Ceinsys Tech Ltd (NSE: CEINSYSTECH) Q1 2026 Earnings Call dated Aug. 01, 2025
Corporate Participants:
Unidentified Speaker
Kaushik Khona — Managing Director (India Operations)
Prashant Kamat — Vice Chairman and Chief Executive Officer
Surej K. P. — CEO (Designate), Non- Executive and Non- Independent Director
Analysts:
Unidentified Participant
Jyoti Singh — Analyst
Garvit Goyal — Analyst
Shubhankar Gupta — Analyst
Raj Saraf — Analyst
Meet Katrodiya — Analyst
Akshay Kaila — Analyst
Deekshant Boolchandani — Analyst
Debashish Neogi — Analyst
Kaushal Sharma — Analyst
Darshan Jhaveri — Analyst
Kshitij Saraf — Analyst
Harsh Mulchandani — Analyst
Presentation:
operator
Sadies and gentlemen, good day and welcome to the Same Sex Tech Limited Q1FY26 earnings conference 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 Nan0 on your touchtone phone. Please note that this call is being recorded with this. I now hand the conference over to Ms. Jyoti Singh for opening comments. Thank you. And over to you ma’.
Am.
Jyoti Singh — Analyst
Thank you so much. So hello and good morning to everyone. On behalf of Arihant Capital Markets Ltd. I thank you all for joining into the Q1FY26 annual conference call of CNC Tech Ltd. Today. From the management we have Mr. Prashant Kamask, he is a Vice Chairman and Chief Executive Officer. Mr. Suresh KP CEO, Designated Non Executive and Non Independent Director. Mr. Kaushik Kona, he is the Managing Director India operations and Dr. Abhish Kimitkar, he is the Managing Director. So without any further delay, I will hand over call to Mr. Kaushik Kona, Managing Director India Operations for his opening remarks.
Over to you sir. Thank you and good morning everyone. It’s a pleasure to welcome you to this earnings conference call for the first quarter of the financial year 2026. Let me at the outset thank our host for today’s con call, Messrs. Arihant Capital and Ms. Jyoti Singh. In particular, in the interest of some of the people who may be new to the company, let me first start by giving you a brief overview of the company and and then followed with the performance highlight for the quarter under review. Sciences Tech has been recently rebranded to CSTEC AI.
While the corporate name remains as Sciences Tech Limited we are a leading technology solution provider in the IT enabled sector. We are acclaimed for our expertise in geospatial engineering as well as other engineering services and solutions. We offer a broad range of geospatial intelligence services including data creation, data analytics, decision support system, enterprise web solutions and the like. In the year 2022, the company strategically expanded into mobility sector by acquiring Enigro Technologies, a specialized engineering service provider with a strong international presence. This acquisition allowed the company to enhance its capabilities into manufacturing technology and mobility engineering solutions covering the entire product development process and industrial automation for diverse sectors such as the two and three wheelers, passenger cars, commercial vehicles and off highway equipment.
In the year 2024, we acquired a geospatial business of VTS in USA which was majorly operating into telecom domain. Since then, we are identifying some more targets for inorganic growth to expand our horizons into the domains where the company is already operating, that is Geospatial and engineering services and technology solutions for which the company has already mobilized almost US dollars to 28 billion. We serve prestigious global clients that include large corporates, OEMs, asset management companies and government bodies, highlighting its robust reputation in both the geospatial and manufacturing sectors. With offices in India, the United States, the United Kingdom and Germany.
The company combines local expertise with a broad international reach. Additionally, the company is venturing into software product development and emerging technologies through a new vertical focused on artificial intelligence and machine learning and embedded electronics. This vertical emphasizes development of AI is now being recorded. This vertical emphasizes development of AI and ML enabled applications and solutions to enhance our delivery for the existing domains at the outset, reflecting the Company’s commitment to innovation and maintaining a competitive edge in a dynamic technological landscape. Now let me come to the highlights of the financial and operational performance for the first quarter ended 30 June 2025.
For the quarter under review, our operational revenues grew by 112% year on year to Rs 157 crore, EBITDA grew by 130% year on year to rupees 30 crore and EBITDA margins were at 19.35, which were also higher by around 140 basis points as compared to the year the corresponding quarter. Last year the net profit was reported as rupees 32 crore, which represents a growth of 166% year on year and the PET margin stood at 20.18%. The growth in both revenue and EBITDA margins was driven by successful execution of projects which have contributed to stronger margins.
Additionally, our ongoing initiatives to improve operational efficiency have enabled us to manage higher volumes more effectively, further boosting our operational performance. The results reflect the amalgamation of 100% subsidiary Enneagro Technologies Private Limited effective first April 2024 as approved by the Hon. NCLT. While that said company was previously consolidated and which helps the merger therefore streamlines the reporting, the company reported strong growth in its geospatial engineering services and technology solutions business driven by focus on water IoT and enterprise solutions, as of quarter end it holds an operational cash surplus of Rupees 127 crores. As of June 25, the total order book stands at 1209 crores.
A key highlight of quarter one is the company’s Highest ever quarterly performance marked by a record revenue and EBITDA Execution of Technology Solutions project saw a 2.7 fold increase in quarter one of this year rising from rupees 31 crore of the quarter one of FY25 to rupees 84 crore in this quarter, underscoring robust demand and improved delivery capabilities. The contribution of Technology Solutions to turnover rose from 51% in Q4, 54% in Q1 of this year, highlighting the company’s strategic emphasis on high value digital initiatives. An investment of rupees 10 crore this quarter has been towards business development for US market expansion which is also expensed out through the profit and loss account in this quarter1 of 2526.
The employee cost as a percentage of revenue declined to 23% in this quarter from 35% on the corresponding quarter of last year, highlighting improved operational efficiency. We added major contracts secured during this quarter which include an NMRDA contract was rupees 115 crore for selection of system integrator to monitor its infrastructure projects. We also added Project Management Consultant project for around 11.5 crore and an Autodesk software development contract of which 5.5 crore from MMRD. These contracts reflect the breadth of our capabilities and continued success in securing significant projects across various domains. We are focused on driving growth and continuing to deliver our commitments.
We remain optimistic about the future and look forward to sharing more updates as we progress with this. Now I open the floor for question and answer session. 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 the Touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. The first question comes from the line of Garvit Goel from Envis Analytics Advisory llp. Please go ahead.
Garvit Goyal
Hi Ana.
operator
Yes Sir.
Garvit Goyal
Good morning sir. Congrats for decent execution in this quarter. My first question is in previous call we did speak about some big orders worth more than 250 cr to be receiving one month or so. Since then we did not receive this much order that we mentioned in the earlier call while we speak about quarterly pipeline of 300 to 400 cr with 70 80% success rate. So sir, I want to understand from you what is stopping us to get these orders. I agree that we can’t look on quarter basis but now almost two quarters. We did not get some major orders that we guided for.
So I just want to understand what is the actual picture on ground level. So that’s my first question.
Prashant Kamat
This is Prashant, let me try to address this and if required Kaushik can add some more flavors. The major orders we were anticipating were from Jaljeev mission which was government scheme. But probably you know government decided to take a stock of the situation and they wanted to do the audit of entire program of Jaggy on mission and that’s where they put everything on hold. And some of the results are also affected by because of that. I guess that audit is coming to the towards the fag end, almost finishing and that pipeline should open now.
So the guidance got delayed, it didn’t vanish. That’s the broader picture.
Kaushik Khona
You want to add something more? No, that’s correct. I think that’s fair. I mean it’s. And the guidance given was valid and it continues to remain valid. I think that’s what Prashanti said. Next question please.
Garvit Goyal
So can we expect orders in Q2?
Prashant Kamat
Yeah, we do expect orders. Putting a timeline will depend on how fast government moves in terms of this. Removing that lock on the consumer mission as soon as that happens we are already in I would say in terms of qualification and the winning probability we still remain at 80% which we had told you on that.
But unless government clears that aura for moving forward it will be very important on our side to put a definitive.
Garvit Goyal
Got it. And secondly on the Vidarbha or River Linking project, while we were looking to execute 150cr word of contract this quarter it seems like it did not materialize. So what is the current update on that? So and how much did we execute in Q1 and by when do we see the completion of this project?
Prashant Kamat
This project we started already in execution. The number is Nowhere close to 150. Again it’s not because of us we are fully ready cranking to go but because government wanted to use cleanups, systemize some of the side of the stuff.
The project took off slowly after I think we did close to about 30, 35 crores of. So there is a large part of this order will get executed in coming months. But what we anticipated on re linking we were able to do it from other projects. So our results still remain good.
Garvit Goyal
Got it. And lastly on the inorganic opportunities part, last phone call we mentioned about two opportunities where due diligence was expected to be completed by the month of May or June. So what is the update on that sir? And anything material happened on that Side
Prashant Kamat
both of the things are moving pretty well but you would probably appreciate that it is M and day.
So timeline typically doesn’t stay as optimistic as we would love to. Therefore it will go back and forth. But both are positive, both are moving in good direction and both are at the stage of due diligence.
Garvit Goyal
Understood. And how this quarter is going on, sir, can we expect QMQ growth? That’s like lastly guided for like we will be growing Q1 together.
Prashant Kamat
As we have always said, no forward looking statement. We can tell you that we don’t see any momentum reduction. We will continue to maintain our momentum.
Garvit Goyal
Thank you sir. And all, all the. Thank you.
Thank you.
operator
Thank you. The next question comes from the line of Shubhankar Gupta from Equitree Capital . Please go ahead.
Shubhankar Gupta
Hi sir. First of all, am I audible? Yes, you are.
operator
Yes sir.
Shubhankar Gupta
Yeah. First of all congratulations on the great setup numbers. Really good results. There are two questions from my end. First question is on the segmented revenue splits and how I categorize this question is first let’s say between water auto using al grow. What is the segmental revenue split for this quarter and for last financial year. That’s one question. Second question is split between orders from domestic international and then within domestic government was a slight split.
Kaushik Khona
So I think the segmental split is already published. Where the geospatial and engineering services have contributed to almost 72 crores.
The technology solutions have contributed to almost 84 crores. And when we talk about the split between government and the private organizations the domestic is more or less. I would say 85% of the domestic turnover is from government. 15% remains from the private corporates. On the export and sorry the international revenue and the domestic revenue this quarter we had an international revenue of around 7.5 cross out of the total turnover of 156 crore.
Shubhankar Gupta
Okay, so got it. Actually from the second question is clear in the first question I was more keen on.
operator
The line for the participants has been dropped. The next question comes from the line of Raj Saraf from Finnvester. Please go ahead.
Garvit Goyal
Am I audible? Yes, you are.
operator
You’re audible.
Raj Saraf
Yeah. Oh sir, first of all congratulations for the stellar set of numbers. Just wanted to have a reason that if I see the revenue which is in geospatial and many services so it has increased but the margins are decreased. So what could be the reason?
Kaushik Khona
So Prasanth, would I take it?
Prashant Kamat
Yeah, yeah, please.
Kaushik Khona
Yeah. So as I think you must be aware last time also we had explained that our focus will be to enhance our margins and geospatial and engineering services continue to provide the margins as we have been doing the past. However, our focus of our higher margins business is on the technology solutions.
And if you see the overall numbers the geospatial has been in this quarter at around 15 16% while the margins for the technology solutions have been in the range of around 30%. And that’s where we would like to build up more deliveries in the future. The split between geospatial and technology solutions is by, I would say default in the sense the way we execute the project. The project has elements of geospatial and engineering services and they have also elements of technology solutions. So the numbers will vary based on the execution of each project and therefore segment revenue is guided by that.
Raj Saraf
Okay, so we are mainly focusing on technology solutions. What are geospatial margins?
Kaushik Khona
We are focusing on both but obviously greater focus remains on development of technology solutions. And that can also be seen from the fact that quarter one of last year our turnover on the technology solution was 31 crore and this quarter is 84 crore. So it’s more than double.
Raj Saraf
Okay sir. And the second question is on the order book on user. So we have like 156 crore orders in this quarter. But whereas the order booking is now slowing down. So and you are mentioning that is also on hold from the government and there could be a slowdown on that side also.
So how could we assess order booking going forward? Because without increased orders we can’t see companies going to deliver more growth.
Kaushik Khona
Should I take.
Prashant Kamat
Yeah, yeah, yeah. Let me just take look. Quarterly revenue is 157 crores. So annualized revenue plus growth on quarter, on quarter basis you can pick up a number somewhere about. I don’t care what that number exactly would look like somewhere between 600 turn under and if you really look at that number and plot our order book we are already sitting on two years of order book as of now end of this quarter counter for growth you can say 18 months.
So and we are almost 100 certain that within this 18 months we would have order book much larger than what we are having today. What I said was there was a temporary hiccup because of this JJM putting everything under audit. It’s coming to an end. So we would see order taking off from here. We don’t see any headwinds in that sense for the business if that was Your question
Kaushik Khona
also Mr. Saraf, if I can add first is in the beginning of the quarter our order book was 1197 crore and as we speak it is 1209 crore.
So there is no reduction of the order book. But you are right that order book growth has been little slow. While one of the contributor is Prashant sir has already mentioned. We are also. We also kind of bid for other projects other than JGM mission also which are awaiting the final kind of approval. So we would probably see that happening within this quarter with quarter two, quarter three. So it’s not something that order book is not happening. It’s only time gap by which the new orders are awaiting.
Raj Saraf
Thank you very much. If you can allow me to take a single question more.
Kaushik Khona
Yeah, please go one more question.
Prashant Kamat
Yeah. I don’t think the conference people have received it yet. So you have a choice. Good.
Raj Saraf
Okay. Sir, how is our strategy doing? So the aligo which we have incorporated and how we look at that growth and how it will contribute to our consolidated margin going forward.
Prashant Kamat
Subsidiary is already morphed with the parent. You won’t be able to see it that way. But there is a other way. If you really look at the numbers in terms of international revenue which is probably coming from this subsidiary has grown almost like 20% quarter on quarter.
Okay. It’s been good to automatically.
Raj Saraf
Okay. And of the margin. So margin profile if I say
Prashant Kamat
is also doing. Is also doing good.
Raj Saraf
Okay. Thank you. Thank you very much sir. And I wish you all the best for the coming quarters. Thank you.
Prashant Kamat
Thank you.
operator
Thank you. The next question comes from the line of me from Nivishai. Please go ahead.
Meet Katrodiya
Yes, sir. Thank you so much for the opportunity. Sir, I would like to understand the roles sure is playing in this financial year. What kind of initiatives or verticals is currently involved. And he directly engaging any part of acquisition process or leading any new strategic focus area post acquisition.
Prashant Kamat
Okay. Suraj is the CEO designate for the CS tech as a whole. He will be taking over from me on the 1st of January 2026. And until then. Yes. He’s playing an active role in all day to day operations as well as strategic initiatives of the company.
If your question is easy involved on a day to day decision making, reviews operations. Answer is yes. Easy involved in M and A. And is he actively participating? Answer is yes. In fact some of these active reasons are being driven by.
Meet Katrodiya
Okay. Okay. So. Thank you. Sir. What portion of this quarter revenue is unbilled either in percentage or actual terms?
Prashant Kamat
Sorry, what do you. What did you ask?
Meet Katrodiya
Yes, sir. What portion of this quarter revenue is unbilled?
Prashant Kamat
Unbilled? Yes. Sorry, not today. Okay.
Kaushik Khona
This. This quarter’s unbilled percentage will be. Will Be in the range of around 50, 51.
50. Around 50%.
Meet Katrodiya
Okay. Okay. Also could you update on the cash flow situation? Has the inflow materialized as projected in Q1 or there be any delays on kind of cash flows?
Kaushik Khona
So I think if I can take Prashanti. We have already explained that there is a cash flow surplus of 127 crores. Secondly, there is, as we already mentioned that there is an unbilled revenue which obviously will be built once the milestone to build is available. And therefore that also will materialize. So a cash flow situation does not seem to be any issue over here. On the overall perspective, the net surplus is what we already mentioned.
And even though we have the government context, I think the realization of the revenues are as per the plan.
Meet Katrodiya
Okay, so you said Map. Could you provide any quality remarks on what are the plans for the international expansion like and how do you intend to execute them? Just some brief qualitative remarks will be helpful.
Prashant Kamat
I think our international outlook has not changed at all. Our strategy has not changed at all. We will continue to increase international revenue as a percentage of total revenue. And one of the reason why Surya is coming in that is in primary mandate to achieve that objective that will be through both inorganic as well as organic growth.
Meet Katrodiya
Okay. Okay. Answer. Any, any. Any remarks on the latest progress in the revaluing project?
Prashant Kamat
As I said, the execution has started not at the pace we would have loved. We were targeted. But that’s primarily because of the delays from government to set their house in order. Not from our end, but looks like everything is being set correctly. So we should continue to see higher and higher revenues every quarter during the counting.
Meet Katrodiya
Okay, thank you so much. All the best.
operator
Thank you. The next question comes from the line of Akshay from AK Investments. Please go ahead.
Akshay Kaila
Hello sir. Thank you so much for giving me the opportunity. And congratulations for the good setup number. My first question is currently we have another book of 1200 crore. And I think you have previously mentioned that execution timeline for the same is around 18 months. And about the new order flow. So in FY26, remaining FY26, how much can we expect the new order flow in all our categories?
Kaushik Khona
Please. So based on the opportunities which we have identified and we have bid and based on the opportunity which we expect to happen based on the programs which we are following in quarter 2, quarter 3 and quarter 4, we expect that at least we should be able to grab a fresh order book.
I mean this is again subject to the external factors. But our target is to at least get around 800 to 900 crores additional order book during this financial year.
Akshay Kaila
Okay sir. And sir, my second question was on the our cash flow conversion. Our case from operations in the last year was very minuscule at six corrodes. So how much case flow from EBITDA? We can you know convert this financial year in FY26.
Kaushik Khona
So I can talk about quarter one. Our EBITDA is all converted into cash flow. If you look at the net EBITDA which is around 30 crores, our cash flow accretion has been 27 crores.
So whatever is earned as an EBITDA is forming part of the additional accretion to the cash flow. We will be able to comment upon the next quarters as we go through. Okay sir. Okay, fair enough. And all the best for the future.
Akshay Kaila
Thank you. Thank you.
operator
Thank you. The next question comes from the line of Dikshan from DB Wealth. Please go ahead.
Deekshant Boolchandani
Hi. Congratulations on the great set of numbers management. Thank you. The first question is. So we currently have an opportunity of this.
operator
Sorry to interrupt. May I request you to use a handset. Your audio is a little low.
Deekshant Boolchandani
Right now.
operator
Yes sir. Yes sir. Now it’s better.
Deekshant Boolchandani
Sir, one thing is clear that there is clear opportunity with Jaljeevan mission and other government projects. But it also seems to be a risk for us. A government being the risk. The timeliness of these orders execution from their end is our risk. How do we plan to diversify this risk going ahead?
Kaushik Khona
Prasantha, on the execution part. So on the government, first of all we don’t see that government as a risk. So that’s one thing because we have been in the business where we have been serving government and executing orders of government since last more than 17, 18 years in the geospatial era itself.
And we have never seen any bad debts or any kind of risk in that financial risk. Now question is there would be some delays based on the government process which is also factored into why we bid for a contract or while we execute. So whatever kind of known or estimated risk which could have I’ve already been building while we project for that. As regards diversifying or I would say mitigating, we have always been focusing on those government orders where we know that there is a funding plan already approved. We don’t go for those government orders where there is no visible funding and therefore we are sure about getting the funds released.
It could be a matter of delay of 30, 40, 50 days as compared to what we would have projected. But it is still part of our process. Another way to mitigate is obviously to try to reduce the percentage of the government business in the total without reducing the actual numbers in the perspective. And that is being planned as a strategy by way of inorganic growth and focusing on international revenue which I think Prashanti has already mentioned in this as well as the previous investor calls.
Deekshant Boolchandani
Yeah. So firstly, thank you so much for the clarity there.
By risk, I don’t mean that failure of payment by risk, I mean delay of execution timeline as stipulated by the government and that is not in our hands for sure. That’s uncontrollable for us. Do you think going ahead, is there some sort of a revenue mix that we are targeting that you can give us some sort of directional guidance towards? Not specific numbers but even ballpark would help. Let’s say 18 to 24 months from now.
Prashant Kamat
What we had said, we didn’t give a timeline of 18 to 24 months. We have given probably a little longer timeline but what we had said was our current mix is like 70, 30 in favor of government of India.
We would like to be somewhere in 60, 40, 70 in favor of international business to India business. And that’s the target in which we are working right now. Is there any internal timeline that we are working with this or is it much more open ended right now? No, we had said we will target to achieve this within three years and right now that’s what we are working towards. That is why M and a PC.
Deekshant Boolchandani
That’s good to hear sir. So my last question is on directionally we are looking at next the orders that we have built up and you eluded that.
Even if we look at our order book it’s strong and accounting for growth. Also we have next 18 months of orders figured out so that’s not a problem. And as soon as the international business starts coming in our favor we will have a large order book. So where it is that we are seeing a growth accelerator for us? What is that one thing or those couple of business factors that we are looking in, geography related or client related that we are accelerating on right now? What are the key areas where we are trying to get these orders from? If you can give us some sort of
Prashant Kamat
geography us accelerating technology and once we have those orders we will explain you a little bit more.
But right now these are the absolute correct bucketed answers.
Deekshant Boolchandani
Is it in the geospatial range that we are looking in US or are we looking at our subsidiary business through us?
Prashant Kamat
As of now, both but largely India.
Deekshant Boolchandani
Okay, so do you, can you guide us that when can we get more clarity on this? Next quarter? Maybe.
Prashant Kamat
Maybe couple of quarters.
Deekshant Boolchandani
Okay. But in this financial year.
Prashant Kamat
Yeah. 100% will be financial year.
Deekshant Boolchandani
Got it. So congratulations again for great numbers. Wish you the best. All the best to the team.
Prashant Kamat
Thank you.
operator
Thank you. The next question comes from the line of Devashish Neogi from Avan, India Awan, Dubai. Please go ahead. Hello sir. As there is no response from the participant we’ll proceed with the next participant. The next question comes from the line of Kaushal Sharma from Equinox Capital Ventures Private Limited. Please go ahead.
Kaushal Sharma
Hi sir. Good afternoon. Am I audible?
operator
Yes, sir, you’re audible.
Kaushal Sharma
Yeah. So any congratulations for getting a higher margin in the business? So my question is on your margin side. Like we improve our margin ebitda margin from 17.9% to 19.3%. And we have seen that employee cost has dropped drastically. And project and operation cost increase so much. So what is the key reason of that? And will this margin be sustainable in future?
Kaushik Khona
Okay. Yeah. So I think your observation is right that margins are improving. And I will answer your last question first. It seems that the margin sustainability will be there.
Because as we already explained at the beginning of the meeting that our focus will remain on building up more of technology solutions where we see higher margin. That’s point number one. The employee cost has reduced. Not because employee cost per se has reduced. It is basically the efficiency has been improved. And because we are exhibiting more projects with the kind of set of technology infrastructure and the technical know how we have of the people. So I think as we grow, I think the percentage of the employee cost to the total obviously will go down. As regards the other operational cost, they are specific to the respective contracts.
There will be certain contracts where we have outsourcing cost. Where we have contractual cost and therefore their numbers will be little higher. There will be certain contracts where we only have to provide technology solutions. Where we depend more on our technology or our solutions which we build in house where the other cost would be lower. So it will be difficult to say what percentage of other cost will continue. It will obviously depend on the nature of project which we achieved.
operator
Thank you. The next question comes from the line of Devashish from Abhan Dubai. Please go ahead.
Debashish Neogi
Congratulations for the great set of numbers. My question is on the organizational structure and integration. So you know, we have been taking senior people. Okay. To. So my question is that how you know now the structure is. For example Mr. Suraj, what would be his role then we have, you know, we have Rashi mehta whom we have given esop, what are their roles? Are they, you know, specific roles or they are helping us in business development and how it is integrated. What, what I mean how is the integrated size? You can give an example because we have a geospatial, we have a tech business, we have government, non government, we have India operations and we have operations outside of India.
So how do you. Is there synergy between the operations and if you can give an example specific to a project that will be of great help.
Prashant Kamat
I’m sorry, I didn’t understand the second name you did. Suraj understood which was the second name you did.
Debashish Neogi
Okay, okay.
Prashant Kamat
Resigned is the secondary thing. Basically if you look at sign CS tech right now and I was looking at some numbers within two years, within three years, I think three years our revenue is almost quadrupled, our profits are almost quadrupled and we are in a very different league today than what we were just about a couple of years back.
So what we are trying to do here is trying to manage this growth. And therefore we also need a strong management if we raise money. And our intent was very clearly defined I think during the beginning of last year that we want to grow our international presence and that can happen along with organic growth. Of course we also need to look at inorganic growth. So when we hired Rashi, the intent was that she would help us in growing the international acquisitions and take it further to that. Unfortunately that didn’t work out. She decided to take it out.
But the reason we have hired Suraj is as I said from 1st of January 26, so which is like five months away from today, is going to take over as the CEO of the company. The reason we need this international management bandwidth is otherwise if we go at the pace at which we are growing into the acquisitions and we don’t have a correct management bandwidth, we will face issues in a medium term and which we are trying to circumvent before it arrives.
Debashish Neogi
Thank you sir for such a transparent answer. Really appreciate. My second question sir is in terms of the debtors and creditors, number of days outstanding.
While this has been answered in the past, you know to call back. But it’s. It’s a stark difference between the receivable and the payable. While I understand that payable also has a milestone and we have a back to back arrangement until we get payment we don’t pay the creditors. But the difference is huge sir. So I don’t understand how can we have creditors who are not paid for more than two years in terms of number of Days.
Prashant Kamat
I think you already answered that Kaushiki, you can give the flavor of it and details of it. But I think the question you asked, you already answered that if I were back to back arrangements and there are some projects which government put on hold and they didn’t obviously the party from which we got the work done, we will all.
We will not. We don’t have that obligation. But possibly you can add more flavor to it.
Debashish Neogi
I understood that. My question is that you know in terms of debtor days, you know say as of March it is 221 days whereas the payable is 766 days and it’s too large difference.
Kaushik Khona
Okay. Yeah. So if I can analyze based on March number because June balance sheet, although I have I. We don’t publish as required. Required because it’s not required. Even on March numbers. The debtors which we had was in absolute terms was around 120 crore. And if we talk about the March numbers then it was around 420 crores of debtors were not that much.
Their debt was less than 120 days. That’s point number one. Creditors. You are looking at the creditors based on the cost of purchase or cost of material or cost of other operating cost. I would rather look at overall cost because there are certain costs which are also part of the back to back arrangements. So in, in my creditors total liability, current liability was 158 crores of which the creditors perceived was hardly 75 crore. Now on a 75 crore on a total operating cost of 275 crore would be. Would be what? Around 140, 150 days. So I think they are in sync with what the operation, what the arrangements have been made with the creditors.
And there is no overview credited as such because they are all aligned as per the contract. So I think the numbers perhaps or the calculation we need to revisit, they are not as significant as you see. So do we have a negative cash conversion cycle? No, no, we I think in the first earlier question we already answered that when we talk about this quarter, I mean that this quarter the net EBITDA is around 31 crore and 30 odd crore. And the cash conversion out of that is already happened over on 27 crore. And the balance which is unbilled revenue which I already mentioned that is in the range of around 75 crore which is expected to happen during this quarter to quarter three.
So there is no negative cash as such.
Debashish Neogi
Okay, understood. Thank you sir. Congratulations once again and all the best for the future. Thank you.
operator
Thank you. The next question comes from the line of Darshan Zaveri from Crown Capital. Please go ahead.
Darshan Jhaveri
Hello, good afternoon. So thank you so much for taking my question. Firstly congratulations on a great set of results. Hopefully I’m audible.
Kaushik Khona
Yes you are.
Darshan Jhaveri
Yeah. Hi sir. So sir, just wanted to ask like you said, around 800900 crore orders we are targeting this year. So those what is the estimate of J1 mission from that? Sir,
Kaushik Khona
out of three again 800, 900 is expecting to close while our pipeline will be higher than that because there is a, there is a timeline for any pipeline to materialize. So we are not expecting every pipeline to materialize during this financial year.
Out of 800 to 900 crores a jaldi ones will be in the range of around 400 crores as of now.
Darshan Jhaveri
Okay. Okay. The only reason I was asking that because if it’s on a pause right now for some time, new order inflow. So even the tendering process to start and everything would take some time, right? Would it would be fair to assume that even if it starts like after Q2 then it would take around like 5, 6 months more to materialize and it would not have like a. It would be very back ended or how would the timeline work? Sir, if you could like if a new order has to come.
Kaushik Khona
Yeah, sorry. When I say 800908 crore there are certain opportunities which are already being tendered or being pipelined and the pause which happened in the last quarter which is from April, May, June, that pause is expected to be resolved. So it’s not something that I’m counting new opportunities because new opportunities anyways take around six to seven months which we don’t normally count as a part of our fructifying opportunity. So these opportunities have already started for which we either we have bid or we, we have started working on those opportunities and we expect those to fructify within this, within this financial year.
Darshan Jhaveri
Oh okay. Okay. Fair enough. That helps a lot sir. And I just want to know current quarter our tax was very minimal. So is there any reason for that or like overall for the full year what kind of tax rate can we assume, sir?
Kaushik Khona
So tax, it’s basically only because of there is a net of tax credit of around 8 crore which was an excess provision of last year which is reversed. So if you look at current tax we are at the same 22% and that 22% tax rate applies to us across all the quarters there is a credit of around 7.6 crores which has brought down to effective Tax rate going down.
Darshan Jhaveri
Okay, okay. But overall our tax rate is around 22%. Yeah, fair enough, sir. And I just wanted to know like we’ve had you know, amazing margin this quarter. So as we scale up our revenue, will we get a higher operating leverage or the margins like Q1 performance we should, you know, assume as a new base. And how do we see that? Sir,
Kaushik Khona
I think this has also been addressed that as we grow and we are trying to catch up the higher value chain and therefore we are trying to address the technology solutions platform more than what we were earlier doing and effectively we expect the margins to sustain or maybe grow a bit.
So even if we are growing at a higher pace, as we already mentioned that we grew by more than 100% as compared to the previous year’s same quarter, the margins have actually increased. That is because of the order mix or the kind of the way we have executed higher technology platform solutions.
Darshan Jhaveri
Okay, fair enough. Just like one last question from my end. Like I think we had around, we’ve done some expenses of business development in US so it’s a two parter. So how is that been going? And does like the Trump tariff, you know, you know make people a bit hesitant in ordering or how does that flow, sir?
Prashant Kamat
Okay, Trump paid, it was day before yesterday’s issue.
So we need to see what happens in terms of investment in the US As I mentioned from last quarter this quarter our revenue has grown by 20%. So we are seeing that result starts to coming in.
Darshan Jhaveri
Okay, okay, fair, fair enough. So yeah, that’s it from my side. So thank you so much. All the best.
Prashant Kamat
Thank you.
operator
Thank you. The next follow up question comes from the line of Shubankar Gupta from Equity Capital. Please go ahead.
Shubhankar Gupta
Hi sir, I have two questions. First is on the segmental breakup of the current 1200 crores order book. This is small split between geostation and technology there. And second question is on the other income bit. So I see a massive increment in the other income bit. Roughly a 200% increase from I think around 15 to 47 million. So what exactly comprises that? Can you grow of that as well?
Kaushik Khona
Sure. If I can just take you first asked about the breakup of the order book. Current order book. Yes sir, current order book. So out of 1200 crore, 1209 crore, approximately 765 crore is on geospatial and approximately 445 is in technology solutions.
Second question you asked about the other income which I think on the overall perspective it is insignificant but it comprises of the interest income on the Surplus deposits which we have and if you look at the fixed deposits which we have and if you look at the overall other income, it also is contributed by the share of profit from the GD which we have, which is the edgram where we hold 70% of the stake which also has contributed to almost 2.59 crores. So effectively when we look at other income, the 7 crore is mainly made up of these two elements.
4.6 crore for interest income and 2.6 crore for share of profit which in a normal partner I would treat it as operating income. But in the, in the investors presentation we don’t show it as operating income because they are from the surplus or strategic investment.
Shubhankar Gupta
Got it. So that’s clear. And so. Okay, just a follow up from the crore order book. So we are, our strategic focus is to transition more on the tech solutions bit because that is higher margin. Right. So barring the current order book, our focus will be more on the tech solutions bit because of the margins bit.
And so what split are we forcing all this? Current order book is completed. I think you mentioned it, but probably I was not able to capture it.
Kaushik Khona
No, we did mention the breakup into geospatial and the technology solutions. But every order, I mean typically most of the large orders would have an element of geospatial and would have an element of technology solutions. So it will be difficult to right now identify how much portion of that will be fragmenting in these two. But what we, what we are strategically aiming with is to have such order book where the portion of technology solutions is higher, where it is a combined solution and a target on replicating the solutions which we already done on the, on the technology solutions part.
So I would won’t be able to give you the breakup of what would be between the geospatial and technology for the new order book.
Shubhankar Gupta
Thanks a lot.
Kaushik Khona
Thank you.
operator
Thank you. The next question comes from the line of shit. Sara from Tusk Investments, please go ahead.
Kshitij Saraf
Hi, good afternoon. Congratulations on the continued good performance. My question is around the structural shift more towards technology solutions business unit. Just wanted to understand in terms of A offering and B geographies, is it safe to say that the focus is more on technology solutions, more on the North American market and some color around your strategy and how you’re thinking about the company’s evolution over the next few years would be helpful.
Prashant Kamat
This is Prashant, I just want to caution a little bit on this topic. We. Because margins are good in offering technology solutions. That’s our focus.
That’s a correct Conclusion. But we are not leaving geospatial engineering or geospatial space. What we are actually trying to do is pick up the projects where even though it is in the geospatial arena, we will be using new technologies like artificial intelligence, like Iot, like controls, all of that stuff. And for that, whichever other projects will give us correct margin profile, other projects we are going after geographically, this is applicable for us, this is applicable for Europe and this is also applicable for India. So if your conclusion is we are going only after technology. No, that’s not true.
Correct picture of our business. What we are trying to do is apply these new technologies in the geospatial area and try to improve the margin. That’s what the correct picture will be.
Kshitij Saraf
Understood. Prashanti. Thank you. That’s helpful. My question more around sort of the incremental focus going forward because at some point the order book and sort of the government spending on these projects might cap out. And as we increase in size we would be looking for new geographies and for new offerings as you alluded to, as you alluded to earlier. So you know, on the inorganic side in this case, could you just let us know what you’re looking at? Any sort of acquisition asset.
What are the intu. Are you looking to acquire geospatial across geographies or are you sort of open to any other verticals? The four intersections you mentioned in the deck,
Prashant Kamat
as of now, a couple of the acquisitions which we are pursuing, both of them come from geopatient but both of them also come from the technologies, newer technologies which don’t exist in CS tech today. So vertical will be geospatial, technologies will be new. That’s what we are looking and geography. Both the acquisitions serve us as well as Europe. Perfect. Thank you so much. All the best. Thank you.
operator
Thank you. The next question comes from the line of Harsh Mulchandani from Toro Wealth Managers llp. Please go ahead.
Harsh Mulchandani
Thank you for the opportunity. Congrats on great set of numbers. We just mentioned that we have a 800 to 900 crore bid pipeline. I just wanted to understand how much of it is towards the Jaljeevan and how much of it is towards other projects. And if you could give some flavor on the kind of projects at which we are bidding, I.
Kaushik Khona
Let me just step in. I already clarified that 800, 900 which we are expecting to close this financial year includes around 400 which is Jaldism opportunities.
Harsh Mulchandani
Okay. And then the rest is
Kaushik Khona
the rest case on the technology platform where it includes some of the replication of the technology which we already implemented in some of the projects.
We are also working on 3D, BIM and AEC opportunities for geospatial where we added some more technology enablers in this quarter in the last two quarters.
Harsh Mulchandani
Okay, so just for simpler understanding, the tech platform when you mentioned would get classified under the tech revenues for the business, the higher margin business.
Kaushik Khona
Yes, that’s correct. Okay, got it. Thank you so much. Thank you. Thank you.
operator
Thank you. The next question comes from the line of Dikshan from db. Well, please go ahead.
Deekshant Boolchandani
Hi. When we talk about our technology services, as you mentioned that it is a couple of AI products and platform services that we are looking at now. But could you just paint us a word picture as to what kind of benefits it is giving to our client and how are we positioned in a unique manner that is giving us that competitive strength
Prashant Kamat
in terms of client it is always faster, better, cheaper. So are we doing that with what we are doing our AI engine running? We are addressing both of these aspects faster and better. It is more accurate and it’s much faster.
What will be your second question?
Deekshant Boolchandani
So can you just paint like a word picture as in what is the exact product that we are offering? Who is the PG for us? What kind of services are we giving them?
Prashant Kamat
Okay, more technical, so bear with me for a couple of minutes. Typically when we are doing the work after the scanning, either by LIDAR or by the aerial or whatever source we camera, we capture the data in terms of processing. It needs experience and lot of people to clean up that data, pre process, then identify specific objects and then give the maps or give the objects on the assets.
Assets will not. What we have developed is the artificial intelligence layer to do all this manual intervention and give the results faster and more accurate as well as the quality of the end result. We have been able to convince multiple customers, not just in India but outside India that the developed product from our side gives results much better than what is available commercially with them. And the data which they throw over the wall to get processed from low cost countries. And that’s the reason we are able to see the more traction in that area. So the cleaning and segmentation of data is done by a technology solar business.
Deekshant Boolchandani
And what kind of sort of target audience are we looking at in us? Is it private players?
Prashant Kamat
It’s not government in US is the private players and all the utility segments is what we are targeting. Same like India Energy as well as telecom as well as road assets.
Deekshant Boolchandani
So that means that if the infrast spends In US start going up in the private space. That would be a direct sort of opportunity for us. If that’s energy space or if that’s a water space, something like that. Is that the right.
Prashant Kamat
Yes, yes, yes.
Deekshant Boolchandani
So the transmission lines that US is now also looking into and expanding their power and energy requirements.
That’s a clear opportunity for us in the geospatial and technology services.
Prashant Kamat
Absolutely. Yes.
Prashant Kamat
Got it, sir. Wish you the best. Thank you.
operator
Thank you. The next question comes from the line of arupde. A n individual investor. Please go ahead.
Unidentified Participant
Hello.
operator
Hello, sir.
Garvit Goyal
Hello.
operator
Yes sir. You’re audible. Please go ahead.
Unidentified Participant
Would you provide any guidance on revenue and tax margin for FY26?
Prashant Kamat
No. We have said we will never give forward looking statements.
Unidentified Participant
Okay. Okay. And what is your size of your L1 order book? So as of now it is 1209 crore after the first quarter.
Prashant Kamat
He’s asking L1, not the closed L1 in the sense is what we have bidded and we are at L1 stage. Generally we don’t give that information. Yeah, it could be right.
Harsh Mulchandani
So you can. You can provide a pipeline. Can you provide that pipeline order book?
Kaushik Khona
So we have already bid for some opportunities.
We identified certain opportunities which we see that we’ll be able to bid in this quarter or next two quarters. We are also expecting based on our experience that during this financial year we should be able to get a fresh order book of around 800 to 900 crores. Pipeline will obviously higher than that.
Kaushik Khona
Okay. Okay. Thank you.
operator
Thank you. The next question comes from the line of Jigar Shah, an individual investor. Please go ahead.
Unidentified Participant
Yeah. Am I audible?
Unidentified Participant
Yes, you are.
operator
Yes, sir.
Unidentified Participant
Yeah. So many congratulations for a good set of numbers. We are seeing that now. We are delivering these results consistently. I just wanted to know about the Chennai Development center which was recently opened and I found it on a LinkedIn. So like you know, is it completely utilized for our deliveries or we are just in a mode of scaling up that particular center? That is my first question. And are we planning to open any other development center in the future in any of the tier 2, tier 3 cities? Okay.
Prashant Kamat
On Chennai Development center it is fully operational and occupied.
It is a customer requirement. Caterpillar was our customer and they requested us to be near shore to increase the engagement as well as to increase the business. That is why I opened the Chennai. We were already working in their center prior to opening this on our own. That’s the story on the Chennai. Will we open any additional centers in tier 2 tier 3 answer is always yes. But it will be subject to the opportunity either in terms of customer or in terms of resources. Thank you.
operator
Thank you ladies and gentlemen. We’ll take this as the last question for today. I would now like to hand the conference over to Mr. Suresh KP for closing comments.
Surej K. P.
First of all, thank you everyone for being on the call and for the host as well. So it’s my pleasure to be on the call. I know a lot of questions asked about my role. I’m pretty sure Prashant answered your questions on that. Just a couple of points I would like to mention in closing, as you would have seen, just to mention the obvious, I’d like to reiterate the fact that we have more than outperformed the industry and the market. I think you must have seen from the numbers and I’m sure all of you look at the market very closely.
So very glad to have delivered such a result in this quarter. Also, another important point from a number standpoint is that typically if you look at the last few years, our Q1 has trailed behind the Q4, but this time we have clearly gotten a change of the Q1 has beaten the Q4 numbers and this is as a clear indication of our strategy is working and stronger outlook for the future. And just from coming from a technology background like Vishal, I just wanted to add a couple of quick points here. I think many of you had a question related to technology.
So in terms of how we are trying to leverage technology to grow it, clearly building in enablers from a technology standpoint to go after the same markets that you’re seeing here. We build significant capability in the market as you will see and these technology tools, leveraging the best in class and latest cutting edge technology like AI and other technologies would help us be ahead of the competition in terms of speed, in terms of quality as well as the alternative solutions to what is available in the market today, which we believe will put us in a very strong position in the coming quarters.
Thank you all once again.
operator
Thank you very much on behalf of arihant Capitals Market Ltd. That concludes this conference. Thank you all for joining us and you may now disconnect your lines.