Welcome everyone, and thank you for joining this Q3 FY 2026 Earnings Conference Call of Zen Technologies Limited. The results and investor updates are available on the stock exchanges. In case anyone does not have a copy of the same, please do write to us, and we'll be happy to send it over to you. To take us through the results of the quarter and answer your questions, we have with us today Mr. Ashok Atluri, Chairman and Managing Director, Mr. Hariharan M. M., Chief Financial Officer, and Ms. Abhilasha Atluri, Investor Relations. With that said, I'll now hand over the call to Mr. Hariharan M. M. Over to you, sir. Good evening and a warm welcome to all. Thank you for joining us on our Q3 FY 2026 Earnings Call. It's my pleasure to take you through our financial performance for the quarter. Zen has delivered a resilient performance for the quarter, reporting a 16.8% growth in consolidated revenue and a healthy profit after tax growth of 30.6%, despite headwinds in terms of the timing of the order inflows of the last 9 months. The profitability for the quarter is driven by favorable product mix and a continued focus on cost discipline. Consolidated revenues for the quarter stood at INR 177.8 crores, which is a growth of 16.8% year-on-year and 2.4% sequentially. Operational EBITDA for the quarter stood at INR 66.8 crores, reflecting a year-on-year growth of 51.1% and a sequential increase of 3.2%. Operational EBITDA margin stood at 37.6%, higher by 870 basis points year-on-year and 30 basis points quarter-on-quarter. The quarter-on-quarter growth in profitability was partially offset by higher employee benefit expenses, which was driven by the recognition of salary arrears following the completion of our annual appraisal cycle across the group, increased ESOP expenses on account of fresh employee stock grants, and a one-time impact arising from the implementation of the new labor codes. As a result, the profit after tax for the quarter stood at INR 55.7 crores. Profit after tax as a percentage of revenues was at 31.3%. Now, coming to the year-to-date consolidated performance, revenues for the 9 months FY 2026 was at INR 509.6 crores, a decrease of 21.4% year-on-year. Operational EBITDA stood at INR 196.2 crores, a decrease of INR 39.3 crores or 16.7% year-on-year. Operational EBITDA margin was at 38.5%, which was higher by 220 basis points year-over-year. The consolidated profit after tax stood at INR 170.68 crores, which is lower than the same period last financial year by 8%. Profit after tax as a percentage of revenues was at 33.5%. Now, coming to the order book. As disclosed in our investor presentation, Zen has received orders aggregating to INR 931 crores in the past 4 months. The consolidated order book position as of 31 December 2025 was INR 1,082 crores, and as of 31 January 2026 was INR 1,427 crores. The liquidity position of the group continues to remain strong, with around INR 1,188 crores available in cash and cash equivalent, and a net debt position of zero as of 31 December 2025. This is the brief highlights of our financial performance up to Q3. We can now take questions. Thank you. Thank you, sir. Ladies and gentlemen, we will now begin with the question-and-answer session. Anyone who wishes to ask a question, may click on the "Raise an Icon" from the "Participant" tab on your screen. We request participants to restrict to two questions and then return to the queue for more questions. We'll wait for the question queue to assemble. We request all participants. Please click on the "Raise an Icon" to ask a question. We'll take our first question from the line of Rajamohan Vaikuntaraman, who is a professional advisor. Please go ahead with your question. Yeah, thank you for the opportunity. Am I audible? Yes, please go ahead. Yeah, thank you once again, and congratulations on the order wins for the last quarter. They were pretty heartening in terms of the visibility that you had given us. My first question is based on your expectation of executing INR 6,000 crores in three years, most of which would happen in FY 2027 and FY 2028. You had indicated having capacities to execute up to INR 2,000 crores annually currently. In FY 2028, when you look at the math based on your execution plans, you would have to execute in excess of INR 2,000 crores annually. Could you give an overview of how do you see capacity expansions happening in terms of annual revenue executability post-expansion? Like, currently it is INR 2,000 crores. Suppose the expansion, what would be the capacity in terms of annual execution, then the CapEx involved, and the time frame? Thank you, Rajamohan, for asking the question. Just to recap what we have been saying, that for FY 2026, FY 2027, FY 2028, we had indicated that we would be able to do a turnover of INR 6,000 crore. And based on that, the question from Rajmond is, if you were to execute whatever the execution, will you be do you have the capacity to execute the remaining INR 5,000+ crore? So, at this point in time, we are revisiting our order book and the future. And what we have said is that this year, if you are not to take this as the base year, but the last year as the base year, and assume that 50% growth, in the next two years, even though it would be about INR 3,300 crore or so, but we expect about INR 4,000 crore of execution. We are actually scaling down our targets at this point in time. With respect to the INR 4,000 crore that we are the new target that we have set for ourselves, we do think that even if we were to execute some part in the FY 2027 and the major part in FY 2025, we do have the supply chain to take the order book and execute the order book. So, yes, to your question, that we already have scaled up with our supply chain this INR 4,000 crore kind of ability. But what if the orders are much larger? I think as we go into the next year, we are building additional capacity. We are investing in both machinery and plant and, of course, even product R&D facility we are investing. So that should create a good pipeline and also enable us to execute the orders if the FY 2028 becomes very large. Mr. Rajamohan, please unmute your microphone. Yeah. So, Mr. Atluri, based on your answer of INR 4,000 crore that you are expected to execute over the next two years, can one presume that around INR 1,500 crore would be what we would achieve in FY 2027 and, say, another INR 2,500 crore in FY 2028, and you would be able to have the capability to execute over INR 2,000 crore, that is, INR 2,500 crore in FY 2028? Yeah, that's right. I think I wouldn't give the exact figures between the two years, but yes, I think you are right on the scale that between the two years we should be executing. If we were to exceed 2,000, we should be able to execute. We should not have any operational challenges in delivering on the order book. Okay. My second question is, again, a strategic perspective from someone who's sitting at a vantage point. When we look at anti-drone and simulators in general, with nuances like hard kill, combat training zones, naval air force simulators, etc., could you give a top-level view of what kind of budgets India has been historically running on and how much growth over that one can expect over the next 3-five years? So, in the case of training simulators, the training has preparedness. Thanks to the current situation world over, at least six-seven years back, nobody would think about war happening. And then in 2020, the Armenia-Azerbaijan happened, then Ukraine-Russia happened. Now I believe there are some 20 wars going on. And one war which people could never imagine is between Thailand and Cambodia. So I don't know, everyone is fighting or itching to fight, but suddenly preparedness has become very, very valid. And in that case, in the Indian scenario also, the Indian government is really, really scaling up, and they are allocating large funds for the training budget. And of course, they are also, and with respect to the anti-drone systems, we have seen, as you see, more than all this INR 300 crores worth of upgrade orders, the operational requirements are immediately required, and then the hard kill requirement has come. I think this will be almost on an emergency basis. The procurement will keep going on. So to your question, I think not only in India but worldwide, both these segments, the training segment and the anti-drone segments, are scaling up. And to your question, how much funds are being allocated, that's a figure that the government has not shared with us. But we think this is much, much more than what we are estimating for what Zen will be getting the orders for. It's a much larger figure. I would say that it's running into thousands of INR crores. So yes, I think there is to your question whether there are enough allocations happening for what Zen is planning. The answer is yes. Can I squeeze in one last question? Please go ahead, yeah. Yeah. Generally, when you look at this Anawave acquisition that recently happened and in synergies with, say, ARIPL, which you previously acquired, what is the outlook on naval and hence associated simulation? Is it basically as a combination, Anawave and ARIPL, are they carrying you into a different dimension of sorts? So objectively, when we look at the combine, can it evolve into a, say, INR 500 crore entity over the next three years or four years or whatever? So one thing is that in the training segment, one of the orders we executed, we got, was something called a combat training node for INR 100+ crores. And that's actually a breakthrough thing that we have been trying to market for almost a decade, telling to everybody that this is how integrated training between various arms of the army is carried out. So this was a very, very big thing in the sense it is the first order that we got. And this will become a showcase not only for India but worldwide. And we personally think they will sell in tens of, if not hundreds, in hundreds. So this is only for the army. A similar thing for the Navy is also on the way that we are creating a completely full-fledged integrated naval training center. Anawave actually had two of the very, very crucial simulators that we were trying to build ourselves. One is called the tactical trainer, the second is the submarine simulator. Both of them have been developed and delivered. So then they are a very, very complex simulator. As we are speaking, the Anawave simulator for tactical trainer and submarine are having a huge demand in the overseas market. In fact, we were in I/ITSEC in the U.S. That's the world's largest simulation exhibition. And there was almost a lot of interest in this Anawave simulator that you were saying. So what is the synergy being unlocked by the combination of Anawave and ARI is that the gentleman who's heading Anawave was Commodore Aluwali a. He has become the Chief Technology Officer across all the naval effort and air force effort. So Sarvjit Aluwalia, even though he's a naval officer, he's an aviator. So in addition to doing the efforts with respect to the naval simulator and complete set, he's also building air force simulators. So I think to your question whether it will be fine, we already are, I think, crossing INR 200 crores or something like that. But I think INR 500 crores would be a very conservative estimate in three years. It will be very, very conservative. And we are very, very happy that both the acquisitions are very, very synergistic. Thanks for the question, Rajamohan. Great, Mr. Atluri. Thank you very much. Best wishes. Thank you so much. We'll take our next question from the line of Balakrishna Piparaiya of Oman India Joint Investment Fund. Please go ahead with your question. Yeah, hi. Good evening. Hope I'm audible. Yes, please. Yeah. So, Mr. Ashok sir, regarding this guidance of INR 4,000 crore in the coming two years, so how do you plan to achieve by introducing some new other products or some acquisitions as we are sitting with approximately INR 1,000 crores of cash? So we had a lot of acquisition in the past. So how this will shape up? So the visibility for the INR 4,000 crore, we have a strong I mean, the way we are looking at is that we were saying that the order book would be about INR 1,500-INR 2,000 crore by this financial year. And we still are very hopeful that it will happen. Maybe there will be a slight spillover, but the way we are seeing things, I think that looks very likely. So the INR 4,000 crore looks reasonably we look reasonably confident at this point in time. And we are hoping that it exceeds that by a larger number. And with respect to are there any future acquisitions since we are sitting on almost INR 1,100+ crore of cash? The answer is yes, we are looking very aggressively for investments. And not only in India but overseas, we are talking to various companies. Again, if you see this EU and the FTA with the EU is a very, very big deal for India. It's a bigger deal for Zen Technologies because we know the simulators that we have are absolutely world-class. The anti-drone systems that we are talking about are also very, very highly advanced. The amount of R&D that we are doing currently in both these segments is staggering. If we are able to actually pull it off, we get proper access, and we are able to tie up with the EU partners, this thing would be very, very big. I mean, I think we look forward. This is a fantastic move that the government of India has done. Companies like Zen will benefit tremendously from it. So yes, we are also and because we have the gunpowder to actually go and expand our marketing efforts into Europe, this also gives us the opportunity to buy companies which have deep technologies, which can be used both to sell overseas as well as back in India. Good, sir. Good to hear that. So regarding the order book execution, so we have completed one order before the timeline. So the existing order book also, so we can expect maybe as it is a 12-month timeline, but still maybe we can expect it to be executed in 6-9 months' timeframe? Yeah, I think most of it should be executed within the timeline. And we think that with respect to the so if the annual maintenance contracts don't get executed, the complete order book will not get executed. So if you see there will be differentiating between the equipment and the actual AMCs, the annual maintenance contract are typically between 4-five years of execution. So on an average, they may get probably absorbed in three years. So with this, yeah, I think otherwise, typically, we should execute most of the order book within 18 months. Lastly, on any new products other than this ADS and our simulation one. So we are talking about naval also. So do you see any other big product like ADS that is in queue or in pipeline? And also about naval products, futuristic, how big it could be? We can say that it could be near to equal to ADS or can you throw some light on any upcoming products or new products which are getting matured? So to your question, is there any big blockbuster product like ADS? The answer is no. That's too big a product. But your question, are we launching some new products? I think there are going to be very, very interesting launches in the next, I would say, one year. But I don't want to preempt my team by saying what they are going to be. But I think some of them will really literally blow people away. And we expect them to be launched in the next few months. So keep tuned in. So again, the thing is, Zen is not a company that's trying to go and tie up with people and try and getting the technology and manufacture here. We don't believe in that, actually. We don't think that we should be manufacturing coolies or so-called assemblers. We don't want to be a Foxconn. We want to be an Apple. So how do we actually create new products? The extreme R&D that is going on is, again, not to create a me-too product, but absolutely cutting-edge, world-first product. That's what we are putting an effort for. So yes, to answer your question, yes, there will be new launches. But I cannot reveal at this point in time. So that's all from me, sir. Thanks a lot and all the best. Thanks, Bala. Thank you so much. Thank you. We'll take our next question from the line of Sanjeev Zarbade of Antique Stock Broking. Sanjeev, please go ahead with your question. Yeah. Am I audible? Yes, please. Yeah. Thank you, sir. My question was regarding the simulator order that we were expecting for quite some time. That was part of the non-emergency ordering process. And probably that was the reason it has been kind of delayed. So I needed an update about where are we in terms of that ordering status? A long time back, I had given an example of Angulimala in one of my annual reports. Have you heard about Angulimala? I don't know. Very quickly, I'll recap the story. Angulimala was a famous dacoit who used to kill people. He was waiting for it. He had an Angulimala. He would cut the thumb and put a garland of that around his neck. That is the Angulimala. One day, Buddha was passing through. He decided to kill Buddha because he was the last person to complete his garland. When he started running after Buddha, he ran very fast. No matter how fast he ran, Buddha was almost one step ahead of him. But Buddha was walking. So I think we are having the same feeling here in the simulator order with regular budget, where we are running very fast behind it, but it's maintaining equidistance from us. But again, to be fair, on the lighter side. But to be fair, I think we expect, again, without holding us responsible, things are moving in that direction. And we expect by all probability, before March, it may come. But it may spill over to the next first quarter. But it looks like things look like that by before March, the order may be placed on us. Yeah. And so that's with the simulator order. But again, this delay was caused by the operational crisis the government faced. But I think that's been resolved now. Things are moving a little faster than they were before. Yeah. My second question was on the kind of situation we faced in the first half, wherein we had a weak order book to start with in FY 2026. That led to a muted first half. What are we doing from our side to de-risk our financials from this kind of volatility in the order book? So the thing is that as of now, we have an order book. And it's building fast. So I think in the immediate future, there is no crisis. But to your question in future, what are we trying to do is one thing is we are really ramping up our export efforts so that even if the Indian orders get delayed, we keep getting the export orders. And we are hoping that the new defense acquisition process to 2026 is going to be released very soon. I think the draft will be released anytime. And that will enable us to execute or get orders in a faster procurement cycle. That, I think, will actually kind of the export market and the faster cycle and this emergency procurement, we expect them to continue for some time. All put together, I think, will probably not create a situation where our order book has depleted. I think you are very right in the sense, Sanjeev, that your question is if none of our investors doubt our capability to execute the order book. But if the order book itself depletes, what can we do? I think that's a very sticky position to be in. We hope we will not get to that position again. Right, sir. What would be the AMC portion in our order book? The AMC portion as of 31st January, out of the total order book of INR 1,427 crores, is INR 338 crores. Okay, sir. That's it from my side. Any further questions, I'll come back. Thank you. Thanks, Sanjeev. Thank you so much. We'll take our next question from the line of Vikas Singh from ICICI Securities. Please go ahead with your question. Thank you for the opportunity. Am I audible, sir? Yes, please go ahead. Yeah. So, sir, my first question pertains to our revenue target vis-à-vis the order book. In order to get that INR 2,000 or INR 3,000 kind of the range, we would have a running order need to have a running order book of INR 2,000 crore. Currently, we are at INR 1,000 crore. So just wanted to understand which are the new segments or pockets which you are targeting and are a little bit on the confidence level to get this in the next eight or 10 months to get the order book to almost INR 2,500 crore, despite being INR 1,000-INR 1,500 crore of the execution targets as well. This, sir, seems to be a little bit tall figure. So just wanted to understand which segments are actually new to us, which we are targeting, and what are our thought process or confidence level on the same? Yeah. So, Vikas, thanks for the question. So your question is that we have an order book of about INR 1,400 crores. And out of that, about INR 1,100 crores is equipment. And 300 crores is 3 plus how will we execute INR 1,500 crores with that question? So I think the order book position will improve, I think, pretty soon to about what we are saying about the simulator, et cetera, orders. It should go to INR 2,000 crores. And you should be able to see that next year, if we execute as per the timeline we should hit the target that we are envisaging for the next year. Our thing is, how do we the order book should by the next financial year-end, the order book should, again, be around INR 2,500 crores-INR 3,000 crores to actually hit the complete target of INR 4,000 crores? So we'll have to wait and see for that. As of now, for the next year, things look very bright for us. Yeah. So just let me just slightly rephrase this question. Out of this INR 2,000 crore of execution, what portion do you think would be coming from the simulation, which is your previous business where you are on top? And what portion do you think from the new segment like electronic warfare, drone component? Because that is where the growth path is for you incrementally. So if you could just highlight that. So I think we will continue to be a little heavy on simulators as of now, given the order book that we have. We'll have a little heavy on simulator at the expectation. But again, the growth that may come from anti-drone system may be much, much higher. And the way the government is going and the way we have been able to get the orders again, a lot of people are claiming that they have got the orders and all that. But the centralized orders under which there is a heavy screening goes and actual capabilities are seen, especially the track record of the company is seen. And as our investors know, the Zen simulators were actually tested at the operational crisis level. So that's why we got an upgrade order. And we also got a new order. And also, we got an order for Hard Kill. Now, this is a combination that's not there at all. So given these things and the actual threat which the nations are facing, including India, from drones, you are absolutely right on track that this will actually grow. But as of now, what we see immediately is that the simulators are also very, very large. Noted, sir. Sir, my second question pertains to our standalone versus subsidiary performance. So if I see that our standalone performance is obviously because the book of orders was down while subsidiaries were going up, just wanted to understand that since subsidiaries' margins are less right now, so what is our thought process on the incremental margins coming from subsidiary, bringing out the total consolidated margin targets for FY 2027-28? Yeah. So, Vikas, most of our subsidiaries, the acquisition that we made for ARI, we are still in the process of integrating it into our operations. So ARI, on the standalone basis, delivers currently around 25% as PAT. Our target is once the complete integration of ARI is done with the operations, it will average closer to what Zen averages in the long term. And so most probably, the small dip in the consolidated performance that you're seeing currently would go away once the complete integration with ARI is done. By when we are expecting this? So most probably, you would see that coming in FY 2027 itself, the impact of the integration with ARI. Okay. And for this electronic warfare and drone business, given the competition is heating up there, our long-term assessment is, would the margins match our current? Or usually, logically, it should be on the lower side, right? So how should we look at the margins there once you achieve your targeted level of production and sales? So I think the Anti-Drone System margins have been lower historically than simulators because that's a new product we got into. And there was competition at that point in time. But as we see that the gap between us and the competition is growing every day as we add more and more features, it started with just a soft kill. But then we added spoofing. Now, we have added the hard kill. And now, as we go ahead, we are adding a lot of other things, again, as I was saying, that there are new products coming out in this regard. But very frankly, as you see, your intuition may be right that there will be margin pressure on us. But will we be able to maintain the predicted 25% PAT margin at a consolidated level? I think we feel confident about that. Noted, sir. That's all from my side. Thank you for answering the question. Thank you, Vikas. Thank you so much. We'll take our next question from Dipen Vakil of PhillipCapital. Please go ahead with your question. Hello. Hi. Am I audible? Yes, please. Yes. So first of all, congratulations on a great set of order wins. So my question first is, sir, you mentioned about the emergency procurement orders coming back after the previous tranches. So anything where we are participating or any order pipeline in the near term which could further boost our orders? Yeah. With respect to simulator order, we are expecting some order, Dipen. I think probably, again, I was thinking by March. But we never know the pace of the government and their compulsions. So based on that, the order book should improve significantly in the next couple of months. And after that, we know that a lot of very large inquiries are coming for the anti-drone systems and even training equipment. So I think, yes, the pipeline is very, very strong. Sir, you also mentioned about opportunities opening up from the export area. So what kind of contribution can we see starting, say, maybe from FY2027 onwards? I understand that it will be like a marginal start. But what kind of contribution can we expect from geographies like the U.S., where you have presence, and also now E.U. or the Middle East opening up? So what kind of contribution can we expect from your export region? So we definitely can see a lot of. We actually can visualize some orders coming from the Middle East, Africa, and Southeast Asia. And again, I don't want to put a number. But I think it may be anywhere between 20%-30% of our total turnover, especially for FY 2028, I would say. So those things are really being negotiated. And fortunately, our standing within the international market is very good as a country. And they like companies that have the IP control because, again, they are also worried Like many other countries, that what backdoor software is there, what kind of nobody would believe a country like China with their software. But in our case, India has that standing that morally, we are not a country that let down any of our allies. But again, we have seen that if you don't own the IP, pagers can become bombs. Nuclear reactors can be compromised. So it's a big challenge. So for the export market, we think it's going to be a very big number, especially in FY 2028. Noted, sir. So now, just a small bookkeeping question. Sir, can you help us with the order book split between simulators, anti-drone, and overall export orders in the order book? Yeah, sure. So as of 31st January, the total order book is INR 1,427 crores. Out of that, the anti-drone system and simulators are equally distributed of 50%, 50%. And between domestic and exports, it's more heavily inclined towards domestic. So domestic is around 93%. And the exports would be around 7%. Got it, sir. So that's all from my side. Thank you so much. Wish you the best for new orders going ahead. Thank you. Thank you so much. We'll take our next question from Ashish Soni of the Family Office. Mr. Ashish, please go ahead. Please go ahead with your question. First question, I think. Initially, we were thinking that it would be a INR 5,000 crores order book in the next two years. So what changed because it got decreased? What are the factors, if you can just? So one thing is that the order book, Ashish, that we were expecting a lot of orders to come in the area of simulators and anti-drone. The regular procurement had gone on. And the pace at which it had gone, our order book would have been very, very high. So we probably would have still been able to say that we are on with the target. So what changed is the pace at which the government was processing the orders. The orders got delayed in the procurement. And that's why this year got hit. And next year, also, we had to readjust the base year to the previous year. So I think that is the reason we had to reduce the thing. But again, as we are being cautious here, we hope that we are wrong in this case. And we do much more than what is being projected. And the second question is on, I think, you wanted to set up manufacturing in the U.S., especially to cater to NATO countries. And now, with this sort of FTA getting a green signal, would it be better that if we try to export from India, is it a possibility, at least for the European Union countries? And now, with all these tensions across with the U.S. and NATO going on, so just can we throw light on the U.S. as well as this part, if at all you can? So yeah, I think, Ashish, you got the thing right. Your intuition is right in the sense that the U.S. thing is not going as fast as possible. We have built a team there. And we are interacting with them and trying to we have technologies that they want. They came, saw, and they said, "We are very keen on this." So we are complying with a lot of regulation. They are a highly regulated defense economy. So we are getting ours registered with the appropriate authorities. But the EU FTA came as a fresh breath of air for us. And we are actually talking to consultants and all that. It was just declared a couple of weeks back. So we really, really are now looking at the EU as probably the base from which we can operate for the NATO. But again, the U.S. market is very huge. I mean, it's not a market to scoff at. So U.S. efforts are going on at this point in time. But if things work out better for us in the E.U. market, which we will be in the next couple of months, we have clarity. We would like to set up there. And again, we also are looking at targets in the E.U. market which we can acquire and enhance our bouquet of offerings. One last question. Israel, I think, Netanyahu said that they want to trust only India, U.S., and Germany for their supplies or weapons. Do you think there is any possibility for us to work with Israel specifically in this area based on the statement which came recently, I think, last week from their Prime Minister? So we have never worked with Israel. We have never done any deal. Until now, we have never done anything with them. Let us see if there is any opportunity that presents. It's not that we don't like to deal with Israel. We are a company that is focused on creating our IP. I think Israeli companies like people who want to do manufacturing but are not technically capable. We may not fit their idea of an ideal partner because we want to really make India Atmanirbhar in the proper sense, not just manufacturing facility but creating the IP, owning the IP, and working on creating the next generation of products. Okay, sir. Thanks and all the best. Thank you. Thank you so much. We have Amit Dixit of Goldman Sachs with his question. Please go ahead. Yeah. Hi. Good evening, everyone. And thanks for the opportunity. A couple of questions from my side. A few quarters back, we introduced three or four products like Barbarik, Prahasta, etc. So just wanted to get an idea because of the focus of the government on AI-driven platforms. And there are a few players who are thinking of putting up such facilities. And we have a head start. So first of all, if you could elaborate on the opportunity that you see overall in this space and how far we have progressed on the development of these products? That is the first question. Yeah. These products are managed by our associate company, AI Turing. They have a trio of Abhishek, Komal, and Tushar who manage the company. Very frankly, we think what they have created is absolutely marvelous. To your question, where are they? When I said that we got the hard kill order for including the anti-drone system, shooting down the drones, it is their product that was part of the solution. So we have started selling their products. We think that they are also on the verge of getting a lot of orders. By the next FY 2027, you will see they will make a meaningful contribution to our overall revenues and profits. Okay. That's nice to know because at that time, it was supposed to be the next vertical for us in terms of earnings apart from anti-drone and simulator. The second question is essentially on European FTA. You mentioned in your prepared remarks that you see opportunities over there. So is it possible at this stage? I know it's still very, very early. But if you can highlight some of the platforms slash products that we would be kind of targeting in that region because some of the companies, particularly in radar electronics, who have their own IP, they have got a head start over there. So I just wanted to understand from your perspective because you are also an IP-driven company. So what kind of opportunities do you essentially see over there? And I'm talking about medium-term here. I mean, not something on a quarterly basis or something like that. So in medium-term, when you're talking about, I'm assuming, at least 2-three years is what would be qualifying there. I think, yes, we are. Again, the Europeans also love the fact that no IP is owned. The technology is completely owned by India. And they want to deal with us. And we think that the technologies that are anti-drone systems and simulators, which are our mainstay, both have a huge market in Europe. And one thing very interesting is that Europe at present is perceiving Russia as the biggest threat. So when they want to really prepare with Europe versus Russia kind of a situation, India owns Russian equipment. And the simulators that we have are mostly Russian equipment simulators. So they actually can do full-fledged war gaming with our simulators and their simulators. And again, we can make simulators for them because the engines underlying them have the same physics, different tanks. But so we can moderate them, modify them. So now, if they want to try out how will our simulation work against Russian equipment, we are there. We are exactly the exact fit for them for the future needs. So I think, in addition to the anti-drone system, even the simulator market is going to be very huge. And we are coming up with offers that they may like, where we don't mind doing a service-based offering also there. So I think, yeah, to your question, they would love to have an IP-owned solution there rather than somebody just pushing someone else's solution. Okay. Thank you. Thanks a lot. All the best. Thank you, Amit. Thanks. Thank you so much. We'll take our next question from Jatin Jadhav of Sahasrar Capital. Please go ahead with your question. Please unmute your microphone, Jatin. Am I audible now? Yes, please. First of all, thank you so much for the opportunity. Most of my questions have been answered. But I still have a few out of curiosity. Can you describe, in an unclassified or a non-technical term, how Zen Technologies' Counter-UA suite is designed to detect, track, and classify threats under the presence of, let's say, an enemy electronic warfare situation? I'm basically highlighting the Venezuela situation, wherein the enemy was doing electronic warfare on our system. So how does Zen plan to counter that or counter U.S. systems? So what we understand is that there was a huge awe and shock kind of a thing which was sent. And they not only neutralized the systems, but it also neutralized the people, the bleeding ears, etc. So if such a thing was done to us, probably most of the electronics in India would also have been frozen. But now that we are aware of it, we are building capabilities that these kinds of things do not damage us. And I think, in India, we are also developing similar products which, if we can also retaliate with equal or more force, disabling their situation. But again, what we have been doing is we started with the basic range of commercial drones, neutralization. But most of the companies are stuck even now. They are still neutralizing only commercial drones' frequencies. But Zen has gone beyond that. We started with wideband. We said the commercial will not do. Non-commercial also need to be jammed. We started between 400 and 6 GHz. Today, we have gone from 100 or even 70 MHz all the way up to 12 and 18 GHz. It's almost becoming band-agnostic. We are not caring where it is coming from. We will be able to jam them. Our capabilities are being built. I think, if a Venezuela-like situation happens, we should come out on top if it were to happen now. Thank you. My next question is, how does the system distinguish between genuine and deceptive inputs as false radar tracks, RF signature? Do we employ multiple sensor fusion and then basically figure out where the real target is? Or how do we do it? So the thing is, because, again, whether it's an urban area, there is a lot of noise. There is a lot of false alarms. But we have, over a period of time, done a lot of AI-based programming. And we are able to suppress false alarms. And the actual alarms are being shown. So the drone threats, if they are fake, they are completely ignored. And so that a person, because otherwise, if too many false alarms are there, you kind of become immune to that. And we stop noticing them. So the only way to do it is actually, based on the operational feedback, keep improving the algorithm so that the false alarms are suppressed and the genuine signal is actually recognized and communicated to the operator. Got it. Got it. Just one small question. Since we have a very good capability of developing virtual environments for various kinds of products, can we somehow use that capability to generate an environment which is infused with a lot of electronic warfare zones, probably for simulating our own drones, our own missiles, how they act in that particular terrain or in that situation? Is it possible? Yeah. Yeah. So it's called a war gaming kind of environment where people are fighting war with each other. And typically, it may be just map-based. But most of the time, what we are enabled is we are saying, don't just play on the map, but actually have simulated tanks being moved, artificial AI tanks being moved with actual tanks, integrating them with the actual tanks. So yes, this is absolutely possible. And this is the solution. The Combat Training Node is a step in that direction that we have offered. And that's absolutely the number one in the world in terms of what we are offering. And that's going to scale up now. And most of the countries are going to ask this question that, is your virtual simulator integrated with live simulation and war gaming simulation? So yes, we are absolutely there. That is what we think will drive our future growth. Yeah. That's pretty much it. It's a pleasure to know that. Thank you so much. All the best. Thanks, Jatin. Thank you so much. Yeah. Thank you so much. We have Mehul Panjwani of 40 Cents with his question. Please go ahead. Thank you so much for the opportunity. It's really heartening to see that Zen is going to be a biggest beneficiary, quite a good beneficiary from the EU deal. My question is that, since we are going to work with the EU closely, would that impact our U.S. opportunities? Not at all, Mehul. I think, as somebody else pointed out, would we be operating for NATO from the U.S. or from the E.U.? We are very agnostic. So with this FTA coming through, it has completely changed. The absolutely new opportunity for us. And I think we are being more openly embraced by the E.U. as a country than the U.S. at this point in time. So in fact, this is an additional incremental opportunity that has come. The overlap may be executed from either the U.S. or from the E.U. But it's absolutely a positive development. Okay, sir. Sir, my second question is that, in the last conference call, we had mentioned that there will be orders of INR 650 crore, which will definitely come in H2. In our opening remarks and various responses to the questions, I understand that we are talking about orders about INR 1,200 crore. So maybe I'm missing something here. So if you can just clarify. I think we have got. What orders have you got? orders have you got? Suddenly. Yeah. No, no. We have got the orders, Mehul. I think more than as promised or a little more than what we have promised we have got. The only order somebody has raised is that, what happened to your regular order of a simulator? That was the only thing that did not come through. But as I was saying, that we should be getting by end. But otherwise, whatever we have said in earlier calls have already been delivered, almost INR 600+ crores recently, we got this anti-drone system upgrade, new orders, hard kill. And then we also got some combat training node as an order. Then we also got tank simulators again as an order. So I think we have I mean, if you go through the order of the releases that we have done, and now we are at INR 1,400 crores. The total order book position is INR 1,427 crores. So I think that's a reasonable buildup. I'm not something to really celebrate over. I think, from what we were three months back to now, it's a very good buildup. Great, sir. And sir, how long will it take to execute these orders worth for INR 1,400 crore? Yeah. So I think what we have seen, out of that, the equipment is about INR 1,100 crores. So most of the equipment orders should be executed in the next 18 months. Okay. When will our numbers of the top line start getting impacted, from which quarter onwards? No, no. I'll not say. But next year will be definitely much, much better than I think. We should record the highest turnover in the company's history next year. I think it will be very big. Yeah. Okay, sir. Thank you so much. And wish you the very best, sir. Thank you, Mehul. Thank you so much. Thank you so much. We'll take our next question from Bharat Bhutda, who is an individual investor. Please go ahead. Hi, sir. Congrats on great set of numbers. My first question is, how big are the orders in size expected from exports? What are the sizes that we're looking for? How big are they going to be compared to Indian orders? And the second question is, what happened with the Orlando Expo of simulators? Did we get any? Did they show any interest or anything from our simulators? What was your first question? Your first question was related to export orders. What was it? Yeah. My question is, what are the sizes of those orders that we are expecting? We got like INR 300 crore and INR 400 crore orders from Indian MOD. So what sizes are there from exports? Yeah. Okay. So the first question is that we have got all kinds of orders. We have got INR 320 crore. So typically, in the case of Indian orders that we have got, INR 300 crore is typically the limit within which the decisions can be done at a more reasonable level. As the order sizes increase, it goes to INR 1,000 crore, INR 2,000 crore. The approval levels keep going up. And they are longer cycles. So that's why, during the emergency procurement, any 300 crores less than order, all the typical sizes were about INR 300 crore or less. So we got them. But export, there is no such constraint. I mean, it could be INR 400 crore, INR 500 crore, even INR 1,000 crore. But the kind of orders that we are pursuing are in the range from INR 100 crore-INR 800 crore. So we could get any of those orders at that point in time. With respect to the Orlando Expo, this is called the International Exhibition for Simulation and Training. We call it I/ITSEC for short. It's based in Orlando. It comes the weekend after Thanksgiving, typically the last week of November or first week of December. So we went there. We saw a lot of American military people coming. They were very excited, especially with our naval simulator. They said, this is something that they really want. So we have got a lot of inquiries from there. We have, as you know, ARI already has a huge network, even in South America. So a lot of people, even from South America, had come. They've seen this simulator that we have. So I think we expect orders even thanks to our presence there. But again, it will be non-U.S. orders that we are expecting faster. The U.S. orders, again, as I said, there are a lot of regulatory registrations, etc., processes that we need to do before we actually become eligible for the orders. I think we may get E.U. orders faster than U.S. orders. But let us wait and see how the E.U. plays out. Okay. Thank you, sir. That was it from my side. Good luck for the future. Appreciate it. Thank you. Thank you so much. Ladies and gentlemen, that was the last question for today. I now hand over the call to Ashok sir for his closing remarks. Over to you, sir. Thank you, Swapnil. Hello, fellow shareholders and investors. Actually, this year, as we have been saying, it's going to be pretty muted. It's maybe 20%-25% less than the next year. We hope that we will be more than compensating it during the next year. There have been very positive developments. The government has been giving our emergency orders. They have been giving new product orders, like for the combat training node that we were talking about, that has been going almost for a decade. But now, they really want it. What we think is, with the Indian government taking, there will be huge demand overseas also, because that becomes a reference site for us. The Indian government is very, very open to allied countries to show that. We think that the combat training node is a big, big win for us. Of course, the anti-drone system, the R&D is going very, very hard. We are trying to meet the operational needs. Again, typically, we say that we are not building for an RFP, or we are not worried about the RFP. We actually want India to win wars. So what is the product that we need to have to handle the actual threat? So that way, anti-drone systems are also working very, very in the right direction. Again, the EU FTA was a very big deal. And I think we should be getting a lot of benefit out of it. I'm very excited. And I'm going to Europe. And I think, in the next earnings call, there will be something interesting about the EU. And one thing I want to also refer to is that the simulators that Zen has actually save thousands of INR crores. It is very environmentally friendly in the sense that you don't have to fire actual ammunition. You don't have to take the tanks onto the field for the actual exercise. But you get more feedback, more competent skill building happening when you use the simulators. Because of this, we also got a very interesting thing for the investors would be we got an ESG score of 67. I mean, last year, I think we were 41. We have suddenly gone to 67. So this is the Dow Jones Sustainability Index score. I think this is a big plus for us. And that will get some investors in the sustainability sector into Zen. But again, this is just the beginning. The company secretary, Saurav, had done this job single-handedly. So we expect to really, really aim at a very, very high score in this so that people who are into sustainability can actually see a rare intersection between defense companies doing sustainability work. So ESG is one thing that we are very excited about. And again, very briefly, I want to touch upon the budget. The budget was INR 785,000 crore. And I think it was a good budget. And the commitment to spend 75% of it on domestic procurement was very good. But again, our always thing is, will it be Indian-labeled foreign goods, or it will be actually designed, developed, and made in India stuff? So this is where government can actually play by setting an example that pretenders and fakers will not get the orders. The actual IP developers will get the orders. So that could be one very big thing if it happens. Otherwise, it is strategic dependence, which the Indian label will continue. We'll never get strategic autonomy. That is one thing that will be missing. Our hope is that money actually flows back to companies that design rather than just get somebody else's technology and assemble it in India. These were the main points that I had in mind. One final thing was that there is a Research Development and Innovation Fund that the government of India has allotted for INR 100,000 crore. Out of that, they want to spend INR 20,000 crore every year onto Deep Tech. Defense is one of the areas that the RDI Fund will be using. This is some area where companies like Zen will be taking help from the government of India to actually do long-term. I mean, the fund the government is talking about is actually a 50-year fund. But they will be giving to the Indian companies maybe 10-1two years kind of thing. These actually companies that actually do R&D have a long-term scope and are willing to put in their money. So the government is willing to that fund will be willing to put in 50%. We put in 50%, or we raise it from somewhere and put in 50%. We can really go for very, very important technologies for five years, for a five-year, seven-year, even 10-year development. And again, how should we approach this? It's very simple. What are the technologies five or seven years from now we think will be very important in war? And then trying to identify the Pareto within them and then double down on the Pareto. So that's the approach that Zen will be doing. I think, very frankly, again, every time I come, I say one thing. I have never been more excited. I want to repeat that. I've never been more excited. I think India version 2 is going to happen in a rapid way in the coming couple of years. Thank you so much for your time. Thank you. On behalf of Zen Technologies Limited, that concludes today's conference call. Thank you for joining us. You may now click on the Leave icon to exit the meeting. Thank you all for your participation.