Mamata Machinery Ltd (NSE: MAMATA) Q4 2025 Earnings Call dated Jun. 09, 2025
Corporate Participants:
Apurva Kane — Chief Executive Officer
Analysts:
Sayam Pokharna — Analyst
Manish Goyal — Analyst
Lakshmi Narayanan — Analyst
Unidentified Participant
Maitri Shah — Analyst
Sanyam Shah — Analyst
Mosam Shah — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Mamata Machinery Limited Q4MF525 earnings conference call hosted by TIL Advisors. 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 the conference call please signal an operator purpose instruction on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sayam Hokarna from TIL Advisors. Thank you. And over to you Mr. Bhopar.
Sayam Pokharna — Analyst
Thank you Renju. Good afternoon everyone and thank you for taking out the time to join us in this Q4NFY25 earnings conference call of Mamata Machinery. The investor updates including the investor presentation have already been uploaded on the stock exchange and on the company website. To take us through today’s results we have with us from the management team Mr. Apoorv Kane, Chief Executive Officer. Mr. Deepak Modi, Chief Financial Officer and Ms. Madhuri Sharma Co. Secretary and Compliance Officer.
We will begin with the brief overview of the financial and operational performance from Mr. Kane for followed by a Q and A session. Please note that any forward looking statement made during this call should be considered in conjunction with the risk and uncertainties that we face. These risk factors have been detailed in our prospectus document. With that I would now like to hand over the call to Mr. Kane. Over to you sir.
Apurva Kane — Chief Executive Officer
Good afternoon, everyone. This is Apurva Kann, CEO of Mamta Machinery limited. On behalf of Mamta Machinery I would like to extend a warm welcome and thank you all for taking the time to join us on our Q4 and full year FY25 earnings conference. Before we begin with the review of our performance, I would like to highlight two important aspects. Firstly, regarding our investor communications frequency going forward and secondly, some general perspectives on the nature of our business. Firstly, in line with our commitment to transparency and proactive engagement with our investor community, we are instituting a regular practice of hosting biannual investor earning calls following the announcement of our Q2 and Q4 results. Going forward. We believe this will provide a consistent platform for meaningful dialogue, detailed updates and timely clarifications on our business performance strategic direction. Additionally, we will continue with our quarterly investor updates such as press releases and investor presentation. For further clarification and discussion, you may reach out to our Investor Relations Advisor. Secondly, on our interactions with investors and analysts so far, I want to clarify and reiterate that MACTA Machinery’s business is inherently seasonal, especially when evaluated on quarter to quarter basis. This is true both in terms of top line and especially in terms of profitability margins. The reasons behind this reasonability has been detailed in our recently published investor presentation, specifically on slide 30. Given this context, we strongly encourage all stakeholders to assess our financial performance on a rolling average basis. Looking at our last four quarter period in cumulation, this approach provides a more accurate and fair representation of our growth trajectory, profitability and evolving financial ratios. Due to possibility of order difference and revenue clustering in a particular quarters, some periods may appear exceptionally strong while others may seem subdued. Averaging over four quarter helps to smoothen out this volatility and offers a truer picture of our operational progress. With these clarifications in mind, let me now walk you through our performance for the year. At the headline level, MAMATA Machinery reported revenues of Rupees 25,46 million for FY25 representing an 8% year on year growth. This achievement is particularly noteworthy considering that several significant orders originally scheduled for delivery in Q4 were deferred to Q1 FY26. These included orders in transit to export markets for final inspection or orders delayed due to logistical and administrative challenges at customers end. Had these orders been realized within the financial year as initially planned, we would have delivered a much stronger double digit top line growth for FY25. It is also important to clarify that the two key deferred orders mentioned pertain to our packaging division and are relatively decent value. Consequently, while our reported packaging division sales show a 4% year on year growth, the underlying momentum remains robust and and these deferred orders will be booked in coming quarters. Adjusting for this difference, our packaging top line growth would have been impressive and our converting top line would have been largely flat with a marginal decrease year on year. Turning to profitability, I am pleased to report that our net profits grew by 14% for the year outpacing our revenue growth. This was driven by improved margin thanks to strategic initiatives such as higher contribution from higher margin products, selective product repricing undertaken last year and more effective procurement practices along with certain changes in design which is inherent part of cost structures. On macro front, it is important to contextualize our performance within the broader environment. One of our key export markets is the US is currently experiencing some turbulence due to recent tariff announcements. While the situation still remains fluid and nobody knows the final tariff structure, let me clarify that we are well positioned in this regard since domestic capacities in US are there for many products. The US import is. From Canada, Europe, China and India. In case higher differential tariffs are imposed on Chinese imports, we might try to benefit from it. In any case, it is important to note that these machines are high end technology driven capital goods where purchase decisions are based on technical merit and product value and not solely on price. The main risk arising from current situation would be a broader U.S. economic slowdown or a recession which would indirectly impact demand. At present we do not see any direct adverse impact on our business. Looking ahead, Mamta Machinery remains confident in its growth trajectory for coming year. We are well positioned to scale up our packaging machines division and will continue to focus on innovation and operational excellence to capitalize on emerging opportunities globally. With that said, I would now like to open the floor for questions. Thank you.
Questions and Answers:
Operator
Thank you ladies and gentlemen. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. Once again a reminder to all the participants that you may press star and one to ask a question.The first question comes on the line of Manish Goyal with Thinkwise Wealth Manager llp. Please go ahead.
Manish Goyal
Yeah, thank you so much and congratulations Mr. Kane for very good performance. Sir, I have a few questions. Sir, would you be able to quantify the deferment of the sales which has in the port of both in packaging and also the press release mentioned the converting machine as well so would appreciate if it is possible to share the details. That was the first question, and second question is on the we have seen a very strong growth in attachments and spares in particularly in quarter four. So how should we look into it? Like what was the reason for such strong growth and how should we look at going forward?
In your opening remarks you alluded to. The order pipeline seems to be quite strong. So for FY26 can we expect a much stronger growth rate considering there will be spillover of revenues from FY25 and you will have a regular growth from all the three businesses. I have a couple of more questions. I’ll come back. Thank you.
Apurva Kane
Thank you Mr. Manish Goel for your questions. I will try and answer one question at a time. Your first question was about what is the quantum of deferred sales. The quantum of deferred sales is approximately 30cr. Okay. Of which about 23cr was for packaging and balance was for converting. There was no deferment of sales in exclusion.
Manish Goyal
Okay. And. And so sorry, as we are discussing. So this entire 23 crores was probably the packaging machine for the US market.
Apurva Kane
No, there were majority of them that was machines for US market. The machines were already dispatched from our work but they were in transit for to be received in our US facility for factory acceptance test.
Manish Goyal
Okay. And sir, the follow up question was on the attachments and the spares for FY25 and particularly Qatar 4 which saw very strong growth. If you can give perspective as to what was the reason and how should we see it going forward.
Apurva Kane
It is basically classification of what we would term as attachment. In case of extrusion. When we sell a machine that includes every part of it which includes the tower, which includes binders, which includes. So it includes post extrusion equipment as well as pre extrusion equipment. The complete plant is considered as a machine.
However, there were two orders that were executed in the last quarter where we had to send out basically upgrade packages which is partial plants. Now these are also quite high value and therefore you see this sudden surge under classification attachment. They were not considered as machines, they were considered as attachments.
Manish Goyal
Sure, sir. And I’ll come back in the queue. But last question before I come back, sir. How should we look for growth in FY26 considering spillover of sales from FY25? And you also alluded strong growth potential in the packaging machinery, sir. Yeah. Thank you.
Apurva Kane
We continue to have a robust pipeline for packaging machinery orders as planned. We are going ahead with exploration of various Middle east and African markets and find market for packaging machinery and we believe that will result in higher growth rate. For this purpose. We asked for our press release that was given some time back. Mr. Rajsekhar has already joined us as our president with specific emphasis on growth delivery of packaging division.
So he has already joined us and he is in process of doing exactly what we want to be done. As per our press release. As you know, he worked for Canmetal for a number of years and before that he also worked for Mettler Tobito as well as for. So he does have very good background of machine building as well as he has been related to packaging industry to Mettler Toledo for X raying equipment as well as inline checkwears and printing equipment.
Manish Goyal
Sure, sir. Thank you so much sir. I’ll come back in that. Thank you.
Operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Lakshmi Narayanan with Tunga Investments. Please go ahead.
Lakshmi Narayanan
Yeah, thank you. Couple of questions. You report revenues in three different segments. Are the customers also distinct or do they overlap across these segments?
Apurva Kane
They don’t always overlap. There is definitely some synergy. First of all, the customers for packaging machines are essentially brand owners or they are contract packers for brand owners. So they are different from people who make magnet bags and pouches or people who are. Make film to make bags and pouches. So there is some overlap between the customers who make mags and pouches and customer who manufacture films. However, packaging machinery customers are a different class by itself.
Lakshmi Narayanan
Then if you look at domestic and international revenues, if you can just give what is the sense at a company overall level you give. But in terms of these three segments like converting co existing and packaging, what’s the stretch of domestic and international across these segments?
Apurva Kane
For extrusion and bag making and pouch making. In terms of revenue, 71% of the revenue was generated from exports in the financial year that we closed FY25. As far as packaging is concerned, we are either selling machines in India or in USA and Canada. We have not yet tendered the rest of the world. And that is the process that we have taken up now. And hopefully that is something that will deliver growth going forward.
Lakshmi Narayanan
Got it? Correct. And what is the average sale price of the machine in general across these two segments?
Apurva Kane
Average sales price can be as low as around 15 lakh for a single machine and it could be as high as about 9 crores for a machine. So it widely differs
Lakshmi Narayanan
In these three segments Also is there a wide variation or in one segment the prices are usually very range bound.
Apurva Kane
It is already there mentioned in the rsp. No, never mind. But I will explain this again. In extrusion it can be from about 1.2 crores to 9 crores. For packaging machines it could be from about 50 lakhs to 3, 3 and a half crores. And for bag making and pouch making it could be from 15 lakhs to about 2 and a half crores.
Lakshmi Narayanan
And last year what is the number of machines you made across these two and how was the growth in when compared to the previous year?
Apurva Kane
So we have last year we have dispatched 138 machine overall. Okay, 200. Yeah. Of which 207 were for bag making and pouch making there were 10 machines for extrusion. These are complete machines by the way, as I explained earlier. Yeah. These are complete plants and then packaging machines. We have delivered 21 machines. Now if you compare that to previous year we have done 232 bag making and pouch making machines, three co extrusion blown film plants and again 21 packaging machines, total was 250.
Lakshmi Narayanan
And in terms of pricing both in international and domestic, you know what, how much is it, what is what is pass through and how do you manage forex issues in when you do international, is it also a pass through? How do you handle that?
Apurva Kane
If the question is do we hedge foreign exchange, the answer is no. We do not hedge because our import content is very low as compared to our export revenue. We get automatic advantage of hedging and we don’t have to do that separately.
Lakshmi Narayanan
And in terms of material cost, is it a pass through? How do you estimate the prices which is actually doing either up or down pricing?
Apurva Kane
Pricing Mamta is known for keeping its pricing very stable. We try not to disrupt pricing as far as possible unless we are forced to do it. The cost of the machine. As I mentioned earlier, we believe very strongly engage innovation, control the cost through design as well as through purchase. Purchase There is a limitation how much you can bring cost down by purchasing prudently or being driving the hard bargain. But the design is the key. Through that you can really control cost. And that is what we do.
Lakshmi Narayanan
In terms of the co exclusion, that has been a good spurt in the revenue. Was it by design that it actually went up this year?
Apurva Kane
I would say that last year was the first year where we found actually traction to our strategy. There is a pivot that we made in about 2000, 2017. Because in 2017we basically got licensing agreement. Under that license agreement we could then start offering what is known as barrier blown film lines or lines with five layer or seven layer and even now nine layer blown film plants. And that technology we could start using from 201718 onwards. And that has now finally found traction since year before last because the figures that you see in last year most of the orders were booked in year before last so the orders were actually booked in 2223, executed in 2324.
Lakshmi Narayanan
Got it. Thank you for detailed response. I’ll come back in. Q.
Apurva Kane
You’re welcome.
Operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of we have lost the line of the participant. We’ll take the next. The next question comes from the line of an individual Master, please go ahead.
Unidentified Participant
Hi sir, can you hear me?
Apurva Kane
Yes I can hear you sir.
Unidentified Participant
Sir, Thanks for the opportunity. In the last call you had mentioned how one of the strong usps of our packaging machine the ability to handle recycled flex content. So I just wanted to kind of get a sense on what is the size of the opportunity for the same in India. Like we said, a lot of machines may need to be upgraded so that they can handle recycled content. And second also wanted to know how competition is stacked on the same opportunity. Thank you sir.
Apurva Kane
We have given releases this year earlier where we have been granted certain patents for our sealing mechanisms that we have on our packaging machines which would allow our customers to use our machine to run recyclable films. So we now have patented technology that is available for the company.
If we talk about usage of flexible packaging material that runs into millions of tons every year in India alone and that is the opportunity in terms of size that needs to be replaced by recyclable material over a period of year and that is the change that we will see over next two, three, four, five years. And we believe that that is something that will give huge opportunity to Mamta because that is the technology that we have been working on and that technology has now been validated by issuers of patents. By government of India as well as patents internationally. So we have patents in eu, we have patents in USA also for similar technology.
Unidentified Participant
Thank you. So would we have a size on how many what was the expected size from grade that we expect from the Indian market?
Apurva Kane
We don’t have a size for this week. I can only tell you that it’s a huge opportunity for any company that can actually find solutions and deliver solutions to brand owners.
Unidentified Participant
Thank you sir. All the better.
Operator
Thank you. A reminder to all the participants that you may press star and want to ask a question. Next question comes from the line of Manish Goel with Thinkwise Wealth Managers llp. Please go ahead.
Manish Goyal
Yeah, thanks a lot for offering opportunity again. Sir, would you be. Sir, you did alluded right now that we have got patent for the packaging machine. I believe it is for vertical form fill and seal. So would it be able to like quantify what is the near term opportunity and have we received any orders for from the ongoing trials which some of the potential customers where we had supplied the machine to?
Apurva Kane
We have since then installed a machine at ITC and the film that they are using is recyclable film and we are in talks with few other people to adopt this technique. And sir, would it be able to quantify what is the near term addressable opportunity for us in India and absolutely near term addressable opportunities that I we are looking at is between 12 and 20 machines in coming 20 to 24 weeks. It’s an opportunity where we are actively pursuing these opportunities and we are talking to customers.
Manish Goyal
Sure, sure. And would you like to give a like any like what is the size of the opportunity in US and Europe where we already have the patent cells,
Apurva Kane
Where our machines are already running recyclable films.
Manish Goyal
Right sir. Okay.
Apurva Kane
They have already started switching in a big way to recyclable films. Almost every new machine that. We deliver runs on rebate level.
Manish Goyal
Okay, sure sir. And sir, on the, on the CapEx plan in terms of plan for capacity expansion or also in terms of are we probably looking at any inorganic growth opportunities? So if you can provide some exception over there. And also like on on the cash we have cash which probably we have around 68 crores on the balance sheet. So what is the capital allocation plan sir? And also have we formed any dividend payout policy?
Apurva Kane
The cash that you see on balance sheet on 30 March March is end of our basically working capital cycle at end of the year. So it basically goes into the. Into our re into a majority of that cash is used as working capital throughout the year and by end of the year it comes back to the balance sheet as cash. So that is one thought.
Second part we are trying to use this as a warship going forward looking at inorganic growth. We have said this during our roadshows also that we are actively seeking inorganic growth and whenever there is a development that is mentionable we will announce it to market appropriately through a press release.
Capex wise we as you know that we do not have a machine shop and we do not manufacture anything in house. So as far as capacity expansion is concerned basically we might just need more space to assemble machines that we manufacture and we will definitely try and add that space in our existing capital as and when required.
Manish Goyal
Okay and sir, any because a dividend announcement was quite low. So have we formed any dividend payout policy? And like on capital allocation how is, how are we thinking?
Apurva Kane
On dividend front, We will continue with our path track record of equitable dividend bitterned distribution and as I said just now we are trying to build a watches that will help us with our inorganic growth plan. So we would like to retain those funds for future use for this purpose.
Manish Goyal
Sure, sir. And when we are probably looking at inorganic growth, sir, are we probably looking at acquiring some technology or are we looking to probably penetrating certain markets by acquiring company? What would be our focus? Hello.
Apurva Kane
When we talk of inorganic growth, there are various avenues that are available to us. We are looking at sales and marketing alliances with companies in various parts of the world. We are looking particularly in Europe. We are also looking at acquisition of smaller families and companies again in Europe that would onboard technology also and that would onboard markets also. At the same time, we are also looking at joint ventures as an opportunity. So there are various avenues that are currently available and we are actively seeking those avenues.
Manish Goyal
Sure, sir. And sir, would it be possible to share the breakup of the order book which we have as the March end.
Apurva Kane
Could you please repeat,
Manish Goyal
Sir, Breakup of outstanding order book between three businesses converting co extrusion and packaging. Sir, as of 31st March, our order book stood at about 74 hours. That also included deferred sales of 34. Okay, okay. Would it be possible to share the breakup, sir?
Apurva Kane
Sorry?
Manish Goyal
Can you share the breakup? How much is packaging machine? How much is co extrusion and. And how much is converting machine?
Apurva Kane
We can share those figures on one of these days on one, on one basis?
Manish Goyal
Sure.
Apurva Kane
I would not strategically like to give a breakup at this point in time.
Manish Goyal
Right. Okay. And last question, sir. On the margins front, we saw that this quarter our gross margin and EBITDA margins both improved significantly and for the full year also particularly gross margins went up to almost 61%. And in this quarter it was 64%. So any particular reason for this? Increase. Is it probably attributed to higher sales of attachment and spares in quarter four or. And how should we look into it sir, going forward? On the margins front?
Apurva Kane
The margins actually expanded by about 2% if we compare the entire year. And this 2% margin expansion was on account of two things. One was that in bag making and pouch making we had some strategic decisions as far as pricing is concerned in previous year and that found traction in the current year. So that is something that helped us.
Second, as I said, there were certain design changes as far as framing of the machines were concerned and that has saved us some cost. And thirdly, it was sales of these barrier extrusion loanfield line in exports where our margins were higher.
Manish Goyal
Okay, and how should we expect sir, going forward like this year?
Apurva Kane
Stable at these margins, at least for year going forward. Unless of course there is some kind of a six sigma event that is not in our control and that happens in Europe or in US.
Operator
Thank you Mr. Coel. Please teach the queue for more questions. A reminder to all the participants that you may press Star and one to ask a question. Next question comes from the line of Maitricia with Sapphire Capital. Please go ahead.
Maitri Shah
Hello, I’m Audible.
Apurva Kane
Yes you are.
Maitri Shah
Yeah. So with our new packaging patent that we have and also that we are going to grow in Middle east and everywhere, so what sort of expansion and top line are we expecting for FY26 and FY27?
Apurva Kane
We have always said that if we look at our three revenue streams then bag making, pouch making as well as our extrusion is likely to grow at between 10 and 15% going forward. While we have always maintained that packaging will grow much faster, we looking at between 30 and 40% growth. That is what we want to drive this company towards and that is what we are working on. So that is how it will pan out over next year and year after that in near term.
Maitri Shah
Yeah, that is it for my. Thank you.
Operator
Thank you. A reminder to all the participants. I did my best star and want to ask a question. Next question comes from the line of Sanyam Shah Solidarity Advisors. Please come here.
Sanyam Shah
Hello. Am I audible sir?
Apurva Kane
Yes, you are.
Sanyam Shah
So we have been guiding for 15 16% EBITDA margins until last quarter and we have done 20 22% in the last two years. So do you think if I take a longer term view, are these EBITDA margins sustainable or will be gradually moving towards 15 16% again?
Apurva Kane
EBITDA margins of. EBITDA margins have always improved. Current EBITDA margins of plus or minus 20% are sustainable and may possibly improve. In fact, with our scale of operations growing further since operating expenses aren’t expected to rise proportionately,
Sanyam Shah
I am sir, we did guide for machine level like segment level growth for the next one or two years. Can you give me a longer term number for growth we should work with?
Apurva Kane
In machinery business we normally work on horizon of about 18 months. We don’t have any granularity beyond 18 months. So I would not like to hazard a guest on that one. As I said, our intention is and that is what we are working towards continuously as a company and as a team to achieve the growth on various product lines that we have in the percentages that I have talked about.
Sanyam Shah
Anshal, can you please explain in a bit granular detail what could be the drivers of this growth?
Apurva Kane
The drivers of the growth. If we are talking about packaging, the drivers come from the fact that food processing is growing. For example snack industry, packaged snack industry in India is growing at rate of about 28% and therefore more machinery is needed to package food.
Secondly, there is this migration since COVID where packaged food has become a necessity for most of the people. So loose food is not being sold at all and therefore packaging in. Industry as a whole has been registering a double digit growth in India for last three years and it is likely to continue for next five years. That is one. Second. We are adding new geographical areas to our basket, particularly for packaging machines in Middle East, Africa and Europe. And that should bear fruit because one has to understand that as a company we are already present in those geographical areas for bag making and pouch making. And we sell our bag making and pouch making machines in around 80 countries around the world. So we know what these markets stand for, what are the logistics involved, how to go there, whom to talk to and things like that. And our presence of bag making and pouch making in those countries is something that we would be leveraging over a period of time for our packaging machines too. So the growth will come from these two opportunities.
Sanyam Shah
Thank you for the detailed answer on this. Can you please explain the drivers for bag and pouch making and the extrusion machinery business?
Apurva Kane
Bag and pouch making machines is something that is a mature market globally. Our brand is really well recognized and we participate in almost every major exhibition around the world. In fact, there is a major exhibition that is happening this year called K 2025 that will happen in October 2025 and that is an event that always boosts sales for Mamata going forward. So that is one thing.
As far as extrusion is concerned. I have explained that multi layer barrier film is a highly growing market around the world because that allows you to have barrier films that are recyclable. And that is what we are betting on. And that is something that found traction year before. And therefore we have grown last year and even in current year. We have a very healthy order book as well as a robust pipeline to achieve similar figures. If not the growth, because that growth was insane. That was something like 230% odd. So we can’t repeat that. But we will be able to maintain and sustain similar sales in this year also.
Sanyam Shah
Okay sir, thank you. I’ll give back in the queue.
Operator
Thank you. A reminder to all the participants that you may press Star and one to ask a question. Next question comes from the line of Mohsam Shah with Wealth Guardian. Please go ahead.
Mosam Shah
Hello. Congratulations sir, on a good set of numbers. So just wanted to know the breakup between the number of machines sold within India and outside India.
Apurva Kane
So last year we sold 238 machines out of which 152 machines were sold in India and 86 machines were exported.
Mosam Shah
Okay, thank you sir. And also I just wanted to know what is the bifurcation in terms of the revenue from the top one and three customers?
Apurva Kane
Top 10% offer our customers. This is a stated fact. Top 10%. Top 10 customers of MAMTA contribute only 20% of our revenue.
Mosam Shah
As per DRHP. Last year it was 32%.
Apurva Kane
Yeah.
Mosam Shah
So just wanted to confirm
Apurva Kane
That is also with a disclaimer that the top 10 customers change every year.
Mosam Shah
Yeah, that is true.
Apurva Kane
The same set of customers do not keep on buying it.
Mosam Shah
Okay, okay. Okay. Thank you so much. That’s it from my end. Thank you. And all the best.
Apurva Kane
Thank you.
Operator
Thank you. Next question comes from the line of Lala Ram Singh, an individual investor. Please go ahead.
Unidentified Participant
First of all, I want to appreciate the detail presentation and communication. It’s very helpful. My I have suggestions. One is to support the intended growth across different divisions. What maybe need more hire in key positions like we have done one recently. So want to understand that. And number two, beyond hiring, what else are the key challenges that we need to overcome in order to realize the potential in all the.
Apurva Kane
Hiring people is a necessity because you need feet on the ground. And we are doing that. And it is easier said than done because finding people who are experienced and who are motivated and committed to deliver the results that we demand is not very easy. But having said that, we continue on that path of recruiting people that we think can take us forward. And that is an ongoing exercise that we started sometime last year and we will continue during this year also.
But besides that, the challenges are not only people. The challenges are recognition of India as a destination for world class machinery. And that is the challenge that we constantly face. And that is the challenge that we have to overcome. Because even today when you are looking at people globally and talking to them, people think that good software can come from India or very good quality basmati rice can come from India, or very good clothes can come from India.
But when you talk of absolutely top class machinery coming out of India, there are still question marks as far as people’s perception is concerned. I’m not saying that this is true. India does build world class machine and we will continue to improve on that. But it is a perception that we have to overcome and that can be overcome only over a period of time.
Unidentified Participant
Just a follow up question on this point. So being in this business for more than two decades, how far have we come on the screen from 1 to 10. Where are we today? Is it closer to 3, 4 or is it closer to 6, 7?
Apurva Kane
We are close. I would like to say if we are talking of mamta, just Mamta machinery, we are at 6, 7. If we are talking of overall Indian industry, I would put it at five.
Unidentified Participant
Okay.
Apurva Kane
So we are ahead on the curve as far as rest of the industry is concerned.
Unidentified Participant
Can I ask one more question?
Operator
Mr. Singh? Sorry for interrupting. Can you come in the range? Your voice is muffin.
Unidentified Participant
Yeah. Is it better now?
Operator
Yes.
Unidentified Participant
One more question is on the inorganic route usage of cash. I want to understand the high level security.
Unidentified Participant
So have you already identified key product gaps or key gaps in the market that you want to target or is it more driven by availability of opportunities in the market and then trying to evaluate the fit with.
Apurva Kane
We are looking at inorganic growth opportunities, particularly in the ambit of packaging and that too flexible packaging. So when you start looking at flexible packaging, there are various aspects to flexible packaging. We manufacture horizontal form, field and seal machines and we also manufacture vertical form, field and seal machines.
But for example, we do not manufacture as of at least we do not manufacture what is known as flow wrap machine. So there is one gap in our portfolio generically speaking as well as far as flow rapid concerned. Now these are basically primary packaging machines and then you have secondary and tertiary packaging machines. So these are the machines that basically collect the output from packaging machines. And you can have things like page packers, you can have things like machines, you could have output handling robotic equipment on backward side. You can also have various kinds of filling systems.
So generically speaking the gaps that we would be looking at is filling systems of various kinds. We would be looking at secondary and tertiary packaging packaging opportunities. And these are the companies that we would be identifying and these are the technologies that we’ll be identifying to deliver in organic growth.
Unidentified Participant
That could be very helpful, sir. So if my understanding is correct, you effectively would want to cross sell to your existing customers right within their value chain.
Apurva Kane
He would like a complete solution, end to end solution eventually.
Unidentified Participant
Okay. Okay. One last question is for these opportunities, is there a ticket size that you have kept in mind that we spend more than a crore for example?
Apurva Kane
I would not like to comment on that.
Unidentified Participant
I respect that. Thank you so much and I wish you all the best.
Apurva Kane
Thank you.
Operator
Thank you. The last question comes on the line of Lakshmi Narayanan.
Lakshmi Narayanan
Thank you again. You talked about, you know, that your top 10 customers keep changing. And the question is that what percentage of your revenues are actually some kind of a repeat in nature that you actually sold to the client, to the customers, you know, a couple of years back and so on.
And then second question is that when you sell, you sell to the client or you sell to the project management consultant or you sell to the agent. What is the typical sales cycle look like? Because I have two questions.
Apurva Kane
We do not normally sell to on a stock and trade basis. We normally sell to end user directly. Yes, there might be an agent involved in it, but then that agent would either be facilitating sales or doing post support on the equipment that has been supplied. But their role is not of stock and trade. So that is one.
Because we like to understand as to what is going to be exact end use of the machine that we are selling. And for us it is very important that we are able to deliver appropriate solution to given customer. So you don’t sell via these project management consultants who actually afterbuild the entire process. We always interact with project management consultants. They are extremely important chain as far as decision making on behalf of our customers because they are consultant to our customers. But normally consultants are viewed as neutral entities not requiring to be rewarded in cash or kind and it would not be ethical to do that.
Lakshmi Narayanan
And how do you crack your repeat business?
Apurva Kane
Good performance.
Lakshmi Narayanan
No, I mean what percentage of your revenue is repeat in nature? I think we have mentioned It in our RFS it’s around 50, 50, 55% is repeat business.
Okay then one other question. So do you work with multinational companies like Ultramarket andor etc or they actually prefer imported machines? How does the landscape look like?
Apurva Kane
All the three names that you mentioned are our customers globally?
Lakshmi Narayanan
Okay, okay, okay. And in India also you will be supplying to them?
Apurva Kane
Yeah, I believe they have five facilities so far in India that I know of. There might be more, but we are present in at least three of the facilities.
Lakshmi Narayanan
Got it, got it, got it. And another thing, so if you, if I look at, you know, the entire, you know, the flexible manufacturing process, there are always attachments like vacuum or things like that. So do you also provide attachment that will help in vacuuming, that will help in some differentiated packaging? Is that something which you do also?
Apurva Kane
We offer attachments. For example, you’re talking of modified atmospheric packaging. So we do offer flushing equipment that works in line in terms of say carbon dioxide flushing or nitrogen flushing and things like that. Yes, we do.
Lakshmi Narayanan
And in terms of your end market, it looks like most of it are actually consumer good. Now is there a mix between dry, wet, medical, any kind of mix in terms of your end industry? Is that something which you like to talk about Now?
Apurva Kane
We are currently working and focusing on dry food products. That is the focus area. We are working on entering into liquids.
Lakshmi Narayanan
Medical related,
Apurva Kane
Medical is very different. Again, somebody else asked a question about what gaps do you see? That is one of the gaps that we OTR OTC products. We are already there as far as for example, we do supply for what you call ENO type products. We do supply machines to pack those. But when we are talking of specific high hygiene machines that are required for medical packaging, we are not yet there. And that is one of the gaps that we are looking at.
Lakshmi Narayanan
One last question, if I’m so in the previous call it was mentioned a particular annual growth could be achieved. Looks like it didn’t happen. And you also mentioned there was a 35 crore order spillover to the next quarter, which is. So when you looked at last year’s, the same time that you let’s say last year with last call, there has been a departure from the expectation. So you know why. Is it so?
Apurva Kane
It’s because these orders were different. By the way, I didn’t mention 35k. I said they were approximately 30 cors.
Lakshmi Narayanan
Thank you so much again for detail.
Apurva Kane
You’re welcome sir.
Operator
Thank you. Ladies and gentlemen. That was the last question for today. We we have reached the end of question and answer session. I would now like to hand the conference over to Mr. Apur Vakkhani, Chief Executive Officer for closing comments.
Apurva Kane
Thank you very much friends for giving us this opportunity for today’s interaction. We hope that we have been able to answer most of your questions to your satisfaction. If there are any further clarifications or questions please contact our IR agency and they will help you understand our company and our company’s operations better. Thank you very much. Till we talk to each other next time. Thank you so much.
Operator
Thank you. On behalf of Mamta Machinery Ltd. That concludes this conference. Thank you for joining us. You may now disconnect to Life SA.