Ceinsys Tech Ltd (NSE: CEINSYSTECH) Q3 2026 Earnings Call dated Feb. 12, 2026
Corporate Participants:
Kaushik Khona — Managing Director, India Operations
Abhay Kimmatkar — Managing Director
Amita Saxena — Chief Financial Officer
Analysts:
Natasha Singh — Analyst
Vaibhav Mishra — Analyst
Aman Soni — Analyst
Gunit Singh — Analyst
Kaushal Sharma — Analyst
Ankit — Analyst
Narayana Lodhavia — Analyst
SashiKant — Analyst
Priyanshi Kankane — Analyst
Samir Ray — Analyst
CA Garvit Goyal — Analyst
Krishna Revan — Analyst
Darshil Jhaveri — Analyst
Apeksha Bajaj — Analyst
Athar Syed — Analyst
Charu Manral — Analyst
Presentation:
operator
Foreign.
operator
Ladies and gentlemen, good day and welcome to Sensystech Ltd. Q3 and 9 months FY26 earnings conference call hosted by Arihant Capital Markets Limited. As a reminder, all participant lines will 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 Ms. Natasha Singh from Arihant Capital Markets Limited. Thank you. And over to you Ms. Natasha.
Natasha Singh — Analyst
Hello and good afternoon everyone. On behalf of Arihan Capital Market Limited, I thank you all for joining into Q3 and 9 months FY26 earning conference call of Sciences Tech Limited today. From the management we have Mr. Kaushik Khona, Managing Director Indian Operations, Dr. Abhay the Managing Director and Mrs. CA Asmeta Saxena. So without any further delay, I’ll hand over the call to Mr. Kaushik sir for the opening remarks. Over to you sir.
Kaushik Khona — Managing Director, India Operations
Thank you and good afternoon everybody. It’s a pleasure to welcome you to this earnings conference call for the third quarter and nine months ended financial year 2025 26. Let me first thank our host for Today’s con call, Mrs. Aryan Capital. 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 first and followed by the performance highlights for the quarter under review. Sciences Tech has been 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 providing engineering and technology solutions in the infrastructure domain.
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 analysis, decision support system and enterprise solutions. After the acquisition of Mobility business of Allegro in 2022, we acquired a geospatial business of ETS in USA in the year 2024 which was majorly operating into telecom domain. Since then we are identifying some more targets for the inorganic growth to expand our horizons into the domains where the company is already operating. That is the geospatial and engineering services and the technology solutions for which the company has already mobilized almost around $28 million.
We serve prestigious global clientele 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, in United States, United Kingdom and Germany. The company combines local expertise with a broad international reach. Additionally, the company has initiated and invested into development of product solutions focused on the infrastructure, vertical and emerging technologies through a new vertical focus on the artificial intelligence and machine learning and embedded electronics. This vertical emphasizes development of the 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 our financial and operational performance for the third quarter and nine months ended 31 December 2025. For the quarter under review, our operational revenue grew by 52% year on year to rupees 170 crore, EBITDA increased by 88% to rupees 40 crore with margins expanding to 23.48% reflecting a strong improvement of 452 basis points. Compared to the last year. Net profit stood at rupees 39 crores up 119% year on year translating into a healthy PAT margin of 22.9%. Now coming to the financial highlights of nine months ended of financial year 2025-26 our operational revenue grew by 78% year on year to rupees 490 crore, EBITDA increased by 107% year on year to rupees 106 crore and EBITDA margins at 21.59% which is an improvement of 302 basis points year on year.
Net profit for the year was 96 crore at a growth of 133% year on year with PAT margins of 19.75%. This robust performance was supported by strong growth across our business segments. For the quarter under review our geospatial engineering services revenue increased by 122% year on year 209 crores, while on the technology solutions side revenue declined moderately by 3% to around 61 crores. For the nine months our geospatial and engineering services revenue increased by 77% year on year to 257 crore crores. Similarly, our technology solutions revenue grew by 79% year on year to two hundred and thirty three crores.
Demand for our offerings remains strong. During the quarter we booked new orders totaling to 170 crore excluding mobility and product services, taking our closing order book as on 31st December to a healthy rupees 999 crores. At the same time we have maintained discipline of working capital with our net working capital cycle in the range of 16060 to 162 days. During the quarter our collections were 170 crore which is equivalent to operational revenue. During the quarter we were able to realize significant collections in relation to the projects under the jgm. On the operational front, first, we continue to invest strategically in our future growth.
During the quarter we invested rupees 24 crores in technology innovations and business development specifically aimed at expanding our presence in the US and other territories. Out of this investment, rupees 16 crore was charged to our profit loss account. During the quarter we secured several contracts that further reinforce the strength and depth of our capabilities. These include an extension from the State Water and Sanitation Mission Uttar Pradesh for a third party inspection services of three clusters extended up to 3-26-27 with an estimated value of Rupees 107 crores. Additional work orders from Maharashtra Remote Sensing Application center under the National Soil Mapping Program taking the cumulative NSMP order to approximately 7 crore.
A work order from Maharashtra State Road Development Corporation as a system integrator for the supply, implementation and support of digital project management platform including 5D Beam, ERP and GIS integration and establishment of OSO which is owner Support Service Owner Support office valued at rupees 12 crore. We also secured two mandates from MMRDA for urban chain detection systems and BIM implementation for tunnels and stations aggregating to Rs. 20 crore. Additionally, Vasai Virar Municipal Corporation awarded us a work order for preparation of detailed project report and appointed us as a Project Management Consultant for the STB project amounting to Rs.12 crores.
These wins reflect the breadth of our capabilities and our continued success in securing large and strategic projects projects across multiple domains. This quarter marks an important milestone in the growth journey. Our focus remains on the building a predictable and resilient business, one that delivers consistent quarter on quarter growth while maintaining financial discipline. The improvement in EBITDA margins reflect the strength of our operating model and the maturity of execution capabilities. This quarter also marks a phase of scale consolidation for us, strengthening our delivery regime, deepening client relationship and laying a solid foundation for the next phase of expansion.
With a robust pipeline and sustained demand for AI led engineering and digital solutions, we are well positioned to continue this momentum while maintaining a balanced approach to growth and profitability. In our efforts to build long term strategic partnership with few technology domain experts and those who can provide us platform for expanding our services and geographies where we serve, we have entered into MoU with tech, Mahindra and Etosky which adds to the long list of strategic and OIM partnerships we are working towards building more such strategic partnership in the coming times. We are also taking steps to set up our foothold in the markets of Dubai and Saudi Arabia.
With this I open the floor for question and answers. Thank you.
Questions and Answers:
operator
Thank you very much. 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 participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Vaibhav Mishra from finvestors. Please go ahead.
Vaibhav Mishra
Hello sir. Congratulations for the fabulous set of members once again. And sir, we have. We have been executing. We might close the year around 700 crores or more maybe. And sir current I think the order book is 1000cr. So we might be ending with 800crores of order book after Q4 if we don’t get further orders. I mean I think we were expecting some 500, 600 stores of orders in Q3 and Q4 but Q3 has not been that much good. So are we expecting heavy inflow in quarter four to match the numbers that we have been executing for the last two years? 60, 50, 70% kind of growth or is there some change you would like to tell.
Kaushik Khona
Thanks for your question. Would you like to take this question?
Abhay Kimmatkar
Yeah, I would like to take. Yeah. Thanks Rapuji. So we as stated in the last call we are still on the whatever we have achieved. So when we will be achieving the numbers though you said we will be doing another 600. That’s not the truth. But yes, what we anticipate for 1000 crores will be closing by something close by to that. As you rightly stated that we have anticipated to close around 800 crore. But we are. We will be trying to get to up to 900 crore. That’s what numbers we are envisaging to close. We still have a good pipeline may slip to Q1 but we’re trying to close it in Q4 so.
But what number we have promised we’ll be reaching up to 90% or 200% of those. That’s for sure.
Vaibhav Mishra
I could not get data sir, we are. We will be closing our order book after Q4 at around 900. Course that’s what you saying sir, we.
Abhay Kimmatkar
Are anticipating to close that. Yeah.
Vaibhav Mishra
Okay. Closing order book. All right sir. So FY27 are any outlook, I mean kind of Growth or margins for that matter. What do you expect from FY27 in. In the medium term what kind of growth?
Abhay Kimmatkar
I can only tell you that we have a good pipeline. Cannot forecast the numbers at this point in the numbers are being worked out but again it’s a forward looking thing. I can ask Kaushiki to comment on that.
Kaushik Khona
No, thanks for your question. As we have consistently maintained we don’t give projections and forward looking statements. But if you can see the growth momentum of last 8/4 quarter on quarter year on year we have been growing more than even this quarter we have seen seen that we have grown more than 52% on the top line. And if you look at last 3 years trend from a 202324 base of 251 crores we have. I hope I am audible from.
Vaibhav Mishra
Yes, yes.
Kaushik Khona
Worth of top line of 2000-2023 24. We have reached a top line of 490 crores in this nine months period. So I think you can witness the growth and as we already mentioned in the opening remarks we expect this, this momentum to continue. We won’t be able to give you the forward looking statements which has been our consistent approach.
Vaibhav Mishra
Thank you. All right. And sir, update on U.S. subsidiary. I think we have been investing quite heavily on that and in the last call you said that some large contracts were under negotiation. So. And we are also expecting contribution from Q4 onwards. So what? Update on that sir.
Kaushik Khona
So you are right. We have been investing for growth markets and the same approach continues and we have been able to get some good traction. I think even in the last call we had mentioned that maybe by Q4 of this year or Q1 of next year we will get to know more about the strategy and about how we have built up the businesses over there. So right now we are in the process of building up and we will come to you by quarter four or Q1 of the next year.
Vaibhav Mishra
All right sir, thank you so much sir for your time and all the best for the future quarters. Thank you.
Abhay Kimmatkar
Thank you.
operator
Thank you Ladies and gentlemen. In order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. Should you have a follow up question we would request you to rejoin the queue. The next question is from the line of Aman Soni from Envis Analytics Adversary llp. Please go ahead.
Aman Soni
Hello. I’m audible.
Kaushik Khona
Yes you are.
Aman Soni
Hi. First question is on the inorganic acquisition. Last phone call you mentioned about timeline of one to two months but it has Been three to four months now from that. We have not seen any development on that particular area. So why the delays are happening Sirona, on a consistent basis, quarter over quarter. We have given. Given an indicative timeline but that timeline is not getting met on this particular area.
Aman Soni
So.
Aman Soni
So please give some clarity on that.
Kaushik Khona
Which is the area I’m not able to listen properly.
Abhay Kimmatkar
Inorganic acquisitions timelines on the inorganic.
Aman Soni
Okay.
Kaushik Khona
No, so you are right. We are actively pursuing the due diligence process is also. Is also almost over. There has been slight delay from the compliance side because we are evaluating all the aspects. So I think we are not able to give you the answer right now. Hopefully by quarter end quarter four end you will have a little more clarity about the acquisition targets which we have been pursuing.
Abhay Kimmatkar
So you are saying we don’t want.
Kaushik Khona
To invest just because the funds are there. We are investing. We are going to invest into those opportunities where we see synergy and therefore it is taking little bit time. But I think by. By next quarter end we should be able to give you a better picture.
Aman Soni
When you see we will be getting some better picture like are you going to like conclude the inorganic acquisition opportunity by Q4 or what is the scenario?
Kaushik Khona
Yeah, that is. That is what. So the process is already on. The conclusion should be. Should be taking place in next two, three months.
Aman Soni
Okay.
Aman Soni
And when. When you are saying compliance issues, what kind of compliance issues right now we are facing in concluding this opportunity due diligence process.
Kaushik Khona
So I think there are, there are due diligence experts which are doing that and once we get the confirmation of the reports then we will be able.
Aman Soni
To take a call. Okay, understood.
Aman Soni
And secondly on the governance part, over the last 12 to 15 months the company has seen multiple senior level changes including the repeated CFO changes and appointment and subsequent exit of a CEO designation and several senior management reshuffles as well. So can you clearly explain what is driving this frequency of resignations and the RE designations at the top management level specifically? Are these anyways linked to any strategic agreement or maybe the performance issues or. Or any cultural integration challenges that we are currently facing? And what are the concrete steps that the board has taken to ensure the leadership stability going forward?
Kaushik Khona
Sir, So I think it’s a good question but I think we have already given answers earlier. I would just like to reiterate. Dr. Abhay Kimatkar is there since last 28 years. Ms. Amita Ji was already the CFO prior to 2020. She had a short break by which we had Sameer for a short time. But she is back to the company. We had the planned exit of Prashant Kamathji who has completed his tenure. But he is already onboarded as an independent director who is guiding us for the future growth path. So I think the changes are all I would say expected plan.
And I think we are. We have rebuilt the entire management team to focus on the growth which you can see how the growth is performed. And fortunately we also have got the benefit of our chairman Mr. Sagar Mege also joining to the executive position. So I think this will give a lot of credence to the working of the company and provide the kind of vision which we already working with on a day to day basis. So that we are with the guidance of our promoters Aza sir, we would be able to take this company to a greater heights.
So I think the changes which have happened are not something which has affected us. Neither they were cultural issues nor there were any strategic movement because of some agreements. But I think it was maybe some one change which I already explained about Prashant Ji. And I think with the induction of Sagar sir as the. As the whole time director things are even with a greater vision we can work on our. On our mission faster.
operator
Thank you participants. I would ask you to limit your question to two. And if you have a follow up question you may rejoin the queue. The next question is on the line of Gunit Singh from Counterclinical pms. Please go ahead.
Gunit Singh
Hi sir. Thank you for this opportunity and congratulations on a great set of numbers. I would like to understand what are our build and unbilled receivables as on date.
Kaushik Khona
Amita ji, I would request you if you can just highlight that there are.
Amita Saxena
Data as on 31st December is around 150 crore. Out of which 150 crores. 125 crores is approximately within one year only. So only 25 to 27 crore is pertaining to year more than 365 days. And as far as unbilled is concerned. It is approximately around 250 crores of unbilled revenue. And we have almost billed 140 crores in this quarter. So the movement in UBR the increase in turnover due to UBR is only 33 crores in this quarter.
Kaushik Khona
Just to supplement further whatever top line which we see 170 crore on a consolidated basis. The total realization also during this quarter was. Was more than 170 crore.
Amita Saxena
Yes, we have collected 170 crores of funds in this particular quarter.
Gunit Singh
All right. So but total annual receivables is about 250. Craig sir, what is the reason for our foreign tax rate this quarter and what should be the tax rate for the entire years going forward?
Kaushik Khona
So I think as you are aware we are into a, we are into a cycle where most of these UPR unbilled revenue would be getting addressed during Q4 because that’s the time when government is also trying to get the things sorted out.
Amita Saxena
Actually these are all milestone based billing. We have, we have to build to the government on the bill basis of achievement of milestones. The work which is in progress that comes into UBR and certification process and sometimes department issues, departmental issues are also there. But then this UBR is all related, maximum related to the achievement of milestones. Once the milestones are achieved, we will start billing and we do bill. That’s why we have built in last quarter around approximately 140 crores. And even we have collected 170 crores in previous quarter. So this, this basically depends upon the achievement of milestone.
Gunit Singh
Got it. So at year end, I mean receivable, what should we, what should our year end receivables look like in terms of both build and unbuilt? Because you mentioned that most of the billing and collection happened in Q4 maximum.
Amita Saxena
Collection happens in last quarter only. So we are expecting a again a good quarter as far as collection are concerned and as far as UBR is concerned that is a continuous cycle. So we will build again, we will execute and again there will be a new VR. So that is a continuous process.
Kaushik Khona
So I mean would we be able.
Gunit Singh
To significantly reduce our receivables in Q4 like both builder and build? That’s my question.
Kaushik Khona
So if I can just submit. Normally you would have seen last two years the quarter for billing and the collections. The collections are always more than the billing including UBR and we expect that trend to continue. While we have seen that we have constrained our working capital cycle to almost 160 crores, our target is to bring it down. And we hope that with a major quarter four disbursement this would be brought down further. So our efforts are on to bring it down and we had achieved that in last quarter four of last year to 125 days.
And we will try to bring that down further. I mean in this year also.
Gunit Singh
Great. That’s great. So basically I mean we bring down the dated days from 160 to around 120, 130 like last year. So that is good direction. And in terms of the 40 crores that we have transferred to our subsidiary in the USA. What is that regarding? I mean is it related to the acquisitions that they completed?
Kaushik Khona
So that is as it as already mentioned it is toward the business development and the. The Initial last year, 20, 24, 25 what we made the payment was towards the acquisition of VTS and thereafter we have invested into business development and the technology interventions which we are doing as regards AIML is also being capitalized to some extent. Most of them is written off to the PNL as already mentioned in my introductory speech. So these are basically efforts to build the Future.
Gunit Singh
So the 40 year transfer that has also been written, I mean deducted from the PNL. And what kind of business development would this entail? This transfer?
Kaushik Khona
No, so 40. Which 40. That’s the infusion capital. Not everything is P L what we have mentioned the P l is only 16 crore which is towards the business development for the geospatial business and the acquisition, the new business which we took of ETS there also we have added our business development team. So that’s the cost which we are incurring and which is written up to the pnl.
Gunit Singh
All right. So I mean I want to understand what is the. So the 40 crore transfer to a subsidiary, what will that be used for specifically? Is it only for business business development and if so I mean what kind of business development are we looking at from. From that or will a part of it also be used for acquisitions?
Kaushik Khona
So business development is basically what. Whatever kind of capabilities which we are building here. And we have certain logos which we acquired through vts. So we are trying to do more kind of data mining over there to get more businesses from such logos which requires the setup of the team over there which we have built a team and in US obviously you know the team building cost is also higher and we have also been kind of trying to build some of the product development which will be catered to the infrastructure domain which we want to present to the US market also.
So these are some of the opportunities which we can then encash for the future.
operator
Sorry to interrupt you sir. So you may please rejoin us DQ for a follow up question. The next question is from the line of Kaushals Sharma from Equinos Capital Venture. Please go ahead.
Kaushal Sharma
Hi sir, very good afternoon. So could you please tell me what is our current receivables as of December 2025 and what proportion is more than six months out of 10?
Kaushik Khona
I think we have already answered that question.
Abhay Kimmatkar
We have a receipt of 150 crores.
Amita Saxena
As on 31st December out of which approximately 125 crores. 126 crores belongs to a period less than one year only. And the question of yours. More than six months. Less than six months is approximately 8090 crores. Approximately is from less than six months bracket.
Kaushal Sharma
Okay.
Kaushal Sharma
Thank you.
operator
Thank you. The next question is from the line of Ankit from Fusion Capital. Please go ahead.
Ankit
Yeah.
Ankit
Hi. Congratulations on a good setup number. Also I have two questions. First is on order book because our closing order book would be around 900 crores and we have at the top we were at 1100 calls. So are we expecting the momentum to be increasing in FY27 because as of now it seems a bit in a declining sense.
Abhay Kimmatkar
I will take this question. We are continuously working upon that. We have a strategy created for next three years. We are continuously building our team. There were election times. We had three elections in Maharashtra. So almost six months of the entire year was in the code of conduct. So you won’t have any tender publishing also. So that was despite that we’ve been able to close good orders. And having said that we have created a good pipeline. So definitely it will pass on to us still over to Q1 or Q2 of FY27 20. So there’s no issue with the pipeline and there’s no decline as such.
We have been very focused. We have created our entire roadmap looking into the government funding, the opportunities landscape and everything. And we have also deployed a good team and getting good hires for chasing those particular. And as Kaushik just mentioned our chairman has taken an executive job and he’s been overlooking our entire BD sales and their operation on day to day basis. So he’s been helping team to you know create indoors into the bigger accounts. And then he’s helping everybody to. To. To be on the ground. And we have. We have a robust pipeline created for that.
So I. I think I. I have answered your question, sir.
Ankit
A quick follow up on that.
Ankit
Any rough idea on the current bid pipeline? No, no.
Abhay Kimmatkar
That cannot be told. That cannot be shared. That’s what we’ve been telling so number. But definitely it’s a good pipeline. What we have achieved last two years we will be maintaining that growth. What we had achieved last year and this year. Yeah.
Ankit
Okay. Okay. And secondly on the EBITDA margins like we have reached in this quarter 23% which is significant jump from on a BIOI basis from here does based on the pipeline and the business prospect. Can you see still a chance for room of improvement or we have reached a stable point in the range of 23%.
Abhay Kimmatkar
Kaushik, just given you the entire. You know.
Kaushik Khona
If I can just. So thanks for a question. If you see the presentation also we have seen the EBITDA margins growing steadily quarter on quarter for the last eight quarters. So from a base level of 17% every quarter we have seen increase and we have reached that 23.4%. I think it is also the result of two major things. One is that expanding our top line or expanding the share of business on the technology part as well as going into a higher maturity kind of level of order book where we see a greater value addition to the clients and where the margins are better.
So going forward also we believe that the margins would be at least stable and we hope that this should sustainably improve quarter on quarter. We won’t be able to give you any guidance on that, but the past trend is increasing indicative of how we are focused on building a higher margin business.
Ankit
What is still there is a scope of operating leverage. Not quantitatively you can stay, but qualitatively. Is that assumption correct?
Kaushik Khona
That’s correct. Yeah.
Ankit
Thank you. And all the best for the future.
Kaushik Khona
Thank you.
operator
Thank you. The next question is from the line of Narayana Lodhavia from Step Trade Capital. Please go ahead.
Narayana Lodhavia
Hello. Am I audible?
operator
Yes sir.
Narayana Lodhavia
Hello.
Kaushik Khona
Yeah, yeah.
Narayana Lodhavia
Can I please.
Narayana Lodhavia
Can you please share the receivable days in this quarter?
Kaushik Khona
So we have a net working capital cycle of around 160 to 162 days and it is six same as the quarter two. And that is also as explained by our CFO that our total revenue of this quarter was 170 crore and the collections also 170 crore. So the, the receivable working capital cycle has remained constant and that we are striving to bring it further down as we expect. We already explained that on quarter four normally the collection are better.
Narayana Lodhavia
Okay. So any other steps that the company is going to take to get the value down to 120 or 30. As mentioned in the previous quarters earnings was.
Kaushik Khona
I think I explained just before some time that we had consistently bring brought this working capital cycle down from a peak of 225 days days before three years. And last year quarter four we had brought it to 125 days. We are, we are already at around 162 days. Because in the lean quarter I would say when the government disbursements are slightly lower, once the quarter four disbursements are higher, we expect this cycle to be Improved we wouldn’t be able to quantify. But yeah our target would be to bring it down.
Narayana Lodhavia
Okay, just the last question. What would be the order book mix of the recent quarter?
Kaushik Khona
So we ended the quarter 999 crores as published and we we are striving further to build up that as already explained by Dr. Abhay.
Narayana Lodhavia
Yeah, I wanted to understand the segmental breakup.
Kaushik Khona
Segmental breakup. You want as regards the. The technology absorption in the geospatial.
Narayana Lodhavia
Right, right, right. Technology and geospatial sir.
Kaushik Khona
So on the technology absorption side it is around 460. 60 crores and around 4520 crores. 530 crores is towards the geospatial site majorly of which is a order in relation to the the River Linking project which is classified majorly into geospatial although some portion of it also is part of the technology of software.
Narayana Lodhavia
Okay sir.
Narayana Lodhavia
Okay.
Narayana Lodhavia
Thank you.
operator
Thank you. The next question is on the line of Sashi Khan from brightermind Equity Advisor. Please go ahead.
SashiKant
Congratulations on the good set of numbers and I have two questions. The first one is around the exploration of strategic alliances across MEA ACR and we are also entering into Saudi and Dubai apart from the VTF acquisition that we have done in USA. So the 170 crores of you know the money we have raised in residential allotment. So in which geographies apart from you know USA we are major focusing on in NEA and SEM.
Kaushik Khona
So I think the growth focus is more into us. But we already explained and you rightly observed that we are also expanding funding our trying to build presence in Middle east including the KSA where we are deploying. We would be coming up with the business development team as well as we will be setting up a new structure over there which will come back shortly. The areas of focus, the geographies of focus therefore remain as US as a prime and Middle east and KSA as a second second territory to be building outside India.
SashiKant
Okay, just an extension of this one. What is the opportunity size? You know we are looking into these geographies particularly in USA in geospatial and in.
Kaushik Khona
So I think if you look at overall opportunity there are huge opportunities. It’s immeasurable. Even the recent reports of geospatial opportunity in US was talking about yearly opportunities of more than $2.4 billion. And therefore we are a small pie into that. Even in India we contribute to almost 6 to 7% of the geospatial engineering part. So I think we Have a lot to conquer and there are a lot of opportunities available.
SashiKant
Okay, my second question is about the Singapore mou. So have you seen any, you know development on that front?
Kaushik Khona
No.
Abhay Kimmatkar
Yeah, we have. Yeah. Okay.
Kaushik Khona
Yeah, sorry.
Abhay Kimmatkar
Yeah, we are building, building a pipeline along with them. So they have, they have a very niche technology. They are very strong in AI side. They do a lot of interpretation. They have a state of art technology which is patented. They have good presence in Middle east and other parts of South Asian countries and the Far east as well. India they have a strategic market. So they, they have strategically partnered with us to to take up their solution. So we complement to their solution because we are doing a lot of application where we require the AI intervention and already we have a pipeline and we have as Kaushik just mentioned in mmrda we are doing the solution like what we are doing for the change detection using satellite imagery Enter AI would be implement.
So their solution is going to be positioned there. So there are many other applications projects which is in the pipeline. I can’t name every project here but yes we have a strong pipeline created with them.
SashiKant
So my last question is draft is one more. So about our recent strategic alliance with high tech Mahindra. What is the scope of work? I mean we are into this strategical app.
Abhay Kimmatkar
So takem we have kind of for the global type, the global business development and execution. So they are very strong in 2, 3 domains which we complement them. One is telecom which we are doing in US. They are very strong. Their mind repeat is telecom is their company. So they are strong footprint globally. They have the number of companies providing solution in those area. So at times we have tied up with them. We are going to create different kind of solution. We also have our platform extended to their solution. They have acquired some company in Australia which is complementary to our solution and we will be going to that part of the world with them.
We are also building up some some business with them in Europe side and of course Middle East. They have their presence and they are very keen to join hands with us and there is larger things coming up. We have recently signed up and we are building up a lot of solutions with them.
operator
Participants are requested to ask 2 per participant, 2 questions per participant. The next question is on the line of Priyanshri Kanke from Brighter Mind Asset Management. Please go ahead.
Priyanshi Kankane
Good afternoon sir and congratulations for setting amazing numbers. Sir, in the last call you were mentioned that we have bidded for 14.
Priyanshi Kankane
Additional projects under river linking.
Priyanshi Kankane
So what’s the current status of these bids and what Is the total addressable value of these projects.
Kaushik Khona
Thanks for your question. I think perhaps the understanding is little different. We have identified there are certain projects of revolving which are being pursued by the government of India. And we are tapping those opportunities as and when they come up. Right now we have already been focusing on the largest river linking project which we are part of it we are doing the dpr. So I don’t think we have talked about any new river linking project being already tapped because they are still under the exploration side. But we understand that there are around 12 to 13 projects which are under priority one which also we are tapping.
So as and when things come up we will be kind trying to take a pie into that. Right now we are still on the exploratory stage of the additional projects.
Priyanshi Kankane
Okay, got it sir. But I think. Yeah I think sir in the last group call which was conducted in December I think might be I’m wrong in this. So sorry sir. My second question is on like how we are planning to capitalize on government land mapping and digilocking initiatives and what’s the potential revenue opportunity we are seeing from these initiatives.
Abhay Kimmatkar
Yeah, I will answer that. So land mapping or modernization of land is happening since last 20 years. You may be aware. Different time, different agencies have taken up. Every state is doing their own piece. Suriba of India has come out with Swami Tour and the Naksha and rural development department has also come up with some other. Everything was a pilot. They are still exploring and evolving what kind of solution is to be required. It’s 100 year old records which needs to be really before the recreated resurveyed and application is to be really robust to handle all those data set.
There are a lot of challenges, lot of issues. All hu special companies India have ventured in that have taken one of the other project you say CS four of those projects in different parts of the countries. Government of Maharashtra has come out of with one one application project which is a unified land management. CS tech is very much vying for that. It’s just an expression of interest. Take now they will. They have called up the interest document. Everybody has filed in. There are larger sis they have invited so far they would be inviting us for a take piece but not at this point in time as an eui.
But yes they will be vying for geospatial coming companies like us for providing solution to this larger project. So every state will come out with this kind of opportunity, this kind of project. It’s again a 20 year long process to map every piece of land in this country every land parcel to be mapped and reserved. So work is on. We are very much on the target. We have created a team and we will be wi for such project. This is kind of thousand crore plus kind of project for each of the state and we are definitely going to win those project.
We will be aggressively putting a power bridge for those.
operator
Sorry to interrupt you ma’.
operator
Am.
operator
May I request you to rejoin the queue for a follow up question. The next question is from the line of Sameer. The next question is on the line of Sameer Ray, an individual investor. Please go ahead.
Samir Ray
Hi sir.
Samir Ray
Congratulations on good set of numbers. I have a couple of questions for you. I was going through a product use case in your presentation. 8th page 8 page your presentation. It seems figures did not change in last three quarters. I mean all the figures, numerical figures are the same you are using there. And the second one is. Second one is. I. I see you are in IT services and all that sort of technology business headcount numbers are not provided in your. I mean statement. I mean just that particular presentation. Headcount numbers give a better representation of the growth of the company and recruitment and all that.
Kaushik Khona
Generally all the.
Samir Ray
All such technology companies provide headcount numbers. You do not generally. I see that. And third one last contract that we own in USA that was LIDAR contract when we acquired vts. After that nothing we have heard from that segment. I mean of the market. Can you give some light on that?
Kaushik Khona
Thank you.
Kaushik Khona
That’s all from my different set of.
Abhay Kimmatkar
Questions I think if you can.
Kaushik Khona
If you can I will just answer these three questions. One is that if you look at the presentation which has been uploaded on the BSE side it gives you the complete presentation about the quarter three and the nine months presentation where numbers won’t be different from what we have already kind of published. Kindly look at that presentation.
Samir Ray
It gives you the clarity I was talking about. Page number eight, sir. Page number eight in which you have. You have presented that so much kilometers have been done in electricity and services so much kilometers have been done in road and all that. Those four figures are there page number eight.
Abhay Kimmatkar
Okay, yeah, so. So I will answer that. If it’s last 2/4 it may not have seen because unless until you achieve milestone you cannot add those or update those because electrical network we have done for UPP 2, three other things. So last six months there is no project wherein you find any electrical network appended. So wherever, whatever updations or whatever data is collected we add to that our credential once the sign off is done then only we added. I agree some. Some may not have moved because the nature of project what we are executing this point in time may not have those kind of work being carried out.
But yes in the DPR side in the engineering side there are numbers change. You may observe that one of the other quarter you will find same numbers coming in. But yes or quarter two or three you will find changes in those number. And then we continuously start does that updations on the number.
Kaushik Khona
And we appreciate your observation. As regards employee had come. We will try to see that from next quarter for quarter call we will also provide you that. And as regards the US market I think because the US market is catered to by our subsidiaries we don’t disclose those reports over here. Because The Sciences Tech Ltd. The orders which are published received in the name of Sciences only get published. While the business of us which is in the name of our subsidiary is not getting published over here. That’s why you may not see those changes those opportunities being pursued in the BSE disclosures.
So we appreciate your your inputs. We will try to add those employee headcount and as and when as Apaji said as and when the project milestone is completed we add to that numbers which we will do.
Samir Ray
I was talking about sir acquisition. I mean of getting orders one BTS contract. That $.6 million order that you got from USA that was updated that. That. That information you gave to exchange. I mean but since then we haven’t given any information to exchange regarding any order win or anything like that. That’s why that was a question or a point of worry for me.
Kaushik Khona
It was a direct acquisition. That is why we had disclosed VTS was acquired through Sciences Tech and that’s why we had made a disclosure. But the businesses which we acquire in in U S are through the Technology Associates Inc. Which is the U S subsidiary. Therefore we don’t disclose in the stock exchange disclosure over here. And the.
Kaushik Khona
The.
Kaushik Khona
The subsidiary performances get reflected the consolidated balance sheet. But we don’t disclose the. The orders which we receive. So I. I don’t think that that has been the practice in the past. Also the VTS was a acquisition of that asset company. Therefore that disclosure was there.
Abhay Kimmatkar
I hope I am able to clarify.
Kaushik Khona
Thank you.
Samir Ray
Thank you very much.
operator
Thank you. The next question is on the line of CA Garved Goyal from Serin Alpha. Please go ahead.
CA Garvit Goyal
Hello. Am I audible?
operator
Yes sir.
CA Garvit Goyal
I have two questions. One question is on just the clarification I need on the order book you mentioned at Q2 and the order book was 1192 cr which was excluding the recurring annual commitment and Q3 we did a revenue of 173 cr and new orders that we received till December based on your order filing is 120cr. So going by that your closing order book as on December should be 1140cr. But we are seeing that it is around 999cr. So what is the gap?
Kaushik Khona
Sir, 1192 crore was as on 1st of April and we are since April we have executed orders of around 490 crores. And every quarter we give that order book reconciliation. So this, in this, in this quarter after the execution of 170 crore the closing order book is 999 crore on which the overall order book of the new orders which have been added is 170 crores. So it’s basically we started with 1004 crores in that was on 30th of September and we are at the similar order book at the end of this quarter also. However, as we already clarified this order book does not include the orders in relation to the mobility and the product services division which is, which is over and above that.
Which also at any given point of time would be in the range of around 125 to 150 crore which is the annual turnover expected from those divisions. So therefore 999 is the closing order book after considering the execution of the last nine months.
CA Garvit Goyal
Understood?
CA Garvit Goyal
Got it.
CA Garvit Goyal
And secondly, secondly on the order intro side in relation to the previous participant also I think they have raised some points. Last time we guided that around 700 to 800cr bids are expected to be closed where our win rate was expected to be 70%. Going by that we should have secured good orders by now. But we have only secured 170 cr which is far below the expectations. And at that time you also mentioned that the ticket size of the major bid in the bid pipeline maybe somewhere around 50 to 150cr. We have received only one such big order in last four to five months which was valuing somewhere around 107cr.
So why are we not getting the orders? Like what is exactly happening wrong here? And this is going to be the case. How are we going to manage the growth for the next year?
CA Garvit Goyal
What?
CA Garvit Goyal
Or maybe the year after that?
Abhay Kimmatkar
Yeah, I will answer to your question. We. We stated that we. We are pursuing some 678 crore of order. We backed two three orders. One is one 17 crore and then 20 crores. And also there has been, there has been a Code of conduct which we didn’t anticipate Back to back 2 Code of Conduct it almost lost over four months of operation. So government was standstill on taking decisions and coming up with tender. So those are in pipeline, tenders are published and then we are anticipating to get those closing Q4, if not crucial Q4 but Q1 of next next year.
But definitely those are all in pipeline. No order is or no opportunities lost. That’s still in the pipeline and we are pretty confident of winning. All those numbers would be sometimes pushing into 1/4 to the quarter. But those are all in pipeline. No opportunity has been lost, funding has been there identifying the opportunities, account is properly mapped and tender is getting published and some tenders are already published somewhere. We have bidded and we’re anticipating to get those close.
CA Garvit Goyal
And how are we going to manage the growth? Like earlier we used to say quarter over quarter we will be growing. So how that story is intact now?
Abhay Kimmatkar
Our revenue is still growing. If we are observed, you think it.
CA Garvit Goyal
Is grown I agree. But what about the Q4 and then next year quarter? That’s what I am trying to understand.
Abhay Kimmatkar
So that is what I am saying. We have a robust pipeline. We will not falter on the numbers as far as the revenue goes. Because whatever order pipeline we have we will be achieving because the milestones are also like that. What are the good trajectory we have been achieving? We will be maintaining that, that’s for sure.
CA Garvit Goyal
So you are saying quarter of quarter.
Abhay Kimmatkar
Will keep on growing as far as revenue goes. We will be definitely growing on the quarter quarter numbers.
Kaushik Khona
I mean I would just like to supplement you. You are aware that the closing order book as on 31st December is also 999 crore and apart from that annual revenue of around 150cr which is not part of order book will also continue. So there is a visibility of the next year in any case. But as Apaiji said we will get to hear better at the end of quarter four or quarter one. But the pipeline continues.
operator
Sorry to interrupt you sir. I would ask you to rejoin DQ for a follow up question. The next question is from the line of Krishna Revan from Family Fund. Please go ahead.
Krishna Revan
Congrats for the good set of numbers and thank you for the opportunity. Most of my questions have been answered. I have one question related to the government Gen Zion scheme form. So due to some misleading things by some contractors the government taken has a pause on the Genjiva mission thing. So how much are we going to accept and when we are going to see the Upcoming orders to come in pipeline for this gend mission. Because most of our revenue is used to come from the delivery mission only. I just wanted more clarity on that particular picture.
Kaushik Khona
Abhiji, would you like to take it?
operator
The line for Abhay sir has dropped.
Kaushik Khona
Okay. Can you, can you please repeat? Are you talking about JDM mission?
Krishna Revan
Yes sir.
Kaushik Khona
Yeah so I think we still have a lot of visibility about JGM orders. The as you are aware JGM mission is scheme is on till 2028 and we already have few orders which are being executed and some of the orders in pipeline is also pursued in the in respect of the JJAM orders. So as Abhay already mentioned, perhaps he lost line. But we will be getting few orders from JJM mission as well while other other government projects are also being pursued. Let’s wait for the orders to conclude by let’s say quarter four, end of quarter one of next year and then we will have a better clarity.
We already have JJ mission is as you are aware is on till 2028 and hopefully we will have lot of opportunities to pursue.
Krishna Revan
Yes sir. So why I’m asking because the recent, I mean a few quarters back we have received from Uttar Pradesh government in the River Linking project. So that order is supposed to close by within six months and maybe within eight months but actually due to some government lacking s keep on postponing. So my concern is whether the upcoming privates are we going to get it or I mean are we considering to just come out from the increase revenue share from non government projects.
Kaushik Khona
We are pursuing that. I mean it’s, it’s still. It’s getting delayed but all the opportunities are being pursued. We hope that that also fructifies.
Krishna Revan
Okay. Okay. And second question related to the U. S subsidiary. So I mean for the previous question you said that you are not going to disclose the revenue potential the time right now. So at least if you give some guidance that how much revenue we are going to get in the next year and maybe next to next year whether it’s 10% or maybe 5% just to throw some light on that US subsidy because of the US trade is also happened.
Kaushik Khona
Yeah so I think there are two elements to this. One is that if you look at the standalone balance sheet and the consolidated balance sheet you will come to know that the subsidiary and which prominently US subsidy contributes to that turnover. If you analyze that the US subsidiary would be contributing this year at around 23,25 crore at the end of this year and we are. So if you look at the US subsidiary this Year it will be in the range of around less than 4 to 5%. We expect that to improve as we already made some BD efforts.
And for that we will come to you once the year closes about what’s the next year plan.
operator
I would ask the participants to follow back to the queue. The next question is on the line of Darshul Javeri from Crown Capital. Please go ahead.
Darshil Jhaveri
Hello, good afternoon sir.
Darshil Jhaveri
Thank you so much for taking my question. A lot of my questions have already been answered. So just a small recommendation if we could you know, just mention the US numbers that we are doing that would be really helpful because I think we’ve been investing significantly in the BND right out there. So can you just. So if it we’ve done, we are planning to do around 2325 cr of revenue from us till nine months. Can we you know, quantify what’s the revenue and fat bin of US business?
Kaushik Khona
Sir.
Kaushik Khona
Just give me a second.
Darshil Jhaveri
Yeah. And till that I’ll just ask my other question.
Kaushik Khona
Yeah, sorry, sorry Sir.
Kaushik Khona
So till nine months we have achieved around 19 crores of the top line and if you consider other revenue items the total top line is around 21 crore for the nine months in US.
Darshil Jhaveri
The PAT sir. PAT.
Kaushik Khona
PAT is, I mean if you. We are talking of ebitda, we, we are not having the numbers on pat but EBITA will be in the range of around around 20%.
Darshil Jhaveri
Oh, okay, okay, okay.
Darshil Jhaveri
So despite the investments just. So can you help me reconcile a bit? Because when we say that you know we are you know putting you know, 16 crores as you know investment in BND. So that’s taken in standalone book of CNCs are not in the US business. Is that how it works? Because what I can understand how much we are making in nine months revenue that much we’ve like 16 crores. We have kind of invested in just one quarter. Right. So just wanted to get a bit of a help and clarity in terms of our US business.
And if like you could just put it in the presentation of press release that also helps because like total how much we spent I think around good 50, 60 cr till now. Right. In development. And that’s dwarfing the revenue that we’ve done in the nine months.
Darshil Jhaveri
Right. So just wanted speech.
Kaushik Khona
I mentioned that we are almost expensed out around 16 crores which is part of our BD expenses. So we will, we will clarify that as a part of. Maybe next time we will have little more different way of presenting. But just to recap what you, what you Asked for the. The US expenditure on BT is expensed out in US and the EBITDA which I told you is operational ebitda. The net profit after the BD expenses will be, will be later. So it’s EBITDA minus the BD expenses will be the net result. I don’t have the, the bad results right now.
But this is EBITDA result as I said is 20%.
Darshil Jhaveri
Okay, okay.
Darshil Jhaveri
Fair enough sir.
Darshil Jhaveri
Fair enough sir. And just my next question is regarding the order book. So I understand that you know we’ve had a bid pipel line right now which has been delayed due to the.
Darshil Jhaveri
Code of conduct sir.
Darshil Jhaveri
But I’m just asking post that like what are the you know order value that we are trying to target? Because from what I understand like we have a thousand crores right now we are planning to pursue 600, 700 crores from which we’ll maybe get 50, 70% whatever the figures are. So that’s, that will take care of us for FY27 for sure. But my question is related a bit more long term towards FY28 because you know by that time we will need new orders. So what’s the order, you know pipeline target that we are having for FY27? Because as it takes a lot of time to get the orders we will have to, we’ll have to have some firm you know like a order pipe bid pipeline in FY27 which will eventually be, you know we’ll be get by the end of FY27.
So just wanted to ask a bit about that sir.
Kaushik Khona
That’s correct.
operator
Okay sir has dropped again.
Kaushik Khona
No problem. So I will just take you from what Abhay has already mentioned other opportunities which were expected to close within this quarter three quarter four may get closed by either quarter four or maybe quarter one quarter to next year. The pipeline continues, continues only because as you rightly mentioned four months have lost because of the CoC code of conduct. So the pipeline what we are pursuing is significantly higher. What we expected was to close around 600, 700 crores worth of orders. So that is what we will still pursue. I think the three year plan and a five year plan which Apaiji was already indicating earlier.
I think there is a huge opportunities which have been listed along with some of the new technology missions, the geospatial missions, the land reforms they are. They are also going to give us a good kind of opportunity which are all being pursued during the FY 2627. And I think we are striving to build A good order book at least to ensure that we have reasonable two years order book at the end of FY20. 26. 26. So there are a lot of opportunities which we are pursuing. I think we will be able to give you little more details as and then when we close and by quarter four end we should be able to have some more clarity about how much we ordered order are confirmed and how much we expect the orders to be closed in quarter one of next year.
Abhay Kimmatkar
Yeah, sorry, my connection got lost. Are you able to hear me okay?
Darshil Jhaveri
Yeah.
Kaushik Khona
Abaiji, I just tried to answer in your absence so.
Abhay Kimmatkar
Yeah, yeah, so I heard it. Just, just to add with that we are trying to create a pipeline which would be, you know, sustainable for next seven to eight years. So those kind of projects also we are trying to create what Kaushikji was trying to say that we have already built up that pipeline and there is good road map and the projects he has also already mentioned, we’re also trying to build up some parallel kind of pipeline wherein will get a business of seven to eight years of horizon. Yeah, that’s enough to add to that.
operator
Thank you. The next question is on the line of Apiksha Bajaj from AV Fincorp Private limited. Please go ahead.
Apeksha Bajaj
Hi, thank you for the opportunity. I have few questions related ones. So given that large part of geospatial and GIS industries work with government and institutional clients, what is the current industry scenario with respect to payment releases and certification timelines? And related to this also, despite there are sector wide challenges, Sciences has maintained relatively lower working capital days from its peers. So how does the company manages that and is it sustainable when the scale grows up?
Kaushik Khona
I think a good question and to be very frank, the entire pursuing of opportunities is based on what Abhiji already explained. That we pursue those opportunities where we see that there is a firm budget allocation, the funds are visible and therefore you see that our payment cycle is faster or working capital investment cycle is lower than the competition. We, we have not seen much of hassles in getting payment certifications and payments. As CFO had also explained our working capital cycle. In fact this quarter we got a collection of 170 crore against the top line of 170 crore.
So I think it’s a reasonable effort which the entire team is doing. Certification wise as you are, I think you are aware about how government processes work. So as based on the achievement of a milestone, we are raising kind of the statement of works which get certified and within a reasonable time. I don’t think government bodies take Long time and we have experience. It doesn’t take more than two to three to four weeks maximum. And then the payment is also once the kind of budgetary allocations are available the payments are made. And therefore typically the debtors and the overall working capital cycle are lower.
Apeksha Bajaj
Thank you.
Kaushik Khona
Thank you.
operator
Thank you. The next question is on the line of Arthur Syed from Smart Sync Services. Please go ahead. And sir, I would request you to restrict to two questions per participant.
Athar Syed
Good afternoon sir. Thank you for the opportunity. I wanted to know about the borrowings part. Since one or two years our borrowings are increasing. So I wanted to know what would be the peak borrowings we will have in the future and what is the reason for the increase in the borrowings.
Kaushik Khona
So I would request a CFO to supplement. But I could just give you one. One fact that the borrowings are only cash credit. There are no long term borrowings. The cash credit is the. Is the only borrowing which we have. In fact if you see there is a net debt to equity is negative. Amita ji, right now we are just.
Amita Saxena
Using our 29, 30 crores of PC. So that is the only loan we have in our books.
Kaushik Khona
And if you see the finance cost, I think it is also made up of the B cost.
Amita Saxena
There are some processing fees and other cost also in that finance cost. But then it is not that our loans are increasing. We have made a good collection in this quarter. So right now we are just utilizing 30 crores out of the 80 crores limit of RCP.
Athar Syed
Okay. Okay, got it. And just last one question on this. Like we did partners with Mahindra. It is very good thing for us. So I wanted to know how Mahindra actually partnered with us. Because they are very big compared to us. So can you please throw some light on this.
Abhay Kimmatkar
Yeah, I will add it to that later. Kaushiki can supplement various segments and expertise. And they’ve been market leader in the tech space. Primarily from the telecom side they had larger credentials and capabilities. We come as a partner for them in water and energy side wherein we’ve been doing major projects in government of India and States here and then they were really attracting on attractive towards this. They wanted to expand on those areas. Even we are complimenting to them in the US market for the telecom side. However on the on the utility side they were pretty keen on partnering with us.
We have done lot of innovations on the AI side on the platform for Geospatial. And we are also building up something on the. On the scanning side. So they are. They are trying to get onto that platform and they wanted us to also help them in you know, creating their their platform and expanding their capture technology because they are the lot of work for Google as well as their their own platform they are developing for the content. So CS tech has you know been since has been doing this in past 30 years. So data creation is one, application development is second.
These are the areas where CS Tech has good progress and they wanted the help from outside to build up their platform. I think I have answered that here.
Athar Syed
Just last one question like there is slight dip in our technology venue so can you please throw some light on this and thank you.
Kaushik Khona
I think as we have explained that the share of technology revenue versus geospatial revenue depends more on the cycle in which right now we have kind of executed a project. So during this quarter quarter three the the technology cycle of the major project which we undertook which was on the river linking that portion was less. However, if you look at the nine months result, both of the divisions have grown at more than 75% and I expect the growth to continue even in quarter four with the similar the contribution from both the units. However, we have maintained that our focus will remain more on the technology side of our project and the geospatial will always suck on to it.
We will execute a little bit more on the technology side of the project during the quarter four. There are certain elements of those projects which are going to be executed in quarter four and as I said it depends on the cycle of the work order which you are executing whether it is a technology side or it is a geospatial side.
Athar Syed
Okay sir, thank you. Thank you so much.
operator
Thank you. The next question is from the line of Charu Manral, an individual investor. Please go ahead. Sir. You may unmute your lines. Hello. Yes sir.
Charu Manral
Good afternoon sir. Congratulations on the great set of numbers. First of all I want to ask some questions. My first question, is there any major capex planned for technology upgradation?
Kaushik Khona
So we have been investing on a consistent basis in the technology. We have been pursuing certain product development in AIML and we have a team which is on to that. So there will be investment to it. But most of the expenditure we don’t capitalize. Although there may be some elements of capex on it, but we pursue these elements as a part of our product development.
Charu Manral
Okay sir, thank you. My second question is in the large geo tactical bits who are our main competitors and what’s the differentiate between Sensus Tech and them?
Kaushik Khona
I think that’s a very, very generic question. But I would try to answer cstec which is our company is mainly a G geospatial platform. So what we do is our geospatial technology services are a horizontal platform and on that we build the different domain infrastructure solutions. So we have presence in water, we have presence in energy, we have presence in land reforms and road asset management and all. So if you want to relate which are the competition to company as a as such I don’t think we will be able to identify one company versus CS type because every domain has its different expertise.
So for let’s say for energy I may be competing with X for road asset management I may be competing with Y and for like water there may be other companies so I don’t think there is any major one competition. We are having competition vertically different for the different infrastructure domains. I hope I could answer there are if I were to give names like for example in water there are companies like RMSI will be there or it’s a geospatial that also is a geospatial platform in Genesis is basically on the geospatial enterprise.
Charu Manral
Okay, good. Thank you.
operator
Thank you.
Kaushik Khona
I hope I answered your question please.
operator
Thank you. Ladies and gentlemen, this will be the last question of the day due to time constraint and now I would like to hand the conference over to the management for the closing comments.
Kaushik Khona
Thank you all for participating in this earnings conference call. I hope we have been able to answer your questions satisfactorily. If you have any further questions or would like to know more about the company please reach out to IR managers which are Velorem advisors or you can reach out to the company secretary for any specific questions. Thank you Aryan Capital for hosting this and thanks all the participants for your active participation. Thank you.
Abhay Kimmatkar
Thank you all. Thanks.
operator
On behalf of Arihan Capital Markets Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines.