Thank you. Good afternoon everyone and welcome to Jain Irrigation Systems Limited earnings call to discuss the Q3 FY26 results.

Today we have on call Mr. Anil Jain, CEO and MD, and Mr.

Bippin Valame, Chief Financial Officer. We must remind you that the discussion on today's call may include certain forward-looking statements that may involve known and unknown risks, uncertainties, and other factors, and must therefore be viewed in conjunction with the risk that the company faces.

Future results, performance, or achievements may differ significantly from what is expressed and implied by such forward-looking statements. Please note the results and presentation are available on the exchange and on company's website.

Now, I request Mr. Anil Jain to take us through company's business outlook and financial highlights, subsequent to which we will open the floor for questions.

Thank you, and over to you, sir.

Thank you, and I would like to welcome everybody. Today we are discussing the quarter three results for Jain Irrigation company in terms of our business in India as well as business of our subsidiary, which is food processing, and the overseas plastic business which we have globally speaking.

Overall, company has done quite well in terms of revenue, growing almost at 17%, 17.4% to close to ₹1,600 crore in terms of this quarter. Then when we look at where did this 17% in growth came from, it is the Hi-Tech business, which covers the drip irrigation and tissue culture, that grew also of close to 16% from ₹540 crore to ₹625, the plastic business, which includes the pipes business in India and the plastic sheet business overseas, it grew 18% from ₹391 to ₹462 crore, and agro-processing, which is local in India as well as overseas business processing of the fruits and vegetables and spices, grew also 18.5% from ₹430 crore to ₹509 crore.

This was the quarter where we had all-round growth across all the three strong segments of the business of the company, and every business has registered growth in, high teens. This is in line with our expectation.

First half, we had the plastic business was not doing that well, especially in India, because of the lower prices of the resin, which resulted into low prices of the pipe being as a product, and also extended rainy season, which created seasonal challenges in terms of demand. That is now started picking up, and that's where you see this kind of revenue growth which we have achieved.

In this revenue growth which we achieved across different segments, what was more heartening to see that the retail sales, the sales where we sell through our dealers this quarter, were up across the piping and irrigation segments and tissue culture, were almost up 24%. Overall growth might seem lower at 17%, but retail sales grew very well at 24%.

That is what our focus is going forward as well, that as we bring down the project sales as we complete the project, etc., over next 12 months, it would almost be negligible, the retail sales is what is going to fuel the growth for the company. That already automatically means better balance sheet, because retail sales mean very efficient, optimum working capital cycle with low receivables and, fast-moving inventory turns.

We will remain focused on that, and this quarter was, good validation of that effort. Even though overall retail sales in the first nine months are up 14% only, and that is because, I talked about the piping sales which were lower for a period of time.

This particular quarter, we were a little bit had some challenge on export business, where our exports were reduced this particular quarter quarter-to-quarter comparison from the last same year quarter exports were lower by 32%. Otherwise, this, overall performance would have been even more robust.

The in terms of the retail product which we sell, the volume growth was also positive, even though in single digit, about 8% to 9%, and the value growth you have seen more is come also because of the product mix. That has really helped us.

While, this growth has come from different different businesses which we have, what has helped the growth in Hi-Tech division also is the growth in the solar pump business which we achieved during this quarter. I would say that was quite helpful.

PVC pipe kind of, became equal to the same period despite the lower revenue prices. PE pipe, we had significant growth.

That's that's the product line wise. All in all, I think as we look forward to apart from what had happened in last quarter, but what's happening in the current quarter next quarter, we expect continued strong revenue growth going forward, and we should be able to, meet the number.

We had about more than, I think, we had talked about more than 15% overall revenue growth for the company. For first nine months, including December quarter, revenue growth for company is about 13.5%, and in the current quarter, we will definitely grow more than 15%.

We think we should then average it out around 15% growth for the whole year as was projected and discussed by us earlier in terms of what were our goals. In terms of when we look at beyond the business in terms of the you know profitability and earnings, I think EBITDA this year is slightly lower than the last year same period.

It is approximately, I think, 10.5% as against 12.9% same period last year. In absolute amount, it is lower by 4% from ₹175 crore to about ₹168 crore, small amount.

Within that, I think in Hi-Tech division, EBITDA was, higher than the same period last year. Reduction was in plastic business, which I talked about.

The resin prices were low and the prices kept go- so it impacted the inventory, as prices kept down during the quarter. Then, agro-processing, there was a seasonality issue that usually we have certain amount of production of the, for example, dried onions and bananas, etc., but availability due to the erratic weather was very limited.

We couldn't produce much of either onions or bananas in terms of processing, fixed cost absorption didn't happen, and that is one of the reason the earnings were lower in agro-processing division. When I look at for the overall nine-month basis, I think we are quite good on the earning.

While revenues have grown 13.5%, the EBITDA for the nine months has grown by 15% from ₹493 crore to ₹569 crore. I think we are staying good on a nine-month basis to our overall, revenue growth of 15% plus for the target for the whole year, and EBITDA to be higher than 15% growth.

EBITDA is already at 15% for the first nine months, and fourth quarter being, a stronger quarter, we should be able to do better overall in revenue and the earnings with better absorption of fixed cost, better product mix, more profitable products being sold in the quarter. Already, one month is over in the current quarter.

The signs are, as we see, overall quarter looks good. It may not be as robust as we had anticipated because continued seasonality issues.

Definitely in line with our estimates in terms of budget, because, we have been working on that if if this doesn't happen, what else could happen? With those plan A plan B in place, we think we'll meet our original numbers as we move along.

Now, when we talk about this during this quarter in terms of overall business, during this particular quarter, our inventories has come down at standalone India level almost by ₹100 crore, so that has helped in terms of at the cash flow level by improving working capital. Overall, in terms of the debt, debt is almost I think similar level than last quarter.

It has not changed much in totality. Even though if you look at working capital cycle in terms of days sales outstanding, it has improved.

Let's say, last year our net working capital cycle was 196 days, and it has come down to 181 days. It is improvement of 15 days, which is quite good.

Even compared to September, which was about 200 days net working capital cycle, it is down to 181 days, primarily driven by I think better level of inventory and even in terms of receivables compared to September, we are in a better level scenario. Good revenue growth in line, earnings while this particular quarter were somewhat compromised due to lack of production in certain businesses, but I think for the whole year, we should be on our target.

Company's having positive cash flow from the operations post working capital changes as has been over last I think eight quarters or so, and that is allowing us to, make necessary investments where required as well as the service the debt. In apart from our traditional business, normal business, during this quarter, we have also invested in our food processing subsidiary for the beverage lines, which we talked about, which we have been working on last two quarters.

That will go into commercial production as we speak already in the current month, and phase two should come up in the latter part of the year by the end of this calendar year. That is moving on in line with the overall project implementation plan, and that should add a substantial revenue in food division, food processing subsidiary, next year and there thereafter.

That looks quite good the way it is moving forward. Our business, because it is domestic and export business both, does get impacted by what happens around the world, and it is heartening to note that recent signing of the FTAs by, Government of India with, counterpart EU and as well as US, should be helpful to us, especially to Europe as and when that gets done.

It is still, down the line, down the road maybe a few quarters, but some of our exports of, for example, dried onion, etc., would get now, preferential access with almost no duties, while currently we were, paying significant amount duties, and that was a disadvantage compared to our competition from places like Egypt in that particular business. Even the currently announced US deal would mean lower duties on the plastic sheets which we export to USA.

All in all, some of the developments over last couple of weeks should be positive for our business. Also, the resins which we buy are usually price-based on the international raw materials, and while up to December, resin prices were going down, in January they have gone up, right, or two or three times.

Rupee appreciating from 90 to 92 closer to 92 to 90 might help reduce arrest that those increases which in general would mean, good demand in totality. That's I think so general situation is positive in terms of geopolitical scenario.

Company now I think March quarter as well as June quarter should show, much better results than what we already have, even though current results have been quite okay. We continue to remain focus on, three or four things.

One is of course, maintaining revenue growth, and within that revenue growth, trying to capture more and more of the retail market, improving our market share into existing areas like Western and Southern India, but at the same time opening up newer markets or doing additional business into North and Northeast zones, where we have been traditionally not present. We think next year, exports also should come back quite strongly, and exports were doing very well for last two years.

They were, one of the 30%, 40% growth they were providing us. In terms of underlying trends, we expect that with the, good rains, even though they were extended and created a demand problem in Q3, the this should be good for the drip irrigation business in this and next quarter.

As farmers make more money, [clears throat] that should generally help going forward. In terms of the resin prices which were going down, now have stabilized or started inching up, that should help the revenue growth into the piping segment, which we talked about, and that should also do well.

In terms of food processing business, I think demand for underlying products, like dried onions or the fruit pulp, remains good for us, and startup starting commercial production of the beverage unit will start, filling revenues across Already some revenues will come in February and March, but real big impact one will start feeling only in the next fiscal year. Overall, company has done reasonably well considering all the circumstances, and I think we would always urge everybody to look at our annual results rather than individual quarterly results, we which does get impacted quite a lot by so many seasonality factors, being agriculture-oriented businesses.

I think for the whole year, we should maintain 15% plus revenue growth, 15% plus EBITDA growth compared to the same period last year. And '27, I think and we'll talk more about '27 when we talk about the March results, but, internally we are working to be more ambitious.

While current year our targets have been around 15% plus, next year the idea would be be closer to 18% to 20% rather than 15% to 17% in terms of revenue and earning growth. That's what we are committed to, that's what we are working to, and we are looking forward to continued momentum.

I think overall India is in good position, and across our ecosystem, we find things are positive. That's what we are looking for, and I would like to thank you for listening patiently to this update on overall company's businesses and different different segments.

We would now happy to take questions, if any. Thank you.

Hi, thank you for the opportunity. My first question is regarding taking the food division public.

Could you give us some update on what's happening with filing the RHP and what's the process? Could you also give some insight into the structures of the JVs for the bottling division and the tomato puree division, because we have not received any updates regarding that?

Second question first on the food processing side. The bottling beverage unit which we have is a part of the main company, Jain Farm Fresh, which is there.

It is enshrined inside the main company. There is no particular JV there.

It is more of an collaborative approach with a contract manufacturing with our partner. Sorry to interrupt you, sir, your voice is breaking.

Hello?

Sorry. Sorry for that.

The tomato processing JV, we have recently signed. It would be a 51-49% JV with a Japanese company, and we are in process of setting up what needs to be done.

The actual revenue will start coming only from next January, January '27. There, together we are acquiring in that JV one of the existing units, and we are going to expand it and all of that.

That would give us as one single crop, mostly tomato, and idea eventually in phase two is to do also value-added products in that JV. In terms of your first question related to the public IPO of the food business, I think we are working with the investment bankers about the likely approach to the market.

I think, when we talk sometimes in March post-March results, we should be able to give you ample clarity in terms of how exactly it is moving forward. We are moving in that direction that the business needs to get that process done for one value monetization, but also to get the growth capital.

We are in touch, as I said, with investment bankers to what is the best way to go about it. We are in consultation with our private equity shareholder.

We would be able to take a final call during this month and next month, and we can talk a little bit more early next year.

Understood. Coming to the plastic division, I understand we had a substantial degrowth in EBITDA.

Could you tell me how much was a result of an inventory loss versus lack of capacity utilization? Could you give some more idea why exactly degrowth happened in EBITDA terms?

I think when you look at EBITDA terms and absolute amount, right, the EBITDA last year in third quarter was ₹42 crore. This year, it came down to ₹33 crore, about loss of about 20% in absolute amounts.

Percentage-wise, it came down from 10.8% to 7.2% in this particular quarter. About half of that I will attribute towards loss of inventory, and half of that with less volume growth, which should have taken place because season usually starts, but up to November it was raining, season did not really start.

At the same time, I want to bring to your attention that if you look at the overall nine months, I think EBITDA of plastic division has come down by only about ₹15 crore from as against ₹148 to ₹133, and margin at as against 10.9% to 9.4%. I think in the current quarter, with a higher level of growth where we already started seeing demand and better margins as prices have started going up, we think what you have seen this negativity in current quarter will be more than made up.

For the whole year, I think we should have more earnings than the year before and more revenue growth than the year before.

Understood. Regarding the working capital days, I understand we had a great improvement because of growing retail business and everything.

Could you also give a perspective on what's happening with the receivable side of it in terms of the projects, each state-wise? You also mentioned that solar also has driven a lot of the growth, and despite that, we have reduced our working capital.

Could you explain what's happening in terms of the receivable cycle of solar business separately and the government receivables both?

Yeah. I think, when you look at overall government receivables and solar, solar as you know that we have recently started doing again, right?

In between for two or three years, we have not done the solar agri pump business, but we have started doing that now. In terms of the projects, overall net receivables, it's amount of the revenue which we have and versus collection which we have.

Overall receivables if you look at consol level have almost remained at the same level compared to earlier, while in individual divisions things have changed. Structurally speaking, I think this is better, right?

You saw that on DSO basis, we have improved 15, 20 days compared to the earlier period, which is quite positive, and that is partially coming from one higher sales of retail, because that they have a much lower footprint of working capital. That helps in the overall, and in projects and government, it's a study state, right?

I think we still need to recover large amounts from Karnataka, Maharashtra, Madhya Pradesh, and Rajasthan, four states, in terms of the projects. Everywhere funds are coming, right?

It's not that everything is blocked, but the pace is not what we would like it to be. Internally as we are completing all the last milestones of this project, I think over next one year or so, current outstanding which are on the books significantly should come down.

In current quarter, fourth quarter, I think we are expecting about reduction to the tune of about 100 and ₹25 crore or so from government projects alone on net basis. We'll have some billing, but on net basis we should reduce this ₹125 crore.

Next fiscal year, I think the reduction should be close to ₹350 to ₹400 crore due to the government projects.

Got it. I understand retail--

Sure. Thanks.

Hello?

Hello, good afternoon.

Haanji. Good afternoon, sir.

Boliye.

Sir, in net profit loss any what is the reason, sir?

Two issues primary. This new labor code which has come, we had to take one book entry for almost ₹23 crore.

That is one reason. One of our earlier closed subsidiary in Europe got liquidated, there was a goodwill write-off.

Both are non-cash items. Together between both of them, there was about reduction by ₹38 crore.

That is where actually on a PAT basis you see negative. If I really see adjusted PAT, I think if you remove this two events which are non-cash and not linked to this quarter, overall adjusted PAT is profitable this quarter to the tune of about ₹16 crore, and for the nine months ₹81 crore.

Okay. Sir, next question will be how is the low inflation affecting our business?

Like with high-inflated what is the difference? Can you please, sir, help us understand?

I think overall pricing in our irrigation business has been very stable. Tissue culture business pricing has been stable, and those businesses have done well.

They are earning 17%, 18% EBITDA, so that's all going good, and revenue is also growing very nicely. The plastic business, which is mostly piping in India, that suffered due to significant reduction in the raw material prices between, let's say, July, August through December.

Whatever inventory we had also got impacted. It's same for the entire industry.

Now, price erosion has stopped and prices have started going up in the current quarter, so that should help going forward. I discussed that the whole piping, overall I think again, there was a slowdown because of continued rains in agriculture market, and now that rains have stopped and so on, demand has started growing.

Better actual volume demand, better capacity utilization, and improving raw material prices together should improve the results of the plastic piping division, which was soft in first nine months.

Okay. Sir, micro irrigation--

Ma'am. Okay.

Hello, am I audible?

Please go ahead.

Thanks for the opportunity, sir. What could be our EBITDA margin going ahead?

Hello? Yes, sir.

What would be our EBITDA margins range going ahead?

I think our EBITDA margin for first nine months, average consol across all product lines is at 12.4%. Current quarter, typically fourth quarter has much higher level of EBITDA margin because again, better product mix and better fixed cost absorption.

Overall, I think we are targeting for the current year, EBITDA margin should be 13% plus for the whole year.

For FY27, sir?

Hello? I did not get your question, there is some background noise.

Sir, for next financial year, what would be the margins?

I think the idea would be to improve the margin next year from 13, the idea would be that as I talked about, right, that this year revenue is growing 15% and next year we would like to grow 18% plus. As we move that to 18% growth in revenue, I think the earnings from 13 should move at least to 14% or 14.5%.

Sir. Got it.

Sir, what is current status of Jal Jeevan Mission, are we yet to see any disbursement from government side?

I think current quarter we should get overall about ₹150 crore plus for the government projects from the government on net basis about ₹125, but next year especially, right, we expect significant chunk about ₹350 to ₹400 crore to come through.

Sir, what would be our percentage of revenue from government business?

That is keep going down. I think, let's say, current year out of overall when we think of overall business of the company, 6.5, ₹7,000 crore, already the government project business this year itself would be only about 3%, 3.5%.

Next year maybe it is, when I look at whole company, the government would be maybe less than 1%, 1% or so. It's not much.

It is coming out of the legacy. Earlier this used to be 15%, 20%, right, but we have consciously brought it down and increased the retail business.

Now it is not significant.

Sir. Got it.

That's all from my end.

Hi. Can you guys hear me?

Yeah.

Yeah. Mr.

Jain, the question is relating to Jain Farm Fresh. I know you answered, but there was a disturbance so I think most of us could not get it.

The nature of the bottling what we are doing, right? I think if you can give a little color to it.

Are we doing our own products bottling? How many lines will be there by say March 31st?

A little bit more color. Are we just doing for our fruit juices or if you can give a little bit more color to that, it would be great.

Sure. Thank you.

I think that's good question. We will, by this March, I think we will have full two lines operating, and these are large lines, right?

They are in size of about 600 plus bottles per minute type of capacity lines. Full benefit will get only next fiscal year because the first line is starting as we speak now, and second line should start in next few weeks.

These lines are capable of filling various types of beverages, and that means it could be cola, it could be energy drink, it could be juices, or a combination of such. That's the second part.

In terms of

Sorry, we can't hear you.

We could not hear.

Yes, ma'am. Can you hear me?

Now we can hear you, sir. We lost you for last half minute.

Okay. I was saying that this is in a model where we would be giving the full revenue, in terms of we'll be charging full revenue to the customers, buying materials ourselves, and we expect this as a manufacturing, we expect this to be profitable from day one kind of business.

In addition, we should get some kind of government benefits, because this is a kind of a large-scale project in terms of overall investment, which we are still working on with the government. I think sometimes in next time we speak, right, by then the government benefits would also be in place.

We should be able to talk a little bit more in terms of detail, but business is starting. This is phase one.

We have understanding that sometimes over next one year, there would be additional three more lines which will be there. That would further increase the business.

In between, and in those three lines, there would be ability also to do dairy, if required. It would be all non-alcoholic beverages we would be able to fill in across these lines.

These are not our brands, we're bottling for someone else?

Yes, yes, yes, yes.

Okay. My second question is relating to the I saw a news article regarding the BioCar project, right?

How much gung-ho is Jain Irrigation or it is just one of the things like solar and is it a revenue line which we can expect or materially it doesn't impact?

It doesn't materially impact. It is at a conceptual stage now.

I think, by the time it gets done, it would be somewhere down the line after a period of time. It won't have any revenue impact for FY27.

Okay. Thank you.

Hello. Am I audible?

Please go ahead.

As per investor presentation, it is mentioned that long-term debt repaid during the period is offset by financing for the beverages project in food subsidiary, right? How long debt has been taken for the new project, and how much debt has been repaid in this quarter?

In fact in that presentation investor presentation, you see that out of the term loan at Jain Irrigation level, which were here, right now outstanding is only ₹60 crore, so that should get paid in the current year.

₹85 crore?

Approximately ₹60 crore or so. Some of the additional debt which we have taken in long term in food subsidiary for the beverage project was approximately ₹110 crore.

That's a kind of a 10-year term loan, 10 or 12 years, it gets repaid over a very long period of time. There was some change in our overseas plastic business in terms of different location due to the local regulatory law and zoning law, and that is why we had to take some additional debt there.

On overall, if you see the debt outstanding at ₹1,662 which we have in long term, that has not changed much from the earlier period. In fact, in current quarter there will be further reduction of the term debt.

All in all, if I look at the balance sheet and the debt story, company continue to maintain working capital, but term debt except the part which is linked to this substantial growth in, for example, in food business, into this beverage unit and so on, into our traditional businesses, irrigation, the plastic pipes, or tissue culture, the business is generating enough cash flow to provide for maintenance capex, growth capex, plus servicing of the debt.

Sir, but the debt is not getting reduced quarter on quarter, and in financial year '27, there is outstanding which has to be paid, it is ₹993 crore. How do you project, how do you see that such huge amount of debt would be repaid?

Because the old legacy receivables are also not coming, and is it that company's is planning for some additional loan or some liquidation of assets?

I think overall as per our underlying business plan and the budget for the next year, we should generate enough internal accruals to pay for the repayment of the debt, especially in the Jain Irrigation, the debt which is about ₹688 crore, which is falling due in second half of the next year. It is not immediately, it is due in second half.

Over last three, 3.5 years since our restructuring, company has repaid more than ₹1,300 crore of debt. While this particular year you don't see reduction in the debt, but we have repaid about ₹1,300 crore to the banks, and most of that money came through internal accruals in terms of positive cash flow generation.

We think for the coming year as well, as per our FY27 internal budget, we should have adequate cash flow to repay most of it. Now, some of the, which is not linked to restructuring, some other debt may get refinanced because we are also investing into the new equipment or new capacities for the beverage project.

All in all, I think company should have generate enough cash flows, internal accruals, to honor the debt, and which we have done over last again 3.5 years, four years almost.

Sir, by which time we would see positive PAT? Because

Acha, just a quick follow up question, ma'am.

I'm sorry, I couldn't hear.

Sir, by which time we

Yes, please.

Good afternoon, sir. Thank you for the opportunity.

Congrats for the good set of top line. Sir, as you mentioned, ₹688 crore due unsustainable debt next year, starting to around ₹200 crore or maybe somewhere close to that is due in September and I think remaining in March '27.

As we start unwinding this unsustainable debt, whatever this ₹17 crore or ₹19 crore every quarter which we are paying, which is notional, not as a outgo, how would that affect the P&L? Would it be coming back?

Would the reversal will happen on that?

No, on this, if you refer to this investor presentation, there is this impact of FV, right? What happens is when you pay the debt, there is a certain impact which is coming on to the P&L which is there, which add, last time was ₹169 crore as of March '25, but by December what is left is only ₹105 crore.

As we pay off this debt, it goes down substantially, what is left by March '27 would be a very nominal amount. For the ₹140 crore debt which remains to be paid in FY28.

Okay. As per the credit rating agency document, I think we have realized almost ₹450 crore in our escrow account.

The shortfall is still around ₹250 crore. Do we have any fallback plan or a plan B ready in case if we don't get the receivables from government, maybe some value monetization of some land parcels which we have?

Anything of that on the table?

Yes, two things. One, we have already prepaid, whatever we had recovered, that has been prepaid to the banks, because originally this unsystem loan amount was ₹1,300 crore.

About 500 and odd crore have been fully paid to the banks, and this is remaining. Second, in terms of plan B as you said, I think our budget is showing us that there should be surplus next year after payment of this about ₹200 to ₹300 crore.

That is one. Second, this about the land parcels, we have some land in Southern India, which we are already working along with the banks to get additional funds in place.

All in all, we feel fairly comfortable, because as I said, in last three years, right, three, 3.5 years, we have repaid ₹1,300 crore. This year is a little bit more, but should be okay because we have now completed what you call the projects, right, the last milestone has been completed, and in early last three years, every quarter we had repayments of this term loans and FITL, etc., and they are all getting extinguished by March.

That should also be cash flow available going forward. Next year cash flows, right, to honor the debt

As we have now completed the last milestone some various projects, or literally we have some projects are 95%, 96% done, we should start getting those funds next year, plus whatever surplus will generate from the rest of the business. We feel fairly comfortable that this would get done.

Hello.

Please go ahead.

Hello.

Yes.

Am I audible?

Haanji, haanji, boliye.

Yeah. Just wanted to understand this you mentioned 15% growth for the entire year and we've grown 13% in FY nine months.

What growth are you envisaging for quarter four?

I think the fourth quarter will have to be about 18% to 20% overall revenue growth for us to average out around 15% for the whole year. So,

Sorry, you were saying?

Our internal target for the fourth quarter is about 20% growth, which should mean for the whole year will be about 15%.

Understood. Considering Jan is done, are we on path to achieve that?

Yeah. Even in a third quarter, right, we grew 17.5%, right, even though average for nine months came down to 13.5%, it is doable.

Basically second half is stronger for us.

Always it has been historical.

In terms of the tariff change and all of that, do we have any clarity from your US customers?

I think some of these events are just last 48 hours, right?

Correct.

I think one will have to wait. To be honest, we have still not seen any document from the US government.

When they applied duties, etc., there were custom notifications which clearly notified how much duty is being laid and so on. Nothing has come out in yesterday.

I think we have to wait, maybe give a couple of more days for that to happen.

All right. Sure.

Thank you.

Thank you.

Good afternoon, sir. Thank you for the opportunity.

Can you please give me some idea on the fundraising plan? What are the latest updates of the September 2025, the QIP of ₹500 crore?

I think, while we took the approval from the shareholders, that particular resolution stays valid for one year, we have not acted upon that resolution as of now, because I think where we are in overall cycle of business, business is doing well, right? Even without that additional infusion, we could do this quarter 17% growth in revenue, and current quarter we are planning 20%.

We feel positive momentum in the underlying business. I think we might wait for some more time to go ahead and implement on that resolution.

Great, sir. Great.

Thank you so much.

Thank you.

The last question.

Thank you, and thank you for good set of questions from all investors, participants in the market. Overall, as I said, the momentum is good.

We had a really, very good quarter in terms of revenue growth, despite various challenges which have continued. This quarter, next quarter, they look quite good.

I think with the new FTA signed globally speaking, because we are a global business, that should help us in Europe as well as US going forward. Because there was a lot of rain, farmers have good amount of water levels, so that should be good for drip irrigation business.

In PVC piping business, the resin prices which were kept going down, which impacted inventory and the volume both, have started coming up over last three weeks, so that should help going forward. All in all, I think we are looking forward to a good current quarter.

We should meet our annual forecasted numbers in terms of revenue and EBITDA. Next year looks quite good, and beyond the current operating businesses, next year would add good revenue from new projects like this beverage unit with which we have established for contract manufacturing.

Overall underlying, we feel very positive that structurally, company is moving in a quite good way. In terms of the government project receivable, etc., we are also expecting a very strong outcomes over next few quarters to take care of the debt, the repayments which are falling due next year.

I think we feel very comfortable that there are lots of options out there for us to work upon to ensure that happens. The underlying business itself, because most of this is falling due in the second half of the year, we would have by then generated enough internal accruals to take care of that debt.

At the same time, we are also financing growth in each business. For example, our tissue culture business, we are seeing opportunity to double our capacities.

We talked about food processing already, two new projects which we have done. Piping, the demand is coming back.

All in all, this looks good, the revenue, the EBITDA, and ultimately by next year, once we pay off this debt, even net earning level things will start becoming better. Even now, when we talk of the PAT, right, there is this adjusted PAT, because some of these non-cash interest, which is linked to this NCDs, keep adding.

For example, for first nine months, it's already about ₹50, ₹60 crore, otherwise, that should get added to our normalized PAT level. Overall company will remain profitable for the year, growing nicely, and setting up platform for explosive growth from '27, '28 onwards.

Thank you again.