Transformers and Rectifiers India Ltd — Q4 FY26

Transformers and Rectifiers (India) Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=p56lSYolv-E Published: 3 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to Transformers and Rectifiers India Limited Q4 and FI26 conference 0:08 8 seconds call hosted by Noama Wealth Management Limited. This conference call may contain forward-looking statements about the company which are based on the 0:17 17 seconds beliefs, opinions and expectation of the company as on date of this call. These statement are not the guarantee of 0:24 24 seconds future performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participant 0:31 31 seconds line will be in the listen only mode and there will be an opportunity for you to ask question after the presentation conclude. Should you need assistance 0:39 39 seconds during the conference call, please signal an operator by pressing star then zero on your touchstone 4. I now hand the conference over to Mr. Vikram Vikram 0:48 48 seconds Datwani from Noama Wealth Management Limited. Thank you and over to you. 0:54 54 seconds Thank you. Good evening everyone. On behalf of Nwaba Institutional Equities, I welcome you all to the Q4 FY26 results 1:03 1 minute, 3 seconds conference call of Transformers and Rectifiers India Limited. We are joined today by Mr. Satyan Mamura, managing director and CEO and Mr. Mayun Sha, CFO. 1:15 1 minute, 15 seconds I would now I would now like to hand over the call to the management for their opening remarks. Thank you and over to you sir. 1:23 1 minute, 23 seconds Good evening ladies and gentlemen. I am Satya Mamura, managing director and CEO of Transformers Electrifies India Limited. Thank you for joining us today 1:32 1 minute, 32 seconds for our FI26 earnings call. We are pleased to connect with you as uh you as we close another year with a remarkable 1:40 1 minute, 40 seconds performance in terms of all key parameters and happy to share our performance highlights both for Q4 and 1:48 1 minute, 48 seconds full year. As you are aware that our board of directors had approved the audited financial results for the quarter year ended 313 through 2026 1:57 1 minute, 57 seconds and the same has been uploaded on our website of stock exchanges along with investors presentation. The financial 2:05 2 minutes, 5 seconds year 2025 and 26 uh has further strengthened tariff's position as a leader in transformer industry as the 2:13 2 minutes, 13 seconds company achieved robust operational and financial performance through operational efficiency process excellence effective financial 2:20 2 minutes, 20 seconds management strategic growth in initiatives and technological developments and strong corporate 2:26 2 minutes, 26 seconds governance as a this has resulted into su second successive year of giving record-breaking revenue and 2:34 2 minutes, 34 seconds profitability numbers. We have achieved highest ever production in the company's history, manufacturing 33,763 2:43 2 minutes, 43 seconds MBA, up from 229,118 MBAs in FI26. This has directly translated into record high revenue 2:51 2 minutes, 51 seconds growth supported by strong execution and healthy diversified order book. This year we have been intentionally 2:57 2 minutes, 57 seconds selective in taking new orders as as now the company has decided to take orders which are more lucrative in 3:06 3 minutes, 6 seconds terms of profitability, payment terms and flexibility in delivery types. 3:11 3 minutes, 11 seconds We deliberated we deliberately moderated fresh order in during the year to align with extended deliveries delivery 3:18 3 minutes, 18 seconds schedules and capacity planning. In spite uh of that our total order inflow 3:25 3 minutes, 25 seconds FI26 stood at 2374 crores. This robust inflow has resulted in an executed order book of 5,000 plus 3:34 3 minutes, 34 seconds kores as as of March 31st 2026 ensuring clear revenue visibility for 3:40 3 minutes, 40 seconds the next 18 months. During the uh year the company has received HBDC transformer repair order from PGCR which 3:48 3 minutes, 48 seconds makes Terren the first Indian company to to get an order of such nature. We are highly energized by this order as it is 3:57 3 minutes, 57 seconds it will pave the way forward for tariffs entry into HBDC sector upon successful completion of this order. Such types of 4:05 4 minutes, 5 seconds orders strengthens the company's position as industry leader and enhances customer trust. We are pleased to inform 4:11 4 minutes, 11 seconds you that all our uh fully automated detail facility has uh got approval from 4:18 4 minutes, 18 seconds PGCR. Now we have initiated the pro process of getting our tank manufacturing facility approval from PGCR also. Apart from uh apart from our 4:28 4 minutes, 28 seconds capacity expansion at Changod Mora, we are also ramping up our testing facility to cope up with the higher number of uh 4:36 4 minutes, 36 seconds transformers at those plants. As you are well aware that we have tested a record number of transformers during FI26 both 4:45 4 minutes, 45 seconds in terms of MVA in in total units underscoring our internal capabilities of streamlined operations. The backward 4:52 4 minutes, 52 seconds integrated integration journey is is well on course. Site readiness is progressing well and the plant and machinery orders for the long lead items 5:01 5 minutes, 1 second have already been placed. This backward integration along with technological tie up with our uh with will enhance our in-house capabilities, reduce our 5:09 5 minutes, 9 seconds dependency on external sources and improve our supply chain resilience. 5:15 5 minutes, 15 seconds We have already started getting CRG from our newly acquired CRG processing unit. 5:20 5 minutes, 20 seconds So all in all backward integration journey is well on track and to deliver its results in the very near future. 5:26 5 minutes, 26 seconds These steps will further increase our margin profile by 150 to 200 bps. 5:33 5 minutes, 33 seconds Looking ahead, we as we transition into 20 uh FI27, our focus remains firmly on strong order book execution through 5:42 5 minutes, 42 seconds continued operational efficiency, leveraging our expanded capacity, further consolidating our resources and sustain sustainable improving margins. 5:52 5 minutes, 52 seconds Our long-term vision to become 1 billion revenue company within next few years remains intact 6:01 6 minutes, 1 second and we are confident of achieving it through consist uh consistent execution, customer ccentric innovation and robust financial discipline. 6:10 6 minutes, 10 seconds Our strategies include tendering backward integration, investing in automation and digital transformation 6:16 6 minutes, 16 seconds focusing on clean sustainable energy solutions in line with India's power sector ambitions with with strong 6:24 6 minutes, 24 seconds fundamentals, industry-leading capabilities and high quality orders in pipelines. We are well positioned to navigate the opportunities and 6:32 6 minutes, 32 seconds challenges of the coming year. On behalf of the entire leadership team, I 6:39 6 minutes, 39 seconds extend my heartfelt gratitude to all our stakeholders, customers, employers, suppliers, board members and investors. 6:47 6 minutes, 47 seconds Your continued trust and support remains the cornerstone of our journey. Together we are building a future ready organization 6:55 6 minutes, 55 seconds that not only leads in the transformer industry but also contributes meaningfully to India's evolving energy landscape with uh and Vix Barat by 20447. 7:05 7 minutes, 5 seconds Thank you once again for joining us today. I now hand over the mic to our CFO Mr. Mahul who takes you through the financial performance of the company in greater detail. Thank you J. 7:20 7 minutes, 20 seconds Yeah, good evening to everyone who are present over this investor con call to discuss quarter 4 financial year 26 uh financial performance of the company. 7:29 7 minutes, 29 seconds Thank you Satin sir for your insight for leadership remark and for setting the strategy context right for the current quarter. It gives me a great pleasure to 7:38 7 minutes, 38 seconds discuss with you all our quarter 4 financial year 26 performance. A quarter that clearly reflects the strength of our execution capabilities, resilience 7:47 7 minutes, 47 seconds of our business model and the benefits of strategic initiative that we have been implementing over the past several quarters. I am pleased to report that 7:56 7 minutes, 56 seconds quarter 4 has been a strong quarter for the company which is showing consistent improvement across all the key financial parameters. Revenue on the standalone 8:05 8 minutes, 5 seconds basis from the operation stood at INR 752 KES as compared to INR 740 KES of 8:12 8 minutes, 12 seconds quarter 425. The growth was driven by the higher capacity utilization, timely execution of order, improvement in 8:19 8 minutes, 19 seconds supply chain management. The momentum seen during the last couple of quarters will given us confidence for the next quarters of consistent improved 8:27 8 minutes, 27 seconds performance. AITA for the quarter came to rupees INR 117 crores with the margin of 15.1%. 8:36 8 minutes, 36 seconds The margin is slightly down due to uh additional increase in the employee cost on account of ESOPS. Profit after tax 8:44 8 minutes, 44 seconds stood at INR 77 cr reflecting not only the strong operating performance but also the discipline financial management across the organization. 8:54 8 minutes, 54 seconds Revenue on the standalone basis for the full financial year stand at INR 2395 8:59 8 minutes, 59 seconds K as compared to INR 1950 KES uh for the full financial year. AITA for the year 9:06 9 minutes, 6 seconds come at around uh 370 K with the margin of 15.1% profit after tax stood at 9:14 9 minutes, 14 seconds around 225 crores with the margin of 9.2%. 9:18 9 minutes, 18 seconds Further uh on the consolidated basis revenue for the quarter stood at 783 9:25 9 minutes, 25 seconds crores against INR 737 Kores during quarter 4 financial year 25 AITA stood 9:31 9 minutes, 31 seconds at INR 141 Kores and P at 91 Kores on the basis of full financial year uh 9:38 9 minutes, 38 seconds consolidating number revenue is 25509 crores up from 2019 Kores AITA student 9:45 9 minutes, 45 seconds INR 444 KES and PAT is around 272 crores. Importantly, quarter 4 also 9:52 9 minutes, 52 seconds marks a turning point in terms of consistent growth with margin sustainability. We are very much confident of maintaining the improved margins due to our capacity expansion, 10:01 10 minutes, 1 second backward integration plan and structure marginal margin improvements. The backward integration facility and the developments are expected to further 10:10 10 minutes, 10 seconds enhance the cost efficiency and reduce external dependency over the medium term. Looking forward, we enter the next 10:18 10 minutes, 18 seconds financial year with strong visibility of our order books, new capacities coming on board, starting of our backward integration projects. Our order book 10:26 10 minutes, 26 seconds remains robust, execution pipelines are healthy, and the plant utilization levels are expected to remain for the full financial year. Before I conclude, 10:36 10 minutes, 36 seconds I would like to express my sincere appreciation to our team across operation, finance, supply chain projects for their relentless focus and 10:44 10 minutes, 44 seconds execution excellence. I would also like to thank our board and investor for their continuous trust and support as we work towards building a strong, more 10:52 10 minutes, 52 seconds resilient and a future ready organization. With that, I conclude my remarks. Thank you once again for joining us today. We are now happy to take your questions. Thank you. 11:03 11 minutes, 3 seconds Thank you so much sir. 11:05 11 minutes, 5 seconds We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to 11:14 11 minutes, 14 seconds remove yourself from the question cube, you may press star and two. Participants are request to use handsets while asking 11:20 11 minutes, 20 seconds a question. Ladies and gentlemen, we'll wait for a moment while the question Q assembles. 11:32 11 minutes, 32 seconds The first question comes from the line of Aishit Vijay from Global Consulent Research. Please go ahead. 11:39 11 minutes, 39 seconds Yeah. Hi. Am I audible? Yeah. Yes. Yes, sure you are. 11:44 11 minutes, 44 seconds Yeah. uh um when I was seeing the results I can see that the cost of materials consumed has increased a bit disproportionate to the revenue and I'm 11:52 11 minutes, 52 seconds guessing that this is because of the copper uh price surge due to the farmers disruption. Could you throw some more 11:59 11 minutes, 59 seconds light on what other raw materials is disrupted due to this closure? 12:06 12 minutes, 6 seconds Uh aix mainly uh copper is slightly disturbed. 12:14 12 minutes, 14 seconds Other than that uh not because of uh uh hormones uh issue but uh because of uh 12:24 12 minutes, 24 seconds over booking for all other uh uh like bush uh ancillary parts like bushings and stuff. there is a slight 12:32 12 minutes, 32 seconds disturbance. Uh plus uh you know the porcelain uh 12:38 12 minutes, 38 seconds is made in gas fired uh clean the gas is also becoming slightly problem. So there 12:46 12 minutes, 46 seconds is there are certain issues that we are facing because of uh hormones but not very much. 12:54 12 minutes, 54 seconds Um okay sure. And uh one more thing is that uh we are foring into HBDC and I 13:01 13 minutes, 1 second wanted to understand the competitive landscape uh in HBDC from you. I've seen that lot of MNC players are already in 13:09 13 minutes, 9 seconds the thing. What is the competitive advantage that we have? 13:13 13 minutes, 13 seconds Uh so there are only four major players in HBDC. 13:18 13 minutes, 18 seconds uh AB uh Hitachi, Semens, GE and uh 13:27 13 minutes, 27 seconds I think uh TBA but FTVA is not able to compete in with us 13:34 13 minutes, 34 seconds in the uh other tenders only three major competitors are there. Uh other than 13:41 13 minutes, 41 seconds that we are the only players who are uh who will be entering into HBDC. 13:48 13 minutes, 48 seconds Um I'm sorry but I couldn't quite deciper what the competitive advantage was. 13:54 13 minutes, 54 seconds Uh HBDC is a very uh highly technical uh 14:02 14 minutes, 2 seconds product and because of the limited number of players in this HBDC uh uh 14:10 14 minutes, 10 seconds side uh you know the margins are also better in HBDC. 14:17 14 minutes, 17 seconds Okay. Um, sure. I was also reading Simmons's con call that only about like one to two tenders are floated every 14:26 14 minutes, 26 seconds year for HBDC. So, what are our odds on getting that contract compared to these four players that you just mentioned? Uh 14:34 14 minutes, 34 seconds so uh yes the currently there are only about 1 to two tenders of HBDC but going 14:41 14 minutes, 41 seconds further the number of tenders that are going to be in pipeline should be around 10 to 12. Each uh tender should have 14:49 14 minutes, 49 seconds about three units of HBDC. So there is a good scope in HBDC in the near in the future coming future and by that time we 14:58 14 minutes, 58 seconds will also be successfully uh empanled in HBDC transformers. 15:05 15 minutes, 5 seconds Okay. Yeah. Thank you very much. Thank you. 15:12 15 minutes, 12 seconds Our next question comes from the line of webishra from filmister. Please go ahead. 15:17 15 minutes, 17 seconds Uh hello sir. Good evening. Uh sir my question is regarding this West Asia conflict. Uh I mean uh how can it affect 15:26 15 minutes, 26 seconds or is it affecting us in any way like uh supply chain or uh from the delivery side? Uh are we uh affected in any way from this? 15:36 15 minutes, 36 seconds No. Basically uh see if you look at our export number etc. there is very minimal exports that what we are currently doing 15:44 15 minutes, 44 seconds and uh from the west uh Asia region there is a very minimal import that has been coming to India for us. So there is 15:53 15 minutes, 53 seconds no major impact as far as this conflict is confirmed concerned. So the only uh issue that we we are looking at is 16:01 16 minutes, 1 second availability of uh uh uh gas for which uh for our fabrication units and stuff 16:10 16 minutes, 10 seconds like that but uh we are mitigating those issues also. 16:15 16 minutes, 15 seconds All right sir and sir regarding the guidance m actually in the last three quarters I think this is the second quarter where we have missed our 16:23 16 minutes, 23 seconds guidance like revenue guidance was I think 2600 crores in uh to recall it was told and uh uh also order book uh it was 16:33 16 minutes, 33 seconds very confident he said that closing order book will be 8,000 crores but it's still 5,000 crores so what is leading to 16:40 16 minutes, 40 seconds this recently I mean the drill I mean has the history of northern missing its guidances. So what is happening and for the last two three quarters? 16:51 16 minutes, 51 seconds So uh see we are deliberately not taking uh orders currently because uh we want 16:59 16 minutes, 59 seconds to as we have we have previously told that we want to limit our exposure to not more than 18 to 24 months and we 17:09 17 minutes, 9 seconds want to be very selective in which orders we take in terms of delivery and in terms of the price that we quote. So 17:18 17 minutes, 18 seconds we are being extremely selective of what orders to take and we do not want to take any order which is beyond 24 months of delivery. 17:28 17 minutes, 28 seconds So uh that is where we stand at right now. As long as we do not uh we are not 17:35 17 minutes, 35 seconds free for uh next 24 months we do not want to take any further orders. 17:42 17 minutes, 42 seconds Okay. I think because we want to be extremely selective in for that 17:49 17 minutes, 49 seconds s was uh in the last sol and that we were selective and we were targeting we are maintaining our stand that we do 17:58 17 minutes, 58 seconds not want to take any orders that are beyond 24 months. 18:03 18 minutes, 3 seconds All right sir and sir our backward integration plans that we have for the next time in Q1 Q23 Q4 four quarters are 18:10 18 minutes, 10 seconds they on track? time in is there any change in timelines of them? 18:15 18 minutes, 15 seconds No, no, that is all is on track. Uh we already started the site preparation uh plant machinery which is having a higher 18:22 18 minutes, 22 seconds lead time has already been ordered. So by say starting of next financial year you start the impact of this backward integration plans that we have. 18:35 18 minutes, 35 seconds Next one last question sir uh regarding FO27. So uh uh the uh the revenue uh target that we have in mind for April 27 18:44 18 minutes, 44 seconds or the uh I mean um consolidated margins that we are targeting for. 18:51 18 minutes, 51 seconds So I think as of now we have not uh say finalized what we will be looking at but we can what we can say is around 3,250 K is what we are looking at currently. 19:05 19 minutes, 5 seconds All right sir. Okay. Thank you so much sir and all the best for the future. Thank you. Thank you. 19:12 19 minutes, 12 seconds Our next question come from the line of Bala Subramanyan from Aryan Capital Market. Please go ahead. 19:19 19 minutes, 19 seconds Uh good evening sir. Uh thank you so much for the opportunities. So I'm trying to understand uh gross margin 19:25 19 minutes, 25 seconds side in FI 206 we have a gross margin of 31%. 19:31 19 minutes, 31 seconds Sorry 31 32% kind of range. uh we are trying to reach 35% by FI28 and 40% with 19:39 19 minutes, 39 seconds deeper integration. So I'm trying to understand uh like how this uh gross margin improved in terms of RIP pushing 19:48 19 minutes, 48 seconds internalizations CTC internations uh CRG sourcing efficiency and price which item 19:56 19 minutes, 56 seconds counts are the most ratings if you could uh share some clarity on that. 20:03 20 minutes, 3 seconds Yeah. So uh basically currently you are right we are at 30 31% margin and uh due to this capacity expansion that what we 20:12 20 minutes, 12 seconds are doing at our Changangodar and Moria project plus the efforts that has been uh done to uh do the operational 20:21 20 minutes, 21 seconds efficiencies etc. This will give us some uh margins in terms of for next say two three two to three years plus the 20:29 20 minutes, 29 seconds backward integration plans which will start from the next financial year which will also give us some say 200 to 300 pips of uh additional margin. So that's 20:38 20 minutes, 38 seconds how we are looking at around say 35% margin. I found this on the web. 20:47 20 minutes, 47 seconds Yes sir. uh sir I think uh already mentioned uh we are on track on for backward integrations so I'm trying to 20:56 20 minutes, 56 seconds understand I think we have a uh 60% increasing capacity of NA and how uh I 21:03 21 minutes, 3 seconds think the industry issues not remain resolved in terms of supply constraint so whether we have all the sourcing 21:11 21 minutes, 11 seconds agreements or MOU already in place uh for the incremental CRU pushing the CTC volumes. 21:20 21 minutes, 20 seconds Yes, we already have uh agreements in place, sir. 21:25 21 minutes, 25 seconds Okay sir. Okay. So my last question if you would help us understand and furnace transformers, renewables and green 21:33 21 minutes, 33 seconds hydrogen. On that furnace transformer side uh we have seen only market size only 200 to 300 cr despite having high technical barriers and low competitions. 21:44 21 minutes, 44 seconds Why the addressable markets is so small? 21:47 21 minutes, 47 seconds and uh like whether we can expect substantial growth in those areas. And secondly, renewable side uh the margins 21:55 21 minutes, 55 seconds are uh I think at lower level uh for renewable transformers and solar transformers are uh typically lower 22:04 22 minutes, 4 seconds margins whether we can able to see the margin improvement or volume improvement 22:10 22 minutes, 10 seconds uh in those areas and thirdly hydro. Yes sir. Go on go on with your question. 22:19 22 minutes, 19 seconds Yes sir. On the green hydrogen side I think uh we have not started uh any projects or any supplies. I'm trying to 22:26 22 minutes, 26 seconds understand whether when we can expect a demand uh from for green hydrogen side especially like uh any specific policy 22:35 22 minutes, 35 seconds or project milestone or any tender awards or any state pipeline uh approvals are in place. 22:43 22 minutes, 43 seconds Uh so uh a as far as uh renewable trans uh transformers for renewable energies is concerned see with our backend 22:52 22 minutes, 52 seconds integration and with our uh manufacturing uh mean 75,000 MVA manufacturing capacity our purchasing 23:01 23 minutes, 1 second power becomes significantly high so the margins improvement there are going to 23:08 23 minutes, 8 seconds be very high I I completely understand that Right now the there is not much margin improvement. There is no much mar 23:17 23 minutes, 17 seconds much margin improvement there. But with uh the backward integration and with purchasing power of 75,000 MBA there 23:25 23 minutes, 25 seconds should be a substantial uh decrease in our purchasing price. So this is going to affect our margins uh uh effectively. 23:35 23 minutes, 35 seconds Green hydrogen uh the projects are still not coming up live. We are also working 23:42 23 minutes, 42 seconds at a few prototype transformers which need to be short circuit tested and uh 23:51 23 minutes, 51 seconds short circuit tested and done some uh testing. So as soon as the projects come up live we will we will start getting 23:59 23 minutes, 59 seconds some uh feedback on the gene hydrogen transformers. 24:04 24 minutes, 4 seconds So on the furnace transformer side sir furnace transformer will see some improvement uh as as the steel industry 24:12 24 minutes, 12 seconds in India uh starts uh moving at a faster pace. 24:21 24 minutes, 21 seconds Okay sir. Okay thank you. 24:22 24 minutes, 22 seconds Thank you. Uh moderator can limit to one question per person please otherwise everybody won't get a chance. 24:29 24 minutes, 29 seconds Sure. Ladies and gentlemen, in order to ensure that the management will be able to address all the question from the participant, we request you kindly limit 24:38 24 minutes, 38 seconds your question to one question per participant. If you have a follow-up question, please rejoin the queue. 24:46 24 minutes, 46 seconds Our next question come from the line of Deepak Podar from Sapphire Capital. Please go ahead. Yeah, I'm audible sir. 24:54 24 minutes, 54 seconds Yes, you are audible. 24:55 24 minutes, 55 seconds Yeah, ma'am. Thank you very much for this opportunity, sir. So, I will ask two questions very quick. uh uh questions. So sir um the our capacity 25:03 25 minutes, 3 seconds got delayed right this Changodor plant now now it's slated to start by second quarter right so what's uh 25:13 25 minutes, 13 seconds so extended monsoons was one of the the biggest reasons in terms of uh delay in the 25:24 25 minutes, 24 seconds usefulness of the plant okay okay understood and and and when is the moria plant expected to come on 25:32 25 minutes, 32 seconds Mora plant we are planning after this year's monsoon. Uh so by 3Q fi 27. 25:40 25 minutes, 40 seconds Yeah. Yeah. 25:41 25 minutes, 41 seconds Okay. So ideally then your first half growth will be quite muted rate because already you no see moa we still have we 25:49 25 minutes, 49 seconds have mora plant is working at about 75% effic uh plant utilization. So we are working 25:57 25 minutes, 57 seconds on maximizing that plant utilization before we start anything else. 26:02 26 minutes, 2 seconds Okay. Understood. And and what's the capex involvement? I'm sorry to interrupt you sir but please rejoin the qu followup. Yeah you may rejoin. Thank you. 26:14 26 minutes, 14 seconds Our next question come from the line of Ashish from Leo Capital. Please go ahead. 26:20 26 minutes, 20 seconds Uh yeah so I had a question regarding the how the industry works. So how funible is installed MBA capacities 26:27 26 minutes, 27 seconds across voltage classes? Can cap capacity allocated to let's say 220 KV be redeployed to higher KV or vice versa or 26:36 26 minutes, 36 seconds are they largely dedicated voltage specific lines. 26:40 26 minutes, 40 seconds So see uh basically the capacity would there there are three things that that would uh you know for from 400 we can go 26:50 26 minutes, 50 seconds down to 20 220 from 220 we will not be able to go go up to 400. If the plant is not uh cap uh is not designed for 400. 27:01 27 minutes, 1 second So let's say testing facility, crane capacity, winding machines capacity, there are four five items which because 27:07 27 minutes, 7 seconds of which you know from 220 going up to 400 is going to be a challenge but coming down from 400 to 220 is easy. So 27:17 27 minutes, 17 seconds it's not vice versa but from 400 to 220 is it can be done from 400 uh from 220 27:24 27 minutes, 24 seconds to 400 as long as plant is not designed for 400 KV it will not happen. 27:31 27 minutes, 31 seconds Okay. So to summarize, let's say someone has a distribution uh uh transformer capacity in MBA that can't be scaled to 27:39 27 minutes, 39 seconds a EHV 220 400 and what are the limitations exactly? 27:46 27 minutes, 46 seconds uh crane capacity uh let's say uh the uh building the the height of the building 27:55 27 minutes, 55 seconds uh testing facilities there are many factors uh winding machine capabilities there are many factors that that will affect it 28:04 28 minutes, 4 seconds okay okay I got thank you thank you I'll return to you for my next question thank you 28:12 28 minutes, 12 seconds our next question come from the line of Oshel Sharma from Equinex Capital Venture. Please go ahead. 28:20 28 minutes, 20 seconds Hi sir, am I audible? Very good evening. Yes. 28:25 28 minutes, 25 seconds Yeah. So sir, my question is on your industry side like due to the extended month and approval delay in the overall 28:31 28 minutes, 31 seconds industry transition in industry. So are we uh seeing any slowdown in the capex or is it temporary like one or two quarter execution over? 28:43 28 minutes, 43 seconds No, no, there won't be any delay as far as capex plan is concerned. 28:48 28 minutes, 48 seconds Okay. And we are not facing any delay in dispatching any order of current order book and all. No. 28:57 28 minutes, 57 seconds Okay sir. Thank you. Thank you. 29:02 29 minutes, 2 seconds Our next question come from the line of Vinit from Toro Wealth Managers. Please go ahead. Hi sir. Good afternoon. 29:10 29 minutes, 10 seconds Good afternoon. So my question is uh around the the supply enhancement that has been going around in the entire 29:17 29 minutes, 17 seconds power value chain right like uh most of our vendors as well in the transformer value chain are enhancing the capacities 29:25 29 minutes, 25 seconds so I just wanted to know um if like what's our um 29:32 29 minutes, 32 seconds what's our uh view on like if we can negotiate with our suppliers when we have the increased capacity 29:44 29 minutes, 44 seconds Sorry V didn't understand your question. 29:48 29 minutes, 48 seconds So I mean I'm asking in this uh phase where the capacities are being announced by most of our vendors uh what is our position in negotiating on prices with our suppliers? 30:00 30 minutes See uh Venit honestly uh there is still uh uh handto-mouth in 30:10 30 minutes, 10 seconds terms of most of the items that uh transfer manufacturing is concerned. So we can only uh negotiate in terms of 30:19 30 minutes, 19 seconds delivery time for each equipment each uh product that we need. uh that is one of the basic 30:29 30 minutes, 29 seconds negotiations that that can happen currently. 30:32 30 minutes, 32 seconds Mhm. So okay demand is so strong that uh only we can negotiate on the delivery timelines and all that more or less same. 30:41 30 minutes, 41 seconds Yes. Yes. Got it. Thank you. Thank you. 30:47 30 minutes, 47 seconds Our next question come from the line of Yesh Gupta from Ashit Koticha family office. Please go ahead. 30:54 30 minutes, 54 seconds Sir my first question is on the capacity. Could you please help us understanding the trajectory of our upcoming capacity addition? Is it 31:01 31 minutes, 1 second reasonable to expect that around 50% of the utilization will come by H2 FI27 and uh how should we think about capacity 31:09 31 minutes, 9 seconds expansion plan over next two to three year and how cash flow will be replaced from it. 31:15 31 minutes, 15 seconds Yeah, see basically from Changodar facility will be up and running from this quarter 2 and after that we will 31:22 31 minutes, 22 seconds take up the uh this Mora plant expansion. So after uh these two plants the capacity would be uh say from 40,000 31:30 31 minutes, 30 seconds it will go up to 75,000 and how our utilation will be for uh 31:38 31 minutes, 38 seconds second half of FI 27 and 28 it would be roughly upcoming capacity yeah upcoming capacity changer will 31:47 31 minutes, 47 seconds start from the in H2 but initially it would be uh low uh since it is a new plant etc. 31:54 31 minutes, 54 seconds from this next financial year it would be running at around 75 80% capacity. 31:59 31 minutes, 59 seconds So I think by end of quarter 3 we should be almost at 80% capacity in Changangod plant. 32:07 32 minutes, 7 seconds But do you think it will impact our ITA margin in the first half and maybe Q3? 32:14 32 minutes, 14 seconds No because see our orders are already in the pipeline and uh we are working on that. So that would won't be any impact. 32:22 32 minutes, 22 seconds It will in fact definitely the quarter three numbers would be uh uh will be on a higher side because of this new 32:29 32 minutes, 29 seconds capacities but this uh say first half the numbers would not be affected by this and uh yes uh like we said before 32:39 32 minutes, 39 seconds we are very selective in what orders we want to take right now we are not taking any orders that are beyond 24 months. So 32:47 32 minutes, 47 seconds uh being selective on the number the type of orders that we are taking you know there there is not going to be any effect on the IITA of the company. 32:58 32 minutes, 58 seconds So sir higher in Q3 means in terms of higher margin or in the amount you are talking about both not margin but in terms of revenues revenue. 33:08 33 minutes, 8 seconds So margin will be this only 16.5 to 17%. 33:12 33 minutes, 12 seconds Yeah. Yeah. Margins will remain at 16.5 to 17%. Okay. Sure. Thank you sir. Thank you. 33:19 33 minutes, 19 seconds Our next question come from the line of Yarati from Mangal Queso service. Please go ahead. 33:25 33 minutes, 25 seconds Uh good afternoon and congratulations on good set of numbers. I wanted to so we are going backward integration on the 33:32 33 minutes, 32 seconds CTC plant itself. So uh just wanted to understand would that also require additional PGCR approval if we are using 33:41 33 minutes, 41 seconds that for the captive purposes into our 465 and moving forward when we get HDC approval as well we would be using a CTC 33:49 33 minutes, 49 seconds for the captive purposes. So how the PGCL approval would would look like? So [clears throat] PGCL approval will be 33:56 33 minutes, 56 seconds will definitely be need needed and uh the plant that we are putting up for CTC and the plan that we will be putting up 34:04 34 minutes, 4 seconds for pressboard both these plant are are world class plants. So we have already taken into account what what all PGCR 34:12 34 minutes, 12 seconds requires for approval of the plant and since it is our own captive consumption the approval becomes very easy in terms of from PGC. 34:22 34 minutes, 22 seconds Uh can I can we just get some timeline on the film and also [clears throat] timeline on what getting approval from PGCR? 34:30 34 minutes, 30 seconds Uh yes. 34:31 34 minutes, 31 seconds Uh I think within the month of uh starting the production capacity, we should get the approval. See as it is 34:39 34 minutes, 39 seconds PGCI we uh PGCR and we are also facing some issues regarding the uh deliveries of CTC conductor. 34:48 34 minutes, 48 seconds uh so it is of all utmost importance of PGCR also to make sure that they have one more in India which uh delivers CTC 34:57 34 minutes, 57 seconds uh production okay and just one more thing on the CTC front itself so it won't cater to our 35:04 35 minutes, 4 seconds whole production uh for the transformers so how much we would still look to outsource or it would be enough to for 35:12 35 minutes, 12 seconds our annual uh transform manufacturing capabilities so the current plan uh plan is to uh 35:20 35 minutes, 20 seconds cater to 100% need of TNR and going forward uh with certain certain more 35:26 35 minutes, 26 seconds expansion we will be also looking at uh selling in the market third party uh uh selling also we will be doing 35:36 35 minutes, 36 seconds okay understood thank you so much so we will basically be also CTC uh suppliers to other transform 35:42 35 minutes, 42 seconds manufacturers thank you. 35:47 35 minutes, 47 seconds Our next question comes from the line of Shbam Damsa from Think Site Advisory. Please go ahead. 35:57 35 minutes, 57 seconds Audible. Yes. 36:00 36 minutes Uh sir any update on the World Bank issue? 36:03 36 minutes, 3 seconds Uh we have uh we have given our Maya will give you a reply. 36:09 36 minutes, 9 seconds Yeah. So as for the timelines etc. We have filed the reply uh to the World Bank and we are awaiting the any 36:17 36 minutes, 17 seconds response also and uh recently also we have uh filed uh that uh before taking 36:24 36 minutes, 24 seconds any decision etc we should be given a opportunity to be heard in person so we are awaiting the feedback from the world bank on this. 36:34 36 minutes, 34 seconds Okay. So uh when can we accept a reply? 36:39 36 minutes, 39 seconds I think it should it should be closed in 45 days. Uh that's what our belief is. Okay. Thank you. 36:47 36 minutes, 47 seconds Thank you. Thank you. 36:53 36 minutes, 53 seconds Our next question come from the line of Abijit Singh from systematics. Please go ahead. 36:58 36 minutes, 58 seconds Uh yes sir. Thank you for the opportunity. Uh so my question is on HDP. uh what is the scope of uh our 37:06 37 minutes, 6 seconds offering in the HDC scope overall uh for example the OEM typically has about 45 to 60% of the overall project cost. So 37:14 37 minutes, 14 seconds you mentioned that you will be able to uh supply three to four units in a in a substation for HBDC. So what is the 37:22 37 minutes, 22 seconds scope and percentage of the overall project cost for HBDC for us? We didn't understand your question. 37:31 37 minutes, 31 seconds Please can you come come back again? 37:33 37 minutes, 33 seconds Yes sir. Uh I mean out of the total project cost for an SBDC uh what is our scope? What is our scope? 37:40 37 minutes, 40 seconds So let's say we are supplying HD transformer right? Three to four units per project. Yeah. 37:45 37 minutes, 45 seconds So what is that as a percentage of overall capex of the project? 37:50 37 minutes, 50 seconds That should be around 40% of overall capex of the project. 37:55 37 minutes, 55 seconds Right sir? because transformer is going to be the largest equipment and the most expensive equipment in the project. 38:03 38 minutes, 3 seconds So around 40% should be our our cost our uh right sir. 38:10 38 minutes, 10 seconds And sir when do we expect the approval from PGCL for this particular product? 38:15 38 minutes, 15 seconds So once we've successfully repaired this transformer and given back back to PGCL 38:21 38 minutes, 21 seconds after 6 months of uh working uh in satisfactory condition PGC will start 38:29 38 minutes, 29 seconds the process of approving us as one of the HBDC manufacturers in the country. 38:35 38 minutes, 35 seconds Right sir just one last thing. I'm sorry but uh please rejoin the queue for more question. Sure. 38:42 38 minutes, 42 seconds Thank you. Our next question come from the line of Kam Salon from PL Capital. Please go ahead. 38:50 38 minutes, 50 seconds Hi sir, thank you so much for the opportunity. Sir, my question is again on the HBDC space. I just wanted to understand now that we are supply now 38:58 38 minutes, 58 seconds that we plan to supply only the equipment the HUDC transformers in the in the projects and uh uh it may take 39:07 39 minutes, 7 seconds some time for the approvers to come in and at the same time uh I recall in the last few last few calls management had 39:14 39 minutes, 14 seconds mentioned that we are not really doing LCC or VAC we are trying to uh uh we are trying to come up with our own 39:22 39 minutes, 22 seconds technology so uh uh uh for next 2 3 years all the projects that are in the pipeline have already been established 39:30 39 minutes, 30 seconds whether as an LCT or VC project. So how will Tarl will be able to you know compete for these projects against the established MNC? 39:42 39 minutes, 42 seconds What is LCC project? 39:46 39 minutes, 46 seconds Uh sir technology of the uh HBDC LCC and VAT. 39:52 39 minutes, 52 seconds So uh we are coming up with our own uh process of get uh HBDC. 40:00 40 minutes Uh yeah. So so my question was the same since uh major uh there are two three projects in the pipeline right for next two to three years. So all those two or 40:09 40 minutes, 9 seconds three projects have already been decided whether they are coming with LCC technology or VSC technology. So if the 40:16 40 minutes, 16 seconds projects are coming in LCC and BSC and we are not supplying either of these technologies, how will Tarl will be able to participate in these tenders? So 40:25 40 minutes, 25 seconds basically we will have to wait for a project in uh for next four five years uh before we can participate. Is that the right understanding? 40:34 40 minutes, 34 seconds No, that is not the right. There are other projects that are coming up with uh EPC contractors also where we will be participating. 40:44 40 minutes, 44 seconds Okay. So these projects will uh the EPC contractors uh these projects will not primarily come from uh a player like PTCL. Is that right? 40:53 40 minutes, 53 seconds Yeah. Yeah. Yeah. 40:55 40 minutes, 55 seconds All right. All right. Thank you. Thank you so much. Thank you. 41:01 41 minutes, 1 second Our next question come from the line of Raj Saraf from Fin investors. Please go ahead. Am I audible sir? 41:09 41 minutes, 9 seconds Yes. Yeah. 41:11 41 minutes, 11 seconds Thank you very much for giving my opportunity sir. uh I I'm tracking and I'm uh I'm been investor in the company 41:18 41 minutes, 18 seconds since last uh two and a half years and I appreciate the journey uh the ter has going through uh but from last year uh 41:27 41 minutes, 27 seconds what I'm seeing that uh there is a delay in uh some projects if I compare the 41:34 41 minutes, 34 seconds investor presentation of FI25 and now FI26 on the chairman's comment so what I can 41:42 41 minutes, 42 seconds see that the the the keex uh all capex have been delayed by at least one year and uh all the 41:52 41 minutes, 52 seconds uh all the integrations are also delayed uh with the same timeline and even the guidance also delayed and uh when I 42:01 42 minutes, 1 second watch interview which is uh given by your director of finance Mr. Rojara so 42:09 42 minutes, 9 seconds what he guides on television and what we come through the conference call there's 42:16 42 minutes, 16 seconds a very significant difference in these two outcomes so I want your take on that 42:24 42 minutes, 24 seconds so what are you exactly referring to if if I may ask are you talking about the order input 42:33 42 minutes, 33 seconds uh sir uh there are numerous things sir like uh ordering flow. Uh what you are mentioning that we are very concerned 42:40 42 minutes, 40 seconds about the margins and the quality of the order we are taking. Uh despite questioning on the same line productive 42:49 42 minutes, 49 seconds finance he then confidently on TV interviews uh putting the number of 8,000 and close to 7,500 order book 42:58 42 minutes, 58 seconds closer by 26. The first thing the second thing the projects or capexes we are uh right now executing the timeline of the 43:07 43 minutes, 7 seconds project which is right now delayed by at least one year all the projects uh let it be uh trans or more year and uh the 43:16 43 minutes, 16 seconds third thing is the on the margin front okay what uh we are expecting as an investor from last one year that all the 43:24 43 minutes, 24 seconds projects which are right now being done will increase the margin whereas what we are going So even in the last this this 43:33 43 minutes, 33 seconds uh Q4 the recent control Q4 that we are having a greater number on 43:39 43 minutes, 39 seconds the top line the margin still consistent which we would have liked that it could have come uh the best margin of the of 43:48 43 minutes, 48 seconds the year. So that so as long as the outlook on the margin we have always maintained that the 43:56 43 minutes, 56 seconds margins will remain at 15 to 16%. We have never changed that in terms of the order book. Yes. Uh we have 44:05 44 minutes, 5 seconds miscalculated uh the orders that were supposed to be coming to us and like we say we are very 44:14 44 minutes, 14 seconds careful in selecting which orders we really want to execute. Because right now the market is such where we can uh 44:23 44 minutes, 23 seconds be slightly uh choosy about what orders to take. As far as the new projects are concerned uh there there is a there was 44:32 44 minutes, 32 seconds a delay because of extended uh monsoons which has delayed the project by one quarter. 44:40 44 minutes, 40 seconds Okay sir. And sir uh on the guidance side also sir uh initially when I will once again re reiterate that 44:48 44 minutes, 48 seconds orders input will will be very selective and we will make sure that you know we do not take orders that are beyond 24 months. 44:59 44 minutes, 59 seconds Sir line sir not on the order order book sir which now top line sir will give you an answer. 45:08 45 minutes, 8 seconds Yeah. Yeah. 45:10 45 minutes, 10 seconds So the top line which was guided in the commencement of FI26 was 3500 which was reduced uh mid year after a very subdued 45:19 45 minutes, 19 seconds duty that was again told 2500 to 2600 and even on the third third and fourth March when director finance came on 45:27 45 minutes, 27 seconds division and he retated the guidance that we are very sure that we will be closing above 4500. So uh this 100 cr 45:35 45 minutes, 35 seconds guidance is okay. uh but the confidence which has been shown uh initially in the year and right now the tone of the 45:42 45 minutes, 42 seconds management in this Q4 conference call is not matching. 45:49 45 minutes, 49 seconds Yeah, that's true that initially we have uh targeted that number but uh that has been uh later on realized and we have uh 45:58 45 minutes, 58 seconds uh category come up and uh revised that guidance during the quarter 2 conference call. 46:08 46 minutes, 8 seconds Some more point is that sir uh we are doing very phenomenally well let let us be uh it is up to you sir be 46:15 46 minutes, 15 seconds conservative and deliver more rather than being more we have we have realized raj we have realized this and that is why this year 46:23 46 minutes, 23 seconds we have given a outlook of 3250 kores not beyond that yes I appreciate this and uh thank you 46:31 46 minutes, 31 seconds very much sir I'm concerned about the company because I'm for last two and a half years. Thank you very much. 46:37 46 minutes, 37 seconds Sure. Sure. Raj, thank you. 46:41 46 minutes, 41 seconds Our next question comes from the line of Karan Gupta from ACMIL. Please go ahead. 46:51 46 minutes, 51 seconds Yeah. Hi. Yeah, it's audible. Yes. 46:58 46 minutes, 58 seconds Yeah. So, my question is more on the margin side. 47:02 47 minutes, 2 seconds uh considering the competitive bidding in the industry uh what will be the margin on a I beta 47:09 47 minutes, 9 seconds level consult basis uh over two to three years uh so this one thing is the competitive 47:18 47 minutes, 18 seconds bidding in the industry and the second thing is that you are doing the backward integration and you're seeing two to 3% 47:26 47 minutes, 26 seconds kind of uh figure in the margin you can get so my point is uh 47:33 47 minutes, 33 seconds in the next 2 to 3 years what will be the margin side it will be compensated by the backward integration you are 47:40 47 minutes, 40 seconds doing or it will improve further from the mark of 16 17%. 47:49 47 minutes, 49 seconds Yeah, see that's as we are saying that the margins will remain in the range of say 15 to 17% as currently and through 47:57 47 minutes, 57 seconds this backward integration coming up uh you may see some increase in that number uh about 200 to 300. Yes. 48:05 48 minutes, 5 seconds Yes. Okay. And what about the cash flow side? 48:11 48 minutes, 11 seconds Uh the working capital compared to F5 25 to 26 48:21 48 minutes, 21 seconds receivables and part inventory part doubled I think. So what we are doing for this working capital side how we are getting mitigated this time. 48:32 48 minutes, 32 seconds Yes. See compared to our financial year 25 numbers this definitely the uh receivable number and inventory numbers 48:39 48 minutes, 39 seconds are high on the receivable side I think due to this uh last minute say March uh 48:47 48 minutes, 47 seconds uh numbers we have missed uh certain collection so in the first less 15 to 16 days time we almost collected around 200 48:55 48 minutes, 55 seconds odds kors so there are some uh delays as far as the utilities is concerned because their uh budget etc. has uh away 49:05 49 minutes, 5 seconds by March. So they have released the payments in the new financial year. 49:11 49 minutes, 11 seconds Okay. So basically payment is got delayed. Yeah. 49:18 49 minutes, 18 seconds Okay. Thank you. 49:22 49 minutes, 22 seconds Our next question comes from the line of Dshant from DB wealth. Please go ahead. 49:27 49 minutes, 27 seconds Um so you mentioned that um we are looking at alternative sources for our gas which will help us continue our production. 49:38 49 minutes, 38 seconds What is it that we are doing to mitigate this risk right now so that our production can ramp up. 49:46 49 minutes, 46 seconds So we had invested a few years back in some laser cutting technology. We have also invested in plasma cutting 49:53 49 minutes, 53 seconds technology. So all that is coming coming online and uh you know this gas crisis has helped us uh improve our efficiency on those uh cutting CNC machines. 50:06 50 minutes, 6 seconds So instead of using gas as a power source we will be using electricity as a power source. 50:12 50 minutes, 12 seconds Yes. Yes correct. Sir is there any other way that we can uh make sure that we don't get into any problems for 50:21 50 minutes, 21 seconds expanding our capacity because uh now that we are going to a new phase of expansion this seems to be a a risk that seems to be very likely. 50:33 50 minutes, 33 seconds Uh what is the risk that we are talking about? Uh the gas risk are you talking about? I mean anything that is going to 50:42 50 minutes, 42 seconds make uh our production capacity go down or our capability to deliver go down. Gas is one of it right? 50:51 50 minutes, 51 seconds No no no there is no issue as such for the utilization of the capacities. Okay sir. 50:57 50 minutes, 57 seconds Do you see any risk in utilization of the capacities? Okay sir. Thank you so much. Thank you. 51:05 51 minutes, 5 seconds Our next question come from the line of Adidora from Sohom AMC. Please go ahead. 51:12 51 minutes, 12 seconds Hello. Hi, good evening sir. Uh so I had a question on margins. U you alluded to the fact that I think 15 16% is a good 51:19 51 minutes, 19 seconds number to look at currently. Uh structurally I just wanted to understand that most of our peers in spite of being 51:26 51 minutes, 26 seconds in low KV class are doing superior margins to us and also that they are not backward integrated. So what is the 51:34 51 minutes, 34 seconds region reason for our margins to you know be at 15 16% where majority of the peers you know are 18 19 and even 20% to 51:42 51 minutes, 42 seconds some extent. So that was the understanding which I wanted and also at a time when the transformer industry is 51:49 51 minutes, 49 seconds at an explosive growth shouldn't we be getting better margins and you know faster growth? 51:56 51 minutes, 56 seconds Yes. See uh this backward integration margins is yet to uh come into the picture. So this we are talking this 52:04 52 minutes, 4 seconds margins say of 15 17% is without this any uh margin improvement in terms of backward integration but 52:13 52 minutes, 13 seconds no no I I understand what you're trying to say but the peers also don't have backward integration that is one and secondly what I'm trying to highlight is 52:20 52 minutes, 20 seconds that peers are in relatively lower margin lower KV class while you are predominantly into 220 and above so you 52:28 52 minutes, 28 seconds know 220 and 400 is what you are targeting while if I look Majority of our peers they are getting to 220 or 400. In fact if you look at say Atlanta 52:37 52 minutes, 37 seconds I recently got into 400 vol and others are getting there. So ideally our margin structurally should be much higher than 52:45 52 minutes, 45 seconds them and I'm assuming even their backward integration leaving a site say Atlanta their backward integration is the same as us. So I don't know why our margins are at only 15% structurally. 52:57 52 minutes, 57 seconds Yes. So that's the reason why we have stopped we are very selective in terms of taking orders etc going forward. So you as you uh must have seen that this 53:06 53 minutes, 6 seconds orders we must be executing which we have taken say 12 months 15 months backs and that is the major reasons why we 53:14 53 minutes, 14 seconds have decided that yes we will not take uh any orders which is coming our way and we will be very selective in terms 53:21 53 minutes, 21 seconds of uh margins etc as well as the delivery schedules etc matching with our production lines. So that is the reason 53:29 53 minutes, 29 seconds why we would be selective and our margins will improve. 53:35 53 minutes, 35 seconds Okay. Sure. And just one thing on on your guidance going forward. Would you like to give any guidance for FI27 in terms of growth percentage if not the absolute number? 53:46 53 minutes, 46 seconds Yeah, it could be roughly around say 35 40% growth in terms of revenue. 53:52 53 minutes, 52 seconds Okay. and order book. Any any sense on that? Considering you curtailing incremental orders inflow to focus on the quality of order. 54:02 54 minutes, 2 seconds I think uh if you do 3,250 cr we will be uh let's 54:09 54 minutes, 9 seconds say I don't know uh so rather than putting this numbers we 54:16 54 minutes, 16 seconds would be like to restrict ourself to be we will take the order say up to 24 months. 54:22 54 minutes, 22 seconds Okay. Okay. And 35 to 40% is a revenue growth what you're talking for FI27. Yes. Okay. Sure. Sure. Thank you sir. 54:31 54 minutes, 31 seconds Thank you. 54:33 54 minutes, 33 seconds Our next question come from the line of Sagar Gandhi from Invesco Mutual Fund. Please go ahead. 54:40 54 minutes, 40 seconds Yeah sir. My question is on the inquiries under negot PowerPoint presentation. Uh that is 23,000 crores that you mentioned. Now 54:48 54 minutes, 48 seconds you highlighted you are looking at orders only under 24 months. So of this 23,000 crores how much is after 24 months? 54:58 54 minutes, 58 seconds After quarter 1 there should be around 18,000 uh MVA order uh inquiry that will be in 24 months. 55:09 55 minutes, 9 seconds Thank you sir. And uh sir you confirmed that the receivables that have gone up by around 410 crores of 200 crores of this 410 crores have come in the first 15 days of April. 55:20 55 minutes, 20 seconds Yeah. Yeah. That has happened right? Yeah. Yeah. Thank you. Thank you so much sir. 55:25 55 minutes, 25 seconds And that is it from moderator. We would like to take last few questions please. Sure. 55:33 55 minutes, 33 seconds Our next question comes from the line of name suff and individual investor. Please go ahead. 55:39 55 minutes, 39 seconds Yeah. Good evening sir. Thanks for taking my question. So my question would be on the order book mix. So recently we've seen a good amount of orders coming from the state util uh from the 55:48 55 minutes, 48 seconds government utilities. So could you tell us that out of the outstanding order book of 5,000 cr how much percentage 55:56 55 minutes, 56 seconds consists of this utility players and how much is the private portion? 56:02 56 minutes, 2 seconds So uh let's say around uh 55% will be uh utilities 56:09 56 minutes, 9 seconds uh 20% will be EPC contractors and remaining all uh private customers. 56:16 56 minutes, 16 seconds Okay. Got it. And uh another that now with backward integration facilities in place which will be coming into effect 56:23 56 minutes, 23 seconds from the first half of FY27 and by and latest by FY28. 56:29 56 minutes, 29 seconds So we that would lead to shorter lead times and also give us some cost advantages. So would we would we be approaching more private players who 56:37 56 minutes, 37 seconds still prefer Chinese uh suppliers for transformers or we stick to this mix? 56:44 56 minutes, 44 seconds No, we would be uh approaching many uh private uh customers but uh provided we 56:50 56 minutes, 50 seconds are getting uh you know uh deliveries and uh uh order info is going 56:59 56 minutes, 59 seconds to be quality of the order info is going to be the key area of focus in the next year. 57:05 57 minutes, 5 seconds Okay, got it. Thank you very much. Thank you. 57:12 57 minutes, 12 seconds So we'll be taking the last question from Sashi Ranjan from Anandan Capital. Please go ahead. 57:17 57 minutes, 17 seconds Good evening team. Thank you for the opportunity. I heard that uh we have order book of around say 5,000 cr above. 57:24 57 minutes, 24 seconds So in previous discussion we also learned that uh the we were not able to pass on to the rising cost because the 57:32 57 minutes, 32 seconds orders the uh the orders that was there was older one. So we couldn't revise upon the increased tariff. So how many such order uh book that we have which 57:41 57 minutes, 41 seconds are not giving us more margin of 35,000 cr rupees order book. 57:44 57 minutes, 44 seconds Uh I think everything that has been uh there we have already executed. So now we have since last 6 months we have been 57:54 57 minutes, 54 seconds very critically analyzing every order that we want to take uh and we are very selective in taking orders. So none of 58:02 58 minutes, 2 seconds the orders that are in this 5,500 kores have any uh issues in terms of our margins or uh cost. 58:12 58 minutes, 12 seconds And last one sir if you may allow what is the current uh capacity that we are running at and how far we uh intend to pull this capacity utilization in next two quarters. 58:22 58 minutes, 22 seconds So we are currently running at around 75% capacity uh which should go this year we should go at around 95% capacity. 58:31 58 minutes, 31 seconds Uh thank you so much sir. Thank you for the opportunity. 58:34 58 minutes, 34 seconds Thank you ladies and gentlemen. Due to time constraint that was the last question. Any pending question may be sent to the transformer and rectify 58:42 58 minutes, 42 seconds India limited investor relations team and they will get back to you. With that I'll hand the conference over to the management for the closing remarks. 58:50 58 minutes, 50 seconds Thank you and over to you team. 58:52 58 minutes, 52 seconds Thank you once again for joining us today. 58:55 58 minutes, 55 seconds uh I've uh extend my heartfelt gratitude to all our stakeholders, customers, employers and board members and 59:03 59 minutes, 3 seconds investors and all of you at who has attended this uh investors call. Thank you very much everybody. 59:10 59 minutes, 10 seconds Thank you so much sir. Ladies and gentlemen, on behalf of NMA Wealth Management Limited that conclude this conference. Thank you for joining us and you may now disconnect your lines. 59:20 59 minutes, 20 seconds Thank you. Thank you.