Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Fabtech Technologies Cleanrooms Ltd (NSE: FABCLEAN) Q4 2026 Earnings Call dated May. 05, 2026
Corporate Participants:
Unidentified Speaker
Anup Manohar Munshi — Chief executive Officer
Aasif Ahsan Khan — Chairman and Non-Executive Director
Vaishnavi Vaidya — Investor Relations
Unidentified Speaker
Rajesh Gupte — Director, Aart Integrated Projects Private. Limited.
Analysts:
Sudhir Beda — Analyst
Unidentified Participant
Unidentified Participant
Unidentified Participant
Unidentified Participant
Unidentified Participant
Unidentified Participant
Presentation:
Unidentified Speaker
Okay, so we are starting the call. Good afternoon everyone and thank you. I’m Vaishnavi Vaidya. On behalf of Atmel Strategic Advisors I welcome you all to the H2FY26 and FY26 earnings conference call of Factech Technologies Cleaning Room Limited. Today we are joined by Mr. Asif Khan, Director and Chairperson. Mr. Anukmanshi, Chief Executive Officer. Mr. Sajjan Kumar Bauri, Chief Financial Officer. Mr. Amar Abrar, Sales Head. Mr. Rajesh Gupte, Director at Integrated Projects Private Limited. And Mr.
Ravindra Shakti, Director, Kelvin Air Conditioning Ventilation Systems Private Limited. With this now I would like to hand over to this call to an sir. To introduce further over to you sir. Thank you.
Anup Manohar Munshi — Chief executive Officer
Thank you very much. V. And thank you all the investors who have joined us. Good afternoon everyone and welcome to the earnings conference call of Faftech Technologies Dream Ltd. Your favorite company, I presume. This is Anuk Munshi and as she is Wester is always already introduced the people on the line today and we’ve created a. An instance where all of us are there. So your questions are most welcome. Can you, can you hear me?
Unidentified Speaker
Yes, sir. You’re audible.
Anup Manohar Munshi — Chief executive Officer
Yeah. Okay. Okay. Thank you. Thank you. So. So we’ve got the Mr. Ravindra Shetty here, head of Kelvin and we’ve got Rajesh Gupte, Head of Art. And we’ve got Emma Abraz who’s head of sales and the rest have already been introduced to you. So they are all here. Basically when you, when we go along and you have questions, they would firsthand, you know, answer those questions specifically. Okay. So first of all on a lighter note, I would like to tell you that you are in good hands, your company is in good hands simply because I’m running 101.6 and have a bad throat and a cold.
But I felt it must be because the show has to go on and we have to do our best for your company. And I was reminded of Anit Kumble going out to bowl and take few wickets with a bandage job. So anyway, let’s come to the brass tax now. So I’d like again to thank all our investors, analysts, stakeholders for joining us today and your continued trust and support. In fact, we really welcome that and we thank you for that because that’s what spurs us on. You know, the spurring is the stakeholders, you know, especially the investors.
Because I can understand you are staking your finances and your money in the company. So we, we really appreciate that and we acknowledge that FY25, 26 has been an important year for us. Not just in terms of financial performance, but more importantly in terms of how we have repositioned the business for the next phase of growth. As they say that proactive management is really ensuring the, you know, advent of reactive management. So we are preparing ourselves, you know, and in this I must acknowledge our chairman’s role because he’s somebody who thinks ahead of time and that is something which we have to take on and make that, you know, practically on the ground.
So that’s, that’s, that’s, that’s how we have been working on the year past. This year our focus was not on maximizing the short term outcomes as I just mentioned to you. Instead we have consciously worked towards building structural capabilities that will allow us to participate meaningfully in larger and more complex opportunities going forward. We are in engineering, right? So R and D development, innovation, that’s very important. And looking at the newer sectors, you know, technology is changing dynamically so we need to keep pace with that.
Now in line with this approach, during the year we expanded our presence into data centers, into the solar technology sector, semiconductor segments. Areas that are expected to see sustained multi year investments. And as you are all aware, it is in public domain that humongous amount of funds are coming into the semiconductor area, in the solar area and in the data center in India. Data center in fact is going to be a very big, big, let’s say investment area in India for the next few years. These are not opportunistic entries.
Basically these, they are strategic in nature requiring us to prioritize our capabilities, our execution credibility and long term positioning over near term margins. Again, I would reiterate that we are looking at long term positioning over the near term margins. You might find that near term margins are somewhere a bit challenging. But we are working towards the next few years. That’s what is our credit. To support this expansion. Our integrated ecosystem plays a critical role. Within this ecosystem.
Each entity has a clearly defined and strategic role. A little about that will come later to you from Mr. Ravindra Shetty and from Mr. Rajesh Gupte. Okay Kelvin. Where we hold a 60.53% stake. It strengthens our H Vac capabilities by delivering complete system integration while also expanding our presence beyond pharma into sectors such as data centers, industrial and solar sectors.
Aasif Ahsan Khan — Chairman and Non-Executive Director
Right.
Anup Manohar Munshi — Chief executive Officer
Advantage in which we hold a 34.99 Strategic State Supports our backward integration through the manufacturing of AHU’s air handling units, enabling in house supply of critical components and enhancing our overall execution reliably There has been a strategic change in advantage from us, but I will enumerate that a little later. Art with a 28 strategic stake brings specialized design and engineering expertise, particularly in complex and high precision sectors such as semiconductors, solar and advanced pharmaceutical manufacturing, about which I think Rajesh Gupte will enumerate a little more as we go along right now.
These strategic initiatives are now beginning to reflect in our financial performance as you will see and all of you must have gone through the results from a financial standpoint. In FY26 we reported a consolidated total income of 221.72 crores, up 46.93% year on year from 150.90 crores last year with EBITDA at 23.16 crores, growing 28.31% year on year from 18.5 18.05 crores PAT at 15.82 crores up 18.9495% year on year from 13.3 in the previous year. On a standalone basis the company reported a total income of 143.39 crores, up 2.38% year on year from 140.05 crores last year.
A beta stood at 12.96 as compared to 16.51 crore down 21.5% year on year and PAT at 9.06 versus 12.04 in the previous year down 24.75% year on year. However, we believe these numbers should be viewed in the context of the investments we have made during the year towards future readiness. As I said, it’s all the future. Whoever sees the future, holds on to the future, takes the future in its stride and its work wins the day. To my mind that’s what we all have seen history teaching us. Our order book of approximately 199 crore that has gone up already by now along with a pipeline of 480 crores and 480 is a humongous figure as you will all realize.
In the context of what we have been doing over the last year or two provides early validation of the direction that we have taken and it gives us reasonable visibility as we move ahead. On the operational front, we also continue to strengthen our infrastructure to support future growth. Our Hyderabad facility spans approximately 2 acres of land with a built up area of around 50,000 square feet and a production capacity of about 2,000 square meters per day, supported by one manufacturing line for puffs and one for the rock wool panels.
Okay, now here I would like to say that this is something which again we have looked at from the futuristic point of view that we need to meet the demand that is coming up and strategically it was decided that Hyderabad would be the next location for various reasons that the reasons of the market proximity, the reasons of, you know, manpower availability and the fact that many of the southern states are investing heavily or attracting investments into semiconductor, solar and pharma sectors. So therefore the decision to set up the unit in Hyderabad.
Okay, Let me now briefly touch upon some of the key factors that impacted our performance during the year. From a strategic standpoint, we made a conscious decision to accept relatively tighter margins in data center orders, solar orders and semiconductor projects to establish credentials and build a strong pipeline of orders. A key milestone Here was the 68 body solar project reinforcing our focus on long term growth over short term margins. We have already seen the results of that that with that order there was substantial amount of orders which flowed in based on that benchmark creation by us.
From an operational perspective, we identified and addressed certain initial issues related to information security and have since strengthened our governance framework to mitigate such risks going forward. We also experienced some delays during March due to the global geopolitical factors and raw material shortages which impacted some of the project timelines. From a financial standpoint, there was a rise of approximately of 84 lakhs in sundry debtors as per an NCLT order which had an impact on profitability of the year.
Additionally, the strategic merger of Altair into Advantage resulted in a one time legacy impact of about 1 crore while also increasing our stake in Advantage to 34.99. Now this is what I was referring to you earlier when I said that there was strategic decision made regarding Advantage in order to take a one time pipe sort of one cr. But going forward it’s going to change the financials for us substantially. At the same time, we continue to invest in growth networks. During the year we increase our investments in sales promotion and industry engagement.
You’ll be happy to know that we had what we call a techno commercial seminars at various centers all over the country to engage with our customers and get closer to them and understand their issues. Sorry. Which led to strong lead generation across including exhibitions and marketing initiatives. We also been taking part in exhibitions in the non pharma sector over the from the last year in order to make our presence felt in those sectors. We also continue to invest in people and infrastructure with employee costs increasing as we build capacities for future growth and execution at scale.
As we look ahead, our focus remains constant. We will continue to build on capabilities we have created, improve execution efficiency and gradually expand margins as our newer segments mature. In summary, FY26 was a year of preparation and positioning. The foundation for the next phase of growth is now largely in place and as we scale we expect this to translate into better operating leverage, stronger execution and improved financial outcomes over time. With that I will now hand over the call for a detailed financial and operational review.
However, before that I would like to again thank all our investors, our stakeholders for their support and we hope that it will continue till date. Thank you very much.
Vaishnavi Vaidya — Investor Relations
So I’m sure investors know what we do. For our new investors who have joined us late, we reiterate what we have been doing. We are building India’s largest clean room company, one of the two companies that remain Indian. The rest of our competition is now acquired by the Japanese. We have thus far we have till last year we were active in the life science sector and we had committed
Aasif Ahsan Khan — Chairman and Non-Executive Director
To
Vaishnavi Vaidya — Investor Relations
Our investors
Aasif Ahsan Khan — Chairman and Non-Executive Director
That we would be expanding the market to semicons, electronics, data centers, basically non farmer which is growing at a distilling pace. We have more than $40 billion coming in the spaces that I’ve just mentioned
Vaishnavi Vaidya — Investor Relations
And the clean room. Is going to be thousand to 25,000. We expand capacities, we’re adding a facility in Hyderabad, an automatic panel production line and this year was a year it was like a full season thriller. We had drama, we had twist, we had villains, we had corporate mischief. At the same time the industry raised the bar on preferences but we chose to invest ahead of the curve. Prima facie you would see margins impacted. But let me be clear,
Unidentified Speaker
We are there. Yeah.
Aasif Ahsan Khan — Chairman and Non-Executive Director
Into this year we knew what we were signing up for. All these things that we have faced wasn’t accident. But then the first three months after losing the first three months to a corporate mischief, as we have mentioned last time, just when things were about to settle after finalizing a few very beautiful tickets like the the largest solar player in India, then we have grouping, then we have Satwik, then we have spade of other orders. Just when things began to settle, the world added its own. Added its own script.
Supply chain disruptions, steel prices going up, warning at one point of time we genuinely thought we would plum but we did not. When the environment got irrational, our execution became sharper. And this year our team and our partners, that is Art and Kelvin delivered exactly that with innovation, agility and a great deal of stubborn resilience. Overall revenue grew from 150 crores last year to 221 crores earnings grew from 13 crores last year to 16 crores. We delivered within our 25 to 30% growth guidance.
Profitability could have been better but as we mentioned this was a year of building credibility, references and future readiness. And the numbers reflect that investment and a resilience in execution. We have built strong references across segments. We are particularly excited and a little bit a little impatient about commissioning our largest solar ticket yet. That should happen by July. That one matters a great deal. Just with the news of me getting that order we have added a very beautiful order position.
We are waiting eagerly to commission that project in the month of July. And that would be a
Vaishnavi Vaidya — Investor Relations
Beautiful turning point in our history. No one would have imagined in the first year of us. The other thing that did not work for us was architecture and we
Aasif Ahsan Khan — Chairman and Non-Executive Director
Shook hands and moved on. There’s there was also an 80 lakh impact. 80 lakh impact NCL impact that has been disclosed and accounted for. So we lost a crawl of rupees on in Altair. So 16 crore is after a loss of 1 crore of Altair which will not be there last next year because we have swapped and we have increased our stake in a performing company from 36 to 34.99%. We also have an 80 lakh NCLD hit.
Vaishnavi Vaidya — Investor Relations
Otherwise both these together or bottom line should have been 18 crores and not 16. This is not going to happen next year. Art doubled. Art is where ftcl your company holds 28 stake. They have increased the top line from 14 close to 34. Driven by reference wins in non pharma and microelectronics.
Aasif Ahsan Khan — Chairman and Non-Executive Director
The journey is just beginning and the tragedy tells you everything about the size of the market that you access. In fact by now we are just waiting for a few more order confirmation and this order position 199 crores mentioned would jump to almost 300 crores in the next 15 to 20 days. We are now consolidated our holding in Kelvin which stands at 60.3%. The in house H Vac capability brings to our project delivery a genuine competitive edge in pharma industry. Turnkey references have been established and more turnkey big tickets are flowing in.
Our data center project are building strong in between. If you know the data center projects went a little slow because the technology was changing from conventional HVAC to immersion cooling and other technologies and we’re geared up for that. Pharma of course remains will remain our mainstay going forward with we consolidating our position in the solar data center and the other Non pharma sectors. Another important achievement is we mandated our accounts and finance team to publish the results by April end and I must say that I’m thankful to.
I must express my gratitude to the finance team, to the accounts team, to our team, to Kelvin team, Chirag, Sajan, Anu, our auditors and EY our foreign C partner to extend the support which enabled us to deliver this. In the month of April we enter the new year with a declared figure of 199 and very soon you will see a very beautiful increase in this number. Our Omar manufacturing facility as I mentioned is the capacity has been significantly enhanced and automated. There was a very large other solar player who have visited us, checked our qualities standards, checked our protocols, checked our manufacturing mechanisms have approved us which is in the final stages of conversion.
When the war happened and everything went topsy turvy our factory did various innovations which really got the bottom line to 7.99%. At one stage of time we were, we thought we would be around 5 to 6% but there are some very beautiful innovations Value engineering supply chain amendments that we did which will benefit us in the years to come. Internally we have formulated Vision 2030 to build FabTech into a powerhouse of clean room and engineering precision up class talent is being acquired. World class project delivery standards are being set.
Sector agnostic clean room capability is being established across India. FY2027 is the year that vision would become visible in the numbers too. The war isn’t over. When it isn’t over there’s a ceasefire but the real effects are yet to come. But we are geared up for that. Supply chain pressures remain but we have learned to operate in this environment. The stronger pipeline, sharper execution and better control. And hopefully far fewer web series moments. Thank you gentlemen, we are open to questions.
Unidentified Speaker
Thank you sir. Investors, the floor is now open for Q and A session. You can raise your hands or drop your questions in the chat box. Thank you. We have first question from Beda family office.
Questions and Answers:
Sudhir Beda
Hello sir, good morning Asifji, Anubji, Sudhir here from Veda family office. Nice to see you Sir, I think we are, we are very impressed by your vision that you carry for next three, four years and being the new segment altogether there is a tremendous scope. So sir my question are like right now our order book is tilted towards solar segment. So how you see that in next couple of years it can be you know diversified into value added segment. Value added means new high growth segment like semicon data center, biotechs and all.
Aasif Ahsan Khan
Yes. Okay. So I’ll take that. Sure. First of all the non pharma when we started the note question was to build references. We have beautiful experience in establishing clean rooms. In fact when I started my career the first clean room that I did back in 1991 was for Johnson and Johnson suture manufacturing that then there were a plastic sun control films and then we went into life sciences. When we entered life sciences people demanded references in non farm. So this year we have established critical projects in solar semicon.
To be honest with you it’s, it’s. It’s a, it’s a. It’s a little. We have CG electronics where we have a semiconductor reference built. There was. And there is a gap in solar, there is a gap in data centers. There is a gap in emerging life science sector which we are capturing there. What the Japanese did gone into something bounds now pushing ourselves further in semicond thereby margins where the Japanese have already established presence. We thought first let’s capture whether vacuum where there’s a low hanging fruit.
And that is what we have done. And sooner you will find as. And I’m frozen over here might be frozen
Unidentified Participant
On that screen.
Aasif Ahsan Khan
So. So these are the. To answer your question pointedly you will see semiconductor happening but currently the solar chain which you see in the market we are about 23 solar active hot leads available. Number one. Number two we have warriors getting established. We have Satvik and Gopin getting established. IMR will add more to those names and there is a very beautiful large order which is about to happen again for a very large solar tone. Just a matter of a few paperwork. Otherwise I would have declared it now.
But I’d rather reserve it for our next fine.
Sudhir Beda
Yeah, there is a huge expansion going on in the. In the panel and in the cell.
Aasif Ahsan Khan
There’s a pipeline, there’s a pipeline, there’s a network because from the from panels to cell lines to There’s a huge thing which is the next 10 to 15 gap attraction. All right, semiconductors with you. We are doing it but KITNA subsidize or hoga. But we are at it now. We are preparing as we mentioned Life sciences is going to be our mainstay and we are putting up a special cell for consolidating our position in the turnkey life science sector.
Vaishnavi Vaidya
Have I missed anything sir? You can bring me back up.
Sudhir Beda
Yeah, yeah, yeah.
Aasif Ahsan Khan
Question there’s anything left out?
Sudhir Beda
Yeah, yeah. One more question sir are what are our plan to increase our stake in art and advantage as well?
Aasif Ahsan Khan
Advantage. Already we’ve gone to 60 and very soon we should be. No, no, Kelvin, we have gone to 60 and we are going to, we are going to, we are going to announce the stake very soon there to 70 to 72% are. We are. Look, I’ll tell you something. When we invested in upcoming companies which adds to our synergy, we have to appreciate that these are small companies, all right. We have to really regulate them and bring them to a certain standard compliance wise otherwise listed entity. When we, when we, when we kind of divert their focus from technical market growth to compliance, there is a little bit of challenge.
So we’re preparing these companies when the right time comes in, when the right numbers are hit, you will see us increasing our stake in art also. And we don’t force it. We, we make it compelling and we make it very beneficial for our founder promoters also to get benefit out of it. Advantech we are into manufacturing of air handling units and I’m not going into the explanation of what these are because I believe the, the market now knows what we do, what is what model of partition is, what units are, what is right.
So I’m not getting into detail but advantage we have now alter 80% advantage 26% we amalgamated and now we resultant we are holding 30, 34.99% cut short the plan which was not working. So we, you know the, the. The revolving door strategies quickly after two years, close, close plan B which is now beneficial. We have implemented. All right. Otherwise ENT was draining at least about 80 to 1cr every year for us now that has been plugged and you will see very beautiful situation developing an advantage where we are going for euro and certification where we are going in for some European you will see that happening.
So when European certification happens our markets are open so advantage will grow faster and when that grows there will be an event over there whether see but it will be beneficial for everyone.
Sudhir Beda
And it’s a last question if you permit can you give some guidance on FY27, how it will pan out in respect of margin as well and, and the top line and order book.
Aasif Ahsan Khan
If you can only tell you while we are conservative and giving you the estimates of 20 to 30 to 40% we are entering the new year with 199 and in 15 days time you will see the numbers going to upwards of 275 300crores. And these all have to be done in the next and this, the year is just beginning and this has to be executed by let’s say September, October. If we are not delayed by circumstances there are so many now boxes. But that’s force mature, that’s a part of the game. I, I’m sure you have confidence in our capabilities now because we have super confidence in the confidence that you are showing on us.
Okay. So that is making us move faster. But. Margins, supply chain restrictions, changes or amendments, new plans implement, our procurement team, our factory, my younger brother Arif, he’s been taking fantastic steps. The team over here, Sri and Ravi, really lovely, lovely steps to ensure that we stay consistent with our markets.
Sudhir Beda
Yeah. Thank you. Thank you sir for the opportunity given to me. So. And all the best.
Anup Manohar Munshi
I can only tell you two observations which are critical and a astute person like you can. As to personal life, you can definitely see what I. Where I’m coming from. One is this year we learned a lot. So that learning is now going to help us do better in the next year. So that 26, 27 definitely you will see, you know, improvement in how we do things. So which impacts our bottom line also. Secondly, as Asif just mentioned to you, that Altair, which was draining almost 1 cr, we have converted that.
So it’s like, you know, you are plugging the losses and it in, in effect it improves the top line as well as the bottom line. So that’s, that’s what I just wanted to add. What’s the next question? Can you read it out? Yes.
Unidentified Participant
Mr. Sanjay Shah is asking the next question. How should we think about next two and three years trajectory in revenue numbers and profitability and also FY27 esp. Because we are uniquely positioned now in different sectors. This is question one.
Aasif Ahsan Khan
We are getting uniquely positioned in different sectors. Semip is still a little distance away, but in whatever sectors we are there. And just to mention. But it’s going to be fantastic, let me assure you. Can he speak
Unidentified Participant
If he turns on his mic. I’m sorry,
Unidentified Participant
Sorry, I can speak now. I’m sorry, I was, I was not in the country, but. No, thank you very much. I hope you can hear me. Amazing confidence. Rightly deserved, of course. No, so, so more than just the numbers for the near term, six months, one year, how do you think the company will shape up over the next probably two to three years, just to get some sense. Right, Because I know you’ve spoken about very large numbers in terms of the opportunity set in the size, but how does that get kind of reflected upon our company?
So if you can just give some kind of a broader vision, quantitative, qualitative, both would be great.
Aasif Ahsan Khan
It is huge. Beautiful, fantastic, lovely. There’s a lot of water to bring. But do we have the capacity as of not to bring that much water? Number one, we are building a reserves to absorb as much as we can. And that reserves is first reference building. In reference building there’s a price to pay. The customers have their own term, the customers have their own costs. And everything we have weathered and from loss making propositions we have or. Or cost to cost. So that is beautiful confidence within the team.
The next thing is you will see for the moment the debt rising, the working capital rising because we have borrowed to meet the fantastic demand which is involved which was already there, which we have finalized, converted. Right. So working capital is something that we have now aligned. You will see movement in this year, good growth in our numbers, good growth in our margins. 27, 28 onwards. It will be a beautiful takeoff where we would have had our retention money coming in. Whatever we have committed as business decisions to back those orders.
And I again say we wanted to build a reference we took worry worry would be complete by July. That reference is something which will change a lot of things for us for the better. So I would, I would not really put a ceiling on any of us here and give a number but it is going to be phenomenal. I
Unidentified Participant
Think that’s fair. Sorry, please go on.
Aasif Ahsan Khan
Plus we have air handling units taking off. We have art taking off. Art. Rajesh, I’ll give you five, two, three minutes, not more sorry. Two, three minutes. Rajesh. Technically what Rajesh is doing in terms of T grid in terms of other things, he’ll tell you and then you will see what import substitutes we are bringing in India and how we are also knocking the doors of the administration to cover us also in the PLI because there are so many inputs now we are, we are, we have started developing here.
Rajesh, can you,
Rajesh Gupte
Can you hear me?
Aasif Ahsan Khan
Yeah, yeah,
Rajesh Gupte
Yeah. So I’ll just add one more thing to what Asif has already said. We have not established ourselves only in photovoltaic solar disk. We have established ourselves in non pharma sector. I would say so there’ll be growth in two terms. Whatever growth happens in the solar sector. But any non pharma sector comes in India in future. Fabtech is going to be a leading name. That is one. Then second is we what we developed for solar. Solar manufacturing, say solar manufacturing facilities, cell facilities that is going to also apply for in incoming future non pharma clean room sector.
As far as I think as if you want me to talk about the profile of art a little bit so that the Newcomers understand?
Aasif Ahsan Khan
Yeah, please professor, but three minutes your time starts now. Yeah,
Rajesh Gupte
Okay. So. So I started my career with Blue Star and designed some clean rooms in. In. In 90s I would say clean room was not and big opportunity to go to Germany and start working for world’s largest clean room projects company. And from a managerial post there to when I started in Germany eventually the last position I held as a freelancer there was a multi discipline coordination head and also the design lead for that multi billion dollar company where I was at a time designing six semiconductor fab for one clean rooms.
So that was the profile I was handling at the end of the. When I had to tell them in the. In the month of August that I don’t have time anymore to work for you because I’m so busy in India in the business so I can’t devote that 60 hours a month also anymore. So from there I think the outlook for India looks so promising that at some point of time our businesses are going to be much larger compared to the what whatever we are doing in Europe and US at least in terms of manpower, euros and dollars.
I won’t be in a position to comment but I think the market has reciprocated to our technical expertise with worry. Then three, four projects followed up immediately and now I think we are in a driver’s seat right now where customers are waiting for us. Customers are waiting for us to come for finalization. So without talking to us, they are surely not finalizing some clean room orders. So that is where we are. You already know with art. I started Art in Germany in 2004 as an engineering company.
To support that engineering services. We started ART in India in 2005. So when I moved completely to India Art Germany business was also transferred to India mainly into engineering. We are still doing engineering services for providing engineering services for international clients. And I believe that our Indian operation is going to be so big itself that it will provide us huge or it is occupying all my time. In fact today also I’m on the road and the goal is little, a little over 45 kilometers away.
So yeah, same is with our business. We are on the road almost there. The goal is we’ll reach the goal very quickly and I’m very confident based on the technical expertise what ART brought on the table and the presence of presence and execution and the size of Fabtech has worked wonders. And I think the market has received us, you know, very, very nicely. And I believe the it is not only solar but anything that comes pharma. We are already There but anything that is non pharma I think I can’t believe that there’ll be an inquiry which doesn’t come to Fabtech.
I think we are in that position as of today. I think that’s what I can say. Any questions on that about semiconductor also semiconductor panels because of you know high sensitivity panels or T grid systems are currently procured internally internationally. But all the suppliers are talking to us to partner with them. The Koreans, the Israeli companies or the international companies are talking to us to partner with them because they are only supplying part of the product but they’ll still need some indigenous products.
And we are also talking to them to partner with them in India on the projects. So that’s the current scenario in all non pharma sector where I get involved.
Aasif Ahsan Khan
The next question is Mr. Sanjay Shah again. Again I think, I think you
Unidentified Participant
More or less answered that. But in case you think that besides the H Vac ah use and some of the capabilities that you build up along the way right. To basically give the client a more rounded experience in a one stop solution. Are there any capabilities you think you need to acquire or you think you’re missing in this entire Jigsaw Puz?
Aasif Ahsan Khan
Well I think of all the companies that we’ve acquired now these companies have to and are developing the newer products for data centers and for non pharmaceuticals and certifications once the certifications are in place as I mentioned Euro certification, Euro certification itself will open a huge market for us. So first we’ll focus there what we might acquire. But currently I don’t think so there is any acquisition on the cards. We will want to consolidate what we already have number one. Number two consolidate our position in the market by repeat references.
Number three. Streamline the. The. The working capital requirement by delivering the project. And it was retention has to be collected in order for the working capital cycle to become smooth. You got my point. So this year you will see the debt would go up a bit working capital levels I mean and but this is the need of the hour when you see a ticket size now running the. The. The lead band running into four figures. All right. So that’s the first target.
Vaishnavi Vaidya
I think that’s fair. Thank you. Thank you. We’ll
Unidentified Participant
Take next question from Mr. Dhruv Veda. Mr. Dhruv, you can go ahead and ask the question.
Vaishnavi Vaidya
Hello.
Unidentified Participant
Thank you for the opportunity. Am I audible?
Vaishnavi Vaidya
Yes. Yes.
Unidentified Participant
Okay so. So my first question is considering the execution pace that Fabtech has can complete the 200 crore order book as on date in the next I mean in the next six months, which is the first half of FY27. Can that be possible? Okay, so I mean, so you are saying the entire FY26 revenue can come in H1 considering the full execution happens.
Aasif Ahsan Khan
Now these people over here, my team, they are not wanting me on the table because I make them my life miserable. And, but I keep meeting all the investors, those are here, most of the investors because they keep pushing me and I love that. So it is, it is. No, keep, keep, keep, keep raising the bar for us and we’ll, we’ll, we’ll surprise you.
Anup Manohar Munshi
Can you hear me? I’m
Unidentified Participant
Sorry.
Vaishnavi Vaidya
Yeah,
Unidentified Participant
Sure.
Anup Manohar Munshi
Yeah. There’s only one caveat I’ll put to this question which you had. There are times when the orders is my order is finalized and a lot of clients do advance planning very well. But then they tell us that we want you to start supplying by so and so date because their signal will take another three months or two months. So those exceptions, otherwise this 200 for sure will be definitely within six months.
Aasif Ahsan Khan
I’ll give you an extent to that. Ruby finalized a large order for clean room partitions from a very large solar player. Now we picked up the order against foreign companies. This was the first time they did not have good experience. Earlier with some Indian suppliers when a large order was given to us and the delivery commitments were taken. We committed in three months time. Typically as it would have people thought, three months Indian supplier. We completed the manufacturing. Our factory space was full.
The building of the client was not ready. Relationship building. We kept the material for 15 days. 15 days? 15 days. Then we moved into a warehouse. But the good thing was it impacted us a lot in this year. As I told you this, this year has been full of twists, turns, action, world enforced tragedies like war. But we are fine. But the good thing is we took that opportunity to invite largely most of the solar prayers and, and showed them what we have, what we have produced. Our factory itself did not know our capacities.
They also surprised themselves. We can do such a large order in three months of time. We did that, but the delivery started going in. In fact that’s why the, the, the, the, the, the, the commissioning has been shifted till July. So we have everything that if that is needed to surprise you and surprise ourselves also. But keep pushing and that’s what we need to say.
Unidentified Participant
Perfect. Really appreciate the confidence. So my second question would be the orders which are under finalization. So can we expect few big ticket size orders like the one like the worry order. So can we consider orders which are upward of say 70, 80, 90 or say closing near 100 crores. Can that be possible
Aasif Ahsan Khan
Between 60 to 80 crores? You will find very soon. One more, two more, two more.
Unidentified Participant
We are on the way.
Unidentified Participant
Got it. So my last question would be, can you throw some light on the T grade system and what is the scope or what is the time for this system and all. If you could just throw some light there. Thank you so much
Aasif Ahsan Khan
Time. I’ll address what is T grid. Rajesh will take it up and you are really putting a stone on the beehive. Rajesh, again, the mic is on to you.
Rajesh Gupte
So basically, basically what the way it started is if you compare pharma clean rooms and semiconductor clean rooms, the basic difference. Very important that the semiconductor pharmacy room. Once you establish the clean room, you won’t make changes for very long time. Let’s say 10, 12 years. Because of the once it is audited, even the changes were not permitted. As against the semiconductor clean rooms, the technology was changing so fast in late 90s and early 2000 that the change was the only constant in semiconductor industry.
So how to address that? So we made it very modular and we started making, if you know how the Armstrong ceiling works that you make a grid 1200 by 1200 or 4ft by 4ft. And the way we achieve clean room class, higher cleanroom class or lower cleanroom class is by adding number of filters or number of filter fan units. And so once we create the grid, we started putting the exact same number of FFU filter fan units on that grid. And then if I have to increase the class because my layout changes or my new machine tool comes, then just add few more filter fan units and improve or you know, remove some and then decrease the class.
That was factor number one. Then semiconductor industry, all the two chip movement, the wafer movement takes place with an automated material handling system. Now, automated material handling system will pick up a wafer from one tool, we call it POD and one from the one POD to the another POD for next process. And if that process is busy, it will go to the stalker and stock it. So there is, it was not manually possible. So everything was done through automated material handling system. And this entire automated material handling system was hung to the ceiling.
So there was a need for a modular then conductive. Because semiconductor needs a static recipe of this. So modular conductive, very strong ceiling system. And so that is how this whole concept came up. We started doing 1200 by 1200 ceiling grid. Then came up that if, if you have all the filters 100 filter coverage for clean room class. Higher class. Then where does the sprinkler come? Then the intersection points commandants system start started evolving. And that is what we have today. A very strong system which can take loads of around 1500, 1600 kilos.
Which can be modified very quickly. So if you remove a filter and put a blank panel, you reduce the clean room class. If you remove the blank panel, put a filter, you increase the cleanroom class. So very very flexible which can. Which could address the. You know continuous need to upgrade or change the system. And then it was diluted down to the pro other mic microelectronics projects like solar and all. So then we have a lighter version. So once we using route right now is a lighter version. So which is 70 millimeter tall.
But we can. We have also have developed 130 millimeter tall and 230210 millimeter tall. Again it comes from a different. There are. There could be. Once you start. Once I start designing there are always challenges. So customer comes and say because we have a large duct now we can’t have hanger every 1200. So you remove the hanger. So I have to make it stronger. So it became it from a very simple concept. But it has evolved into a very complex design. And I would reiterate here. So a lot of people can just manufacture those products.
So the products are not the key here. How to use the product to cater to the needs of the client and different needs and variable needs. That understanding and that is that understanding of technology. How to use the products to find the best suitable solution for the client. That is where we have our strength. If there is any further requirement or you know t grid related queries, you can ask. Otherwise I’ll keep it. This is the. This is as brief as I could keep.
Unidentified Participant
So if you could just tell us if there are any such new products under development. About what whatever you have mentioned right now.
Rajesh Gupte
Yes, we are working on certain. Like for example one of our client wanted to use the sprinkler suitable to our system. So you know, we just got a very quick big order for the sprinkler which suits our system. So there’ll be the evolvement. Then there are lights which we are procuring from others. So there is some R and D going on for number of products and number of different system which will can be used in solar, photovoltaic, semiconductor and other microelectronics industries. Something like ducting products are there.
So we are working on some. There is Some R D going on in the background.
Unidentified Participant
Perfect. Thank you. Thank you so much sir. I appreciate the answer. Thank you. I.
Rajesh Gupte
I can also say that we already have booked the pilot and it is a parallel thing that while doing the pilot projects we are also developing the product if not the entire product range. But at least the products have started coming to. Coming in the market case to case basis.
Unidentified Participant
Next question is from Mr. Hemant. Mr. Hemant, you can go ahead and ask the question.
Unidentified Participant
Yeah. Hi. Am I audible?
Unidentified Participant
Yes. Yes.
Unidentified Participant
Yeah. So sir, I just wanted to understand like with. With regard to our capability in building the clean rooms. What classes of clean room are we you know equipped to handle?
Rajesh Gupte
I’ll just say one sentence and then you can take it. So
Aasif Ahsan Khan
Can become execut investors will become a tech savvy person and they will start their own clean room companies. Rajesh, are you getting my point?
Rajesh Gupte
Yeah. Yeah. I think execution wise we have done ISO 5. Design wise. I. I think I can safely say that I have designed the most complex or most critical clean room system in the world.
Aasif Ahsan Khan
So I’ll take it in a very simple manner. 1. One hair that you see. What the gentleman. The head that you see is 80 microns. In a clean room. We are talking about 0.3 microns. You talk of. He spoke of ISO 45678. ISO 1 also. ISO 2 also. But what I’m saying is we have class 100, we have class 10, we have class 1, we have class 10,000 and plus 10,000 water classes. What is one class one. One particle of 0.3 micron and larger in 1 cubic feet of air. Now it’s becoming critical, even critical. Now we’re talking about one particle of 0.3 microns and larger.1 cubic meter of air.
Okay, so this is one now. But when you go in terms of in. In the higher technology on semicons Radish will concur with me that we are talking about not just HEPA filters but very large scale integrated filters which is talking of 0.12 microns. Not just 0.3 microns.12 microns. So this is how critical it is. And we have done till class hundred till now. But when you and Rajesh has done class 10 class 1 also. In simple language if I have to convey.
Unidentified Participant
Yeah I understand. That’s the reason I wanted to. You know, wanted to understand like what in terms of the capability where. Which ISO class we can actually cater to. Because what I see is the. The focus. Main focus of the company has been towards the clean rooms. Used in solar. Right. Though we are targeting, let’s say Semicolon Pharmaceutical. That’s why the, the whole idea of asking this particular question. So previously you mentioned about you know, creating a, or working with the cg CG semicon.
Right. So if you can explain like what was the, you know, clean room ISO class that we have delivered for them.
Aasif Ahsan Khan
Are you from the competitor side or you’re an investor? Sorry,
Unidentified Participant
I am, I am an investor, sir.
Aasif Ahsan Khan
So we have done a lot in a Cleveland system for CG Electronics because we are bound by confidentiality agreement, guys. So we cannot reveal these details to you on the call where we don’t know. There will be so many other maybe competitive elements also investors. But we are, we have capable enough to deliver even Class 1 and Class 10 clean rooms. But when that happens, there will be a new reference game which will begin. Okay.
Unidentified Participant
Okay. Yeah. And with respect to. Because you know, most of the commodities are seeing a price increase because of the, you know, the current war. So are we incorporating any clauses in terms of, you know, price shifting from our end to the client and when we are taking new orders?
Aasif Ahsan Khan
Yes. So when this particular thing hit us, there are. Our team is approaching all the clients due to force majeure. We are approaching all the clients for price solutions. Some of the deliveries are here to the just about to be delivered. Right. And there, there is an aluminum stoppage, there is power stoppage. Our factory faced gas shortages. We started working with cylinders. We started altering our supply chain systems and we are, we are cracking it. Don’t ask me what supply chain system, I’m not, I’ll not be revealing it but I believe we have a very, very wonderful system.
This crisis has shown us which nobody of us had thought and that is what we are rolling out which will give us beautiful results. But coming back to you, whatever we are doing over here, your boss. The war has made life complicated for everybody, including us. Eventually we’ll be managing it if it hits us. Yes, it will hit us. But what can we do? We’re trying our best to evolve to, to, to innovate strategies and we will evolve industry where the bots are upside down. But the good thing is that we are, we are, we’re going ahead.
We’re marching ahead.
Unidentified Participant
Yeah. So that’s all from our answer. Thank you.
Aasif Ahsan Khan
Thanks.
Unidentified Participant
Next question is from Mr. Rochin Shah. Mr. Rochin, you can go ahead also as if, sir, if you want to stick first chat box questions, then we can go ahead with that.
Vaishnavi Vaidya
Chat box questions.
Aasif Ahsan Khan
Okay. Well gentlemen, this Mr. Archit Agarwal we have addressed this question initially that this care is going to be stressing our working capital. I’m not taking this question because I’ve repeated that already and the transcript will be available in the union school. You can have a look otherwise you’ll become repetition. Is there any new question out there?
Unidentified Participant
Mr. Rushin, you can go ahead
Vaishnavi Vaidya
Question.
Unidentified Participant
He’s going to speak.
Vaishnavi Vaidya
Yes.
Unidentified Participant
Mr. Rochin, we can’t hear you if you’re speaking sir. We’ll move on to the next. We’ll take it from Mr. Darshan. Mr. Darshi, you can go ahead and ask the question.
Vaishnavi Vaidya
Can you hear us?
Unidentified Participant
Mr. Darshan, are you there?
Vaishnavi Vaidya
You are on mute if you are speaking.
Unidentified Participant
Yeah, yeah, sorry sir, my bad, my bad sir. So a lot of my questions have been already answered and firstly congratulations on a great set of results. So just two things from my end. So the order book that we have right now are they like more towards in terms of margins, will they skew more towards our normalized margins or in this also we’ll have some a bit lower margins than usual because like these are new orders that you know, again we’re trying to, you know we have build up our business and everything so.
Vaishnavi Vaidya
Sorry.
Unidentified Participant
Hello.
Aasif Ahsan Khan
So. So Dashiell, look, last year there was a different challenge. Challenge, challenge this. We have a supply chain challenge. In short what we are saying is we will have a growth in the top line, bottom line, assume the same percentage what you have assumed this year to be. To be conservative. Okay. We’re not going very, we’re not giving very aggressive figures. We’re being, giving very conservative figures. All the steps that have been, that needed to be taken have been taken. But you never know what happens when metro prices and oil prices go.
So as of now we are very confident of giving, of doing a fantastic top line maintaining the margins and reference commissioning. I don’t think so. We will need to then take business decisions on the, on the, on the new projects that has largely been taken.
Unidentified Participant
Oh, okay, fair, fair enough. Yeah.
Aasif Ahsan Khan
I hope I’ve understood the question and I.
Unidentified Participant
Yeah, yeah, yeah, yeah, yeah, yeah. That, that, that answers my question. And there’s just one more thing. So we love talking to you sir. So if you could you know come with quarterly results or quarterly calls that would be really helpful for us like that just you know, help us stay in touch better. So
Aasif Ahsan Khan
Yeah, definitely. The finance team is here, the account team is here. It has been told to you. But again and again in all our companies we say we are not a quarter to quarter Story. But yes, we will definitely. We are yearly guidance. But yes, we are aiming as much as possible to be no predictable quarter to quarter. That’s the right word. Yes, it’s a. Our finance team, it’s prepared. But when we are talking about associates and our subsidiaries they have yet to be brought to a particular level of compliances which I think I had picked up earlier with somebody.
So the endeavor is there.
Unidentified Participant
Okay. And just last thing from my answer, like so we have like the order book till maybe you know, October, November. So post that for the full year. How do we see it? Because like our H1 should be blockbuster search. So then later on like how do we see H2 and in terms of like a full year? I don’t know if you want to give a guidance but at least we can like looking at the way we are going revenue, we can maybe double the revenue. Only everything goes good then. So.
Aasif Ahsan Khan
When we started we have one chicken and one egg. Now those eggs have given us five chicken and then we have a basket of 12 eggs.
Vaishnavi Vaidya
I hope that answers your
Aasif Ahsan Khan
Question. Okay.
Unidentified Participant
Oh yeah. Fair. Fair enough. That’s it. Thank you so much.
Anup Manohar Munshi
No, I only want you to tell him that if you look at our history, our second half is far better than the first half across the board. If you look at the last four, five years. So that itself should tell you what will be the second half. Because first half you already know based on the orders we have now
Aasif Ahsan Khan
Everything is beautiful. We are all a cheer cheerful lot over here. We take every challenges with a smile. But. Honestly you don’t know because this year has been Upanishapura. He planned, man proposes and what disposable. Okay, so it will take time for situation in the world to streamline. But we are confident with this. With this beautiful team over here. With this bent of mind, we’ll overcome any challenge. At the end of the day you have to become the largest company in India sector agnostic.
And by 2030 we hope to achieve it. You will expect beautiful things. And.
Unidentified Participant
So can we take one last question from Mr. Dhruv
Aasif Ahsan Khan
Again?
Unidentified Participant
Yes.
Aasif Ahsan Khan
No
Unidentified Participant
Ma’, am. My question is answered. Thank you so much.
Unidentified Participant
Okay.
Aasif Ahsan Khan
Wow.
Unidentified Participant
I guess we have covered all the questions for today’s session. So I would like to thank you all. Thank you Asif sir. Thank you Anut sir. Thank you Sergeant sir. Thank you Ravindra sir.
Vaishnavi Vaidya
Thank
Unidentified Participant
You Amar sir. And Ajay sir. Thank you to the all the participants. If you have any further queries you can write to us@info advisors.com. Over to you.
Vaishnavi Vaidya
Thank you very much. God bless you. Thank you very much. Thank you. Thank you.