Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Ceigall India Ltd (NSE: CEIGALL) Q4 2026 Earnings Call dated May. 07, 2026
Corporate Participants:
Ramneek Sehgal — Chairman & Managing Director
Kapil Agarwal — Chief Financial Officer
Analysts:
Arun Prakash — Analyst
Vaibhav Shah — Analyst
Unidentified Participant
Unidentified Participant
Unidentified Participant
Unidentified Participant
Unidentified Participant
Unidentified Participant
Unidentified Participant
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Seagull India Limited Q4 and financial year 2026 earning conference call as a reminder, all participant line will be in the listen only mode and there will be an opportunity for you to ask question after the presentation concludes should you need assistance during the conference call please signal an operator by pressing Star then zero on your touchdown phone Please note that this conference is being recorded I now hand the conference over to Mr. Arun Prakash from Edfactor PR thank you and over to you
Arun Prakash — Analyst
Everyone Today we have with us Mr. Ramnik Sehgal Chairperson and Managing Director of CGR India Mr. A Sarvanan CEO Mr. Kapil Agarwal the CFO and Mr. Akshay Jain, VP Strategy and Planning I must remind you that this conference may include forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on the date of this call these statements are not a guarantee of future performance and involves risks and uncertainties that are difficult to predict we will begin the call with the opening remarks from the management after which we will have the forum open for the interactive Q and A session I now hand over the conference to Mr.
Ameek Sehgal for the opening remarks thank you and over to you sir
Ramneek Sehgal — Chairman & Managing Director
Good evening everyone I’m pleased to welcome you all to the quarter four financial year 26 earning call for the Seagull India Ltd. Our financial results, investor presentation and press release have been uploaded on the stock exchanges and the company’s website we trust you had an opportunity to review them the global macroeconomic environment continues to be challenging challenges geopolitical ambiguity, inflationary pressure and supply chain uncertainties persist Yet India needs to form, Modern infrastructure keeps solidifying and the growth story in the sector remains compelling the tightening of the technical and the financial eligibility norms in the bidding process, higher net worth requirement, additional performance securities and the greater emphasis on the PPP projects continue to favor established players with a proven execution capabilities and credentials these developments bode well for the company like Segal and we believe that we are well positioned to capture a meaningful share for the upcoming wave of the project at the macro level India remains one of the fastest growing major economies and the government sustained infrastructure push combined with the nation’s energy agenda provides a promising backdrop for kind of diversified EPC and developer platform we are building at Segal financial year 26 have been strong year for the growth of Segal driven by the consistent execution across our core EPC business Robust order inflows across highways and urban mobility the fourth quarter has been a strong execution quarter and we are pleased with the way our projects have progressed throughout the year.
Our total order book stood at 18,554 crores as on March 31, 2026. Total order inflow for the year stood at 11,332 crores significantly surpassing annual guidance of 5,000 crores for financial year 26 and the order inflow composition includes approximately 35.02% from renewable sector. During the year we entered five new verticals expanded our footprints in new three states. This provides strong multi year revenue visibility. Quarter four financial year 26 witnessed high healthy order inflow of Rupees 6,014 crores across renewable sector and road sector.
We remain confident about the inflow pipeline going into financial year 27 as well. The book to bill ratio remains comfortably at 4.8x. We see no shortage of bidding opportunities across our vertical. One of the key highlights for the year was the LOA of Sahibganj Arira Bhatia corridor which remains the biggest project, single biggest project CECL has received till date. The total project cost is 21,160 crores. Quarter for financial year 26 was a strong quarter for order awards. Meaningful Inflow across our renewable and power transmission segment we secured multiple solar and battery energy storage projects further strengthening our presence in the energy transition space.
I would like to highlight this strategic milestone as it reflects a successful diversification into high growth energy link sector. These wins position us well to to participate in India’s increasing focus on clean energy providing long term revenue visibility. I would also like to touch upon a strategic diversification which has been a key highlight of 26 financial air. We have made a meaningful progress in renewable energy power transition, wind and turbine generator and industrial infrastructure.
During the year we secured various awards of solar Basin transmission project. These place the company in the position to benefit from India’s energy transition and growing opportunity in the entity based infrastructure assets. Additionally, the Deni Amritsar Katra Expressway project has successfully achieved COD during the year marking it an important milestone in our project lifestyle. On the ham monetization front, I’m pleased to share that French and layer 26 has been a defining year for US capital recycling strategy.
We have entered into a binding document for Malodhobor Sadhu Vali as is with Neo Asset Management. This is the first transaction of its kind for Segal. It validates our execute monetize recycle framework for Brinder Dhapani Jalbira Shah project. We have signed non binding offer and These are currently under due diligence. Having stated this, we have a clear pipeline of HAM assets mortgages ahead of us on the renewable energy and power transition. We have received LOA for the solar parks projects in Maharashtra and Madhya Pradesh, Marina Solar Park Beds project in Madhya Pradesh and is now part of our order book.
PPA has been signed for Maharashtra and Madhya Pradesh solar projects and execution has commenced. The wealth of 400kV substation in Maharashtra is progressing as well. On the balance sheet the company continue to maintain a disciplined deleveraging posture. Our standalone debt to Equity stood at 0.2x as on 3-31-2026. On a consolidated basis it stood at 0.6. We remain committed to optimizing our capital structure using standalone debt and deploying HAM onto the proceeds toward both growth and the deleveraging.
For financial year 27 we are guiding 15% minimum revenue growth with renewables sector contributing close to 20 to 25% of the total revenue. Further building up a diversification EBITDA margin expected to sustain between 11 to 12.5% and order inflow guidance of minimum 5,500 crores. Going forward we remain focused on strengthening execution, expanding our order book, building a diversified asset portfolio with long term revenue visibility while maintaining financial discipline and creating sustainable value for our stakeholders.
We are confident about the momentum going to financial day 27. We believe that the combination of the strong order book, improving execution environment, our expanding sectoral presence give us a positive outlook for the year ahead. I’ll hand over the call to our CFO Mr. Kapil Agarwal who will take through the financial performance in detail. Thank you so much everyone.
Kapil Agarwal — Chief Financial Officer
Thank you Ramnik sir and a warm welcome to everyone joining us today. It is pleasure to discuss our performance as we close the fourth quarter and FY26. The fourth quarter has been a period of significant execution momentum capitalizing on the strong contribution window enabling us to deliver our best quarterly performance of the year. In Q4FY26 our standalone revenue from operations reached INR 1294 crores as against revenue from operations of 992 crores in Q4FY25 registering a 30.5% YoY growth showing our ability to scale operations effectively during the peak construction seasons.
This bring our total standalone revenue for the year two INR 3869 crores representing a healthy growth of 14.3% year on year. On the profitability front, standalone EBITDA for Q4FY26 stood at INR 183 crore as against INR 109 crore for the same quarter previous year registering a margin of 14.1% in Q4FY26. Our PAT for Q4FY26 was INR 119 crore with a margin of 9.2% for the full year FY26 our standalone EBITDA stood at INR 487 crores as against INR 432 crores in FY25 yielding a margin of 12.6% in FY26 versus 12.8 in FY25.
A standalone pair for FY26 stood at INR 305 crores with a PAT margin of 7.9%. Moving to our consolidated results which provide a more holistic view of the growing portfolio and SPV performance. For Q4FY26 our consolidated revenue from operations stood at INR 1386 crores as against INR 1012 crores in Q4FY25 growing by 37.1% quarter on quarter. For FY26 our consolidated revenue grew by 70.1% to reach 4022 crores as against 3437 crores revenue in FY25. For FY26 our consolidated EBITDA was at 585 crores resulting in EBITDA margin of 14.6%.
Consolidated PAD for FY26 stood at 309 crores resulting in a PAT margin of 7.7%. On the operation side, our execution engine remained robust with 37 ongoing projects currently in various stages of completion. Our order book has now scaled to 18,554 crores providing us a multi year revenue visibility which makes this order book particularly strong in its diversified nature. It is no longer just about routes and IBAs. We now manage a broad mix of projects comprising of 19 EPC projects, Tan Ham projects, one DBFOT projects and seven Sarif base projects.
Our reach now spans across critical segments including tunnel, railways, metros, transmission distributions and renewables, effectively delinking our business from dependence on single segments with renewable contributing 19% of the total order book. With that I conclude my opening remarks and would request the moderator to open the floor for QA session. Thank you everyone.
Questions and Answers:
Operator
Thank you so much sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two. Ladies and gentlemen, we’ll wait for A moment. While the question queue symbols, Our first question come from the line of Vaibhav Shah from JM Financial. Please go ahead.
Vaibhav Shah
So firstly on the international foray. So first, what pipeline are we looking at in both domestic and international markets? And what is your target for the international business say in the next one to one to three years?
Ramneek Sehgal
So Weber, good question. We’ve already opened an office in Singapore and Dubai. We’ve already pointed one CEO international and only causes the war position. We were a little slow and we are waiting for the things to settle down. And see since we have entered into a renewable vertical. So I think there is no dots of the what? We already have about 11 verticals in Seagull now. So you know what matters is our beta margins and IRR at a concession level. So if we get that maybe we’ll definitely bid outside India also.
Thank you.
Vaibhav Shah
What would be our bid pipeline in both domestic and international markets?
Ramneek Sehgal
So right now we have quoted tenders which are under valuation is what 13,000 crore and international. Only one tender was there, that was Shobha in Dubai and one tender in EU Shobha was about Dh250 million. And in EU it was close to about 13,000 crore which is again undervaluation which is in Romania.
Vaibhav Shah
So these are in this segment. That’s
Ramneek Sehgal
A highway. That’s a single highway project which is comprising of highway, tunnel and bridges. Single project. 17km 15,000
Vaibhav Shah
For a single project?
Ramneek Sehgal
Yeah, yeah, single project.
Vaibhav Shah
Okay, so you need bed with. I think there should be a partner, right?
Ramneek Sehgal
No, no, no, no. We’ve qualified loan. Out of the 12 bidders we were the only qualifying part. We were only qualifying single company rest everyone has quoted in consortium or something. If I’m not wrong, that’s a story. Okay,
Vaibhav Shah
13,000 it’s not. So we were earlier, as mentioned by in the last call, we were thinking of growing the business gradually. It is at the international part. So if we win this order, it will be a very, very big order, a very big expansion in the international market to be almost 65% of the current book. 65, 70%. So how do you look at that or any risk? How do you foresee that?
Ramneek Sehgal
Well, first of all, it is a very conservative bit. Getting L1 is very difficult. Secondly, if it is, it’s just a 17 kilometer job for 30,000 crore. And whereas in India if I have to do such kind of job, 17 kilometer it would be for hardly say 6, 7, 800 crores. And it is just a matter of, you know, EU because the cost Is high. Otherwise we have executed projects much much larger than this. And in size of land, linear land.
Vaibhav Shah
Okay. So when I think likely to open,
Ramneek Sehgal
I think they will take time. Because what I’ve heard is it’s already been for five months. And in a month’s time I think the midwent will also be finished. So they take a lot of time. They’re about 12 bids.
Vaibhav Shah
Okay. Okay. Okay. So secondly on the equity investment, so what investments are we targeting? So what is the pending investment in both the the highway and non highway business? And what is the year wise timeline for the investment?
Ramneek Sehgal
So next three years we have to put close to 2000 crore. 1937 crore. After IPO we have put more than 400 crore. And we as I said we have already sold three assets to nio. In which first asset we are expecting it should get executed in this month only. So more than 400 crore will come from NIO which is another cash. We have an unincumbent cash lying in our bank on 31st March just closer to 66 crore. An unencumbered FDR close to 146 crore. So equity is not a problem with Seagull. We have amazing cash flow available with us.
And besides that we have our cash pools also.
Vaibhav Shah
So out of 1937 what would we have? And
Ramneek Sehgal
So I think the difference between
Unidentified Participant
The One second, this is the hemp
Unidentified Participant
Just coming from these two.
Unidentified Participant
So almost 800cr is a renewable. Rest is all ham road.
Vaibhav Shah
And both have to be there next three years.
Unidentified Participant
Next three years. Yes.
Vaibhav Shah
Okay. Okay. And then lastly the revenue guidance you are given around 15% plus it looks quite low given the very strong book we have. So internally what would we be targeting?
Ramneek Sehgal
So good question. So you know we are a little conservative with the numbers. And that’s the reason you would have seen me every time I remain between 10 to 15%. This time I’ve said it’s 15 minimum. So we are looking forward to good results.
Vaibhav Shah
Thank you sir.
Operator
Thank you. Our next question come from the line of Tej Pal Singh from Monthan Capital. Please go ahead.
Unidentified Participant
Hello. Am I audible? Sir.
Vaibhav Shah
Yes. Hi. Yes sir.
Unidentified Participant
Hi sir. Congratulations on great setup numbers. First of all sir, my question is that that your bidding pipeline is little bit on the aggressive side. Your. Your order book is also growing very fast. But on the guidance side you are just saying that 15 to 20, 15% you are growing. So it doesn’t add up. So can you throw a light on this?
Ramneek Sehgal
So if you see our last investor calls also conservative is giving a guidance of between 10 to 15%. We have already achieved it. So this time also we have given a guidance of minimum 15%. So just to be on a conservative side we say that we will achieve 15% easily. But we have. I mean this is a conservative side of our. You know.
Unidentified Participant
Okay.
Unidentified Participant
Okay. And sir, one more question that although we are well diversified across the segments but our order book is huge. So how do you plan to manage receivables and. Receivables and working capital days so that we can. We didn’t stuck in the payment cycle. So that’s how that we can execute easily and comfortably.
Ramneek Sehgal
So good question. You know when this war happened our department which is Morth has come up with the notification. They’ve come up with three different notifications now. And they’ve eased out our billing plan. Earlier we used to achieve the milestone and get the payment. With this we can get a multi payment also. And with that it will ease out our cash flow also. And besides this we have sold three assets. So more than 400 crore will come from NIO also after selling those assets. So cash flow will not be a challenge for single.
We have very clear cash flow with us.
Unidentified Participant
And sir, from the margin perspective what are the margin accretive segments in our order book?
Ramneek Sehgal
So we have guided between 11 to 12.5% double digit margin. Besides this we make money from other income also.
Unidentified Participant
In our order book we have segment. We have different segments. So what are the margin accretive segment in this? If you can bifurcate margins.
Ramneek Sehgal
No, no. So. So we always guide on a conservative way. So our guidance towards the investor would be between 11 to 12.5% plus other income which will come from you know selling these assets like we sold it to Neo or some bonus or some money earned from FDR or some royalties. So plain vanilla EPC would be minimum between 11 to 12.5%.
Unidentified Participant
Okay. Okay. And sir, how much order book is from the state governments and the central government?
Ramneek Sehgal
Yeah. Yeah. In ham only we have one project which is NPRDC Rest all projects and projects are from nhi.
Unidentified Participant
Okay.
Operator
Okay. Great. Sir, thank you. Thank you for your little answer. And all the best for future.
Ramneek Sehgal
Thank you.
Operator
Thank you so much. Ladies and gentlemen, anyone who wishes to ask a question, I press star and one. Thank you. Our next question comes from the line of Ishita Lodha from Swan Investments. Please go ahead.
Unidentified Participant
Hi sir. Thank you for the opportunity and congratulations for a very good quarter. In continuation to the previous question, the money that we are expecting 400 crores from NIO in which quarter are we expecting and will it come in our standalone books?
Ramneek Sehgal
So this what do you call the first project which is Malotwali we’re expecting in this month. So that is. That will come in this quarter. We are expecting in second quarter. And Jalbeda Shabaz, we’re expecting in third quarter. So every quarter we get an inflow coming.
Unidentified Participant
And this will be directly upstream to standalone books.
Ramneek Sehgal
Yes, yes, yes, yes.
Unidentified Participant
Okay. And also this trade, the tables I have seen a sharp jump from 79 days to 1:38 days. So why is this happening?
Kapil Agarwal
Yeah, a couple will answer this. Yeah. So basically if you look at the march only. So whatever we have build then that that payments are released by the department in April same way. So the payments are which are to be made to the creditors. Those are linked to the receivables only. So accordingly the payment has been made in the month of April to the creditors as well.
Unidentified Participant
Okay. So in April month how much money have been released to these creditors?
Kapil Agarwal
Close to 300 crores.
Unidentified Participant
Okay. And similarly revenue has also seen a sharp jump from 94 days to 133 days.
Kapil Agarwal
This was primarily because of the notification of at number which was withdrawn by the government in April 24. So what had happened earlier we were billing on monthly basis starting from first April. So. So it has been linked to milestones. So since most of the projects which are help executed by Seagull are in the range of more than thousand crores. So every project has an billing cycle of 10%. If you look at more than 100 crore billing cycle. So that’s why since the number of the project which are being executed more in number.
That’s why the unbilled revenue has increased.
Unidentified Participant
But this
Ramneek Sehgal
Will improve because now monthly bills have already started with a new notification. This will improve now. You’ll see the improvement in the coming quarter.
Unidentified Participant
Thank you.
Operator
Thank you. Our next question come from the line of Dheeraj Kriplani from Avidis Park. Please proceed ahead.
Unidentified Participant
Hello, I’m audible.
Ramneek Sehgal
Yes, please go. Ajik, please go.
Unidentified Participant
Thanks for the opportunity and congrats for the good set of numbers. So there’s one question industry specific from my end. So how is the NHA evolving in SR26 in kilometer terms and in value terms and how you are looking at going forward.
Ramneek Sehgal
So if you talk about nhi, nhi if you see from this year we start the. There were a lot of good works which were out but it was getting all the cabinet approval. And this quarter also we’re expecting good Amount of tender. And besides this you know we are bidding in renewable also solar. So we are not dependent on NHI orders. If you see last year also our order book which has come from renewable was supposed to. And overall the pipeline of NHI is close to 2 lakh crore.
Unidentified Participant
Okay. So like any number what was the volume?
Ramneek Sehgal
So you know these are the figures which NH has put on their own website. And these. I’m sorry to interrupt
Operator
You sir, but there is a disturbance coming from your mind.
Unidentified Participant
Hello. Thank you so much.
Operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question may press star and 1. Our next question comes from the line of Mahesh Patil from ICIC Securities. Please go ahead.
Unidentified Participant
Yeah. Hi. So congress on the various. First question is on the margins only. So if you see on Q4, the last Q4 there was significant increase. So is there any one off or is there. It’s just because of the execution that we have. And going forward obviously you have added probably 11 to 10 and a half percent range but are you seeing any intact, you know, RM cost, inflation etc. You can just do some detail.
Kapil Agarwal
Last year and last year if you look at, we have started four HAM projects which have majorly contributed in the pad margins. And obviously the increase in the turnover is also one of the reasons for increasing the pat. Overall pat of the company. So going forward we, we are getting our investor between 11 to 12.5. We are just on the conservative side. So definitely we try and match those numbers in the quarter to come as well.
Unidentified Participant
Okay. And so there is no impact that we can see in the upcoming quarters right now. And with RM cost, inflation etc. No more near term challenges.
Kapil Agarwal
So the increase cost is already compensated by the department. They already come up with the circular for compensating the escalation part and earlier it was linked to three months and now it has been linked to monthly basis. So whatever increase in the cost that we can that will be paid by the authority ultimately to the EPC contractor.
Unidentified Participant
Okay sir, thank you. And so my second question is on the order book. If you see the part of the overall order book where the exhibition hasn’t started it for the project out of this how how much of the order book can be expected to, you know, fresh project that we can expect to kick start in the next, let’s say couple of quarters. Do you have any number?
Ramneek Sehgal
So you know, except HAM project and these projects where like for Marina, you know, till the time transmission line is done the project will not start or in HAMP till the time, you know, 80% land is given clear to us, it doesn’t start. But the visibility what we have given as a minimum number is available with us as a revenue. And of course the more projects will start, the numbers will be better.
Unidentified Participant
Okay, thank you.
Operator
Thank you. Reminded all the participants. If you wish to ask a question, you may press star and one. Our next question comes from the line of maitricha from Sapphire Capital. Please go ahead.
Unidentified Participant
Hello, I’m audible.
Operator
Yes, you are. Yeah.
Ramneek Sehgal
Hello, go ahead. Hi.
Unidentified Participant
Yeah, hello. Good evening. Just one question again on the margin. So for the past three years our gross and EBITDA margins have been going down and you were again guided for a much lower margin for FY27. Any sort of competition pressure are we seeing why do you see these margins going down? And is this a bit too conservative or is this the way our order currently stands right now?
Kapil Agarwal
So ma’, am, if you look at the previous year, so there was a income from bonus and royalty as well. So you must be comparing considering the bonus and royalty income as well. So our beta from pure operations is in the range of 11.12.5 which we are constantly maintaining since last three years. The other income is always dependent on the execution and as well as the royalty which is dependent upon the contract itself which we are going to the subcontract. So these two are not directly related to the operations and uncertain in nature.
So if you complete any project during the year and if you get early bonus, that will increase your overall margins. But if you look at the margin from the operations is more or less stable across the last three years.
Unidentified Participant
Actually I was referring to the slide 41 on the presentation. So the royalty income probably will be added to the other income. But the EBITDA margins above them are also decreasing year on year. So I was just wondering, is the royalty income being added to revenue from operations? I was wondering.
Kapil Agarwal
No, no. Beta Martin is stable. That’s not decreasing. And if you look at the numbers of the current year as well, our EBITDA margins have grown up as compared to the previous year.
Unidentified Participant
Could you maybe refer to the slide 41? Maybe I am looking at it the wrong way. On the consolid side we do see the margins going down. So
Kapil Agarwal
Your FY24 margins includes bonus as well. And FY25 also includes bonus.
Unidentified Participant
So these bonuses are added to the revenue from operation?
Kapil Agarwal
The revenue from operations, yes.
Unidentified Participant
Okay,
Kapil Agarwal
So we had 20 crore royalty and bonus in FY25 and even FY24 there was a bonus for Kanal Pava which was. Which was forming part of your EBITDA only.
Unidentified Participant
Oh
Ramneek Sehgal
And just to add we have certain awards also in place. Yeah. Whenever we get that, that will also come straight to the bottom line. Thank you so much.
Operator
Thank you. Reminder to all the participants, if you wish to ask a question you may press star and one. Our next question come from the line of Modi Bhandari from IFL Capital. Please go ahead.
Unidentified Participant
Hi sir. Congratulations on a fantastic 4k performance. So first question upon the solar and projects. I believe we have already signed PPA and TSA for these projects. So whether they have started execution or any land acquisition or approvals are pending from those projects.
Ramneek Sehgal
So good question. Solar Maharashtra is already starting. Where we’ve already done a lease for more than 50 megawatts project. And we expecting to get in this month. More than 75 megawatt and project have already started. Land development fencing piling is already started. We are expecting to give you good results in next three months.
Unidentified Participant
So this is for one solar project and apart for the remaining two solar projects.
Ramneek Sehgal
So we have two projects. One is solar in Maharashtra, one in. There are two in Sorry Maharashtra and one in Madhya Pradesh. Maharashtra. Both the solar grade has started and Madhya Pradesh the land leaching is happening. I think that will also be closed in next 10 days. The execution will start there also. And if you talk about tnd, TND is already. The construction is in progress. We already acquired the land. We bought that land. Because the land has to be bought by us in solar. We have to leave the land and the site development fencing is already started.
We’ve already placed the order for the transmissions and GIS.
Unidentified Participant
Got it. And for BS’s Monera project whether that acquisition has started.
Ramneek Sehgal
No, that project will take some time. Because that the government. The tender was very clear. That government has to provide us the land, the transmission, connectivity and the ppa. Till now only lo is received. PP is yet to be signed. And even transmission line tender is not even received. So once that is done, once the transition line is completed then only the product will start.
Unidentified Participant
Understood sir. And one question on the industry front. I know we are not very much now focused upon NHI road projects. But if you are bidding, how are you seeing the order awarding from NHI in terms of the timelines or the competition perspective.
Ramneek Sehgal
So you know we are in a higher sector where we are building projects. More than 2,000 crore majority of them. And we have already got one 2,160 crore project and one 600 crore project of ZX crore Maibas so we have a notch buff there and better because of the higher network. As a group we have a very good network and as a listed company this is on a better side. And going forward also we are expecting a lot of good bids from NHI and we are looking forward to it.
Unidentified Participant
Thank you so much.
Operator
Thank you ladies and gentlemen, that was the last question for today. I now hand the conference over to Mr. Ramnik Sehgal for closing comments. Thank you. And over to you sir.
Ramneek Sehgal
Thank you so very much everyone. I would again thank all the participants for joining the earning calls today, making this an engaging discussion. We remain committed to pursuing our business strategies and continue to deliver positive results for our stakeholders. We hope that all your queries have been answered. In case you have any further queries, please feel free to connect with the investor relations team at Ad Factor. Thank you once again. Good evening.
Operator
Thank you so much sir. Ladies and gentlemen, on behalf of Segal India Limited, that concludes this conference, thank you for joining us and you may now