Macpower CNC Machines Ltd (NSE: MACPOWER) Q3 2025 Earnings Call dated Feb. 20, 2025
Corporate Participants:
Rupesh Mehta — Chairman and Managing Director
Unidentified Speaker
Analysts:
Vinay Pandit — Chief Executive Officer
Khush Nahan — Analyst
Dhawal Shah — Analyst
Manthan Jhaveri — Analyst
Arnav Sakhuja — Analyst
Devarsh Shah — Analsyt
Mann Ashar — Analyst
Aaryan Khot — Analyst
Samarth Nagpal — Analyst
Piyush Jain — Analyst
Deepak Pandey — Analyst
Navneet Singh — Analyst
Ajay Surya — Analyst
Presentation:
Vinay Pandit — Chief Executive Officer
Nine months no-growth top-line for one more minute people are on silent the 61 participants are here shall we begin huh my recording this meeting is being recorded. Ladies and gentlemen, I welcome you all to the Q3 and nine months FY ’25 post-earnings conference call of MacPower CNC Machines Limited. Today on the call from the management team, we have with us Mr Rupesh Mehta, CMD, along with his management team. As a disclaimer, I would like to inform all of you that this call may contain forward-looking statements, which may involve risks and uncertainties. Also, a reminder that this call is now being recorded. I would now request the management to detail us about the business and performance highlights for the quarter, the growth plan and vision for the coming year, post which we will open the floor for Q&A. Over to you, sir.
Rupesh Mehta — Chairman and Managing Director
Yeah, good morning, everyone. First of all, I honestly welcome you all of Q3 ’25 post-results conference call. We will have a brief about the overall performance of the company for the quarter and nine months, which we will take your — the financial results and presentation have been posted on the company’s website and hope you have had an opportunity to go through the same so it’s already I think financials and the presentation is in website and Vinaji also send the presentation to everyone. So Vinaji, shall we start the intext or after question-and-answer.
Vinay Pandit — Chief Executive Officer
Sir, if you have any further comments on the performance, otherwise, we can play the video.
Rupesh Mehta — Chairman and Managing Director
We can play.
Vinay Pandit — Chief Executive Officer
Oh.
Rupesh Mehta — Chairman and Managing Director
So here videos you have exhibitions Bangalore where we display all these 11 different kind of machines including voice?
Vinay Pandit — Chief Executive Officer
Yes, sir, you’re audible. Please continue.
Rupesh Mehta — Chairman and Managing Director
So including robotics or gantry, field and video. This is my first machine tower 5X machine Aircraft industry is Kelly Yada or Uske EMS, Kelly AB high-speed drill tap center, double column Geography Bada 27 ton Ka Machinta, VTL or HMC to new generations machines to have your future car requirement at last December may have a machine or January exhibition here. Yeah. So overall Safi HR response ride or may Toda order book Bhara or K,, Amara Pas Abhi before INR320 crores pending orders with advance or I would like to announce key exhibitions from the Kafi performance DR appreciation Mila more than select 1 lakh visitors, one of IITA, 70 countries care buyers or Van Pay Omni exchange, INR42 crores car, NA orders joining concept Omni at a order or total order book Amara 362 crore. So Amarabas, Kaki order book at aggressive Paneka issues have capacity Qatar to have 2,000 machines from by the way a construction. This may unlock 500 capacity at 2005 next 26 Kelly a, Abhi,, Joe 2,000 machines key capacity OE which inventories Joe or December may rollover we have which machines rollover to Sab Mila K or order book Usme or Naya orders. So we hope that in Q4, we’ll get good significant growth or Dusra Jesseki capacity to fill APA distribution network be Barana Padga. So I’m happy to announce almost sales and service my 100 plus log net of 225 people sells and service the four of India Calendar family may have almost just 970 per manpower. So nearly envelog within short-time 1,000 employee key company,, Gisco, Karna Zarubi or I’m happy to announce Hyderabad, Bangalore R&D center at 31st December, so start here or nine months-to nine months agram, they can get those JC last question that the margins improvement, I guess. So whether at a push higher-level key products margin or backward integrations I got so compared to Nine-Month to Nine-Month AMRA material consumption cost 5% to 6% AMRA geometrial car consumption will come via scar higher-end product high-value machine, machine Jo have more than INR1 crore KA or plus coffee backward integrations on the in-house development KI. So Mara be a Y-o-Y they can get to coffee, but in this case our depreciation or manpower key cost BMRE,, Karay, next exhibitions, Ludhiyanaka or 22nd Suru where we are participating in big way. Secondly May Pragati, Uskeba the May or or Joe, RI, companies TORA export focus Kia or executions we hope to Kiet, bulk orders Joe or export Kelly execute KI Kia or September by Germany, Voltaca largest exhibitions joy, participate Objectives distributions or JV who fulfill key. So overall your company can under your growth pattern Ki, so committed air or coffee order books, models, coffee branding spare, distribution spare or backward integration spare focus. So here overall about your company, a bigoi question-and-answer, shall we start.
Questions and Answers:
Vinay Pandit
Sure, sir. All those who wish to ask a question, we use the option of raise hand and we’ll invite you to ask the question. In case you are unable to raise hand you can put the message on chat. So we’ll take the first question from Khush Nahan [Phonetic]., you can go-ahead, please.
Rupesh Mehta
Yeah, Kush.
Khush Nahan
Hi, sir. Am I audible?
Rupesh Mehta
Yeah, yeah, appreciate.
Khush Nahan
Hi, thank you for the opportunity. So my first question that you’ve talked about exports. So I think in Q2, we had exported in the Middle-East, we had bought an order. So similarly, Q3, did we have any export products? And going ahead, how do we see exports as a percentage of our revenue?
Rupesh Mehta
No, we just for the export first time we had executed export. Intake through coffee, inquiries or coffee agencies Kelly a. So Gusco, SA, execute Kia, Uske such, which countries can the US car sanction and other execute to Toda, technicality may issue asset there. But export can countries say Mile or discussion Abhi, Latak, Q4, Mahunka realization.
Khush Nahan
Okay, sir. Sir, my second question was, so are we hiring today any senior management level personnel since going ahead, we are also for this big expansion. So are we adding more people today?
Rupesh Mehta
Senior-level PET Kaffee, yeah, Pay, exactly Joe Head, Head of Mr Prabhu Sankar, Vice-President level or unka experienced more than 30 yearskay or design team, Bish Sal,. So they are very good enough to handle this expansion. Unko Nicheki team, generally unlock existing upgrades, Karke Age growth, Lena Chatte, like in Abhi Amlog, R&DKA Bangalore plant may Toda, senior person Kelly recruitment interviews.
Khush Nahan
Right, sir. And sir, could you guides our realization, how do we expect to-end in FY ’25 and FY ’26 going ahead considering our order book realizations exactly in average price?
Rupesh Mehta
Average.
Khush Nahan
Average, average.
Rupesh Mehta
Average price, the merix have said you lakh Agar have INR42 crores orders on 180 machines pay through INR18 to INR42. So average price, but IQ Abhi, JSEK, 500 machines capacity, last 1,500 say 200. Heavy machines or higher-end machines focus Jada. So Isbar, Joe average price 23 to 25 double columns, HMC, VTL or 5Xs. And if cost 1.5 double column. So coffee order books develop, so definitely average price increase over.
Khush Nahan
Right, sir. Sir, just one last question on the interest cost. I think this quarter up now 0.28 CRP interest cost at which is much higher than our other previous quarterly run-rate. So any debt we have taken, what is the reason for this?
Rupesh Mehta
No, INR28 lakh, working capital utilization, short-term or plus processing charger renewal like a CCA utilization capex, reserve fund for use Karnake, Bajay CCA utilization or bank card or processing charge or renewal cargo.
Khush Nahan
Okay, sir. And sir, just one last question, capex guidance if you can give for the next two years up and push in terms of value.
Rupesh Mehta
Capex, Kibat, correct?
Khush Nahan
Right. Considering.
Rupesh Mehta
Capex JCA, Sal compared to also nine months-to nine months of our capex Joe INR7 crore 80 lakh was last Nine-Month or 5 points something. So almost capex thus say Kabula,,. Next financial year maybe could Bandra target here or Bhara CapEx O Alak. The routine maybe unlock the capex backward integrations be Karnai or 3D production capacity be facilate Karnier. So next year we Bhara, Agar Bharakuch, Agar time. So capex, the journey business to growth be AA or facilities AEA. So thus say Bharak or or, almost 40% to 50% capex will execute OGA.
Khush Nahan
Right, sir. Thank you.
Rupesh Mehta
Thank you.
Vinay Pandit
Thank you.
Rupesh Mehta
I have the index.
Khush Nahan
And right sir, I was there.
Rupesh Mehta
You are there.
Vinay Pandit
We’ll take the next participant, Mr Daval Shah [Phonetic]. Dhawal, you can go-ahead, please.
Dhawal Shah
Yes, hello. Hello. Yes, yes, can show. Yeah. So two, three questions. First is, what is the update on the land which we are finding for the — the MOU which we had signed for defense so yes. So some update if you can share. And then over the next — after this expansion of 500 machines, as a long-term planning for the next three to five-year period, you are participating in various exhibitions. We are seeing very good response. Now we are going to participate in Germany plus focus on exports. So how will you show the customers that you have the capacity to grow and you have when they come for the visit. So what are the — what are the plans for that?
Rupesh Mehta
, thank you for your question. Sabi, process here. A sequence of land under defense policy, Usmet, first of all, you have to sign the MOU with government, then demand of land in a district collector office after that go up to explagala, O processkeba DAC and the to submit the project with everything manpower, water supply, electricity or kidney revenue generate, kidna employment generate was processor, Uske processor,, demarcations, upkey, land key, measurements, charges from a go Levalka come, up DAC net report DAK, we are green signal, Abu Uske,, Joe, local authorities. Bananga, Uske Bad, Narma Daka Kenalkee,, Aju problems, Uske, electric City, problems knee, fear Forest, problems near, NOC, Char NOC process pending it was final files collector capacity or Abne recommendation, ministry code, these all are completed. Now you can — so Mujay, 1% payment Bernake, John Ka charges land upcore, upco token value 1% of land.
Dhawal Shah
Okay. Okay. So April to apply you team clearance is a forest environment clearance and from the Kanal division is a.
Rupesh Mehta
Almost 40% to 60% come earlier process only. A backing is your process within 30 days, Rojay like in come was the order currently, April payment.
Dhawal Shah
Okay. Interesting. Abi — so Abi capacity, those are parts of machines. But those are.
Rupesh Mehta
Those are parts of my apple and.
Dhawal Shah
Okay. Or Uske expansion and say.
Rupesh Mehta
Sara, next level expansion or world-class carbon, Dastal, Pandra Salka,,, both industries AE or both Husko Dian, once Sara Jo CapEx, world-class machines, GC machining, world-class foundry or world-class R&D or infrastructures, green energy, utilization. Landkai or and, both costly lands, Jo land market rate INR4 crore, other 30 acres related to crore, Electa, ROI,, Agar, Jal Exal Lat market to or ya government co benefit area revenue to policy collector co budget may a policy pay benefits okay agreement 28 budget may a policy may or push may benefits.
Dhawal Shah
Okay. Okay. Got it. Sir. Okay. Question here. We have Amara P&L. So employee cost last Char or here or other expenses at, which Paches have. So Age Jake next do, April machine at, Hamaray, brownfield, current here. So to do move Hoti.
Rupesh Mehta
Overall where I am I get 200 people we added in the last nine months from last year can compare to do so low governa add here year or employee cost, second realization experience Salesforce Joy maximum Six-Month or R&D team have are average out current six to eight months in SRA employee key, your productivity or your growth investment of if I can say other Pachi so Ajar machines head. So all is also plus my integration foundry around so low is a margin improvement, okay?, logistic supply-chain was smooth,, quality improvement. So apply to, or realization and average outcurring it was six to eight months.
Dhawal Shah
But yeah. So at high to cost hedge you had to go FY ’26 Kelly a Anachi. Because I’m like Afik. So, Samjo, maybe 2% 3%, 4% growth,. Okay., Paches is a fixed-cost
Rupesh Mehta
100% in-house company capacity worka Big. Cost. Can have good machinings, or whatever, job up a capacity machining JEA. The outsource Keralo. So low-cost job for production, but the direct cost definitely manpower say like job for cost, but again these three costs are the direct cost electric CTK. Go dramatically is by, QK Amara solar installation O Kay, bill per month pay almost 80% to 90% daytime, Amari, electric key cost negligible.
Dhawal Shah
Okay. Okay.
Vinay Pandit
Thanks. Thanks, Daval. I’ll request you to come back.
Dhawal Shah
Sure, sure. I’ll do that.
Vinay Pandit
Thanks. We’ll take the next question from Manthan [Phonetic]. Manthani, you can go-ahead.
Manthan Jhaveri
Am I audible?
Vinay Pandit
Yeah.
Manthan Jhaveri
Sir, the other Manley quarter may just happened, but IRK INR15 crores cash or Agar quarter 15 crores are. So Humara growth was just like 12%, 13% only. Agar if I compare to December quarter of last year and our just say RP brother Q3 and Q4 are the most heaviest quarter for our industry.
Rupesh Mehta
Yes.
Manthan Jhaveri
So, INR15 crores of growth, it’s less than our expectations.
Rupesh Mehta
So our and Q3, Toda, Diwalika, November Majoya, Uska, actually growth order book or Dusra products and key capacity. So subscriber challenge or bank car realization. JCK, credit pay machines unnecessary fear who may bad debt. So main thing though you control, control man. Banks a payment and, 95% loan PSU, we are banks a loan like a machines there. Rules a loan like, subsidy or interest car subsidy Miltay to subsidy name I Lega. Dusra Ki or maybe the or loan Kelly subsidy mavailability date or unke our disbursement to date Alla. So look sanction letter on Anak building Karana. So Joe, who those is banks say payment anime delay a quarter forward a party machine, ready the payment be Jinka Advance or Unki launch or forward rollover or Unka payment a late. Isliam Navunka billing Nike plus machine JCA, 5X machine say Amlog, nine months R&D or day double column. Yes, machine, customer key machine, disco delivery, like in,, machine, machine Italy faster than even. So machines will be a display key or Unki billing X10 key.
Manthan Jhaveri
What can we expect in Q4? Pandra and look last few quarters a, Abhi, your.
Rupesh Mehta
Order book month and yields go up taking a INR362 crore or production inventory cake, so purchased ready to respay machine okay, Jok who back energy. Agarunka, Sam called CTKA, Banka, or Golega, Financial year disburseman Nai Karunga, who control, Marath, Firby may cash America, highest top-line organ.
Manthan Jhaveri
Okay. Thanks. And sir, your margins volatility Joe, like last J quarter made a significant deep margins. Thisly, I thought you keep Pandra machine cost include and sales near.
Rupesh Mehta
Yes. Yes, Uski and Uski Jesseki machinea or or machine Joe products and, WIP. Joe manufacturing cost is may add over.
Manthan Jhaveri
Okay. Can we expect it or come look Ju, I think last quarter, last quarter it was all-time higher margins somewhere between 17% to 18%. So can we expect to go cross-card again? Yeah, next quarter we have to be next financial year.
Rupesh Mehta
Those is for us, but I direct cost, Joa machine rollover OE scan the job worka cost. Cost Gayata, but like in salary cars, of course they do at the manpower carto month-on month up,,. So be Agar CapEx be, Isbar or Nai or be recruitments we be pending 40 45 recruitment pending BA. Joe Mujay, Nai saw capacity to add, so salary cost of Muja Lak, Abhijoy, who say or Q3 May or marketing cost to be just say Bhara exhibition here, the INR1 crore to INR2 crore exhibition cost to be EA, Q4. Like in top-line pay analo key, highest-ever year.
Manthan Jhaveri
Okay. And just a Hamara, we have always guided we will steadily grow 20% 25%, 25% CAGR grow it. Like in because Q3 made-up. So we can we still expect like last year we compare my bottom-line 25% growth high.
Rupesh Mehta
Would you let that develop on a nine months almost Barak Thera. There are. Quarter a highest-ever growth. So when I sub, say purchase person, guys, but like in, it’s a significant growth rate a double-digit.
Manthan Jhaveri
And next year per expect, we are back growth.
Rupesh Mehta
Next year car growth, Joe expected high dispurchase person, QK Joe manpowers, but I realization of it Ana Suru Egy or customer Tier-4, Tier-3 Amlog Corporate focus. They have corporates, bank facility requirement name. Those types of customers are INR88 crores say loan, let’s Unko subsidy mill tax. However local strategy may be changed. Yeah, fiscal year we name manpower or impacts Corporate SKI order booking be Amna. So — Amblok Entertain a buddy company called Abhi Amna both buddy multinational Scoby target KI or orders we received. So OE realizations, higher-end machines car or billing pattern OP improvement I got. So next year Kelly a definitely will get good growth.
Manthan Jhaveri
Okay, thanks. That’s it. That’s it from my side.
Rupesh Mehta
Thank you.
Vinay Pandit
Thank you. We’ll take the next question from Arnav Sakuja. Arnav, you can go-ahead, please.
Arnav Sakhuja
Hi, thanks for taking my question. I just wanted to know, Pak, am I audible?
Rupesh Mehta
Yeah, yeah.
Arnav Sakhuja
Yeah. So what has been the impact of the fire in your facility? Is it fair to say that the year-on-year fall in revenue that we saw this quarter was partially due to the fire? And also if you could just highlight if there has been any inventory loss due to this fire?
Rupesh Mehta
, fire to January — Abna, are you aware, so your December quarter can the income impact or ya by the — you need two main actions, you need to take area make small areas. Goods ready machines or good components machines key facility construction so, pay impact, production may be, 30 minutes we production disturbed later. Sunday go evening,,, Chevajay factory. So 30 minutes equipment control, like in Bhara production pay,, Abhibi will calculate insurance company go there or go unlock within short-term actions could be there. So Bada facilities, CEHS Officer stay or a Q3 can the income will impact January, February, Americas.
Arnav Sakhuja
But then since this happened in February, will we see some impact of this in the Q4?
Rupesh Mehta
There is no over there. Yeah, construction Chalra, Oream, which materials, O packing materials, O packing material raw-material product, damage, you that like in, it may impact regular business, Q4.
Arnav Sakhuja
Okay. Thank you. And so my next question is that given that we have announced temporary referment of INR10 crores and another INR5 crores to INR6 crores of orders pending due to the payment clearance, these additional INR15 crores of orders will come through in Q4 over and above our regular sales amounts.
Rupesh Mehta
Okay, QKA machines, Amna, first times order booking here, 5x is, double Kaya plus Sunkey payment be ready Toda display building. So, yeah, quarter may. Yeah, definitely will impact the. QKCMA almost up the highest revenue Q4.
Arnav Sakhuja
Okay.
Rupesh Mehta
Actually is INR362 crore key order book or exo — Exo purchase crore machine, ready,, Oaki or. Mujay Bank or PSUK, 95% is a loan or Mujay a kitney realization, Mota, Puraj Q4 were up the Power key highest revenue rate.
Arnav Sakhuja
Okay. Thank you. Just one last question. You had mentioned something about exports and you had said that you are using the implex conference to get some good export orders. So what other methods are we using to boost our exports?
Rupesh Mehta
Frankly, the sensitive here. Now Kush sanctions country orders except, QQT Legality check or QK US car sanction at Kopata, a company India company sanctioned Materials import Key and Lakja. So Abhi M technicality or studies Kara ordersco Execute Kiajai and Nike Ajai. You give panuk, cements, THK, coffee companies do have material than Aband. So country BA, Europe, key countries BA, this are, OE Bat Abko, Dochar machine, mayam participate Kara to have partner Kesa, Torpea Sad Age. So export Kelly distributor say Middle-East Kunke Sat ABB business, they can put major orders analog analysis correct or YA in but future. Risk up or. So export Kelly aggressively come highest impact Tech is September May, Germany may participate current Q3, Q4 may DKK.
Arnav Sakhuja
So just to confirm these 42 crore of orders from ImTech, these were export orders, domestic orders?
Rupesh Mehta
Almost — I’m not calculating export in these orders. So totally domestic coffee. Coffee, but a double-digit card your numbers have corporate sky.
Arnav Sakhuja
Okay. So the export orders from Imdex that you got are over and above this INR42 crores and you are evaluating whether these are ethical to go through.
Rupesh Mehta
Yeah, yeah.
Arnav Sakhuja
Okay. Thanks for answering my questions.
Rupesh Mehta
Thank you, Aaron.
Vinay Pandit
Thank you. We’ll take the next question from Devaj Shah [Phonetic]. Devash, you can go-ahead please.
Devarsh Shah
Hello. Hello. Had a question. After FY ’26 Pandra roughly CapEx per India. So Finance idea this.
Rupesh Mehta
Normally amount a green may diversity JA, gradually they just have no capex, what are a Nine-Month key capex they can get. So added, machines, good construction, good picturing goods gauges, goods instruments. So 18 major unlock, revenue after dividend also. So of Mujani, amount Kelly acquired Yada, Barke, like in Tak, Yamlo, working capital, what are temporary fund co-utilized, correct QK Ab, Jack, Goka, Material, who credit pay or Machine Amlo cash or negative cash balance. So cash-flow, Limited CapEx capex profit can somera.
Devarsh Shah
Question is on inventory reapproval, it’s a crore here at around 50% of our total assets. Finished Burka proportion. Actually, why I’m asking question, keep FY ’22K around finished good as a percentage of total assets, 5%, 6% data, above Bhara Thera percent, easily.
Rupesh Mehta
WAP by Finnish good normally catalog, Sam supply regular products say for example like VX300 model, your product in those are — so Viski line Lagado. So Aki Kush higher-end machines just say for example, a INR2.5 crore HMC at defense car. Like in Unki car delivery time is three months. So machines profluorm and and HAE, Uski, your regular day-to-day product so yes, Amarabas WIP majada machine or could catalog product inventory be or be capacity build. So Raknei, but again, digitally a customer, who can build order, sorry, Tech centers,. One is, catalog product key. The customer go high or machines get trial level, when is a delivery leisure? So a strategical move our distributions. Our plant capacity utilizations be Karnaj capacity — your order booki raw-material key process time or lead-time to up catalog product coal line, so inventory with reggi, Finnish TB WIP may be or maybe or inventory be rega, raw-material be.
Devarsh Shah
Till now question, sir. The new-home world-class facility area that we gonna do after JV.
Rupesh Mehta
Infrastructure there was a infrastructure, both Jagachi, Paso landed, ski Jagape 32 acre ski. So foundry or backward integration or product Kelly Alagala floor or product Kelly, component key machining key facilities. So manufacturing facility, which Joe catalog product-line assembly, Trend Joe, Kiapco, catalog product LEA numbers bun, the one-up modifications. Line assembly constructor. So world-class Banana requirement land car,, Kia Karna Purat clear-cut May plus company Sat May owned Health. He is coca or infrastructure world-class developer.
Devarsh Shah
Okay. Last question is simply about factory 6 o’clock, can we do 24 hours production or not?
Rupesh Mehta
Like, areas on a storing area, Jap a store come material up there. So maybe raw-material, you need a jump at 6 o’clock, material namely like material level, six o’clock, Sep LL anyA case,. After six o’clock material loading or unloading both, Usko Amlo Petra Group,, QT Ratco,,, Unki Quality,, possible our powder coating, sheet metal sofare those if metal that’s a question which areas may assembly be too sif rare. Right?
Devarsh Shah
Hello, so.
Vinay Pandit
Yeah. Happy that can we allows your questions?
Devarsh Shah
Yeah, that’s from my side. Thank you,.
Rupesh Mehta
Thank you.
Vinay Pandit
Thank you, we’ll go to the next participant, Mr. Please go-ahead. We’ll move to the next participant, Mr Manashar [Phonetic], please go-ahead.
Mann Ashar
Hello.
Rupesh Mehta
Hi,.
Mann Ashar
So if we see this quarter’s order book inflow also, right, Toda order book may inflow be slow I just wanted to understand the indust at, the order inflow about slow.
Rupesh Mehta
322. Number of machines already valued.
Mann Ashar
Sir, value case up. If my quarter last year quarter three come in order inflow check the route and this year come order inflow checked to come.
Rupesh Mehta
Amarani a Amarani, Pura quarter three major job Exhibition at or job exhibition at Imptex date of fix January Choby say like 293, Datai, Jab exhibition, Sari India buying Orug Jatier December. Sold stake in November, December booking, or player plus special price Milega. Abigo backpower Cojo INR42 crores orders Mile, common by. Total Marajo like press release, Usme, key, those are Noki booking VA gender at the. So Joe order Q3 May there, who may execute there look older than a technology, features, machine select current or company has a good special features, special technology, a special price. So Q3 may Indian Machine Tools Association website page or data order booking, upco or slow the, like in Unki rollover Q4 January May exhibition.
Mann Ashar
Ga, sir. Sir, Sara rollover, Johaspel over quarter-four. So Agar 20% 25% Hamlo guidance maintain from Moti sources Avasu, quarter Parega to Kia Hamlo capacity musical ethana quarter basis.
Rupesh Mehta
Is one by XO, Pandra Xo, Ki, Machine, Joe, Joe Pad, Joe RIE, Uski total Pundra 6. So this crores out of INR362 crore key order book plus February key orders during may discuss of order plus Market, Gumte, Sara Log, orders or orders. So order book for both Bara or Machine AB, hey, January execution or Chukai Award, February execution of Chukai or February production, Marcha production exo, Pandra, crore, hey, up execution was actually 100% payment Kitna bank degi. Our payment may take it to my machines or Panga to defense bank, Mujay, yeah, PSU payment TA. Normally, your experience Salka, Usmet, Sabi PSU or Bank target or customer depreciation claim Karnai. So maximum disbursement like in who controlled by. So May but I may I ask their.
Mann Ashar
Okay, okay. Thank you so much.
Vinay Pandit
Thank you. We’ll move to the next participant, Arianpur [Phonetic]. Arian, you can work, please.
Aaryan Khot
Yes. Thank you for the opportunity, sir. Firstly, could you add some color on the new five access machines? And amongst the product mix, which ones would you expect to drive growth going-forward?
Rupesh Mehta
Double call of.
Aaryan Khot
Hello, am I audible?
Rupesh Mehta
5x is exactly Joe 5x is on the display snack, features, gantry type structure Tha,, Dusra, zero backlash, Banta, Iliame, type, Thai, backlash reti or 8-ty motor, direct drive. How many a direct drive, the highest feature our control tabletar or display, HSK, 12,000 or the highest control attai, this may one attai, 840 DK. So many may use Kiata, this may IoT 4.0 integrate Kia productivity or processorbi. Abhi Machines Software, Abi customer coach NX, Software,, Tom Log, configurations change, customer kit, joy or EA machine execute. Normally, EA machines Unki delivery time four to five monthi company, Usmet. So EA Yesal Jada Focus or Dusra highest Joe NAXA product may who have a double column or VTL, Kafi achi market.
Aaryan Khot
Okay. And sir, on the industry level, any growth drivers?
Rupesh Mehta
Industries level? Industries level growth, Marajo expectation, Jar, Yadatar, automile pay focus Kiata, South company. You know, automobile pay focus Yada, Chennai Pay focus, Yada, Vape, Unko Toda, degrowth Emera expectation and knowledge unko, Chennai side de-growth, like in general-purpose or coffee variety Kia, growth Milegi or growth of, yes, Alme, export by both focus.
Aaryan Khot
Thank you. Thank you so much, sir.
Vinay Pandit
Thank you. We’ll go to the next participant, Samar Napal [Phonetic]. Please go-ahead.
Samarth Nagpal
Hi, am I audible?
Rupesh Mehta
You are audible, please.
Samarth Nagpal
I repeat, sir..
Rupesh Mehta
Yeah, both correct, I’m correct.
Samarth Nagpal
Sir, team strategy point-of-view, say questions there. I think numbers there are discussion,. Sir, Agaram orders, Joha Mari. Is my name is but Clarity with orders, INR40 odd crores orders booking year. So sir, Hamara pre-exhibition it, orders orders. So post exhibition,, yeah, February and March major order flow Rega,. Is it safe to assume Ham Abhi Hamara IN 360 croreskaya, order book current Agar 360 crores. Abhi, Milake. And last year,, roughly, roughly Q4 meant basis or crore orders yet. Joe, last year Q4 raw may. So is it safe to assume key is Salke, Indi, Hamara,, so order book close including Q4 revenues,, slowness decree orders may exhibition make.
Rupesh Mehta
Exhibitions under, Sam inquiry to i.e 2,500 KAM 181 advanced year orders means are. Okay, so it’s taken HR company is analysis. So Amarajo experience past came in and say inquiry. So extra bonus say, Dusra may 8 luck visit Kyata this may — say buy such a company, like in India, my company, both Yada, Delhi site say both come visitors. So India may — Joe Index May Hat 100% community in with 25% to 30% e-community visit, 75% of routine business, Joe Chalra, Chale guy. So order book and February or March may definitely order book or Q4 Bijada Extra at.
Samarth Nagpal
He sir. Sir, Dusra, last quarter maybe Jabham Marie Bhat Vithi to Kaiber Joe payment the release in your bank say problem. The order book, Jaha Advanced Le or Disco Count. Vaha Pe is the loan already sanctioned Yavoic process Mehta. Your disbursal here. For Bank Johan delay disbursal after loan sanctioning, you have a process can. Financing car.
Rupesh Mehta
Some of the log inquiries key discussion, Karthay, Joe saleskey job execution OTO, OTA methoda process, he inquiry generation OTI, either customer Mac power cook. Company machines Final, whereas, 50% 60%,, 30% 40% of the existing customers may Amkor repeat order than a or machines. Team cold calling Gumte, market,, customer counsa machines requirement and Hulka influence market-share tooling while I say finance while I say consumable while I say mill tyre. This may be on three-type key allagala categories per day. First-time users or existing users, MacPower can repeat order while a customer or third, third competitor KLEA, entry on Strategic. So Inquiry Generations, field, technical discussion hotel Unki components, Unki OTA, Commercials, RTA, the customer deep close Kelly advanced token data upco rupea up to the M&A, order book okay. Order book malaria, production. This line may exo purchase machines key capacity of. Bhara so Pandra Bara, Pandra soda nailing it so may say INR8 lakh rupee customer construction-ready a construction Kebad, Power,, Abu customer bank, ownsa, Yuko Bank, Tomeo, Pata, Bhara so Pandra so pending a process, can say. Who Amari branch analysis a customer say, say, key up Pandra say those two machines have a February building, okay, is customer loan papers, day of approval Kara approval of margin machines Khanam, yellow Dere, Uski, Usmet ratio, 65% to 70%, 100% RTA, Bakiki Tariko, Dusri customer payment ready or Abi Final,, Yamlog, Ulka Final One Kabadi, Beach, Yamara Machine or, Tofil,, Amaral, O payment Ajati immediately, Dusra 10% to 15% customer as a key, same month may booking, same month may be link. Process,, machine final first-time users, existing users or competitor commission used Kara, Bamra Lena, Chata, can build users. The other corporate schedule requirement, I was saying monthly. They do. After which ready machines will be 10% customer can be.
Samarth Nagpal
Sir, my, customer loan. Loan customer, let’s, let’s take-up like banking partner, we have Pataham influenced Kartegi Banks Mara loan sanction out there. Of funnel may bank documents per day, sublok chase, customer, SIB case is,, the paper are moving or as the payment ERA and customer be, Jay or company, the machine like rigor AM or a is Adanajay, then says, maybe Pantalis then says Adanajay.
Rupesh Mehta
They go upket control or Bank, PSU, favor, business customer battleneck, unless and until Agar Mujay by Objection. Think number-one. May shut. So customer mine, Banka, PSQ, legally or morally the Unka business which is a key customer capacity, pollution certificate Magai customer in UNO land revenue record, was rent agreement. So customer rent agreement, Kia in AA. So customers say process key knowledge consultant palace data to, lethargic delay do Dota customer site say Pepper, Dusra Bank and Jab officers Jalagaya Longa, to Office, ABCD Security they can get the bank manager key, your responsibility, loan disbursement, my personal pay a name. So, transfer KCA it’s a 90% process add-up. So Naya officer I got to office start. So or I will finally is currently be 100% Johnam, as you take India, Ayaga, who are.
Samarth Nagpal
Understood, sir. Understood. Sir, I think a final question, Baki participants, we take final question, sir, structurally next year, Johan coming financial year, I think a quarter to-high Q4. Next year, is it fair to assume because top-line growth does 100% growth, guysal, whatever be the factor and how many coffee machines will develop near. But next year, Mirajo margins have a hit because some exhibitions will be partly expense over Germany to Joe, Abithaka, Trenda revenue, bees purchase versions grow bottom-line both fast grow. So next year, is it fair to assume key top-line here will be purchase in a curkey, capacity be Pandra purchase of machines which are around. So top-line 30% 40% the Grow capability here, Mari because bottom-line people assumption Lena bods are the grow okay.
Rupesh Mehta
There you go. May JC machines may say unlock production starting machine extract those are machine logo capacity. See next year may so motor, so, Amara capacity build oga in terms of revenue. 100% be generate of motor capacity, which are so purchased crore key up capacity build loading. On issue be right now, Thanki Apne capacity native to Apne corporate export go for or areas execute at capacity manpower is so tha of also purchase. Exhibition of and the of sales and service force, but I exhibitions capa of Export Agri Sandhi, order book, Acha Ayaga, Ayaga Abne Pas, Charso purchased key production key capacity build, to Muja, Amlok, GC, and initially cost like in top-line be,,, Jab Kost, Deka,, Amlok, Satana backward integrations with Bada to margins maybe improvement or Joe Uske higher-end machinesca Joe revenue financial year coffee, just my passed May Hutani Neith higher endurning or VMC pay Yada. Isbar Nay ’26 may have made double column VTL or machine oki coffee, Achi order books or Acha execution, they can go me later.
Samarth Nagpal
Hey guys, thank you, sir. I’ll join back the queue and wish the best, sir. Thank you, sir.
Rupesh Mehta
Thank you.
Vinay Pandit
Thank you. We’ll move to the next participant. Jain [Phonetic], you can unmute and ask your questions. We’ll move to yoush.
Piyush Jain
Hello.
Vinay Pandit
Yeah.
Piyush Jain
Hello. Am I audible?
Vinay Pandit
Yeah, yeah, please go-ahead.
Piyush Jain
Yeah,,. Just want to understand key — your margin did only because of we haven’t achieved the sales growth or much love operating deleverage or something or does this have some reason for it? Because I remember one or two-quarter back we had discussing the — we will move margin from 17% to somewhere number of 27% type with backward integration and all. Is that target remains still on the card and it’s just a one-off quarter?
Rupesh Mehta
No, quarter map of, raw-material key cost 62% 63% cash compared to up last year they can get to. The margin may definitely raw-material cost OE effective or iron machines 38. So Q3 may. Raw-material Q3 versus last year Q3 they can get. So part say percent raw-material consumption or margin may improvement ahead. Second, you expressed Amara, Q3 last year versus this year will American say Karia, larger employee. Employee. Nine months-to nine months-to nine months, Amarajo salary cost, Dusra depreciation cost nine months-to nine months at INR1.40 crores — INR1.40 crores I — the main thing here you, the margins may improve definite way. Like in expense case, I’m your revenue growth owner, owning Uska is observo EBITDA upco Sar.
Piyush Jain
So when we will again back on-track, at least 17% type of number, number which we used to do next quarter, next year-after two quarters, how you are seeing raw-material cost is stabilizing in this quarter or what?
Rupesh Mehta
Raw-material cost use your normal year or have say expense will be normally part such percent salaries, like in joy impact quarter 12 crore car exhibitions cost car or Uske or revenue car growth highest-ever.
Piyush Jain
Sir, Panso a target of who what do you — we see where we will achieve this?
Rupesh Mehta
Like that, your plant say the capacity of build financial year, almost Kiki Chal. So, say, Parso capacity build next financial May or the sales force of EA or April Major sales and say plus execute name we have order book forward, okay. So orders to have target, Salesforce, Age plus your rollover Oki 31st March order book was up like a Parkso order book Naya financial me rollover say, Atai, Sam Lok,, Sarati so Char, Muja because of higher-value, higher higher-end machines, Uske Karan Amlog, a top-line.
Piyush Jain
Sir, Mich one or two-quarter back, foreign you see says could JV Ki maybe Kichi final stage page alright discussion and you will get into some JV or something or Dusra key, be Thanki, Defense, app which bid with and you are expecting some defense-related maybe CNC machine order smelling it. You don’t pay could update by rupesh, rupees how the difference? Sure.
Rupesh Mehta
JV can use by like in Unka execution a requirement IT expansion. JV,,, Karna Paraga, Nai, Nai NTT, Amlok, JV,, ABB, Amara and they are ready like in, Dumlok, JV May, yeah, September exhibitions pay I’ll say execute current JV, INR17 crores. Or HB Defense, INR17 crore pending orders say or defense job is submitted Amari Abtak yet to be open or February and March may open or the budget left. So.
Unidentified Speaker
INR377 crores.
Rupesh Mehta
INR377 crore key fueled by order bid is submitted key A or INR17 crore key orders ABB Defense disco unlock rollover OK, both body machine or machine, OEA quarter may have execute correctly.
Piyush Jain
By eight glass cheese. LAB, Barbi, many, Barbi have every — every call I have attended and I’ve got the opportunity to have a word with you. We were always sounding bullish. There is so much of demand in the CNC machines and all and you are also not running — running for a turnover or something. You are seeing the growth where the profit is there, you have some your criteria. In my voice Karumga, it’s my profit bust time turnover Kelly because Apne LA, Tata Kush Machinski requirements only comes with each other Najami Apne. Do you see some signs of some growth slowdown or something subdued as per you, which you were expecting maybe a six months back, environment told us a down Humkob sales growth, what we see, are we just Matlab going that key how many more thing coming whoever.
Rupesh Mehta
Upket question, Samit here. May bullish or aggressions, Joy, ABP down Nick or night,, may market, Char percent be ABP, Joe market a market down to percent, Oka, Char Charperson, person, person. Like in your contribution in Indian machine tools industries. Person here., and-or bullish, Linkali Infrastructure, Yamuja CapEx, past image of Volta,, Amari capacity Bhara Vir Pandra Soki. Pandra capacity or distribution. Agar. So capacity build, or Joe A factors Joha Us may calculator PSU or banks a payment energy. Naya budget may or be banks alone or Benefits Mile. Pay I that I made three years back, is Yada, but he aggressive scheme native government team up MRS loan at subsidies they get. Like in EA subsidies say, your order book may trend studies market down and yeah, market of, Abhija, startup Kibat Karth order book may double-digit may first time by Rote. It shows key — India manufacturing industry’s growth current year. Use Bijada, Charlie person, Joe order book existing CNC user said Joe machine key capacity double. This here they key India key growth manufacturing key in AOTA, Abhi is the payment mill subsidies, mill, the low car so stake in Kentucky, Chalaut, production listables OEA, so as a customer has been on a capacity builds, like a shift come or machine, Mujay rejection or night or pollution nature. So Muja, Abhibi Mujay, bullish or aggressions,, Karnaj AE Char person could be a minimum double-digit player room. Mujay gradual growth, production LEA.
Piyush Jain
AK Chees. AK Chees, after execution by question, we have seen you last many years. See, AK Chees, now let’s say machine capacity Hoja, TK. Abhita Kamara infrastructure, capacity a constraint, because the quality and the service which we have discussed earlier also after-sale service,, provide or Gutnani, provide Karpathy. So hum, now if demand is not the problem, our aggression in our workforce, everything is on the place or something. Let’s say we start FY ’26 after this quarter next year. What do you.
Rupesh Mehta
Like a generalized naker, they may have to interrupt, sorry. Generalized naker at, yes, Q2, Q3 may joke logo like Automobile focus Kiata Unco down, Dusra Aircraft industries Lok whose key order book joke customer say Aircraft industries 2030 order. Execution is challenges. So Obama sector of a focus, export, which country is join, PSG Ki.
Piyush Jain
EMS, EMSB, EMSB sector, especially NC machine. It’s like.
Rupesh Mehta
Well, Tata Nail, iPhone Nail, like in Oko or Samsung companies we are a year or market may of the vendors they become Ange. Directly beneath that they go machines to go up the vendor recommend approval. So sectors change whether at the of growth Mila or aerospace,, Subco or Dusra Milai Export bay or go export Toda Riski Mujay, upload overnight umblo Goco, zero revenue, exactly whoa company Isco. So Mujay, Yara go up upco sector select diet, Joe, whoa, are the Islamic or news we do subco logo analyst coke. I mean August year, September say BI standard compulsory.
Piyush Jain
Yes.
Rupesh Mehta
I’m training start through IMTMA or start. Imports are a country BBS Lena of Indiaka execute fast or sophisticated machines develop.
Piyush Jain
Sorry, sorry, interrupt. Otherwise, we have yeah. Sir, Sawale. Utilization and some agile capex kick up. When we see capacity. See, I’m not asking for one year, two year. We know, maybe up execute, execution is not a challenge from your side. I know that. When we will say because right now, everything is set to. For FY ’26, ’27, the platform is set for us where we will touch 2,500, then we will talk about 5,000 machines.
Rupesh Mehta
2,500 May, May under execute a 2,500 capacity build may weekend almost or.
Piyush Jain
No, sir, utilized utilization, 100%.
Rupesh Mehta
Utilization machine aid, products and start, okay, I may say. So parts of machine air okay, I may say utilization,. Those are the capacity used by existing plant utilization. The Abhi Abka, Joe Parkso machine, Oka, Oka, next Aglade Dosal Park Salka, Go Vision Joel quarter one land immediately 26 25 and the first phase key capacity buildical next to next financial year utilization start it. Aglas, Aglas existing purchase of capacity this may say delay of is INR2,300 per. Plant expansion start though 26 can the financial year extra 2000 machine at.
Piyush Jain
Okay. Sir, last thing, bifurcation. What is right now our bifurcation of Nexa and.
Rupesh Mehta
Question or figure map to the ground next 7%. Total order book may say next I 27% or 445 measures.
Piyush Jain
Okay. INR27 crores, INR445 million. Okay. Thank you, Rupesh. Thank you so much.
Vinay Pandit
Thank you. We’ll take the next question from Deepak Pandy [Phonetic]. Deepak, you can go-ahead, please.
Deepak Pandey
Thank you,, for the opportunity.
Rupesh Mehta
Thank you.
Deepak Pandey
Production number Q3 my kidney machines haven’t reduced.
Rupesh Mehta
Korea.
Deepak Pandey
Sir, not sold manufactur.
Rupesh Mehta
Manufacturing 324 total and I pay 369 machines production OEA, Nai. Our main inventory forward milk year. So Q3 made 369 including — excluding time started the Ata new-generation sophisticated machines. That’s also total impact score Nika Langet of 369 machines from the production.
Deepak Pandey
So extrapolate Char so we are still at 1,500, 1,600 manufacturing utilization.
Rupesh Mehta
Okay, Q3 make Diwalika holidays is is up char. So capacity, a total capacity of the Isma machine utilization key or numbers double column 8 crore KI gee. So machine is commodizing. Up like average price make VMC turning month three days to seven days, May. So double columniver in. So numbers have capacity in year three 69 cars aren’t VTLA so body machine numbers come okay.
Deepak Pandey
Right, right makes sense.
Rupesh Mehta
So utilization, Kibat in terms of value numbers or average price say, yeah, the average monthly production capacity in terms of value for QK pass of next time a half order book. This average price like in numbers come okay. Age of numbers, bold, average price is up.
Deepak Pandey
Got it, got it. Got 5X is machine feedback Kesar or tech is a manufacturer name Tech, but is it.
Rupesh Mehta
Passed machines defense applied EOEA, like in old version a new version or capacity in-house palace AC which display push customers, production line or thub by extra machine banana, banana order book, exhibition or customers may assurance or machines Kelly, Jada, Barke, or go machines, 9 generations case are coming display may zero backlash HSK 12,000 speed structure. So ABMO machines have March May this customer Kellya Banai to their.
Deepak Pandey
Kidney machine sir, Karay FY ’26, 5X is.
Rupesh Mehta
First machine customer satisfactory to or repeats or. So like in other next machines, Lake HRA, ski Lake HRI, who ski come start or would you like key other order I can get to from Aram, Salke, extra may. Like in EA John A product sophisticated import substitute product assurance mill name to Lata so Charpaj Machine Jane, quarter-on-quarter double, double machines cover or execution.
Deepak Pandey
Got it. And sir, on the terms of new capacity that we are putting up, may up, can you just specify the quarter in which we will be commercializing, not the you know, sort of a vagu Itna La Vega. Can you just provide a guidance key is quarter may capacity, Soki,.
Rupesh Mehta
Many parts existing, this valuation number to, so Char capacity, existing, man. Abhi 500 machines, so who may say Suru the second — first-quarter calendar second month.
Deepak Pandey
Not 500 machines, the next 2,02,500 machines.
Rupesh Mehta
Just the land expectation land Mujay nine months, 2000 machine extra.
Deepak Pandey
Okay. And then we’ll have the capacity to, but 2,000 say normally.
Rupesh Mehta
Say cost operating cost or ROI, like 2,000 key market develop 2,000. So immediately,,, Salve,, backward integration of Karo, foundry, Abka, Jobi component, up capacity build crore. Assembly if 2,000 is enough for one year or two year.
Deepak Pandey
Sir, last question from my side is, is may go proposal RA landmay benefits. So why are we pushing the Apna production to go delay or is may? Why don’t we just started using the old proposals and utilize our capacity as soon as possible. So my opinion of benefit, why are we pushing the capex ahead.
Rupesh Mehta
Per acro.
Deepak Pandey
Okay.
Rupesh Mehta
For total requirement 32 or total market may Lena get to XO crore.
Deepak Pandey
Then he said these are the incentives. Are you guarant in any proposal budget you add-on who? I’m just quantifying that number.
Rupesh Mehta
Like in Unka Edon or delayed Kali keep Jokerni up to 1%. Process part agreement banana to or after that you sign the agreement.
Deepak Pandey
Understood. Thank you so much, sir. Good luck for the future. Thank you.
Rupesh Mehta
Thank you. Thank you very good.
Vinay Pandit
Thank you. We’ll take the next question from.
Navneet Singh
Yeah, am I audible?
Rupesh Mehta
Yeah, yeah. I’m audible.
Navneet Singh
So Mehra question, Hamare import dependencies, KAKI or supply-chain disruption effect per sector?
Rupesh Mehta
The pelle question get on a our.
Navneet Singh
Import dependency.
Rupesh Mehta
Yeah, Amar actually.
Navneet Singh
Around, other supply-chain global supply-chain KC current says you disrupt. So Amara Plan BKC import disruption. It’s alternative or substitute level and all.
Rupesh Mehta
India, India A, Fanuk, Japan Key Systems,, Machine Chalana competers or cements, Abhi Metsu BC. 18 company plus LM guideways both crews or high-speed spindles, rotary table, ESR Barce, RII supply-chain majority or Fanuk India or import, Japan say, or rupees. Germany import or rupees or LM guideways and crew Goco consider concession rate may Taiwan or Japan Sat. ABA supply-chain pay could impact. So say LM Boss crew or, India CNC systems calier by optioning systems India May Indian company Pragati who won a large care like in Abhibi test trial reliability both, other import pay Pura band, yeah, Rook Jay. So Indian machine tools, Puri Industries, example India company, Gisco import material band of AI because of UX sense and countries, sanctioned countries to export. So supply-chain have a rookie OEA. So same have a face, face, same cheese supply-chain pay, India coffee face or, Inca option India, Itni Nikal. Like in factor us. Germany or Japan or Taiwar, impact raw-material.
Navneet Singh
Question backward integration to Kaham could as a import substitution — substitution of Kush as a product build and import could replace?
Rupesh Mehta
Yeah, backward integration have only component or Machines Banai import substitute India, yado Company, EEA machines,. So machine import substitute to Banai simultaneously which component will be.
Navneet Singh
To Waham market may as a B2B segment have launch Karak instead of selling out the complete machine, how many parts you have as an import substitution, Indian companies?
Rupesh Mehta
About question and AI question analogy. Car make company like Yata passed me a big captive Kelly component note or market. Like in parts butter player, pass, message, component competitor, keep us component Lena prefer nature. So component may export, domestic may have keep us OEM lega.
Navneet Singh
Hey customer or he —
Vinay Pandit
Can we move to the next participants now?
Navneet Singh
Sure, sure.
Vinay Pandit
Yeah. We’ll take the next question from Ajaysh [Phonetic]. Ajay, you can go-ahead, please.
Ajay Surya
Sir, my question is, sir, just say this quarter Panda majorly payment issue give us a execution for the Malab work to sir, past maybe as of payment key should give us a panajo normal target per quarter. So sir, normally equation is a percentage.
Rupesh Mehta
Rollover with our exhibition machine customer kitty. A past, QK Exhibition in a past impact exhibition upon, exhibition my customer key machine display my Lake, Anaka, DC and, in. Exhibition by Q participant Nakar, he capacity in a year. Aggressively execute — execution of a laggage or machinery any. So over-time make priority fixed, first production, production but a capex, Uskebath backward integration,, Uskeba, Afgha distribution channel joy both through marketing and through branches or recruitment through. So APEC Joe, first-time exhibition last six year both Salok exhibition of, but I aggressive participation.
Ajay Surya
Okay. And sir, next question, sir, competition around, sir, Tiki, turnar machine overall machines come out but. So sir, competition increase players like Cosmos or Yelok, it’s the and so sir, payment policy, we just credit or this give us up now execution SRI. So sir, going-forward, competitive nature could active industry can a payment terms back with changes, Lanika, is first time be Sake up your thoughts.
Rupesh Mehta
Country growth may entry-level product care, higher-end productega, DRE, Daki cycle 7 crore scooter turning machine Challenge at. VMC Banana Challenger Uske, cycles up iron or entry-level key product go average out, correct or competition Ska Hutana knowledge, Hutana impact Joe entry levelsha, DKGA, Japan Technologyada numbers key game. Dusra Joe Credit Nebad JD,, Koi Bhara Corporate say LCMMLTA, yeah,, assurance bank guarantee, Kesiva, PDC checks, yeah, going up and I promise.