Pyramid Technoplast Ltd (NSE: PYRAMID) Q3 2026 Earnings Call dated Feb. 10, 2026
Corporate Participants:
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Analysts:
Dipesh — Analyst
Ganesh Namarsekha — Analyst
Saket Kapoor — Analyst
Marjan — Analyst
Ganesh Nagasekar — Analyst
Presentation:
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Good evening sir. Hi j. How are you? Good. Good. My voice is good. Clear. Do testing Speak something. No, no we can’t. No, we can’t hear. You’re not audible. You’re on mute. Yekma, let’s start.
Ganesh Namarsekha — Analyst
This meeting is being recorded.
operator
Hi everyone and a very good afternoon. I welcome you all to Pyramid Technoplast Limited Q3 and 9 month FY26 Concord. Please note that the discussion on today’s call may include certain forward looking statements and must be therefore viewed in conjunction with the risk pertaining to the business we have on call today. Mr. Vijay Kumar Agarwal, the Managing Director and Mr. Jeff Rakash Agarwal, CFO and full time director. So now I would like to hand over the call to Jai sir to proceed with the opening remarks. Post that we’ll open the floor for Q and A.
Thank you. And over to you sir.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Good evening everybody.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Myself Jagarwal. So it is a pleasure to walk you through Pyramids performance for Q3 and nine months for FY26. A period that was important not only from a financial standpoint but also in terms of strategic progress we made towards building a scalable and future ready business. Over the last few quarters we have successfully strengthened our manufacturing footprint. Starting from our established base in Gujarat to commissioning new capacities in Maharashtra. During this phase we expanded capacity across all drums categories marking a decisive step in the next leg of our growth journey. A key milestone during the quarter was the ramp up of the Wonder Plan.
The facility commissioned in June and we witnessed steady operational momentum beginning Q2 FY26. With this our major apex cycle is largely complete and our focus now clearly shift towards capacity utilization and operational leverage at wada. The IBC and SDP lines are fully operational with the Ms. Line has been commissioned with the remaining expansion on track for completion by December. Beyond this we expect only maintenance and balance capex of around 10 to 20 crore for FY27. Our strength continue to lie in backward integration with all major backward products we have been manufacturing announced. It gives us better cost control and supply reliability.
We have also strengthened our logistics back on with our in house fleet now ramping 200 plus enabling timely deliveries and deeper customer relationships on the capacity prime. As of Q3 FY26 our installed production capacity increased from 62,887 metric ton per annum to 75,856 metric ton per annum reflecting the successful execution for our expansion plans. Capacity utilization during the quarter stood at 67% and we expect this to steadily improve to 75% for the next financial year driven by volume ramp up across all the categories. During Turning to key operational initiative, we commissioned two important projects during the during this quarter, our recycling plant on October 3rd and the solar power plant on October 30th.
The recycling plant, setup on 4400 square meters of plot in B with an investment of around 10 crores has an annual capacity of 5000 metric tons per annum. This will meet approximately 10 to 12% of our raw mater requirements, reduce import dependence, enhance supply chain resilience and deliver a payback within 2 to 3 years. In parallel, our 6 megawatt solar power plant in Gujarat marks the first phase of 14.25 megawatt captive solar project across Gujarat and Maharashtra. On 2 February an additional 5 megawatt was commissioned in Baruch and 2.25 megawatt in Maharashtra with the balance 1 megawatt to be added in the next phase.
Once fully operational over the next 34 weeks, the project expected to reduce power cost by approximately 15 crore annually with a total investment of 60 cr in the payback period of 4 years. This initiative is a strong step towards long term cost efficiency and sustainability. Let me now brief you about upon the segmental performance for Q3 FY26 so Ms. Drum volume has increased by 1% year on year while revenue has declined by 2%. SDP drums volume grew 16% year on year with revenue up 10% year on year supported by capacity ramp up. IBC delivered strong performance with 37% volume growth and 2027 growth year on year basis revenue stood at 162 crore up by 5% year on year for the quarter while nine months revenue increased by 16% to 486 crore driven by volume growth across categories.
Gross profit rose 22% year on year to 44 in Q3 and 26% to 130 crore for nine months. The recycling plant is expected to further reduce our raw material cost requirement by 10% annually supporting margin expansion going forward. EBITDA declined by 2%, 12 crore and PAT declined by 29% year on year basis to 4.8 crore with the margins at 7.4% and 3% respectively due to higher pitch cost during the capacity ramp up phase. The benefits from the solar power plant commissioned in late October are expected to begin reflecting in the coming quarters with full impact leading to annual power cost saving of around 15 crore.
In summary, with the expansion phase nearing completion, sustainability initiatives firmly in place and utilization level said to improve. We expect meaningful operational efficiency to emerge over the coming quarters. Pyramid is well positioned to drive consistent growth, improved profitability, long term value creation with all stakeholders. We are confident about the road ahead and excited about the next phase of our journey. We are now open the floor for questions. Thank you. Somia, please you can open for the question.
operator
Thank you. Sir. Participants who wish to ask question, please raise your hand. We’ll wait for a minute while the queue is ascended. So first question is from Dipesh and ch. Please go ahead.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Sir.
operator
You are not audible.
Dipesh — Analyst
Am I audible now?
operator
Yeah, you’re audible.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
I smart. You upcourt. Extra. Bonus that I could gasp. 60. 70%.
Dipesh — Analyst
Was also operational in October 2025.
Dipesh — Analyst
Across the board.
Dipesh — Analyst
So existing capacity excluding VADA capacity utilization.
Dipesh — Analyst
Okay.
Dipesh — Analyst
To 50%. Last quarter.
Dipesh — Analyst
60.
Dipesh — Analyst
65% V was 40% excluding VADA.
Dipesh — Analyst
Excluding VADA capacity utilization.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
That is. That. Is that. Is there always 65 to 70%? Always.
Dipesh — Analyst
Is. Is that optimum or we can go ahead also.
Dipesh — Analyst
We can go ahead if we go full strength. But then we. We expect that 70% is optimal for this. Because we get certain rejection. There are some downtime come. So 70% is optimal for us.
Dipesh — Analyst
Sir.
Dipesh — Analyst
This quarter is good. Prices are going up. English course. Okay.
Dipesh — Analyst
And cost of debt.
Dipesh — Analyst
K.
Saket Kapoor — Analyst
Percent CA.
Dipesh — Analyst
Sorry.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
8.
Dipesh — Analyst
8% cash 8% cast.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Okay.
Dipesh — Analyst
If you can give J. If you can give me volume growth of each and every product gotten and gotten year on year. Is that possible for you?
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
I’ll sch. Is it okay if I schedule later on?
Dipesh — Analyst
Yeah, perfect. You can ask SW to give me the details.
operator
Yeah, sure. I should.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Yeah.
Dipesh — Analyst
Thank you. Thank you. I’ll come back for the other questions. And all the best, sir.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Thank you.
operator
Next question is from Pratik Dia. Please go ahead.
Dipesh — Analyst
Sir. Slide number seven. Sixteen. Just my realization. Impact of 10 crores negative or trading income 11 corrodes negative.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
October.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
23 months.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
It was on the testing phase.
Dipesh — Analyst
Got it. Okay. And sir, one second question. Previous quarter September cost impact.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Right.
Dipesh — Analyst
Capacity ramp up. October. Okay. Sir. For this quarter. Utilization. Okay. Opening remarks. Okay. Thank you.
operator
Thank you. Next question is from Ganesh Namarsekhar. Please go ahead.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Two, four. Hello.
Ganesh Namarsekha — Analyst
Margin.
Dipesh — Analyst
But.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Ski Karani. Solar or recycling? Solar recycling plants. Quarter two May. Updating it to 93,000. Okay.
Dipesh — Analyst
93.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Okay. Thank you.
operator
Request the participants to please raise your hand before asking question. Next question is from Naman Modi. Please ask your question, sir.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Hello sir.
Ganesh Namarsekha — Analyst
Price of polymer Upkeep Raw materials. Crude oil still intact.
Dipesh — Analyst
Yeah.
Ganesh Namarsekha — Analyst
Crude oil say.
Dipesh — Analyst
Right.
Ganesh Namarsekha — Analyst
And Ms. Drums are directly related to steel Raw material prices change. Right.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Thank you.
operator
Participants who wish to ask question please raise your hand. We’ll wait for a minute until the queue is assembled. Sir, can I. I’m not able to raise my hand.
operator
Sorry sir, may I know your name? Okay. Please go and read the question. Sir, I think there must be.
Ganesh Namarsekha — Analyst
Sir, can you tell us the outstanding position of your term loans and your working capital? Because see what is happening is. I. I will tell you very honestly. Last quarter and previous quarter also we had anticipated that our margins will improve. But every quarter what is happening some reason comes up and our margins are again at the same level. This time it is Diwali bonus and the interest cost. Now can you just anticipate the future quarters and tell us when your margins will be at 12% which you had targeted for yourself and without any excuse can you achieve that target in that.
I mean why I’m asking you is because at that time again the interest cost will also be there.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
So.
operator
Any other wish you can go ahead with your question. Sorry.
Ganesh Namarsekha — Analyst
No, no. I think there was a disturbance so sir got interrupted in between. Yeah.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Yes. Yes.
Saket Kapoor — Analyst
Now you know you can.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
You can answer it. Hello. Hello.
Ganesh Namarsekha — Analyst
Yeah, so I. I’m just very keen to know that when accuracy of that 11 to 12 will come in what you are. And the first question which I asked what is your outstanding in your working capital and your term loan at this stage maybe in December or maybe as of January also.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Bigger than.
Ganesh Namarsekha — Analyst
Would you be able to prepay something with your profits and everything we have.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Been doing this prepayment.
Ganesh Namarsekha — Analyst
Oh very good, Very good, very good. And working capital utilization.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Utilization. Okay.
Ganesh Namarsekha — Analyst
Separately I will take the total total outside in that.
Saket Kapoor — Analyst
I’ll take it separately.
Ganesh Namarsekha — Analyst
No problem, sir. Okay.
operator
Thank you. Next question is from Pratik Daria please go with your question.
Dipesh — Analyst
Thank you. Price impact I think previous participants Steel impact or crude raw material impact and commodity cycle. Okay, take care. Thank you.
operator
Thank you. Next question is from Saket Kapoor. Please go ahead with your question.
Saket Kapoor — Analyst
With the type of benefits from solar volume uptake. Factors. Message delivery.
Dipesh — Analyst
Team.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Subsidiary.
Saket Kapoor — Analyst
Considering.
Saket Kapoor — Analyst
Presentation message Sari Prashnoka Utter Prakar but usque brand we said minority shareholders or Joby Innovation Growth Profitable growth.
Saket Kapoor — Analyst
Financial year 2027 we don’t have much capex all infrastructure is ready.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
And we.
Saket Kapoor — Analyst
Want to say that VADA plant is also profitable now because we have ramp.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Up all the capacities there.
Saket Kapoor — Analyst
So these numbers will definitely reflect in the next quarter.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Okay sir.
Saket Kapoor — Analyst
IBC product impresses higher margin and Ms. Jam and all lower side but still will be profitable segment.
Saket Kapoor — Analyst
So going ahead. We will not leave anything behind. If if IBC growth is coming up definitely we’ll grab that first and then Ms. Drum also we have the capacity and we have started Ms. Drum plant. Now we will start supply brumbada so.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
We definitely it will save on the cost.
Saket Kapoor — Analyst
December month exit in terms of the volumes.
Dipesh — Analyst
Gross cash.
Saket Kapoor — Analyst
And we understand he you have been associated and we have been doing all our best and that is why we have not planned much capex for next financial. Now it is time for us to.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Prove so this is what we have.
Saket Kapoor — Analyst
Decided and we have been following that and we will ramp up all the capacity in all the segments first only to add sir.
Saket Kapoor — Analyst
Hope sir we deliver now and and all the best to the team.
operator
Thank you. Next question is from Marjan. Please go ahead.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Yes sir.
Marjan — Analyst
Sir, are we keeping the guidance intact and are the benefits becoming visible for the new plant as well? And what will be? What are the challenges you’re seeing sir? And when will we have the largest largely completed capex in utilization for the reflecting efforts?
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
See our VADA plant is operational and.
Saket Kapoor — Analyst
It is now coming at its peak productions. So this quarter we are seeing good volumes. Plant is profitable also. So it is very. It is very. This is a good achievement that within six months we have got a profitable.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Plant and now our our capacity utilization.
Saket Kapoor — Analyst
At V also is improving above 60.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
65% and plus Ms.
Saket Kapoor — Analyst
Drum plant we have just commissioned and that also we are ramping up and we have got good opportunity from the market. The demand is good, prices are going up. So this is the right opportunity to.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Scale up the production and capacity utilization.
Saket Kapoor — Analyst
This is what I can say right now.
Marjan — Analyst
What is your average realization sir for this quarter per metric.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
76, 78 IBC is a mix of.
Saket Kapoor — Analyst
Products so it is difficult to answer that.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
100 plus.
Marjan — Analyst
So this quarter we have seen a very good improvement in the gross margins. Yeah due to other increasing the other expenses or the overheads. We have seen the margin being neutral.
Saket Kapoor — Analyst
It is largely due to financial impact which has not been.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
It has not been offset by the benefit which was which was supposed to.
Saket Kapoor — Analyst
Get from solar partner. So that is why you can see that difference.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
But so generation is already there.
Saket Kapoor — Analyst
It is getting banking with the government department the moment we sign the agreement with them start coming up in the probably in the next quarter.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
You will definitely see.
Marjan — Analyst
So for next quarters can we see the operating leverage coming up like yes, absolutely.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Absolutely.
Marjan — Analyst
So we are expecting around 10 to 11 EBITDA from next quarter onwards.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Hopefully. Yes. Okay.
Marjan — Analyst
Q1FY27.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
2027 will be good year for.
Saket Kapoor — Analyst
For us, for you and for everybody.
Marjan — Analyst
Thank you so much sir. And all the very question.
operator
Thank you. Next question is from Dipesh and please go ahead.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Yes sir.
Dipesh — Analyst
So a couple of questions. How’s the demand right now with especially when the tariffs have been open.
Saket Kapoor — Analyst
Yes, demand is good. In fact we are getting good demand volume from Bada also. So this.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
This.
Saket Kapoor — Analyst
This gives gives us a good confidence that in coming months also demand will be there. And this is a being. This is the last quarter for the financial year. All the companies will ramp up their capacity utilization. So hopefully this quarter will be. Definitely will be good for us also.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
And for the other companies also.
Dipesh — Analyst
I’m just saying. Qk the. Because the US tariffs have been lowered now most of the companies will start their exports from March. How’s your demand? Because obviously they’ll be placing orders with you. Then they’ll be able to put their material.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Prices.
Dipesh — Analyst
But they have almost up to 10% in polymer or.
Saket Kapoor — Analyst
Monday.
Dipesh — Analyst
So overall last quarter steel or polymer difference.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Okay.
Dipesh — Analyst
Great. Great. Somia, if you can send me the IBC and polymer volume numbers from J. It’ll be great. All the very best, sir. All the very best.
operator
Thank you. Next question is from Ganesh Nagasekar. Please go ahead.
Saket Kapoor — Analyst
Definitely start reducing because now our recycling plant has also started. So it will start reducing slowly and gradually.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
As we. As we increase our production that recycling it will start decreasing this way.
Ganesh Namarsekha — Analyst
Will it go from 1.5 to 0.5 or what would be the quantum of the degrees?
Saket Kapoor — Analyst
That is difficult to ascertain right now because we have not made any chart of that. We’ll definitely get back to you on.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
That if you need any. Understood.
Dipesh — Analyst
Got it.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Got it.
Ganesh Namarsekha — Analyst
And so broadly in terms of the cost you said you’ll save around 3 crores on solar for this quarter recycling. If you could modify the benefit that.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
You’Ll get in crores as of now.
Saket Kapoor — Analyst
I don’t have the numbers of that exactly. For recycling we’ll definitely get.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Understood.
Ganesh Namarsekha — Analyst
And the. The 3cr GST benefit that we get, how does that get accounted in our books? Does it show straight to the top.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Line or how does it do? Can you Repeat the question?
Ganesh Namarsekha — Analyst
The 3cr you said you get a 3cr GST benefit rate from the vada plant.
operator
Thank you. Next question is from Saket Kapoor. Please go ahead.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Sir.
Saket Kapoor — Analyst
Employee cost and all utilization levels improve.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Out.
Saket Kapoor — Analyst
Revenue Growth maybe March quarter May Amari Amari to apply next week. Samara. Environment. The impetus to growth is there and now it is for us to catapult on the capture the story going ahead. Okay. Across all the verticals.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Yes, absolutely. It is time for us to prove now. Oh.
operator
Thank you sir. Next question is from Ganesh. Please go ahead.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Oh no. All my questions answered. Thank you.
operator
Okay then I think that was our last question for the call.
Ganesh Nagasekar — Analyst
Sorry, sorry.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
I have a question.
Ganesh Nagasekar — Analyst
Can I ask that?
operator
Yeah, yeah, yeah.
Ganesh Nagasekar — Analyst
So I’m Anish Manka Basically sir for as our VADA plant of LADA plant key utilization phase 2 or phase 3 performance.
Saket Kapoor — Analyst
Focus on performance on in the next financial year. We have the space available and the moment we think that we need to add certain machinery it will.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
It will not take much of a capex.
Saket Kapoor — Analyst
So we will start implementing and putting machines there.
Ganesh Nagasekar — Analyst
Got it sir. So customers on margin profile plant 100 capacity utilization. Margin from a margin standpoint.
Saket Kapoor — Analyst
And IBC’s.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Margins are more or less same whether.
Saket Kapoor — Analyst
It is coming from Baruch whether it.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Is coming from VADA and more capacity.
Saket Kapoor — Analyst
Utilization the better the margins Is margins more or less same. We will get an added benefit which is coming from the price advantage plus the solar benefits that will definitely add up. Whatever we are saying will achieve that.
Ganesh Nagasekar — Analyst
Got it. So so basically acquire customers discounting and that’s where I believe pricing advantage will come percentage increase.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
So clear picture. Yes sir.
Ganesh Nagasekar — Analyst
Thank you so much.
operator
Next question is from Devesh. Please go ahead.
Ganesh Namarsekha — Analyst
So two things I want to ask. How is the recycling plants feedback or how is your take on that and the customers and the entire supply chain.
Saket Kapoor — Analyst
So how is it that recycling plant.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Is now operational and it is 100 successful.
Saket Kapoor — Analyst
We are doing our own material recycling right now and in coming months or I would say in coming days we will start procuring from material from the.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Outside from our customers and then we.
Saket Kapoor — Analyst
Will start producing this recycling material and start giving them solution what customers are.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Looking forward from us.
Saket Kapoor — Analyst
We have been in advance discussion with all our customers and they are very.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Excited about this project.
Ganesh Namarsekha — Analyst
So the entire benefits you are seeing that is coming in 27.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Yes. Yes, definitely.
Ganesh Namarsekha — Analyst
And what is the volume growth and number growth we are anticipating in 27. Entire 27.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Okay.
Ganesh Namarsekha — Analyst
And that will be at what capacity utilization will be and all inclusive you saying.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Fantastic, fantastic. Fantastic.
Ganesh Namarsekha — Analyst
I. I’m through with my question sir.
Dipesh — Analyst
Thank you.
operator
Thank you. We’ll take this as our last question and I’ll hand it over to Jaisa for the closing remarks.
Saket Kapoor — Analyst
Dear friends, thank you for your questions and hopefully we have answered all your.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Questions to your satisfaction.
Saket Kapoor — Analyst
Only one thing is that you have not seen the result as you expected but then now we have ramp up all the capacity utilization capacity.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
The Capex.
Saket Kapoor — Analyst
Capex has been done and from this quarter, the coming quarters we will start giving you what you have desired and hopefully then you will come up and say good result about it.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
That’s.
Saket Kapoor — Analyst
That’s all.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
I don’t want to say anything more. Thank you so much. Thank you sir. Namaste.
Saket Kapoor — Analyst
Hello Soumya, you can disconnect now.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Thank you.
operator
Thank you.
Saket Kapoor — Analyst
Thank you so much.
Jaiprakash Agarwal — Whole-time Director And Chief Financial Officer
Thank you. Okay, bye.
Ganesh Namarsekha — Analyst
The recording has stopped.
Dipesh — Analyst
Sarah.