Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Solar Industries India Ltd (NSE: SOLARINDS) Q4 2026 Earnings Call dated May. 15, 2026
Corporate Participants:
Shalini Mandana — Joint CFO
Manish Nuwal — Chief Executive Officer
Analysts:
Tina Virmani — Analyst
Amit Dixit — Analyst
Unidentified Participant
Bharat Shah — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to The Solar Industries Q4 FY26 earnings call hosted by Motilal Oswal Financial Services. As a reminder, all participant lines will 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 Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms.
Tina Virmani from Motilal Oswal Financial Services. Thank you. And over to you ma’. Am.
Tina Virmani — Analyst
Yeah, thanks. Good evening everyone. On behalf of Motila Losol Financial Services we thank the management of Solar Industries to give us an opportunity to host the call from the management team. We have Mr. Manish Nawal, Managing Director and CEO Mr. Suresh Menon, Executive Director. Mr. Milim Deshmukh, Executive Director, Mr. Mohnish Agarwal, Joint CFO and Mrs. Shalini Mandana, Joint CFO. Over to you Mr. Manish for your opening remarks. And after that we will open the floor for Q and A.
Shalini Mandana — Joint CFO
Thank you Tina. A very good evening to all my dear stakeholders and well wishers. My name is Shalini and I would like you all. Welcome you all TO Solar Industries fourth quarter and yearly conference call of FY26. This call’s recording including the transcript will be available on the site. The financial statements, quarterly fact sheet, investor presentation and press releases are all available on the website. To begin with I would like to remind you all that during this call we might make projections or other forward looking statements regarding future events and about the future financial performance.
Please remember that such statements are only predictions. Actual events or results may differ materially. And our website will be updated with all the relevant information from time to time. Now I would request Solart MD and CEO Mr. Manishi Nwal for his opening remarks on the company’s performance followed by Q and a session. Over to you sir.
Manish Nuwal — Chief Executive Officer
Dear esteemed investors, a very good evening. I’m Anish Nuwal, Managing Director and CEO welcomes you all to Solar Industries India Limited’s earning call for the fourth quarter and financial year ended 31st March 2026. We are happy to report that our company has delivered landmark performance blocking its highest ever quarterly and annual sales of rupees 3053 crores and 9838 crores respectively. Despite no growth in domestic mining market we have also achieved the highest ever quarterly EBITDA and PAT at 870 crores and 556 crores registering a growth of 59% and 61% year on year and highest ever quarterly EBITDA and PAC at 2,750 crores and 1,737 crores registering a growth of 35% each in the year FY26.
We achieved our EBITDA margins at around 28.5% for this quarter and 27.95% for the whole year. These numbers were propelled by strong sales from international and defense business, relentless focus on our high value chain products and operational efficiencies. We are investors. Our defense business has nearly doubled delivering outstanding growth with revenue surging 134% in Q4 and 94% for the full year to reach a record high of 1,008 crores and 2,634 crores respectively. A robust sales pipeline coupled with strong execution.
Coupled with strong execution capabilities position us well to sustain this momentum and we should cross defense revenue of rupees 4,500 crores in FY27. Solar’s international business has performed very well and as a result we registered a growth of 32% year on year. Solar’s ability in establishing strong relationship with its customers as a trusted partner underscores company’s strength in identifying and capitalizing the global opportunities. Our recent expansions including northern and western parts of India paired with upcoming plants in the east and South India as well will definitely help us to strengthen our domestic footprints.
This expected growth in domestic market is further complemented by our strong momentum in international business. Additionally, the defense vertical is steadily maturing into a powerful standalone platform driving deep tech innovations enabling significant future growth potentials. In FY26 we have delivered 50% revenue growth and surpassed our annual EBITDA guidance. This performance reinforces our confidence in the scalability of our business backed up by a strong order book of rupees 21,300 crores and robust opportunities across all verticals.
We are targeting to achieve a revenue of 14,000 crores in FY27 while maintaining current margins. To support these growth plans, the company has invested 2,700 crores over last two years and entering into FY27 with a planned annual capex of 2,050 crores. The company has proposed a dividend of Rupees 11 per share for FY26 27 up from Rupees 10 per share in the previous year, reflecting confidence in its financial health and commitment to the shareholders. I sincerely thank all our esteemed investors and analysts for joining us today.
Thank you for your continued trust and partnership. Now I will hand over the system to my Shalini Manana for presenting the financials in detail.
Shalini Mandana — Joint CFO
Thank you sir. Coming to the results, we have shared the investor presentation carrying all the necessary information for your kind Parisian key highlights for quarter four and for year FY26 are as Sales the consolidated revenue for the quarter is 3053 crores versus 2167 crores and for the year it is 9838 Korea versus 7540 Korea. The percentages of the sector in the customer basket are as follows. CIL is down in the basket to 9% from 13%, non CIL and institution is at 10% from 14%. Housing and infra were 15% from 16% in the basket.
International business were 33% from 36% and defense had massively increased to 33% from 20% and and has crossed the four figure mark reaching 1008 crores during the quarter and in terms of percentage it is up 134% year on year basis. In the year the C in the basket is down to 9% from 13%. Non CIL and institutional is at 12% from 15%. Housing and IMSA is at 12% from 15% in the basket international business is almost similar at 39% from 38% and defense increased magnificently to 27% from 18% and in number terms it has almost doubled to 2,634 crores from 1,355 crores and up by 94%.
Raw materials raw material consumption for the quarter stands at 1,522 crores versus 1178 crores and at year it stands at 4894 crores versus 3979 crores. The employee cost for the quarter stands at 253 crores versus 174 crores and for the year it stands at 845 crores versus 600 crores. The other expense for the quarter stands at 453 crores versus 275 crores and for the year stands at 1,477 crores versus 1,001 crores. EBITDA we reported highest EBITDA numbers for the quarter at 870 crores versus 546 crores and for the year the highest EBITDA stands at 2750 crores versus 2031 crores.
The interest and finance cost stands at 41 crores versus 29 crores. And for the year it stands at 134 crores versus 117 crores. Depreciation cost stands at 71 crores versus 50 crores. For the quarter and for the year it stands at 251 crores versus 182 crores. Profit before tax stands at 759 crores versus 464 crores. And for the year it is at 2,365 crores versus 1739 crores. The highest ever quarterly pack stands at 556 crores versus 346 crores. And the for the year it stands at 1737 crores versus 1288 crores.
This was the update for the quarter and the year. This is all from our side. And now we’d be happy to take any questions, comments or suggestions that you have. Over to you, Tina.
Tina Virmani — Analyst
We can now open the floor for Q and A.
Questions and Answers:
Operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone keypad. If you wish to remove yourself from the question queue you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Amit Dixit with Goldman Sachs. Please go ahead.
Amit Dixit
Yeah, hi, good evening everyone and congratulations for a very robust set of numbers and indeed a very strong guidance. I have a couple of questions. The first one is on international business. Now if you look at international business, the growth has been very good this year. Just wanted to get a sense on, you know, the new geographies like Zimbabwe that we entered this year and some of the. And what are the other key geographies we might be thinking also what I mean what all geographies are we expecting more traction in this year?
FY27. That is my first question, sir.
Manish Nuwal
Thank you, Amit. You are very right that international business is doing quite good. And like I say, in this year the international business has grown by 30%. And in the next year, which is FY27, we are expecting apart from defense, domestic and international, both should be very good. So as far as new territories are concerned, mainly we are focusing on African continent and that’s the market where we are expanding every year. So like I have explained in my previous calls, we have created South Africa as one of the hubs for our future expansions.
And we have already set up the facilities apart from South Africa in Zambia, Tanzania and we have also started Zimbabwe facility. And in the West Africa we have Nigeria as a base. And from there we have started our operations in Ghana. And in this year we are expecting to start operation in Sierra Leone. And in Turkey we have a strong base and we have started for Pakistan plant. So similarly we are trying to expand in all those markets which helps us to utilize the facilities which we have set up in these major markets.
As far as Southeast Asia is concerned, we have a small facility of Thailand and Indonesia. Australia is also going to start very soon.
Amit Dixit
Great. Very clear. The second question is essentially on defense. Now defense guidance has been is very very robust. Had a very good quarter. Now a couple of clarifications or you know little bit more color that I would request from you in this regard. So one is about Bhargavastra. I mean the counter drone systems have been in flavor I mean for some time now. So just wanted to get an understanding where we are on that front. If any tests are pending and when can we expect the order. Similarly the progress on 155 where we are the district to test and other necessary certifications.
Manish Nuwal
So normally we would like to avoid all such product specific questions due to variety of reasons. But Margot is a strategic item for us and we are developing this product from last couple of years. And this product will be one of the very few companies in the world who will be developing such kind of system. So the product development is in the final stage. But still such kind of product development takes longer time than what we expect. But definitely we should be able to complete all the trials in this calendar year.
So this is the status of Bhargo and as far as 150 products are concerned. We have already started supplying all the raw material intermediates going into this tract products. Our top facility which will help us to reduce the complete 155mm product should be should be able. We should be able to finish in next couple of quarters. But definitely it will take another three to four months time. Then we will start supplying the complete round 155.
Amit Dixit
Very comforting sir. Thank you so much and all the best.
Operator
The next question comes from the line of Umesh Araut with Nomura India. Please go ahead.
Amit Dixit
Yeah. Hello sir. Good evening and congratulations for a very good set of numbers. So my first question is pertaining to our exports business. If I look at our historical trajectory I think we have seen stronger growth in between FY19 to 23 when our business actually grew by almost 3.5x in terms of top line. Then we had almost more of flattish growth between 23 to 25. And again I think it looks like with 32% kind of a growth in 26 growth is looking very stronger on the export side. So I just want to understand how big this opportunity is.
Probably two, three years down the line. Again, can we expect closer to 2.3x kind of jump in terms of top line for our export business and to achieve these kind of growth opportunities, what kind of investment that we can expect from you in terms of medium term both on capacity expansion as well as on client traction side?
Manish Nuwal
Yeah, thank you very much. You are right that if you look at 2015 number export and overseas was around 400 crores. And that has reached to almost 800 crores. And there we hover around for almost three to four years. Right from 2021 to 2018 till 21 we were in that range of 800 crores. And after that it started picking up. So the point was that during that period we were setting up the facilities, qualifying ourselves into the overall mining procurement system. So that was the key period. And after that the sales from our exports and overseas started picking up especially from 2022.
So that was the year when it had reached to 1400 crores and now it has crossed almost 3800 crores. And next year also we are expecting a growth of around 30%. So we believe that there are plenty of opportunities for us in the international market. But it will be very difficult for us to give any trajectory specifically in numbers of how much multiple we can grow, how much tanks we can grow from this base. But I feel that since international markets are growing at 2 to 3% that we expect that volume term we should be able to grow comfortably at around 10%.
And in value terms we should do at around 15%. But this year definitely because of the rising commodity price, it will help us to have more top line. So that’s why we are bullish. And for the next year we are expecting a growth of around 30%.
Amit Dixit
Got it, sir. So just one clarification. If you can give us some understanding about market share that you have in key markets in export region.
Manish Nuwal
As of now we don’t have that kind of visibility.
Amit Dixit
Okay. Okay. So my second question is if I exclude your target growth on exports and defense side, domestic looks like is expected to see about 35% kind of growth for 27 which is more of implied growth from your guidance. So is it on the account of purely low base where 26 was also impacted here from the monsoon. And apart from that, probably higher traction on infra and coal volume side that you are expecting in 27.
Manish Nuwal
Yeah. So for the next year, like why we have mentioned that we are targeting 14,000 cr revenue and if you take the difference out of that total number then it is around 9,500. And like I said, domestically, international, combined together we should be able to grow plus 30%. So out of this 30, 32% or 33% growth, we expect that 10 to 15% should come from volume crude and around 20%, 18 to 20% should come from the price rise. So that is mainly because of the impact of the higher crude or gas prices on the upstream products or downstream volumes.
As far as the demand, the domestic market is concerned, last year it was a totally flat growth market or you can say the removal in coal India, Chandra and private coal mine combined together was on a negative side. But despite of that we managed a decent growth of around 4% in value terms. And this year we expect that because of the pressure in the market where people would like to shift from the diesel, petrol or generated products to the electricity based products. So that will definitely help the growth in the coal mining sector.
And since last year was the bottom out kind of situation for OB removal section. So this year we expect the demand should pick up.
Amit Dixit
Understood? Understood. So my last question on the competition side, we are heading about probable entry of Kalani Group into exclusive business. So any kind of thought process here, I mean do you see incremental competition because of this? And. And especially if you look at I think defense because they were already present in this business in form of guns and missiles, probably any kind of color over here. In terms of competitive intensities, you are seeing increasing in the domestic market.
Manish Nuwal
The first point is definitely I would not like to comment on the competition side or competitive. But it’s a matter of fact that solar has risen its base from 1996 where it was a small player in the rail exclusive market. And we have competed with the world number one, number two in the markets and we have increased our presence. So from competition side we are not afraid from anyone. But market opportunities are immense where everybody will have its own pile. We cannot say that we will have 100% market share and that is not our target.
Also and the way we are expanding, it is not the only product which we are working into. We are not a hardware company also. We are developing energetic products. We are expanding our technology footprints and going to offer many advanced technology solutions for the Border security.
Amit Dixit
Understood sir. Thank you. Thank you so much for these answers and all the very best.
Manish Nuwal
Thank you.
Operator
The next question comes from the line of Vikra Singh from ICICI Securities. Please go ahead.
Unidentified Participant
Good evening sir. Thank you for the opportunity and congratulation on a very good set of numbers despite challenges. Now my first question pertains to. Since our defense mix is improving in the overall sales while we are still giving the guidance margin guidance kind of a intact versus last year. So is it some of the item where the cost inflation pass on would be difficult and that’s why overall margin has failed or we traditionally doing a conservative estimate at this point of time.
Manish Nuwal
As far as the margins are concerned, you are aware that prices of all the commodities has gone up. And definitely passing on the same increase sometime is difficult. But we have increased the prices and there are rise and fall calculations already in place in our contracts. So that will take care of the actual price rise. But if we look into the overall EBITDA margin definitely there will be some little bit impact. But since our defense is picking up international is also doing very good. So we should be able to maintain the current EBITDA margins.
Unidentified Participant
Notice sir. So my second question pertains to the domestic exclusive market. Obviously we have added a lot of capacities and eyeing a market share gain. Is it basically through the new products because segments remain the same or the user industries are limited in a way and none of them are growing at 10 or 12%. So just wanted to understand this market share gain strategy how we are actually targeting that.
Manish Nuwal
It is not a straight away market gaming strategy. Over the last say 10, 12 years we were expanding our facilities at our core plant which is at Nakpur which makes package explosives and initiating systems. But as we have become a global player, the capacity utilization level has gone up. At the same time if you look into the logistic cost which comes on the explosives, it is a wise step for us to expand outside Nagpur. That’s why we have acquired a company in northern part of India. At the same time we have just almost finished the mega expansion in western part of India.
And similarly we are going to expand our base in Orissa and Telangana markets Andhra Pradesh. So this is a key reason. Second is as you are near to the customer, definitely gaining or servicing the customer is always better. And that helps us to grow or grab the market growth in those markets. So that’s the key point
Unidentified Participant
Noted sir. So just one last question. In terms of this quarter, had we had any inventory gains in our overall numbers or it’s the Natural kind of the margin which we were expecting.
Manish Nuwal
So definitely whenever prices goes up we have inventories like in this quarter our inventory was more than what we normally carry due to variety of reasons and definitely we will have an inventory gain in the coming quarter. But at the same time this is very normal for our kind of industry. And since price goes up by for example $200 we will get only the price escalation based only for say 60% of the total increase. So that will take care of only the price increase. But there are certain contracts where we can pass on after a quarter.
So those kind of situation we can easily absorb with having such kind of inventory level. So definitely we are in a very good position to absorb these kind of shocks.
Unidentified Participant
Noted sir. And so next year Capex if we can split between defense versus non defense exclouses that 2000 crores
Manish Nuwal
We always say that for us our business is one and next year we are going to invest around 2050 crores and we always channelize the CAPEX program based on the priority and the market opportunity available to us.
Unidentified Participant
Notice. Thank you and
Operator
All the best possible. Thank you. The next question comes from the line of Dipen Vakil with Philip Capital. Please go ahead.
Unidentified Participant
Thank you for this opportunity and congratulations on a great execution. So my first question is can you help us with the order book breakup between defense and non defense for the 21,300 crore order book and what are the major orders which we can expect in near future? Any highlight on that?
Manish Nuwal
Yeah, out of the total 21,000 crores of order book difference is around 18,000 crores and non difference is around 3,000 crores and out of these total difference 18,000 crores order book mainly the biggest order was from P and just all are the small small raw material intermediate goods for the Indian markets and we have also received plenty of orders from the international markets and as far as new orders are coming. Yes, we are in the final stages of receiving orders for the similar products and we are also expecting orders from Pinata series of products that is in the discussion stage.
We are in negotiation but that takes time.
Unidentified Participant
Got it sir. So my second question is I want to understand the new product and development which are happening at Solar. So considering that a lot of. So can you help us understand which which are the new products which will are on the advanced stages of finalization in terms of development and can come into your product portfolio soon and which are in the early stages.
Manish Nuwal
So like I said it is not wise on our part to share the program Wise Progress and status. But definitely the products on which we are working very closely and which are in the final stages is one of them is a Bhargor which is a counter drone product. There are multiple options within the loitering ammunition. Those are also in the pipeline apart from these two like I said 155 round of ammunition. That is also in the last stage of complete trials. So once we have finished, like I said we have already started making the propellants for these products which is large caliber ammunitions.
Now we are going to make a complete round and supply for the qualification. So these are the key products apart from many others which are in the design and development part. And that is not good on us to explain the exact status for each product. You can also since the RDA is developing many of the products and we are also partnered with those programs. But these program takes time and we will definitely share the progress on key milestones.
Unidentified Participant
Got it sir. Last small follow up. So you had like medium caliber ammunition facility you had recently commissioned. So is it operational now or. We are still awaiting some certification or something. So can you share an update on that?
Manish Nuwal
That is already commissioned and we are starting supplying the products for qualification and once we qualify we will definitely receive orders for those products.
Unidentified Participant
Got it sir. That’s all from my side. Thank you so much and all the. All the very best for FY27.
Manish Nuwal
Thank you.
Operator
The next question comes from the line of Bharat Shah with BCS capital ideas. Please go ahead.
Bharat Shah
Yeah. Hi. Manish. Hati. Hati. Congratulations once again. Really standard defining performance. Hearty congratulations to you and the team.
Manish Nuwal
Thank you very much sir.
Bharat Shah
Pleasure. Yeah. I over a dozen od years that I’ve known you in a very quiet and unassuming way from virtually limited product and limited geography we have built a business which is multi sector, multi geography, multi products and maybe brick by brick a very resilient and strong business. So great credit to the way the business has been built over a period of time. I remember 10 years back when defense business seeds were being laid and there was nothing on horizon and how painstakingly efforts have been put to build the business where it is today.
So clearly kudos to you and the entire Solar team. Just one, two questions. Last year, if you see the financial year 2526 working capital is almost about 1600 crores. And in the year prior to that working capital actually released about 800 crores. So from the cash flow, operational cash flow, almost a swing of 2,400 crores is being sucked away from the operational cash flow in the 25:26. Any comments on that?
Manish Nuwal
First of all, thank you very much Bharatbhai for your kind appreciation. Definitely. In fact it’s a responsibility of every citizen and every company to work towards our national security and contribute for the country’s prosperity and progress. So thank you very much sir. And as far as your working capital question. Charlie will respond to that. Just a minute.
Shalini Mandana
Hello. Good evening sir.
Bharat Shah
Yeah, good evening.
Shalini Mandana
Yes sir. The working capital days had been. In this year it had been hovering around 9200 days till quarter three. But in quarter four so the working capital days have been increased primarily due to high inventory levels. They were mainly done to build them and mitigate the risk arising from geopolitical uncertainty and to address the uncertainties. And maintaining supply chain continuity has been critical. And as Manishi had answered in the last calls, obviously these inventory levels will help us going forward.
So as to. You know, it will discuss the revenues going ahead as well as the same will help in generating the margins and as.
Bharat Shah
Yeah, sorry, please go ahead.
Shalini Mandana
Yeah. As the geopolitical situation stabilizes we anticipate normalization in the working capital. Limits over time may be next important.
Bharat Shah
Sure. So this was a deliberate and strategic decision. It is not accidental?
Shalini Mandana
Yes sir. Correct.
Bharat Shah
Right. Right. And second, if I see contribution of subsidiaries to the earnings consolidated bottom line. I’m a bit intrigued by that. If you see our consolidated earnings for last year has been about 185 rupees compared to 134 last year. 25 of which subsidiaries have contributed 50 rupees in the current year compared to 45 in the year preceding. So subsidiaries mainly added to the consolidated bottom line which considering our export in international patients I’m bit surprised that how subsidiary they made relatively more muted contribution of course in the fourth quarter it is dramatically improved.
The 11 rupees headcount contribution of subsidiaries to the fourth quarter result last year which has shorter to 19 rupees in the current year but entirely 45 rupees earnings to 50 rupee earnings of the subsidiaries. I’m bit surprised by that.
Manish Nuwal
So sir, in the first half of this year since the defense business because Solar Defense is a subsidiary of Solar industries and our international business are also subsidies. So if you look at the total results definitely in the first six months results from the defense section as well as the intermen as far as margins are concerned were subdued and it started improving from Q3 and in Q4 those all started giving very good results. So that’s the key factor. And now onwards we believe that the subsidy levels, whether it is in India or overseas, all will start delivering very good performance.
And that’s why despite of a very high base of raw material prices which we are expecting in the coming financial year, we are pretty confident that we should be able to achieve the current levels of EBITDA margins. If you look at the three, four years back period when the raw material prices increased by 50, 60, 70% at those times our EBITDA margins went down by around 2 to 3%. At this time we are confident that we should be able to manage this situation with the help of improved defense as well as international business.
Bharat Shah
Sure. No, understood. Which means basically volatile currencies and volatile geographies must have taken away some part of the earth means, I suppose in the last year and that you expect it to be reversed, right?
Manish Nuwal
Absolutely, sir. That is the situation in all these markets. Sometimes there is a lack of payment, sometimes you have to buy at a higher price. But frankly speaking, all such kind of uncertainties and if you handle it well, converts into an opportunity. And we like all these things. So in nutshell, sir, overall as a business, if you are able to achieve around 27, 28% of EBITDA margin, despite of all the current crisis because of the efforts which we have taken on all the fronts.
Bharat Shah
Absolutely the record is there to show it fully what you are saying. So remarkable. Remarkable one and once again hearty congratulations.
Manish Nuwal
Thank you sir.
Operator
The next question comes from the line of Sanjeev Zarbade with antique stock broking. Please go ahead.
Manish Nuwal
Thanks for taking my question, sir. Our exports business has remained largely flattish on a sequential basis. So are you seeing any headwinds on account of the developments in the West Asia regarding freight and you know, logistics? And would it impact in the growth in Q1 in the key for the revenue from international is around thousand and last quarter also it was in a similar range. So we expect improved performance even more than these levels in the coming quarter.
Amit Dixit
And sir, my second question was regarding the impact of the commodity prices.
Manish Nuwal
And of course we have potential price increases. So and I think from our past interaction, I think the benefit of price increase comes with the lag. So is it possible that we might see some impact on margins in Q1 and then maybe in Q2 there could be some, you know, recoup of the margins. So we run business as a whole and we don’t give on quarter to quarter basis. So what guidance we have given, we are pretty optimistic that we should be able to achieve that. And for thirdly, because of the increase in prices of ammonium nitrate.
Would there be any demand impact in the sense that buyers might wait for some time to prices to go up and then start buying? It is too early to comment on this because the impact of very high prices of commodities killing the demand. We need to wait for some more time, get the clarity and the response of the people who are going to consume these products. But by and large we are. We do feel that there can be a demand contraction for some couple of months. But by and large on annual basis, I don’t see that.
Amit Dixit
Okay, sir. Thanks.
Manish Nuwal
Thanks and great. And congratulations on. Thank you.
Operator
Ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to the management for the closing remarks.
Shalini Mandana
Hello. Yeah. We thank Nathilal and Pura School for the call and all the investors at Netti for taking the call. Thank you.
Operator
Thank you, ma’. Am. Ladies and gentlemen, on behalf of Motilal OSWAL Financial Services Ltd. That concludes this conference call. Thank you for joining us. And you may now disconnect your lines.