Hello, and good afternoon to everyone. On behalf of Arihant Capital Markets, I thank you all for joining into the Q4 FY26 earnings conference call of Ceinsys Tech Limited.

Today from the management, we have Mr. Kaushik Khona, Managing Director India Operations, Dr.

Abhay Kimmatkar, Managing Director, and Mrs. Amita Saxena, Chief Financial Officer.

Without any further delay, I'll hand over the call to Mr. Kaushik for his opening remarks.

Over to you, sir.

[Thank you all?] .

It's a pleasure to welcome you at this earnings conference call for the fourth quarter and the full year ended financial year 2025-26. Let me, at the first, thank our host of today's concall, Messrs.

Arihant Capital. We have pleasure to present the best quarterly and financial results of the company for the year ended 31st March 2026.

In the interest of some of the people who may be new to the company, let me first start by giving you a brief overview of the company followed by the performance highlights of the quarter and the year under review. Ceinsys Tech has been rebranded to CSTECH AI, while the corporate name remains as Ceinsys Tech Limited.

We are a leading technology solution provider in the IT-enabled sector, providing engineering and technology solutions in the infrastructure domain. We are acclaimed for our expertise in geospatial engineering as well as other engineering services and solutions.

We offer a broad range of geospatial intelligence services, including data creation, data analytics, decision support system, and enterprise web solutions. After the acquisition of mobility business of ALLGeo in 2022, we acquired geospatial business of VTS in USA in the year 2024, which was majorly operating into telecom domain.

Since then, we are identifying some more targets for the inorganic growth to expand our horizons into the domains where company is already operating, that is the geospatial engineering services and the technology solutions, for which the company is already mobilized around US$28 million. We serve prestigious global clientel that include large corporates, OEMs, asset management companies, and government bodies, highlighting our robust reputation in both geospatial and manufacturing sectors.

With offices in India, US, UK, and Germany, the company combines local expertise with the broad international reach. Additionally, the company has initiated and invested into development of product solutions focused on the infrastructure vertical and emerging technologies through new vertical focused on artificial intelligence and machine learning and embedded electronics.

This vertical emphasizes the development of the AI- and ML-enabled applications and solutions to enhance our delivery for the existing domains at the outset, reflecting the company's commitment to innovation and maintaining a competitive edge in a dynamic technological landscape. Now let me come to the highlights of our financial and operational performance for the fourth quarter and the year ended 31st March 2026.

We have delivered a best-ever quarterly performance, marking continued sequential improvement and extending our growth momentum over the last eight quarters. For the quarter under review, the operational revenue stood at ₹171 crores, registering a strong growth of 24 20% year on year.

EBITDA for the quarter increased significantly by 50% on year on year to ₹40 crores with the EBITDA margins improving to 23.6%, representing an expansion of 475 basis points compared to the corresponding period of the last year. Net profit for the quarter stood at ₹37 crores, reflecting a robust growth of 70% year on year.

PAT margins also improved substantially to 21.8% and an expansion of 641 basis points year on year. For the financial year 25-26, the operational revenue stood at ₹661 crores, registering a strong growth of 58% year on year.

The EBITDA for the year stood at ₹145 crores, reflecting a robust increase of 86% year on year, while EBITDA margins improved significantly to 21.9% on the full-year basis, representing an expansion of 327 basis points over the previous year. Net profit for the year stood at ₹133 crores, delivering an exceptional growth of 111% year on year, and the PAT margins also surpassed 20% for the first time with an expansion of 507 basis points year on year.

This robust performance was supported by strong growth across various business segments. For the quarter under review, our geospatial engineering services revenue increased by 75% to ₹102 crores.

On the technology solutions side, the revenue slightly declined to ₹68 crores and therefore reflecting the mix of the two segments. For the full year, our geospatial engineering services revenue increased by 76% year on year to ₹359 crore.

Similarly, our technology solutions grew by 41% year on year to ₹301 crore. Demand for our offerings remains strong.

During the quarter, we booked our new orders aggregating to ₹62 crore, excluding mobility and product services, taking our closing order book as on 31st March 2026 to a healthy number of ₹876 crore. At the same time, we have maintained discipline on working capital, with our networking capital cycle improved marginally to 157 days from 162 days of the previous quarter.

Another key highlight for the year was our strong cash generation. We delivered positive cash flow from operation and further strengthened our balance sheet with an overall net cash balance increasing to ₹248 crores as on 31st March 2026 from ₹123 crores a year ago.

We continue to strengthen our order book by securing multiple orders across domestic and international markets. Domestically, the company has secured a major contract from MHADA of worth ₹41 crore for the development and maintenance of integrated project management system and GIS-based digital platform, along with the service order from ISRO, which also contributes to a three-year subscription renewal.

On the international front, the company has received an order of worth ₹21 crore for the design, supply, and installation of Georgia Land Information System. Through our US subsidiary, we have secured a purchase order also for high-breed power transfer case amounting to ₹4 crore.

This is a result of a continuous business development efforts which we are doing for the US operations. These wins reflect the breadth of our capabilities and our continued success in securing large and strategic projects across multiple domains.

We have been aggressively working on building the pipeline for the new orders, and we are expecting good, confirmed order book in quarter two, quarter three of this year. There are many opportunities which could not be concluded due to several instance of code of conduct in last 12 months, but now we are seeing positive traction for those opportunities to conclude in the near future.

Overall, our strong financial performance, healthy order book, improving cash position, and continued success in securing strategic projects provide us with the confidence on delivering sustainable growth and creating long-term value for all our stakeholders. With this, now I open the floor for the question-and-answer session.

Thank you.

Sir, first question is on the acquisition. You said two quarters back acquisition should be done by sort of this timeframe.

What is happening on that front, and if you can elaborate when we can close an acquisition?

Sure. As you are aware, we have been targeting to get some inorganic growth and we have also been working for various opportunities which we have been tapping.

In fact, the two opportunities which we were kind of tapping, there was some challenge as regards the business continuity and therefore we had to take a call to not to pursue that. We have also been pursuing few opportunities, and based on these opportunities, we find that the new opportunity which we are tapping right now, there could be a closer of inorganic growth for the purpose of due diligence in next one or two quarters.

The amount of ₹235 crore, which was mobilized, had been earlier earmarked for the particular 70%, 20%, and 10% kind of scenario. With the kind of options which we are getting, there may be a slight change in the requirement of the funds.

That is why the board has decided to slightly modify and instead of around ₹220 crore being ₹210 crore for the purpose of acquisition and expansion, that has been now restructured to also include the opportunities by way of joint venture, etc., which were not earlier included. Therefore, that small changes are also being proposed, for which the special resolution by way of postal ballot will be circulated.

There are some opportunities which we are pursuing, for which we are trying to find some changes, as already mentioned.

Okay. Regarding management changes, Suraj sir left, whatever, a little I know.

What is the plan? Are we searching for some senior leadership because I think he was given last US leadership.

What is the plan and do you think you can maintain the growth rate what you have seen in last two, three years going forward in next two, three years?

Certainly, a good question. In fact, we were expecting Suraj sir to contribute to a new vertical, but as he decided to move on, in fact, we have remobilized and I would say restructured the entire organizational structure, and the US business is also being we have already, I would say, recruited three major senior positions in US who are include who are doing the business development as well as execution, and our COO Mr.

Rahul is going to head that US business delivery also. He has already already been performing on a on a year-on-year basis with a growth of more than 50% on a CAGR basis.

He has already developed his team at US, and he has also been taking control of the new initiatives. In fact, the two major businesses which you see, the ₹22 crore of Georgia and ₹4 crore we just I just mentioned, are the result of the continuous BD efforts and also his involvement over there.

I think we have got the new management team, although it is we realigned the management team to take care about the US business, and we are seeing a very good traction for the efforts which we already built in in the last three to four quarters.

The growth question, I asked that can we maintain the growth momentum what we have shown in last two, three years in next two, three years?

I am sure that things are moving in the same direction. In fact, the kind of capabilities which we have developed, you can see that we have enjoyed a growth of almost 58% CAGR in the last three years, which is also part of our presentation.

We are hopeful, while we are already targeting to that, but we are hopeful that this growth momentum will continue.

Last thing, you spoke about the objective change for the preferential issue to include joint ventures. Any particular area you are lacking or it's a complementary to your thing which you are looking for, and will it give us a global reach or some clientele?

I just want to understand that perspective.

As of now, I would not be able to give you a further guidance. Yes, the kind of acquisition which we are looking at are to acquire certain capabilities where there are some two options where there are industry leaders and they may not be open for acquisition, but they are open for alignment by way of joint venture.

Therefore, this option is also being addressed. That is the only reason.

Again, we are not going to diversify from the existing businesses, which is geospatial and engineering solutions. We are going to fortify by enhancing the domains and also adding more clients by way of maybe having a good logos and all.

Those purpose of acquisition and the inorganic growth continue the same.

Last question, what's expectation on receivables and the recovery from the government assets because JJM, we had lot of issues last year. Can you elaborate how much in terms of receivables left from that earlier thing and in terms of aging and when do you think the recovery can happen?

Sir, in case of recovery, we have a debtors of ₹153 crores outstanding as on 31st March 2026, out of which approximately 80 94 crores is less than 90 days. You can understand out of 153, the 94 crores is the 61% quantum is less than 90 days.

Less than one year is approximately 127 crores. The recovery or the aging which we have more than one year is hardly 27 crores out of the total 153 crores.

Last year also, we have collected a lot of funds, including JJM, and this financial also, we are targeting and we are hopeful that we will be able to recover our most of the funds from JJM and other projects also. We don't foresee any problem in case of recovery.

This 27 crore which is more than one year, what's the challenge you are facing? Is it some milestone or what exactly is the challenge there?

Sir, there are challenges maybe some are because of the milestone, other are because of the government funds and sanctions, which we are waiting, and we are hopeful to get the same in the same financial year 26-27.

Okay. Thanks, and all the best for the future.

Thank you.

Thank you.

Hi, sir. Very good morning, good afternoon.

Am I audible?

You are. Good afternoon.

Yeah. My question is on your working capital side.

I can see that your trade payable has increased significantly during the year. What was the key reason

Hello. Now is it audible?

My question is on your working capital side. The trade payable has been increased significantly during the year.

What was the key reason? Did we renegotiate with our suppliers?

Our unbilled revenue also increased significantly, more than our revenue growth. What was the reason over there?

If I can just address, first of all, the current liabilities. In most of the cases,

These are all back-to-back contracts,

and

once we will get the funds, even we will pay our suppliers because we have similar terms with them that once we will realize our debtors, we will pay of our back-to-back contractors. That's why you might be seeing that change in case of payables.

What about the unbilled revenue

that has increased

more than the revenue growth?

Unbilled revenue, I think, yes, what you have pointed out is correct that it has increased in this financial year. This is just because the milestones have not been achieved as on 31st March 2026, which may come up in this financial year, in this first quarter also and in the coming next quarter also.

We will be able to bill substantially out of this unbilled revenue because we will reach to the milestones of billing in this first and second quarter of this financial year.

Sir, my next question is on your acquisition. You acquired VTS two years back, what is the current status and their revenue as of now and order book, what the margin, what is going on over there?

VTS, we have invested a substantial amount by way of manpower, business development efforts, and what we had earlier projected that this year in the FY25-26 they were to kind of enhance their revenue, which they have. We are seeing the growth.

We are expecting the growth in this financial year after all the BD efforts which we have done last year. VTS, we may expect a good revenue jump.

In fact, it may be more than two times or more than two times from what we have achieved in the 25-26 on VTS. We are expecting VTS to not only contribute a turnover of more than 20 CR, but it could be also a profitable growth.

Even quarter one is in line with the projection. I think that has come out quite well.

We have been mentioning about this in the last two IR calls also that the business development efforts are happening. These are some of the results of the continuous efforts.

How much revenue did it contribute in current financial year '26 and the profitability as of now?

In the financial year 25-26, the turnover was not significant. It was around ₹7 to 8 crores, and it was EBITDA positive.

After the BD expenses, it was negative because we had incurred some of the BD expenses. As I said, this year we are projecting to be more than ₹20 crores with a positive EBITDA and substantial positive EBITDA.

Sir, we have around ₹876 crores of order book. What is the execution period that we are expecting to execute this order book, and what is the order pipeline as of now in India and as per the global level like you have the subsidiary in US?

Let me first clarify. There are two segments of business which are not mapped under the order book, which is mobility and the product solutions.

These two segments contribute, they are a annual run-rate kind of business where we further acquire new businesses and all. These contribute almost ₹150 crore of a total top line.

When we talk about the order book, the ₹861 867 ₹876 crore order book, there are various projects which are having a execution pipeline of 12 to 18 months, and many of these projects would have closed within this year. We will have a spillover order book going into next two to three quarters of the next quarter in some of the projects.

We expect order book to substantiate for this financial year as well as one or two quarters next year. The order pipeline, I'm sure Abhay ji, if you are there, he can contribute.

Otherwise, he was

at client's call. Are you there, Abhay ji?

Yeah. I'm there.

Are you able to hear me?

Yes, we can.

Coming to the order book and pipeline, we've been doing a lot of hard work on that side, Q4 and Q3. We did good homework and we have created some good funnel.

Unfortunately, Q4 we couldn't have those closures. Q1 and Q2, we have substantial order book to be closed.

We are L1 in few cases, and there are some direct orders, extension of the existing orders, those are all in pipeline. Then we will be able to do some inroads in some of the major departments in Maharashtra and outside Maharashtra as well, primarily the infrastructure space.

We are also doing some inroads in the power segment. These two will be there in next two quarters.

We will see a lot of orders coming into this particular domains.

Would you like to quantify [the number on the?] order book pipeline?

I can't tell you the numbers, but when I say that last quarter I couldn't close it, it should be next two quarters we will have our numbers whatever we have desired to fulfilling for two quarters. It may match up to the last year's or adding more into that.

Number what we close would be definitely more than what we have closed in last years.

Got it, sir. Sir, EBITDA margin has increased substantially, like 347 bps.

What was the key growth drivers in this EBITDA, and is this margin sustainable in future?

I think if you see our presentation, you will see that EBITDA margins have not suddenly increased. There is a constant, persistent efforts based on the last eight quarters.

You can see that EBITDA margins have been increasing, and it's it's sustainable. The I would say the reasons there would be I would bracket into three reasons.

One is that we have improved our deliver delivering capacity. We are therefore trying to tap a higher value segment rather than going into the the lower value segment of data acquisition.

We are more into solutions. That is one reason.

Second is the skilling of the people which we are enhancing. In fact, if you look at the number of employees to turnover ratio, which was in the 2023-24, the employee to turnover ratio was around ₹24 lakh.

Today we are talking about ₹55 lakh. It is only because the people who have been able to deliver are have have been getting a better-skilled people, or we are getting a new new skills for the existing people.

Third is we are able to tap certain new new technology segments which are enabled by AI. In the year this is this year as well as in the coming year, we believe that there will be certain the technology initiatives which will contribute to a substantial improvement in the EBITDA on a consistent basis.

I think these are some of the initiatives which we believe that this could keep our EBITDA at a at a sustaining levels.

That's it. That's really helpful.

Thank you.

Thank you.

Sir, good afternoon. My question is India accelerating

Hello. Now, sir?

My question is India accelerating offshore oil and gas exploration. Does Ceinsys see any meaningful opportunities in GIS mapping, digital twin, and survey project from this sector over the next few years?

We are certainly experts I would I would not say expert, but we have all the capabilities of the data acquisition, the the mapping, the 3D the 3D plan as well as the digital twin, and it applies to all the segments. Now, oil and gas, we have not had any earlier any exposure except for one exposure which we had from US, and we are we are trying to find out if we can tap those opportunities.

However, these opportunities are typically taken by the oil exploring companies themselves, and it takes a little little more time to get more drill into the new businesses with those sectors. We are exploring those, including some of the opportunities which we are working for transport, telecom, as well as maybe defense and all other segments, which we are expanding our domain domain.

Oil and oil and gas exploration has not been, except for one contract, we have not got into the contracts. We are certainly capable of delivering the the the digital twin by the 3D mapping of the the area to be mapped.

We we are working on those options as well.

Ashwin, to add further, the other domains wherein Ceinsys have its presence or prominence are growing faster than oil and gas. Oil and gas in India is steadily growing and there are a lot of already benchmark solutions, but those are in the technical side.

As what Kaushik has just mentioned, we are there for the digital twin side of the operations, and that we will pursue. Having said that, the others are growing, and we are really jumping into those opportunities space.

Perhaps by comparing the scale, you will find we're growing faster in other domains compared to this particular domain.

Okay. Sir.

Thank you.

Hi, sir. Thank you for this opportunity.

Firstly, my question is regarding the order book and the bid pipeline. If you look at the order book, it has been shrinking year on year, and I think in FY26 order intake was less than ₹400 crores, around ₹350 crores, which was less than what we executed during the year.

All throughout FY26, we were told that in the next quarter, in the fourth quarter, in the three quarter, order intake inflow would be high because the bid pipeline is strong. Then in the fourth quarter, we were assured that during Q1 before the call, we would see some order inflow.

As an investor, I just want to understand, what is the bid pipeline? How much have we bid currently?

How many projects are we L1 in? What kind of order inflow can we realistically expect in FY27?

If you share this information, we will have an idea as to how the actual environment is, because right now, we have no idea as to what is going on.

Abhay, would you like to take this?

Please. Thank you.

Yeah. Hi, yeah.

Gunit, good question. You are very right.

We were saying last quarter that we will be able to close few of them, but those got really postponed. Then we are still on those projects.

We have a three L1 project at this point in time. I won't provide a number attached to those L1, but those would be any day we would be able to get those orders.

We have one order which is the LoI. We have started executing that, because we haven't got a firm order.

As the timeline is very challenging, we have started executing that. Having said that, Q1, what we were anticipating, again it got slipped to Q2.

I agree to your statement. Q2 definitely be our strong and strong pipeline, that I can boast you that what we have closed in '26, we will surpass that in Q2 itself.

That's my statement, remember that. We have a strong pipeline in infrastructure space.

When I say infrastructure, it's on the road side, it's on the metro side, and then building construction side. Those are all big pipeline.

We have usually different lifecycle of project on BD. You get one or the other domain picking up and getting because as government mandate comes, accordingly even the business runs.

It's a natural phenomenon. Similarly, water took two over two hours two years because JJM was there funding it.

Now the infrastructure side on the highways, on the metros, and then similarly the ports and these kind of projects are coming up. We are very much vying up for them, and we have bidded few of them.

Definitely we'll win those projects because we see that we are pretty competitive and we have that intelligence that we may likely to win those.

Gunit, also you should appreciate that

Yeah.

Got it. Basically in Q2, what we're trying to say is by Q2 we should have order inflow of more than FY25, which was around 350, ₹400 CR.

Is that a fair understanding?

We would be able to match what FY26 we closed by Q2 ballpark, and then we will be able to surpass what we achieved FY26 by Q3.

Gunit, thanks for your continuous kind of interest. I can also substantiate that earlier the run-rate business, which was not supported with the order book, was small.

Now the run-rate business is also increased substantially. I think what we are trying to build is a sustainable business where we don't need to rely on orders on a one-time order.

I think in the beginning of the meeting also I mentioned that we have two divisions, which is mobility and the product solutions, where more than ₹150 crore worth of orders, our execution is not backed by order book because they are a run-rate business. I think that we are confident about the growth as what we have been pursuing.

Got it.

Thanks.

I just want one clarification. Did you mention that the order inflow by Q2 would be equal to the order inflow in FY25, is that what you mentioned?

Come again. I didn't get you.

What is that?

Basically you mentioned that by Q2, the order inflow that we will see will almost equal or exceed the order inflow in whole of FY25. Is that what you mentioned?

For the FY 26 we just closed, we may exceed to that by Q2 or half of Q3.

In terms of order inflow, right?

Order value, cumulative value of all orders received. So Because

we closed FY26 at ₹800 crore order book. I don't understand exactly what you're trying to say.

No, no, that's the revenue. Kaushik ji.

Gunit, I think what he mentioned is that during the year FY25-26, we had a new orders of more than ₹350 crores. In Q2, Q3 beginning, we should at least get those new orders of that value, although we are not able to quantify because we don't give the numbers.

As and when we will get the confirmation, the same will be kind of intimated. I think the pipeline is substantially good.

As Abhay sir already mentioned, there are three large orders where we are L1.

Perfect. Thank you very much for clarifying.

If we talk about the bid pipeline, what kind of bid pipeline are we looking at currently, and how does it compare if we were sitting at the same time last year? Is the bid pipeline healthier, and if you can throw some light on that?

Gunit, what usually happens, the bid pipeline forms up when you work for two quarters or more than two three quarters. Then you get the RFPs published and then bids submitted, and it's about to close or become an L1.

These are long-term process, usually takes three quarters. What has happened this year, what we have done last two quarters, those are getting matured and we are about to get some bids published, whatever bids we have bidded or whatever RFPs got published in Q1.

We just got those getting closed in this quarter or early quarter two. It's a really good pipeline what we have.

We have done a lot of hard work because when we saw that '26 is not converting into the right kind of closure, we started working on a new projects, new areas, and then whatever new funds which were given by central government and state government, those projects we tapped. Then we were able to publish some of the projects or some of the RFPs for those projects.

There is a good bid pipeline, and we have already created some RFPs. Unlike what Q4 and Q1 we have.

Got it. My next question is regarding the unbilled receivables that we have, about ₹330 crores.

These seem to be growing at a very fast rate. I want to understand what is the reason?

Is it why are we not able to bill our clients at the milestone number one? There's a mismatch.

Are we doing some aggressive accounting currently because the unbilled revenue seems to be growing at a very fast rate. As on date, how much of this ₹330 crores as of March 31st, how many of this has actually been billed, and how does it work?

If you can help us understand in detail what's going on here, that will be really helpful.

I think I have already explained this unbilled revenue of 31st March 2026. Yes, the number is higher side on 31st March '26 because the milestones which are required to build has not been attained at 31st March 2026.

We will be attaining those milestones in first quarter and second quarter, and those unbilled revenue will get converted into billing and we will recover the funds in these two quarters. There is no aggressive kind of accounting what we are doing.

It is the normal as per Ind AS accounting is being done. The amount which you are looking in unbilled revenue is just because the milestones in government projects, we have a milestone wherein only we can bill once the milestone has been achieved and the certification process is done by the government.

We are expecting that it is in process, and we are expecting that to complete in this Q1 as well as Q2. This unbilled revenue will come down substantially in these two quarters.

At the same time, the new work will happen, the new execution will happen, another new unbilled revenue will also come. It's a continuous cycle.

Gunit, also you should appreciate that the turnover is increasing by almost 58%. Unbilled revenue, because the cycle will continue, the cycle of execution will continue, and obviously when you are working with at least 10 major projects and almost like 50 small projects, every project has a different timeline or milestone for billing.

I think that's a normal practice. When and when we grow, if we talk about comparing ourselves before 2 years and now, I think the numbers itself, the baseline itself has changed.

I think these unbilled revenues are obviously These are part and parcel of business.

Got it. Thank you very much for the clarification.

For this subsidiary, which is loss-making, I think if we go from standalone to consolidated figures, our EBITDA falls by ₹26 crores. By when do we think that this will break even, the loss-making subsidiary?

If you can throw some guidance on how the business is going there?

If I can just recap, we have been communicating about this business development in last three, four, five quarters about our efforts in business development because these were acquisitions and we wanted to grow. Now, these investments into BD and we also developed some IPs, which have been expensed out in the subsidiary at TA Inc., and therefore the consolidated results have shown lower results than the standalone.

However, in Q1, as I think in the earlier question I already mentioned, that in Q1 this year there is a visible improvement. We have seen new orders, which I also mentioned one new fresh order of ₹4 crore and another order of Georgia of ₹22 crore, which is also because of the sustained efforts of business development.

As per the business plan, which is envisaged for this year, we are expecting a good turnaround and a no negative profit.

We will be in break-even in this financial year. We are targeting to have that break-even in these subsidiaries.

We may also incur certain expenses towards BD in this financial also, but yes, the numbers will substantially change in this financial year.

That's great. We can expect the consolidated margins to tend more towards standalone, right?

Was that ₹40 crore investment in technology, was that expensed out?

Yes, yes. Except for eight except for ₹12 crore, which we have capitalized, the other expenditure has already been expensed out in the subsidiaries.

Got it.

Got it, sir. Thank you very much, and I appreciate the work that you're doing, and wish you all the best.

Thank you.

Hello. Am I audible?

Yes, Shubham.

Yeah. Sir, congratulations on the good set of numbers.

I have a couple of questions. Sir, the first question is with respect to the tax rate in FY26.

What I could see is that the tax rate has been dropped sharply with respect to FY25. It was around 29%, and it dropped to 14-15%.

Sir, what was the reason for this, and what is the normalized tax rate that we can assume for FY27 and FY28? No,

no, that is not the tax rate has gone down. We have got a refund of ₹8-9 crores which has received in this financial year.

We have reversed the provision, excess provision which we have done in income tax in 24-25, which got reversed in 25-26. That's why there is the difference.

There is no change in the tax rate. It is the tax rate applies to company is 22% plus surcharge plus cess.

There's no such

I think FY27-28, it will be 25% tax rate, normal tax rate.

Normal tax rate. Got it, sir.

Got it. Sir, the second question is that I think as you mentioned in your opening speech as well that technology solutions segment has seen some decline in revenue as well as EBITDA in Q4.

Sir, is this temporary or is it indicating that there are some moderation in demand? How do we see this going forward?

No, no, it is completely temporary. In fact, the overall mix of technology solution in the contract has been more than 55-60%, and as it happens, during a particular quarter maybe I have not achieved a milestone for recognizing the revenue, and therefore the percentage of the technology solutions revenue is slightly lower.

If you see the overall annual percentage, I think we have grown 41% on the technology solutions also. It's a temporary.

Every project has elements of technology solutions and engineering solutions. In a particular quarter, technology solutions may have for that contract may have been less, and therefore you see the percentage falling.

On an overall numbers, you would have seen at least last five, six quarters, the technology solutions percentage has increased. I also mentioned in my opening speech that our AI/ML-enabled solutions will enable which is a part of the technology solutions turnover, will further enhance the turnover in the coming quarters.

Understood, sir. This will rebound going.

Sir, other question is that we know that our company is primarily in AI, ML, geospatial opportunity, right? These are all tech-focused segments.

How much revenue today that is coming is actually coming from proprietary IP/platforms versus how much is coming from manpower-led engineering services? If you can give that split, at least in term of percentage?

Let me clarify, we don't do any manpower services. We are all solutions provider only.

There are certain projects which are created on the OEM platform as required by the customer. What happens is that there will be certain customers who want a particular solution based on a particular software or OEM.

It could be Autodesk, it could be Bentley, it could be Esri. The AI-enabled solutions are all proprietary because we have the IP already applied for that.

There are certain open source applications also which we have developed, which we are providing for some of the solutions. I think it's a mix of OEM-based solutions and the open source solution, and it is all guided by the customer's requirement.

Wherever there is a possibility that customer doesn't specify any specs, then obviously we will try to prefer our open source applications. The open source application turnover also is steadily growing because of the enabling of the AI and ML based on some of the products which we are developing.

Understood, sir. Sir, thanks for clarifying.

Sir, just a last question. Sir, we see that there are a lot of additional tailwinds that has come in, for example, Jal Jeevan Mission has been extended.

Then obviously oil exploration also related to that, and a lot of schemes have been introduced by the government. I feel that we are somewhere at the center of this where we are able to make benefit from all of this.

Just wanted to understand the future outlook would still be like how we have been growing. Obviously, we have done a very good job for the last two, three years, but are we still being conservative in giving the growth numbers, or can we expect that the growth can be faster in coming years?

Any commentary on that, sir, whatever you can.

No, but you are mentioning two domains. Are you connecting that growth to these two domains only, or you want the entire

Overall I'm asking, overall. Overall.

We've not been very conservative, but not been very [unclear] as well. We've been very steady and we've been projecting, and when we're trying to achieve what we have said.

If you see three, four years, we've been gradually growing as far as order book grows and even the revenue side. Then we plan it properly.

Every year we do some brainstorming and decide to do some kind of inroads into some of those departments where we see funds are going to come, and this huge technological intervention is going to happen. By virtue of those, we create our entire funnel, entire roadmap, and accordingly we go to the departments, and we hire people and create our entire business development funnel.

Then we start creating the RFPs and start winning the projects. It's a long-term process.

We've been very much on the job. What we feel that next five years, how are we going?

Accordingly, we are hiring people. Accordingly, we are even trying to see the government funds how they are coming and building up our entire business this thing.

Progress, yeah. I hope I address your question.

Sure, sir. Thanks for answering all the questions.

Thank you.

Sir, what is happening to our collaboration with Tech Mahindra? Are we getting any business or if you can throw light, and are we having some bigger pipeline or just joint solutions with them?

I will answer that. Tech Mahindra, we've been exploring what are the areas, which are the domains, which are their individual domains and where we can intervene.

We have already done few POCs. We are doing some projects with them, some POCs in US with them.

They won some project and they are going to give those projects to us. I cannot spell out the names of those projects.

We've been doing collaborating. Now telecom, we have begun with.

Slowly we'll move into the other domains like energy and water, but they wanted our assistance in telecom and that we've been providing them what they want. We have already done a small project, but we'll grow this over the years, and then they are also committed for this partnership.

We're very, very optimistic about that. You'll see number growing very soon there.

Okay. Another question is, I think management alluded earlier that your international business will get good chunk of maybe over a period of time in next two, three years.

Do you still see that trajectory moving that direction and dependency on maybe Indian government schemes to be reducing? Where do you see in next two, three years that progressing?

The first part Kaushik just rightly handled and addressed it in his elaborately how we've grown and what are the plans for next two, three years, and how Rahul has taken over and he's handling that international piece.

My question is trajectory-wise, do you see international business becoming a good part of your business and dependency reducing in next two, three years? That's the question because you are still growing in.

Yeah. Abhay ji maybe in a network zone which may not be quite clear.

To answer your question, yes. In fact, if you look at our vision statement before more than one year, that is our vision that we want to expand into international, reduce the government dependency, but still grow both simultaneously.

I think that's what we are doing.

Any other senior management hire you are looking for achieving that, or everything is in place in terms of your international expansion?

No, we are already completely onboarded with the team. International expansion team has already been there for last more than two quarters now.

In fact, few of them were there before three, four quarters. The team is already in place.

The orders are already coming. The execution is already started.

I think in the sense the new orders execution is also started. We have taken those steps, and I think right now the team is adequate enough.

It will grow as the business will grow,

but

right now the team is available to meet the at-present requirements of business.

Okay. I think somebody mentioned about some IP development in US, I think when I think Gunit or somebody spoke about the question of expending on expenses.

Can you just highlight anything new in terms of IPs you have developed over last one year or which will help in the business going forward?

We have developed two IPs which are already applied for. We are expecting maybe a registration soon.

In fact, we have also been using those product solutions for not only POCs, but also commercial utilization. I think the focus for the current year will be to build more IP products in this one and two years.

We want to invest more into that. I think there is a focus of enhancing the IP portfolio.

How much will that expenses be for development of IP?

In the recent AOP, we have identified at least three major IPs where the expenditure outlay is targeted to be in the range of around ₹12 to 15 crore, but that is also part of our revenue expenditure.

Okay. Any risk and challenges do you see for your growth in next one or two years, and what's the plan to mitigate them?

It's a normal SWOT analysis for any company. We have our action plan taken to ensure that we expand ourselves in line with the demand.

Therefore, you see that we have been able to be fungible to move from, let's say, energy to water, and now we are trying to refocus on where new investments are coming into infrastructure, digital twin, or transport, and also a little bit focus on how to enhance the satellite, defense, and all. We have been adjusting to the domain where there is demand and there is outlay.

We are taking our adequate care that the risk obviously will always be there for any business, but we are trying to have a mitigation plan for that purpose.

For that matter, we have a adequate base of various domains. We're not confined to one individual domain wherein we put all our eggs.

Every alternate or sometime or other you have one domain performing and other domain going down. Because as per the government demand, as per the market, the things comes into picture, and accordingly you get your business.

That way we also plan and we have our plans created for next two, three years how the individual domains would perform. We have those ideas, taking the numbers of the market, how the market has expanded, how the government has promulgated the national geospatial mission, national geospatial data policy.

It has enabled a lot of new areas of opportunities. Likewise, we create our funnel and we focus on the market.

Yeah.

Yeah. Hello.

Am I audible?

Yes, you are, Maitri.

Yeah. Good morning.

Most of my questions have been answered. Just a few.

Firstly, on the growth side, for the last two years we've grown upwards of 60%, and again we're saying that we'll grow in line with those targets. Where do you see the which domains are you focusing on more?

Also, currently in the order book, how much contribution are we getting from JJM, and any new JJM contracts we are bidding for? Answer,

there are three questions. I would answer two, one answer I think Dr.

Abhay will give. The current order book percentage of Jal Jeevan Mission is less than 15 or 20%.

I have not exactly calculated, but these are less than 15% now. That is one.

Second is the domain-wise, as we already mentioned that we keep on shifting the focus based on the focus where the government spending is more because these are all infra projects and infra projects require large expenditure, and therefore we kind of modify ourselves to that. As regards Jal Jeevan Mission, Abhay ji, the new BD?

Are you able to hear, Abhay ji?

The new pipeline is not focused on Jal Jeevan Mission, except for some of the projects where there is expansion and enhancement. There are few projects where we have already implemented some of the projects and maybe that ambit is getting expanded, or there are projects where the time limit is getting extended.

There are a few projects where we are expecting enhancement in those Jal Jeevan Mission projects. Most of the new initiatives are into domains like the infrastructure or transportation or energy or even some of the initiatives which we are taking for defense.

Okay. That's great.

Also you mentioned that once our VTS kind of has a positive EBITDA, will stop the drag on the consol margin. Where do you see this business getting our consol EBITDA margin at a steady level up to?

This year itself CFO has already explained that this year expect to be a break-even. The drag on the consolidated results are not expected at the year end, and obviously the margins because of the margins improvement.

Next year onwards, we can see the positive results from the subsidiaries also.

The growth on the 50% CAGR, are we aiming to maintain that for the next few years because we're entering new domains where we're seeing better focus now coming forward?

We don't commit any numbers on growth. We keep on pushing ourselves.

It would be difficult for me to answer numbers or the percentage growth.

The three projects we are L1 in are currently in these new domains that we are targeting, is that correct?

Sorry, three projects, what did you say?

The three projects that we are L1 in, are these in the new domains we are targeting?

Yes. Not new domains, yeah, but some transport, energy, and those sectors.

Those sectors. Okay.

Thank you very much. All the best.

Thank you.

Good afternoon, sir. My question was regarding Mr.

Tarun Raysoni, who was a strategic investor and an advisor to the company. Is he associated with the company for advising any of the AI or in any ways or is he not associated right now?

No, he is strategic advisor. He does give his inputs for our AI initiatives.

In fact, he has also been developing a new venture in US as so he's obviously on our board for advisory, and he does give input for any expansion related to any IP projects. I think he's a good input he always keeps on giving.

Right. If I'm not wrong, RareCP is their company or is it someone else's?

RareCP

is a US-based fund, and obviously the promoter is I think they are US-based fund.

Mr. Raysoni and Mr.

Mehta.

They may be joint promoters, but this is something which they have invested I think before 2024.

Right. The warrants being converted right now in 2026 even.

They are already converted, fully converted.

It is fair to believe that they are associated with the company.

They are.

Right. Thanks.

That's all from my side.

Thank you.

I want to understand the tax rate going forward. What should be the steady-state tax rate?

Do we have any more credits left?

No. Tax rate is 25%.

It was a one-time feature, and therefore tax rate will continue to be at 25%, which is including surcharge, etc.

Got it. With regards to the projects where L1 in, the margin profile would be similar to our margin profile since you mentioned that they are some in energy and transport.

What the margin profile is?

Yes. Margins are typically almost similar in all the domains where we operate.

We don't have sector-wise drag of any one domain onto other. I think every project has a decent margin, which enables us to keep up the overall EBITDA margins.

Got it. In terms of the long-term view, say, over the next three to five years, where do you see the company standing?

Do you have some aspirations in terms of top line, bottom line, or mix of government versus international projects? I just want to understand what is the strategic direction of the company for the coming three to five years?

I think long-term vision we have already shared once, and then our idea is to grow, obviously I can't quantify, grow and grow in both the segments, which is the international segment as well as India segment. India segment continues to be kind of contributed more by government business.

Grow international faster, grow India business at its own pace without taking much exposure or risk, and still have a combination of changing the mix from the present of government business from, let's say, average 70% to less than 50% over next two to three years, but while continuing to grow.

All right. Obviously you haven't given a number of the kind of growth that we should expect.

Considering that the beginning order book is low, do we still feel that the company will actually grow at least for the India business this year?

I think even international business will grow. We have already pulled up our socks.

We already got some opportunities, and I think Abhay ji has already mentioned about the three L1s and new projects. I don't see any problem in execution targets for this year.

All right. We should expect the company to grow at a good rate this year as well.

That's a fair understanding, right?

Absolutely, that's correct.

All right. Thank you very much.

Thank you.

Thank you, Arihant Capitals. Thank you all for participating in this earnings conference call.

We hope that we've been able to answer all your questions satisfactorily. If you still have any further questions, and you want to know more about our company, please reach out to our IR managers at Valorem Advisors.

Thank you once again, everyone, and Arihant Capitals.