 15 odd% uh if you look at the 13:05 13 minutes, 5 seconds combined business you're looking at 150 to 250 basis points expansion that's combined business over 15%. 13:15 13 minutes, 15 seconds Combined business yeah we we are talking about 150 to 250 basis points on the combined business. So if 13:23 13 minutes, 23 seconds you just do a weighted average right then on steady state basis with 11.7% for IB 13:31 13 minutes, 31 seconds it would come to somewhere around uh 13% 12 and a half to 13%. Right? So assuming 13:39 13 minutes, 39 seconds 13% as the combined business we are guiding to a 150 to 250 basis points expansion over and above that over next two years. 13:50 13 minutes, 50 seconds That's that's very nice to hear sir. So additionally what kind of synergies do we expect with this acquisition and do 13:58 13 minutes, 58 seconds we sort of expect Frit Labs to also use these synergies and go become a more national brand or are we thinking of launching more whiskey products. 14:10 14 minutes, 10 seconds So with the spaceman investment we are already currently you know distributing the spaceman brands namely samsara jin 14:16 14 minutes, 16 seconds and sitara rum in various markets. Of course post acquisition of imperial blue now our access to markets has has 14:24 14 minutes, 24 seconds increased significantly and we will now leverage on this distribution network not only for the spaceman products but our existing product portfolio as well. 14:37 14 minutes, 37 seconds Okay. So any plans to launch more whiskey brands or is that out of the question for now? 14:44 14 minutes, 44 seconds No, organically we will launch certain whiskey brands in segments which we see as promising over the next couple of quarters. 14:54 14 minutes, 54 seconds So currently when when we mentioned that we are looking at a 200 million plus cases opportunity, right? uh we are 15:03 15 minutes, 3 seconds obviously looking at other uh segments uh price points profitable price points to enter into. 15:11 15 minutes, 11 seconds Got it. Got it. And uh last question sir if you can give me a sense on any stress that you see in any micro markets or any 15:19 15 minutes, 19 seconds states that you are worried about right now any risk you see to this expansion. 15:25 15 minutes, 25 seconds No at this point you know we are not seeing any stress in any particular markets. Of course, our current focus is 15:32 15 minutes, 32 seconds fully on operational integration at the current moment and as we had mentioned earlier also we feel that it is a it's been a slightly underinvested brand for 15:42 15 minutes, 42 seconds the last four to five years. So we will look at revamping our investments in ANSP across markets. 15:50 15 minutes, 50 seconds Okay sir. Thank you. I'll get back in the queue. 15:54 15 minutes, 54 seconds Thank you ladies and gentlemen. to ask a question. Please press star and one. 16:02 16 minutes, 2 seconds The next question is from the line of Wenitesh from Alpha Investors. Please go ahead. 16:07 16 minutes, 7 seconds Uh good evening sir. My question is regarding the NSR for uh IB business and for Kakagar industry. 16:20 16 minutes, 20 seconds Hello. 16:22 16 minutes, 22 seconds So, so basically the combined business NSR is 1242 per case, right? This is uh 16:30 16 minutes, 30 seconds the IBNSR is 136 per case. IB is 1300. Okay. 16:37 16 minutes, 37 seconds Yeah. And even XIB NSR right has expanded from 1161 per case in Q3 of 16:45 16 minutes, 45 seconds FI25 to,9 in uh in this quarter. 16:51 16 minutes, 51 seconds Okay. And another question is regarding the quality of the IV brand. Uh like comparatively 16:58 16 minutes, 58 seconds to past like 3 four years back the quality was very nice. Right now the quality of the IV alcohol is like it's 17:06 17 minutes, 6 seconds not that good compared to the other brands of allied brand or any other like comparison. 17:17 17 minutes, 17 seconds So we cannot comment specifically on these observations. I think all I would say is that the IB brand has a 30-year legacy and is the third largest selling 17:25 17 minutes, 25 seconds whiskey in in India at the current moment. So I think that's an enough testimony that the quality is well 17:32 17 minutes, 32 seconds appreciated and acknowledged by millions of consumers across India and globally as well. 17:39 17 minutes, 39 seconds Okay. And what will be the growth rate for the IB brand for this year and next year? 17:45 17 minutes, 45 seconds So we are guiding towards a combined business. Right. So we are uh as mentioned in my opening commentary for 17:53 17 minutes, 53 seconds uh FI27 we are looking at a high singledigit to low double digit kind of volume growth 18:00 18 minutes uh and there onwards you're looking at low double digit volume growth. The revenue growth would be approximately 18:09 18 minutes, 9 seconds 150 to 200 basis points over and above the volume growth. Okay, that's from my s. Thank you. 18:19 18 minutes, 19 seconds Thank you. The next co question is from the line of H gori from choice equities. 18:24 18 minutes, 24 seconds Please go ahead. Um hello. Thank you for the opportunity. Uh I wanted to know about uh you mentioned uh about PRA distillery uh to be on 18:33 18 minutes, 33 seconds track uh fully operational by this this quarter of 2026. 18:38 18 minutes, 38 seconds That's so and uh are we expecting the fully operational 3.6 6 million cases to start from this quart of or the or rather the first quart of 27. 18:49 18 minutes, 49 seconds Yeah, that would be uh uh that would be right. uh we will commission the project by the end of this quarter of the uh of 18:57 18 minutes, 57 seconds Q4 uh right and uh whilst in the first quarter we may not look at 100% uh 19:04 19 minutes, 4 seconds utilization right away right but uh over the the course of the year uh safe to assume that we will have almost full 19:13 19 minutes, 13 seconds utilization of the plant okay got it and uh any license fees pending uh our tech pending to be paid for this distillery. 19:24 19 minutes, 24 seconds Yeah. So there is certain uh around high single digit to low double digit kind of uh in crores, right? Around 10 odd 19:31 19 minutes, 31 seconds crores of uh investments still to be done. The license fees have been fully paid. 19:38 19 minutes, 38 seconds Okay. Got it. Uh and also wanted to know about your views on the uh industry wide with Telangana dues uh faced by the 19:46 19 minutes, 46 seconds industry. So uh your views on that and how is Tilaknagar facing the same and what what is your outlook on on the same? 19:55 19 minutes, 55 seconds So we are on par with the industry. Of course it is been a matter of concern in terms of the increased receivables which 20:03 20 minutes, 3 seconds we are having from the government but as a company and as part of larger industry associations we are actively in touch 20:12 20 minutes, 12 seconds with the government authorities to expeditially clear this overdue. 20:17 20 minutes, 17 seconds Okay. Got it. And one last question. uh you mentioned uh you are looking at to revamp the uh IP business and invest in u so any guidance for uh what what 20:27 20 minutes, 27 seconds percent of the revenue are you looking at for&p so uh he uh there is an increase in that 20:35 20 minutes, 35 seconds we will be doing but we are not guiding towards what that will be but when we provide a guidance a wider guidance of 20:43 20 minutes, 43 seconds of 250 to 350 basis points increase that is taking into consideration the DNP reinvestment. 20:51 20 minutes, 51 seconds Okay. Okay. Got it. Thank you. That answers our question. Thank you. 20:58 20 minutes, 58 seconds Participants to ask a question please press star and one. 21:10 21 minutes, 10 seconds Ladies and gentlemen to ask a question please press star and one. 21:16 21 minutes, 16 seconds The next question is from the line of Ajay Takur from Anandraati Securities. Please go ahead. Hello. Uh thanks for taking my question. 21:25 21 minutes, 25 seconds I want to understand bit more on the um Maharashtra made um in in terms of you know the brands which have already come 21:32 21 minutes, 32 seconds through. What kind of impact are we seeing because of the MML uh brands? um has we seen some kind of you know um a 21:41 21 minutes, 41 seconds faster growth for those brand versus the MFL segment and what kind of impact is that having in terms of both the demand 21:50 21 minutes, 50 seconds and in terms of the margins on our brands? Yeah. 21:56 21 minutes, 56 seconds So MML has been introduced in Maharashtra in August and of course that segment is currently it is evolving but 22:04 22 minutes, 4 seconds it has certainly had an impact in the relevant category for imperial blue which is a prestige category where we 22:11 22 minutes, 11 seconds have seen the segment as a whole has degrone by 25 odd percent. But uh I 22:17 22 minutes, 17 seconds think as of now currently Imperial Blue is maintaining its market share in that relevant segment. But of course there's 22:24 22 minutes, 24 seconds been a volume decline in view of this new category of MML which has been introduced. Uh I must also add that the 22:31 22 minutes, 31 seconds introduction of MML has been or rather is being contested by certain industry associations as I am given to understand and the matter is subjudice. 22:42 22 minutes, 42 seconds Understood. Understood. Um so um in just to get bit more color um are we still 22:49 22 minutes, 49 seconds seeing that MML is kind of ramping it up and has it kind of you know stabilized now or is it still you know kind of ramping it ramping in terms of the numbers. 23:01 23 minutes, 1 second So AJ our understanding is that MML is growing anywhere between 5 to six lakh cases per month. uh right now uh not 23:10 23 minutes, 10 seconds really sure whether this is uh the peak or there is still growth to come right it's still pretty evolving in terms of 23:18 23 minutes, 18 seconds masony in terms of the the segment u having said that we'll just wait and watch and 23:25 23 minutes, 25 seconds frankly take it as it comes understood 23:31 23 minutes, 31 seconds okay that's helpful um thank you Thank you 23:40 23 minutes, 40 seconds participants to ask a question please press star and one. 23:45 23 minutes, 45 seconds The next question is from the line of Vikraran Jooshi an individual investor. Please go ahead. 23:52 23 minutes, 52 seconds Hello good evening sir I'm joining this first time. Uh I'm very long-term investor in techn industry started from 24:00 24 minutes small investment and now like invested good amount of good amount in uh sir I like I'm little bit unhappy 24:08 24 minutes, 8 seconds with this talk because see uh you have done a very great job like acquiring Imperial blue and then the opportunity 24:16 24 minutes, 16 seconds got created for let's say uh by the preferential shareholders and then the warrants uh but retail investors didn't 24:24 24 minutes, 24 seconds get a chance let's say through rights the right issue or something like that. 24:27 24 minutes, 27 seconds So uh that was one thing. Second thing is uh if you see the volatility in the stock price uh even this quarter like 24:36 24 minutes, 36 seconds the revenue has been increased like a huge jump but then if you see profit margin uh that one time adjustment the 24:45 24 minutes, 45 seconds profit is negative sir. Uh so how can that be improved sir because the stock price is directly proportionate with the pro profits right? So as a retail 24:54 24 minutes, 54 seconds investor I'm not getting dividends and now because of these negative um negative profits. So I'm not sure like 25:01 25 minutes, 1 second how that stock will now uh respond to that s how that can that can be improved profitability. That is my question sir. 25:11 25 minutes, 11 seconds So, so Vikrant I think I will not comment upon the uh the performance from a stock market perspective right what we 25:19 25 minutes, 19 seconds can speak about is the operational and business performance and from that perspective I think the very reason that 25:26 25 minutes, 26 seconds most of these transitional costs are a part of the exceptional items is to provide that color to the uh to the 25:34 25 minutes, 34 seconds investors and shareholders on the actual operating performance of the company right the way uh and I think that is the 25:42 25 minutes, 42 seconds way uh you should look at it. The business has done well within the first month of Imperial Blue coming in right I 25:50 25 minutes, 50 seconds think we have done a reasonable job uh despite all the challenges of integration achieving 1.8 8 million 25:57 25 minutes, 57 seconds cases uh is by is by no means a a small task right so obviously again I'm not 26:05 26 minutes, 5 seconds going to talk about the stock market performance over here but business uh depending on what we are looking at 26:12 26 minutes, 12 seconds right now we do see that the margins are going to expand I've guided towards that as well right and hopefully that will 26:21 26 minutes, 21 seconds show through in the numbers as well going forward right right the requested like how how like can we put more focus on improving 26:29 26 minutes, 29 seconds the profit margins because even if you let's say exclude that item 169 kores the profits are if you compare to last 26:36 26 minutes, 36 seconds quarter I feel and even the results are uploaded let's say 1 minute before this call right I'm not really sure like how 26:44 26 minutes, 44 seconds we say I including like individual investor our confidence also matter right in the company performance right 26:52 26 minutes, 52 seconds so that is a requ I I don't see any individual investor for joining the calls but I'm really really long-term investor and I'm really concerned about 27:00 27 minutes the prop property we we we appreciate your support as a long-term investor and if you have been a long-term investor you would have seen 27:08 27 minutes, 8 seconds that over the five six years the company would have delivered a very good return for you know shareholders who have 27:15 27 minutes, 15 seconds stayed invested with the company for you know horizon of say 5 to 7 years and we also believe that you know to 27:24 27 minutes, 24 seconds remain invested said for another 3 to 5 years we could see similar returns going forward the company and its management is committed committed in delivering 27:33 27 minutes, 33 seconds value for the stakeholders and all the decisions which we have taken in terms of the inorganic acquisition through 27:40 27 minutes, 40 seconds Imperial blue raising more than 2,000 crores through a preferential allotment uh you know judiciously managing the balance sheet while going through this 27:48 27 minutes, 48 seconds acquisition I think that is all keeping in mind the long-term interests of all our stakeholders Right. Right. Just the 27:55 27 minutes, 55 seconds only request was like how can we create opportunity for indeed like the retail investor as well like if we if we could have let's say raise like done the 28:03 28 minutes, 3 seconds rights issue as well that that because other companies if you see like lot of companies going through the rights issue right so that benefits the retail so 28:11 28 minutes, 11 seconds maybe in future uh I know like and I appreciate your the vision and efforts that you have put in because it the 28:18 28 minutes, 18 seconds acquiring of beh Thank you. That's it Thomas. 28:25 28 minutes, 25 seconds So just to you know complete my narrative I think during the fund raise the board contemplated various fundraising measures and it's in its 28:34 28 minutes, 34 seconds wisdom it decided to go ahead with a preferential allotment which was duly approved by board and then by shareholders as well. 28:47 28 minutes, 47 seconds Thank you ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to management for closing comments. 28:58 28 minutes, 58 seconds Thank you everyone for your continued trust and participation. Quarter 3 FI26 marks a defining milestone in Tilapager 29:05 29 minutes, 5 seconds Industries's journey with the successful acquisition and in initial integration of Imperial Blue significantly enhancing our scale, reach and category presence. 29:16 29 minutes, 16 seconds While the integration phase will remain a key focus over the coming quarters, we are confident that the combined strength of our portfolio, expanded distribution 29:24 29 minutes, 24 seconds network and disciplined financial approach will enable us to drive sustainable growth, improve margins and steadily delever the balance sheet. We 29:33 29 minutes, 33 seconds remain committed to building a truly panindia premium focused Alcov company. 29:38 29 minutes, 38 seconds Thank you once again for your time and continued support today. We look forward to staying closely engaged with you in the coming quarters. 29:46 29 minutes, 46 seconds Thank you on behalf of Dilaknagar Industries. That concludes this conference.