Hind Rectifiers Ltd (NSE: HIRECT) Q3 2026 Earnings Call dated Feb. 12, 2026
Corporate Participants:
Suramya Nevatia — Chairman and Managing Director
Anil Kumar Nemani — Chief Financial Officer , Strategic Growth Advisors, Investor Relations Advisor
Manoj Nair — Chief Executive Officer
Analysts:
Jay Jain — Analyst
Prisha Rathi — Analyst
Rahil — Analyst
Manish Goyal — Analyst
Pragya Bharadwaj — Analyst
Pankaj Kumar — Analyst
Abhi Shah — Analyst
Payal Shah — Analyst
Gurmit Chadha — Analyst
Presentation:
operator
Ladies and gentlemen, good day. You’re connected To Hind Rectifiers Limited Earnings Con Call for Q3 and 9 month FY26 participants are requested to stay connected. The conference will begin shortly. Thank you. Ladies and gentlemen. Good day and welcome to the Hind Rectifiers Limited Earnings Call for for Q3 and 9 month FY26. This conference call may contain forward looking statements about the company which are based on the beliefs, opinion and expectations of the company as on the date of this call. The statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict.
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 a touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Suramya Nevadhi ya chairman and managing director of Hind Rectifiers Luminance Limited over to you sir.
Suramya Nevatia — Chairman and Managing Director
Good morning everyone and thank you for joining US for the third quarter nine month FY26 earnings conference call of Hind Rectifiers Limited. I am pleased to be joined today by our Chief Executive Officer Mr. Manoj Nair, our Chief Financial Officer Mr. Anil Kumar Nimani and Strategic Growth Advisors, our Investor Relations Advisors. Also joining us today is the newest member of our team, our global CEO Mr. Douglas Bailey. We have uploaded our Q3 and 9 month FY26 financial results and presentations on the stock exchanges and our website and I hope everyone has had the opportunity to go through the same.
Let me begin by sharing key operational and strategic updates for the quarter post which I will request Mr. Nimani to take you through our financial performance. The third quarter of FY26 saw steady execution across our core businesses along with continued progress in capability building and advancing our strategic initiatives. This will strengthen our competitive position over the years to come. On the policy front, the Union Budget has announced a record capital expenditure of 2.93 lakh crores for Indian Railways, the highest ever allocation for the sector. The continued focus on electrification, rolling stock modernization, safety systems and station redevelopment remains a key priority for Indian Railways.
The budget also outlined the development of seven high speed rail corridors which will be the long term growth connectors between key cities. Overall, this sustained investment push provides a supportive demand environment and a long term tailwind for railway equipment and power system suppliers like hirect. On the operational front, our order book remains high at 1103 crores as of December 31, 2025, reflecting sustained demand momentum across our key product lines. The robust order position continues to be supported by healthy inflows from Indian Railways and leading OEM customers, ensuring strong visibility for the coming quarters. Our backward integration project for specialized copper conductors at the Suner facility continued to stabilize and scale up.
As stated in the past quarter, this project enables in house manufacturing of copper conductors which are critical inputs for traction transformers. During the quarter, we successfully commenced the deployment of in house manufacturer conductors in our transformers that were supplied to Indian Railways. We are currently ramping up capacities and expect this to enhance our cost efficiencies and supply chain reliability while also reducing dependence on external vendors. Beyond captive consumption, we are actively evaluating external market opportunities within the transformer industry and we expect this segment to deliver positive results from Q1FY27 onwards. During the quarter we further strengthened our leadership team with the appointment of Mr.
Douglas Bailey as Global CEO of the company. Mr. Bailey brings over three decades of global leadership experience in the semiconductor and power electronics industry. He has led global marketing and application engineering functions and played a key role in establishing leadership in wide band gap technologies such as GAN and sic. His experience adds significant depth to our leadership team and going forward we remain focused on disciplined execution, operational efficiency and technology driven value creation under his leadership. Updates on our Global Expansion Strategy Our integration with Beelink Solutions is progressing as planned. The business sits under our newly incorporated subsidiary Beelink Hirect sas.
Currently at Beelink, we are focused on strengthening existing customer relations while also evaluating new opportunities for the printed electronics in adjacent sectors such as railways and defence across the European markets. Furthermore, during the quarter the Board of Directors has approved an investment of 90 lakhs in Coinkage Studios Pvt Ltd, a wholly owned subsidiary of Hind Rectifiers Limited through subscription of its equity shares, this investment is directed to strengthen the capital base of the subsidiary and support its business expansion plans and future operational requirements. Just to remind you, Coincade is our in house AI software and design company.
Lastly, the company is delighted to inform its shareholders that the Board of Directors has approved the issue of bonus shares in the ratio of 1:1 subject to the necessary statutory and shareholder approval. This bonus issue made by capitalizing of the balance of share premium account reflects the company’s strong financial position and continued confidence in its long term growth prospects. This initiative aims to reward shareholders for their continued support while improving the liquidity of the company’s equity shares in the market. One final update from my side which has been repeatedly asked in previous meetings, it’s about the propulsion system.
I’m delighted to inform you after months of patience the trials of our propulsion system have officially commenced at Western Railway and ideally it should be completed within three to four months. I now request Mr. Nimani to take you through the financial performance.
Anil Kumar Nemani — Chief Financial Officer , Strategic Growth Advisors, Investor Relations Advisor
Thank you Suramya. Good morning everyone. Let me present a summary of our financial results for Q3 and 9 months for FY26 our consolidated revenue from operations grew 64.2% on YoYo to INR 277.4 Cr in Q3 FY26. Our consolidated EBITDA for the quarter stood at INR 25.5 Cr which is a growth of 44.9% on YoY basis driven by the sustained execution. Our EBITDA margin moderated by 120bps year on year primarily due to expansion led investment in the copper conductors plant as Seenr and increase in input cost of key raw materials arising from supply chain products deceptions. Our consolidated pat excluding minority interest for the quarter stood at INR13cr up 30.1%.
Ono y there is exceptional item exceptional expenses of 1.3 cr for Q3FY26 related to increase in employees benefit obligation resulting from the change in labor law by government of India. Now in terms of our nine month number, our consolidated revenue from operations for nine months FY26 reached INR 719.3 crs making a 52.9% YoY growth over INRs 470.3 cr in nine months 25. Our consolidated EBITDA stood at 75.7 cr in nine months 26 with a margin of 10.5% or consolidated PET stood at INR 4001.2cr by 48.2% on Y. That is all from my side. I now open the floor for Q and a and Mr.
Nano Nair and our CEO will join us to address your queries. Thank you everyone.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. Participants, if you wish to remove yourself from the question queue, you may press star and two. Participants are also requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants who wish to ask a question may press star and one on the Touchstone telephone. The first question is from the line of J. Jain from KJ Capital.
Please go ahead.
Jay Jain
Hi sir. Thanks for the opportunity. The first question is on the order book sir, order book seems to be muted during the quarter in Q3. Didn’t we receive any new order? And can you please share the trajectory of the order book also going forward?
Manoj Nair
I’m sorry, the question is not clear. Can you repeat the question?
Jay Jain
So my first question is on the order book. Our order book seems to be muted during the quarter in Q3. Didn’t we receive any new order? And can you also please share the trajectory of the order book going forward?
Manoj Nair
Okay, so if I understand right, the question is regarding the order board during the quarter and the trajectory going forward. So let me answer this. Our order board is as shown as mentioned earlier, is robust order board. At the same time, particularly during this quarter, the railway tenders which were expected to be closed had, you know, kind of moved out by a quarter. But the requirements are building up especially for the transformers that that is mainstay of our product line. We are expecting the order orders to come in next quarter. So from a. From a order buildup point of view the trajectory is going to be positive and upward.
Jay Jain
And the second question is how we are seeing on the integration of HIRET and Beelink on the processes and technology transfer front. Sir, also in the past we had mentioned what we would be seeking cross selling opportunity of some high rate products through Beelink in the European market. If you could please provide a color on where we are on it currently.
Suramya Nevatia
Sure. So the integration with Beelink is ongoing and it’s a continuous process. The industry that we are in is not like a very quick sell. It takes time to build the products, to design it into the customer systems and then sell it. And that activity has started and it’s ongoing and we are reaching out to Beelink’s existing customers and also getting them involved in the industry that we are in today which is railways and you know, heavy engineering and private customers. So that all that work is ongoing and it will take some time to start giving results.
operator
Thank you. The next question is from the line of Prisha Rati from NM Securities. Please go ahead.
Prisha Rathi
Hello sir, thank you for the opportunity. Hello.
Suramya Nevatia
Please go ahead. Yeah, please go ahead.
Prisha Rathi
So I have couple of questions on the R D friend. How many products are currently under development and do we expect to launch some of this in this coming quarter?
Suramya Nevatia
Yes. So there are about 40 products which are under development in R and D. These include completely new products, upgrades, improvements, engineering and these products are rolled out continuously. So every few weeks something is. Something is released either in the factory or in the market.
Prisha Rathi
And sir, additionally are we planning to introduce any Product solution for adjacent sector like defense or electronics.
Suramya Nevatia
We are already working in defense and electronics. Although in defense our scope is not a lot but we are trying to improve it.
Prisha Rathi
Sir, for the last question. Have we completed the 50,000 kilometer trial run for the Propelligen system? Do we have any order for the propellers system in the pipeline?
Manoj Nair
Yeah. So as mentioned earlier during the call, the propulsion system trials have commenced and we expect the 50,000 kilometer to be completed in three to four months as mentioned earlier. And yes, we do have order board for propulsion system currently and we are expecting more to come.
Prisha Rathi
Okay. Okay, thank you sir. And all the best.
operator
Participants who wish to ask a question may press star and one on the Touchstone telephone. The next question is from the line of Rahil from Sapphire Capital.. Please go ahead.
Rahil
Hi sir, good morning, can you hear me?
Suramya Nevatia
Yes, yes.
Rahil
Yeah. So you mentioned in the presentation additional order of 101 crore from Indian Railways. What, what is this order regarding? To.
Suramya Nevatia
Does the total pending orders as of 31st December.
Rahil
Okay. Secondly you’ve said professional systems orders, you have some in hand, right? What is the, if you can quantify it.
Manoj Nair
Valued about roughly about 50cr. We have the initial orders on hand and as I said we are expecting few more orders to come in.
Rahil
Okay. And the current total overall order book which is at 1013 crores. What is the execution timeline for this?
Manoj Nair
It’s spread over multiple.
Rahil
One year only.
Manoj Nair
Yeah, multiple quarters. It’s spread, spread over multiple quarters and it keeps building. So that’s how it is.
Rahil
And Q4, FY26, how is the you know, expanding out so far and in terms of like growth and margins guide for this quarter and exit of FY26 and next year, what sort of revenue growth and EBITDA margins you can do?
Suramya Nevatia
We don’t provide any guidance but Q4 is looking, looking upwards. It’s going, going very well, going as per the plan that we had set out originally. And we expect a growth of 30% year on year and we continue to maintain that going into the next year as well.
Rahil
And what led to the drop in margins from double digit to single in this quarter and now what can be sustainable rate going ahead?
Suramya Nevatia
So the reduction in the margins is due to fluctuations and volatility in the commodity market, more particularly to do with copper. But we are doing everything that we can to mitigate this more focused on the internal copper factory which will help us to further improve the supply chain which leads to all these, all these issues and we should be back to even better than in Fact, what margins we’ve done previously we should be back to in the next couple of quarters.
Rahil
Alright sir, thank you. All the best to you.
operator
Thank you very much. Participants who wish to join the question and answer queue may press star and one on their touchstone telephone. The next question is on the line of Manish Goyal from Thinkwise wealth advisors. Please go ahead.
Manish Goyal
Yeah, very good morning sir. Thank you so much. I have questions on polishing system. Already the the system is installed on the locomotives and it’s been running on the tracks or what is the status? Sir, I missed the opening remarks. I’m sorry for that.
Manoj Nair
Yeah. So we mentioned in the opening remarks that the propulsion system is already on the locomotive and the trials have begun as common. So it’s already running.
Manish Goyal
And which is it on? Like which part of the region? Like is it assigned to us on the western side or how is it.
Manoj Nair
It’s on the western side.
Manish Goyal
Okay. And we are. We are fairly confident that we should be able to complete the first milestone of 50,000 kilometers in next three to four months.
Manoj Nair
Yes, absolutely.
Manish Goyal
Okay. And I did hear that you have orders for 50 crores. For how many equipment is that? Sir, for how many systems? We have.
Manoj Nair
Roughly about 40.
Manish Goyal
Okay. And going forward, once the product is approved and if we are able to participate in tenders. So we need to invest more to create capacities and what could be the capex for that?
Suramya Nevatia
No, currently there are no plans for any capex for the propulsion system. We have enough capacity already built.
Manish Goyal
Okay, okay. Okay. And sir, like what kind of tender pipeline is there? It was mentioned that there has been a delay of a quarter in order finalization. So would it be possible to give us some sense on the tender pipeline, the quantum or something which would be helpful for us to get a perspective for the next year growth and order book.
Suramya Nevatia
So Indian Railways plans to manufacture 1700 electric locomotives in the next year. And all of those tenders will start coming out now. And in fact the quantum of tenders and the outlook is even bigger and better than what it was this year and the previous year. So it’s is looking very good.
Manish Goyal
Right Sir. And sir, in terms of our product launches for beyond locomotive like we were looking for one day barrel and we were probably looking for other, other systems. So how is the progress on that, sir?
Suramya Nevatia
So the progress is ongoing and the products are in R and D and once the products are launched in the market we will do a press release and we’ll make sure we inform all the shareholders about it.
Manish Goyal
Okay. So when we probably looking at 30% growth for next year, it accounts for some of these new product launches and orders from that and execution itself. How should we understand it?
Suramya Nevatia
No, it does not. Growth is from existing business, existing product lines, products that have already been released into the market and we expect to get a larger share. It’s from existing business. Anything that is in R and D today which adds value next year will be on top of that.
Manish Goyal
Oh, okay, okay. And sir, like on margins you did said that CTC factory has started. So when should we be able to get a normalized production? And and from when do you think that it should help us correct our margin? Sir.
Suramya Nevatia
From Q2 of the next year.
Manish Goyal
Okay, okay, okay. So by that time it is like we expect that the production should reach to a reasonable level for us to get the benefit of in house CTC.
Suramya Nevatia
Yes.
Manish Goyal
So ideally does it imply sir, that for Q4 and Q1 the margins would probably trend to what we have seen at quarter three levels or we should probably look for a little better margin in Q4 and Q1?
Suramya Nevatia
No, it should be better. In fact it will be better for Q4 it will and be even better than Q4 which will be in Q1. But the real upside will come from Q2 onwards and the CTC factor will be in full swing.
Manish Goyal
Sure, sir. And last question on the Beelink we have probably reported 34 crores revenue and probably a little less than 1 crore of loss. So how do you expect this revenue run rate and the profitability going forward in billing? Do you expect breakeven in near term and then probably start seeing some margins, positive margins going forward.
Suramya Nevatia
For Beelink it will take some time to turn it around. But when the turnaround does happen the profitability will be in big multiples. And we are at this stage today we are trying to still do the integration in a proper manner and we are building a big global team to address those issues and to interlink their customers and our customers and different industries. But we are very confident and we know we have the strategy very clear how we are supposed to do it rolling in that front.
Manish Goyal
Sure, sir. And will it require further fund infusion from our side, sir?
Suramya Nevatia
No, only what we have committed. That’s it. Nothing more than that?
Manish Goyal
Sure, sir. And sir, on exports from India like we had couple of trials which was been done in US and Germany. So any, any serial production orders anticipated or we have started getting orders. How should we look at that?
Suramya Nevatia
See those are again they are traction products. It takes time to commission them, it takes time for the customers to get the performance product to do the field trials. It’s not very something that happens instantly. So it’s a long game and we have to be patient and it’ll take time.
Manish Goyal
Sure. And sorry to last question on the capex side, what is the plan? How much we have done in the current year and next year? Sir, thank you. That’s your last question.
Suramya Nevatia
Defense is negligible and we are putting efforts to increase that business.
Manish Goyal
No, I was asking the capex plan for current year and next year capital expenditures.
Anil Kumar Nemani
Yeah. Approximately cash flow wise, around approximately 60 cr.
Manish Goyal
Okay. In FY26, sir.
Anil Kumar Nemani
Yeah. Correct. Yeah.
Manish Goyal
Okay, sir, thank you so much. Thanks.
Suramya Nevatia
Okay, thank you.
operator
Thank you sir. The next question is on the line of Pragya Bharadwaj from Complete Circle Wealth. Please go ahead.
Pragya Bharadwaj
Yeah, it’s a good morning. Thank you for the opportunity. Am I audible?
operator
Yes, ma’. Am. Yes.
Pragya Bharadwaj
So on the Beelink integration you just mentioned that it’s still going on and is there an internal like timeline on when we can expect, you know, this to be completely fully integrated?
Suramya Nevatia
No, it’s a continuous process and it will keep going on at least for the next few months. But while the integration is happening, we are also looking at evolving that business and doing the IP integrations. And it’s a long process, but it’s ongoing. But it’s also not affecting the business activities. So we are doing it parallelly the integration and the business growth, both of them.
Pragya Bharadwaj
Okay. Okay. So is there an order prospect pipeline that we can sort of look towards, you know, newer order. You spoke about some of it in your previous answer. Just wanted to understand like a prospect product book that we can look forward to say for the next year or say FY27 and if there are any newer categories that could possibly be included in that new launch, like sort of new order prospect pipeline.
Manoj Nair
Yeah. So as we mentioned earlier, we are looking at a 30% growth year on year and we expect a similar kind of growth on the order board. We are expecting some of the products that are under trials to also fetch additional orders next year. So overall we would see the ramp up on the order board over the next two quarters. And that’s the expectation.
Pragya Bharadwaj
That is roll out of the railway tendering orders. It’s already begun from the government side because there was some sort of delay that we saw like an FY26. Has there been like pick up on on the ground activity? Because the allocation has been large. You, you also alluded to that. Has there been traction so we can expect some ramp up in. In the ordering activities from the government as well.
Manoj Nair
Yeah. Typically the railway orders starts ramping up from the beginning of the financial year because that’s when the allocation, the respective production units get the allocation. So you might have seen in the budget the railway allocation is 10% over last year. So definitely the order boards. We are expecting more this year, coming financial year.
Pragya Bharadwaj
Just last couple of questions and I’ll join the queue back. You said about close to 40 products are still in the R and D stage. Can you expect a rollout like some color on that? If you can just sort of give few more details that if there is a launch pipeline that we are working with in what categories will these products be like these 14 products like any announcements expected say in quarter four or should we expect more in first half of FY 2017?
Suramya Nevatia
Yes. So of course we have internal timelines and these products are across different types of products. Some are completely new, which is where we are building our own IP from scratch. Some are existing products being upgraded to their second version or third version. Some are engineering products to improve quality, improve efficiency. It’s a mix of all different things. But they’re all power electronics and they’re all pertaining to systems. Most of them are for railways. There are some which are non railways. But beyond that I cannot share any detail at this stage. And we will keep you updated as and when things keep coming out.
But the R and D product pipeline does not really reduce, it just keeps increasing as we keep growing the R and D team. And if R and D team delivers three products out, they probably take in four or five products more. So it’s a continuous cycle of product development and technology innovation.
operator
Sure, sir. So thank you. I’ll join back in the queue. Thank you for taking my questions. Thanks again.
operator
Thank you. Participants who wish to ask a question may press star and one on the Touchstone telephone. The next question is from the line of Pankaj Kumar from Kotak Securities. Please go ahead.
Pankaj Kumar
Thank you sir. Thanks for taking my question. Question. On this propulsion system trial that is going on as you stated that there are another three to four months will be there to complete this trial. And since the railways mostly invite tenders or they complete the first phase of the tendering in June. So with this trial going in June, will we be able to participate in the first transfer of the tenders?
Manoj Nair
We are positive about that. The tender activities will, as you rightly mentioned, might be towards the end of next quarter. And we are positive that we have substantial coverage of the trial. So we should be in a fair position.
Pankaj Kumar
And so second question is on the competition part. So since Railways are approving new players in the propulsion system so will there. Be more than one or two player. Who would be approved after this all trial process Apart from you Basically the question is apart from you, how many other players are there in the.
Manoj Nair
As. Far as propulsion system is concerned we still have from a. There are limited players in the approved category and we. We do expect one or two more to come but that’s a long process. So at least in the forward looking year next year we expect to gain from the propulsion tender.
Pankaj Kumar
Okay, my last question is on the Basically we are anyway supplying to some of these OEMs who are basically participating in the professional system tender support this approval. Will we continue to supply the ancillary equipment to those OEMs or will play a role of full fledged.
Manoj Nair
No, we. We will continue to pursue those all those complementary, you know requirements because that’s our. We have the manufacturing capacity already available. So we. We don’t intend to differentiate that.
Pankaj Kumar
Okay. Okay, thank you. Thanks.
operator
Thank you. Participants who wish to ask a question may press star and one on the touchstone telephone. The next question is from the line of Abhi Shah from Siddhi Tech. Please go ahead. Kindly unmute your mic.
Abhi Shah
Hello. Yeah, so I have two questions. One regarding the other expenses there is steep increase in the other expenses. So can you just give what the breakup of what led to those increases is other expenses. And second, I joined late so can you just provide the status of the Europe subsidiary which is whether it is still loss making or whether it has turned profitable. And also third question regarding the budget which has been allocated higher towards the high speed railway corridor. So any plans to enter into those two.
Anil Kumar Nemani
Yeah, if you see the other expenses impact has not increased. If you compare with the December. Sorry, if you Compare with the Q2 it has been reduced in comparatively in Q2 it was 125 million. Where it is now it is 112 million. So it’s. I can say the more than 1 millions it has been reduced. In fact already more than 10 million C reduced. Okay, so there is no increase. And your second question.
Abhi Shah
Can I just provide the breakup of other expenses if you can.
Anil Kumar Nemani
Yeah, these are I can say regular. Expenses basically the powers consumable, stores, office rental, rents then all maintenance on all. So every expenses I can say cannot be provided in this definitely see the. Compared to the last December also there is no major increase Yui to also although we have increased I can say by approximately 45% turnover but this is. Increased just 10% and you do definitely. Have the figures of that in last year. Solution.
Abhi Shah
Okay. Okay. And what regarding the subsidiary, Europe subsidiary and the entering into the high speedos? Any light upon it can you provide?
Suramya Nevatia
So the Beelink subsidiary question we’ve already answered multiple times. It is loss making. It will continue to be loss making until, for the next few quarters until we can turn that around and on.
Manoj Nair
The high speed rail, definitely we might. We are exploring opportunities with related products that we have. Obviously not on the propulsion system but on other, you know, there are a few other products that we have in the basket to offer. So we are talking to the respective OEMs for that.
Abhi Shah
Okay, so what kind of order expectations can we expect or is still in the initial stages.
Manoj Nair
Is in the initial stages and comment on the order Quantum right now. But we are exploring those opportunities.
Abhi Shah
Okay. Okay, thank you.
operator
Sorry to interrupt. So I’ll be requesting you to kindly rejoin the queue.
Abhi Shah
Yeah, that’s. That’s all, that’s all.
operator
Thank you. The next question is on the line of Payal Shah from Billion Securities. Please go ahead.
Payal Shah
Yeah, hi sir. So all of my questions are already answered. I just have one question. So you know, while we are strengthening the board with adding reputed industry personnel where they will further add and you know, contribute towards the growth. So just wanted to understand and get some sense on your vision. Like how are we looking at growth five years down the line?
Suramya Nevatia
We have a very ambitious plan. We intend to increase our offering within our segment which is power electronics, which is industrial electronics, semiconductors. And we want to go beyond railways. Yes, of course we cannot lose the, you know, the market leadership that we have in the railway segment. So we want to continue being present and very visible within railways. But we also have to go outside into different sectors, different applications, different product kinds and product types. Which is why we are increasing and bringing in experts who can help us to do that, whose vision aligns with the one with the company.
And that’s what we’re looking at also not just be restricted to India, but also increase our sales outside of India. So export is a big opportunity for us. And now we have European manufacturing capabilities. And so we are trying to stitch everything together across the cross continental R and D building of technology and to take the company really global. That’s what the plan is. And in five years we hope to have that come true.
Payal Shah
Thank you so much sir. That’s it from my side.
operator
Thank you. The next question is from the line of Gurmit Chadha from Complete circle please go ahead.
Gurmit Chadha
Yeah, hi. I think my colleague covered most questions only. The follow up was what last was that? Since we are, you know, entering newer categories including propulsion system, power electronics. This was also entail, you know, working capital requirements going up, you know, capex requirement going up. Are there any asset monetization plans company has and fundraising plans and is there one aspiration company has over the next three, four years in terms of any revenue milestones, any other milestones over the next maybe four, five years?
Suramya Nevatia
Right. So regarding the working capital we are I think pretty well covered for the time being. We do have capex that keeps coming up which we are addressing today either through debt or through internal accruals. But as we grow bigger and as we address more opportunities, maybe later on down the line we might consider a fundraise. We’re not sure yet but we’ll decide when the time comes and if we feel that the time is right we might look at doing something not shortly.
Gurmit Chadha
Yeah. Thank you.
operator
Thank you. As there are no further questions from the participants I now hand the conference over to Mr. Suramya Nevatia for the closing comments. Over to you sir.
Suramya Nevatia
Thank you everyone for your participation and for taking the time to join us on today’s call. We hope we have been able to give you a detailed overview of our business and answer your queries. Should you have any further queries or clarifications please feel free to reach out to sga, our investor relations advisors. Thank you. Thanks for joining us.
operator
Thank you very much sir. On behalf of Hind Rectifiers limited. And that concludes this conference. Thank you for joining us. You may now disconnect your lines.