India Pesticides Ltd (NSE: IPL) Q3 2026 Earnings Call dated Feb. 11, 2026
Corporate Participants:
Dheeraj Kumar Jain — Chief Executive Officer
Satya Prakash Gupta — Chief Financial Officer
Analysts:
Unidentified Participant
Viral Shah — Analyst
Manish Badani — Analyst
Vidhi Shah — Analyst
Vishvender Singh — Analyst
Ajay Desai — Analyst
Yogansh Jeswani — Analyst
Presentation:
operator
Sat. Sa. Ladies and gentlemen. Ladies and gentlemen. Good day and welcome to the India Pesticides Q3FY26 earnings conference call hosted by Dollar Capital Markets Private 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 touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Veeral Shah from Dalat Capital. Thank you. And over to you sir.
Viral Shah — Analyst
Thank you, Shubham. Good evening everyone. On behalf of Dalit Capital, I would like to thank the management of India Pesticides Limited for giving us the opportunity to host their Q3 and 9 months FY26 earnings conference call. From the management team we have with us Mr. D.K. jain, Chief Executive Officer. Mr. S.P. gupta, Chief Financial Officer. Without further ado, I would like to hand over the call to the management for their opening remarks post which we will open the forum for the Q and A session. Thank you. And over to you sir.
Dheeraj Kumar Jain — Chief Executive Officer
Thank you. Biralji. I am DK Jain. Good afternoon, ladies and gentlemen. I take this pleasure in welcoming you all to the Q3FY26 earnings conference call of India Pesticide Limited. Let me begin with an update on the industry scenario. The global agrochemical market continues to exhibit signs of steady growth. While the sector is still navigating. Through the effects of global supply chain disruptions and and inflationary pressures on raw materials we have seen a gradual recovery in demand particularly in our key export markets domestically. While the delayed monsoon pose challenges, we have seen resilience in our core segments especially herbicides and their intermediates which are helping to mitigate the impact of domestic headwinds.
A key highlight in The Union Budget 202627 is the continued focus on enhancing the agricultural ecosystem with increased allocation towards soil health management and organic farming. These initiatives underscore the government’s commitment to improving rural infrastructure and promoting sustainable farming practices which bodes well for the agrochemical industry as well in the long term. Let me begin by sharing that our company has delivered a strong performance for the nine months ended December 25 reflecting both growth momentum and operating discipline. For the nine month period, revenue stood at approximately 808 crore compared to 633 crore in the corresponding period last year representing a growth of nearly 27.6%.
YoYo. More importantly, net profit for the nine months grew to approximately 89 crores from 62 crore last year reflecting a strong 44% YoY growth. This demonstrates operating leverage expansion and improved cost efficiency. Friends for this quarter Also we recorded a 31% YoY growth. This outcome demonstrates our consistent focus on on disciplined execution and value creation. Our export sales have shown a robust increase of 28% given by good demand in Europe and Australia while domestic sales increased 33%. The continued strength in our export performance highlight the success of our ongoing international expansion efforts. Our capacity expansion initiatives are progressing as planned and marking a milestone in our efforts to strengthen production capabilities.
The initiatives will further support our margin expansion keeping us firmly on track with our long term growth objectives. Our R and D driven approach continues to be the core of our strategy. On the CDMO front, we have projects underway with customers from Japan, USA and Australia. These engagements will strengthen our positioning as a reliable, compliance driven manufacturing partner for global innovators. We have one fungicide technical product progressing well expected to contribute approximately 50 crores in revenue. At our shelving facility, commercial production of technical products have commenced. We expect salaries to contribute approximately 80 to 100 crores in the revenue in the next financial year marking a meaningful scale up in our technical capabilities.
Additionally, our pedal and intermediate for Perila cloth plant has now been commissioned with expanded capacity and strengthening backward integration. This enhances supply assurance and improves our cost competitiveness. On the sustainability front, we have made significant contribution in enhancing our renewable energy capabilities. We have successfully began receiving a 6 megawatt of solar power supply at our Sandila unit from a group captive solar plant. This is a major step in strengthening our renewable energy portfolio and reducing our reliance on conventional power sources. This initiative reflects our commitment to integrating sustainable practices into our operations and further aligns with us our global standards for environmental responsibility.
We are also actively optimizing process, chemistry and product technology to structurally improve yields, reduce input cost and enhance energy efficiency. Our objective is not short term pricing advantage but long term cost competitiveness against global manufacturers. From a capital allocation perspective, we remain disciplined. Capacity expansion is phased and aligned with visible demand. Looking ahead in line with Promoter’s vision to achieve 3,000 crore in five years, we have defined clear internal milestones across product expansion, CDMO scale up and operational efficiency. We remain confident in our strategy and committed to delivering sustainable profitable growth. Thank you very much.
I Now invite our CFO Mr. S.P. gupta to take you through the financial details for the quarter. Mr. Gupta.
Satya Prakash Gupta — Chief Financial Officer
Thank you sir. Good afternoon ladies and gentlemen. Thank you for joining the India Pest Site Limited conference call to discuss Q3 and 9 months FY26 results. Let me take you through the financial highlight for the quarter and nine months. For Q3FY26, total revenue was 229 crore with a 31% increase over 175 crore in Q3FY25 EBITDA was 41 crore up 39.7% by U Buy with margins increasing to 18% from 17%. Net profit reached 23 crore up 41% with quiet margin of 10%. The margin improvement was driven by better operating leverage and ongoing cost efficiencies. Implied benefit expenses included 0.6 crore provision on account of wage code implementation.
For the nine months FY26 total revenue was 808 crore with an increase of 28% as compared to 633 crore. In nine months FY25 EBITDA increased to 149 crore an increase of 48% supported by higher gross profit and improved operating efficiency. Net profit for nine months FY26 was 89 crore, an increase of 44% on the geographical mix. Export revenue increased to 96 crore from 75 crore in Q3 FY25. Domestic revenue was 130 crore supported by higher demand for herbicide and their intermediates. In terms of revenue mix, technical and API accounted for 73% and formulation balanced 27% in Q3FY26 export contributed 42% while domestic sales made up 58% showing a balanced market presence for the nine month period.
Domestic market contributed 467 crore and the remaining 324 crore was contributed by international market. We remain focused to driving sustained growth and creating long term value. We will continue to enhance our product mix while improving our operational efficiencies and optimizing cost across all levels of the business. India Pesticide Limited has a strong balance sheet with the ability to generate good free cash flow. Our company is planning to fuel its CAPEX plan mostly with internal accruals. Our continued focus on innovation will see the regular introduction of new molecules developed through our in house R and D ensuring that we remain at the forefront of industry.
With this we will. We would be happy to take your questions. 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 2. 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 comes from the line of Manish Badani from 361 Capital. Please go ahead.
Manish Badani
Thanks for an opportunity. Sir. As I mentioned on the slide number four that there is some softening the certain molecules like prices. So which are the molecules? And the second question is can you just share like geography wise revenue breakup for the exports. And what is the capacity utilization in the third quarter and the nine months of the 26th.
Satya Prakash Gupta
Yes, the capacity utilization for nine months is around 65%. And. As far as geography wise revenue is concerned we are. Our most highest contribution is from European Union followed by Australia.
Manish Badani
Okay. And you also mentioned that the there is a price softening in the sudden molecules. So which are these molecules?
Satya Prakash Gupta
No, we have not mentioned price softening in. Actually we have more than 20 technical products. In very few products there was softening due to some competition from China. But overall realization were stable.
Manish Badani
Okay. Okay. And my second question is on like we have the product. So how much contributed in the third quarter sales and what is the utilization rate for the same product.
Dheeraj Kumar Jain
Peda and Petla Clore combined they will.
Satya Prakash Gupta
Be contributing around 50 to 60 crore this quarter.
Manish Badani
And utilizes IT. Utilization.
Satya Prakash Gupta
We have expanded capacity becomes operational in this month only. So the utilization was existing capacity utilization was more than 80%.
Manish Badani
Okay. Okay. Got it. Got it. Thank you sir.
operator
Thank you. The next question comes from the line of Vidisha from CR Kotal. Please go ahead.
Vidhi Shah
Hello sir. I wanted to you could throw some light on Shalvis. So currently there are two blocks operational. And from that you’re expecting 100cr of revenue in FY27. Is that correct, madam?
Dheeraj Kumar Jain
Shall be one block is operational now. Second block is under construction which we expect to be ready by maybe by August. September. But these two blocks will contribute 80 to 100 crores in a five in next year.
Vidhi Shah
Okay. And may I know which are these products?
Dheeraj Kumar Jain
Here we have one. One block is dedicated to insecticide and one block is dedicated to herbicides.
Vidhi Shah
Okay. And so what about the coming blocks? How many blocks are coming up? And what will be the revenue potential and production? Those.
Dheeraj Kumar Jain
Yeah. We will be putting up two to three blocks every year for the coming three to four years that we could. We can accommodate around 10 blocks there easily. And at the what we feel that at the end of five years we should be able to achieve a revenue.
Satya Prakash Gupta
Of about thousand crores.
Vidhi Shah
Thousand CR from ten blocks.
Dheeraj Kumar Jain
Yes.
Vidhi Shah
Okay. And what will the products in the upcoming blocks be? Will. Will it be a new product?
Dheeraj Kumar Jain
There will be. There will be fungicide, herbicide. Some specialty products like that. We Are lined up few products already. The work is going on on that.
Vidhi Shah
All right. So sir, what is the expected capex in the next two years?
Dheeraj Kumar Jain
Capex next year it we are not in finalized but it will be around 80 to 100 crores for Shelby’s and about 25 to 30 crores at our Sandala unit.
Vidhi Shah
All right. All right. Thank you.
operator
Thank you. The next question comes from the line of Vishwinder Singh from Prudent equity. Please go ahead.
Vishvender Singh
Hi sir. Am I audible? Yes. Yeah yeah. So I wanted to ask that for the last two quarters we have been paying somewhere around 30 to 33 tax rate. So any comment on this? And like do you see similar tax rate or we going back to original 25, 26%.
Satya Prakash Gupta
This tax expenses include some deferred tax. Otherwise our tax rate is 22% plus 10% surcharge around 25% only. This includes some provision for deferred tax current nine months.
Vishvender Singh
Okay. So for the full year we should be going back to the original rate.
Satya Prakash Gupta
Yes sir.
Vishvender Singh
Okay. Okay. And also on the technical capex are we on track for the commissioning in Q4 that we would be increasing to 30,000 metric ton capacity.
Dheeraj Kumar Jain
30,000 ton metric capacity we will not achieve this month sir. We will be achieving at present it is 28.2 and another thousand tons. We will be ready by this in.
Satya Prakash Gupta
This quarter next month.
Dheeraj Kumar Jain
So it will be around 29 point something.
Vishvender Singh
Okay, so majority of the 30,000 will be utilized in next year.
Dheeraj Kumar Jain
Yeah, yeah of course.
Vishvender Singh
Okay so just quick question on the capex part you mentioned for the chalvis for the 80 to 100 crore all will be from internal approval.
Dheeraj Kumar Jain
We will be taking some small loans.
Satya Prakash Gupta
Say 25 to 30 crore when balance will be funded by India Pestilence Limited.
Vishvender Singh
Okay. Okay just last question. You received the formulation for the fungicide formulation registration in Australia. So any incremental revenue for Q4 and next year. So any quantum on that?
Dheeraj Kumar Jain
Yeah, yeah. We will be getting increased revenue on this account. Not only from that we have received few more registrations in Europe as well as one in New Zealand. So these will contribute to our overall revenue.
Vishvender Singh
Okay. Any ballpark numbers are available?
Dheeraj Kumar Jain
Ballpark number is difficult to tell that presently we are still negotiating the technical situation. So maybe at least two registrations in New Zealand and Australia we should get at least 10 to 15 crores.
Vishvender Singh
Okay. Okay sir. Thank you.
operator
Thank you. The next question comes from the line of Ajay Desai from Sri Jain Enterprises. Please go ahead.
Ajay Desai
Yeah, good afternoon sir. Am I audible?
Dheeraj Kumar Jain
Yeah, very much.
Ajay Desai
Sir, congratulations on good set of numbers. Now the only question remains, you know when these numbers will start reflecting in the market capitalization.
Dheeraj Kumar Jain
That’s true. That depends upon the investors, sir. What can we do?
Ajay Desai
No, no sir, you can do a lot. You can create visibility. I think the finance team and CFO sir, and IR team has to work a lot with the. You know, they have to meet investors, small cap funds, even the PMS and even you know we need to get few research reports to be written by some broking houses and then eventually that part we need to do something sir, because IPO price at 300, we are still running at 50, 60% and you know, five years down the line investors are, I mean investors being a stakeholder, they are really suffering a lot, sir.
So we need to see some visibility of our organization in the market to you know, make sure that stakeholders are also be happy, you know.
Dheeraj Kumar Jain
No, we will make, we will make some more efforts on this, sir. We will contact our IR and I will ask. We will ask them to have more investor meetings and as you rightly said that maybe some research reports could be published. We will have an internal meeting and we will certainly work on this. We are doing at our best here that our production and marketing partners point of view. But maybe this also needs to be taken care. So we will certainly look into this and make some efforts.
Ajay Desai
Yes sir, because three successful quarter of successive quarters of good performance. But yeah, somewhere you know, market capitalization struggling at very poor level, sir.
Dheeraj Kumar Jain
So that’s true.
Ajay Desai
Please sir, help us out.
Dheeraj Kumar Jain
Yeah, sure, sure, sure.
operator
Thank you. The next question comes from the line of Yogyans from Mittal Analytics. Please go ahead.
Yogansh Jeswani
Thanks for the opportunity and congratulations on a good set of numbers. So just couple of questions to. In the presentation we have mentioned and also in the opening remarks about the realizations. So just wanted to get a more sense on the same. How are the realization trending in domestic and export? If you could share little more on.
Dheeraj Kumar Jain
That realization means margin or the. The payment received.
Yogansh Jeswani
The selling price of our molecules, the selling price of say Captan Pro, sulfur carb and all of these molecules, how are they trending?
Satya Prakash Gupta
They are very stable. During this quarter three our turnover has increased by 31% and it is. And our volume has also increased by 31%. So prices they are very stable.
Yogansh Jeswani
So Guptaji, is the pricing trend similar in domestic and export or there is some difference? I mean what I am trying to understand is is pricing trend getting better in domestic domestic versus export or the vice versa.
Satya Prakash Gupta
We price our product in domestic and international market in a band band of 3 to 4% only.
Dheeraj Kumar Jain
For example sir, for export maybe the price could be slightly lower in the sense that we buy the raw material with duty, advance license. So to that extent the price in the export market gets slightly adjusted. So that is the overall situation. But otherwise from overall working point of view, more or less same.
Yogansh Jeswani
Got it. And so what would be the contribution of the top five molecules in our sales on quarter three and nine month basis.
Satya Prakash Gupta
Five will be around 50%. Top five molecules.
Yogansh Jeswani
Okay. Okay. And so one last question. If I can squeeze in any good progress or update on the CR CDMO side of the business that we were working on with couple of clients. I think last con call we had shared that we were in interaction with couple of times and some site visits were lined up.
Dheeraj Kumar Jain
Yeah, we are progressing well on this count with our Japanese friend. We already there. They will be visiting us in the first week of March again and we are quite hopeful that it will get materialized. Similarly we are having discussions with other two clients, one in Australia and one in USA and we already sent some samples to them.
Satya Prakash Gupta
They have approved the samples.
Dheeraj Kumar Jain
So we are looking forward for a more positive feedback from them.
Yogansh Jeswani
Right sir, that’s it from my side, sir. Thank you and all the very best. Thank you.
Dheeraj Kumar Jain
Thank you sir.
operator
Thank you. The next question comes from the line of La Canada from Pines Securities. Please go ahead.
Unidentified Participant
Yes sir. What is the reason for a decline export revenue quarter on quarter, Sir. And which are the best quarters for our exports?
Dheeraj Kumar Jain
Export revenue has not declined quarter to quarter. Is it declined? Yeah, it has increased from last quarter to this quarter from 75 crore to 96 crore, sir.
Unidentified Participant
No, no, sequentially. I am talking sequentially.
Dheeraj Kumar Jain
Sequentially because last quarter normally second quarter is more. We have normally larger sales in second quarter than in the third quarter. That’s why there could be slight adjustment. And again that depends upon the geography where we are selling. So sometimes customers they buy in advance, sometimes they don’t buy in advance. They want only in the last minute. That is why there is some fluctuation in the export revenues.
Unidentified Participant
Because in the second quarter it was 140 crores and in this quarter it is 96 crores.
Dheeraj Kumar Jain
Again. That’s what I’m telling you sir. It was because of the seasonal effect of some of the products. Because some products they go more in EU that goes in the second quarter and some product they go more in Australia they go in third quarter. So EU will be slightly less in third quarter and EU is more in the Second quarter like that there is some variation.
Unidentified Participant
Generally we have the best quarters for the export.
Dheeraj Kumar Jain
Sir, again because we are. We are working in very diversified areas from Japan, Australia to usa. No, sir. So it keeps on changing. But normally second quarter is more in Europe and third quarter is more on Australia. Third and fourth.
Unidentified Participant
Answer. With the expansion of the service, can we target a turnover of 1300 crores for the next year?
Dheeraj Kumar Jain
With Salvis and IPL combined we can have around 20 to 25% increase in the turnover. Sir, that’s what we are targeting.
Unidentified Participant
And sir, the capacity utilization. You told that it is 65% for the nine months, right?
Dheeraj Kumar Jain
It is 65% for quarter three.
Dheeraj Kumar Jain
Quarter three three.
Unidentified Participant
Okay, answer. Any new expansion or any new registration in the offing? No.
Dheeraj Kumar Jain
We have received last quarter about five registrations from CIB and six registrations overseas. In terms of formulations and technical combined.
Unidentified Participant
And you in the in the coming.
Dheeraj Kumar Jain
Coming months after we will be getting more. They are on the base already. We are working on some five, five batch analysis reports. So that we will be submitting to the next year. We should be able to get at least 7, 8 registrations abroad. And similar number. We are already having applications pending with CIB Delhi.
Unidentified Participant
Answer. In this quarter the the tax expenses and other expenses has gone up. Are these one off or are there recurring nature?
Satya Prakash Gupta
These are bana. The provision include deferred tax and some tax of earlier years. So this is one off.
Unidentified Participant
No. In the other expenses also they have gone up. So are there one off in the other expenses?
Dheeraj Kumar Jain
Other expenses have increased.
Satya Prakash Gupta
Since our volume has also increased a lot of expenses. They are directly correlated with production like power, contract labor and job work charges. So they are due to the increase in volume. It has gone up only in case of labor. Implied benefit expenses. Due to base code implementation. There was 1.6 crore in implied benefit expenses.
Unidentified Participant
No. Have you added any new technical personnel or R D team so that the expenses have gone up?
Dheeraj Kumar Jain
No, we have added. Though we have added few scientists at R and D level also. As well as at the plant level, we have recruited the site head there. But there are regular expenses.
Unidentified Participant
And sir, is there inventory overhang in the domestic market?
Dheeraj Kumar Jain
Inventory overhang in domestic market.
Satya Prakash Gupta
For B2C business there is slightly higher level of inventory. But our B2C business is. It is only 18 to 20% our total turnover. So we are not impacted much.
Unidentified Participant
Okay sir. Thank you.
Yogansh Jeswani
Thank you.
operator
Thank you. The next question comes from the line of Vidisha from CR Kotarians. Please word. Mr. You may proceed with your question.
Vidhi Shah
Hello. I’m audible.
operator
Yes.
Dheeraj Kumar Jain
Yeah, yeah. Please continue.
Vidhi Shah
One follow up question. The roadmap to 3000cr if you could break that up. How much will come from the existing facilities versus how much you’re expecting from Amirpur and the balance thousand cr. So can you just break it up?
Dheeraj Kumar Jain
Madam we. What we have worked out is that from Amirpur we will be getting about thousand to eleven hundred crores. And from the existing technical Sundila and Devarod unit we will be getting around 1500 crores. And then we have B2C segment. That is our branded sale which we expect to be around 500 crores.
Vidhi Shah
Okay sir. And you expect all of this by FY28 29?
Dheeraj Kumar Jain
No, we expect it by March 31st.
Vidhi Shah
All right. And what kind of margins do you expect then?
Dheeraj Kumar Jain
Margin we will be trying to keep in the same range at least 18 to 20%.
Vidhi Shah
18 to 20% including other income.
Dheeraj Kumar Jain
Including other income? Yes. That our CFO will be able to.
Satya Prakash Gupta
Tell much better Actually our other income include forex gains also which is a normal in nature. So other income income by way of interest is only 1 crore per quarter. Other component of other income is normal in nature that is gained by foreign exchange. This foreign exchange gain on sales.
Vidhi Shah
Thank you.
Dheeraj Kumar Jain
Thank you.
operator
Thank you. The next question comes from the line of Vishwendar Singh from Prudent Equity. Please go ahead.
Vishvender Singh
Just wanted to confirm on the capex on chandelier part that you mentioned give 25 to 30 crore for FY27. So would it be mainly for technical or both like technical plus technical.
Dheeraj Kumar Jain
What we have planned is one technical plant and small some expansion in bulk formulation activity.
Vishvender Singh
Okay.
Dheeraj Kumar Jain
Because nowadays many of our customers they are requesting to give us bulk formulated product rather than technical. So we are creating a facility for bulk formulation.
Vishvender Singh
Okay. So like when can we expect a concrete plan for the expansion and the capacity that to be added this maybe.
Dheeraj Kumar Jain
By next month we will work out the exact component on these.
Vishvender Singh
Okay. Okay. And for the shallowest capex can we expect similar kind of timeline for a concrete data?
Dheeraj Kumar Jain
Yeah. By March we will finalize everything because we have to get the board’s approval also for this. So in March we will finalize this and then get the board approval.
Vishvender Singh
Okay. Okay, that will go. Thank you.
operator
Thank you. The next question comes from the line of Manish Badani from 361 Capital. Please go ahead.
Manish Badani
So in third quarter is we one second.
Vidhi Shah
Ah.
Manish Badani
In the third quarter if we have any sort of government incentive like for the state government or something like that. That we have reported in the third quarter.
Dheeraj Kumar Jain
Government incentive. Did we get anything? Government incentive?
Manish Badani
Government.
Satya Prakash Gupta
No, no. We are targeting this government incentive in salvage. Specialty is limited. But it will be accrued to the company after it start start production in next year. Some letter will be received by that. By themselves.
Yogansh Jeswani
Facility.
Manish Badani
Okay. And this expected amount is like 8 to 10% of the cost of plant and machinery, right?
Dheeraj Kumar Jain
No, no, no. Cost of plant and machinery incentive will.
Satya Prakash Gupta
Be in the percentage of plant and machinery. Certain percentage.
Dheeraj Kumar Jain
Yes, exactly.
Manish Badani
That is what I’m saying.
Satya Prakash Gupta
It will be spread over 10 years after completion of first phase.
Manish Badani
Okay. Okay. Got it.
Yogansh Jeswani
Got it.
Vidhi Shah
Thanks.
operator
Thank you. The next question comes from the line of Diya from Sapphire Capital. Please go ahead.
Vidhi Shah
Hi, sir. Am I audible?
operator
Yes, ma’. Am.
Dheeraj Kumar Jain
Yeah, you are.
Vidhi Shah
Madam, are we sticking to the FY27 guidance or do you think we can expect some revision?
Dheeraj Kumar Jain
Marvin, could you please repeat?
Vidhi Shah
Are we sticking to the FY27 guidance for revenue and margin?
Dheeraj Kumar Jain
Revenue guidance for FY27. This year.
Satya Prakash Gupta
Next year.
Dheeraj Kumar Jain
Next year. Next year. We can expect about 20% growth over this year, madam.
Vidhi Shah
Okay, so.
Dheeraj Kumar Jain
Margin also will be in the similar range. 18 to 20.
Vidhi Shah
All right, sir. Thank you.
operator
Thank you. The next question comes from the line of issue in the Singh from Prudent Equity. Please go ahead.
Vishvender Singh
I just wanted a confirmation is are we doing any B2C currently or all B2B segment? Is there?
Dheeraj Kumar Jain
No, no. We are doing B2C also, sir. B2B. B2C is around 20% of our auto overall revenues. We are doing B2C for the last so many years and having more or less similar ratio of B2C and B2B.
Vishvender Singh
Okay, sir. Okay. Thank you.
operator
Thank you. As there are no further questions from the participants I now hand the confidence over to the management for closing comments. Thank you. And over to you, sir.
Dheeraj Kumar Jain
Thank you everyone for your participation. For any further queries or clarification, please do get in touch with our investor relation team. Thank you very much. Have a nice day.
operator
Thank you. On behalf of Daulat Capital, that concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.