Ladies and gentlemen, good day and welcome to the Bharat Electronics CQFY25 earnings call, hosted by IIFL Securities. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions at the end of today's presentation. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Ms. Renu Baid Pugalia from IIFL Securities. Thank you, and over to you. Thank you. A very good evening to everyone. On behalf of IIFL Securities, I would like to thank the management of Bharat Electronics for giving us the opportunity to host this call, which is for CQFY25's post-result earnings call. Today, from the management team, we have with us Mr. Manoj Jain, Chairman and Managing Director, Mr. Damodar Bhattad, Director of Finance and CFO, and Mr. Srinivas S., Company Secretary. Without taking much time, I now hand over the call to Mr. Jain for his opening remarks. Thereafter, we can start the session for Q&A. Thank you, and over to you, sir. Okay. Thank you. Thank you, madam. Good afternoon, everybody, so I will just briefly summarize the financial highlights up to Q3 of financial year 2024-25. So the turnover, the turnover increased to INR 14,174 crore up to Q3, as compared to INR 11,485 crore, with a growth of 23.41%. The profit before tax, that is, also increased to INR 4,242 crore up to Q3, as compared to INR 2,949 crore last year up to Q3, with a growth of 43.86%, and profit after tax, that is, increased to INR 3,183 crore up to Q3, as compared to last year's figure of INR 2,236 crore, with a growth of 42.34%. The EBITDA has increased to 28.07% up to Q3, as compared to last year's figure of 23.67%. That way, earnings per share has increased to INR 4.36 up to Q3, as compared to last year's figure of INR 3.06. Order book position, as of 1st of January 2025, is Rs 71,100 crore. This is a brief financial highlight of Q3. Yeah, we are open to question and answer session, madam. Please go ahead. Sure. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. The first question comes from the line of Mohit Pandey from Macquarie Capital. Please go ahead. Thanks for the opportunity. Congratulations on the good set of P&L numbers. Sir, my first question is on order inflows. So, are we expecting a sharp pickup in 14 because our guidance earlier was 25,000 crore? And what is the latest on the guidance on orders now, sir, for this year? Okay. We have achieved, I think, around roughly INR 11,000 crore order this year, against the target of INR 25,000 crore. Many projects are in the pipeline, which we are hopeful to get in the next two months. So we are confident to achieve this INR 25,000 order inflow by the end of this financial year. Okay. Sir, maybe for the three or four large orders that I think you had mentioned last time that you're expecting, if you can give an update, such as for Ashwini Radar, Electronic Warfare for Mi-17, Atulya, Himshakti Phase 4, you're still expecting them in this quarter. Where are the delays exactly, if you could give some color if possible? Sir, on all these orders, most of the orders already PMC, CNCs concluded, and it is in the contract finalization stage. So that's why we are confident that in the next two months, we will get the confirmed order also from Ministry for these projects. All the six, seven projects which last time we told, including the two you have mentioned, also Ashwini and Mi-17 V5, these all orders are in a stage of contract finalization, you can say. The basic PMC for many of them already concluded. So that's why we are confident we will achieve INR 25,000+ crore order inflow this year. Understood. And sir, with regards to QRSAM, if there is any update you can provide that's been pipeline order for next year? Yeah. This project is going on well. So many queries, configuration changes, and other things were there between army and airports. And it is going in the right direction. Hopefully, in the next six to eight months, or maybe within a year, we will get this order in our hand. So we have planned also that this order to be in the next financial year only in our hand. So we are confident we will get it before March 2026, this prestigious order. Understood, sir. And sir, the last question would be, after QRSAM, which would be the large pipeline orders that you would be looking at in the next two to three years? Actually, the second largest order will be this MRSAM and MF-STAR related variants for next generation corvettes and other ships. That will be the second largest order which we are expecting in the next year, mostly. That also we will finalize by next year. And then there are some sub-5,000, 5, 6 more orders, which we are really working for next year. So next year, again, anyway, we will tell you in the month of April when we assess the actual situation of how many we can finalize the contract in the next financial year. We will let you know April or May time frame. Understood, sir. That's it. Thank you so much and wish you all the best. Thank you. Thank you. The next question is from the line of Amit Anwani from PL Capital. Please go ahead. Thank you, sir. Thanks. And congratulations for the strong numbers. My first question is on really strong performance this quarter. If possible for you to highlight on which orders contributed in execution in Q3 and which were the orders which were kind of margin equivalent. And second part is the nine-month growth is already 25% plus on top line, and margins are also more than 27%. Would you be revising guidance for FY25? Okay. Firstly, the major orders executed till third quarter, LRSAM was the number one in the lead, followed by WLR, the Weapon Locating Radar, the IACCS system, the Shakti EW system, the ADCRS, ADC and RS, the Akash Prime program. We started supplying of the subsystems there. And one civilian project is CBIC. We call it this is for land-based infrastructure across Pan-India. So major orders which we executed till quarter three are these six projects. Your second question was related to change of our plan for this financial year. That we will anyway let you know at the end of today's session. Because by that time, we will summarize anything else, and then we will definitely tell you about our future outlook. Sure, sir. My next question is on the delays which are happening with HAL. And would like to understand, is there any portion of order which you have which is for supply to LCAs, or are you seeing any impact on your order execution, order book, or order intake related to LCAs? For us, there is no problem. Because we are supplying electronic modules to LCA program. These electronic modules are, as per the planned targets, based on our way of assembly, testing, and evaluation, and requirement of HAL, which was agreed between both our organizations long back. So we are on track with that. So whatever they want, we are definitely meeting and exceeding their requirement of all the, I think it is around 11-15 electronic modules which we are making for LCA programs. So these are all we are supplying as per their requirement. So we are not facing any challenge from electronic modules per se now. We had some initial problem last year, but that all initial teething problem we have solved. And now we are the way they want, that rate only, we are now totally streamlined our production rate. So we are not facing any problem for LCA-related electronic module supply from BEL. Sure. Lastly, on non-defense, what was the contribution? And second thing, many players won the Kavach orders in the past one, one and a half months. Any outlook you would like to give on non-defense, especially on Kavach orders in subsequent years? And also any orders related to semiconductor electronic sectors, if you're focusing there at all? So are they going to enhance your order intake pipeline if you could throw some light on this aspect as well? Thanks. Okay. In quarter three, we have non-defense, we have achieved around 11%. Non-defense and export put together. Non-defense per se calculation is around 8%, 3% export. Because export is a mix of defense and non-defense. So overall, you can say around tentatively, around 10% was non-defense, and 90% was defense in our execution. And your point about Kavach. So Kavach, we have got the initial executional order, which we called it technically an R&D or a prototype order for proving our indigenous solution, which we are developing ourselves, developing, installing, and then getting the certification public testing by the railway authority. So once that execution order is successfully done by us, then only railway will qualify us for the bigger tenders. And then only we can participate in those tenders. So that is, again, next year, maybe by June, July, hopefully we may go through this process of installing and testing in the executional sector. After that, only we will come back to you about what is the order book impact based on Kavach successful completion. So let me firstly successfully complete this executional order, prove my designs, and then only we will know also our own cost, what cost we have made the final solution. And based on that, only we will have the correct assessment of how much business share we can get in subsequent years to come. So today, it is a bit early to do. Today, we are technically in the R&D phase of Kavach program. Sure, sir. Thank you so much. All the best. Thank you. Thank you. The next question is from the line of Umesh Raut from Nomura, India. Please go ahead. Hi sir, good evening. Congratulations for the very good set of numbers. So my first question is pertaining to gross margin. If I look at gross margin for the first nine months, I think it is around 49%. And we have always guided gross margins in the range of 42%-44%. But if I look at, I think, the last two quarters and the kind of orders we have received, those are more or less repeat orders of existing programs, AMC contracts, and service portion of the earlier programs. So is it fair to assume that going forward, gross margin profile for us will structurally improve from guided range of 42%-44% to about closer to 50%? Yeah. See, currently, the gross margin is not 49%, as you said. It is around the range of 44.5% only. For up to December, the gross margin is 44.5% only, and we have guided for 42%-44%. So as of now, we maintain that range of gross margin. Okay. Sir, one clarification here. While calculating gross margin, are you only assuming raw material and traded goods cost and excluding the portion of purchase of stock in trade and change in stock? No, no. These are also taken into account. Purchase of stock in trade, raw materials, all are taken, and even the portion of WIP, which is there at the end of the December quarter, is also taken into account. Okay. Got it. We will reveal later, separately as to how it is really done. But the gross margin is only 44.5% as of now. Okay. Got it. My second question is pertaining to the deal which is right now going on between India and Russia for acquisition of long-range radar, which can detect missile and aircraft up to about 6,000-8,000 km. So I think this is very big, about closer to $4 billion. And any idea over here what kind of role Bharat Electronics can play? No. The thing is, we are very good or a leader in the radar domain. No doubt on that. But this particular deal is G to G level. So direct role of BEL is not frozen as on date. But as these things progress, based on that only, role of BEL will be decided. And whatever role Ministry gives to BEL, BEL is definitely be able to take that role. But today, it is not finalized. So it is an exploration from BEL point of view, it is an exploration or watching mode. Okay, but as media suggests, 60% of value addition would be done in India only, so is it fair to assume that BEL being leader in radar manufacturing, they'll have a larger portion of it? Definitely, BEL should have and BEL will have. But as of now, it is too premature to tell about the exact figures, what we will have. Because let government-level negotiation and talks happen and conclude. Based on that outcome only, we will have a concrete idea about these figures. Got it, sir. So sir, next question is pertaining to employee cost. As we understand now, there is an eighth-pay commission which is now getting set up, and I think it is getting effective from next year onwards. So any approximate idea for employee cost increase you will have probably in FY27? See, for us, public sector, the next pay revision is due only from January 2027. The pay revision commission for central government, I think the year is different, and for us, it is from January 2027. So for 2026, 2027, per se, only three months effect will be there on the employee cost, and even whenever the employee wage revision happens and the projected turnover increase, what we are expecting will ensure that the employee cost to turnover% doesn't vary much. Got it, sir. Got it. Thank you so much. I'll turn it back to you. Thank you for the opportunity. Okay. Thank you. Thank you. The next question is from the line of Amit Dixit from ICICI Securities. Please go ahead. Thank you, everyone. And opportunity. Congratulations for a good performance in this quarter. I have two questions. The first one is on MRSAM. Again, there were some delays from BDL side earlier because of the component being sourced from outside. But there was news that it is getting indigenized. So just wanted to understand our role over there and how much will that account for us as revenue and when it can be recorded. That is the first one. And then the second, then the part B of this question, that recently BDL also got MRSAM order from Indian Navy. So what could be our portion in this and when we expect to get this order? Let me tell you. Firstly, this is a BDL-related question. So BDL is in the right position to answer that. Our direct contribution in the missiles of this MRSAM order, because BDL gets missiles in these orders. So our portion is nil as on today for the missile portion. But of course, there is a lot of electronics in that. And as you have rightly told, there were some issues in electronic module supply from outside to BDL. That, we are having a constant interaction with BDL to see can we leverage our in-house R&D strength to indigenize a few more components of this. And definitely, once we indigenize means, that order will come to us only. So right now, we are in the process of finalizing the indigenization plan for these missiles. And final answer, you can get only from BDL. But definitely, there is a good scope of well-manufactured or designed modules to be added in these programs. Okay, sir. That's very clear. The second one is on, that you indicated that the next big order that will come would be next-generation Corvette. But also, we expect that P75 and P75i could also be ordered in due course. So just to ballpark, what kind of share we expect again from electronic component and all from these orders? Anyway, as you told, NGC, so definitely we are going to get this MRSAM and MF-STAR-related orders, which we are expecting definitely next year, it may conclude for us, but P75 and P75i, good progress is there, good discussions are there, and a lot of electronic components in both the programs will be from BEL. That much only I can tell you. But right now, until that contract is finalized or at least CNC stage is cleared, we can't give you the exact numbers. But this also will be a very good number. It will be definitely four digits. But exact number, today, I don't want to tell you. But maybe by April, May timeframe, we will exactly tell you what type of number we are expecting. Because definitely, these will be now, we are expecting in next year itself. Earlier, we were thinking it may slip further. Good progress has happened on both the programs. BEL is deeply involved in both the programs, P75 and P75I. The exact numbers will let you know by April-May timeframe. Sir, just a follow-up. For NGC, for which substantial progress has been made, is it possible to quantify? You can give a range also that what kind of orders we can get over there? We are expecting around 14,000- 15,000 crore worth of orders for NGC. Okay, sir. That's very helpful. Thank you and all the best. Okay. Thank you. Thank you. The next question is from the line of Sumit Kishore from Axis Capital. Please go ahead. Thanks for the opportunity and congratulations on a very good set of numbers. In addition, in continuation of the last question, could you also spell out the ballpark range of size for the two large orders that you expect next fiscal, QRSAM and the MRSAM that you mentioned, given that NGC is almost INR 140-150 billion, give us a better sense? Yeah. QRSAM, so we have told last time, although it is between 25,000- 30,000 crore. And we are expecting definitely next year only based on the progress which has happened this financial year. So we are definitely going to get before next financial year end, this order should be in our kitty. And the other one, NGC, I've already indicated, it is around 14,000- 15,000 crore. And MRSM? NGC means that MRSAM, MF-STAR, and the package. The total package put together is around this. Okay. This INR 250-INR 300 billion into packages that you get next year and the year after that, everything is expected in FY26 itself? Which one? Yeah. Both these programs, we are expecting in 2025, 2026. Before March 2026, we should get both orders. Excellent. Excellent. And both these contracts would have what sort of execution schedule in terms of timeline for booking revenues? Typically, for the QRSAM program, 18-24 months as the first of production. First of production may be some 5%-10% of the order value, which we can execute in 18-24 months. Then followed by another two years plus, the remaining order will be executed. Okay. And MRSAM? The NGC? MRSAM, it will be a bit more faster because that but that is over a period of four to five years again. So per year, we may expect in that around 2,000-3,000 crore worth of execution we are planning. Okay. My second question is, given such strong revenue growth and margin performance in the first nine months, how would you revisit your guidance on both revenue and EBITDA margin? And given that, how would you look at maybe given your order book right now is down 6%-7%? I know fourth quarter will. Hello? Madam disconnected. It is. Of revenue growth and margin outlook, would you leave us with for FY26? In between there was a blank. Can you please repeat your second question? Sir, I was saying that in the first nine months, your revenue growth and margins have been well ahead of your full year guidance. Would you like to revisit your full year guidance? And B, your order backlog is down about 6.7% year on year as of nine months. Even with the pickup in inflows in fourth quarter and with the revenue growth acceleration, your order book may be flattish at the end of FY25. So what kind of revenue generation can happen in FY26, given that QRSAM, etc., are expected only towards the end, by the end of the fiscal? Thanks. Okay. Regarding guidance, anyway, in the end, we will tell all of you because there are multiple questions from multiple fellows, where we are looking at our guidance, whether it is a revised figure or not, we will definitely tell you at the end of this session. And regarding order book, as I already told, although we have achieved only around 11,000 crore order book till now, but next two months, we are going to achieve another 14,000 crore, which is a gap. We are confident about that. Five, six programs are in the final stage of contract finalization. So we are definitely confident to achieve that. And for next year, once we have this order book, which is presently 71,000 crore plus around 14,000 crore more worth we will get also. So next year's start will be better than this year's start. We will expect a good growth and other margins and other targets. That we will anyway let you know by April. We do not have much concern on the order book because, as of now, even though this year remains flat, there's always a base orders of around INR 15,000 crore, which is always there. These orders of QRSAM and MF-STAR for NGC, this when they come next year, the order book will automatically grow next year by April 2026. The order book will be much, much, much more healthier if these orders are expected, in addition to the base orders of INR 15,000 crore. This year, maybe it is just flat, but next year growth will take care of the order book once again. Thank you so much. And we hope that the margin improvements are sticky, and you'll cover that in your call subsequently. Thank you. Yeah. Thank you. The next question is from the line of Atul Tiwari from JP Morgan. Please go ahead. Sir, just one clarification. So these MRSAM orders, they are for NGC. So this is the entire package, right? INR 140-INR 150 billion is MRSAM/NGC. Yeah, yeah, yeah. It is a package. It's a total package. It involves that type of electronics for NGC program. You're right. Okay. Okay. So INR 250-INR 300 billion for QRSAM and for this NGC/MRSAM package, 150. Is there any other large order that you have in the pipeline over next three years? Definitely, yes. Next year itself, we have some three, four major projects in pipeline, which we are hoping to get order, so we have told for major orders of INR 14,000-INR 25,000 crore, but INR 2,000-INR 3,000 crore, there are another some five, six orders which are expected in next year, and three years range, definitely, it will be much more, but presently, we are talking of 25-26. Okay. And sir, for the submarine programs, could the size be similar, like INR 150 billion-INR 200 billion for all the P75 and P75i? Is roughly the quantum will be in the same ballpark, or can it be substantially more or substantially less? Right now, I don't want to give the exact figure, but it will be a bit less than these two. It will be less than these two. That much only I can tell you, but because the exact quantification will be done in the next one or two months, because that only discussions are going on between us and MDL, and maybe by April, we will give you more quantified figure, but as of today, I can tell you it will be lesser than this because it will not be in the five digits. It will be four digits only. That much I can tell you. Okay. Okay. Thank you. Thanks. Thanks, sir. Thank you. The next question is from the line of Harshit Patel from Equirus Securities. Please go ahead. Thank you very much for the opportunity, sir. So my first question is on the electronic warfare systems for our airborne platforms. So at present, which are the platforms for which we supply these EW systems, such as D29? Also, on top of that, which are the future platforms, maybe LUH, LCH, IMRH, LCA Mark II, etc., for which we are the development and production partner? Okay. Firstly, any aircraft or helicopter which is there with Air Force or Army Aviation or Navy Aviation, they have one or the other EW system of BEL. Minimum one EW system of BEL is mandatory because it is a strategic requirement. So that will always be there, so in all flying air platforms, we have EW system. But now, from the basic EW system, we are migrating to EW suites, meaning a complex EW system having multiple components. So D29 is one such EW suite program. And as the name indicates, it is for MiG-29 aircraft. That's why the D29 stands for MiG-29. So it is for MiG-29 program, the total EW suite that we are executing right now. And for all future programs, as you have mentioned, various helicopter programs, where other programs, EW suite of different configurations are worked out. Many of those programs are in very advanced stage. As we told, Mi-17V5, MiG-29, we are just going to get the contract any day. We have already concluded PMC, etc. Jaguar aircraft, LUH, LCH, ALH, also next version. So those type of various EW suits and different configurations are in the pipeline and in the advanced stage of finalizing the configuration or trials. Understood. Sure. Sir, my second question is, I wanted to relate our future margin trajectory with the localization levels. So what share of these localization benefits will be retained by us, and what we have to pass on to the Ministry of Defence in terms of maybe lower nominated contract prices? I am asking this because our current level of margins are substantially higher than what we used to report in the past. See, on the margins front, as we told, we'll give the guidance at the end. We take a contract from the customer at the quoted and negotiated prices, as we know. There are some localizations going on. All these are also factored in, and then only the negotiation takes place if the customer is also aware and we negotiate with the customer, and as far as the margin guidance is concerned, your precise question comes to the margin guidance only at the end of it all, so as we told, we'll be telling at the end what is our revenue growth and margin guidance. Understood. Thank you very much for answering my questions, and all the very best. Thank you. Thank you. The next question is from the line of Jyoti Gupta from Nirmal Bang. Please go ahead. Thank you, sir, for the opportunity. So I will begin with a very basic question, sir. So this 25,000, which we will log in for this year, execution will start in FY26 or maybe starting from the end of this year. But we have a backlog of FY25 from previous years, which I believe is somewhere around 70,000 crores of this thing. Now, the thing is, one, this current revenue which is coming, is it coming should be coming from the older orders, and there will be a combination of margins. So the backlog of the margin of the order is that the margin rate is coming from, and therefore, going forward, the new contracts that we are getting, our margins may decline maybe slightly or maybe marginally or could be higher. Other thing is, what is the bill-to-book ratio? So if I take a look, if I look at this number, we have done almost like in nine months, roughly around a revenue of good revenue numbers of around INR 14,000 crore nine months. So this is still around 30% of the book that we have, or it is higher? And do we expect that our execution pace will increase? And therefore, this 30 will go to 35%-40%? Because I know you'll have a decent order book for the next five years. There's no doubt. My question is, on the execution part, are we stepping it up? Second is, how are the margins being evaluated based on the past orders and the current orders? And going forward, how much would the new orders be contributing to our margins going forward? See, on the execution front, you are asking us whether we'll step it up. It is not only dependent on our stepping it up only. It is also dependent on the customer contract delivery schedules. So any large orders, if you take in defense orders, generally, the range is for any large order for INR 20,000-INR 25,000 crore, the general delivery supply range is three to five years. So any order is just not dependent that if we want to do INR 70,000 crore, we can do it this year and next year. Even if we want to do, we cannot do it just because the customer's delivery schedule will not call for that. That is one. Second thing is, on the margins front, you are telling old orders, new orders. We have a variety of orders, say, around more than 300 products are there, different products, and with 29 SBUs covering it. Yes. So define the margins in the old order, new order, and coming orders, and what will be the combination and all those things. It's precisely we'll not be able to tell that. All we can tell you is the overall guidance which we'll be giving at the end of the session. We'll be giving the overall revenue and EBITDA guidance growth. Okay. So, okay. Then the other thing is, I wanted to ask that while you're saying that you are on track in terms of timelines for the LCA Mark Is, but the LCA Mark I are already delayed by a year. However, your timelines are very well matching with the execution, I don't know, when the LCAs would come out. So which means your revenues are not impacted in any way in terms of the delivery for LCAs, right? So if that LCA Mark I you're saying, so LCA Mark II also, you would have got orders. Have you got orders or likely to come for LCA Mark II as well? Because that will give us a guidance key. LCA Mark Is, I don't know how many because anyways, the squadrons have reduced by the number of what we understand. We do not know what is the kind of numbers we would likely to deliver for LCA Mark II as well in terms of the number of jets. Okay. Actually, your question is mainly relevant and directly to be answered by HAL. Based on our interaction and discussions with HAL, I will just try to reply to you. Our supplies are always electronic modules, as I already told. These electronic modules can be separately tested also by HAL because HAL is making all the basic frame and other things, basic systems, and at subsystem level, when we supply to them, they can test it. So there is no problem of taking these modules. I can supply these modules to HAL. HAL uses and tests the system as much as he can with this. You are indirectly referring to the engine-related delays. Exactly. That definitely HAL is the best one to answer. Engine-related delays are not going to affect our delivery between BEL to HAL. That much I can assure you. Then second thing is, you told LCA Mark II. Mark II is still going through prototype phase only, I should say. Yes. So from prototype phase to come to the real production phase, it will take a few more years. Till that time, we are supplying LCA Mark I as 83 number order we got. And second, what we are going to get, which advanced level discussions and activities are going on, is this 97 number LCA Mark I A order. So these two orders, what we are executing and what we are going to get very soon are LCA Mark I A only. Mark II is still going through the certification phase only. So it will take some more time to come to production phase. Okay. Thank you. Thank you. The next question is from the line of Dipesh Agarwal from UTI Asset Management Company. Please go ahead. Yeah. Good evening, team. My first question is, so you have been looking to scale up the non-defense revenue share over the past couple of years. However, if we see the non-defense revenue share has been more around 8%-10% kind of a mark. So when do you expect that to scale up? Good question. Actually, this non-defense, as I told, 8%-10% is for last so many years. But now we want to make it double digit. And double digit will be between first level 10%-15% range we want to increase. Finally, as a healthy sign, non-defense should be around 20%-25% of our turnover as a logical mix. So we are aiming for that. We have not many diversification plans related to non-defense. We have come out with a network and cybersecurity-related business. We have come out with one or two more areas, especially like homeland security area. Data center area is anyway growing. So we are to go in that segment. The border security. Next, Mr. Dipen Vakil, you may please go ahead. Yeah. Thank you for the opportunity. I think there was some disturbance in the previous question. Yeah, yeah, yeah. It is okay. Although some small noise was observed. Okay. Is it audible now? Yeah. Yeah, so my question is regarding the order book. So we have an order book of close to around INR 711 billion. So first, can you give us a breakup as to what is the defense order book and the non-defense order book? And the second part of it, what will be the main items in the existing order book, which is about INR 10 billion? Okay. Again, the defense and non-defense typically in the order book also is something similar to our 88%-89% defense, 10%-11% non-defense. That ratio is in the order book also. And some of the major order book what we have is related to electronic zuzes, the LRSAM project, Akash Prime, BMP-2 upgrade, Himshakti, and Arudra radar. So these are the top six, seven projects which constitute this order book what is their 71,000 crore worth with us. This is around 20,000-25,000 crore among these six projects. So can you help us with the quantum of top five projects if possible? The top five projects are electronic Fuze, LRSAM, Akash Prime, BMP-2 upgrade, and Himshakti. And they are ranging between INR 2,500 crore- INR 4,500 crore. These five orders put together are around 18,000 crore. Got it. Got it. Sir, thank you so much for the opportunity and all the best for the coming quarters. Thank you. Thank you. The next question is from the line of Aman Vij from Astute Investment Management. Please go ahead. Yeah. Good evening, sir. My first question is on Coverage. So when you talk about today, we are at R&D stage, and by June, July, you expect this R&D stage to be over. So is my understanding correct that normally a company needs to supply the hardware and software prototypes so that you will supply by the June, July 2025? Yes. We will put this hardware and software both in a test line which will be given by railways to us. We'll put it and start the integration and testing phase. So by June time frame, our development of hardware and software will be over. Okay. And, sir, normally after that, there is normally a field trial of like 5,000, 10,000 hours. So will we be starting that field trial by June, July? No, no. The thing is, after the development phase, this one is called integration and testing phase at the actual line. And after that only, the certification-related or this reliability-related testing starts by railways. So I don't know how much time they will take during the testing phase, which may take one to two months typically, but sometimes it takes a bit more also. So depending upon that time only, and then the certification-related reliability testing. So based on that only, it will take. Wild guess is four to six months it should take for those type of testing. So maybe by December, January time frame, we may get the clearance. But it may vary by a few months here and there. Okay. And directly will we get the Kavach 4.0? Interrupt you to just a question to one, because there are other participants who are waiting in queue. Yeah. Just finishing this one small question I have. So sir, is it correct to assume that after all this clearance, say it happens next year, so we will directly get 4.0 order? Kavach 4.0 order? Once we clear that, then only we will be qualifying for next big order which will come, because recently, I think they had issued some RFP where we are not qualifying right now. So next big order after we are qualified. In that order, definitely we will bid, and based on our cost and L1 discovery, the order will be split across multiple vendors. That is, railway has to decide that what will be their terms and conditions in that RFP. But typically in their RFP, they split the order across top two or top three vendors. So we are confident we will get a sizable portion at that point of time. But today, it is a bit early to tell and quantify the business volume for that until we clear this testing and certification phase. Sure, sir. Just one question on fuses. So how was the delivery going about? We had to supply like INR 500 crore per year for the next 10 years. So have we supplied in nine months whatever quantity, say INR 350, 375 crore already? And you had talked about this Rosoboronexport MOU which had signed six, seven months back. And you had told in the next six months we'll be able to talk more about it in terms of export opportunity. And the indigenization portion also, you had talked about we are 50%. So by next year, what it can be? So these two, three small questions on fuses if you can answer. We have ramped up our fuse production as part of this order what we have got, and I think in the last nine months, we have gotten reasonably good progress, and whatsoever was committed to the army, we are going to meet by March. We have an MOU with them for yearly quantities, so for two years, the quantities are slightly less, then only ramping up, so as per the contract, I think we are on target for that, barring some initial teething problem which was there for the first six months, but now it is totally stabilized, and we are not posing any problem on that. Regarding ROE, it was for some two programs of Indian requirement only right now, not for export, and those programs right now, the internal processing of the case is going on. Then there will be technical evaluation, then some other activities, and then only discovery of L1 will be there. So it will take some more time at the ministry level. And regarding indigenization, yes, we have done good progress on indigenization front also. Within two years, we have to do indigenization complete for this program. And we are confident that in two years' time frame, we will do the indigenization as agreed to ministry. Which part is left, sir? So we have 50% indigenized. So which part is remaining? No, no. Totally all critical components of this fuse will be indigenized. Although we have made our own totally indigenous version also, homegrown for some other application, not for this army program, but for some other naval program, we have made totally homegrown fuse. But for this army program, it was based on transfer of technology. So in that transfer of technology, indigenization content was to be increased to 100%. So that activity is going on. In two years, we will indigenize it. But it is not based on the in-house design. The design was not from us for this program. But once it is manufactured in India, it is technically we are totally independent of manufacturing each and every part. So that activity only was the commitment between us as part of that contract. But parallelly, as I told, we have put our R&D team to make totally indigenous version of fuse, which we have successfully made for one naval program. And then we will subsequently make it for army different programs. Okay. Thank you for answering the question. Thank you. A request to participants to limit their questions to one per participant. The next question is from the line of Deepak Krishnan from Kotak Institutional Equities. Please go ahead. Hi sir. Just wanted to understand. So next year, we are looking at 25,000 from QRSAM, 15,000 from Corvette, and then 15,000 base orders. We are targeting all these three. Is that understanding correct? What we told last year that beyond QRSAM, minimum INR 25,000 crore more we will get, so QRSAM, which we are now progressing very well, hopefully it will be between INR 25,000- INR 50,000 crore will be the order book inflow next year, but that exact value we will tell you in the month of April. Sir, maybe just wanted to check if there was any provision reversal or any sort of forex loss or gain in other expense this quarter which was sizable? Any provisions or effects in other expenses this particular quarter? See, you are talking of precisely this line. You are talking of other expenses or other operating revenue or? Other expenses. Any large provision creation or any forex gain or loss in other expenses this particular quarter? The last provision of two was there. It was provision towards liquidated damages were there on account of some certain delay in supplies. That was the last provision in other expenses. Sir, any quantification that you would want to share? Quantification, yeah. The total quantification in the provisions was around INR 600 crores for provision to us, the full debts and penalties. Sure, sir. No further questions. Thank you. Thank you, Mr. Krishnan. The next question is from the line of Aman from BL Capital. Please go ahead. Thank you for taking my question again. My question was on the Ministry of Defence announcing this year as year of reform. And we saw talking about AI, robotics, and machine learning. Any reading you have for Bharat Electronics is will there be advancements of electronics or value of defense electronic components being higher compared to the previous years? And any read-through you have from this document or any discussion with ministry with Bharat Electronics perspective? Definitely, once ministry has announced year of reform, we also had geared up for that. So we have given our targets for reforms, different targets for reforms and different projects, public processes where these reforms will be reflected. One such reform was recently flagged off. You might have noticed this, battlefield surveillance system, Sanjay. That was also one of the important reforms we wanted to flag off in this year itself, in January itself. Although there were a lot of challenges, but we told we will finish this product because this is going to change the battlefield surveillance in a bigger way. So reforms mainly in the form of new technology infused products to be launched this year. So this year, you will see very many number of reformed projects, the projects which are going to change the battlefield landscape. So those type of projects we have lined up. One by one, we will announce them. BSS was one such project which we have announced. So many more are there. That is a commitment between us and our ministry. So we have already given our commitment about a series of reforms which we are going to do in this year. Sir, lastly, on a clarification on order book breakup which you shared, top 4-5 orders are about 30,000-35,000, and I think Fuzes order is to be delivered in phases over 7-8 years. Any thought on other large orders? What is the delivery timeline for the LRSAM, Akash Prime, BMP, and Himshakti? Himshakti, I think, is for next year itself. We We will liquidate it. So it was only for this year and next year. This year, we are going to supply some portion because still one quarter is left. But majority of the supplies will be in the next year. So Himshakti is only for next year, not beyond. Arudra, MPR Arudra is, I think, for four years plus. BMP-2 also is four years plus. So these all are four years plus programs. In a general range, we can tell any of these orders. They have a minimum time frame of around two years, and it goes up to five years such type of orders. Because we have different orders, exact delivery schedule of each one we do not have right now, but general thing is it will be a minimum two years period for such orders, and generally, it goes up to five years depending on the order size and delivery schedule. Only fuse is an exception because we have got a long-term order that is for total 10 years. In which first year we are concluding this year, then nine more years it will be there. Because that is a yearly target they have told us. Awesome. Thank you. Thanks a lot. Thank you. Thank you. The next question is from the line of Harshit Kapadia from Elara Securities. Please go ahead. Yeah. Hi sir. Thanks for the opportunity and congrats for good set of numbers. Just wanted to check with you on one. One is on the Uttam Radar side. What we have heard is that probably you will be manufacturing Uttam Radar. Now, is that the correct statement to make or Israel Radar will be used in the Tejas Mark 1A? If you can give a clarification. And in the 97 number of Tejas which is going to come in subsequent FY26, that's what expected. Would you be participating in those as well? A clarification would be helpful here. Okay. Firstly, again, Uttam Radar which configuration, which Uttam Radar will go or the foreign-made, that is a decision between user and HAL. We don't have any role to play for that. So configuration in any aircraft is decided between user, means Air Force, and HAL. We are not a party to that. Our job is only to supply them electronic modules. Uttam Radar per se, the decision was taken and through a process it was decided HAL is the integrator for Uttam Radar. And some modules level only, they will decide whom to place order. BEL also is in the race of getting some modules order from HAL. But that will be the call by HAL how much he will do in-house and how much of the modules he will get partners. And those partners have to fight for the L1. So there is no confirmed order type of things in Uttam Radar for BEL as of now. So let us see when the nominated RFP will be issued by HAL at that time. But HAL is a system integrator for Uttam Radar, not BEL. So that was a calculated decision taken, informed decision taken by all stakeholders. So today, when the RFP is issued by HAL for subsystems, that time only we can quantify how many subsystems will we get order and what is our aggressive marketing plan of getting that. Because it will be through multi-vendor situation. So multiple vendors are there for some module level. Although BEL has definitely a strategic advantage. But today, I can't tell how much of that I will grab as a submodule level for Uttam Radar. And about this 97 number Tejas, again, all the electronic modules, already inquiry has come to BEL. We are in the process of finalizing and some contract-related discussions and other things. Activity already started. Regarding radar for 97, again, it will be called by HAL, not by BEL. Can you share some update on the anti-drone system, sir? Because that's where some competition is seen rising and orders are also getting into traction mode. So where is BEL positioned? What's an order pipeline there if you can share some insight? We are the leader in a complex high-end, high-energy, hard-kill and soft-kill-based solution which was originally designed by DRDO. So that we have supplied. These are complex solutions. We have supplied to Army, Navy, and Air Force. All the three supplies are over. Now we are getting an order from BSF. That is one big order in pipeline for which I think we are already declared L1. So we are hoping in this year order to come and then we will start supplying that. Very good leads are there from various foreign countries for this particular complex anti-drone system which we call D4 system. So many countries, eight to 10 countries have shown good interest in that. We have given demos to them. And we hope some contract may be finalized or good lead will be there during this next Aero India with these foreign countries. Because we are anyway demonstrating this system again there. And a lot of technical and other discussions will be there with many countries related to this anti-drone system. That smaller anti-drone system, there are multiple vendors including BEL also. So that is a different order keeps coming and there is a role for everybody. There are some startups, there are some other MSMEs, and there is BEL, of course, also. But they are not that complex like this D4 system. So this D4 system right now, we are the only supplier. Although the technology was given by DRDO to four, five bidders, but till date, nobody has totally acquired the technology and made the prototype as per our knowledge. So we are only supplying this and we are going to supply this number. We are in constant touch with Army, Navy, and Air Force also for repeat order. So that we will see when it will mature. Okay. So last final question. In one of the committee reports by Defense, there was an order inflow number mentioned over next three years of close to more than INR 1.2 lakh crore for Bharat Electronics. Now, given that FY26 number was close to INR 45,000 crore. Now, you recently just mentioned you are looking somewhere around INR 25,000 crore-INR 50,000 crore of order inflow. And earlier, you had guided of INR 36,000-INR 38,000 crore order. So is it right to estimate that you will see an order inflow of INR 45,000 crore for FY26 considering what you had mentioned earlier in terms of orders coming from QRSAM, MRSAM, and other programs? Would that be a right understanding? It is a right understanding. But exact figures we will tell you in the month of April. But yes, QRSAM, there is a very, very good progress. So we are hoping next financial year QRSAM will come. We are more than 90% sure as of today to get that deal in next financial year itself. That's why we are hoping our order book inflow next year will be between 25,000-50,000 crore. Let us watch for next two months. And April, we will have much more quantified figures about our target for next year. Fine now, sir. Wishing you all the best. Thank you. Okay. Thank you. Thank you. If there are no further questions in the queue, I would now like to hand the call back to Renu Baid Pugalia from IIFL Securities. Please go ahead, ma'am. Yeah. Thank you, team. I would now request management to make comments on the guidance for which everybody has been waiting for, if there is any change or revision to that. So, what are your closing comments and remarks, sir? No. Our closing comments are again the same. We have analyzed our three quarters. Third quarter was really very good for us. But seeing overall complex projects, mix of solutions, mix of challenges what we have for future. So still, we want to retain with 100% confidence our revenue growth of more than 15%, which we told at the start of the year. We are confident we are going to cross 15%. So we are telling our revenue growth will be 15% and more. EBITDA margin definitely will be between 23%- 25%. May touch around 25% based on the Q3 performance. And order inflow, although as I told, it was INR 11,000 crore till now, but we are confident to cross INR 25,000 crore. So these three parameters definitely we are going to achieve. That is our final guidance. Sure. Thank you so much and best wishes, sir. Thank you for giving us the opportunity to host the call and thank the audience for being very patient. Thank you, everyone. Thank you. Thank you all. Thank you. Thank you. Thank you Thank you so much. On behalf of IIFL Securities and Bharat Electronics, that concludes this conference call. Thank you for joining us, and you will now disconnect your lines.