Bmw Industries Ltd (NSE: BMW) Q3 2026 Earnings Call dated Jan. 30, 2026
Corporate Participants:
Sanjeev K Sancheti — Investor Relations, Uirtus Advisors
Harsh Bansal — Managing Director
Analysts:
Unidentified Participant
Ronak Osthwal — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to BMW Industries Limited Q3 and 9 months FY26 earnings call hosted by Arihant Capital Markets Limited. As a reminder, 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 you need assistance during this conference call please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Ronak Ositwal from Arihant Capital Markets Limited. Thank you. And over to you sir.
Ronak Osthwal — Analyst
Thank you. Hello and good afternoon to everyone. On behalf of arihant Capital Market Ltd. I thank you all for joining into quarter three FY26 earnings conference call of BMW Industries Ltd. Today. From the management we have Mr. Harsh Bansal the Managing Director Mr. Vikram Kapoor the CFO and Mr. Sanjeev Sancheti, Investor Relations of Curitas Advisors.
So without any further delay I will hand over call to Mr. Sanjeev sir for their opening remarks. Over to you sir.
Sanjeev K Sancheti — Investor Relations, Uirtus Advisors
Thank you. Good afternoon to all the participants. Before I hand over the call to Mr. Hajj Mansal for the opening remarks I would like to draw your attention to the Safe harbor statement in the earnings presentation. I request each one of you to kindly go through the presentation now before the Q and A starts so that you are well aware of the same. Request you to go through the Safe harbor statement very carefully.
Over to you Mr.
Harsh Bansal — Managing Director
Thank you sir. Good afternoon everyone and thank you for joining us for BMW Industry Limited’s Quarter 3 FY26 earnings call. This quarter marks an important step forward for the company with tangible progress across our strategic initiatives and operating performance. We are pleased to share that our greenfield downstream steel complex at Bokaro is progressing well and during the quarter achieved financial closure by tying up 500 crores of long term debt financing from a consortium led by the State bank of India along with HDFC and YES Bank. Reflecting strong lender confidence and a key inflection point as we transition from a largely conversion based model to an integrated downstream steel processing business.
Thank you. Turning to financial performance, operating income for quarter 3 FY26 stood at 162.16 crores growing 9.9% year on year and 11.9% quarter on quarter. Operating EBITDA for Q3 FY26 was 3855 lakhs up 6.8% y on y with an operating EBITDA margin of 23.8% profit after tax for the quarter stood at 17.61lakhs reflecting a 16.3% quarter on quarter improvement on a year to date basis. Operating income for nine months FY26 stood at 455.73lakhs with operating EBITDA of 106.90lakhs and a margin of 23.5%. Our balance sheet remains strong and well positioned to support the ongoing CAPEX cycle.
Net Debt stood at232.31 lakhs with net debt to operating EBITDA at a comfortable 1.63x and net debt to equity at 0.3x, providing adequate financial headroom. As on 31st December 2025, ROCE stood at 10.1% and ROE at 8.5% reflecting the ongoing capital deployment for the Bukaro greenfield project and the transition phase ahead of commissioning. Operationally, our CRM segment witnessed a strong rebound with dispatches increasing 18.1% sequentially supported by improved offtake, firm pricing and better demand conditions. In parallel, we continue to build out our proprietary downstream business and establish early stage sales network positioning us well for a smooth integration with the commencement of first phase sales from Bokaro by early FY27.
We reaffirm our medium term growth guidance over the next three fiscals we anticipate consolidated revenue to grow at a CAGR of approximately 75% driven by the phased commissioning of Bokaro Greenfield project as well as the organic growth in our existing business verticals. Operating EBITDA is expected to grow at a CAGR of 45% over the same period with operating EBITDA margin stabilizing at around 11% by FY28. As we progressively integrate our new and existing business lines, it is important to contextualize our margin outlook within the evolution of our revenue model. Historically, our conversion based business has delivered operating EBITDA margins in the mid-20s largely due to minimal raw material exposure.
As we transition to an integrated downstream processing model, our cost structure will naturally evolve. Steel inputs will now form a part of our cost base with raw material cost comprising approximately 80% of revenue. Consequently, consolidating operating EBITDA margins will moderate as the legacy business blends with a more input intensive model. However, this should not be viewed as a deterioration in performance but rather reflects a conscious pivot towards scaling volumes, deepening value chain integration, getting closer to customers and enhancing stakeholder value.
We encourage investors to assess margin trends alongside absolute value creation. While margins may normalize, the top line is expected to expand materially and profit after tax is projected to grow in the range of 35 to 40% CAGR over the next three fiscals with PAT margins stabilizing at approximately 5% by FY28, resulting in a return on capital employed of 15% or more. With the greenfield expansion progressing as planned, we remain confident in our ability to enhance operating resilience, diversified our revenue base and deliver sustainable long term value to our stakeholders.
With that, I will now open for questions. Thank you.
Questions and Answers:
operator
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 their touch tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
Our first question is from the line of Bhavesh, an individual investor. Please go ahead.
Unidentified Participant
Good afternoon, Mr. Bansal. My first question is on the revenues. Did the current quarter include any trading revenue and if. Yes. So could you quantify the trading component and its margin profile versus the core manufacturing revenues?
Harsh Bansal
Hi Bhavish, welcome back. This is going to be a very short answer. No, it does not include trading revenue.
Unidentified Participant
That’s great. So we can see an increase of revenue this quarter. So going forward we can expect the same in. Same increase in Q4.
Harsh Bansal
Yes.
Unidentified Participant
So. So with the, with only the Q4 remaining in the financial. Do you believe that the full year revenue guidance is still achievable? Like specifically if we expect Q4 revenues to exceed 200 crores so that your guidance will be met?
Harsh Bansal
I think we are well on track to do that. Yeah.
Unidentified Participant
Okay. So we can expect a good, good, good revenues in the Q4 better than.
Sanjeev K Sancheti
Are you. I mean what you’re trying to say is that will we achieve 400, 200 crores Q4 revenue?
Unidentified Participant
Yeah, because, because if, if you, if you have given a revenue guidance of 15. So is that achievable in the. If we do 200 crores in the fourth quarter, can we expect that to happen? Not a specific number, but at least that 15.
Harsh Bansal
I was just coming to that. I’m not sure whether I can give you a specific number, but needless to say, I think the trajectory will continue.
Unidentified Participant
Perfect. Perfect. Also, could you share the current unexecuted order book as of date and the expected execution timeline over the next three to four quarters?
Harsh Bansal
You know the, our order books are more time based than specifically value based. The values are more indicative than anything else. So the CRM contract remains for five years. The tube contracts as earlier indicated remains for I think three years. And the extension in the TMT contract is for 12 months which means till November 26. And the volumes which have. Sorry, the values which have been indicated earlier remain conservatively on track.
Unidentified Participant
Understood. So coming to your contract part. So in your FY26 Q3 press release you had mentioned the contract being in the final stage stages of the negotiations with a key customer with expectations of normalization in volumes. So could you update us on the current status of the contract and with the volumes have started stabilizing
Harsh Bansal
we are. Talking about the TMD contract if I’m not wrong.
Unidentified Participant
Yes, there was. I guess it is. It was with the Tata Steel.
Harsh Bansal
I mean most of my contracts are with Tata Steel. So that is a kind of a given. But yes, the TMT contract has been renewed and it’s a 12 month contract. For now we are discussing longer term options. And yes, the volumes have stabilized albeit a little lower. But they have stabilized.
Unidentified Participant
Okay. And sir, in this quarterly presentation in one of the segment other segment has grown about but 95.6% year on year. So could you explain what this segment comprises and the reason for such a sharp increase in the quarter? Should we consider this increase in other segment as a one off or do we expect a structural improvement and sustained contribution from this segment in the coming quarters?
Harsh Bansal
So you know the others include some of the smaller plants and smaller revenue streams. And the reason why we don’t put them into individual is because they were too small to put. However, going forward as and when they continue to get larger we will consider splitting them into their own verticals. But needless to say yes these are there is an increase in those businesses and those plants as well. And therefore that is reflected over here.
Sanjeev K Sancheti
Because even Q2 26 was 20 to 23 crore, it’s been consistently increasing. If you look at Q2 526 then it was 22.23.35.
Unidentified Participant
Okay, got it. Okay. So thank you for answering the questions. I’ll get back in with you.
Harsh Bansal
Thank you Bhavish.
operator
Thank you. Participants who wish to ask questions may press star and one. Now our next question comes from the line of Rohan Baranwal from Deep Investments. Please go ahead.
Unidentified Participant
Hello. Thank you for the opportunity. Sir. My question is on the operational highlight side. So looking at a presentation which has been published so the overall like installed capacity utilization is underutilized. And ignoring the incremental capacity you had in the pipes and tubes tube segment the capacity like utilize at 30%. So is there any like challenges you are facing on the demand side or like because of the steel prices?
Harsh Bansal
Thank you Rohanji for that question. So typically in pipes and tubes and the kind of conversion business that we do the capacities will get created before they are integrated into the customer supply chain. In our case we have created the capacity and we are very very confident that the customer supply chain will ramp up to that. In the best case scenario because of the variability, the size, changing the number of SKUs, a good amount of capacity utilization would be in the range of let’s say about 60 to 65%. So from here on we can easily double the utilization and we are fairly confident about that. On the CRM complex like we spoke about, the volumes have started picking up and we are hopeful of meetings our long term averages.
Unidentified Participant
Got it sir. And a follow up question on the pipes and tubes segment only like as you said you would be like enhancing your capacity utilization to 60 to 65%. So when can we expect that and what would be the like the plan for increasing this utilization? So how will we be able to at this size?
Harsh Bansal
So there are two parts of that question Rohanji. So one is that we had indicated that before the end of the financial, sorry the fiscal year we will get to about 7 lakh capacity. We are well on track to do that and when we get together for the next quarterly con call I am sure I will be able to update you on that enhancement. That is one. The second is that the capacity utilization of 60 to let’s say 65%. We are working with the customer to see how soon can we ramp up what are the different bottlenecks whether it’s logistics, transportation, wherever we can help them de bottleneck and enhance.
Additionally There are new SKUs, there are existing SKUs which are manufactured at various locations by the customer. How to rationalize that, what’s the cost value etc. So I don’t want to put a specific number on that but suffice to say that over the next two years we hope to achieve. We hope to achieve it.
Unidentified Participant
And sir, on the new greenfield capacity side like on the Bukaro project. As. We can see in the presentation you have like the total project cost would be close to 800 crores. So how this like how this capacity would be funded through and can you also give some more like highlight on the PLI scheme side as well.
Harsh Bansal
So the proposed funding is already a part of the presentation Ronji, if you see we have indicated that 70% is debt and 30% is equity internal generations of that. So the 803 is actually split into two parts of 748 and I think 55 or something. The 748 the debt has already been tied up with As I mentioned, SBI, HDFC and yes, bank of 500 crores. And the balance we are already working on that will be tied up as well. The consent to establish on the balance because it involves pickling and used handling of assets took a little more time but it’s now with us and we started working on that.
What was the other part of the.
Sanjeev K Sancheti
Second part of the question? Can you repeat?
Unidentified Participant
My second part of the question was on the side of legs. Okay, so question was mainly on the like the funding of this debt and also like what would be the finance cost of this debt? Sir.
Harsh Bansal
I’m not sure whether I can give you an exact number but it’s very competitive. Below, below 8%.
Unidentified Participant
Got it sir. And so like this greenfield capacity is actually focused on. On towards the value added product side like the high margin business. So what could be what, what is the incremental margin we can see from this color coating or gal volume or these galvanizing products.
Harsh Bansal
So you know I will not get into the specific individuals but as I’ve indicated the you know the top line growth and the bottom line growths have been broadly done. Bokaro plant will include a range of finished products which includes galvanized galvalume, zam and color coated. So it’s very difficult to give you specific product wise margins. On a blended level. We’ve indicated 11% EBITDA and 5% PAT.
Unidentified Participant
Got it sir. Okay, so I have some new for few more questions I will get in the queues so that others could ask questions.
Harsh Bansal
I am absolutely okay to continue Rohanji. Whatever you want.
Unidentified Participant
Okay, sure. So just. On the pipes and tube segment only what would be the like the. The contract expiry for this production and what like how diversified the volumes are that can you give some more lights on like the customer or the product mix changes on the flight, sir?
Harsh Bansal
I understand your question Rohanji but you know this is a tolling business where my customer is Tata Steel.
Unidentified Participant
Okay.
Harsh Bansal
And I don’t think I can comment on Tata Steel’s customers.
Unidentified Participant
And so what is the expected ramp up profile for each major product line for the Bokaro plant? And like how does we compare it with our internal assumptions for the IRA calculations?
Harsh Bansal
So again I think you know between first quarter of FY27 and Q4 of FY27. All the lines will go into operation one by one. And on the specific IRR calculations I’m not sure I can comment on that at the this point here.
Unidentified Participant
And sir, any guidance on the side of revenue contribution coming From Bukaro in FY27 28 and further.
Harsh Bansal
We’Ve given a blended revenue guidance. But beyond that I would refrain.
Unidentified Participant
Got it. Okay. And is there any backward integrated like integration with the Bukaro plant With the existing CRM or TMT operations in terms of sourcing or shared services or logistics. What kind of synergies we can play on this side, sir?
Harsh Bansal
I mean in due course we will look at optimizing on synergies. But as of now these have not been assumed.
Unidentified Participant
Thank you very much. I think that’s answered major majority of my questions. Thank you very much.
Harsh Bansal
Thanks Ronj.
operator
Thank you. A reminder to all the participants, if you wish to ask questions you may press star and one. Our next follow up question is from the line of Bhavesh, an individual investor. Please go ahead.
Unidentified Participant
Thank you for the opportunity, sir. So on the Greenfield Bokaro plant. Are we still on track for commissioning of phase one by April 2026? And should we expect meaningful revenues in the same quarter?
Harsh Bansal
So number one, Babiji. Yes, we are on track. Number two, considering this is a completely new business and we will be sourcing some of our raw materials to begin with. There is a ramp up phase. There will be meaningful revenues. For me, I am not sure as an investor if you will find it meaningful here.
Unidentified Participant
No, no. If it crosses like 200, 250. If it crosses a two way 20, 30% mark.
Harsh Bansal
I don’t want to get into the individual shortterm kind of guidance.
Sanjeev K Sancheti
I think we have given an overall guidance.
Unidentified Participant
75%. I agree that 70%. So to achieve that 75% next year you should cross 1200 crores.
Harsh Bansal
It’s not. It’s not. It’s not next year, Babaji. It’s over the next two years.
Sanjeev K Sancheti
So it’s a cagr.
Harsh Bansal
It’s a cagr.
Sanjeev K Sancheti
It is. It need not be exactly equal every year.
Harsh Bansal
Which is why we’ve given a two year indication and not year wise.
Sanjeev K Sancheti
Because the ramp up of capacities are going to happen over the period. Right?
Unidentified Participant
That’s a three year. Right. Three or seven years.
Sanjeev K Sancheti
With the base of FY25, it is three years. But if when we come to 26, it will become two years. So with the base of whatever guidance we have given is given on the base of 25.
Unidentified Participant
5. Right. Right.
Sanjeev K Sancheti
Once the project is fully commissioned we will come back with a more precise guidance for the next financial year.
Unidentified Participant
Understood? So. So here you will be producing a lot of products, different products. So. But I want to understand the difference between zinc, aluminum, magnesium, which is designed products and the color coded sheets. So if I have to differentiate between two products, which will be the highest margin product? Will it be Zam or will it be the color coded sheets?
Harsh Bansal
Come again, just the last part please.
Unidentified Participant
Highest. So highest margin between these two products. Which, which one would it be?
Harsh Bansal
So you know, if you look at the value addition profile of the complex, the base metal is cold rolled material which will then be converted to galvanized or galvalume or xam. Galvanized is zinc with some minor alloys. Galvalume is a substantial amount of aluminum and XAM is zinc, aluminium plus about 3% of magnesium. In terms of value addition. These three, either of them can then be used as a base metal for color coding. So that becomes ppgi, PPGA or PPZ pre painted. All three products. And because that is the highest value addition in the plant, I mean that kind of answers your question. The flexibility then allows us to change between the finished products to depending on whichever gets us the highest margins.
Unidentified Participant
Understood? Understood. So this plant is being developed on your own land. So if you could share the approximately approximate land area in acres. So. So that we can get an idea how big is the land.
Harsh Bansal
So the land has been leased from the Jharkhand Industrial Area Development Authority. There are two separate plots across the road. So the primary plant which is a 755 crores investment is a 40 acre plot. And the balance where the pickling and the asset regeneration facility are, that’s about a five acre plot.
Unidentified Participant
So it is not owned?
Harsh Bansal
No, it’s leased.
Sanjeev K Sancheti
It’s a long term lease.
Harsh Bansal
It’s a long term lease from the government.
Sanjeev K Sancheti
That’s most of the businesses manufacturing are long term reasons. Only
Unidentified Participant
in one of your calls I remember an investor asking you about the land. So you said it is available. But I wasn’t sure whether you told him about whether it is owned by the company or whether it is leased. So I
Sanjeev K Sancheti
can go back to that. You can go back to that call and check. But
Harsh Bansal
it’s not owned by us. I doubt if I would have said it’s owned by us.
Sanjeev K Sancheti
Available could be either way, right?
Harsh Bansal
Yeah.
Unidentified Participant
So what, what will be the lease cost for this land?
Harsh Bansal
Very, very detailed, specific. It’s difficult for me to give you exact numbers on this. You know, I don’t Babe, I don’t want you coming back to me three calls later and said. [Foreign Speech]
Unidentified Participant
[Foreign Speech] But I just wanted to understand what, what will be the explanation?
Harsh Bansal
I think, I think the lean, the, the least cost in Jha, the lease prices in Jharkhand. Again this is a, this is not a land that we recently took because the land has been with us for some time. So it will be very difficult for me.
Unidentified Participant
Understood? Understood, Understood. It’s an old land and you are just putting like a building plant on it now. And it’s a 40 year, 40 acre land. So it’s a huge project. I feel now a huge, huge land. 40 acre means.
Harsh Bansal
[Foreign Speech]
Unidentified Participant
[Foreign Speech] A 40 acre is like quite, quite a big project. I feel now 800 crores.
Sanjeev K Sancheti
[Foreign Speech]
Harsh Bansal
No. So the, the goods land will be handling close to 6 lakh tons of steel per annum. And a lot of the steel will go through multiple processes. So we need a substantial amount of land to not only move the material around but for the facilities, for the auxiliary facilities. And we must also remember that, you know, because of the laws and everything we have to have our green belt which covers about 30% of the land as per regulation. So yes, so there is a, you know, internal movement etc. Etc. So we do need land for.
Unidentified Participant
So this is a very long term. Not, not like three, five years.
Harsh Bansal
No, no, no, no. These are all 30, 35 year leases which are in our case it is a renewable lease. The government in my view does a 30, 35 year lease so that people don’t just take the land and hoard it in case the investments have been made. There is genuine reasons. The government in all the cases that I know tends to renew it again and again.
Unidentified Participant
Got it, got it. So coming to a debt side, so when do you expect peak debt levels and how should we think about the trajectory of interest cost over the next few quarters? And what would be the expected debt to equity ratio?
Harsh Bansal
So the, you know, the debt on account of the Bukaro project will affect the cash flow. It will not affect the. Sorry, the interest will affect the cash flow. It will not affect a lot of the other issues. Because this is all going to be capitalized initially. Initially.
Unidentified Participant
So.
Harsh Bansal
Yeah, please, please.
Unidentified Participant
So now currently we are paying 5, 5.5 crores per quarter. So can we expect this to increase to like 10 or 15 crores?
Sanjeev K Sancheti
So boss, very simple. Once we are fully capitalized, we will have about 500. Our project cost is 800 and 500 is debt. Right? On that 500 debt you we said the interest rate is sub 8% now you have all the data for you to understand that 500 into 8% is the.
Unidentified Participant
But you will be getting the PLI money also. No.
Sanjeev K Sancheti
So the interest question has got nothing to do with the PLI question. Right. They are two separate question.
Unidentified Participant
So if you. If you get it after. After one or two years, some part of the money you can just repay and get the.
Harsh Bansal
Obviously, I think. I think we are getting into.
Sanjeev K Sancheti
Into operations,
Harsh Bansal
into operational issues which are beyond my control. You know, when I get the pli, I don’t get the pli. You are free to assume I’ll get it next year, but I may not get it. I may get it after two years.
Unidentified Participant
Okay.
Harsh Bansal
So these are guidances. Do not take PLIs and incentives into account for that specific reason. You know, most banks have a clause that any incentives, anything coming from the government need to be used to pay down the loan. And like any other organization, we do the same. But. And as. And when those do come in, the debts are paid down, the interest costs will go down. We are talking about a year period. And during that period one. You know, I am not qualified to comment whether the interest rate cycle will go up, it will go down, what will happen? So for me to make a detailed comment on quarterly interest costs etc is not fair.
Unidentified Participant
Got it, sir. So last question. When do you plan to list shares on nse?
Harsh Bansal
So we are working at it. Hopefully, you know, we’ll be able to give you good news.
Unidentified Participant
Perfect. Thank you so much for answering all the questions all the way.
operator
Thank you. Our next question comes from the line of Manjari, an individual investor. Please go ahead.
Unidentified Participant
Hello.
Harsh Bansal
Hi, Manjari.
Unidentified Participant
Hi. Is my voice audible?
Harsh Bansal
Yeah, very. Thank you.
Unidentified Participant
Okay. So sir, I want to ask that. Management previously has retained that 75% CAGR over the next three years divined by the Bureco. So please can you quantify the expected revenue contribution like from Boraco in FY2728, 29 and under, please.
Harsh Bansal
So Manjiriji, I just indicated that we have not given a specific Bukaru and existing business breakup. We have given a blended guidance till FY28. And I would like to just stick to that.
Unidentified Participant
Okay? Okay. And sir, with the shift towards input intensive downstream model, how are you planning to secure HR or sourcing? And what percentage of raw material is currently passed through versus exposed to the price volatility?
Harsh Bansal
So the first question of sourcing of raw material. You know, the reason for choosing of Bokaro included the proximity to Bokaro steel plant. Bokaro Steel plant is one of the largest flat steel units in the country which provides this kind of raw material, hot rolled coils. Also, you know you have Jamshedpur, Tata Steel which is very close. And then you’ve got the steel ecosystem in Odisha which includes Tata Steel, Kalinganagar, Tata Steel, Angul JSW and Jindal Steel. So we are looking at a range of options from where one can procure hot rolled materials and the, you know, because we are not manufacturing the steel, we are not so much exposed to the volatilities beyond the inventories that we hold.
The market moves for value added materials. The market moves more in a data fashion. So if HR prices go up along the chain, all prices start to go up. If they go down, all prices start to go down. And so exposure to price volatility is extremely limited.
Sanjeev K Sancheti
Yeah, it’s limited to the stock that you already have which you have to then convert.
Harsh Bansal
Yeah. But then again in that also if you look at it from a longer term perspective on an annual basis, it kind of balances.
Unidentified Participant
Okay. Over the medium term. Will you see Baracko evolving into multi product downstream hub and like what additional investments would be needed to move up the value chain?
Harsh Bansal
So you know, as of now, Manjari Ji, I think we’ve got a plate kind of full till FY30 to ramp up and optimize our product mix as we have indicated. So galvanized, galvalume, color coated and XAM. Now going beyond 30 at this point is too far in the future to take a shot. But the first priority is to ramp up. The second priority is to optimize and, and I think till FY30 we are set for that.
Unidentified Participant
Okay. Okay. And so is the Burako land and infrastructure design with future brownfield expansion in mind. And what additional capex would be required to scale capacity beyond the current plan?
Harsh Bansal
So the first part. Yes. The second part, because I don’t specifically know what kind of CapEx I need, I am unable to put a price on that. Like I said, we are currently in FY26. I do not have additional capex plans till FY30. So I, you know, I really can’t put a number on that.
Unidentified Participant
Okay sir. And so based on your like management expectations and compare and downstream downstream steel projects, what is the expected ramp up curve for Burako in first 12 to 24 months?
Harsh Bansal
So we are looking at. Complete ramp up by FY28 and by FY30. Why? I say there will be a lot of optimizing that will happen. There will be you know, fine tuning there will be debottlenecking. But yes, FY28, we hope to achieve a fair bit of the ramp up.
Unidentified Participant
Okay, so that would be my last question. Thank you so much and all the best.
Harsh Bansal
Thank you.
operator
Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one now. As there are no further questions, I would now like to hand the conference over to management for closing comments.
Sanjeev K Sancheti
Thanks a lot. Appreciate for joining this call on a Friday evening. Really appreciate and have a great weekend. Looking forward to the budget.
Harsh Bansal
Thank you all so much for taking the time out and encouraging us. Like always, I look forward to seeing all of you next quarter. Once again, thank you.
operator
Thank you. On behalf of arihant Capital Markets Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.