Ladies and gentlemen, good day, and welcome to Ceinsys Tech Limited Q3 and nine months FY 2026 Earnings Conference Call, hosted by Arihant Capital Markets Limited. 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 this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Miss Natasha Singh from Arihant Capital Markets Limited. Thank you, and over to you, Miss Natasha. Hello, and good afternoon, everyone. On behalf of Arihant Capital Markets Limited, I thank you all for joining into Q3 and nine month FY 26 earnings conference call of Ceinsys Tech Limited. Today from the management, we have Mr. Kaushik Khona, Managing Director, Indian Operations, Dr. Abhay, the Managing Director, and Mrs. CA Amita Saxena. So without any further delay, I'll hand over the call to Mr. Kaushik, sir, for the opening remarks. Over to you, sir. Thank you, and good afternoon, everybody. It's a pleasure to welcome you to this earnings conference call for the third quarter and nine months ended financial year 2025-26. Let me first thank our host for today's con call, Messrs Arihant Capital. In the interest of some of the people who may be new to the company, let me first start by giving you a brief overview of the company first, and followed by the performance highlights for the quarter under review. Ceinsys Tech has been rebranded to CS Tech Ai, while the corporate name remains as Ceinsys Tech Limited. We are a leading technology solution provider in the IT-enabled sector, providing engineering and technology solutions in the infrastructure domain. We are acclaimed for our expertise in geospatial engineering, as well as other engineering services and solutions. We offer a broad range of geospatial intelligence services, including data creation, data analysis, decision support system, and enterprise solutions. After the acquisition of mobility business of AllyGrow in 2022, we acquired a geospatial business of VTS in USA in the year 2024, which was majorly operating into telecom domain. Since then, we are identifying some more targets for the inorganic growth to expand our horizons into the domains where the company is already operating. That is the geospatial and engineering services and the technology solutions, for which the company has already mobilized almost around $28 million. We serve prestigious global clientele that include large corporates, OEMs, asset management companies, and government bodies, highlighting its robust reputation in both the geospatial and manufacturing sectors. With offices in India, in United States, United Kingdom, and Germany, the company combines local expertise with a broad international reach. Additionally, the company has initiated and invested into development of product solutions, focused on the infrastructure vertical and emerging technologies through a new vertical focus on the artificial intelligence and machine learning and embedded electronics. This vertical emphasizes development of the AI and ML-enabled applications and solutions to enhance our delivery for the existing domains at the outset, reflecting the company's commitment to innovation and maintaining a competitive edge in a dynamic technological landscape. Now, let me come to the highlights of our financial and operational performance for the third quarter and nine months ended 31st December 2025. For the quarter under review, our operational revenue grew by 52% year-on-year to INR 170 crore. EBITDA increased by 88% to INR 40 crore, with margins expanding to 23.48%, reflecting a strong improvement of 452 basis points compared to the last year. Net profit stood at INR 39 crore, up 119% year-on-year, translating into a healthy PAT margin of 22.9%. Now, coming to the financial highlights of nine months ended of financial year 2025-2026, our operational revenue grew by 78% year-on-year to INR 490 crore. EBITDA increased by 107% year-on-year to INR 106 crore, and EBITDA margins at 21.59%, which is an improvement of 302 basis points year-on-year. Net profit for the year was INR 96 crore at a growth of 133% year-on-year, with PAT margins of 19.75%. This robust performance was supported by strong growth across our business segments. For the quarter under review, our geospatial engineering services revenue increased by 122% year-on-year to INR 109 crore, while on the technology solution side, revenue declined moderately by 3% to around INR 61 crore. For the nine months, our geospatial and engineering services revenue increased by 77% year-on-year to INR 257 crore. Similarly, our technology solutions revenue grew by 79% year-on-year to INR 233 crore. Demand for our offerings remains strong. During the quarter, we booked new orders totaling to INR 170 crore, excluding mobility and product services, taking our closing order book as on 31st December to a healthy INR 999 crore. At the same time, we have maintained discipline of working capital with our net working capital cycle in the range of 160-162 days. During the quarter, our collections were INR 170 crore, which is equivalent to operational revenue. During the quarter, we were able to realize significant collections in relation to the projects under the JJM. On the operational front, first, we continue to invest strategically in our future growth. During the quarter, we invested INR 24 crore in technology innovations and business development, specifically aimed at expanding our presence in the U.S. and other territories. Out of this investment, INR 16 crore was charged to our profit loss account. During the quarter, we secured several contracts that further reinforce the strength and depth of our capabilities. These include an extension from the State Water and Sanitation Mission, Uttar Pradesh, for third-party inspection services of three clusters, extended up to March 2026-2027, with an estimated value of INR 107 crore. Additional work orders from Maharashtra Remote Sensing Application Center under the National Soil Mapping Program, taking the cumulative NSMP order to approximately INR 77 crore. A work order from Maharashtra State Road Development Corporation as a system integrator for the supply, implementation, and support of digital project management platform, including 5D BIM, ERP, and GIS integration, and establishment of OSO, which is Owner Support Service, Owner Support Office, valued at INR 12 crore. We also secured two mandates from MMRDA for our urban change detection systems and BIM implementation for tunnels and stations, aggregating to INR 20 crore. Additionally, Vasai-Virar Municipal Corporation awarded us a work order for preparation of detailed project report and appointed us as a project management consultant for the STP project, amounting to INR 12 crore. These wins reflect the breadth of our capabilities and our continued success in securing large and strategic projects again, across multiple domains. This quarter marks an important milestone in the growth journey. Our focus remains on the building a predictable and resilient business, one that delivers consistent quarter-on-quarter growth while maintaining financial discipline. The improvement in EBITDA margins reflect the strength of our operating model and the maturity of execution capabilities. This quarter also marks a phase of scale consolidation for us, strengthening our delivery regime, deepening client relationship, and laying a solid foundation for the next phase of expansion. With a robust pipeline and sustained demand for AI-led engineering and digital solutions, we are well positioned to continue this momentum while balancing, maintaining a balanced approach to growth and profitability. In our efforts to build long-term strategic partnerships with few technology domain experts and those who can provide us platform for expanding our services and geographies where we serve, we have entered into MOU with Tech Mahindra and Aetosky, which adds to the long list of strategic and winning partnerships. We are working towards building more such strategic partnership in the coming times. We are also taking steps to set up our foothold in the markets of Dubai and Saudi Arabia. With this, I open the floor for questions and answers. Thank you. Thank you very much. We will now begin with the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. 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 will wait for a moment while the question queue assembles. The first question is from the line of Vaibhav Mishra from Finvestors. Please go ahead. Hello, sir. Congratulations for the fabulous set of numbers, once again. Sir, we have been executing; we might close the year around INR 700 crore or more, maybe. Sir, currently, I think the order book is INR 1,000 crore, so we might be ending with INR 800 crore of order book after Q4, if we don't get further orders. I mean, I think we were expecting some INR 500 crore-INR 600 crore of orders in Q3 and Q4, but Q3 has not been that much good. So are we expecting heavy inflow in quarter four to match the numbers that we have been executing for the last two years, 60%, 50%, 70% kind of growth? Or, is there some change you would like to tell? Thanks for your question. Abhijeet, would you like to take this question? Yeah, yeah, I would like to take. Yeah. Thanks, Abhijeet. So we, as stated in the last call, we are still on our whatever we have achieved so well, we will be achieving the numbers. Though you said we will be doing another INR 600 crore, that's not the truth. But yes, what we anticipated for INR 1,000 crore will be closing by something close by to that. As you rightly stated, that we have anticipated to close around INR 800 crore, but we are, we will be trying to get to up to INR 900 crore. That's what numbers we are envisaging to close. We still have a good pipeline, may slip to Q1, but we're trying to close it in Q4. but what number we have promised, we will be reaching up to 90% or to 100% of those. That's for sure. Sir, I could not get it. Sir, we will be closing our order book after Q4 at around INR 900 crore. That's what you are saying, sir? We are anticipating to close to that. Yeah. Okay. Closing order book. All right, sir. So, FY 2027, sir, any outlook, I mean, kind of growth or margins, for that matter? What do you expect from FY 2027, in the medium term? Like what kind of growth we can- I can only tell you that we have a good pipeline. I cannot forecast the numbers at this point in time. The numbers- Mm-hmm. -are being worked out, but again, it's a forward-looking thing. I can ask Kaushik to comment on that. No, thanks for your question. As we have consistently maintained, we don't give projections and forward-looking statements. But if you can see the growth momentum of last eight quarters, quarter- on- quarter, year- on- year, we have been growing more than e ven this quarter, we have seen that we have grown more than 52% on the top line. And if you look at last three years' trend, from our 2023-2024 base of INR 251 crore, we have-... I hope I am audible. From- Uh, yes. Yes, sir, you are audible. Crore worth of top line of 2023-2024, we have reached a top line of INR 490 crore in this nine months period. So I think you can witness the growth. As we already mentioned in the opening remarks, we expect this momentum to continue. We won't be able to give you the forward-looking statements, which has been our consistent approach. Thank you. Okay, sir. All right. And sir, update on U.S. subsidiary. I think we have been investing quite heavily on that, and in the last call, you said that some large contracts were under negotiation. So, and we are also expecting contribution from Q4 onwards. So what's update on that, sir? So you are right. We have been investing, yeah, for growth markets, and the same approach continues, and we have been able to get some good traction. I think, even in the last call, we had mentioned that maybe by Q4 of this year or Q1 of next year, we will get to know more about the strategy and about how we have built up the businesses over there. So right now we are in the process of building up, and we will come to you by quarter four or Q1 of the next year. All right, sir. All right. Thank you so much, sir, for your time, and all the best for the future quarters. Thank you. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please, please limit your questions to two per participant. Should you have a follow-up question, we would request you to rejoin the queue. The next question is from the line of Aman, Aman Soni from Invest Analytics Advisory LLP. Please go ahead. Hello, I'm audible? Yes, you are. Oh, hi. First question is on the inorganic acquisition. Last one call you mentioned about timeline of one-two months, but it has been three-four months now from that. We have not seen any development on that particular area. So why the delays are happening, sir, on a consistent basis, quarter-over-quarter? We have given an indicative timeline, but that timeline is not getting met on this particular area. So, please give some clarity on that, sir. Which is the area? I'm not able to listen from. Inorganic acquisition timeline. On the inorganic side. Acquisition. Okay. No, so you are right. We are actively pursuing the due diligence processes also is also almost over. There has been slight delay from the compliance side because we are evaluating all the aspects. So I think we are not able to give you the answer right now. Hopefully by quarter end, quarter four end, we will have a little more clarity about the acquisition targets, which we have been pursuing. So you are saying, We don't want to invest, we don't want to invest just because the funds are there. We, we are investing, we are going to invest into those opportunities where we see synergy, and therefore it is taking a little bit time. But I think, by next quarter end, we should be able to give you a better picture. When you say, we will be getting some better picture, like, are you going to like conclude the inorganic acquisition opportunity by Q4, or what is the scenario? Yeah, that is, that is what. So the process is already on. The conclusion should be taking place in next two-three months. Okay. And when you are saying compliance issues, what kind of compliance issues right now we are facing in concluding this opportunity? It's a due diligence process. So I think, there are due diligence experts which are doing that, and once we get the confirmation of the reports, then we will be able to take a call. Okay, understood. And, secondly, on the governance part, over the last 12-15 months, the company has seen multiple senior level changes, including the repeated CFO changes and, appointment and subsequent exit of a CEO designation and several, senior management reshuffles as well. So, can you clearly explain what is driving this frequency of resignations and the re-resignations, at the top management level? Specifically, are these any ways linked to any strategic disagreement or maybe the performance issues or, or any cultural, integration challenges that we are currently facing? And what are the concrete steps that the board has taken, to ensure the leadership stability going forward, sir? So I think it's a good question, but I think we have already given answers earlier. I would just like to reiterate, Dr. Abhay Kimmatkar is there since last 28 years. Miss Amita Saxena was already the CFO of, prior to 2024. She had, a short break by which we had Samir for a short time, but she is back to the company. We had, the planned exit of, Prashant Kamat, who has completed his tenure, but he is already onboarded with as an independent director who is guiding us for the future, growth path. So I think the changes are all, I would say, expected plan, and I think we have rebuilt the entire management team to focus on the growth, which you can see how the growth is performed. And fortunately, we also have got the benefit of our chairman, Mr. Sagar Meghe, also joining the executive position. So I think this will give a lot of credence to the working of the company, and provide the kind of vision which we already working with on a day-to-day basis, so that we are with the guidance of our promoter, Sagar Sir, we would be able to take this company to a greater heights. So I think the changes which have happened are not something which has affected us. Neither there were cultural issues, nor there were any strategic movement because of some agreements. But I think it was maybe some one change, which I already explained about Prashant Ji. And I think with the induction of Sagar Sir as the whole time director, it things, things are even with a greater vision, we can work on our mission faster. Thank you. Participants, I would ask you to limit your question to two, and if you have a follow-up question, you may rejoin the queue. The next question is on the line of Gunit Singh from Counter Clinical PMS. Please go ahead. Hi, sir. Thank you for this opportunity, and congratulations on the great set of numbers. I would like to understand what are our, billed and unbilled receivables, as on date. Amita, I would request you if you can just highlight that. There are data as on 31st December is around INR 150 crore, out of which, INR 150 crore, INR 125 crores is approximately within one year only. So only INR 25 crore-INR 27 crore is pertaining to year, more than 365 days. And as far as unbilled is concerned, it is approximately around INR 250 crore of unbilled revenue, and, we have almost billed, one forty crores in this quarter. So the movement in UBR, the increase in turnover due to UBR is only INR 33 crore in this quarter. All right, so total- Just to supplement further, whatever top line, which we see, INR 170 crore on a consolidated basis, the total realization also during this quarter was more than INR 170 crore. Yes, we have collected INR 170 crore of funds in this particular quarter. All right. So, but total unbilled receivables is about INR 250 crore currently? That's correct. All right. Sir, what is the reason for our fall in tax rate this quarter, and what should be the tax rate for the entire year going forward? So I think, as you are aware, we are into a cycle where most of these UBR unbilled revenue would be getting addressed during Q4, because that's the time when government is also trying to get the things sorted out. And- Actually, these are all milestone-based billings. We have, we have to bill to the government on the basis of achievement of milestones. The work which is in progress, that comes into UBR and certification process and sometimes department issues, departmental issues are also there. But then this UBR is all related, maximum related to the achievement of milestones. Once the milestones are achieved, we will start billing. And we do bill. That's why we have billed in last quarter, around approximately INR 140 crores, and, even we have collected INR 170 crores in previous quarters. So this this basically depends upon the achievement of milestones. Got it. So, at year-end, I mean, the receivables, what should be—what should our year-end receivables look like in terms of both billed and unbilled? Because you mentioned that most of the billing and, collections happen in Q4. Maximum collection happens in last quarter only, so we are expecting, again, a good quarter as far as collections are concerned. And as far as UBR is concerned, that is a cyclic, continuous cycle. So we will bill again, we will execute, and again, there will be a new UBR. So that is a continuous process... So, I mean, would we be able to significantly reduce our receivables in Q4, like both billed and unbilled? That's my question. So if I can just submit, normally, you would have seen last two years, the quarter for billing and the collections, the collections are always more than the billing, including UBR, and we expect that trend to continue. While we have seen that, we have constrained our working capital cycle to almost INR 160 crore, our target is to bring it down, and we hope that with the major quarter four disbursement, this would be brought down further. So our efforts are on to bring it down. And we had achieved that in last quarter four of last year to 125 days, and we will strive to bring that down further, I mean, in this year also. Great. That's great. So basically, I mean, we bring down the debtor days from 160 to around 120-130, like last year. So that is good directionally. And in terms of the INR 40 crore that we have transferred to our subsidiary in the USA, what is that regarding? I mean, is it related to the acquisitions that we completed? So that is, as already mentioned, it is toward the business development and the initial last year 2024-2025 what we made the payment was towards the acquisition of VTS. And thereafter we have invested into business development and the technology interventions which we are doing as regards AI, ML, is also being capitalized to some extent. Most of them is written off to the P&L, as already mentioned in my introductory speech. So these are basically efforts to build the future. So the INR 40 crore transfer, that has also been, I mean, deducted from the P&L. And what kind of business development would this entail, this transfer? No, so 40, which- INR 40 crore is inclusion of capital. That's infusion capital, not everything is P&L. What we have mentioned, the P&L is only INR 16 crore, which is towards the business development for the geospatial business and the acquisition, the new business which we took of VTS. There also, we have added our business development team, so that's the cost which we are incurring and which is written off to the P&L. Okay, so I mean, I want to understand what is the, so the INR 40 crore transfer to a subsidiary, what will that be used for specifically? Is it only for business, business development? And if so, I mean, what kind of business development are we looking at from that? Or will a part of it also be used for acquisitions? So business development is basically whatever kind of capabilities which we are building here, and we have certain logos which we acquired through VTS. So we are trying to do more kind of data mining over there to get more businesses from such logos, which requires the setup of the team over there, which we have built a team. And in U.S., obviously, you know, the team building cost is also higher. And we have also been kind of trying to build some of the product development which will be catered to the infrastructure domain, which we want to present to the U.S. market also. So these are some of the opportunities which we can then encash for the future. Sorry to interrupt you, sir. Sir, you may please rejoin our queue for a follow-up question. The next question is from the line of Kaushal Sharma from Equinox Capital Venture. Please go ahead. Hi, sir. Very good afternoon. Could you please tell me, what is our current receivables as of December 2025? And what proportion is more than six months out of 10? I think, We have already answered that question. We have a receivable of INR 150 crore as on 31st December, out of which approximately INR 125 crore-INR 126 crore belongs to a period less than one year only. The question of yours, more than six months, less than six months is approximately INR 80 crore-INR 90 crore, approximately is from less than six months bracket. Okay, thank you. Thank you. The next question is from the line of Ankit from Fusion Capital. Please go ahead. Yeah. Hi, congratulations on a good set of numbers. So I have two questions. First is on order book, because our closing order book would be around INR 900 crore, and we have, at the top, we were at INR 1,100 crore. So are we expecting the momentum to be increasing in FY 2027? Because, as of now, it seems a bit in a declining trend. Yeah, I will take up this question. We are continuously working upon that. We have a strategy created for next three years. We are continuously building our team. There were election times, we had three elections in Maharashtra, so almost six months of the entire year was in the code of conduct, so you won't have any tender publication also. So that was despite that, we've been able to close good orders. And having said that, we have created a good pipeline. So definitely it will pass on to us, spill over to Q1 or Q2 of FY 2027, 2028. So there's no issue with the pipeline, and there's no decline as such. We have been very focused. We have created our entire roadmap looking into the government funding, the opportunities landscape and everything. We have also deployed a good team and getting good hires for chasing those particulars. As Kaushik just mentioned, our chairman has taken an executive job, and he's been overlooking our entire BD sales and under operation on a day-to-day basis. So he's been helping team to, you know, create endorse into the bigger accounts, and then he's helping everybody to be on the ground, and we have a robust pipeline created for that. So I think I have answered your question. Sir, a quick follow-up on that. Any rough idea on the current bid pipeline? No, no, that cannot be told. That cannot be shared. That's what we've been telling. So, number, but definitely it's a good pipeline. What we have achieved last two years, we will be maintaining that growth, what we had achieved last year and this year. Yeah. Okay. Okay, great. And, secondly, on the EBITDA margins, like we have reached in this quarter 23%, which is a significant jump from on a year-over-year basis. From here, does the based on the pipeline and the business prospect, can you see still a chance for room of improvement, or we have reached a stable point in the range of 23%? Kaushik just gave you the entire, you know, preliminary speech. If I can just take this. Yeah. So, thanks for your question. If you see the presentation also, we have seen the EBITDA margins growing steadily quarter- on- quarter for the last eight quarters. So from a base level of 17%, every quarter, we have seen increase, and we have reached at 23.4%. I think it is also the result of two major things. One is that expanding our top line or expanding the share of business on the technology part... as well as going into a higher maturity kind of level of order book, where we see a greater value addition to the clients and there where the margins are better. So going forward also, we, I, we believe that the margins will be at least stable, and, we, we hope that this should sustainably improve quarter-on-quarter. We won't be able to give you any guidance on that, but the past trend is indicative of how we are focused on building a higher margin business. Got it, sir. Still there is a scope of operating leverage, not quantitatively you can say, but, Yes qualitatively. Is that assumption correct? That's correct. Okay. Okay, great. Yeah. Thank you, and all the best, for the future. Thank you. Thank you. The next question is from the line of Narayana Lodhavia from StepTrade Capital. Please go ahead. Hello. Yeah, am I audible? Yes, sir. Yes, sir. Hello. Yeah. Yeah. Can I please, can you please share the receivable days in this quarter? So we have a net working capital cycle of around 160-162 days, and it is same as the quarter two. And that is also- Okay. As explained by our CFO, that our total revenue of this quarter was INR 170 crore, and the collections also INR 170 crore. So the receivable working capital cycle has remained constant, and that we are striving to bring it further down. As we already explained that on quarter four, normally, the collections are better. Okay, so any other steps that the company is going to take to get the value down to 120 or 130, as you mentioned in the previous quarter's earnings call? I think I explained just before some time that we had consistently brought this- Mm-hmm. Working capital cycle down from a peak of 225 days before three years. Last year, quarter four, we had brought it to 125 days. We are already at around 162 days, because in the lean quarter, I would say, when the government disbursements are slightly lower, once the quarter four disbursements are higher, we expect this cycle to be improved. We won't be able to quantify, but yeah, our target would be to bring it down. Okay. Just a last question. What would be the order book mix of the recent quarter? We ended the quarter at INR 999 crore, as already published. Okay. We are striving further to build up that, as already explained by Dr. Abhay. Yeah, I wanted to understand the segmental breakup. Segmental breakup, you want as regards, the technology absorption in the geospatial part? Right. Right, right. Technology and geospatial, sir. On the technology absorption side, it is around INR 460 crore and around INR 520 crore, INR 530 crore goes towards the geospatial side, majorly, of which is an order in relation to the river linking project, which is classified majorly into geospatial, although some portion of it also is part of the technology absorption. Okay, sir. Done. Okay. Thank you. Thank you. The next question is from the line of Sashi Kant from Brighter Mind Equity Advisor. Please go ahead. Congratulations on the good set of numbers. I have two questions. The first one is around the, you know, exploration of strategic alliances across MEA, APM, and we are also entering into Saudi and Dubai, apart from the VTS acquisition that we have done in USA. The INR 170 crore of, you know, the money we have raised in preferential allotment. In which geographies, apart from USA, we are major focusing on in MEA and APM? So I think the growth focus is more into U.S., but we already explained, and you rightly observed, that we are also expanding our, trying to build presence in, Middle East, including the KSA, where we are deploying... We, we would be coming up with the, the business development team, as well as we will be, setting up a new structure over there, which we'll, come back, come back shortly. The areas of focus, the geographies of focus, therefore, remain as U.S. as the prime, and, Middle East and KSA as a second, territory to be, building outside India. Okay, just an extension of this one. What is the opportunity size, you know, we are looking into these geographies, particularly in USA, in geospatial and in MEA? So I think, if you look at the overall opportunity, there are huge opportunities. It's immeasurable. Even the recent reports of geospatial opportunity in the U.S. was talking about a yearly opportunities of more than $2.4 billion, and therefore, we are a small pie into that. Even in India, we contribute to almost 6%-7% of the geospatial engineering part. So I think we have a lot to conquer, and there are a lot of opportunities available. Okay. My second question is about the Atoscribe, Singapore, MOU. So have you seen any, you know, development on that front? No. Yeah, yeah, we have, yeah. Okay. Yeah, sorry. Continue. Yeah, yeah. So we are building a pipeline along with them. So they have a very niche technology. They are very strong in AI side. They do a lot of image interpretation. They have a state-of-the-art technology, which is patented. They have good presence in Middle East and other parts of South Asian countries, and the Far East as well. India, they have a strategic market, so they, they have strategically, partnered with us to, to take up their solution. So we complement to, their solution because we have, there, there's a lot of application where we require the AI intervention. And already, we have a pipeline, we have, as Kaushik Khona mentioned, in MMRDA, we are doing a solution like what we are doing for the change detection using satellite imagery. Entire AI will be implemented, so their solution is going to be positioned there. So there are many other, so applications, and projects, which is in the pipeline. I can't name every, project here, but yes, we have a strong pipeline, created with them. Yes. So, my last question is, just I ask please one more. So, about our recent strategic alliance with Tech Mahindra, what is the scope of work? I mean, we are into this strategic alliance. So, we have tied up for the global tie-up, which is the global business development and execution. So they are very strong in two, three domains, which we complement them. One is of telecom, which we are doing in U.S. They are pretty strong. Tech Mahindra, British Telecom is their company, so they are strong globally. They have a number of companies providing solution in those area. So we have tied up with them. We are going to create different kind of solution. We also have our platform extended to their solution. They have acquired some company in Australia, which is complementing our solution, and we will be going to that part of the world with them. We are also building up some business with them in Europe side. Of course, Middle East, they have their presence, and they are very keen to join hands with us. There is larger things coming up. We have recently signed up, and we are building up a lot of solutions with them. Participants are requested to ask two per participant, two questions per participant. The next question is on the line of Priyanshi Kanke from Brighter Mind Asset Management. Please go ahead. Good afternoon, sir, and congratulations for setting amazing numbers. Sir, in the last call, you mentioned that we have bid for 14 additional projects under river linking. So what's the current status of these bids, and what is the total addressable value of these projects? Thanks for the question. I think, perhaps the understanding is little different. We have identified there are certain projects of river linking, which are being pursued by the government of India, and we are tapping those opportunities as and when they come up. Right now, we have only been focusing on the largest river linking project, which we are part of it. We are doing the DPR. So, I don't think we have talked about any new river linking project being already tapped, because they are still under the exploration side. But, we understand that there are around 12-13 projects which are under priority one, which also we are tapping. So as and when things come up, we will be trying to take a pie into that. Right now, we are still on the exploratory stage of the additional projects. Okay, got it, sir. But I think, yeah. Yes. I think, sir, in the last group call, which was conducted in December, I think, might be I'm wrong in this, so sorry. Sir, my second question is on, like, how we are planning to capitalize on government land mapping and digi-locking initiatives, and what's the potential revenue opportunity we are seeing from these initiatives? Yeah, I will answer that. So the land mapping or modernization of land is happening since last 20 years. You may be aware. Different time, different agencies have taken up. Every, every state is doing their own piece. Survey of India has come out with Swamitva and the Naksha, and Rural Development Department has also come up with some other. Everything was a pilot. They are still exploring and evolving what kind of solution is to be required, but it's 100-year-old records, which needs to be really, before being recreated, resurveyed, and application needs to be really robust to handle all those datasets. There are a lot of challenges, a lot of issues. All geospatial companies in India have ventured in that, have taken one or the other projects. You know, since CS Tech has done four of those projects in different parts of the country. Government of Maharashtra has come out with one application project, which is a unified land management. CS Tech is very much vying for that. It's just an expression of interest stage now. They have called up the interest document. Everybody has filed in. There are larger, big, big, major SIs they have invited so far. They would be inviting us for a take piece, but not at this point in time as an EOI. But yes, they will be vying for geospatial companies like us for providing solution to this larger project. So every state will come out with this kind of opportunity, this kind of project. It's again, a 20-year long process to map every piece of land in this country, every land parcel to be mapped and resurveyed. So work is on. We are very much on the target. We have created a team, and we will be vying for such project. This is kind of INR 1,000 crore+ kind of project for each of the state, and we are definitely going to be in those projects. We will be aggressively putting up our bids for those. Sorry to interrupt you, ma'am. May I request you to rejoin the queue for a follow-up question? The next question is on the line of Samir Ray, an individual investor. Please go ahead. Hi, sir. Congratulations on a good set of numbers. I have a couple of questions for you. I was going through product use case in your presentation, eighth page, in your presentation. It seems figures did not change in last three quarters. I mean, all the figures, numerical figures are the same you are using there. And the second one is, I see you are in IT services and all that sort of technology business. Headcount numbers are not provided in your, I mean, statement, I mean, do that particular presentation. Headcount numbers give a better presentation of the growth of the company and recruitment and all that. Generally, all such technology companies provide headcount numbers. You do not. Generally, I see that. And third one, last contract that we own in USA, that was radar contract when we acquired VTS. After that, nothing we have heard from that segment, I mean, of the market. Can you give some light on that? Thank you. That's all. That's all from my side. Four different set of questions, I think. So if you can, if you permit, I will just answer these three questions. One is that, if you look at the presentation which has been uploaded on the BSE site, it gives you the complete, presentation about the quarter three and the nine months presentation, where numbers, won't be, different from what we have already, kind of published. Kindly look at that presentation. It gives you the clarity. I was talking about page number eight, sir. Page number eight, in which you have presented that so much kilometers have been done in electricity and services. So much kilometers have been done in road and all that. Those four figures are there, page number eight. Okay. Yeah, so I will answer that. If last two quarters, it may not have changed, because unless until you achieve milestone, you cannot add those or update those. Because electrical network, we have done for UPCL, the two, three other things. So last six months, there is no project wherein you find any electrical network or water network, pending. So wherever, whatever updates or whatever data is collected, we add to that our credentials. Once sign off is done, then only it will add it. I agree, some may not have moved, because the nature of project, what we are executing this point in time, may not have those kind of work being carried out. But yes, in the DPR side, in the engineering side, there are numbers change. You may observe that. One of the other quarter, you will find same numbers coming in, but yes, or quarter two or three, you will find changes in those numbers. And then we continuously start doing those updates on the numbers. Uh, sure. That also be. We appreciate your observation as regards employee headcount. We will try to see that from next quarter call. We will also provide you that. As regards the U.S market, I think because the U.S market is catered to by our subsidiaries, we don't disclose those reports over here, because in Ceinsys Tech Limited, the orders which are received in the name of Ceinsys only get published, while the business of U.S, which is in the name of our subsidiary, is not getting published over here. That's why you may not see those changes, those opportunities being pursued in the BSE disclosures. So we appreciate your inputs. We will try to add those employee headcount. And as and when, as Abhay said, as and when the project milestone is completed, we add to that numbers, which we will do. I was talking about, sir, acquisition, I mean, getting orders. One VTS contract, that $0.6 million order that you got from USA, that was updated. That information you gave to exchange. I mean, but, since then, we haven't given any information to exchange regarding any order win or anything like that. That's why that was a question or a point of worry for me as a shareholder. No, I understand. This was a direct acquisition. Right. That is why we had disclosed. VTS was acquired through Ceinsys Tech, and that's why- Mm. We had made a disclosure. But the businesses which we acquire in the U.S. are through the Technology Associates Inc., which is the U.S. subsidiary. Therefore, we don't disclose in the stock exchange disclosure over here. And the subsidiary performances get reflected the consolidated balance sheet, but we don't disclose the orders which we receive. So I don't think that has been the practice in the past also. The VTS was a acquisition of that asset company, therefore, that disclosure was there. I hope I am able to clarify. Thank you. Thank you very much. Thank you. The next question is on the line of CA Garvit Goyal from Serene Alpha. Please go ahead. Hello, am I audible? Yes, sir. Yes, sir. Sir, I have two questions. One question is on just the clarification I need on the order book. You mentioned at Q2, and the order book was INR 1,192 crore, which was excluding the recurring annual commitment. And Q3, we did a revenue of INR 173 crore, and new orders that we received till December, based on your order filing, is INR 120 crore. So going by that, your closing order book as on December should be INR 1,140 crore. But we are seeing that it is around INR 999 crore. So what is the gap, sir? Sir, INR 1,192 crore was as on first of April, and we are, since April, we have executed orders of around INR 490 crore, and every quarter we give that order book reconciliation. So this, in this, in this quarter, after the execution of INR 170 crore, the closing order book is INR 999 crore, on which the overall order book of, the new orders which have been added is INR 170 crore. So it's basically we started with INR 1,004 crore in, that was on 30th of September, and we are at the similar order book at the end of, this quarter also. However, as we already clarified, this order book does not include the orders in relation to the mobility and the product services division, which is over and above that, which also at a any given point of time, would be in the range of around INR 125 crore- INR 150 crore, which is the annual turnover expected from those divisions. So therefore, 999 is the closing order book after considering the execution of the last nine months. Understood. Got it. And, secondly, on the order info side, in relation to the previous participant, also, I think they have raised some points. Last time we guided that around INR 700 crore-INR 800 crore crore bids are expected to be closed, where our win rate was expected to be 70%. Going by that, we should have secured good orders by now, but we have only secured INR 170 crore, which is far below the expectations. And at that time, you also mentioned that the ticket price of the major bids in the bid pipeline may be somewhere around INR 50-150 crore. We have received only one such big order in last four-five months, which was valuing somewhere around INR 107 crore. So, why are we not getting the orders, sir? Like, what is exactly happening wrong here? And if this is going to be the case, how are we going to manage the growth for the next year or maybe the year after that? Yeah, I will answer to your question. We stated that we are pursuing some INR 600-700 crore of order. We bagged two-three orders. One is INR 117 crore and then INR 20 crore and also. There has been a code of conduct which we didn't anticipate, back-to-back two code of conduct had come, and it almost lost about four months of operation. So government was standstill on taking decisions and coming out with tender. So those are in pipeline, tenders are published, and then we are anticipating to get those closed in Q4, if not Q4 but Q1 of next year. But definitely, those are all in pipeline. No order is or no opportunity is lost. That's still in the pipeline, and we are pretty confident of winning all those. Numbers would be sometimes pushing into one quarter or the other quarter, but those are all in pipeline. No opportunity has been lost. Funding has been clear identifying the opportunities, account is properly mapped, and tender is getting published, and some tenders are already published. So where we have bid it, and we are anticipating to get those closed before Q4. How are we going to manage the growth, sir? Like, earlier we used to say quarter-over-quarter we will be growing. How that story is intact now? Our revenue is still growing, if you have observed. Q3, it is grown, I agree. But what about the Q4 and then next year quarters? That's what I'm trying to understand. So that is what I'm saying. We have a robust pipeline. We will not falter on the numbers, as far as the revenue goes, because whatever order pipeline we have, we will be achieving, because the milestones are also like that, where in, what are the growth trajectory we have been achieving, we will be maintaining that. That's for sure. You are saying quarter-over-quarter, we will keep on growing? As far as revenue goes, we will be definitely growing on the quarter and quarter numbers. I mean, I would just like to supplement. You are aware that the closing order book as on 31st December is also INR 999 crore. And apart from that, annual revenue of around INR 150 crore, which is not part of order book, will also continue. So there is a visibility of the next years in any case, but as Abhayji said, we will get to hear better at the end of quarter four or quarter one. But the pipeline continues. Sorry to interrupt you, sir. I would ask you to rejoin the queue for a follow-up question. The next question is from the line of Krishna Revan from Family Fund. Please go ahead. Hello, sir. Congrats for the good set of numbers, and thank you for the opportunity. So most of my questions have been answered. I have one question related to the, the government JJM mission, scheme pause. So due to some misleading things, by some contractors, the government taken has a pause on the JJM mission thing. So how much are we going to accepted amounts, and when we are going to see the upcoming, orders to come in pipeline for this JJM mission? Because most of our revenue is... used to come from the JJM mission only. I just wanted more clarity on that particular thing, sir. Abhayji, would you like to take it? The line for Abhay, sir, has dropped. Okay. Can you, can you please, repeat? Are you talking about JJM mission? Yes, sir. Yeah. So I think, we still have a lot of visibility about JJM orders. As you are aware, JJM mission is scheme is on till 2028, and we already have few orders which are being executed, and some of the orders in pipeline is also pursued in the respect, in respect of the JJM orders. So as Abhayji already mentioned, perhaps he lost his line, but we will be getting few orders from JJM mission, as well, while other government projects are also being pursued. Let's wait for the orders to conclude by, let's say, quarter four, end of quarter one of next year, and then we will have a better clarity. We already have. JJM mission is, as you are aware, on till 2028, and hopefully, we will have a lot of opportunities to pursue. Yes, sir. So why I'm asking? Because the recent, I mean, a few quarters back, we have received from Uttar Pradesh government in the river linking project. So that order is supposed to close by within six months and maybe within eight months. But actually, due to some government lagging standards, keep on postponing. So my concern is whether the upcoming projects, are we going to get it, or, I mean, are we considering to just come out from the percentage revenue share from non-government projects like that? That's my question. We are pursuing that. I mean, it's still getting delayed, but all the opportunities are being pursued. We hope that that also fructifies. Okay, sir. Sir, and second question, related to the U.S. subsidiary. So, I mean, for the previous question, you said that you are not going to disclose the revenue potential, the TAM and all. So, at least if you give some guidance that how much revenue we are going to get in the next year and maybe next to next year, whether it's 10% or maybe 5%, just to throw some light on that U.S. subsidiary. Because of the U.S. study also happened. Yeah. So I think, there are two elements to this. One is that if you look at the standalone balance sheet and the consolidated balance sheet, you will come to know that the subsidiary, and which prominently U.S. subsidiary contributes to the, that turnover. If you analyze that, the U.S. subsidiary would be contributing this year at around INR 23 crore-INR 25 crore at the end of this year. And, So if you look at the, the U.S. subsidiary this year, it will be in the range of around less than 4%-5%. We expect that to improve, as we already made some BD efforts, and for that, we'll come to you, once the year closes, about the, what's the next year plan. I would ask the participants to follow back to the queue. The next question is from the line of Darshan Jhaveri from Crown Capital. Please go ahead. Hello. Good afternoon, sir. Thank you so much for taking my question. A lot of my questions have already been answered. So, just, a small recommendation, if we could, you know, just mention the U.S. numbers that we are doing, that would be really helpful, because I think we've been investing significantly in the R&D, right, out there. So can you just... So if it's, we've done, we are planning to do around INR 23 crore-INR 25 crore of revenue from U.S. Till nine months, can we, you know, quantify what's the revenue and PAT, EBITDA of U.S business, sir? Just give me a second. Yeah. And till that, I'll just ask my other question. Yeah, sorry, sorry, sorry. So till nine months, we have achieved around INR 19 crore of the top line. If you consider other revenue items, the total top line is around INR 21 crore for the nine months in U.S. The PAT, sir, PAT? PAT is, I mean, if you we are talking of EBITDA, we are not having the numbers on PAT, but EBITDA will be in the range of around 20%. Oh, okay, okay, okay. So despite the investments, so just... Sir, can you help me reconcile a bit? Because when we say that, you know, we are, you know, putting, you know, INR 16 crore, as you know, investment in BD, so that's taken in standalone book of Ceinsys and not in the U.S. business. Is that how it works? Because, what I can understand, how much we are making in nine months revenue, that much we've, like INR 16 crore, we have kind of invested in this one quarter, right? So just wanted to get a bit of a help and clarity in terms of our U.S. business. And if, like, you could just put it in the presentation or press release, that also helps, because, like, total, how much we spent, I think around INR 50 crore-INR 60 crore till now, right, in development, and Yeah, yeah. that's dwarfing the revenue that we've done in the nine months, right? Yeah. So just wanted- In the opening speech, I mentioned that we around expensed out around INR 16 crore, which is part of our BD expenses. So, we will clarify that as a part of maybe next time we will have little more different way of presenting. But, just to recap what you asked for, the U.S. expenditure on BD is expensed out in U.S., and the EBITDA, which I told you, is the operational EBITDA. The net profit after the BD expenses will be later. So it's EBITDA minus the BD expenses will be the net result. I don't have the PAT results right now, but this is EBITDA results, as I said, is 20%. Okay, okay, fair enough, sir. Fair enough, sir. Just my next question is regarding the order book. I understand that, you know, we had a bid pipeline right now, which has been delayed due to the code of conduct, sir. But I'm just asking, post that, like, what are the, you know, order value that we are trying to target? Because from what I understand, like, we have INR 1,000 crore right now. We are planning to pursue INR 600 crore-INR 700 crore, from which we'll maybe get 50%-70%, whatever the figures are. So that's, yeah, that will take care of us for FY 2027 for sure. But my question is related a bit more long term towards FY 2028, because, you know, by that time we will need new orders. So what's the order pipeline target that we are having for FY 27? Because as it takes a lot of time to get the orders, we will have to, we'll have to have some firm, you know, like, order pipeline, bid pipeline in FY 27, which will eventually be, you know, we'll be get by the end of FY 27. So just wanted to ask a bit about that, sir. That's correct. Abhijeet, you are there? The line for Abhijeet, sir, has dropped again. No problem. So I will just, take you from what Abhijeet has already mentioned. The opportunities which were expected to close within this quarter three, quarter four, may get closed by either quarter four or maybe quarter one to quarter two next year. The pipeline continues only because, as you rightly mentioned, four months have lost because of the COC, the code of conduct. So the pipeline, what we are pursuing is, significantly higher. What we expected was to close around INR 600 crore-INR 700 crore worth of orders. So, that is what, we will still pursue. I think the three-year plan and a five-year plan, which Abhijeet was already indicating earlier, I think there is a huge, opportunity which have been listed, along with some of the new technology missions, the geospatial missions, the land reforms. They are also going to give us a good kind of opportunities, which are all being pursued during the FY 2026, 2027. And I think we are striving to build a good order book, at least to ensure that we have reasonable two years order book at the end of FY 2026, 2027. So there are a lot of opportunities which we are pursuing. I think we will be able to give you a little more details as and when we close. And by quarter four end, we should be able to have some more clarity about how much orders are confirmed and how much we expect the orders to be closed in quarter one of next year. Yeah, sorry, my connection got lost. Are you able to hear me? Oh, okay. Yeah, Abhijeet, I just tried to answer in your absence. So we- Yeah, yeah. So I heard it. Just, just to add with that, we are trying to create a pipeline, which would be, you know, sustainable for next, seven-eight years. So those kind of projects also we are trying to create. What Kaushik was trying to say that we have already built up that pipeline and there is good roadmap and the projects he has also already mentioned. We're also trying to build up some parallel kind of pipeline, wherein we'll get a business of seven to eight years of horizon. Yeah, that's just to add to that. Thank you. The next question is on the line of Apeksha Bajaj from AV Fincorp Private Limited. Please go ahead. Hi, thank you for the opportunity. I have few questions, so related ones. Given that large part of geospatial and GIS industries work with government and institutional clients, what is the current industry scenario with respect to payment releases and certification timelines? And related to this also, despite there are sector-wide challenges, Ceinsys has maintained relatively lower working capital days from its peers. So how does the company manages that, and is it sustainable when the scale grows up? Thank you. I think a good question. And, to be very frank, it, the entire pursuing of opportunities is based on what Abhijeet already explained, that we pursue those opportunities where we see that there is a firm budget allocation and for the funds are visible. And therefore, you see that our payment cycle is, faster or working capital investment cycle is lower than the competition. We don't have... We have not seen much of hassles in getting payment certifications and payments. As, CFO had also explained, our working capital cycle, in fact, this quarter, we got a collection of INR 170 crore against our top line of INR 170 crore. So I think it's a reasonable effort which the entire team is doing. Certification wise, as you are-- I think you are aware about how government processes work. So based on the achievement of a milestone, we are raising a kind of the statement of works which get certified and, within a reasonable time. I don't think government bodies take long time, and we have experienced it doesn't take more than two- three- four weeks maximum. And then the payment is also, once the kind of budgetary allocations are available, the payments are made. And therefore, typically the debtors and the overall working capital cycle are lower. Okay. Thank you. Thank you. Thank you. The next question is on the line of Arthur Syed from SmartSync Services. Please go ahead. And sir, I would request you to restrict to two questions per participant- Good afternoon, sir. Thank you for the opportunity. I wanted to know about the borrowings part. Since one or two years, our borrowings are increasing. I wanted to know what would be the peak borrowings we will have in the future, and what is the reason for the increase in the borrowings? So I would request our CFO to supplement, but I could just give you one fact, that the borrowings are only cash credit. There are no long-term borrowings. The cash credit is the only borrowing which we have. In fact, if you see there is a net debt to equity is negative. Amita? Right now, we are just using our INR 29-INR 30 crore of CC, so that is the only loan we have in our books. If you see the finance cost, I think it is also made up of the BG cost. There are some processing fees and other costs also in that finance cost. But then, it is not that our loans are increasing. We have made a good collection in this quarter. So right now we are just utilizing INR 30 crore out of the INR 80 crore limit of our CC. Okay. Okay, got it. Just last one question on this, like, we did a partners with Mahindra. It is very good thing for us. I wanted to know how Mahindra actually partnered with us, because they are very big compared to us. So can you please throw some light on this? Yeah, I will add it to that. Later, Kaushik, you can supplement. Mahindra, Mahindra has various segments and expertise, and they've been market leader in the tech space. Primarily from the telecom side, they had larger credentials and capabilities. We come as a partner for them in water and energy side. We have been doing major projects in Government of India and states here, and then they were really attracted towards this, and they wanted to expand on those areas. Even we are complementing to them in the U.S. market for the telecom side. However, on the utility side, they were pretty keen on partnering with us. We have done lot of innovations on the AI side, on the platform for geospatial. We are also building up something on the scanning side. So they are trying to get onto that platform, and they wanted us to also help them in, you know, creating their platform and expanding their capture technology. Because they have been doing a lot of work for Google as well as their own platform they are developing for the content. So CS Tech has, you know, been doing this for the last 30 years or so. Data creation is one, application development is second. These are the areas where CS Tech has good progress, and they wanted the help from our side to build up their platform there. I think I have answered that. Clear. Just last one question, like, our, there is a slight dip in our technology revenue, so can you please throw some light on this? And thank you. I think as we have explained that the share of technology revenue versus geospatial revenue depends more on the cycle in which right now we have kind of executed a project. So during this quarter, quarter three, the technology cycle of the major project which we undertook, which was on the river linking, that portion was less. However, if you look at the nine months result, both of the divisions have grown at more than 75%. I expect the growth to continue even in quarter four with a similar contribution from both the units. However, we have maintained that our focus will remain more on the technology side of a project, and the geospatial will always second to it. So we will, we will execute a little bit more on the technology side of the project during the quarter four. There are certain elements of those projects which are going to be executing quarter four. And it, as I said, it depends on the cycle of the work order which you are executing, whether it is a technology side or it is a geospatial side. Okay, sir. Thank you. Thank you so much. Thank you. The next question is from the line of Charu Manral, an individual investor. Please go ahead. Sir, you may unmute your line. Hello? Yes, sir, you are- Yes, can you hear me? Good afternoon, sir. Good afternoon. Congratulations on the great set of numbers, first of all. I want to ask some questions. My first question is, is there any major CapEx planned for technology upgradation? So we have been investing on a consistent basis in the technology. We have been pursuing certain product development in AI/ML, and we have a team which is onto that. So there will be investment to it, but most of the expenditure, we don't capitalize, although there may be some elements of CapEx on it. But we pursue these elements as a part of our product development. Okay, sir. Thank you. My second question is, in the large geospatial bids, who are our main competitors, and what's the differentiation between Ceinsys Tech and them? I think, that's a very, very generic question, but I will try to answer. CS Tech, which is our company, is mainly a geospatial platform. So what we do is, our geospatial technology services are a horizontal platform, and on that, on that, we build the different domain infrastructure, solutions. So we have presence in water, we have presence in energy, we have presence in land reforms and road asset management and all.... So if you want to relate, which are the competition to company as such, I don't think we will be able to identify one company versus Ceinsys, because every domain has its different expertise. So for, let's say for energy, I may be competing with X. For, for road asset management, I may be competing with Y. For let's say water, there may be other companies. So I don't think there is any major one competition. We are having competition vertically different for the different infrastructure domains. I hope I could answer. There are. If I were to give names, like for example, in water, there are companies like RMSI will be there, or it's a geospatial, that also is a geospatial platform. In Genesys is basically on the geospatial enterprise. Okay, sir. Thank you. Thank you. I hope I answered your question, please. Thank you. Ladies and gentlemen, this will be the last question of the day due to time constraints. Now I would like to hand the conference over to the management for the closing comments. Thank you all for participating in this earnings conference call. I hope we have been able to answer your questions satisfactorily. If you have any further questions or would like to know more about the company, please reach out to our managers, which are Valorum Advisors, or you can reach out to the company secretary for any specific questions. Thank you, Arihant Capital, for hosting this, and thanks to all the participants for your active participation. Thank you. Thank you all. Thanks. On behalf of Arihant Capital Markets Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.