Ladies and gentlemen, good day and welcome to Kirloskar Brothers Limited Q4 and FY25 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as of the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sanjay Kirloskar, Chairman and Managing Director of Kirloskar Brothers Limited. Thank you, and over to you, sir. Good afternoon, everyone. On behalf of Kirloskar Brothers Limited, I extend a very warm welcome to everyone for joining us on our call today. I hope you've had an opportunity to go through the financial results and investor presentation, which have been uploaded on the stock exchanges and on the company's website. On this call, I have with me Alok Kirloskar, Managing Director of Kirloskar Brothers International BV, Rama Kirloskar, Joint Managing Director of KBL and MD, Kirloskar Ebara Pumps Limited. Raveesh Chera, our new CFO, Mr. Devang Trivedi, our Company Secretary, and Strategic Growth Advisors, our investor relations advisors. First, I'd like to brief you about a few developments at Kirloskar Brothers. We're pleased to inform you that, based on the recommendations of the nomination and remuneration committee and consideration of the board of directors of the company, Mr. Raveesh Chera has been appointed as CFO of the company with effect from 14 May 2025. He's a qualified chartered accountant and has completed an executive postgraduate diploma in business management from Symbiosis Institute of Management. He brings with him 23 years of experience in finance, planning and analysis, risk management, treasury management, mergers and acquisitions, ERP implementation, and international subsidiary operations. He has worked with reputed organizations prior to joining our company. I'd also like to place on record my sincere appreciation for the excellent work done by Mr. Mittal in his role as CFO earlier. I would like to take this opportunity to thank Ravish Mittal on behalf of everyone, including the board of directors of the company, for his dedication and service. Now, let me begin my remarks on our performance for Q4 fiscal year 2025 and the full year's performance. I'm pleased to report that for the financial year 2025, our consolidated revenues reached INR 4,492 crore, representing a 12% growth on a year-on-year basis. This performance was driven by strong demand for a diverse range of products and services across multiple segments, reflecting our deep understanding of market needs and our ability to adapt to changing customer requirements. Our growth was supported by sustained momentum in both domestic and international markets, where we successfully captured new opportunities and expanded our footprint. This was further complemented by our ongoing focus on innovation, customer-centric solutions, and operational excellence. EBITDA for FY25 grew at 18% on a year-on-year basis to INR 681 crore, with an EBITDA margin of 15.2%. This improvement in our operating performance reflects the success of our ongoing efforts to drive operational efficiency, streamline costs, and optimize resource utilization across all our business verticals. For the year, we recorded good order inflows in both domestic and international markets, reflecting a year-on-year growth of 12%, amounting to INR 5,182 crore. On standalone business performance for fiscal year 2025, we achieved year-on-year growth of 7%, with revenue from operations reaching INR 2,901 crore. In addition, our subsidiaries, Kirloskar Corrocoat Private Limited, registered a growth of 48% in fiscal year 2025, driven by new orders from large customers. Karad Projects and Motors registered a growth of 13% in fiscal year 2025, driven by an increase in export business. Our strong order book and strategic focus on business opportunities position us well for continued success. As of March 2025, our standalone pending orders amount to INR 1,804 crore, excluding small pumps order book, reflecting a strong pipeline. Furthermore, we're seeing sequential growth across several key segments, including building and construction, industrial, and power sectors. On the international business, we've registered a growth of 21% in fiscal year 2025. This growth is driven by growth in SPP UK, the Dutch entity, and Kirloskar Brothers Thailand Limited, on account of a robust order book execution. SPP's US business is seeing good traction on data centers, fire, and HVAC packages. With a keen focus on our business prospects supported by our robust order book, we are optimistic regarding our future growth prospects. Our overseas spending order book stood at INR 1,208 crore. Lastly, I'd like to inform that the board of directors has recommended a final dividend of INR 7 for equity share of face value INR 2, that's 350% of face value, as against 300% in the last financial year. With this, let me invite Mr. Ravesh Chera, CFO, to discuss the financial performance highlights. Thank you, Kevin. Thank you, sir. Thanks for the warm welcome. Good afternoon, everyone. Let me start with the consolidated financial performance highlights. On the revenue front, the net revenue from operations for Q4 FY25 stood at INR 1,281 crore, as against INR 1,224 crore in the last year. And for full year FY25, the net revenue from the operations, which is INR 4,492 crore, as against INR 4,001 crore in FY24 last year. On EBITDA front, our EBITDA for Q4 FY25 was INR 215 crore, as against INR 228 crore in Q4 last year. EBITDA margin for Q4 FY25 stood at 16.8%. For FY25, EBITDA was INR 681 crore, as against INR 578 crore in FY24. EBITDA margin for FY25 stood at 15.2%. On profit after tax, our profit after tax for Q4 FY25 was INR 138 crore, and for the full year, it is INR 419 crore. That's it from our side. Yeah. We can now begin the question and answer session. Thank you. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. I repeat, you may press star and one to ask a question. Participants who wish to ask a question may press star and one. We have our first question from the line of Sunil Kothari from Unique AMC. Please go ahead. Thank you, sir, for the opportunity. Congratulations, Sanjay Bhai, Rama, and Alok and team for a really good performance during the year. Sir, my question is general and very on a strategic way, broadly. The way we worked during the last five, seven years to improve our profitability in the international market, we have created a solid foundation of services and framework contracts and all. If we want to grow our market share in a global market, international market, what additional efforts are we taking, what are we required to do, and how possible is it to double our market share during the next three to five years? Broadly, you can qualitatively talk on these things. It will be really helpful. Okay. I think I'll answer the question partly and then leave the rest to Alok and Rama to answer as well. In the last few years, we've come out with a very large number of new products, new products which are not only in the field of hydraulics but also electronics and IoT related. So these are products, small retail products which are made by our small pump business. We have introduced hundreds of products in the last few years which meet the BE norms for five-star and four-star ratings. As far as Kirloskar Brothers' products are concerned, I think what we've done is last year we told you about two different series of pumps that have EcoLabel, and we've also entered into new segments, one which is FGD kind of pumps, as well as certain pumps for strategic sectors. So on the other side, with AR and VR, I think we are probably a company that is at the cutting edge of technology as far as the product and service offering is concerned. I think Alok has spoken about framework work contracts which allow us to now look after total rigs that not only have our pumps but everyone else's pumps. So the service contracts that we are taking which allow us to supply spare parts for all kinds of equipment. There are opportunities because of AI that we see going forward, which is in the process of being implemented. Of course, the route to market, that's the sales channel, that's consistently being enhanced to give us new opportunities in different countries around the world. As far as products and technology is concerned, I think we are where we need to be. We have a full range of products right from half horsepower to, if I continue in horsepower, to about 1,000 horsepower. We also have a distribution network that is very strong in India. We are building a distribution network around the world, and the opportunities are great. The opportunities which we see, I think I'd mentioned this earlier as well, which is power, thermal power, which is seeing a new life where a large number of orders are being placed on players like us and the EPC contractors, whether thermal or nuclear, I think will start moving up. The urbanization that's taking place in India, where we have very good products through our building and construction sector, so the opportunities are tremendous, and I think we are looking at the future with a great deal of optimism. Alok or Rama, if you'd like to add. Thank you, sir. I just want to add, Sunil, as you mentioned, five years. Probably you are seeing that from the last five years, but I think these things take some time, and I'll probably give you two examples just to put it in context. Our APOEM program was launched in 2011. Actual traction, we only started getting maybe around 2018, and the real benefits all of you are seeing in terms of change of MSR, which is material to sales price ratio and things like that, in the more recent years, so it's more than a decade-long program, but the impact is really being visible now. The same for framework contracts. Our first framework contract was signed in 2016, but until you get to critical mass, which probably happened maybe three years ago, it's not visible to you outside. And so I think these things take some time to build up and for them to be visible. And it's not necessarily five years. It's more like 10 years for a company like ours because we need to come to that size for it to be visible in the external market. So I would start with that. But going forward, I think there are many opportunities for us. We are looking at developing the service market going forward in a more in-depth fashion because we are in a market that is changing. As you know, Europe is de-industrializing. U.K. is de-industrializing because of the Net Zero program, which I think everyone, including one of our major customers, which is INEOS. So the billionaire Jim Ratcliffe has said that because of Net Zero, they're shuttering all the chemical plants, which are INEOS plants in the U.K.. I think he's put out an article about it because the power costs are too high. And that's going to sort of go into other segments also if the government doesn't change course. But a framework contract, let's say with INEOS, which we do have, if the plant shuts down, you don't have any benefit from it, even if you have the visibility in concept from a framework contract. So from that point of view, we're also looking at new geographies. We are looking at developing those framework contracts further to see what else we can do, not just pumps but related rotating equipment, because now slowly we are able to do all brands of pumps. The next step really is to add other things like gearboxes, compressors, engines, everything that falls into rotating equipment. And that widens the scope for us. The others, like my father mentioned, distribution networks. Distribution networks are important in areas like the U.S. and Southeast Asia, where they are more prevalent compared to Europe because Europe historically, for most manufacturers, is more a direct sales methodology. But these two are more distribution-oriented. So getting more penetration and developing the network like we have in India is really a focus for us going forward. And I would say the new technologies like green hydrogen is one area that we've broken into. And we also have something totally new, which of course I can't mention because we have signed the NDA for it. But it's not nuclear or anything like that. It's completely new technologies, which today we have the ability to demonstrate, and customers believe us because we are now in international markets. We are of that size. We are handling their facilities, and they trust us to be able to develop completely new kinds of technologies, which historically we could never do. I mean, historically, as you know, most of the process owners or process developers were based in Europe. And they used either European or maybe American pumps and other equipment as part of their own R&D process when they were developing new technologies. And by default, those equipment became a part of the package. Now, I would say for the first time in a long time, we are part of that process where we are being asked to develop with the new applications and new technologies. So I would say this is a big change, and this will allow us to develop traction going forward. And I'll hand it over to Rama. I don't want to add too many more things, but I'm sure she has many more things to add. Yeah, thanks, Alok. Just a few points I would like to talk about. One is we are doing a few improvements in our operations, specifically on the factory and foundry side, to enhance productivity and make the plants a lot more scalable than they are today. We're also rolling out a digital strategy that enhances our scalability through automation and AI and AR kind of tools that will really help the company with analytics and scalability again. And one other aspect would be KBL also looking at certain export markets that it wants to focus on for better market penetration. So I think all these factors combined are going to help us grow in the future. Thank you. Great. Very detailed and very explanatory. Thank you. And sir, just last point is, on the base we created, are you confident to achieve the numbers, whatever you are guiding for, and your aspiration is for current year? Near term, how do you see your visibility? If you can talk domestic and international, it will be really helpful. We have always mentioned that we see a very good order funnel, and we have a good hit ratio. So we're quite confident of achieving the numbers that we aspire to. Great, sir. Wish you good luck. Thank you a lot. Thank you. Thank you. Thank you. We have our next question from the line of. Before we move on to the next question, a reminder to all participants, you may press star and one to ask a question. We have our next question from the line of Sani Vishe from Axis Securities, please go ahead. Yeah, thanks. Thanks for taking my question. And congratulations on a good effort with your performance with the real team. And welcome to Mr. Chheda. Looking forward to meeting you soon. My question is, we had a very good trend starting from Q2 of last year, I mean, the year that we passed. And given that, we had an expectation of stronger performance than the 5% year-on-year growth in the revenue and the EBITDA decline. So could we just throw light on whether this is a lack of momentum that we will see going ahead, or do we think we'll be able to recoup the growth that was going on? Hello? Thank you, sir. You started by saying that the year began on a good note, and there was a certain slowdown, right? Is that what you said? Yeah, so I think particularly the Q4 EBITDA margin seems a little bit disappointing, so just wanted to understand, is it a temporary blip, and we expect to continue on the same trend that was earlier? Yeah. Because we've explained many times that we have two or three kinds of businesses, made-to-stock and engineered-to-order. Therefore, you shouldn't be looking at us from quarter to quarter. But if I could give a general sense of what we saw happening, there seems to have been some liquidity issues with customers. Also, towards the end, we believe in cash-and-carry kind of business, including with small contractors who participate in JJM programs. So we will not deliver products if we are not sure of getting the money. We did see that in some of these programs, there were some issues, and there were delayed payments to the contractors. We are seeing that slowly going back to normal, but we will continue with our policy of ensuring that we get paid for before we ship. There was also another issue towards the end of the year that we do certain large pumps where we get pre-issued material, and that didn't show up on time, so I expect that this will go back to the kind of margins that we had going forward. Okay, and finally, if you could just touch upon how you see this U.S. tariff scenario that may positively or negatively impact us. That's it from my side. Alok, Alok, I think this was relating to U.S. tariffs. Yes. I mean, it's hard to tell because we did have one consignment that went in when the tariff was in place, and we saw the net tariff had increased by 10%. I don't think it made a significant issue at that time, but I feel that because we mentioned to customers that we will pass the tariff on to them because, I mean, that's what our suppliers are doing to us. And that is not unique to us. That is what's happening across the market. But 10%, I guess, customers, they're not happy, but they may consider it. If it was 25% or 30%, then definitely they're not going to absorb that kind of number. But then, as you know, it went on pause. So the issue is that because the tariffs go on and off, on and off all the time, it's very hard to establish what the impact is. If there was some consistency, even by keeping the tariff, there'll be some understanding of what the impact would be. Okay. But can we expect some positive impact also given that we have presence in the U.S. itself? Definitely. I think that anyway, they're a little bit right now, and that's what we're trying to assess based on the Chinese tariffs. Because, as you know, one is that a lot of American companies themselves buy a lot of the parts from China. So many of our, obviously, most of our competitors are American companies. So from that point of view, it could be beneficial. It could be beneficial. But because of changes, even on the Chinese tariffs in that category, it's not yet clear to us. So I would say that we just need to wait for some time until there is some stability for me to, I can't give you a clear answer because, obviously, whatever answer I give, there will be some repercussion, which you would expect. So it's not even that clear to us because it keeps changing all the time. But to answer your question, yes. If there were tariffs on India and if there were tariffs on China and they were consistent, yes, that would help us. Okay. Very nice, sir. Thanks, sir. Thanks. Thank you. We have our next question from the line of Akash from Dalal & Broacha, please go ahead. Mr. Akash. Yeah. Thanks for the opportunity. Yeah. Am I audible? Yes. There is a quiet water disturbance from your end. Yeah. Please go ahead with the questions. Yeah. Just one question from my side. Wanted to understand on the margin front, so is it like a scope for margin expansion from the 15%-16% that we do on a consolidated basis kind of peak, or can we still improve further on margins, and what kind of, yeah, yeah. I just add one more last piece, and what kind of revenue growth we forecast for the next year? I believe that would be a forward-looking statement, as my father has always said, that we will strive to have that year-on-year growth. But as far as the margin improvement is concerned, there is scope for margin improvement. As I mentioned earlier, we are doing a lot of improvements at our plants to enhance productivity. So we hope to have margin improvements through these activities as well. I hope that answers your question. So, I mean, can we expect a significant change in margin trajectory? Can we go to 20% plus in the next three, four years? We will try to do our best. I cannot promise any numbers. There should be a. So I mean, but is it a possibility? I just wanted to understand. Yeah. There is a possibility. That's what she said, that we are trying to reduce waste, improve operations, because we see a lot of scope for that. Great. Thanks, sir. Thank you. Ladies and gentlemen, in order to ensure that the management is able to take questions from all participants in the conference, please restrict yourself to only two questions per participant. Should you have a follow-up question, we request you to rejoin the queue. I may repeat, please restrict yourself to only two questions per participant. We have our next question from the line of Raj Shah from Enam Holdings AMC. Please go ahead. Am I audible? Yes, sir. Yes. Thank you. My first question was regarding the U.K. free trade agreement. I'm not sure if this is already discussed. But the question was, since we have a very large business in the U.K., how will this benefit us? I don't think it makes any difference. Okay. No. There is a, at least from our point of view, because we are not exporting people out of India into the U.K. or anywhere else, it's not really supportive. Probably if we were running IT operations, it might make it easier for us. But as we are not bringing people over from India here in large numbers, it's not really adding anything. Okay. Got it. Second question was, there was a fall in receivable days in F25 balance sheet from 48 days- 40 days. I just wanted to know what is the reason, and is it the new normal? It's on account of better collection. We believe that top line is vanity, bottom line is sanity, and cash flow is reality. So we will only do sales. We only recognize sales when we collect the money as a company. And it is our intention that we are able to collect all our receivables. We also believe that if our products are good and acceptable to customers and better than anyone else, we can charge a premium, and we will get paid upfront. So our business model is to develop world-beating products and to ensure that we only sell to customers who can pay us, who are good paymasters. Okay. Thank you very much. So I don't know how much lower it will go, but it will be our attempt. And you'll see that there's a consequential fall in creditors as well. 124 days earlier, now it is 102 days. Thank you. Thank you very much. That answers my question. Thank you. We have our next question from the line of Prolin Nandu from Edelweiss Public Alternatives. Please go ahead. Yeah. Hi team. Thank you for giving me the opportunity. I have two questions. The first one is on order book, right? So if I look at your quarterly order book run rate for the past eight quarters now, we are at INR 1,800 crores kind of run rate. And this is, I mean, order book is something which is forward-looking. So is there some element of some of the revenues going towards APOEM and hence not forming part of order book? Or is there a change in nature of order book in the sense that now the conversion of that order book into sales is much quicker than what it was two years back? How should one think about a flat quarterly order book, let's say, for past eight quarters now? I'm talking about the domestic order book. Yeah. As you can see, the domestic order book is the same, approximately the same. I think the number of orders has risen by 12%. And therefore, the run rate is going up. We don't want to have a large order book because customers are getting more and more demanding, and they like to receive their products earlier, number one. Number two, as we've explained earlier, the larger number of APOEMs also ensures that we supply bare pumps, and the value of a bare pump is less than that of a pump set. So it's both. The output has increased, and the bare pumps, more bare pumps are being sold. Sure. Sure. That's clear. My second question is on the service part, right? Now, two years back in one of the, I mean, Q4 FY2023 conference calls, I think Alok mentioned that overall, 20% of your revenue comes from services, and you have aspiration to probably take it to 50%. I think Alok was mentioning that more to do with the overseas business. So how should one think about the potential for domestic service revenue? How big can it become, right? Because obviously, there are some of the sales that we do not have a component of services in them. And also on this international part, on Alok's comment of aspiration of 50%, where are we in terms of that aspiration? And what can be done further than what we have already done to probably increase the services component in our consolidated revenue? So I'll start off by answering your question on domestic service. So unlike the international market, the Indian market is still evolving as far as framework contracts and large long-term AMC contracts are concerned. So most of our revenue comes from our spares as well as our case-by-case service orders that we receive. The market for long-term framework contracts is still evolving, and there is a lot that we can do, but we still don't see the kind of traction that we see in the international market for such long-term contracts. Hello? Yes. I think my comment, if you look back, what I said was that 38% of our U.K. business comes from services. And yes, at an overall international level, we are targeting 50%. We have got similar growth in South Africa, but as I've mentioned before, we have no service business in Southeast Asia. So our focus really is to continue growing our service business from U.K.. We're trying to get now Europe and Southeast Asia. These are two areas which we think we can build the service business. And to continue developing that, we have internally developed a proprietary software called Colligo. And Colligo is a software that we are able to, as you know, in service, there is no standard time for the different tasks that you're doing because you don't know all the tasks that you will need to do. And so what this software does, which we have created, it belongs to us, is that you can record all the actions required when you are making a quotation for a job. And using another software of ours called Celect, it measures what actual time is taken in the shop floor, and it stores that. And over time, it builds a library using AI. And going forward, you're able to, every time you make a quotation of what repair is required on a particular job, it can take out the quotation, and it gives you a standard time and the kind of operations required. So really, the reason we created this is that if we want to scale the business and service centers are in different locations in the world, we should be able to have a clear understanding and visibility of what we are doing there and how quickly and at what efficiency we are doing those tasks to repair those products. And that's why we have created the software. So I think that we should have scalability for that, and we are doing all the right things to create scalability. So I would say to answer your question that Europe and then Southeast Asia, those are the two markets that we are going to grow on in the service business. Great. Thank you so much for the detailed answer. That's it from my side. I'll join back in the queue. Thank you. Yeah. The only other thing I wanted to add to that was, I think for the last few years, we've spoken about our IoT device, which helps in remote monitoring and predictive maintenance. That continues to get more and more popular as we are going forward. So we expect that we will be able to increase our service revenues through these devices. Thanks a lot. Thank you. Thank you. We have our next question from the line of Himanshu Karde from Bedr ock PMS. Please go ahead. Yeah. Hi. Good afternoon. So my first question was, can you give some idea on domestic operations? Okay. So for the year, we have seen 7% growth, but what segments drove that, and which were slow-moving businesses? In the press release, we have said on quarter-wise, but for the year, if you can give some more idea, it will be helpful to understand. So I believe your question is answered in the highlight section of our report in the press release. So exactly which sectors grew and by how much percent? No. It is for the quarter, what it has said. Sectors, major highlight, Q4 FY25. But can you give some idea on year-wise for the full year what you did? It is page three where you have given some tidbits, but in a good structured way, if you can help, it will be helpful. Yeah. We've seen growth in service. We've seen growth along with urbanization, building and construction segments, and we've also seen growth in the industry segment. As far as the order book is concerned, we are happy with the way the power sector is progressing because there have been announcements of thermal power plants last year, and some of them have resulted in placement of orders on the company. And marine and defense and oil and gas, I think those are sectors which are a little lumpy. And oil and gas has also grown quite well. I think oil and gas will have to look at the KBL sector along with APL financials because that would show you the true sector growth. To take the small pump business, what happened last year? Some thoughts will be helpful. I'm sorry. Can you stop a little? Because you're very soft. No. So what I was asking was on small-pump business. Can you give an idea of what happened in last year and the growth and the detailed side of the business? Overall, we've seen about a 7% growth in our small-pump business. We have focused a lot on market penetration. There have been around 200 new products that we have launched, specifically energy-efficient products with energy-efficient motors, large submersible products going up to around 10-inch oil-filled submersible range. So there have been quite a few products we have introduced for certain markets that are our focus areas. And as far as our footprint is concerned, we have been focusing on our distributor network, our service network as well, including the sort of cost-competitive products that we have launched in the last year that are not exactly competing with some of the other players in the market because the other players are essentially compromising quality for giving the kind of cost benefit. But we are able to actually give good quality products in a cost-competitive manner. So that would be our USP. Specifically on the agricultural side, we've come up with a new range of Economy Models which we see a lot of traction in the rural markets. This question is to Alok, okay? Since Thailand, we saw significant improvement, okay, in terms of revenue. The margins have been very tepid for the last four or five years. What is your thought process on this business? Longer term, what do you think is the potential size of this market where we are working? Himanshu, I think that Southeast Asia is a very big market. One of the issues that are maybe current issues, like you mentioned, that we are facing there is because a lot of American and European companies, apart from, of course, Chinese companies, but a lot of American and European companies have plants in China, and as you appreciate, they've done this over many years where they've shut down their plants in France and Germany and other places and moved them to either India or China, and so what's happened is over time, they've become very competitive, and they retain their Western European brands, which has the Western European perception, and so in Southeast Asia, usually they sell their products from their Chinese plants, so the markets have been very competitive, but that said, even in that competition, like you said, we were not in negative. So we were able to really get deeper penetration because that's something we've been trying to do for some time, and we are getting good traction there. And we are also looking at specific areas like, I think I mentioned it last time, palm oil. And we've got major breakthroughs in palm oil now where we're supplying a large number of pumps for this application because now these are specialized applications, pumping various kinds of chemicals also in the process. So our focus really is to continue building the distribution network within Southeast Asia and then to also focus on these kinds of special applications unique to Southeast Asia where we can get better realization because of criticality of the application. Does that answer your question? Yeah. Thanks, Alok. Because the revenue line, if you look at it, has been very volatile, okay, in the last few years. So that was the reason for the query. Can we maintain the? Yes. I would say that. I would say that because last year, not in this financial year, but the last financial year, we had a very big project that went through, which was the second repeat project for the stormwater system for Bangkok, which I think we had advertised that we had won that job. So that was a very big project. So sometimes when you win these projects, it skews the numbers. But generally, our focus is to make it remain a core product business. And when I say project, it's still a regular product, but our focus is to make it more around industrial, building construction, water kind of business where the products are sold through distributors and some critical products are sold directly. So that is still our aim. But yes, we do have good presence in water jobs, and sometimes these big water jobs come through every few years, and that adds a little bit of volatility in the numbers. Okay. Okay, and can I ask one more question? Yeah. Go ahead. Yeah. See, one of the places where we have done very good and exceptional work is on the cash flow conversion cycle, okay? We are now nearly 80% of FAT to operating cash flow or operating cash flow. FAT is around that. We have nearly INR 700 crore of cash on the balance sheet. Any thoughts on what type of opportunities you will be looking for business development? I'm assuming that the type of business what we are doing will continue to do that type of business for the next five to seven years, and hence the conversion will remain around that level. So that is what I'm clearly assuming. So based on that assumption, I'm asking this question: opportunities for cash utilization in the near future? Well, there will be opportunities. We are looking at improvements in our operations. We are looking at improvements in our sales network. So obviously, the board is also seized on this matter, and at the appropriate time, we will take a decision. But will we evaluate inorganic opportunities, or it will remain organic only? There are all kinds of options available, and all kinds of offers come to us. But at the appropriate time, we will do whatever is right for the company. Okay. Thanks for mentioning. Thank you. Thank you. We have our next question from the line of Kush from Nippon PMS. Please go ahead. Hi, so thank you for the opportunity. So just two questions. One, what is our average execution timeline on our order book, domestic and overseas? And second, what would be a CapEx number for the next two, three years? So for our Kirloskarwadi business, we have time going anywhere from 16 weeks - 18 months. And for our small-pump business, we don't show the order book because it gets executed within a week. As far as CapEx is concerned, it will be in line with previous years. All right. I know that we don't give particular numerical guidance. It's around INR 100 crore. That's what generally. That is the maintenance CapEx, which is. Yeah. We do maintenance CapEx of about INR 100 crores, which includes debottlenecking, modernization, replacement. And obviously, when replacements happen, a few machines may go. So it's all those kinds of activities to ensure that the plant is able to meet the expectations of the customer. All right, and so I'm aware that we are not giving particular guidances, but directionally, if you can help us understand what kind of growth are we looking at for the company in the medium term? I think we always have said that we will strive for revenue growth. All right. Okay. Thank you. That hasn't changed. Right. Thanks. Thank you. We have our next question from the line of Tushar Gupta from Sagun Capital. Please go ahead. Hello sir. Am I audible? Yep. Thank you for the opportunity. Sir, I want to know about what is the industry growth rate in pumping segment or what we can expect in that and how much market share we are catering to? So we believe we are in line with the growth in the industry as far as pumps are concerned. And I'll be very careful to mention that we do not supply systems because some companies are showing growth in systems. We supply pumps. And as far as we are concerned, the. What was the second question? Growth in pumping systems, growth rate, market share. Our market share, we believe, is around 15% in small pumps on the retail side. And as far as. Yes. Hello? Yes, yes, sir. Yeah. Around 15% on the retail side. And as far as the small and medium pumps is concerned, it is around 24%-25%. And as far as large pumps are concerned, we believe we are closer to 40%. Okay. Also, what is our main focus? Only in centrifugal pumps, sir, because pumps could also include the positive displacement pumps. Centrifugal pumps is about 66% of the pump market. My percentages were for centrifugal pumps. Okay, sir. Thank you. Sir, one more question I want to ask. Sir, we are dealing in so many segments. So what are our major focus except pump? Pump [Foreign language]? We also make valves, idle turbines, steam turbines, which is part of our portfolio, which sometimes is part of the pump package. So what sort of growth we are expecting from that segment? I think something similar, though. Idle turbines tend to be lumpy. It depends on state government programs. So sometimes you'll suddenly see a rise, and then nothing might happen in the next year. So it's difficult to give a number for idle turbines. Steam turbines, I think, will grow in line with the oil and gas industry because steam turbines are related to the API standard. And valves normally grow at the same rate as pumps. Okay, sir. Thank you. Thank you, sir. Thank you. Thank you. We have our next question from the line of Prolin Nandu from Edelweiss Public Alternatives. Please go ahead. Yeah. Thank you once again for giving me the opportunity. My question is on margin. While you answered some part of it in the previous answers, my question was we did a very big reject at Kirloskarwadi, right, where we had numerous units. We consolidated that, right? So just wanted to understand, are the gains of any of these one-time rejects already in the numbers, or you see that there could be some more benefits which could come out of some of these one-time exercises that we have done on the cost side? Because the incremental margins are something which the company can strive to continue to achieve, and then there could be mixed change also, which could help margins. But at least, is there anything one-time which is still left or gains of this change that you have made in Kirloskarwadi still left to be visible in the margin numbers? Yes. So Kirloskarwadi is a very large plant. So what you mentioned earlier essentially relates to our mega store that we put up. The mega store essentially consolidated 50 raw material stores in the plant, and that did help in productivity improvements at the plant, although it will continue to give a certain level of cost benefit in the future. However, the main project is going to be actually two main projects. There are going to be the foundry and the factory, which is still yet to be done. Rama, can you just double-click on each one of it as to what is the project that you are talking about, and what is the timeline for this? So essentially, it is looking at streamlining of various parts of the plant and ensuring we have better material flow, better productivity. It's all going to be aimed at better productivity. But it's a very large plant, so it has to be done in phases. Any timelines as to when do you intend to start with this? No, not as of yet. Not as of now, but in the near future. Okay. Okay. Understood. Thank you so much. That's it. Bye. Thank you. The last question for today is from the line of Priyesh Babariya from Mahindra Manulife Mutual Fund. Please go ahead. Hi, IT. Good afternoon. So actually, just one question with respect to if you can give a color on inquiry pipeline for the domestic market and also for the export market, sir. India? So if I could tell you about that, water and irrigation, I think state governments continue to invest in infrastructure for both water and irrigation, and we continue to be a good player in that with orders from all kinds of EPC contractors. We have one EPC. We have one product company that does not get into JVs or into consortiums. We supply equipment, yet because of our quality and the product performance, we do get very large numbers of orders in water and irrigation. In today's press release, you can see the numbers of pumps that we have mentioned over there. As far as power is concerned, the outlook seems to be bright. Thermal power stations are being put up in large numbers. I understand that BHEL is full of orders. We hope to get orders from them as well. Industry, different sectors of industry grow at different rates, but we are present since we have a whole range of products. We have a whole range of materials that we offer them in. We are always one of the top players in that part. Building and construction, I have always spoken about the urbanization that is taking place all across the country. We are big players in firefighting on the firefighting side and increasingly on the HVAC and hydropneumatic side. So we expect that to do well. Marine and defense, again, we supply both to the docks as well as on ships. And this is one sector that is slowly coming into its own. However, the orders still tend to be lumpy. There is no daily business, as our locals call it. The orders are more project-related where we supply our pumping equipment. As far as oil and gas is concerned, I think that is also growing quite well with all the announcements being made by the sector. So all in all, we are very positive about the way forward, and we hope that you will be happy with the performance in the current year. Sure, sir. Thank you, sir. Are you here in terms of, let's say, order deferment? Because a couple of companies are actually experiencing the same given current uncertain environment. So are you experiencing the same? I didn't catch on to what you were saying. So basically, order deferment, the delay from the client side in terms of giving the orders to you? Yes. I had mentioned at the beginning itself that there are certain delays in placement of orders, but eventually, they come. Okay. Thank you. Thank you so much. So I think that was the last question. I'd like to thank everyone who's on the call for their good wishes and your interest in the company, and hope to meet you again next quarter. Thank you. Thank you. I now hand the contents over to Ms. Rama Kirloskar for closing comments. We'd like to thank everyone for joining the call today. We hope we have given you a detailed overview of our business and also have answered your queries. Should you have any further clarifications, please feel free to reach out to SGA, our investor relations advisor. Thank you. Thank you. Thank you. On behalf of Kirloskar Brothers Limited, that concludes this content. Thank you for joining us, and you may now disconnect your lines.