Singer India Ltd (NSE: SINGER) Q1 2026 Earnings Call dated Aug. 11, 2025
Corporate Participants:
Rakesh Khanna — Vice Chairman & Managing Director
Analysts:
Chirag Jain — Analyst
Unidentified Participant
Presentation:
Chirag Jain — Analyst
Good afternoon everyone. This is Chirag Chain from MK Global. I would like to welcome you all to the 1QFY26 earnings conference call of Singer India Ltd.
Today we have with us from the management team Mr. Rakesh Khanna, Vice Chairman and Managing Director Mr. Subhashan Nagpal, Chief Financial Officer. We’ll start the call with opening comments from the management team. Post which we will open the floor for Q and A. Over to you sir.
Rakesh Khanna — Vice Chairman & Managing Director
Thank you Chirag. And a very warm welcome to everyone who has joined this call. We are extremely grateful for your continued interest in our company. Following interest from many of our shareholders and analysts, we are happy to hold our first ever earning call. I’m sure most of you have already reviewed the quarterly numbers and our investor release. At the outset, I must say that this was a highly unusual quarter with a drop in revenue that naturally impacted our profitability. Let me walk you through the key highlights category by category. In the sewing machine category we recorded a strong growth. In the promising zigzag segment, revenue grew by a healthy 38% globally. The domestic swing market is dominated by zigzag models and we believe they represent the future of the domestic segment of swing machines in India as well. This growth was further supported by the introduction of Husvarna Viking sewing embroidery machines which have gained strong traction in a very short time. Both Husbarna Viking and FAF are outstanding global brands and we look forward to building on this momentum with them. In the traditional cast iron sewing machine segment, the revenue declined. However, I am pleased to share that we secured a significant purchase order of 2.8 lakh machines which is approximately 200 plus crores under the Pradhan Mantri, Vishwakarma, Rojas, Yojana, what we call PMY representing 70% of the total requirement under the scheme. During the quarter, our trade partners did not receive other state, government or institutional bulk orders which appear to have been postponed in light of the PMI rollout. This absence of regular institutional demand was a major factor in lower sales of this segment. While taking note of the fact that the PMY order is currently subjudiced in court, there is no stay on supply and we have already commenced deliveries as per buyer’s schedule. In our continued effort to bring excitement in the market with innovation, we have introduced colored machines at the same price point as traditional black models. The response has been encouraging with over 10% of sales now coming from colored variants. We are also introducing other exciting models like square arm link machines which is a completely redesigned machine and we hope all of them will bring further interest in this category. In the industrial sewing machine category, we achieved more than 29% revenue growth in last year financial year 202425 however, this quarter remained flat compared to last year due to high trade inventory following bulk purchases by trade at the year end in March 2025, while primary sales were flat, secondary sales continued their growth strength. We also launched multi needle embroidery machines which we believe will strengthen our position at trade level going forward. Overall sewing machine revenue declined by 4% primarily driven by cast iron segment decline, but we are confident of more than offsetting this in the coming quarters. Importantly, we maintained gross margin at the same level as the corresponding quarter last year. In appliances, the quarter was impacted by shorter summer and intermittent rains which hurt cooling product sales. This led to higher trade inventory, blocked warehouse space and tight dealer cash flows affecting not just cooling products but other categories as well. On the same counters, revenue in appliances declined by 14% primarily due to cooling segment gross margin dropped by 100 basis points mainly due to adverse product mix from lower sales of high margin cooling products, overall expenses were well controlled. The increase we saw in the expenses was mainly due to higher brand promotion spends which was in line with our strategic intent. E Waste compliance cost and additional frontline support for sales and service, particularly the zigzag embroidery and industrial machine segments which are the future growth areas. Unfortunately, we had a fire incident in our Delhi office. Thankfully no one was injured and business operations remained unaffected. All data was securely stored on the cloud. While the office is currently non operational, we have shifted to a temporary location until a new permanent office is ready. I want to thank our team for their patience, understanding and solidarity during this period on the BIS licensing front for zigzag machines, I want to inform you that we have sufficient stock and are confident of maintaining healthy inventory levels to ensure uninterrupted supply in the appliances category. To strengthen our presence in high potential fan segment, we have onboarded Sunil Singh who brings over 30 years of industry experience. In the coming months, we plan to ramp up our fans lineup to drive growth in this category. In summary, we believe this quarter revenue drop is transitory and not indicative of our underlying growth momentum. Our underlying growth drivers remain strong and we are confident of delivering on our plans for the rest of the year. Thank you. We can now take up your questions.
Questions and Answers:
Operator
Thank you. We will now open the floor for the question and answer session participants. If you have a question, please take the raise hand option. In the reaction style. We have our first question from the line of Anurag Sheda sir, please go ahead.
Unidentified Participant
Hello.
Rakesh Khanna
Hi Anurag.
Unidentified Participant
Thank you for the opportunity. I wanted to ask what percentage of your overall revenue are you targeting from the home appliance segment in next two to three years?
Rakesh Khanna
See, our current home home appliances segment is reasonably small and we are building upon this. However, appliances is going to be a growth segment for us because that’s where the potential lies. While the appliances will grow at a faster pace, the swing machine is also going to continue to grow at a faster pace. Because we see a lot of potential in the swing machine category as well. We’re going to be focusing on the industrial category, on the zigzag category and and even the black category.
So the growth momentums in both of them are going to be equally high and I do not see a very major shift coming in sometime in the appliances versus swing machine revenue. However, a lot will depend on the kind of traction we build up on fans business which is going to be our growth driver. So it’ll be difficult to give you exact figures, but the growth from both the segments is going to be high and that is going to result in not a very significant shift in the mix of sewing machine to appliances business. I hope you I have answered your question.
Unidentified Participant
Okay, I have one more question. What new products are you plan planning to launch in the home appliance segment?
Rakesh Khanna
Okay, so in terms of categories, we are not changing much of the category, but. The focus area, as I said, is going to be fans. On top of it all in France, we are launching a full portfolio of 68 SKUs which will be launched in the period of next two to three months. That’s going to be our biggest focus area. Apart from that, we are continuously building up on the cooler segment which we believe is a very, very profitable and high growth segment. We are also going to be building up on the heating products and in the kitchen appliances. So there are growth plans in each one of them and we are going to be building up on SKUs on each one of them. Electric iron is another category where we are pushing in because that’s very much related with the sewing machine category. So that’s where we are launching some very unique products. Steam generator is going to be launched in, in. In the coming few months and you will see some more products coming there.
Unidentified Participant
Okay, thank you very much.
Operator
Thank you. Next question we’ll have from the line of Ashok Jain. So please go ahead.
Unidentified Participant
Hello.
Rakesh Khanna
Yes.
Unidentified Participant
Am I audible, sir?
Rakesh Khanna
Yes, you are.
Unidentified Participant
Thank you. Thank you so much. Thanks. Thank you. Thanks for the opportunity, sir. Investor presentation of Q1 2526 slide number nine attributes a decline in Q1 sewing machine sales to deferment of some large orders. As you told before, are showing machines ready to fulfill this Deferred Order in Q2 of 2526. And will the sales from this order fulfillment be incremental to the sales we usually generate in Q2? Every fiscal say like we generate around last year Q2 we generated 106 crore. So this deferred sales, will it act with the sales? This is my first question, sir.
Rakesh Khanna
Very fine question. Yeah, thanks a lot. Yeah. So first of all is our capability to fulfill the order. If I understood your question right.
Unidentified Participant
Yeah.
Rakesh Khanna
Yes, we are fully capable of fulfilling the order. We will fulfill in line with the delivery instructions that we will receive from the vendor from. From our customer.
Unidentified Participant
Okay.
Rakesh Khanna
Okay. As of now, whatever delivery instructions we have received, the allocations that we have received, we have fulfilled them successfully and we are confident that we will be able to supply the entire requirement within the time frame as will be asked from us.
Second question is about will it cannibalize any of the existing sales? The answer is yes, to some extent it will. But to a large extent it will be incremental. Some of the government and institutional orders as I said got impacted during this period because under a very large national scheme some of the orders will not come in because they will get merged into this large national scheme. But these governments they do these orders they do not form a chunk of the total business and therefore a large part of it will be incremental business.
Unidentified Participant
But as I told before that we have started supplying Vishwakarma order also. So that is going to give us a good growth. With this growth and some sales from this pending order of Q1 are we going to have a good incremental sales in beauty of this year compared to last year?
Rakesh Khanna
That’s how it appears to be. That’s. That’s how it will be. However, I would not. I would want you to keep in mind that the distinct is still subjudice and we are looking forward to a favorable order from the court.
Unidentified Participant
But since our say this thing supplies are not impacted and we have started supplies also, but this will get resolved whatever court case is that this will get resolved over the period of time. Am I right?
Rakesh Khanna
Yes, it will get resolved over a period of time. But till such time the the matter is under under course observation. We have to wait till such time the court gives the final order. During this time the court has not put any stay and therefore we are continuously supplying as per the allocations that we are receiving from the government.
Unidentified Participant
Okay. Got it sir. Got it. And my last question sir, our Segment results of Q1 reported a loss of 2.36 crore that is in domestic appliances. So can you just because we launched CloudX in Q1 can you just give an explanation how much of this loss 2.36 crore can be attributed to the launch of CloudX Fan?
Rakesh Khanna
Very small out of this is can be attributed to loss of Cloud X fans. Most of the loss that has come is because the sale of the cooling products was very low as compared to last year. You see as such we are on a small base. We had been in negative in the last few years which we were able to successfully reduce the the losses and we were on a journey to move into positive.
Unidentified Participant
Yeah, right.
Rakesh Khanna
Because that we were anyway on thin ice. Unfavorable season impacted us. That is the basic reason for the loss in sale. But we believe that this was an industry wide phenomena. We have not been in percentages, not been as severely hit as some of the other players have been and we are confident that otherwise we are very strong and in the coming quarters we should be able to cover up.
Unidentified Participant
As we reported before that we are launching around 68 SKUs if I heard it correctly. So this can take care of cooling losses going forward.
Rakesh Khanna
Yes, this will be one of the major growth areas for us where we are significantly investing in building resources in a very short time. We are building up a very large portfolio also and we are putting ambition behind this category. It should be able to cover up the losses of Pune products.
Unidentified Participant
Thanks a lot sir. Very good explanation. I’m very happy. In case I have any more queries, I’ll come in the queue back. Thank you so much sir.
Rakesh Khanna
Perfectly right as well.
Operator
Thank you. Just a reminder to all participants, in case you have a question, please click the raise hand option in the reactions tab. Next question we’ll have from the line of Praneet. Please go ahead.
Unidentified Participant
Hello. Thank you for the opportunity. So one thing I would like to understand is I understand Singer is primarily a sewing machine brand worldwide and it’s very well recognized and it has a long legacy for it. I was curious on how it’s translating to the home appliance segment. I understand it has a very strong brand recall but how, how far is it reflecting in the brand associated with home home appliances category? Is it not cannibalizing the overall brand value as a result?
Can you give some perspective on like how that’s working out in the market and where the brand exactly is very strong because with the introduction of new brands coming into the market, the mind share for each particular brand has been reducing. So I was curious on how the company is planning on seeing and capitalizing on the brand legacy and and going forward how is it going to translate it into home appliances or how was the traction in the customer in particular the overall segments as it is.
Rakesh Khanna
Great point again pr. Singer is a great brand that every time we have done any kind of a survey we find that Singer builds is built on a lot of trust. The good part is the Singer’s credibility in the market is very high. Customers, all of them, they feel related because nearly every customer has a Singer in their house. Their mother grandmother’s machine is still somewhere around so that builds a very small. Strong foundation. However, in appliances, it’s also a lot to do with the product. In appliances. We do not currently have a very strong portfolio. So the first thing that we are going to do is build a strong portfolio. We have successfully managed to build up the quality of our products, to build up the price positioning of our product in the last two years. That can be seen in the gross margin percentage improvement, which is a direct reflection of the price improvement in the market. That was a significant step. The second part that we are going to build up on is the now the product range. It is advisable to go step by step is how I believe within them. We have taken one of the first categories to focus on is fans, where we are going to take a big bite. We have taken on board a very, very senior leader from the industry. We are building up a strong team, we are building up a very strong portfolio of products and we are going to build the Singer brand name around this steadily. We’re also revamping some of the other products. CloudX was one of the examples of giving a unique product and a unique experience to the customer. In other coolers also, we have revamped our products. Mixer grinders, we have revamped. You will soon see some of the electric iron coming. They’ll be unique, they’ll be the top end of the class and that’s how we are going to build up. It is steadily over a period of time that we will build the brand. Positioning the pride in the brand, in the product and in the service, that’s going to build up appliances as a business for us. We have a strong foundation of a very strong single brand with very strong emotional value. We have to just build up with strong product portfolio, strong distribution and it will be a winning mix.
Unidentified Participant
So. Oh, I understand that. So I was wondering about recall specifically, is it in the more rural markets there is an emotional sentiment with the single brand over generations. But in terms of brand, let’s say who will associate which class of cities or towns will associate Singer brand with home appliances? Like, how is the company at the moment right now distributing it?
And like, what is the strategy in terms of overall distribution? Because there are a lot of companies that are crowding the space at this point of time as simple as fans. Everyone is launching a BLDC fan today. So how is the strategy? And like if the company is taking such a big bet, what is the moat? And product can be one of them. So I was wondering in terms of price and distribution, how is the company planning on expanding into the market, especially with the general trade weakness and all of it.
Rakesh Khanna
Okay, I understand that you believe that there has a strong brand sentiment in rural market. Yes and no. There is a very strong brand sentiment in the urban market also. Singer sewing machines have been in the high end houses for a very long time. Most of the urban class people, when you meet you find a Singer machine in their home or their grandmother or their mother, they have it.
So the relating to brand in urban market is there. Where we want to position is also in the premium end. And that’s a deliberate positioning strategy that we have. We want to position Singer as a on the premium end of the market and therefore we are going to be focusing on the urban. We are going to be focusing on the premiumness of the product, we are going to be focusing on the premium service and that’s how we are going to build up in terms of distribution.
Currently we are focusing more on trade sales. From this year onwards we are going to start building on E Commerce. The challenge in E Commerce is on the price positioning. We have corrected the price positioning to a large extent and now it’s a good time to start entering into E commerce also. Have I answered your question?
Unidentified Participant
Partially yes. So I was wondering like where are the primary sales coming from? Which tier of cities? I understand the recall is there in both the markets. So I was curious in terms of segmentation, let’s say if I were to look, which market are you dominating the most? Is it. I understand recall is there in both all type, all segments. But where are the sales exactly happening in terms of the class of cities and also distribution. I understand it’s trade sales. Right. So why is the company not entering quick commerce segment and everything also at this like what is the strategy for that?
And if I get, I don’t know on how the particular product is getting built right now I think we contract manufacturer, right? So is there any plans of putting up facilities for manufacturing this particular goods? So can you give some perspective on that also?
Rakesh Khanna
Okay, let me take your last question. First, we are not getting into any manufacturing of appliances as of now. And the reasons are very obvious. For manufacturing. One requires a particular scale of manufacturing which we do not have. And second, because of adequate supply chain available for outsourcing of production, it’s absolutely good to go for outsourcing of the products. As of now, what we are going to be focusing is the design and the quality of the products. That’s where we are going to focus on and you will start seeing more and more products. Coming with more unique designs from our side. So to sum it up, the product design and quality is going to be the focus whereas manufacturing is going to be outsourced. In terms of the distribution, we are more present in the cities. The, the urban cities. In terms of the E commerce, as I said, we will start entering into E commerce. Quick commerce will be much later because as we get into the quick commerce and E commerce there is a certain amount of pressure on the cost and the price because that’s where the price war is the highest. Whereas in the trade one is able to maintain the price to some extent and ensure that the price positioning happens. Right. So the step one will be cities, step two will be E commerce.
Unidentified Participant
Okay, I understand that. But in terms of.
Operator
Thank you. Next question we’ll have from Donald Desai. So please go ahead.
Unidentified Participant
Hi, good afternoon. Am I audible?
Rakesh Khanna
Yes.
Unidentified Participant
So my first question is sir, you know, if I look at our history over last seven, eight years our sewing machine business has remained in that range of 300 odd crores, you know, plus or minus 20 kind of a number. So you said that we have, you know, aspiration for growth in that business too. So if you can talk about, you know, the levers. I think you did talk about that in the AGM and you also alluded to entering into, you know, newer segments.
But you know, how should we look at this segment from let’s say next two, three year perspective? Are you eyeing for 15% kind of a growth? If so, from where this number will come from? Is there a room for margin improvement? Growth at gross margin and EBITDA margin level? If you can give us some sense on that.
Rakesh Khanna
Wonderful. So Dhwanil, if you would see in the last two years there is a significant improvement in the margin of sewing machine. In fact it’s more than 2 1/2% the margin improvement. And that was our first step one. How do we get our margins? Right now we talk about the growth in. And as I see the growth is in two parts. You know, it is the top line growth or the profit growth. Our profits are significantly grown. It is now the top line growth that’s going to come in this year. If I, if I see the. Zigzag is growing very well, Industrial is growing very well. And in the black segment, which has been steady black segment with very marginal growth, that’s where we have a huge advantage of a very large purchase order in our hand. Now that also gets us the scale and that’s also going to give us enough footing to further expand our distribution base because the machines are going to be further spread out. Brand catches on, the consumer pulls build on. So there are a lot of things that happen with that. So given all these things together, I do we are very, very sure about the revenue growth that we are going to build on. On top of it, we are building in innovative products which has never been done in the black category like the DSPV machine, the double sieve ball bearing machine, we brought in the color machine, the low cost square arm machine, we are bringing in the link machine. So there are a lot of these things that we are doing to create excitement. Put all of these things together. We are confident that we will bring in a healthy double digit growth in the coming few years.
Unidentified Participant
Got it sir. Second question is if we look at the capital efficiency, sewing machine has been a fantastic business with, you know, 50% plus ROCE and that was not growing. So we seeded the consumer appliances and kind of then now again pruned it back. We are trying to grow it back again. But right from capital efficiency perspective, if you see the growth potential in sewing machine, what is the rational for getting into a very crowded space of consumer appliances? I think it alludes to the questions asked by earlier participants. But if you can share your thought process as to why do you think it is valuable to the company?
Rakesh Khanna
One of the reasons why we believe it’s valuable is because we are there and it’s a huge potential. See, if I look at fans as a business, it is still giving a lot of opportunity to people who are coming in. We have a great brand with great relation to the brand. Emotional connect with the brand. The market is changing, the customer tastes are changing, the technology is changing, the distribution structure is changing. And within this there is a huge opportunity to grow and we are already there and therefore we would want to take this opportunity.
Was stagnant many years, but the market had not opened up. Now with the market opening up, there are great opportunities and therefore it’s wise to enter. Get to to catch on both the growth areas.
Unidentified Participant
Last question and I’ll come back in the queue. Sir. On the consumer appliances, you know we saw sharp growth and then again we prune the portfolio. So our first question is from this year onwards do we see you know, growth coming back to that? If so it will be good, healthy, double digit and on the margin side again we have reduced our losses. So from here on what is our end goal in terms of you know, EBITDA or EBIT margins and what is the pathway to reach that margin in terms of timeline, in terms of steps, if you can talk about that.
Rakesh Khanna
Yes. So we did trim down the loss making units and loss making skus and we have built up our growth on the only the positive SKS. We are now revamping. We are building in new SKUs and within them fans comes as a major growth area. As I said we are building on it. It will take us a few months time to complete our portfolio, appoint the distributors, get the team in place and start building on this.
As I see going forward within this year our aim is to ensure that the appliances comes to a break even and thereafter gets into the profit category. That’s, that’s the way we are working towards appliances initial period. Yes, there will be cost attached in terms of product development, team building etc, but as we catch on the growth we should get into a good profitable journey after this year.
Unidentified Participant
Wish you all the best. I’ll come back in the queue.
Rakesh Khanna
Thank you.
Operator
Thank you. Next question we’ll take from the line of B. Please go ahead.
Unidentified Participant
Yeah. Good afternoon sir and thank you very much for the opportunity. Sir, my first question is that I believe the execution of this tender is about 12 months. So is it fair to say that the next tender will be opened only in the next financial year?
Rakesh Khanna
You’re talking of the part two of the standard?
Unidentified Participant
Yes sir. Yes sir.
Rakesh Khanna
Okay, so 12 months is the time for execution of the first one. This is the outer limit. It will depend on how fast we are able to get the allocation and basis that the second part of the tender is likely to come up.
Unidentified Participant
And the size for the second part will also be similar to the first part.
Rakesh Khanna
It is understood to be so. Because we are driving it from the initial tender specifications that came and the initial tender quantity that came. We are driving this assumption from that.
Unidentified Participant
Okay. Understood, Understood. And sir, on the fan side, just wanted to know a few things. That is it, you mentioned that you will be mainly present on the premium side of the category. So is it fair to say that given that BLDC has been in fashion as of now our range primarily will revolve around BLDC or we’ll also look at non BLDC range as well.
Rakesh Khanna
Okay, so when I say that we are going to build the brand on premiumness, I’m not saying that we will have SKUs only in the premium end. We will have the complete portfolio. Because it’s very important that if I have to enter into a dealer’s place, entering only with premium is a very long drawn process.
Whereas if you have the complete portfolio the entry becomes a lot more easier and therefore our portfolio will be complete. However, we’ll start focusing more and more on building the brand by focusing on the premium products. And there these products we will start putting them in front and those are, those will be the growth areas for us. So we will have the complete range.
We will also have the bldc. In bldc we will have different price position, the basic bldc, the decorative bldc, the load diabldc. And in the normal we will have the base category, the economy category, the the decorative category. We will have TPW exhaust the complete rates.
Unidentified Participant
Understood. And so my last question is that how is the working capital cycle in this tender? Is it going to be fairly elongated or it’s reasonable.
Rakesh Khanna
This is on advance for us.
Unidentified Participant
Oh this is meaning that the entire money comes in and then the dispatch is happening.
Rakesh Khanna
Yes.
Unidentified Participant
Okay, great sir, thank you very much and all the very best.
Rakesh Khanna
Thanks Bhagav.
Operator
Thank you. Next question we’ll take from the line of Viraj. Please go ahead.
Unidentified Participant
Am I audible?
Operator
Yes, you are.
Unidentified Participant
Yeah. So my question is regarding this vendor. What the margins lesser in this tender compared to the other the normal margins or be similar profit margins?
Rakesh Khanna
Of course tender margins will be marginally less. But all I can. Tell you is they are, they are healthy margins.
Unidentified Participant
Okay. And so my second question is that what would be your guidance going for in terms of operating profit? Because as I see the history of profits have been very, very low in terms of percentage to the sales and a small variation can affect the company. Any thought process on that.
Rakesh Khanna
Viraj, you are absolutely right. The margins have been extremely thin and that actually poses a challenge in the short term regarding the investments and how much risk we can take. But I can tell you one thing that in this category an ebitda margin of 8 to 10% is the kind of a target which any company should have and we should be looking at something similar. That’s, that’s the my long term vision. I would not be able to discuss anything beyond that in terms of specifics and the timelines. But that’s the kind of a number that we all should be aiming at.
Unidentified Participant
And so what will be the salesman is going forward in terms of sewing machine and appliances? Like any. Any thoughts on that?
Rakesh Khanna
Sorry, say it again.
Unidentified Participant
What would be your sales mix going forward between sewing machines and appliances? The sewing machines would be increasing or will be decreasing. Sewing machine and increasing appliances.
Rakesh Khanna
As I said, because of the low base of appliances, the percentage will tend to shift faster in favor of appliances. But at the same time because that we are going to also focus on sewing machine and we see sewing machine equally as a growth opportunity, the the shift is not going to be very radical in the next two years.
Unidentified Participant
Okay, so my last question is like, like what is the time frame where there’s no exactly what you’re planning to become at this path. Positive. And any thought process like this is being worked out or something.
Rakesh Khanna
In how much time will we become. We’ve been pat positive. It is just that this particular quarter has been a little unusual quarter. Otherwise we’ve been positive.
Unidentified Participant
Okay, so you said you’re very bullish on industrial machines. Why is that any. What is the reason for that again?
Rakesh Khanna
Say it again.
Unidentified Participant
You said you are very bullish on industrial machines aside.
Rakesh Khanna
Yes.
Unidentified Participant
So what is the reason for that?
Rakesh Khanna
In industrial machines? Number one, our base is strong. We are a late entrant. Our base is very, very small and our brand is very strong. Put both of them together. Our ability to. To increase our sales. And our presence in this is very good. And we see we are experiencing this in some time last year we grown by close to 30% in this particular category. We continue to grow. It is just that this particular quarter because our primary sales are very high that this quarter has been flattish. But it will continue to grow because we have a small base and we have a very strong brand. Our distribution is very strong in other product categories. And a large part of this distribution is becoming common. And therefore we should be able to garner good growth from industrial.
Unidentified Participant
So my last question is that what.
Operator
I would request you to get back in the queue.
Unidentified Participant
Okay. Okay. Yes, thank you.
Operator
Next question we’ll have from the line of Tushar Khurana. So please go ahead.
Unidentified Participant
Yeah. Hi. Audible.
Rakesh Khanna
Yes, Tusha.
Unidentified Participant
Yeah. Thank you for the opportunity. Sir, my first question is what is our revenue mix between the industrial and non industrial sewing machines versus what it was last year?
Rakesh Khanna
It is 83% and 17%.
Unidentified Participant
And. And what was it sir, last year?
Rakesh Khanna
Similar. Similar.
Unidentified Participant
17 is the non industrial, right?
Rakesh Khanna
17 is the industrial.
Unidentified Participant
Sorry, sorry. Yes, yes. 17 is the industrial. And out of this non industrial sewing machines. So we are also manufacturing sewing machines from our Jammu FAC.
Rakesh Khanna
Small number. So what we manufacture is only 10%. The balance is outsourced.
Unidentified Participant
Okay, answer. If I remember correctly, some somewhere around last year we had announced some capacity expansion also at our Jammu facility. Is that correct?
Rakesh Khanna
Yes, yes. And we had announced this capacity expansion because we. We wanted to be sure about our capacity to deliver an expected order of pmy. We knew that a large order can come in and for that we need to be prepared and self reliant on our ability to supply these machines should that be required. And I’m glad to say that our capacity and confidence of supplying this very large order today is very strong.
Unidentified Participant
So sir, how much of this order would be manufactured from our own facility? Any ballpark number.
Rakesh Khanna
They are of course business sensitive information. All I can tell you is as far as possible. If the product is available with our partners, vendor partners, we will source from there. But wherever the supply is little difficult, we have the capacity to put in our own manufacturing and deliver. So we are fully capable and self reliant to deliver this large number. But I also believe that our trade, our vendor partners are responding very well and we may not have to really push the lever and start our own manufacturing and delivery. It may not be required.
Unidentified Participant
But, but why is the case that if we have the manufacturing capacity and yet we are relying on the partners for the supply of these machines, why don’t we do it in a functional manner to keep producing from our own facility? I mean what’s, what’s stopping us from doing that in terms of cost or anything else?
Rakesh Khanna
A great question. It is about where do we want to spend our energy? Where do we want to spend the bandwidth that we have? What can be outsourced through a very good set of location vendor partners? We would want to take it from the vendor partners if the cost is right. If the vendor partner is able to deliver me the right product at the right time at the right cost, I would rather spend my own bandwidth in the other growth areas. And you know, we have taken up a lot, we would want to focus on those areas.
Unidentified Participant
Okay, sir. And sorry.
Rakesh Khanna
If there is any advantage of doing it in our own factory, we would definitely do.
Unidentified Participant
Okay. Okay, answer. If I look at our previous investor presentations, up until Q4 FY25 dealer distributor count was thousand plus which increased to 1800 plus in Q4 presentation. And in this Q1 presentation this number went up to 5400 plus. Can you just explain how this sudden jump has come in in terms of increasing our distributor base?
Rakesh Khanna
So basically what we’re talking of is the direct billing point and the indirect billing points along 1800 is the direct billing point. And then we are talking of the indirect billing points.
Unidentified Participant
Okay. Okay. And my last question, there’s just one last question. There’s a follow up question please. Sir, you mentioned this 83 and 17 revenue mix between non industrial and industrial. So, so where can this number change to next? Say two to three years.
Rakesh Khanna
So you see, I personally see it can go up to 30% appliances. In the next.
Unidentified Participant
No, no, no. I’m talking about this industrial and non industrial. Between industrial and non industrial it’s 83 is non industrial and 17 is industrial. So where can this number change in next two to three years? In the sewing machines category.
Rakesh Khanna
30% industrial.
Unidentified Participant
33%.
Rakesh Khanna
30%. 30%. Up to 30%. And I’ll tell you the reason. The reason is total size of the industrial sewing machine today is nearly 60% of the total market. Okay.
Unidentified Participant
Okay. Okay.
Rakesh Khanna
And we are small. So therefore the speed of growth will be higher in industrial. That’s. That’s the way we see.
Unidentified Participant
Okay. Okay. Okay. Thank you so much and all the best. I’ll join back to you.
Operator
Thank you. Next question we’ll have from the line of Bashar from Care pms. So please go ahead.
Unidentified Participant
Hello.
Operator
Yes, please go ahead.
Unidentified Participant
Joined the call a little late. And if I repeat some of the questions. Sir, if you can just share about the market size of sewing machine industry and break up. Break that into black, zigzag and industrial. And also into say unorganized, organize and imports.
Rakesh Khanna
Okay. See the total swing machine market size is approximately 3000 crores. Yeah. Out of which around 60 and 46. 45, 55, 45%. Around 1300 crores is the domestic and 1700 crore is industrial. Okay. These are estimates. We do not have any documented information on this. These are pure our estimates based on the market information.
Unidentified Participant
Okay.
Rakesh Khanna
Within this. Within hundred crores. Within 1300 crores. Approximately 1200 crores. Oh sorry. Sorry sir. Approximately 1100 crores is the black machine. And approximately 240 crores is the zigzag machines. Is that okay?
Unidentified Participant
Yeah, yeah.
Rakesh Khanna
That’s roughly the market size that you wanted.
Unidentified Participant
Sure, sure, sure. Answer. Our market share in industry.
Unidentified Participant
Industrial and domestic would be. So domestic steel would be decent in black. But in industrial, as you said, our market share is quite small. So the rest is import. In industrial.
Rakesh Khanna
Yes, the rest is all dominated by import.
Unidentified Participant
Okay, okay, answer. Our new launches over the last one year, one or two years, if you can just highlight, are they focused more towards the industrial side or the zigzag side? Or are we still launching new upgraded versions in black as well?
Rakesh Khanna
Great question. We are focusing on all. As I said. Let’s. Let’s see. The largest part of the market is the traditional black machines. This is the segment where no interesting work has been done by the industry since a very, very long time. And we believe it’s important to steer the market in this segment. And with that in mind, we brought in the machines with double ball bearings which was a new concept. We have brought in colors in the machines, which is another thing which is catching some good excitement.
We are bringing in now square arm in a good price point. We are bringing in the link machine. Just to tell you, link is a mechanism which is used in all the high end machines. That’s the industrial machines, the zigzag machines, they use link mechanism instead of a cam to ensure that the movement is easy, the thread doesn’t break and it can take heavy fabric without making noise.
Now we’re bringing the same link mechanism in the household machine and we will be introducing that very soon in the market now. So we’re bringing new SKUs there, new new innovations there. In zigzag. We have been bringing in the new high end machines. We brought in the swing come embroidery machines. I said we brought in husband of Viking and fat brands which are globally some of the best brands that we are exciting the market.
In industrial, we have broadened from a single function. We brought in the double function three function machines. We are bringing some of the specialized machines into the market. And now we have brought in a multi needle single head embroidery machine. So we are focusing on all the categories and we believe we have to go all out in all the, all the segments to really build up our share because in total the market it is going to see us how strong we are in the total category.
Unidentified Participant
Okay, okay. That was very helpful, sir. And a follow up to that, sir. So we aim to grow in sewing machine at what rate is the market size? So is domestic segment growing faster?
Unidentified Participant
Or industrial growing faster first and second, we should grow in two ways. Industry growth plus gaining market share. So what kind of growth rate do you see for ourselves for sewing machine category?
Rakesh Khanna
Yeah. Great. So the growth rate in the M in the market is in the range of around 4%. The growth rate is not very high. But what presents a great opportunity is our ability to gain market share.
I come back to the black machine which is the largest part. The black machine more than 50%, around 55% of the market is with unorganized sector. We have seen in all product categories. If the brands come with a clay strategy, the ability to garner market share from unorganized is high. That’s 1, 2. Zigzag within this is will grow at a higher rate because globally zigzag is the dominant kind of market technology. That’s globally the black machines don’t sell as much.
Therefore in India also I foresee that in sometimes zigzag will be the dominant one and therefore zigzag will grow. In zigzag they’re not basically three players, two very dominant that is Singer and Usha are two main players. Brother is also there. So that’s an area where we can grow very well. Industrial as I said, most of it is imported from a single country and we all know the country.
And as we start becoming stronger in industrial swing machine, I believe we have a great opportunity to catch a big share of the India market out of the industrial swing machine. So that’s where our growth is going to come. Not as much from the market growth but there’s a huge opportunity for us to grow by taking the market shares.
Unidentified Participant
Okay. Okay. Thank you so much sir for that. Also sir, government relating to government order. Can you just highlight how big the government tender market is there? What kind of repeat orders are there? And yeah, so some details regarding to the government tender size market.
Rakesh Khanna
See it’s government orders and small institutional orders backed by government funds are highly fragmented, spread out across all the states and come through trade a lot of most of them. And therefore to put on a steady figure to it is a little difficult. But all I can tell you is that even if we catch 10 to 15% of the sale coming from there, we talking of in the range of 30, 30 crores to 40 crores for up. US and the total order size can be close to a 100 to 150 crores across the country per annum.
Unidentified Participant
Okay, okay, okay. Answer one last question.
Operator
I would request you to get back in the queue. No, we have other participants. Question.
Unidentified Participant
Thank you so much.
Operator
Thank you. Next question we’ll have from the line of. Kartik, please go ahead.
Unidentified Participant
Good evening, sir. Essentially, you know, the black sewing machine market over the years has been replaced by Chinese products. I think their cost of manufacturing and their ability to give a lot more features and upgrade the black sewing machine market has been phenomenal. Would you, you know, considering that you, you’ve seen good growth in the industrial space, would you be partnerships with other companies in this industrial segment to grow the space?
Partnerships with companies that are very strong in India. For instance. For instance, you know you, you were talking about fans being a big growth area in the consumer segment space. Industrial fans as well are a pretty big know growth segment in the industrial space. But only if you know you have some sort of a tie up with, with an industrial service provider here in India would you be able to actually grow in this segment is my perception. But this is, this could be an area that, that you’re considering.
Rakesh Khanna
Karthik, I’m sorry but you will have to clarify. You started with sewing machine industrial and now you’re talking of industrial fans. Can you clarify?
Unidentified Participant
Yeah. So the industrial fans part was, was an example. Basically my question to you is would, would Singer India be open to partnering with people who are very strong with B2B, you know that supply direct to garment factories in India to grow your industrial sewing machine segment here in India?
Rakesh Khanna
Karthik, you’re right. We will have to and we will be actively looking at either it will be technology partnership or it can be a complete manufacturing partnership. We will see that. But as of now what I can tell you is we are looking at building skill around these machines. It starts with building around use of the machines, servicing of the machine, assembly of the machine and then we’ll come into complete manufacturing of the machine. So I think manufacturing of the machine is an area where we have. Have still not embarked upon and it’s still at exploratory stage. But before that, what is critical is building the competency skills that we have by and large completed that journey.
Unidentified Participant
Right. From an outsider, I see, you know, Singer India, the success of Singer India is through its dealers because of the nature of the product. So for your own organization to have a more customer centric sort of an approach would be quite a challenge and quite a shift, am I right?
Rakesh Khanna
Not really. Because the kind of things that we have done are unique, different. For example, in industrial sewing machine, we understand that on one side we have to keep the cost under control and on the second side we have to provide the full training and troubleshooting guidance to the customers who buy the machine. What we have done therefore, is that we have built in a lot of content, video content, on the troubleshooting.
So we are going to be revamping our website now. We are putting up all these into social media. How do you troubleshoot with the product? We have a video center where a person can log in and directly have a one to one interaction where a person can solve the problem for the customer on the other end. So we try to work out unique ways using digital to solve all these problems for a customer and be customer centric. Why? We ensure that we work through our trade partners who are very important.
Unidentified Participant
Excellent.
Rakesh Khanna
Your question?
Unidentified Participant
Yes, excellent, excellent. So just one last, you know, being in the industrial space myself, you know, the product offering cannot be just a sewing machine. It has to be, like I said earlier, maybe the infrastructure of the facility, maybe you know, a cutting machine, maybe you know, other machines that go into this industrial facility. So would you be looking at growing that product portfolio as well?
Rakesh Khanna
Yes. But step two, first step is, you see, in any garment manufacturing factory, 85% of the machines are single needle lock stitch machines. It’s important to get our hold in this particular category of machines. The rest of the machines, highly specialized machines, are something where one needs to partner with international brands. And that will be our step two. But step one is to gain strong foothold in the basic machine category, which forms 85% of the number of machines that get installed in. Any of the garment manufacturing number two. Because that we are strong in trade as of now it’s important that we establish ourselves well in trade. In trade. The industrial machines that go through are largely the single needle lock stitch machines and some other specialized machines. Those are the areas where we are going to focus. First get ourselves strong over there and then move on to the next phase.
Unidentified Participant
Thank you sir.
Operator
Thank you. Next question will take from the line of Nikhil. Nikhil, please go ahead.
Unidentified Participant
Yeah. Hi. Thank you so much for the opportunity. I just have two questions, Rakeshji. The first question is you mentioned about a case related to the purchase order from the PM scheme, the Vishwagarma. Can you elaborate a bit, a bit on this? What is this about?
Rakesh Khanna
Okay, so this is a Pradhan Mantri Vishwakarma Yojagar Yojana under which the Pradhan Mantri has allocated. Under his budget has allocated funds for small artisans and small entrepreneurs. And these people are given a certain support in terms of the equipments for their profession. And these are for example doy and tall make toy and doll making kits. It involves a goldsmith’s kit. There are many of these artisans for whom such kind of kits are made available.
Taylor is one of them. In Taylor there are again different kind of machines which are offered. They are the small machines and they are artisan machines. In small there are package and with them there are many other accessories that are built upon. Now so it’s a very large scheme. Within this scheme for the tender of Taylor There were 400 tailor kits which have been tendered out of which 70% went to one of the contenders who had applied with single machines.
And their single machines got 70% of the purchase order which we have got indirect. And now based on the allocation we are supplying these machines to the end beneficiary. Have I explained clearly?
Unidentified Participant
No. So my question was you said the matter is sub judies. So is there a case on this particular allotment of order or what is that about?
Rakesh Khanna
Yes. So. So some person have gone and challenged the process by which the. The order has been issued. We are very confident that everything has been absolutely in compliance with the processes with the policies and therefore it should be a good case. However, because the matter is still under review, we will have to wait for the final courts order.
Unidentified Participant
Okay. Okay, got it. The second question is on.
Rakesh Khanna
Just to add that this order has been an order which is on the gem portal. Okay. So already published on the gem portal. So you can even go and seek on the gem portal. And it has come through all the processes.
Unidentified Participant
Noted. The second question is on the problems with BI standards. Right. Is there a permanent solution that you are looking to find for this?
Rakesh Khanna
Yes, there are permanent solutions that we are working upon. I can share in some time. What are the permanent solutions that you’re working on? As of now, I can only assure you that we have sufficient quantities with us. We have already received from DPIIT a letter stating that we can be telling them the machines that we want to bring in. And of course we most likely we are going to get that permission also. But there are further programs that we are working on which I can share with you as soon as they are finalized and they are ready for any disclosure.
Unidentified Participant
Okay, and the last point is on. So you, you spoke a lot on how you all are focusing on the industrial side of sewing machines. But in general, what are you all doing to compete with these Chinese companies? And I, I take it there’s also another Japanese brand which is quite popular. How do you all, you know, try to get that piece of market that you’re looking for?
Rakesh Khanna
Yes, as I said, we will work with our strengths. And one of the biggest strengths that we have is that we are single. We have the kind of legacy and we have the kind of distribution network that we have in India and the kind of bondings that we have. We are a late entrant, we understand that part. But we have great product with us and we are building up skill and competency for servicing the machines for the training purpose.
And we will be leveraging the relations that we have in the market. The results we are seeing, we have grown very well in the last year. We are seeing a continuous traction being built for single brand and we are confident we will gain our rightful market share in a market where we are otherwise dominant and in rest of the categories as compared to these Chinese brands.
Unidentified Participant
Okay, okay. Just to follow up on this. So if the sewing machine sales were largely flat in FY25 versus.
Unidentified Participant
Is FY24 and the split of non industrial and industrial if had it been same the growth is not visible in numbers yet.
Rakesh Khanna
You’re right. In quarter one the growth is not visible because when you see the total numbers there was a decline in the blacks machine segment which I said was mainly attributed to the deferment or postponement of the government and institutional orders which normally come through trade in view of the very large Pradhan Mantri Yojana purchase order that came in. Barring that zigzag has grown very well.
Industrial remained flat despite the fact that in the month of March and in quarter four we had grown very very well in this in the industrial so last year for example we had grown by 28% and this year we are flat despite a very strong sale in quarter four. So we’re growing in industrial very well. We are growing in zigzag very well. It is just in black machine that there was a drop that’s why you’re not seeing the numbers Total.
Unidentified Participant
Noted, noted sir, thank you so much. Looking and all the best, looking forward to interact with you again.
Rakesh Khanna
Thank you so much.
Operator
Thank you. Next question we’ll have from the line of Anurag so please go ahead. Next question we have from the line of Pranit please go ahead.
Unidentified Participant
Yeah, thank you. So I, I understand about the brand but I’m understanding what trying to understand about the market specifically domestically you gave me a broad. You gave the broad split of what is industrial and what is rest of these domestic machines.
How is the market shaping up? I understand unorganized is still a large part but has it gone down over time or. Or are the brands taking more market share and Singer positioning has it been able to acquire more market share or the other brands have been doing it better and coming to the industrial side I understand that most of them are imported but I was curious on how can they possibly compete with them. We are late. Agreed. But in terms of. Usually these are in capex cycles right. So do we foresee any cycle going and acquiring more market share in the industrial segment?
And how do we particularly forecast in competing with these industrial segment? And if we were to forecast what do we expect the growth rates of both the segments to be going let’s say in a three year horizon I understand issuing machines might be a little more stable compared to home.
Unidentified Participant
Appliances. So where do you think the ballpark figures for both of these segments could be in three years? So these are the three broad questions.
Rakesh Khanna
Okay, so let me take one by one. In the industrial industrial. Agreed. It is dominated by all the imported ones. Has the industrial grown over the last few years? Yes, industrial has grown. These machines have come into India and established themselves in the last five, six years. That’s where the most of the establishment of these machines have happened in India is emerging as an important hub for government. Government manufacturing. There is a government thrust towards it. And if all that continues to go well, this is an area which will continue to grow.
The the growth in industrial sewing machine is going to be in line with the growth in ready made garment sector as you may think say so. So that’s the kind of a growth we can be looking at. Which can be close to a double digit. Double digit growth going forward in the household. There has not been much growth, as I said, Around 4%. Has major shift happened between organized and unorganized? Answer is no. That’s not something that we are seeing in the last two years that has happened.
But it is also because there was no design change for last so many years. And what the unorganized made is exactly what the organized players were making with no shift that was happening. It is now that we started shifting the gears. We started bringing in new innovative products and we believe that we will start building in the market towards the organized side a little more.
Zigzag has grown better. And if I have to extrapolate the global trends, then zigzag should grow a lot more. Because globally zigzag is the machine which sells. A black machine does not sell in most of the developed markets and it’s slowly going down. So if I plot all these trends together, I see that there is an opportunity to grow in all these sectors. Zigzag because it will start getting into the black machine industrial because we are dominant in this part.
A lot of industrial goes through the trade channel where we are dominant up and the black machines because we are bringing in new innovation. That’s where the growth is going to come. Have I answered your question?
Unidentified Participant
Partially yes. So as I get it, you’re trying to say that with the shift in product, you expect to grow along with the shift in product as the product is transitioning to.
Unidentified Participant
From a black machine to zigzag machines. That’s the broad based strategy as far as I understand it. So as a product category is going, you plan on growing with the product category. So at this point of time for the zigzag machines, let’s say what would be the organized market? Because these are new products, I’m assuming the unorganized player has not completely gotten into this particular segment. What’s the split for this particular product segment versus a black machine?
I understand black machine, I think over 55% as you mentioned. But for zigzag what is organized was unorganized market share. And how is Singer faring in the overall market share dynamics on overall basis? Let’s say it’s 55% is unorganized in the 45. How much does Singer occupy in both industrial, let’s say industrial what is the market share and versus domestic what is the market share?
Rakesh Khanna
You’re asking a lot of number crunching. But let me try and get there. In zigzag there is no unorganized as of now there are some, you know, some, some imported machines which are there but they’re not as per BIS compliance, they should not be there for very long time because the QCO is becoming, will be implemented soon and therefore those people will not be able to continue to sell.
So zigzag will be basically all, all hundred percent organized because of QCO being there. And so, so simple imports is not going to work. And for manufacturing in India I think it’s a, it’s a high tech product and will take a little more time than simply copying a machine in the Black. You’re right, 55% is unorganized in this there are, in the organized there are basically two players and this ratio is approximately one is to two between us and Usha. Usha being two and we being one.
Unidentified Participant
Understood. So brother is not a significant market, doesn’t have a significant market presence in the domestic market.
Rakesh Khanna
No.
Unidentified Participant
Understood. And so far industrial. Let’s say what percentage is, let’s say being catered by the domestic players, let’s say like Singer or Ushar. And what is the competitive strategy you’re planning on tackling this particular? It could be pricing or what is the strategy the company is looking to exactly tackle it? Will it be price? Will it be the government regulation creating BIS marks which might not be completely catered by the imports or how is it going to be?
Rakesh Khanna
Yeah, in industrial there is a very large amount of industrial machines which are coming as pre used machines. Now we have been representing to the government that the pre used machines is like dumping old machines in Indian market which is not good. Be confident that with our representation government will take a. In fact the BIS standards are already being framed around for industrial machines and they should be coming out in some time. They will take their own cycle time. But thereafter as the BIS standard comes we, we believe the used machine dumping in India will stop and that will get replaced with new machines. So that’s going to be one part. The second part is some government policies are coming forward for encouraging Indian manufacturers for Indian market and I think that will also help us. As of now it’s a fact that most of the machines are coming imported within this Juki which is a Japanese company, has set up a small plant in India and has started assembly of the machines in India. We believe there will be other opportunities and we all are exploring the opportunities. But sooner or later Indian machines will start coming in India and that can be a good growth opportunity.
Unidentified Participant
Understood. So combining all of the facts like we probably discussed together, so what could be the potential targeted growth rate we can expect from both the segments to see how it’s Right now our revenue is around 400 crores. So in next two to three years what is likely to be the top line metrics that we are target aspiring to do and which segment is going to contribute what percentage of it.
Rakesh Khanna
From what what we discussed just now around industrial machines opportunity a lot will depend on the speed at which the government support will come and we are able to stop the dumping of the used machines and the BIS etc etc. But put together, I think as of now if I look in the short term with the kind of orders that we have in hand, it is simple that we should be looking at a fair, healthy double digit growth that should be coming to us this year and next year.
Coupled with that the other initiatives that we are talking about would be over and above that growth. So I think the next two years we see very good growth and during these two years we are trying our best to build up strong foundation for the next level growth in appliances and in these category machines, possibly manufacturing in India, designing in India.
There are a lot of these areas where we are discussing not anything that I can be talking to you about because I can only tell you once the plans are finalized and once they are ready for disclosure.
Unidentified Participant
But in terms of margins like usually entering, while entering with a new product, the margins will likely be discounted initially.
Unidentified Participant
Stages. Right. So for the next two years, how do we see the gross margins and EBITDA margins faring? Will it likely to be a compression from this point of time or will it be an expansion or how is it going to be?
Rakesh Khanna
I do not see a compression because if it’s going to be a compression, we would might as well not do it. Yes, if there would be something called a depreciation, etc, those kind of things I will not comment immediately on. But at operating level I do not see any compression margin.
Unidentified Participant
Understood. So one last question regarding the project we’re doing regarding fans. I understand we’re launching 64 SKUs, right? So what is the overall project cost that has been spent on this particular endeavor? I’m just asking this to understand like how many experiments like these we can do with the existing cash flows and all of these.
Rakesh Khanna
Wonderful question and that’s something that I always keep my eye on in these. We are not spending any money, major money. These are all outsourced. The good part is that there is a very strong supply chain available in India for fans as a category. They are very beautiful SKUs available. It all depends on how good is our relation, our knowledge of the market and how well we are able to secure unique and good designs exclusively for ourselves at good cost.
With Sunil coming on board, I think that’s one of the major things that he has been able to achieve in a very short while of identifying these SKUs, securing uniqueness for them and ensuring a very good cost at which we are getting them. We are not spending much except that we’ll be spending on building catalog and communication around it, which is not a large amount of.
Unidentified Participant
So cash is not going to be a limiting factor when you’re experimenting with new product categories, is that right?
Rakesh Khanna
Again, this is not somewhere where there will be high upfront investment. The cash will be only to the extent of inventory that we will procure and what we will sell. So it’s only the regular cash cycle of a sales and purchase cycle that will come in place. But beyond that there is no other cash that we see is going to get locked into this.
Unidentified Participant
Understood. So one and one question regarding.
Operator
I think we have crossed the time limit, so we will take that as the last question. I would now request the management of Singer to give their closing remarks.
Rakesh Khanna
Thank you so much. Thank you all the participants for, for showing so much interest. It’s. It’s so, so encouraging to see that all of you are continuing to show so much interest in Singer India. I can assure you one thing. The Singer India team is absolutely dedicated towards a good growth. We are very confident that going forward, Singer India is poised very strongly for a strong. Growth in swing machine category in zigzag, in black machine, in industrial machines, in the new areas of embroidery machines, multi head, multi needle single head and thereafter multi head embroidery come swing machines appliances is an opportunity area. We have a great brand. We have a great brand legacy with very strong emotional connect. Fans is an area which we are looking at as a good growth area. E Commerce is doing well for us. We have built a great team and we look forward to a very positive future. This has been a quarter which has been unusual but as I said our key fundamentals remain strong. We are on a growth journey and I look forward to seeing you again next quarter. Big thanks to MK Global. Thank you so much. Thanks Chirag for all the efforts that you have put in. Thank you all the participants.
Operator
On behalf of MK Global. We now conclude this conference. Thank you for joining us and you may now disconnect your lines.