THE ANUP ENGINEERING LIMITED (NSE: ANUP) Q1 2026 Earnings Call dated Aug. 05, 2025
Corporate Participants:
Unidentified Speaker
Reginaldo Dsouza — Chief Executive Officer
Analysts:
Unidentified Participant
Jaiveer Shekhawat — Analyst
Mohit Surana — Analyst
Ravi Naredi — Analyst
Naysar Parikh — Analyst
Presentation:
operator
Ladies and gentlemen, Kriti and welcome to the Q1 ended FY26 earnings conference call of the Anup Engineering Limited as a reminder, all participant lines will be the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star Windy O on touchdown phone. Please note that this conference is being recorded before we proceed to the call. Let me remind you that the discussion may contain forward looking statements that may involve known and unknown risks, uncertainties and other factors.
It may be viewed in the conjunction with a business risk that could cause actual results, performance or achievements to differ significantly from what has been expressed or implied in such forward looking statements. Please note that company have uploaded the results press release in Vista presentation and also the outcome of the board meeting on the website of the Stock exchange and website of the company. I know. Hand the concretes the over to Mr. Reginaldo D’, Souza, managing director and CEO of the company. Thank you. And over to you sir.
Reginaldo Dsouza — Chief Executive Officer
Thank you. Hello everyone and a very warm welcome to this conference call on our quarter one performance for the financial year 2025 26. Historically the period April to June, quarter one has always been a weaker quarter for us mainly due to high labor absentism on account of annual holidays. Moreover, this year had its own challenges from supply chain pressures due to wars and trade uncertainties due to tariffs. Considering these uncertainties, I believe we had a fairly decent first quarter of this financial year. Now let me quickly take you all through the numbers. The Consolidated revenue was 175.2 crores, a 20% growth with an EBITDA of 40.4 crores, a growth of about 22% and a patch of 26.3 crores, a growth of about 21% as compared to quarter one of the last financial year.
Interestingly, the Exports was at 72% of our revenue. Yes, this seems high, but I believe will normalize over the year to about 50 to 55%. Considering our order book pipeline, this is fairly in line with our strategic intent of being a 50% export business. The revenue contributions from all our three manufacturing locations was in line with our expectations with Ahmedabad plant contributing at 58% to the revenue, our new Pieda facility at 37% and balance coming from Maple Engineers, Tamil Nadu. So I’m very happy to state that all of the locations have started contributing well to our business growth.
The sectorial revenue across industries was also as expected with oil and gas at 44%, petrochemicals at 32% and fertilizer and chemicals at 21% and the rest from others. In terms of the product mix, heat exchangers which are predominantly manufactured in our Ahmedabad facility was at 46% and the vessels, reactors and columns which are largely manufactured at keda plant was 44% which signifies substantial contribution from our Sierra plant. The balanced 10% products were siloed from Maple engineers. The working capital block was a touch higher for the quarter mainly on account of a short term increase in raw material inventory due to specialized material metallurgy buying for on hand orders and also due to lower customer advances.
This is a short term and is expected to normalize in coming quarters with execution of these higher value orders and better order intake to our historical working capital turns of 3.5 plus tonnes. Our manufacturing capacities have shaped up well with all of the manufacturing locations I.e. ahmedabad and Keda both in Gujarat and Maple engineers at Tamil Nadu operating and contributing well. The phase two expansion at Keda is expected to be completed before time and we should commission it in quarter two of this financial year instead of quarter three as informed earlier. With this we will have a capacity to roll out approximately 1,200 crore business per year from these three locations.
A breakup for you all if it helps could be approximately 600 crores from Ahmedabad, 400 crore from Keda and 200 crores coming from neighbors and as we expand further it will improve in line with our growth aspirations. Coming to Order Bookings the order booking for quarter one has been a touch sluggish due to the current uncertainties mainly on account of wars disturbing the supply chains, trade disruptions due to tariff concerns and other geopolitics. We have some good opportunities in the United States under negotiations and we had hoped that to close them in quarter one. But with current developments on trade agreements with India we may have to wait a couple of months for our customers to proceed with ordering.
Not that these capex projects in United States will not see the light, but the delay is probably on account of reassessing the budget or the ROI and approval of that same to proceed. As you all are aware, almost all our export contracts are fob India port and hence the duty needs to be borne by the customers in United States which inflates the landed cost for them. Even with a higher tariff of about 25% India would still be competitive as largely the supply options for these kind of capital equipment we offer to United States are probably coming from countries like India, Europe, China, Korea and Mexico Largely to give an example, as late as last week we got a confirmation for an order of about 1 million USD for supply to the United States.
Hence, it is likely more about uncertainty that is bothering our customers than the real tariff. Our pending order book as on date after quarter one execution is about 604 crores. 604 crores. This will surely see a good traction in coming months. We have seen a strong inquiry inflow from Middle east and domestic market. The domestic market has picked up quite well after a slow last 3/4 with considerable amount of inquiry inflow. For example, projects like the Bina Refinery, Petronet, LNG Reliance, pta, bpcl, Kochi, PP plant and couple of other chemical and fertilizer plants provide good business opportunities.
We have an encouraging inquiry bank of about 1,020 crores. 1,020 crores for global projects where we are bidding very strongly. All going well. We should fuel our growth plan for this and the start of the next year. Hence, at the backing of a robust inquiry pipeline and customers moving higher risk projects especially in domestic and Middle east market, there will be good business opportunities in the near future with due consideration to these uncertainties especially on trade due to tariffs and supply chain challenges due to wars and geopolitics. Our guidance for this financial year FY 2526 would be 15 to 20% revenue growth with an EBITDA of about 21 to 22%.
Of course we will sign keep this at 20% growth. Exports shall be in the range of 50 to 55%. Having said this, we as a business are mindful of the risks and challenges that can come our way. We are cautious of the geopolitics and how it could impact trade and hence we are using strategic levers to maneuver the short term uncertainties on the long term strategic initiatives towards sustaining our growth. We have been working relentlessly over the last few months on the diversification and inorganic growth opportunities. As mentioned earlier, we are looking at opportunities in the space of energy related technologies, special chemicals sector, packaged process systems, et cetera.
We will surely keep you all informed of the progress as we get closer to a certainty. To conclude, the current uncertainties may have a very short term impact, but with a strong proven execution, necessary capacity in place for our growth plan and an encouraging pipeline globally, we should see good business prospects in the future. With these pointers, I wish to thank all of you for your presence and patient listening. Now I would be happy to have your questions. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer Session Anyone who wishes to ask questions and one on the dashtown telephone. If you wish to remove yourself from question q may star n2 Participants are requested to use answers while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue ascends. The first question is from the line of JV Shikarat from Ambit Capital. Please go ahead.
Jaiveer Shekhawat
Sure. Thanks a lot, Rayji. My first question is just with respect to the order booking, while you highlighted that you would expect a lot of these projects to get finalized over the couple of few months, is it that some of that growth will get pushed forward to the next year, let’s say FY27 and which is why you have brought down the overall growth guidance for this year.
Reginaldo Dsouza
You’re right, David. So as you have heard me on the last call, we were expecting some of good orders intake for the United States which we had almost reached closer to finalization. Unfortunately those have not gone through. Maybe that we should get hands on them maybe in a couple of months, but then we have less time for execution. So to be more certain we have brought down the guidelines to about 15 to 20%. Of course internally we will go for 20% growth, but you could expect the guidance anywhere between 15 to 20%.
Jaiveer Shekhawat
Sure. Very, very well understood. Second, if you could also highlight what’s been happening on the new verticals that you had earlier highlighted about especially your ache business and also in the services business. Is any update there? Any new orders that you’re receiving there?
Reginaldo Dsouza
Yes. On the services business, surely we have three inquiries right now on board. One, we have already got the order. It’s a small one. So as I explained initially for the first year we are not looking at a very large volume coming from service, but we are trying to build our credentials for service business in this market which in three years time are going well, we should reach about 200 crores. So we made some good headwinds on inroads into the service with a small order intake already two we have executed, one we just received and two inquiries are in the pipeline.
And also on the new product side we have made some good inroads also in the power sector. We were completely missing on the power sector and happy to say that we backed close to about 7 to 8 crores in the power sector already in the last month. So that’s also inroad for us into power atse a specific question. We have three inquiries already quoted for hoping something will turn around for us in the coming weeks.
Jaiveer Shekhawat
Sure. Lastly, on the gross margin Side, I think I see a lot of volatility across quarters this quarter. It has sort of surprised significantly. On the positive side, if you could highlight the reasons there. And also given that you’ve had a new appointment of Mr. Matias as the marketing officer, chief marketing officer, what would his role be and then which are the newer markets or possibly segments that you’re looking to sort of target along with his expertise.
Reginaldo Dsouza
From the margin side? Yes, we had some profitable orders executed in quarter one. That’s where the gross margins have reflected better. But based on our pending order book position, we think it will normalize anywhere between 21 to 22%. And that’s the reason for our guidance of 21 to 22%. In terms of Rudolph Mata, he comes in as chief marketing officer for us to take care of our sales and business development side, the front end of the business. And he comes with a lot of international experience being in Canada for a pretty long time, worked in Middle east, so an overall experience globally which would augur well for us for pushing our growth plans into the international markets.
So his role in short would be to head the complete front end with sales and business development.
Jaiveer Shekhawat
Thank you so much and all the best.
Reginaldo Dsouza
And just added to what I said about ache earlier, we also built up our team in terms of design for designing and estimation of these products. Our technical offers are well accepted by customers, which says that we build pretty good capabilities in house in terms of understanding this product and also offering a good proposal to our customer. I believe it’s just a matter of time that we land up on another.
Jaiveer Shekhawat
In terms of just the initial signs of pickup. I mean, when do you expect that it will start meaningfully contributing to revenues? Will it be by end of the year?
Reginaldo Dsouza
So contribution directly to the revenue part? I believe it will be in quarter one of next year because generally the cycle times would be anywhere between seven to eight months. So I believe even if we back an order by the end of this quarter, so we should be good to go with quarter one. Revenue coming in from fg.
Jaiveer Shekhawat
Sure. Thank you so much.
Reginaldo Dsouza
Pleasure. Thanks.
operator
Thank you. The next question is from the line of Mohit Surana from Monash Network Capital Ltd. Please go ahead.
Mohit Surana
Thank you for the opportunity. My question is with respect to the order book, is there any chance of order book cancellations going forward from the orders that we have already received? And keeping in mind the global supply chain issues and the tariffs related uncertainties, can there be some more erosion in margins in order to get the orders?
Reginaldo Dsouza
Let me just clarify, so your first question was basically any chances of order cancellation. And second, based on the current supply chain concerns, whether there could be any erosion on the margins, right?
Mohit Surana
Yes, that is correct.
Reginaldo Dsouza
Okay, so on the order cancellations the answer would be no. Largely by and large these are the orders that we booked are large petrochemical and hydrogen projects and also refineries. So these are large scale projects and where the investments have gone ahead to a large extent. So the possibilities of cancellations are very rare, if I have to say. In terms of profitability also we have things protected because these are all as you no estimation model. And we have generally go back to back with our suppliers for all the critical items. And based on the pending order book position, almost 70 to 80% of our raw material is from sourcing domestically in India.
So in that sense we don’t see much of an impact to us coming from the supply chain. A little bit of delays in case if the wars and others elevate to different levels, we could see a little bit of delays into the supply chain. But in terms of the profitability, I think we are fairly well covered for this year.
Mohit Surana
Understood, sir. So.
Reginaldo Dsouza
If you see the reflection of that, in fact we have kept our guidance 21 to 22% almost similar to what we projected that beginning of the year.
Mohit Surana
Absolutely, sir. Yeah. That is fair, sir. Thank you. So just one more question. So you have given a guidance of 15 to 20% revenue growth for this year. Just thinking of a slightly longer term, a three year, two, four year kind of perspective. What kind of revenue figure we can expect from a longer term perspective.
Reginaldo Dsouza
So on a three year perspective, we as a business, we are still at 15% to 20% kind of growth plan for the next three years. As a business with all the diversification plans in place, which should be driving towards 20%. But I would keep the guidance of 15 to 20% over the next three years.
Mohit Surana
Understood, sir. That is helpful. Thank you.
operator
Thank you. The next question is from the line of Gopal Krishnan from Utah Investment. Please go ahead.
Unidentified Participant
Yeah. Excellent afternoon to all of you. And first of all, thanks for the opportunity given to me. First question is regarding the profit growth and sales growth of the company. Three years and one year period. I find that the profit growth is lagging. The sales growth, for example, three years the sales growth is 35% and profit growth is only 22%. And for the training 12 month period, the sales growth is 29% whereas the profit growth is only 9%. I would like to know why this profit growth is lagging behind the sales growth, it is question number one.
Question number two is the last quarter there was a consignment which was held up close to around 200 crores impacting the financial for the company. Has that consignment been dispatched this quarter? And another question is about order. The order book size is 600 crores whereas the turnover that we are going to do this year is around 840 crores. That is 700 crores plus 20% growth. If I take around 840, 850 crores. So how will the company even if they get the order of 250 crores can be executed within this. This is my third question. Thank you.
Reginaldo Dsouza
Yeah, so on the first part in terms of the sales growth and profitability, of course it all the profitability, I’m sure you understand it will all depend on the product mix that we go with. So as we grow and get our growth at the rate of around 30% that we had over the last three years, we had to get more aggressive in the market, number one to win contract. Because as you know these are all estimated contracts. We estimate the pricing we negotiate and we win contracts on negotiable bids. So as we grow we have to take orders at aggressive pricing for our growth plan.
That’s one second. I’m sure you would have heard me in the calls of the previous that as we are growing we have decided to take up more large volume products which may be lower in profitability, maybe about 15% profitability but churn cycles are more. And that’s the precise reason which we’ve been able to grow over the last three years with 30% plus CAGR. So the difference between the growth and the profitability, I think it all depends on the product mixes that we choose depending on the project that hit the ground in that particular year or a period.
Yeah, so the large order that we spoke about last year, sorry, the last quarter that was on hold or delayed for dispatches from the customers has still not been dispatched. We are talking to our customers so they want have requested us for some more time to be able to pick up those equipment. But at the same time, as I said, we’ve been covered in terms of payment for a large extent and also the storage clause is in the contract so we are safeguarded in terms of our cost and margins due to this delayed pickup from our customers.
And third one, the order booking slowdown. Yeah, of course as I explained, there has been some uncertainty in fact over the last three quarters, as you know, we are largely 50% domestic and 50% export, that’s our strategic roadmap. Domestic over the last three quarters has been really stagnant. But now as anticipated it has started moving well. And in the international business, mainly because of the current trade uncertainties, the first quarter has not, as I explained has not been that great. But the kind of inquiry pipeline that we have today, close to about 10:20 which is one of the historical highs we believe at the cycle and the conversion rate that normally we have, it should fuel our growth journey and how we will achieve the numbers of 20% growth.
So if you look at 174 crores that we have done and if we add 604 pending order which is completely executable in this year we are already at about 700 calls, we are already at about 780. What we need to get will be about 70. And we have large part incidentally we generally don’t get that. But incidentally lot of inquiries are very, very short term delivery items. I’m sure you will be surprised when I say that we have large inquiry banks which are as low as 5 months delivery for customers. Maybe the customers have delayed the ordering because of the unscript but now the accident remains the same as we have to deliver it quickly.
So obviously it is sort of blessing in disguise that we’ve got this opportunity of short term delivery items. So with that we are confident that we should be able to hit the guidance of 15 to 20% growth rate for this year.
Unidentified Participant
Sir, one thing, sorry, one more follow up. Our dependence on us is close to 27% if I remember it right. Has it increased or is it going to. Are you going to, you know, diversify geographically say to Europe or. I think you Saudi Aramco is one of our major customers. That’s what you mentioned in one of the calls. So with you know, the OPEC deciding to increase their output and all of that, I think we should have more opportunity from such geographies. Is my assumption correct?
Reginaldo Dsouza
Yeah. So the first point you made about us contribution to our revenue about 27% to 30%. Yes. Right. Last year if you see how the total expense US was about 30% last year. But this year, because we had that large orders coming in this year, what we had factored in into our workings was anywhere between 5 to 10% order bookings from United States. So having said that, as I mentioned, we don’t see those projects going away but maybe a touch delayed by two to three months. That’s what we are accepting. But at the same time we understand that we need to correct and diversify.
So we have already taken initiatives to focus more on Middle east where there are three inquiries on the table at the moment. So we have, as I mentioned earlier we have taken course directions to diversify and focus on the other regions to fuel our growth and order intake.
Unidentified Participant
Oh, that clarifies my doubts, sir. Thank you. Thank you very much. All the best to the entire team, sir.
Reginaldo Dsouza
Thank you. And I think I missed mentioning about Saudi Aramco that you mentioned. Yes, it’s the first order that we are executing for Saudi Aramco. Closed about I believe 26 heat exchangers. It’s a very critical piece of equipment for us. Important project. We should be delivering it all by Q3 of this year.
Unidentified Participant
Superb. Superb, sir. Superb. Superb sir. All of this. All of this. I’m extremely happy.
Reginaldo Dsouza
Thank you.
operator
Thank you. The next question is from the line of Ravi Naridi from Naridi Investments. Please go ahead.
Ravi Naredi
Thank you very much. To give me chance sir, just previous question I made forward this 200 crore order delay. How much we received against this order and whether this 200 crore order include.
Reginaldo Dsouza
In 600 crore orders. Yeah. So this 200 crore that we are talking about, we have not closed everything. It’s on the pipeline. Because customer pickup has got delayed for the ready items we have slowed down the production. The revised completion date for all these equipment is December end which is almost in the quarter three of this year. So we would be closing up all the equipments by quarter three and customer would pick up. So this is a request that they made against which we have in the contract the storage clause. So they are paying us all the cost and the storage flows as to the contract.
So we are safeguarded in terms of the contractual terms. So in short answer we should be able to execute this complete order by December end. And. And customer has agreed to pick up all the equipment.
Ravi Naredi
Now how much we have received against this order? 200 crore order.
Reginaldo Dsouza
So the equipment which are. Which are ready and where we have issued the IRMs and waiting is 75% of the payment we have received. Generally we receive only 35 to 40% advance. But in this case we’ve been paid close to about 75 to 80%.
Ravi Naredi
75% we already received.
Reginaldo Dsouza
Yes.
Ravi Naredi
Okay. Thank you sir. And one more after 50 crore KEDA CAPEX. Done. How much top line we may expect.
Reginaldo Dsouza
In financial year 26 and 27 from Keda Plant. Yeah, yeah, yeah. Keda plant next year will be anywhere between 300 to 400 crores depending on the product mix. So the plant capacity would be 400 crores. Depending on how the order intake goes, it can be anywhere between 300 to 400 crores. But largely it would be towards the 350, 400 mark.
Ravi Naredi
Okay. And sir, in longer time any plan to shift unit to other places and monetize land value?
Reginaldo Dsouza
No plans at all. Ahmedabad plant is a very strategic location for heat exchangers. Because it is very close to the tube manufacturers. So it’s a very, very strategic location. And we have no plans to capitalize on the land.
Ravi Naredi
Thank you very much. All the best, sir. All the best.
Reginaldo Dsouza
So in short, Ahmedabad facility will be dedicated for all heat exchangers because it’s in the city limits and heat exchanger are smaller in sizes. So transportation would be easy. All reactors, vessels and columns which are generally larger in sizes and heavier in weight, they will be made in our Cheddar location which is on the national highway. And all the silos and chemical items would be made in our Chennai naval facility. Because that’s also on the national highway.
Ravi Naredi
Yes sir, the last I am asking this 200 crore order which we delivered in quarter three, is it include in 600 crore order book.
Reginaldo Dsouza
About 50 to 60 crores included in that?
Ravi Naredi
Okay. Thank you very much. Thank you very much.
operator
Thank you. The next question is from the line of Nyser Parikh from Native investment managers. Please go ahead.
Naysar Parikh
Hi, am I audible?
operator
Yes sir.
Reginaldo Dsouza
Yes. Please go ahead.
Naysar Parikh
Thanks for taking the question. So I heard obviously your comments around order flow and things like that. But if you look at it, if I just compute based on your opening closing order book and what you booked, it seems like it’s less than 50 crore or 40 crore of order new order booking in this quarter and for exports it seems like it’s nil really. So can you just throw some light? Overall, how do you see things going forward? And specifically on exports, did we not book any orders? Were there cancellations or what happened?
Reginaldo Dsouza
To be precise, we had an order booking of 74 crores in quarter one or after this period for this year. And you’re right, it was more domestic because there was, as I mentioned in my call, there were many domestic projects which picked up in line with our expectations. I do understand the concerns of the order book. But as I mentioned, this is a short term. As per our view, this is a short term uncertainty. Because of the current trade. Domestic has picked up. And if you look at the inquiry bank position that we have of 1020 crores.
1020. Generally we have a cycle of anywhere between around 20%. So considering the inquiry pipeline and considering the project that is getting a go ahead especially in domestic and the Middle east market. When I say Middle east, it is largely the Saudi Aramco and and adnoc, that is Abu Dhabi National Oil Company and in India the projects that I did mention on my earlier remarks that gives us a lot of confidence that we will be able to garner good order books. And at the same time because of our capacities already in place with phase two extension, we have a flexibility to execute much ahead of time.
So even if we are running short of time, we will have a little bit of better flexibility now with added capacity to be able to turn around the revenue to the guidance that I provided of about 15 to 20% growth for this year. So you can expect us to close anywhere around 840. Around that number for this year.
Naysar Parikh
You might be small. But just to clarify, March and order book was some, you know, 741, right. And you moved some 175 and it’s 604 crores. So you know if you booked 74 crore new order your order book should be closer to 650, right? Closer to 600 cr. So just if you can explore was there some order cancellations which is bringing the order book down?
Reginaldo Dsouza
No, no, there was no auto cancellation.
Naysar Parikh
And if I can on the domestic side, where is it that. Can you just talk about any sector or something that you’re seeing traction and do you expect that it will be domestic largely that will help you get to the 840 or you think that export market may recover? How are you looking at it?
Reginaldo Dsouza
Yeah, so domestic the largest action that we are seeing is on the petrochemical side. Of course there are offshoots of refinery expansions. But largely what we are seeing is petrochemical plant. So if you see the project that I named Reliance pta, if you see the PP plant of BPCL Fuchi, if you see Petronet PP plant. So all these are projects mostly on the petrochemical side. So the larger traction of course is coming from petrochemicals and domestic will surely be driving in this quarter in terms of order intake plus some extent from the Middle East. And that is the reason if you see an export which is at about 72% in quarter one, we are saying by the end of the year it will be roughly about 50 to 55%.
So obviously there would be more contributions coming from domestic both from the pending order book as well as the new orders that we are expecting which are short delivery items. So from that Context your assumptions is right. Okay. Hello. And just to clarify on that order part, if you refer our last presentation in which the presentation of Q4, the closing order book is on the 31st of March order 700 crores and 741. Was the closing order book as on. The 30th of April 2025. So probably that’s a 40 crore which. Probably you are finding as a difference. So 700 was an opening and then the order invoice, the minus revenue will match exactly the amount which we have reported.
Naysar Parikh
No, that, that helps. Just last question on the EBITDA margin, what you mentioned, you know, maybe closer to 21%, 22%. Is it just, I mean is it just because new plant and economies of scale or even at a gross profit level, are you seeing that there is pricing pressure or customers are demanding some relaxation on pricing?
Reginaldo Dsouza
So to a large extent, as I said, we already have 604 crore spending order. And being an estimated model, we very clearly have an understanding in terms of the margins. But at the same time, since we have to get orders in the next couple of months, we believe that we will have to be a little more aggressive in the market. And that is what we have. Esther, on a conservative basis, when we talk about 31 to 22%.
Naysar Parikh
This 21% at 840 is basically single digit EBITDA growth. Right. Which is a bit far off from the earlier numbers that obviously historically you’ve done and what you’ve been expecting. So that’s the reason I’m asking that. So there is a possibility that we can have a single digit EBITDA growth here, right?
Reginaldo Dsouza
Yeah. So 2122, that we are saying is a conservative number. If the order intake spirals out into profitable orders for us, we may see numbers better than that. But at the moment we would keep the guidance at 2122 and we’ll try to get it on the high side.
Naysar Parikh
Okay, thank you so much.
Reginaldo Dsouza
Pleasure.
operator
Thank you. A reminder to all the participants. You may press Star and one to ask question. The next question is from the line Gopal Krishna from Utrash Investments. Please go ahead.
Unidentified Participant
Yeah, sir, actually my question is just a follow up. See, you are saying the export will be 50% by the end of this fiscal. Now in this 50%, what will be our dependence on us? Will it be the same 27% or it will be less what it is?
Reginaldo Dsouza
So there will be no Mr. Gopal question. There will be no dependence on us. So in this number for exports that we are talking about we have discounted assuming that the uncertainty would continue for a little longer period. And even if we get those orders, we may not be able to execute in this financial year. So. And that is the precise reason we are. We are seeing a guidance of about 15 to 20% as compared to.
Unidentified Participant
There is a headline, sir. That is a headline. You are not going to have any dependence on us. You are not going to be impacted by the tariff. My God. This is a headline, actually. Great. Yeah, this great, sir, that is giving me. Gives me a lot of relief as an investor. Thank you. Thank you for this clarification.
operator
Thank you. If there are no further questions from the participants, I will hand the conference over to Mr. Reginaldo de Souza for closing comments. Over to you, sir.
Reginaldo Dsouza
Thank you. Thank you all for your insightful questions and I hope we were able to clarify to your satisfaction. In case. If you have any further queries, please feel free to connect with us and we would be happy to respond. I take this opportunity to thank my wonderful team at ANUP and to each and every stakeholder helping us deliver performance. A big thank you to all our shareholders for your trust and support. As always, thank you. Take care and stay healthy.
operator
Thank you. On behalf of the ANUP Engineering Limited that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you. Sam.