DCW Ltd (NSE: DCW) Q3 2026 Earnings Call dated Feb. 11, 2026
Corporate Participants:
Saatvik Jain — President
Pradipto Mukherjee — Chief Financial Officer
Analysts:
Mukta Chandani — Analyst
Pujan Shah — Analyst
Ashish — Analyst
Amit Kumar — Analyst
Heli Shah — Analyst
Ahan Khan — Analyst
Jilmit Mehta — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to DCW Limited Q3 and 9 months FY26 earnings conference call hosted by Arihan Capital Markets Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Mukta Chandani from Arihan Capital Markets Limited. Thank you. And over to you, Ms. Mukta Chandani.
Mukta Chandani — Analyst
Hello and good afternoon to everyone. On behalf of Arihant Capital Market, I thank you all for joining into the Q3 and 9 FY26 earnings conference call of DCW Limited today. From the management we have Mr. Satvik Jain, President, Mr. Sudarshan Ganapati, Chief Operating Officer, Mr. Pradipto Mukherjee, Chief Financial Officer. So without any further delay, I’ll hand over the call to Mr. Satvik Jain for his opening remarks. Over to you Sir.
Saatvik Jain — President
Thank you. Good afternoon everyone and thank you for joining our earnings call for the third quarter of FY26. As always, I appreciate your time and continued interest in dcw. I will begin with a brief perspective on the broader industry environment before moving on to our operating performance and outlook. The global chemical industry continued to operate in a challenging environment during the quarter. Pricing across most commodity value chains remained under pressure and demand recovery was uneven. Supply discipline globally was limited. A key factor continues to be the elevated operating rates in China where capacity additions and state supported production have kept global supply high.
Despite the weak economics. This has constrained pricing recovery across products such as pvc, soda ash and caustic soda. In India, underlying demand has remained stable supported by housing infrastructure and water management related consumption. However, domestic producers continue to face significant import competition. Lower freight costs and global oversupply resulted in materially higher imports during the year which directly impacted domestic realizations. At a broader level, global trade flows are also undergoing realignment due to geopolitical shifts, tariffs and supply chain diversification. Over the medium term, this may create opportunities for Indian chemical manufacturers particularly in export oriented and specialty segments.
But in the near term, the industry continues to navigate margin pressure. Against this backdrop, DCW delivered a resilient operating performance during the quarter. Despite the price erosion across all product segments, our revenue grew approximately 10% year on year driven primarily by strong volume momentum and increasing contribution from our specialty chemicals. Our performance this quarter once again reinforces what we have been communicating over the past few quarters. The transition of our portfolio towards specialty LED growth is steadily improving our business stability. Within the basic chemicals portfolio, most products recorded healthy volume growth. The only exception was PVC where incremental volumes were largely diverted towards captive consumption for our CPVC production.
While this reduced our market PVC sales, it improved integrated value realization and supported downstream specialty growth. Though there was volume improvement, the operating environment for basic chemicals remained particularly difficult again especially for PVC where price erosion was not matched by a similar reduction in input cost. As a result, the basic chemicals segment reported operating pressure during the quarter. The specialty chemicals segment however, continued to show strong momentum. CPVC volumes expanded significantly following the ramp up of the recently commissioned capacity expansion. The ramp up has progressed well and the quarter recorded our highest ever CPVC sales.
Although realizations declined significantly during the quarter, the higher volumes largely offset the pricing impact. Our synthetic iron oxide pigment business also recorded healthy growth, further strengthening the specialty segment’s contribution to the company’s overall profitability. Importantly, investments made in the specialty chemicals over the past few years provided stability to the company’s overall performance. This segment generated strong operating profitability and effectively offset the weakness in our basic chemicals business on a nine month basis. Our EBITDA has approved approximately 14% year on year reflecting improved operational efficiencies, disciplined execution and benefits of our portfolio rebalancing. Moving to the outlook going forward as previously communicated, the balanced 10,000 ton CPVC expansion is progressing on schedule and is expected to be completed next month.
Upon commissioning, our annual CPVC capacity will increase to 50,000 tonnes. This will further strengthen our downstream integration and specialty positioning. We expect quarter four to be stronger supported by higher dispatches of our pigments and synthetic rutile. Additionally, the recent policy developments in China, specifically the withdrawal of the VAT rebate on PVC exports effective April could improve export pricing discipline and is a constructive development for domestic PVC producers. The SIOP business continues to demonstrate steady growth momentum and we are expanding our product portfolio with new grades including black and orange pigments. We expect this to improve both our market reach and margin profile over time.
Beyond the operating performance, we continue to invest in strengthening the organization itself. Over the past year we have focused on capability building, digital integration, governance processes and technology adoption. The SAP S4 HANA implementation process, standardization and internal systems development are not short term initiatives. The they are foundational steps intended to support scalable growth. By the end of this financial year, the current phase of projects will be completed and our balance sheet will continue to strengthen with ongoing debt reduction. As I mentioned in the last quarter, we are not only preparing for cyclical recovery, we are preparing for the next phase of growth with a stronger specialty chemicals portfolio, expanded CPVC capacity, leaner balance sheet DCW is entering FY27 with a far more resilient and scalable base.
Our focus now is to convert this stability into growth, multiple downstream and value added. Specialty opportunities are progressing internally and we believe the coming years will mark a structural shift in both our earnings quality and growth trajectory for the company. With that, I’ll hand over to Pradipto, our CFO to discuss our financial performance in detail. Thank you.
Pradipto Mukherjee — Chief Financial Officer
Good afternoon everybody. Thank you Satvik and welcome you all to the Q3 earnings call. Q3 FY26 revenue for the company stood at 520 crores which is 9.6% higher on a YOY basis. The increase in revenue is driven by specialty chemical segment which reported a revenue of 156 crore, a 27% increase, whereas the basic chemical revenue at 362 crores showed a growth of 3.8%. The increase in top line has been driven by sales volume growth across all the product segment with CPVC and SIOP sales growing at a pace of 80% and 19% respectively. The CPVC sales volume is backed by capacity expansion from our 20km to 40kt with negligible lag in commercialization of the incremental volumes.
It is important to note that the CPVC sales on a comparable period is lower due to captive consumption of its own PVC for increased CPVC production. The price erosion is also witnessed across all product segments with CPVC and PVC demonstrating severe cuts of 26% and 17% respectively on a YOY basis. Despite that, the company at an overall level have shown a top line growth of 10% on yoy basis. For the quarter on a sequential basis the revenue dipped by 3.6% from 539 crores to 520 crores again due to price erosion ranging from 6 to 8% across all its product segment.
At Whitehead. In nine months the revenue clocked at 1535 crores which is up by 5% from 1462 crores. This increases despite severe price erosions of PVCC PVC of 15 and 24% respectively. The price erosion was compensated by more than compensated by higher sales volume across all product segments with standout volume increase in our synthetic rutile and cpvc. The EBITDA including other income for the quarter stood at 50 crores which is 19% lower on a yoy basis down from 61.8 crores while specialty chemical showed a growth of 4.2%. This was pretty thin growth compared to the YOY volume increase both in SIOP and cpvc.
While the net realization of SIOP on a YOY basis remains stable, the CPVC as mentioned earlier had a severe pricing pressure of 26% downward reductions. The basic chemicals EBITDA stood at 14 crores in Q3 FY20 which stood at 14 crores in the previous year, got completely wiped out and had reported a breakeven number for FY26Q3. This is predominantly due to wide swing in net realization of PVC a tip of 17% putting pressure on the PVC VCM spread and consequently on the EBITDA of basic chemicals. Further, the soda ash also showed a 9% price erosion on YOY basis.
On a sequential basis the EBITDA fell from 62.6 crores to 50 crores a dip of 20%. While while the specialty chemicals again grew by 9.4% the basic chemicals reported a breakeven number against 17 crore EBITDA in the preceding quarter. This was again due to the price erosion of PVC of 8% followed by soda at 6% without any comparable reduction in the input costs. EBITDA including other income for 9 months basis stood at 170 crores as against 155 crores crores a year back and increased by 10%. The finance cost stood flat at around 16 crores for the quarter totaling to 46.8 crores for 9 months which is a reduction of 9%.
YoY depreciation remaining more or less flat with slight increase. The PBT reported by the company for Q3 FY26 is 7 and a half crores totaling 29 months number to 46.2 crores. This is an increase of 61% over the previous year’s 9 month PBT of 28 crores. On the balance sheet side the company is steadily deleveraging itself by making its scheduled repayment of long term borrowings and is expected to close the year at 225 crores of long term legacy loans. The Company maintains a healthy cash and cash equivalent of 220 crores against which it is running a working capital borrowing facility to tide over the undergoing commodity down cycle.
With this we would request the floor to be open for Q and A. 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 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 will wait for a moment while the question queue assembles. The first question is from the line of Pujan Shah from Molecule Ventures. Please go ahead.
Pujan Shah
Hello, Am I audible?
Saatvik Jain
Yes, please go ahead.
Pujan Shah
Hi sir, first of all congratulations. Showing a resilient performance in this very weak demand scenario. So congratulations on all front. So my first question to in this C on the PVC side so do we expect. So we have seen a nine rupees hike in January and February. So as I just wanted to know that are we at right now we are expecting a break even in this specific quarter and if the similar prices pertains do we expect the similar for profitable segment for PVC next year? Because the shift is the key shift happening in the industry. So just wanted to know your view.
Saatvik Jain
Well, I think there has been an increase post, I mean from 1st of January onwards multiple price upward revisions have happened for pvc. This obviously would enable us to reach a breakeven if not a bit better number for the quarter. Having said that, see at a static. Level where you have a price static. And you have VCM coming at a. Particular price, the margins are fixed. We will be getting a breakeven or a better than breakeven this quarter because of the VCM PVC lag which will play in a positive way for this quarter. Maybe we have to see as we get into quarter one of next year. How things shape up because it’s been. Very volatile over the many quarters now in either side.
Pujan Shah
Right sir. So we do expect quite a surge in price of EDC VCM as it is mostly moved in a tandem. So we do expect a kind of move in edc, right?
Saatvik Jain
Yes, yes.
Pujan Shah
Okay, got it. And then with the increase in the price of the PVC are we seeing any increase in the price of CPVC in this quarter which ultimately helped to benefit in our overall realization.
Saatvik Jain
So in CPVC again like you know in VC and PBC we have a price lag. In CPVC again there will have PVC CPVC price lag. We expect the prices have not yet increased for cpvc but we expect the last month that we would be able to sell our produce at a higher. Price. Which is why
Pujan Shah
so we do expect or there is an increase in realization right now in the industry.
Saatvik Jain
Yeah, I mean we can expect that. We’re keeping our fingers crossed.
Pujan Shah
Okay, so that effect would be expected in Feb and March. Right?
Saatvik Jain
The Feb would be a bit too early maybe. Yeah, middle favor and March. Yeah 40, 45 days.
Pujan Shah
And the synthetic hotel division. So how we have been planning to get with the Japanese agreement so how it’s been going right now we have been full fledged place very well placed in terms of supplies or still under discussion about sr?
Saatvik Jain
No, I will tell you quarter four we will have dispatches more than our production and we will definitely see a reduction in our inventory. And as we talk now we are also in a very advanced stage of concluding our contracts with our traditional customers for next year. So I think overall we are placed in a. I would say in a favorable position as far as this product is concerned.
Pujan Shah
Right, Coming to the BIM bookkeeping question just want to understand as we stated out that considering the FY end of FY26 we will conclude the debt with 230 crores. So just wanted to understand what is the repayment schedule for FY27.
Pradipto Mukherjee
So by end of FY27 we would be around 80 crores on the legacy loan which basically is not a legacy loan it’s a loan which has been taken, you know in the last couple of one or two years which is basically to fund our CPVC project. So legacy loan gets all over by FY27.
Pujan Shah
So as we speak considering the right now we are not considering the Capex scenario so do we expect that we would be net debt negative by 150 crores because ultimately we have a cash of 220?
Pradipto Mukherjee
Yeah, you can say that. That’s assuming that we don’t do any. Growth and any borrowings to support the growth. Theoretically that number is correct.
Pujan Shah
Got it sir. So what do we expect interest cost saving for FY27 for a full year.
Pradipto Mukherjee
So I think on a steady state basis it should go. I mean not an exact number we can say but on a steady state basis we. We should be a number of around 45 crores interest.
Pujan Shah
45, 45 and in next year because ultimately we clear all our due so might be having a 25 crore interest yearly. Only reason because we have tied up with working capital. Right that would that. Thank you. Congratulations. I’ll just join back in the queue. Thank you so much.
Pradipto Mukherjee
Thank you.
operator
Thank you. Participants may press star and one to ask a question. The next question is, is from the line of Ashish from LEO Capital. Please go ahead. Sir. You may go ahead.
Ashish
Yeah. So I wanted to know how does the management view the CPVC capacity addition by the peers and how does this impact the Market dynamics. Has there been any impact on the price or utilization as yet? And how do you expect this to play out over the years?
Saatvik Jain
As far as we are concerned, we are at full capacity utilization and more availability will replace imports coming and it will also propel more demand. So I don’t think there will be any situation of an over capacity. There could be a temporary lag of the supply and the demand. But I would say in the long run availability will propel more demand. And already we are working on creating new demands from the fire sprinkler and other applications. So maybe the next two, three years, once additional capacity comes, there will be enough demand to take that additional quantity. So we don’t foresee any big challenge in tracing our volume or for any volume which is going to come from our competitors.
Ashish
Okay. Okay, thank you. Thank you. That’s all from my side.
operator
Thank you. A reminder to all participants to press star and one to ask a question. The next question is from the line of Amit Kumar from Determined Investment. Please go ahead.
Amit Kumar
Yeah, thank you so much for the opportunity. I hope you can hear me.
Pradipto Mukherjee
Yes, you’re audible.
Amit Kumar
Just one point when you mentioned at the beginning in your initial commentary that you know, the dumping from China on the PVC side. So it’s still, you know, continues and there is still over capacity in China. And also you’re saying that, you know, there’s some PVC hikes, you know, from January, you know, itself. So I mean just, I mean slightly dichotomous. How should we sort of read into this? Two points specifically. One is that, you know, this entire anti involution campaign going on in China, does this have any sort of impact on the PVC side or the chemical industry in general? I mean something that you are sort of seeing, you know, on the ground, if you have any sort of.
Pradipto Mukherjee
I think you did not hear the. Opening remarks made by Satwik. What we said is that, that finally China has removed the export incentive on the pvc. So it’s in line with their overall direction of, you know, having a cap on the dumping or overselling by the Chinese producers. So there has been a 13% bet on the Chinese exports which was given to them as a subsidy that has been withdrawn. So with this there will be some restriction and there will be some cost increase on the Chinese exporters which we feel will help other producers in outside China, including India to get a better realization because the prices were mostly matched based on the prices at which China was selling.
Amit Kumar
I missed it. So thanks so much for the Explanation on that. My second point was that you know, with respect to, you know, PVC business, what is the kind of seasonality in this business? Because seemingly 2Q 3Q
Pradipto Mukherjee
seasonality is, if. You really see the seasonality, the PVC demand is usually it’s at a low end during the monsoon because for us even today agri pipes are a big factor in our demand. So during monsoon the demand is usually on the lower side as far as the sale of the PVC pipes are concerned. Having said that, because of the pipes getting reduced on a, I would say on a continuous basis there has been a significant destocking of inventories at all levels which was happening the last three, four months right from the consumer level to the pipe dealers level.
So now that there is a clarity on the price direction directionally there is a improvement in the prices and prices are moving up. As we, as we are talking now right from the 1st of January till date we have seen over 10,000 rupees increase in the price. So now there is a positive momentum with regard to restocking. So we expect the demand to be good because end of the day there has to be stocking of the product at all levels then only you can have a proper supply. So I think we have started the year on a good note and if the pricing remains in the same direction we should have a reasonably good time to come.
Amit Kumar
That’s good to hear. Thank you, thank you so much for this.
Pradipto Mukherjee
Thank you.
operator
Thank you. The next question is on the line of Heli Shah and investor. Please go ahead.
Heli Shah
Hello.
Pradipto Mukherjee
Yes please.
Heli Shah
Am I audible?
Pradipto Mukherjee
Yes, go ahead.
Heli Shah
Thank you for the opportunity and congratulations. So my question is what is your target revenue and EBITDA contribution from specialty over the next two, three years?
Pradipto Mukherjee
I think when we started the journey into specialty chemical we told our specialty profit should be contributing around 50, 60% of the total bottom line. We have never guided on a specialty top line to the total top line of the company because it’s very difficult, you know to estimate that. The idea of getting into specialty for DCW was to bring stability to the bottom line. And if you see in our numbers this time the quarter EBITDA is 50 crores and all of it has come from specialty. Having said all of this putting a number on percentage of total EBITDA to you know, to specialty EBITDA becomes bit difficult because like now this quarter while PBC will show a good amount of profit at the end of the day DCW has roughly 1 lakh tonnes of capacity for all the basic chemicals right the soda ash, the PVC and the caustic and our specialty volumes are still lower because of the niches and its demand.
So to put a number as a percentage would be difficult. But we are doing capacity expansions and our focus is more on the specialty or value added segment. Last leg of investment as Mr. Satvik Jain also told of last 10kt is underway. The volume, the benefits of that would come from you know, mostly next quarter, that is from next financial year. So we will be on the growth. Trajectory so far as you know, specialty is concerned. That much we can say. But to put a percentage to the total would be difficult.
Heli Shah
Okay, so I have another that says that Beyond CPVC Phase 3, what is the CapEx pipeline for FY27 and FY28 and will the CAPEX remain focused only on specialty chemicals?
Pradipto Mukherjee
I think it will be a bit. Premature to talk on that. As I’ve mentioned we are in discussion. Of various ideas for growth and at. The opportune time we would communicate it. There is definitely growth planned and growth. Plan in value added chemicals. So once we are ready with those projects and approved by the board we will communicate it to the market.
Heli Shah
Okay and can I ask another question?
Saatvik Jain
Please go ahead.
Heli Shah
Yes. We hope this is contributes to 22. So can you, can you explain how is the demand in US and Europe and any impact global?
Saatvik Jain
Could you repeat the question please?
Heli Shah
Exports contribute to 22%. Explain how the demand exactly is in Europe and is there any impact from the global slowdown?
Saatvik Jain
So I think you know so far as that if you’re talking of a tariff and its effect on our supplies, our US supplies of SIOP was never impacted by the tariff because it was under exclusion. Now when the tariff has come down or has been proposed to come down, it is not going to impact, you know, the prices of the product in the end market which is is us. So we don’t see much change in terms of the demand of the product going into US which is siop. So that’s the way we see. Obviously we have to see how the Europa Pact plays out because it is not only about our exports, it’s also about import of products coming into the country country.
But we think that if Europe is zero tariff this may benefit us more than impacting us because we won’t sell anything to the Europe.
Heli Shah
Okay, thank you. Thank you so much.
Saatvik Jain
Thank you.
operator
Thank you. Ladies and gentlemen may press star and one to ask question. The next question is from the line of Ahan Khan, an individual investor. Please go ahead. Sorry to interrupt you sir, your voice is breaking. Can you please speak to the handset?
Ahan Khan
Better now?
Pradipto Mukherjee
That’s a bit better. Please.
Ahan Khan
Thank you for this opportunity. I just wanted to ask you. Cost changes are really passed on to the customers and what is the general usual time like for that?
Pradipto Mukherjee
Would you. Would you please come back again with the question? Your voice is breaking.
Ahan Khan
Yeah, I’ll just go slow this time. How are raw materials and cost changes really passed on to the customers and what is usual. Time lag?
Saatvik Jain
So are you if you are talking. About our raw material. So you need to understand DCW is basically an upstream B2B company. Our impact of profitability is more driven from the top line price changes rather than the, you know, our raw materials. Because most of our key starting material for products are natural resources or mine resources. So we do not have consumer at decrease or increase in price with the consumer at front end prices for our sale prices, barring an exception of VCM which obviously moves in with a time lag of couple of months following pvc.
Ahan Khan
Okay, fair enough. I have another questions to ask. May I?
Pradipto Mukherjee
Yes, please.
Ahan Khan
So another question is on the line. Like is there any clarity or guidance on the implementation of ADD or some measures to, you know, address excess dumping from the company? Like any guidance on that?
Saatvik Jain
No. As you may be aware, the ADD petition for both PVC and soda ash has not been approved by the Finance Ministry. So as of now we have no petitions in, in the pipeline. As and when there is any possibility, we will explore.
Ahan Khan
All right, no worries. Thank you for the opportunity.
Saatvik Jain
Thank you.
Ahan Khan
Yeah.
operator
Thank you. A reminder to all participants to press star and V1 to ask a question. The next question is from the line of Jilmit Mehta, an individual investor. Please go ahead.
Jilmit Mehta
Hi sir. Good evening. Thanks for the opportunity. So my first question is, are there any plans to increase the renewable power substitution beyond 25% to further insulate the company from volatile coal or grid prices?
Saatvik Jain
We are exploring because there has been a change in the renewable policy of Tamil Nadu government which is not very conducive to add any renewable capacity at this juncture. And there are lot of court cases which have been filed challenging the policies. So we are waiting for clarity on the policy of the government. Based on that we will plan our next leg of renewable expansion as of now based on the current policy that has been announced. It’s not economically viable without a battery and the battery prices are still not economical. So we are exploring, we are waiting for a proper policy guidelines to plan our next leg of renewable expansion.
Jilmit Mehta
Okay. So understood and my second question would be so like how do you assess the remaining headroom for capacity expansion in the CPVC and siop?
Saatvik Jain
Come again? Come again.
Jilmit Mehta
How do you assess the remaining headroom for the expansion in CPVC and siop?
Pradipto Mukherjee
So the plant has enough, you know enough, enough area for doing and the utilities more or less are in. Are in place so it’s only a matter of we deciding on which capex to pursue as Mr. Satvik Jain has told we will at opportune time let you know to which projects or value added products we are getting in. It’s bit premature for us to discuss now. Please.
Jilmit Mehta
Okay, understood. Thank you. Thank you for the opportunity.
Pradipto Mukherjee
Thank you.
operator
Thank you. Participants may press star and one to ask a question. Ladies and gentlemen, you all may press star and one to ask a question. A reminder to all participants to press star and one to ask a question. Ladies and gentlemen, you all may press star and one to ask a question. The next question is from the line of Pujan Shah Molecule Ventures. Please go ahead.
Pujan Shah
Hello. Thanks for the opportunity sir. Portion pertains to the power agreement and we are drawing from the renewables so what is the cost saving we have benefited for this quarter and expecting for a year.
Saatvik Jain
Cost saving for a yearly basis would be roughly around 25 to 2526 crores. Having said that it will not be even in all the quarters because unlike the west in the south we have monsoon between October and December so those months the solar generation may not be great so we will have uneven cost saving on a quarter on quarter basis. So hopefully the next quarter, quarter four we will see the more benefits because it’s a pretty sunny season and we expect a maximum generation so the PPA is for the year as a whole it is not on a monthly basis or on a quarterly basis.
Pujan Shah
Right. And just wanted to know so I understand the PVC prices might be so dynamic and it might not be fair to assume anything but considering the current scenario of European region and they are suffering from energy crisis right now with expectation of China reviving in their demand and ultimately capacity shutdown from carbide capacities due to their own norms and expecting this rebate so all in all case do we expect that the price has been bottomed out and that could be range from 800 to 850 at least for a year.
Saatvik Jain
I wish what you say come true because it is too, you know it is too difficult to calculate the prices because no. No one thought the prices will go to 600 levels because even during the COVID time the lowest price recorded was 680. So considering that it is, it is, it is too premature to put any number. But having said that we have bottomed out on the pricing and I personally feel prices will be range bound may be between 750, 800. I don’t think we can speculate more than that because you should also see from the overall perspective the crude prices are also not high.
They are lowering at $60. So are the NAFTA and other prices. So I think the prices may not go back to the $600 levels hopefully and that will be the big takeaway that we should consider that we have seen the bottom of the PVC prices.
Pujan Shah
Got it sir. Thank you so much. I will join by giving. Thank you.
operator
Thank you ladies and gentlemen. We take that as the last question of the day. And now I would like to hand the conference over to Ms. Mukta Chandan for closing comments.
Mukta Chandani
Thank you to the management and participants for joining the Q3FY26 conference call of DCW Limited I would now hand over the call to management for the closing remarks.
Saatvik Jain
Thank you everyone for taking all the time to join us today and hearing us out. I hope we’ve been able to answer your questions. If there is anything further request you to reach out to our investor relations at Valorum and look forward to talking to you again next quarter. Thank you.
operator
On behalf of Arihan Capital Markets Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines.