Sejal Glass Limited (NSE: SEJALLTD) Q3 2026 Earnings Call dated Feb. 18, 2026
Corporate Participants:
Ganesh Nalawade — Investor Relations
Amrut Gada — Promotor
Chandresh Ramji Rambhia — Chief Financial Officer
Unidentified Speaker
Analysts:
Dhanraj Tolani — Analyst
Raj Shah — Analyst
Rohit Bahirwani — Analyst
Harshit Singhania — Analyst
Umakant Sharma — Analyst
Raheel — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to Q3 and 9 months FY26 Results Conference Call of Sejal Glass Limited hosted by Kirin Advisors. As a reminder, all participant line will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Ganesh Nalawade from Kirin Advisors.
Thank you. And over to you, sir.
Ganesh Nalawade — Investor Relations
Thank you. On behalf of Kirin Advisors, I welcome you all to the conference call of Sejal Glass Limited. From the management team, we have Mr. Amrut Gada, Promoter of the company, and Mr. Chandresh Rambhia, Chief Financial Officer. With that now, I hand over the call to Mr. Amrut Gada for the opening remarks. Over to you, sir.
Amrut Gada — Promotor
Thank you. Good afternoon, everyone, and a very warm welcome to all our investors, analysts, and the shareholders joining us today for the Q3 and 9 months FY26 earning conference call of Sejal Glass Limited. We sincerely appreciate your continued trust and support. Sejal Glass has been enhancing space and building trust over two decades. We are engaged in manufacturing high-quality architectural glass solutions catering to a wide spectrum of end-user industries, including residential and commercial real estate, public infrastructure, industrial plants, hospitals, financial institutions, high security zones, educational institutes, data centers, and laboratories. With the state-of-the-art manufacturing facilities in India and the UAE supported by over 150 supply chain partners and a strong client base of more than 500 customers, we have built a scalable and resilient ecosystem.
Under our product portfolio, we offer a comprehensive range of high-performance architectural glass solutions, including toughened glass, laminated safety glass, insulated glass units, digital printed glass, and decorative and specialty glasses. Our advanced manufacturing process such as precision cutting and shaping, specialized treatments, lamination and insulating glass assembly, enable us to deliver quality products that balance safety, durability, thermal efficiency, and aesthetics. The increasing preference for the value added and performance glass continue to align well with our core capabilities. Coming to our financial performance for the nine-month-ended financial year ’26, we reported total consolidated income of INR284.51 crore with EBITDA of INR46.60 crore showcasing EBITDA margin of 16.38%. The company has reported an operational PAT of INR17.61 crore.
During the quarter end 31st December 2025 the company has allotted 13 lakh equity share of face value of 10 each by way of preferential issue at an issue price of 555 per share including a share premium of 545 per share, aggregating INR72.15 crore to the promoter and non-promoter group. The company has received the listing permission for the said equity shares from Bombay Stock Exchange and National Stock Exchange. Further, the company has allotted 4 lakh warranties warrants convertible into equity shares of face value of 10 each by way of preferential issue at an issue price of 555 per warrant, aggregating the INR22.20 crores to the promoters and the promoter group as per the agreed terms.
During the time of issuance of the warrant, the company received an upfront payment of 1 crore 38 lakhs 0.75 per warrant, representing 25% of the warrant issue price amounting to 5.5 crore, and balance 75% will be received among the exercise of the warrant. From an industry standpoint, the environment remains supportive. In India, residential real estate sales across major cities have remained healthy with premium and mid-income housing witnessing a steady demand. Commercial real estate leasing particularly in office space and data center continue to show a resilience.
The data center segment alone is seeing strong capacity additions driven by digitalization and cloud adoption, which directly supports demand for high-performance facade and insulated glass solutions.
Infrastructure activity remains robust with continued investment in airports, metro rail, hospitals, institutional buildings, cruise terminals. There is also a clear shift towards energy efficiency and sustainable construction, with green building certifications and stricter building code encouraging the adoptions of double-glazed and solar control glasses. Rising temperature and energy costs are further accelerating demand for insulated and laminated glass solutions that improve thermal efficiency and reduce energy consumption. In the GCC region as well infrastructure expansion, hospitality projects and commercial development continue to support demand for architectural glass. Capacity utilizing trends across the industry remain stable and there is a noticeable performance of the company in value-added segment, which aligns well with our strategic focus.
Looking ahead, we remain optimistic about our long term growth trajectory. Our focus will continue to be on improving utilization levels, expanding our presence in key metros and JCC region, strengthening the relationship with the architect and developers, and enhancing our value-added product mix. We will also continue investing in technology, process optimizations, and operational discipline to improve efficiency and margins. At Sejal Glass, our objective is not just to manufacture glass but to deliver solutions that enhance space with the safety, performance, and design excellence. With improving industry tailwinds, a strong manufacturing backbone, and a disciplined execution strategy, we believe we are well positioned to capitalize on emerging opportunities and create sustainable long-term value.
On that note, I would like to thank all of you once again for joining us today. I now open the floor for the questions. Thank you.
Questions and Answers:
Operator
Thank you so much, sir. Ladies and gentlemen, we will now begin with the question and answer session. [Operator Instructions] Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. Our first question comes from the line of Dhanraj Tolani from Kuber Advisors. Please go ahead.
Dhanraj Tolani
Yeah, thank you, sir. So I just have a couple of questions with me. So I’ll just start with the first one on the segmental part. So as I see, like high-value segments such as fire-rated bulletproof or digitally printed glass appear strategically important. So could you explain the revenue potential, margin profile, and even entry barriers in these seg?
Amrut Gada
See, we have tie up with one of the Spain technology provider company for the fire product. So this fire product production will start, I think, after yet three months or in the first quarter of next finance year. Bulletproof. Our testing has been done, and now we are approaching in the market. And third item is a digital printing. Digital printing already we have started the production which the production line was in the glass tech facility, Taloja which we have acquired. So all these three fronts the real, you know, profitability and the market share or the impact on the EBITDA will start coming I think from the next finance year.
Dhanraj Tolani
So how do we plan to scale these niche products from approval and certification to customer education and what — like when do we expect them to start contributing meaningfully to the profitability?
Amrut Gada
I think Q3 of next finance year.
Dhanraj Tolani
In the medium term, you can say.
Amrut Gada
Yeah, medium term, yes, but digital printing already started little bit of contributions but yet the more contribution will come in next finance year.
Dhanraj Tolani
Okay, okay.
Amrut Gada
We have to project, and we have to take the approval. Certain approval is from the government. In different, different country, there is a different rules for the related to the fire. Yeah, and also in the fire product we have to tie up with some certain fabricator. So whole ecosystem will work with fire installation.
Dhanraj Tolani
Okay. And like in this competitive market, are you facing any competition from China or any global major?
Amrut Gada
No, we are facing competitions from the global. Even the Saint-Gobain has also the fire product, and certain organized players in India is also — Chinese player are also there. But the production capacity versus the market in India is a total different. So yet we are not getting so much pressure on the competition because our market share is very limited as on today. Once we grow by 25% market share or more than that, then we will have a more pressure from the competition.
Dhanraj Tolani
So like what do you believe? Like how defensible competitive advantage we are having? Like how are we strengthening these like over time? I would say. Are you doing any — anything to gain market share of whether meaningfully increasing our business?
Amrut Gada
No. See particularly looking at the market. First of all, we focus in last two, three years we are focusing on the product quality number one. Number two service. This service includes lead time, third, after sale services and particularly certain sampling and mock up to be installed on the project. So there is — one is our competitive advantage. Second, the technology. All technology what we have mostly from the Europe. Third part. The people, the team. What we have either in the sales or either in the production. The production team on the skilled labor force and supervisors and system and process.
Yeah. And experience this thing. And a certain level the brand recall of as a Sejal Glass. And fourth geographical advantage. We have now three units in India. So we are in the south. One is in Taloja, one is in Silvassa. So that advantage also. And the capacity. So particularly now I can say that we are the — in tempering, I think we are the largest capacity. Bigger project requirements come.
Dhanraj Tolani
Hello.
Amrut Gada
Yeah.
Dhanraj Tolani
Also, if I could see like YoY, your depreciation cost has increased significantly. So are we capitalizing any fixed asset amount or anything else?
Amrut Gada
No, no, no, it’s not such a thing. I think the CFO will answer everything.
Chandresh Ramji Rambhia
Yeah, so the depreciation is not increasing to that extent. The only impact is the capitalization, which was done in the first quarter in regards to Sejal, UAE. There is a facade facility. But we had capitalized in the first quarter end. So the only impact was that only. And apart from that, the Glasstech acquisition, which we did in May and June. So started from June and July. So the impact of that also. So the full quarter comes only in this…
Dhanraj Tolani
Got it. And also if, like, let’s say Glasstech ramps up. So how will its product mix and utilization profile and the margin trajectory compared with the — like our company legacy operations?
Chandresh Ramji Rambhia
The margin will remain more or less same. Only thing is that the project flow will be more in the Glasstech units like in Taloja. At many places the Glasstech brand is specified or registered. So we are getting that such kind of response. So the orders are coming in the name of Glasstech.
Dhanraj Tolani
Sir, one last question from my side. So I just wanted to know, like, once the acquired units have been, let’s say, stabilized, so how meaningful they can become to consolidated revenue and EBITDA over the time? And what time frame we can consolidate revenue and EBITDA? Like we can contribute meaningfully.
Chandresh Ramji Rambhia
So you want to say next year.
Dhanraj Tolani
Okay, so are we expecting any number or like consolidated number revenue and EBITDA?
Chandresh Ramji Rambhia
For the next year guidelines?
Dhanraj Tolani
Yeah, yeah.
Chandresh Ramji Rambhia
That we can give it only in the first quarter of the — after the first quarter.
Dhanraj Tolani
Okay. Like FY27.
Chandresh Ramji Rambhia
Yes. Because we are working, we are realigning our targets.
Dhanraj Tolani
Got it. Got you. Okay, sir, thank you. Thank you. That’s all from my side.
Operator
Thank you. [Operator Instructions] Our next question comes from the line of Raj Shah from Shah Venture. Please go ahead. Yeah, hi, good afternoon, sir.
Amrut Gada
Good afternoon.
Raj Shah
Hello.
Operator
Yeah, yeah, good afternoon.
Raj Shah
Sir, can you tell me from a medium-term perspective how do you see demand environment for architectural glass evolving across residential, commercial, infrastructure and data center segments, and which of the segments are likely to drive incremental growth over the next two to three years?
Amrut Gada
See, particularly if we see the real estate infrastructure and data center, every day in the newspaper we read that this data center or this company is setting this data center. This real estate project has been launched by this company. This infrastructure investment has been declared by central government or the state government. So in line with the thought of the Viksit Bharat 2047 everywhere, particularly metro city to 2 tire city to every government infrastructure projects or every prominent municipal corporations of India are now in mode of growth and real sector is growing very fast, particularly in the metro city on the luxury test, higher — high rise buildings, bigger flats and everything that is contributing very high on the — our product.
So even what we are calculating while acquisitions or increasing the capacity that if India maintains 7.5% or 7% GDP, we will have a growth in our sector. And firstly, then again the hospitality, hotels, hospitals, health, education, number of universities are coming in India.
Raj Shah
Okay. And sir, can you also speak on like international revenues continue to form a significant portion of the business also? So how do you see the India versus overseas revenue mix evolving over time, and what would be a comfortable long-term balance from a risk and margin standpoint as well?
Amrut Gada
See the — particularly from the last six to seven quarters, the contribution from UAE is very high, which gradually will reduce, and with this our 2F acquisitions of Taloja and Erode and also future acquisitions, I think going forward in next two years mostly it will be equal both the side, India will be the same, and UAE will be also same or there will be 55/45 or the reverse, 45/55, on turnover.
Raj Shah
Okay. And also I want to know about the raw material costs. Like raw material costs are key inputs. Right. So how does your pricing and pass-through mechanism work in practice? And how do you balance competitiveness with the margin protection during periods of volatility?
Amrut Gada
As such, there is not much volatility because the raw material is more or less available in India. And secondly, now we have for the major raw material, which is 55% of our raw material is glass. For that we have now sole supply agreement with Saint-Gobain. So they are the largest in India for the glass manufacturer, and they are supplying us all the clear glass and then coated glass on time and before time. And also being a market leader, Saint-Gobain, they also vigilant on the import quantum, what is coming and what is not coming.
So their pricing are more or less open on looking to the demand and supply and the import quantum or other players’ supply. So one of the reasons for agreement with the Saint-Gobain was the continue and reasonable price raw material supply to us. And some of the very unorganized competitors sometimes reduce the price. But that doesn’t impact much more on us. And we are in a very niche market. So very organized developers, big projects where the quality is required, timely delivery is required. Then the performance of the glass itself is on different level.
So there much more competitions is not there particularly on the differences of the pricing of the raw material.
Raj Shah
Okay, that’s great. And can you walk us through the current capacity utilization across key product lines and geographies? And also I want to know about, like, how you identify where the — where is the biggest headroom for growth exist without significant capex?
Chandresh Ramji Rambhia
Yeah, so the current capacity are in our product wise and the unit wise are different. So as of now we are almost at 90% of utilization of our lamination line in Silvassa. Whereas Taloja is still underutilized at 10%, and our IG glass is around 28% in Silvassa and the Taloja it is still on the 16%. Overall our toughening capacity utilization is more than 60% in Silvassa and around 30% in Taloja and Erode. Whereas our capacity utilization in UAE almost 90% our IG product which is the wholesaling product and the lamination products. So 90% utilization in capacity in our UAE segment in IG segment.
Raj Shah
Okay, okay, okay. So yes, thank you so much sir for giving us the insight about the business. And yes, that’s all from my side. Thank you.
Chandresh Ramji Rambhia
Thank you.
Operator
Thank you. Next question comes from the line of Rohit Bahirwani from Vijit Global Securities. Please go ahead.
Rohit Bahirwani
Yes, thank you so much for giving me the opportunity. I think the previous con call, the management has told that you are working in one of the acquisitions, which was under due diligence stage. So any update regarding that? Whether we are about to complete that acquisition in the near future.
Amrut Gada
So we have one plant, the due diligence is over. Certain legal process is also on, so on certain valuations point and certain legal point, the deal is on process. So it’s in the discussion. Maybe we can get a result in a month’s time.
Rohit Bahirwani
So anything with respect to capacity or revenue potential there if you could share or it is too early to ask right now?
Amrut Gada
That is working on. But you know, this year more or less consolidated, we are going to touch 400 or little bit plus and we are looking minimum 25% growth next year. Minimum.
Rohit Bahirwani
Okay, okay, understood. And I have one more question on…
Amrut Gada
[Speech Overlap] more growth.
Rohit Bahirwani
Sir, your voice was not clear in the last.
Amrut Gada
With the one more acquisitions, I think the growth will be about 25% but if the acquisition is not coming though there will be minimum 25% growth.
Rohit Bahirwani
Okay, understood, understood. So I had one more question on the debt side. Currently we have total borrowings, including the lease liabilities, of around INR220 crores, INR230 crores which includes certain debt from the promoter group companies. So any timelines with respect to repayment of these borrowings maybe in next one or two years?
Chandresh Ramji Rambhia
No. So see in — presently in December quarter we had already repaid some of the promoter loans of around INR28 crores from the fund what we had raised from an equity and the warrants. So now the borrowing in Sejal Glass India per se, it is only in regards to a banking borrowing.
Rohit Bahirwani
Okay, okay, that’s it from my side. Thank you so much and all the very best.
Chandresh Ramji Rambhia
So long-term, the loan is already under the repayment through the scheduled payments. And the cash rates limits are revolving as for the business.
Unidentified Speaker
Debt equity has been changed.
Chandresh Ramji Rambhia
And because of the incision of these funds of around INR77 crores in the last quarter of this year, the debt equity ratio has been completely changed. So now our present debt equity is around less than 0.05 against our previous debt equity.
Rohit Bahirwani
Okay. Okay. That helps. Thank you so much, sir. All the very best.
Operator
Thank you. Our next question come from the line of Harshit Singhania from RoboCapital. Please go ahead.
Harshit Singhania
Hello. Am I audible?
Chandresh Ramji Rambhia
Yes.
Harshit Singhania
Yeah. Thank you for the opportunity. Sir, I just wanted to ask if you could give a bifurcation of margin according to the product.
Chandresh Ramji Rambhia
According to the product?
Harshit Singhania
Yeah, like product segment.
Chandresh Ramji Rambhia
The product segment. The IG will be the…
Operator
Ladies and gentlemen, the management line has been disconnected. Please stay connected. I’ll reconnect the line. Thank you. Ladies and gentlemen, the management line has been connected again. Thank you. And over to you, sir. Sir, you may please proceed.
Harshit Singhania
Hello?
Chandresh Ramji Rambhia
Yeah, sir. So as I said that the IG glass will be having more margin as compared to the other toughened glass. Because it is further validation in the form of glass.
Harshit Singhania
Okay. And sir with the new high value products coming up, are they expected to be of higher margin or around similar line?
Chandresh Ramji Rambhia
No. So the new product like fire-rated and the bulletproof will definitely give a higher margin.
Harshit Singhania
Is there like any number we can place on this? Like.
Chandresh Ramji Rambhia
No. As of now we are not able to give any guidance on that because the fire rated will start only in the first quarter of the next year. So then the strategy and the marketing and the market will be based on that. We will give. We are still working on that.
Harshit Singhania
Also, sir, around blended margin lines. Another like has like around 35% margins. 32% to 35% margins. Like do we think we can reach around there or is there any reason why we are making significantly higher margins? I think we have guided for 18% in the last call.
Chandresh Ramji Rambhia
So that’s what we are. We are in the EBITDA in the range of 17% to 18%. And that will be improved further as and when our capacity utilization increases especially in our — the new acquired units like Taloja and Erode, so there is a scope of increment in the EBITDA margin of around 1% further.
Harshit Singhania
Okay. So we can improve like around a few percentage points.
Chandresh Ramji Rambhia
Correct.
Harshit Singhania
Okay. So that’ll be also my side. Thank you for the opportunity.
Chandresh Ramji Rambhia
Thank you.
Operator
Thank you. [Operator Instructions] Our next question come from the line of Umakant Sharma from Viansh Ventures. Please go ahead.
Umakant Sharma
Hi chief. Thank you for the opportunity. Couple of quick questions. Could you just — just starting with one bookkeeping question. The Glasstech consolidation happens at the standalone level. Is that correct?
Chandresh Ramji Rambhia
Standalone means the Glasstech acquisition is in Sejal Glass India Limited specially and overall the consolidated result includes the — all the units of India as well as the UAE unit.
Umakant Sharma
Perfect. Perfect. So just one understanding. You know we’ve been talking about the India business. We have enough capacity, we have acquired capacity as well in the India business. But somehow we’re not seeing the numbers getting translated. The growth is not stemming in. And while the growth is — has been a miss, the margins have been — have further been eroded in the domestic business
Chandresh Ramji Rambhia
So that’s why, because, see, Glasstech units like Taloja and Erode has been acquired only in the month of June and July.
Umakant Sharma
Correct.
Chandresh Ramji Rambhia
So just six months have been passed. So we are still under the consolidation stage of the our strategies and the revenue and the overhauling of the existing plants and realigning the product process and the manpower and the material alignment and the machines. So all the reengineering things are going at the current level. And so we are expecting that from the next year onwards you will be able to see the growth in the numbers as well as the margin. Because as of now there are some EBITDA level losses which are captured under this quarters.
Umakant Sharma
Okay, so if I may ask you this question. What would our margins be ex of the Glasstech within the India business?
Chandresh Ramji Rambhia
Sorry.
Umakant Sharma
Ex of Glasstech, what the margins are in the India business and how much the India business ex of Glasstech we have grown.
Chandresh Ramji Rambhia
As of now the margins are EBITDA level at just 2%, 3% because the capacity utilization is less than 20%.
Umakant Sharma
That is excluding Glasstech we are talking, right?
Chandresh Ramji Rambhia
Yeah. So we have potential to generate more than INR150 crores of revenue and EBITDA will be around in the range of 15%.
Umakant Sharma
Got it. And can you just talk qualitatively? How are we seeing the scale up and what exactly are we doing to drive this growth? You know, because going from 20 crores number to an almost negligible margins to 150 crore which you are guiding for that’s a huge jump we are talking about. So what exactly needs to happen to drive this growth?
Chandresh Ramji Rambhia
So to drive this growth is the market opportunity is already there. So there is a growing demand for the product. And just after realigning our internal systems and process, we’ll be definitely able to capture that growth in the market. The real estate segment or a construction boom or the other development as in the form of like railway infra, airports, everything is coming in a big way in India for next at least three years; we’ll be able to capture that growth story.
Umakant Sharma
Okay, okay. And secondly, we’ve been talking about this railway-grade, railway-side pitching to Vande Bharat and all of that. Could you talk any update on that front?
Chandresh Ramji Rambhia
So yes, our products are being approved and we had already started supply. But eventually, as of now the contribution is very less. But definitely in the coming quarters it will be — gradually it will increase further. So yeah, it is in a continuous process like bidding in the every time in the process and getting more and more orders and the acceptance of the product in the system.
Umakant Sharma
Okay. Got it. And this is a tender based business, right?
Amrut Gada
Yes, yes.
Umakant Sharma
So who are competing in this segment?
Chandresh Ramji Rambhia
There are unorganized players basically who are competing in this segment. There is no organized [Technical Issues] into this segment.
Umakant Sharma
Got it, got it. And thirdly, could you just talk a little bit about the UAE business? How are you seeing the scale up there? And since I think earlier you mentioned that we have already hit a 90% utilization in UAE. What is the next plan of action over there? And also parallelly the sustainable margins. Because if I were to look at the margins, while YoY has been a huge jump, there has been a fair bit of moderation Q-on-Q level just on the UAE business. So if you could just throw some color around that?
Chandresh Ramji Rambhia
UAE business, as I said that the — our IG product is at 90%. So we are adding a capacity in the form of tempering line. So that is going to commence in the first quarter of the next year. It has already been on the way for the installations. So that will add up our capacity in toughening. And once the toughening capacity is added, the IG line, we had already two IG lines. The second IG line will also start running well. And definitely that will give around the 20 to 30. Sorry 20 to 30 million business next year further.
Umakant Sharma
Okay, sure. Thank you. That’s it from my side.
Chandresh Ramji Rambhia
Thank you.
Operator
Thank you. [Operator Instructions] Our next question comes from the line of Raheel from Sapphire Capital. Please go ahead.
Raheel
Sir can you just give me a sense on what our consolidated margins can be next year with all the new acquisitions capacities coming in.
Chandresh Ramji Rambhia
So we are targeting EBITDA of around 18%.
Raheel
Okay. And so when you said the 25% growth can be exceeded with the new acquisition. So the margins will still be targeted at 18% or that will also increase.
Chandresh Ramji Rambhia
So it might increase by half percent. But as of now we are on a conservative side. 18% definitely will be achievable.
Raheel
And this new acquisition, if in case which comes in is targeted for which product line?
Chandresh Ramji Rambhia
The product line will be the similar line of business. So we are not diversifying….
Raheel
Okay. It’s okay. So it will be all the same.
Chandresh Ramji Rambhia
Reach will be expanded kind of thing.
Raheel
And I’m not sure if I have the percentage of exports. I think I missed the percentage of export revenue of our total.
Chandresh Ramji Rambhia
Export as such we are doing from UAE unit, nearly around — as of now it is not contributing more than 10% because UAE itself is consuming the entire production. So almost 90% is within UAE and the — all the seven emirates. Apart from that the export in the nearby GCC country and to some extent other countries.
Raheel
Okay. And for FY26 which is this year, are we confident that closing. You said 400 crores top line but then EBITDA margins 15% can be sustained or will you [Speech Overlap]. Is there room for a slight more, you know, improvement in overall margins?
Chandresh Ramji Rambhia
Margins will improve will to further by around 1%. We are expecting 16, 16.5% consolidated EBITDA margin on a turnover of around INR400 crore.
Raheel
Quarter four is really the strongest.
Chandresh Ramji Rambhia
Generally quarter four is strongest.
Raheel
Strongest. Okay. Yeah. And just one clarification. You mentioned there’s potential of INR150 crores of business in at I believe with margins of 15%. That is Indian business can reach that. Right. At optimum utilization.
Chandresh Ramji Rambhia
Yes. Yes.
Raheel
Right. Okay. Okay sir. Got it. Thank you so much all the best.
Chandresh Ramji Rambhia
Thank you.
Operator
Thank you. [Operator Instructions] As there are no further questions from the participant, I would like to hand the conference over to Mr. Ganesh for the closing comments. Thank you. And over to you, sir.
Ganesh Nalawade
Thank you everyone for joining the conference call of Sejal Glass Limited. If you have any further queries, you can write to us at research@kirinadvisors.com. Once again, thank you everyone for joining the conference.
Amrut Gada
Thank you, everyone.