Solar Industries India Ltd (NSE: SOLARINDS) Q1 2026 Earnings Call dated Aug. 08, 2025
Corporate Participants:
Unidentified Speaker
Achal Kevlani
Manish Satyanarayan Nuwal — Chief Executive Officer
Analysts:
Unidentified Participant
Dipen Vakil — Analyst
Vikas Singh — Analyst
Amit Dixit — Analyst
Nitin Arora — Analyst
Ankur Sharma — Analyst
Yogansh Jeswani — Analyst
Abhishek Mehra — Analyst
Chirag Ganatra — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Solar Industries India Limited Q1FY26 earnings conference call hosted by Philip Capital. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing 10. 0 on your Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Deepen Vakil from Philip Capital. Thank you. And over to you sir.
Dipen Vakil — Analyst
Thank you Palak. Good morning everyone and on behalf of Philip Capital I welcome all the participants for Solar Industries Q1 FY26 conference call. To begin with, first I would like to thank the management for giving us the opportunity to host this call. From the management Today we have Mr. Manish Nuwal, MD and CEO Mr. Mr. Mohnish Agarwal, Joint CFO. Ms. Shalini Mandana, Joint CFO and Ms. Achal Kevlani, Senior FM and IRM. So without much ado I’ll pass on to Achal to take it up. Over to you ma’. Am.
Achal Kevlani
Good morning and thank you for this. A very good morning everyone and welcome to this fiscal fourth quarter review conference call. My name is Achill and I would like to welcome you all on behalf of Solar Industries India Limited. At the onset let me restate in this call we might make projections or other forward looking statements regarding future events and about future financial statements and performance. Please remember that such statements are only predictions. Actual events or results may differ materially. Our website will be updated with all relevant information from time to time. Now I would request our MD and CEO Mr.
Manish Ji Nawal for his opening remarks on the company’s performance for this quarter. Over to you sir.
Manish Satyanarayan Nuwal — Chief Executive Officer
Thank you Achal. A very good morning to all the esteemed investors. I, Manish Nawal welcomes you all to the solar industry earning call for the first quarter ended on 30 June 2025. Solar Group reports resilent operational and financial results for Q1 2526. We are pleased to announce that we have achieved our highest ever quarterly EBITDA and PAT of rupees 564 crores and rupees 353 crores respectively. In this first quarter the company’s turnover stood at rupees 2,154 crores registering a 28% increase over Q1 of the previous fiscal year. Solar sustained growth momentum on account of robust performance particularly from international business and defense sector.
This performance could have been even better had the early monsoon not affected the domestic explosive markets. This quarter our international business recorded a 43% year on year growth and in terms of quarter number it stands at 826crores recording the highest quarterly sales. This performance was driven by strategic manufacturing facilities in nine countries and our global distribution network across 90 countries. We are pleased to report that our defence revenue has also reached to rupees 418 crores in this quarter reflecting a robust 115% year on year growth with a strong defence order book of around 15,000 crores and commercialization of Pinaka orders in in this year we anticipate that the defense domain will achieve its next level of growth as per our guidance given earlier on the annual results.
The successful testing of Bhargavastra and Rudrast in this quarter reaffirms the strength of R and D capabilities of our company. Repeat orders for UAVs and multimode hand grenades have reaffirmed the quality of our products, bolstered users confidence and established us as a trusted partner in this Atmanirbhar Bharat initiative. The mining industry had lower demand due to milder heat waves. Early monsoon and geopolitical development tested the industry’s resilience. However, we remain optimistic about the growth in mining and housing and infrastructure sector in the upcoming quarters as the domestic cycle revised post monsoon with the proven global footprints and deep integration into commercial explosives, Solar is now strategically positioning itself as a global supply chain partner in the defense sector unlocking new opportunities and enhancing the long values for the stakeholders.
Backed by the 30 years of expertise we have built a robust portfolio of high impact solutions across mining, infrastructure, defense and space. Our journey has been one of the transformation rooted in innovation driven by purpose. As we continue to unlock new growth opportunities, our commitment to performance and stakeholders value remains stronger than ever. I sincerely thank all our esteemed investors and analysts for joining us today. Thank you very much over to Achal for presenting the financials in detail.
Achal Kevlani
Thank you so much sir. It gives us immense satisfaction to present the result of our journey reflecting the efforts put in as profit momentum builds. We are exceeding the previous quarter’s Profit consecutively in a row which gives us immense satisfaction and happiness. We achieved revenue of 2154 crores versus 1685 crores. Increased by 28% year on year. Highest quarterly EBITDA at 564 crores versus 474 crores. Increased by 19% year on year. At standard 353 crores versus 301 crores. Increased by 17% year on year. Now let’s quickly review the quarter numbers. Revenue from coal India was 238 crores versus 246 crores in the previous quarter.
Same previous year, revenue from non Seattle and institutional was 348 crores versus 304 crores. Revenue from HNI, that’s housing and infra was 312 crores versus 353 crores. International revenue was 826 crores versus 579 crores. Registering highest quarterly revenue with a growth of 43%. Defence revenue was 418 crores versus 194 crores in the same quarter previous year. Registering growth of 115%. Coming to the cost breaker, raw material Consumption cost was 50.80% as a percentage of sales versus 51.65%. Employee cost was 8.53% versus 7.78% as a percentage of sales. Other expense cost was approximately 15.85% versus 13.90 as a percentage of sales.
The interest cost was 1.27% versus 1.63%. And the depreciation cost was approximately 2.6% versus 2.37% as a percentage of sales. We reported Pvt. At 481 crore versus 408 crore. We already have our presentations updated on the website. Now we would be happy to take any questions, comments or suggestions that you may have over to you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may please press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may please press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Vikas Singh from ICICI Securities. Please go ahead.
Vikas Singh
Thank you for the opportunity. So my first question is regarding our medium term outlook of 200 billion revenues and 80 billion defense revenue. Have we basically inculcated the VRM in Europe segment into that and how big this opportunity could be? US.
Manish Satyanarayan Nuwal
Can you repeat your questions again because.
Vikas Singh
Am I audible properly?
Manish Satyanarayan Nuwal
Yeah, yeah.
Vikas Singh
So sir, regarding our medium term four to five years outlook of 200 billion revenues and a defense revenue of 80 billion. Is this also includes the opportunities which we are hearing in the Europe regarding the Z arm Europe by 2030. Have we built it anything on that account as well? And if that how much.
Manish Satyanarayan Nuwal
In the last annual result call we have shared our plans that what we are going to achieve in this financial year and we are what we are likely to achieve in next four to five years. So we stand by that and you can refer to those numbers.
Vikas Singh
Okay sir, so regarding this news regarding 2000 crore UAV mail drone orders I just wanted to understand where we place in that segment now. Opportunity size for us could be.
Manish Satyanarayan Nuwal
Yeah, this can be a big opportunity for the defense market and as far as this program is concerned plenty of companies will be participating and we are also one of those companies who are interested to participate in this program.
Vikas Singh
Okay sir, lastly on 175mm shell if you could give us our standing on there. And.
Manish Satyanarayan Nuwal
So this is regarding I think 155mm shell. So as far as this product is concerned we have the facilities to make these products. We have already started working on that and very soon we will start the commercial production of this product.
Vikas Singh
So just a clarification on the defense targeted revenue of 80 billion over the next four to five years. We have added this 155 mm shell in that segment. Right.
Manish Satyanarayan Nuwal
So what I said that next four five years numbers which you are trying to ask you can refer to my last quarterly numbers and that is good enough for the guidance as far as the long term trajectory of our company is concerned.
Vikas Singh
Notice that’s all for myself. I’ll join the queue if I have further questions. Thank you sir.
operator
Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your question to two per participant. The next question is from the line of Amit Dixit from Goldman Sachs. Please go ahead.
Amit Dixit
Yeah. Hi, good morning everyone and thanks for the opportunity at the outset. Congratulations for a good set of numbers, sir. Pretty good and solid start to the year. A couple of questions from my side. The first one is regarding Bhargavastra and Rudrastra. While you have mentioned in the prepared press release that there have been tests over there. So just wanted to understand the commerciality part of it that when can we expect orders from these two platforms and the big part of the question is essentially on the ammunition Side that the export orders. We received quite a bit of export orders last year.
So what kind of traction we are seeing in this market? Because this our market is quite red hot at the moment.
Manish Satyanarayan Nuwal
Yeah, like I said that we have did some successful trials of Barguas and Nagas Nagastra new series as well as Rudrast. So as far as trials are concerned, we are going ahead on the qualification part quite well. It will take some more time. More time means in defense is couple of quarters where we will reach to the final qualifications. And once we are through with that we can expect the commercialization of these products. So as you are already aware that in defense market commercialization after the qualification also takes some time. So we are quite optimistic that these products are very much in demand.
And once these are tested and successful trials being completed, we expect commercialization to happen at much faster pace. As far as the order book from international markets are concerned, like we have already shared that we have a total order book of around 15,000 crores. And after leaving the Pinaka portion, the order book from international is around 8,000 crores. So we have received the orders and now commercialization has also started. But ramping up definitely takes couple of more months and once it starts it will reflect in the numbers. So we will see the improved numbers from defense market which will be in line with our annual guidance quite soon.
Or you can see in from quarter two or quarter three.
Amit Dixit
Nice to know that the second one is on the international business performance which has been by far the best. If I look at past, you know, history now is it possible for you to mention just, you know, qualitative details will do what which markets are doing well for you at the moment? How is Australia, Indonesia faring? And also we had our plans to, you know, go in Saudi and Kazakhstan. So we are, we are on that because this segment appears to be very, very promising on non defense side at least.
Manish Satyanarayan Nuwal
Yeah. So as far as overseas markets are concerned, the individual subsidiary wise detail we normally share on annual in the annual report. So you can refer to that. But as far as the momentum which is above the normal momentum in the numbers is mainly on account of very good business from South Africa. Rest all subsidies are doing quite well. But South Africa is doing much better now compared to the couple of years back. And the performance is. We were eagerly waiting for this kind of performance from last couple of years. We were trying a lot to improve those things.
And finally we can see these good sets of number from South Africa.
Amit Dixit
That’s very helpful. Thank you.
Manish Satyanarayan Nuwal
Thank you,
operator
thank you sir, the next question is from the line of Nitin Arora from Axis Mutual Fund. Please go ahead.
Nitin Arora
Hi sir. Thank you for giving me the opportunity just on the AS exports continuously to do good even in this quarter last year. And you said pipeline looks pretty decent, sir, how are you thinking about the CAPEX now? Because we also keep hearing and reading articles that government wants their own requirement is very high at this point in time. So how you’re thinking about of increasing capacity over the next 2, 3 years if demand is so strong? Just one comment on that.
Manish Satyanarayan Nuwal
Like we are sharing on all our previous calls that Solar is one of the most integrated ammunition player in the private market. And we have established plenty of facilities, materials uses, rockets integration, missile integration, drone facilities. We have done a lot on these parts and we have received thousands of crores orders. So as we have said in our annual call that we are going to invest 2,500 crores in this financial year and in the coming years. Also we have a strong strategic program to expand our facilities. So we are moving ahead on that part and we will see that the capacities of solar as a company will be one of the best in its class and of a global scale.
Nitin Arora
I got your point, sir. I was just asking more from that. Because demand is so strong, both domestic and exports have been highlighting. Do you see a chance of upgrading your capex? Is that what the question was more about?
Manish Satyanarayan Nuwal
I think we have just finished the annual platform just one and half. So in just five days nothing changed.
Nitin Arora
Okay, got it. Thank you very much sir. All the best.
operator
Thank you sir. The next question is from the line of Raheel Dasani from mapl. Please go ahead.
Nitin Arora
Yeah, hi, I’m audible.
Manish Satyanarayan Nuwal
Yes sir. Please go ahead.
Nitin Arora
Yeah, good morning and thank you for the opportunity. I just wanted to get a better idea on our drone segment. Previously we were into the smaller range and payload drone, the Nagaska and now we have tied up with NAL for the higher range and payload model. So first of all why this change? Because we have been getting very decent orders in Nagastra itself. Are we seeing a larger demand come in the 500 to 1000 kilometer range drones? And if you can quantify how large a demand or opportunity are we seeing for this particular model.
Manish Satyanarayan Nuwal
So I think we have shared couple of times that the company is very well positioned in the in this market, especially on drone based ammunition programs which we say loitering ammunitions. So after launching successful on the Nagastir 1, we have started making Nagastra 2, Nagastir 3 also for some of the spatial applications. And as we are moving forward, definitely it’s a natural growth for us or it will be a natural growth for us to expand in the higher category of drones. So looking at those kind of opportunities, we are entering into the higher altitude and longer endurance levels of drones category.
So we will see how we will establish our products for those applications. So we will come to know in next couple of years.
Nitin Arora
Okay. And being in service with our Nagasa one since so long and since we have been in close connect with the government for all our orders, what sort of a visibility or opportunity are we seeing for this particular? If you can quantify that, it will.
Manish Satyanarayan Nuwal
Be very difficult for us to quantify this opportunity. We have to wait for the real opportunity or the real potential of this segment to unlock.
Nitin Arora
Understood.
Manish Satyanarayan Nuwal
Okay. And so we have been seeing a lot of drone demand, especially post operations. There has been an emergency procurement ongoing. How worried should we be about this demand sustaining as we have seen in the past that during emergency procurement, lots of demand comes in the short term, but then the demand dies in the next one to two years. Difficult for me to comment on this question.
Nitin Arora
Okay, sure. Thank you.
operator
Thank you, sir. The next question is from the line of Ankur from HDFC Life. Please go ahead.
Ankur Sharma
Yeah, good morning. Thanks for your time as always. First question was on the domestic explosives business. If you could just help us with the volumes for the current quarter, that is Q1. I’m sorry I missed that. And also, you know, how are you seeing volumes? What will be the volume growth for the full year? Obviously, given the unseasonal rain and you know, there’s been some slowdown there on the mining side. So yeah, just to start off, if you could help us there.
Manish Satyanarayan Nuwal
Yeah, thank you Ankur for the question since as a policy matter we do not share the international market volume. So we have discontinued for the domestic market also. Because if you see on the number front, domestic market hardly constitutes around 40% of our total revenue.
Ankur Sharma
Okay, so okay, fair. It’s not on the volume side overall, what kind of growth would you be looking at on the domestic explosive side? Any guidance there? As you can see.
Manish Satyanarayan Nuwal
So like we said that we are targeting around 15% volume growth in this year. But if you look at our clarification that because of early monsoon and lower than expected heat wave resulted into lower demand for the power and as a result it has impacted the coal mining as well. If you leave this part aside, then definitely there is no dearth of growth for us in this market. So once this thing settle which is little abnormal to see that last year so there was a above normal monsoon and then in this summer the heat waves were lower than the normal ranges.
And then again the early monsoon in this monsoon period. So that is impacting the demand. But otherwise it is good for the long term requirement angle because more availability of water will help to generate power uninterruptedly for specially for thermal power side. So we think that after the post monsoon the demand should be very very.
Ankur Sharma
Okay. Okay.
Manish Satyanarayan Nuwal
They’ve also done sort of capex program for the company which we acquired a couple of years back which is in Pakistan and we also started our facility at dule. So if you take these expansion into the consideration definitely market penetration and the volume growth should start very soon.
Ankur Sharma
Okay, fair. And just a second question. So then overall for the full year. I know since you’re not giving a volume guidance anymore any revenue guidance for the full year I think the number was closer to 10,000 crores for FY26 and within that I think defense was around 3,000 crores. So if you just want to talk about how do you see the full year FY26 top line within that defense and also in defense which would be the products which would drive that growth for you this year. Some color there.
Manish Satyanarayan Nuwal
Yeah, yeah. I can show some color on this. You look at our annual guidance of 10,000 crore. So we are still believing that we will definitely cross 10,000 crores in this financial year. Out of that 3,000 should be from defense and non defense should add to around 7000 crores. And as far as the products which will give the momentum will be one of the key product is Pinaka series of rockets should start on end of Q2 or start of the Q3.
Ankur Sharma
Okay. But that’s all from my side. Thank you.
operator
Thank you sir. The next question is from the line of Yogansh Jeswani from Miktal and IT Analystic Private limited. Please go ahead.
Yogansh Jeswani
Hello, Am I audible?
Manish Satyanarayan Nuwal
Please go ahead.
Yogansh Jeswani
Yeah, just a couple of questions on your drone. So like you were telling about the natural progression that you’ll be doing in Nagasara 2 and 3 and rightfully so so. But we are also seeing couple of bigger players coming in this market. Like new space is there Adani, is there Tata also Though some of them are facing challenges in terms of their technical viability and all. But still there is a lot of decent serious competition coming in. So one, how are we thinking about these? And secondly sir we did some work and we realized that you have got good score in terms of your technical capabilities in this.
So if you could just help us understand how much is this, you know, valuable versus the commercial and how will the pricing part work for these longer range drones.
Manish Satyanarayan Nuwal
So as far as the potential of these products are concerned, like I said, we are still in the development stage. We are looking at this higher category of drones as a part of our strategy. So once our products are developed or qualified, definitely we will see how to place our commercial part to take the orders of the total opportunity. As far as other players challenges are concerned, I cannot comment on that. So we have to wait for those. The aon, which has been considered in the last week that the country wants so much of higher category of drones.
So we will see how it unfolds. But our company is definitely trying to enter into this league of higher category of drones and we are confident that we will definitely we will have certain challenges to reach to that level. But as we have demonstrated in the past that we are one of a company which definitely achieve what we try to promise. So we need to wait for some period to give more light on these programs.
Yogansh Jeswani
Right. And sir, on the cost side, will we be relatively cheaper compared to the existing foreign roles, the Israeli ones and the other ones?
Manish Satyanarayan Nuwal
So I think we have not still reached to that stage where I can comment on the commercial part. But like you have seen that in Nagastra also there were couple of people participated, but we were, our products were qualified and from technical side and then we were the lowest bidder as well. So I think we have fairly strong chances to enter in this and take orders, but we need to wait. Got it.
Yogansh Jeswani
Sir, one more question from my end. So if you could broadly help us understand what are your internal timelines in terms of the design and development of this entire project. And especially given the fact that compared to our peers, we are even trying to make the engine in house. So what is the readiness of the team? At what stage are we in? How confident are we? If you could just broadly help us, you know, understand all of those aspects, it will be really helpful.
Manish Satyanarayan Nuwal
Yeah, that’s fair question. But we will share all these detail at an appropriate time. So you need to wait for that.
Yogansh Jeswani
Fair enough, sir. Thank you sir. I’ll get back in with you and best of luck.
operator
Thank you, sir. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your question to one per participant. The next question is from the line of Abhishek Mehra from Dam Capital Advisors Ltd. Please go ahead.
Abhishek Mehra
Yeah, hi. Thank you for the opportunity. So I had a question on the order book position. Like in terms of. If I only see the historical quarterly defense order book position it usually increases post Q1. So Q1 inflows historically remain lower. So is that reading correction?
Manish Satyanarayan Nuwal
I think this question is very irrelevant for us to answer because as and when we received orders we shared with all the investors. There is no trend of defense market in the history of say if you take two years back there were no orders, not much orders. In the last year we have collected so many of orders.
You can expect the particular trajectory of getting orders on every quarter basis. Okay, so fine, I’m. So secondly just wanted to have an understanding on the defense tendering part. So are there any sharing of orders between L1 and the other bidders, let’s say L2 where they would be matching the price of L1 and the orders are getting shared there. Does that happen? Generally I think every tender have its own terms based on the requirement of the end users. Normally it is sometime it is 60, 40, sometime it is 70, 30, sometime it is L1 get the whole order.
So it varies from each tender to tender.
Abhishek Mehra
Okay sir. Okay fine. Yeah. Thank you sir.
operator
Thank you sir. The next question is from the line of Chirag from Centrum Broking. Please go ahead.
Chirag Ganatra
Thank you sir. Question is on the overseas markets. So what kind of revenue outlook we have in overseas market since Q1 has seen very strong scale up and whether Kazakhstan and Saudi Arabia plants will start commercial production this year.
Manish Satyanarayan Nuwal
Yeah, we are trying to start our Kazakhstan plant in this financial year. Hopefully by October we should start the plant. And as far as revenue potential from this international business is concerned, we are doing it around 37, 38% of our total revenue of the company say in this year. If we have given a guidance of around 10,000 crores. So we are expecting around 4,000 crore from international market 3,500 to 4,000 crores.
Chirag Ganatra
Okay sir. Thank you. That’s helpful. Thank you.
Manish Satyanarayan Nuwal
Thank you.
operator
Thank you sir. The next question is from the line of Bharat Shah from ask Investment Managers Ltd. Please go ahead.
Unidentified Participant
Yeah. Hi Manish. Yet again a very creditable performance. Just one thing I notice on the new, I mean the application of hyper inflationary accounting standard. Therefore there is a loss recognized. In. 1Q17 and half crore. And there is an income recognized for the last year transferred to the reserve of 9 odd crores. So either Shalini or Ranchal. Just wanted to understand is this going to be recurring feature every quarter? This will be stated in taken into account, isn’t it?
Unidentified Speaker
Yes sir. Shalini here. So we have hyperinflation account in Turkey. So currently the figures are around 18 crores which affected our PNL for this quarter and 9 crores in reserves. So this is as per the accounting standard and non cash items which will be accounted.
Manish Satyanarayan Nuwal
So this will be done right wherever it applies, whichever geography it applies.
Unidentified Speaker
Yes, yes. And this quarter if you see we had, you know due to the uncertain economic uncertainties across the globe we operate in the operating various currencies. So as a result even currency forex fluctuations were also there in the books as a result which affected the EBITDA margin to some extent. Around 1.5% was on that behalf on.
Chirag Ganatra
Account of the currency fluctuation, currency fluctuations.
Manish Satyanarayan Nuwal
And hyperinflation as a result other expenses went up by that extent.
Unidentified Speaker
So hyperinflation plus currency fluctuation together had an adverse 1.5% impact in the current quarter.
Chirag Ganatra
Yes sir.
Manish Satyanarayan Nuwal
Okay. Last year I think it was a positive when it was taken to resource.
Unidentified Participant
It was yeah. Last year hardly around 0.35%.
Manish Satyanarayan Nuwal
Right. Manish, given the fact that we’ll be growing at a robust 35 odd percent on revenue terms compared to last year and assuming no other elements like currency and others effect then would it be fair to assume given also the fact that defense will become a larger percentage, international will become a larger percentage of the total turnover both higher margin activity, overall margins in the current year should be higher than last year. Is that a fair assumption?
Unidentified Speaker
Sir, like we have been saying that we normally expect or as a reason, as a prudent practice we feel that achieving around 27% is also a big achievement as far as the overall positioning is concerned. So in this year like you said or we have said in the last call also that we are targeting 10,000 crore in this financial year and out of that 3,000 will be approx. 3,000 will be from Defense. Which means that definitely there is a big jump in the defense which is a high value added product. But at the same time we should also understand that as we are entering into the more and more products so definitely we need to spend more on the staff cost side and we have to expand the capital base.
So during certain period you will see that staff cost has gone up, some other expenses has gone up, depreciation gone up. So these factors if you take into the account the achieving margin of around 27% is a reasonable expectation from our side.
Unidentified Participant
Noted. And one last question Shalini. What is the gross date and Net cash position of the day.
Manish Satyanarayan Nuwal
Sir, before answering on that part you have asked on the translation and Shalini explained on the forex loss account also. So since we are operating in many countries and many currencies are there so foreign exchange loss is now part of our business. But in this quarter it was little above that normal bandwidth so around 0.8 to 1%. We lost additional loss because of that. And if you look at the staff cost also there was increase of around 0.7% in the. If you take both and add into the current ebitda. So we are still at a higher trajectory of EBITDA margin side.
And now she will explain on the debt part.
Manish Satyanarayan Nuwal
So Manish, I did see that and that’s entirely correct. Manpower cost has gone up. Obviously investment in assets is resulted in depreciation going up. And these hyperinflation accounting impact also came in forex impact. I didn’t know. So that is an additional factor. So that’s completely understood. Thank you.
Unidentified Participant
Thank you sir.
Unidentified Speaker
Yeah. And as the cash position. So as on 31st March 2025 we. We were 100 crores plus net of cash position and currently we are at 50 crores cash position positive net cash position. Net cash position. Correct.
Unidentified Participant
Okay. All right. Thank you.
Unidentified Speaker
Thank you.
operator
Thank you sir. The next question is from the line of Pratik Mukaster from RNL Wealth. Please go ahead.
Unidentified Participant
Yeah. Congratulations on a solid set. My questions got answered in the previous questions so thank you.
operator
Thank you sir. As there are no further questions from the participants I now hand the conference over to management for closing comments.
Unidentified Speaker
I extend heartfelt gratitude to all the participants for their time. Thank you so much.
operator
Thank you ma’. Am. On behalf of Philip Capital, that concludes this conference call. Thank you for joining us. And you may now disconnect your lines. Sam.