Ladies and gentlemen, good day, and welcome to the Ceinsys Tech Q4 FY 2026 earnings conference call hosted by Arihant Capital Markets. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Ananya Mukne from Arihant Capital Markets. Thank you, and over to you, ma'am. Hello, and good afternoon to everyone. On behalf of Arihant Capital Markets, I thank you all for joining into the Q4 FY 2026 earnings conference call of Ceinsys Tech Limited. Today, from the management, we have Mr. Kaushik Khona, Managing Director, India Operations; Dr. Abhay Kimmatkar, Managing Director; and Mrs. Amita Saxena, Chief Financial Officer. Without any further delay, I'll hand over the call to Mr. Kaushik for his opening remarks. Over to you, sir. Everyone, it's a pleasure to welcome you at this earnings conference call for the fourth quarter and the full year ended financial year 2025-2026. Let me at the first thank our host of today's call, Messrs Arihant Capital Markets. We have the pleasure to present the best quarterly and financial results of the company for the year ended 31st March 2026. 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, followed by the performance highlights of the quarter and the year 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 analytics, decision support systems, and enterprise web solutions. After the acquisition of the mobility business of AllyGrow in 2022, we acquired the geospatial business of VTS in U.S.A. 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 engineering services and the technology solutions, for which the company has already mobilized around $28 million. We serve a prestigious global clientele that includes large corporates, OEMs, asset management companies, and government bodies, highlighting our robust reputation in both the geospatial and manufacturing sectors. With offices in India, U.S., U.K., 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 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 fourth quarter and the year ended 31st March 2026. We have delivered the best of our quarterly performance, marking continued sequential improvement and extending our growth momentum over the last eight quarters. For the quarter under review, the operational revenue stood at INR 171 crore, registering a strong growth of 20% year-on-year. EBITDA for the quarter increased significantly by 50% year-on-year to INR 40 crore, with the EBITDA margins improving to 23.6%, representing an expansion of 475 basis points compared to the corresponding period of the last year. Net profit for the quarter stood at INR 37 crore, reflecting a robust growth of 70% year-on-year. PAT margins also improved substantially to 21.8% and an expansion of 641 basis points year-on-year. For the financial year FY 2025/2026, the operational revenue stood at INR 661 crore, registering a strong growth of 58% year-on-year. The EBITDA for the year stood at INR 145 crore, reflecting a robust increase of 86% year-on-year, while the EBITDA margins improved significantly to 21.9% on a full- year basis, representing an expansion of 327 basis points over the previous year. Net profit for the year stood at INR 133 crore, delivering an exceptional growth of 111% year-on-year. The PAT margins also surpassed 20% for the first time, with an expansion of 507 basis points year-on-year. This robust performance was supported by strong growth across various business segments. For the quarter under review, our geospatial engineering services revenue increased by 75% to INR 102 crore. On the technology solutions side, the revenue slightly declined to INR 68 crore, and therefore reflecting the mix of the two segments. For the full year, our geospatial engineering services revenue increased by 76% year-on-year to INR 359 crore. Similarly, our technology solutions grew by 41% year-on-year to INR 301 crore. Demand for our offerings remains strong. During the quarter, we booked our new orders aggregating to INR 62 crore, excluding mobility and product services, taking our closing order book as on 31st March 2026 to a healthy number of INR 876 crores. At the same time, we have maintained discipline on working capital, with our net working capital cycle improved marginally to 157 days from 162 days of the previous quarter. Another key highlight for the year was our strong cash generation. We delivered positive cash flow from operations and further strengthened our balance sheet, with the overall net cash balance increasing to INR 248 crores as on 31st March 2026 from INR 123 crores a year ago. We continue to strengthen our order book by securing multiple orders across domestic and international markets. Domestically, the company has secured a major contract from MMRDA worth INR 41 crore for the development and maintenance of an integrated project management system and GIS-based digital platform, along with the service order from ISRO, which also contributes to a three-year subscription renewal. On the international front, the company has received an order of INR 21 crore for the design, supply, and installation of Georgia Land Information System, and through our U.S. subsidiary, we have secured a purchase order also for a hybrid power transfer case amounting to INR 4 crore. This is a result of our continuous business development efforts, which we are doing for the U.S. operations. These wins reflect the breadth of our capabilities and our continued success in securing large and strategic projects across multiple domains. We have been aggressively working on building the pipeline for the new orders, and we are expecting a good confirmed order book in quarter two, quarter three of this year. There are many opportunities which could not be concluded due to several instances of the Model Code of Conduct in the last 12 months, but now we are seeing positive traction for those opportunities to conclude in the near future. Overall, our strong financial performance, healthy order book, improving cash position, and continued success in securing strategic projects provide us with the confidence on delivering sustainable growth and creating long-term value for all our stakeholders. With this, I now open the floor for the question- and- answer session. Thank you. Thank you. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their 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. Our first question comes from the line of Ashish Soni with Family Office. Please go ahead. Sir, the first question is on the acquisition. You said two quarters back, acquisition should be done by this timeframe. What is happening on that front? If you can elaborate on when we can close an acquisition. Sure. As you are aware, we have been targeting to get some inorganic growth, and we have also been working for various opportunities, which we have been tapping. In fact, the two opportunities which we were kind of tapping, there was some challenge as regards the business continuity, and therefore, we had to take a call to not to pursue that. We have also been pursuing a few opportunities, and based on these opportunities, we find that the new opportunity which we are tapping right now, there could be a closure of inorganic growth for the purpose of due diligence in the next one or two quarters. The amount of INR 235 crore, which was mobilized had been earlier earmarked for the particular 70%, 20% and 10% kind of scenario. With the kind of options which we are getting, there may be a slight change in the requirement of the funds. That is why the board has decided to slightly modify, and instead of around INR 210 crore for the purpose of acquisition and expansion, that has now been restructured to also include the opportunities by way of joint venture, et cetera, which were not earlier included. Therefore, that small changes are also being proposed for which the special resolution by way of postal ballot will be circulated. There are some opportunities which we are pursuing, for which we are trying to find some changes, as already mentioned. Okay. Regarding management changes, Suraj sir left, whatever little I know. What is the plan? Are we searching for some senior leadership? Because I think he was given the last U.S. leadership. What is the plan, and do you think you can maintain the growth rate what you have seen in the last two to three years going forward in the next two to three years? Certainly, a good question. In fact, we were expecting Suraj sir to contribute to a new vertical, but as he decided to move on. In fact, we have remobilized and I would say restructured the entire organization structure and the U.S. business. We have already, I would say, recruited three major senior positions in the U.S. who are doing the business development as well as execution. Our COO, Mr. Rahul, is going to head that U.S. business delivery also. He has already been performing on a year-on-year basis with a growth of more than 50%. On a CAGR basis, he has already developed his team at U.S., and he has also been taking control of the new initiatives. In fact, the two major businesses which you see, the INR 22 crore of Georgia and the INR 4 crore I just mentioned, are the result of the continuous BD efforts and also his involvement over there. I think we have got the new management team, although we realigned the management team to take care about the U.S. business, and we are seeing very good traction for the efforts which we already built in the last three to four quarters. The growth question, I asked that, can we maintain the growth momentum what we have shown in the last two, three years, in the next two, three years? I am sure that things are moving in the same direction. In fact, the kind of capabilities which we have developed, you can see that we have enjoyed a growth of almost 58% CAGR in the last three years, which is also part of our presentation. We are hopeful while we are already targeting to that, but we are hopeful that this growth momentum will continue. Last thing, you spoke about the objective change for the preferential issue to include joint ventures. Any particular area you are lacking, or is complementary to your thing which you are looking for? Will it give us a global reach or some clientele? I just want to understand that perspective. As of now, I would not be able to give you further guidance. Yes, the kind of acquisition which we are looking at are to acquire certain capabilities where there are two options: where there are industry leaders, and they may not be open for acquisition, but they are open for alignment by way of a joint venture. Therefore, this option is also being addressed. That is the only reason. This is, again, we are not going to diversify from the existing businesses, which is geospatial and engineering solutions. We are going to fortify by enhancing the domains and also adding more clients by way of maybe having good logos and all. The purpose of acquisition and the inorganic growth continues the same. Last question, what is the situation on receivables and the recovery from the government, I feel? JJM, we had a lot of issues last year. Can you elaborate how much in terms of receivables left from that earlier thing, and in terms of aging, and when do you think the recovery can happen? Sir, in case of recovery, we have data of INR 153 crore outstanding as on 31st March 2026, out of which approximately INR 94 crore is less than 90 days. You can understand out of INR 153 crore, the INR 94 crore is, the 61% quantum is less than 90 days, and less than one year is approximately INR 127 crore. The recovery or the aging, which we have more than one year is hardly INR 27 crore out of the total INR 153 crore. Last year, we also collected a lot of funds, including JJM. This financial year also, we are targeting, and we are hopeful that we will be able to recover most of the funds from JJM and other projects also. We don't foresee any problem in case of recovery. This INR 27 crore, which is more than one year, what's the challenge we are facing? Is it some milestone, or what exactly is the challenge there? Sir, there are challenges. Maybe some are because of the milestone, others are because of the government funds and sanctions, which we are waiting. We are hopeful to get the same in the same financial year, 2026/2027. Okay. Thanks and all the best for the future. Thank you. Thank you. The next question comes from the line of Kaushal Sharma with Equinox Capital Venture. Please go ahead. Hi, sir. Very good morning. Good afternoon. Audible? Yeah. You are. Good afternoon. Yeah. My question is on your working capital side. I can see that your trade payment has increased significantly during the year. What was the key reason? I'm sorry to interrupt, Kaushal. Kaushal, you're not quite clear. I would request you to use your phone on the handset mode in case if you are on a hands-free mode. Hello. Now is it audible? Yes, a little better. Go ahead, please. My question is on your working capital side, the trade payable has been increased significantly during the year. What was the key reason? Did we renegotiate with our supplier? Our unbilled revenue also increased significantly more than our revenue growth. What was the reason over there? If I can just address, first of all, the current liabilities. In most of the cases. These are all back-to-back contracts. Back-to-back contracts. Once we will get the funds, we will even pay our suppliers because we have similar terms with them that once we will realize our debtors, we will pay off our back-to-back contractors. That is why you might be seeing that change in the case of payables. Okay. What about the unbilled revenue? Unbilled revenue, we can also say. More than revenue growth. Unbilled revenue, I think, yes, what you have pointed out is correct, that it has increased in this financial year. This is just because the milestones have not been achieved as on 31st March 2026, which may come up in this financial year, in this first quarter also, and in the coming next quarter also. We will be able to bill substantially out of this unbilled revenue because we will reach to the milestones of billing in the first and second quarters of this financial year. Sir, my next question is on your acquisition. You acquired VTS two years back. What is the current status and their revenue as of now, in order book or the margin? What is going on over there? VTS, we have invested a substantial amount by way of manpower, business development efforts. What we had earlier projected that this year, in the FY 2025/2026, they were to kind of enhance their revenue, which they have. We are expecting the growth in this financial year after all the BD effort which we have done last year. VTS, we may expect a good revenue jump. In fact, it may be more than 2x from what we have achieved in the 2025/2026 on VTS. We are expecting VTS to not only contribute a turnover of more than INR 20 crore, but it could also be a profitable growth. Even quarter one is in line with the projection. I think that has come out quite well. We have been mentioning about this in the last two IR calls also that the business development efforts are happening and that can come. These are some of the results of the continuous efforts. How much revenue did it contribute in the current financial year 2026, and the profitability now? In the financial year 2025-2026, the turnover was not significant. It was around INR 7-8 crores, and it was EBITDA positive, but after the BD expenses it was negative because we had incurred some of the BD expenses. This, as I said, this year we are projecting to be more than INR 20 crores with a positive EBITDA and substantial positive EBITDA. Sir, we have around INR 876 crores of order book. What is the execution period that we are expecting to execute this order book, and what is the order pipeline as of now in India and as per the global level, like you have the subsidiary in the U.S.? Let me first clarify. There are two segments of business which are not mapped under the order book, which is mobility and the product solution. These two segments contribute, which they are annual run rate kind of business where we further acquire new businesses and all, and these contribute almost INR 150 crore of our total top line. When we talk about the order book, the INR 876 crore order book, there are various projects which are having an execution pipeline of 12-18 months. Many of these projects would have closed within this year. We will have a spillover order book going into next two to three quarters of the next quarter in some of the projects. We expect order book to substantiate for this financial year as well as one or two quarters next year. The order pipeline, I'm sure, Abhay, if you are there, he can contribute. Yeah. At a client call. Are you there, Abhay? Yeah. I'm here. Are you able to hear me? Yes, we can. Yeah. Coming to the order book and pipeline, we've been doing a lot of hard work on that side. In Q4 and Q3, we did good homework, and we have created some good funnels. Unfortunately, Q4, we couldn't have those closures, Q1 and Q2, we have a substantial order book to be closed. We are L1 in a few cases; there are some direct orders or extensions of the existing orders. Those are all in the pipeline. We've been able to do some inroads in some of the major departments in Maharashtra and outside Maharashtra as well, primarily in the infrastructure space. We are also doing some inroads in the power segment. These two will be there in the next two quarters, we'll see a lot of orders coming into these particular domains. Could you be specific on the quantum of the order book pipeline? I can't tell you the numbers, but when I said that last quarter, I couldn't close it. It should be the next two quarters we'll have our numbers, whatever we have desired, to fulfill in two quarters. It may match up to the last year's or adding more into that. The number we close will be definitely more than what we have closed last year. Got it, sir. Sir, the EBITDA margin has increased substantially, like 347 basis points. What was the key growth drivers in this EBITDA, and is this margin sustainable in future? I think if you see our presentation, you will see that EBITDA margins have not suddenly increased. There is a constant, persistent effort based on the last eight quarters, you can see that EBITDA margins have been increasing, and it's sustainable. I would say the reasons there would be, I would bracket into three reasons. One is that we have improved our delivering capacity. We are therefore trying to tap a higher value segment rather than going into the lower value segment of data acquisition. We are more into solutions. That is one reason. Second is the skilling of the people, which we are enhancing. In fact, if you look at the number of employees to turnover ratio, which was in the 2023/2024, the employees to turnover ratio was around INR 24 lakh. Today, we are talking around INR 55 lakh. It is only because the people who have been able to deliver have been getting better- skilled people, or we are getting new skills for the existing people. Third is we are able to tap certain new technology segments which are enabled by AI. In this year as well as in the coming year, we believe that there will be certain technology initiative which will contribute to a substantial improvement in the EBITDA on a consistent basis. I think these are some of the initiatives which we believe that this could keep our EBITDA at a sustaining levels. That's good. Thank you very much for answering. Thank you. The next question comes from the line of Ashwin Patil with AlphaStreet Intelligence. Please go ahead. Sir, good afternoon. My question is about India accelerating Ashwin, you're not quite audible. Hello. Now, sir? Yes, please go ahead. My question is India accelerating offshore oil and gas exploration. Does Ceinsys see any meaningful opportunities in GIS mapping, digital twin, and survey projects from this sector over the next few years? We are certainly experts. I would not say expert, but we have all the capabilities of the data acquisition, the mapping, the 3D plan, as well as the digital twin, and it applies to all the segments. Now, oil and gas, we have not had any earlier exposure except for one exposure, which we had from U.S., and we are trying to find out if we can tap those opportunities. However, these opportunities are typically taken by the oil exploring companies themselves, and it takes little more time to get more drill into the new businesses with those sectors. We are exploring those, including some of the opportunities which we are working for transport, telecom, as well as maybe defense, and all other segments which we are expanding our domain. Oil and gas exploration has not been, except for one contract; we have not got into the contracts, but we are certainly capable of delivering the digital twin by the 3D mapping of the area to be mapped. We are working on those options as well. Yeah. Ashwin, to add further, the other domains where Ceinsys have its presence or prominence are growing faster than oil and gas. Oil and gas in India is steadily growing, and there are a lot of already benchmark solutions. Those are in the technical side. As what Kaushik just mentioned, we are there for the digital twin side of the operation, and we will pursue. Having said that, the others are growing, and we are really jumping into those opportunity space. Perhaps by comparing the scale, you will find we are growing faster in other domains compared to this particular domain. Okay, sir. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Gunit Singh with Counter Cyclical PMS. Please go ahead. Hi, sir. Thank you for this opportunity. Firstly, my question is regarding the order book and the bid pipeline. If you look at the order book, it has been shrinking year-over-year. I think in FY 2026, order intake was around less than INR 400 crores, around INR 350 crores, which is less than what we executed during the year. All throughout FY 2026, we were told that in the next quarter, in the fourth quarter, in the third quarter, order inflow would be high because the bid pipeline is strong. Then, in the fourth quarter, we were assured that during Q1, before the call, we would see some order inflow. As an investor, I just want to understand what the bid pipeline is. How much have we built currently? How many projects are we in, L1 in? What kind of order inflow can we realistically expect in FY 2027? If you share this information, we will have an idea as to how the actual environment is, because right now, we have no idea as to what is going on. Yeah, Gunit, I will take this. Yeah, please. Thank you. Yeah. Gunit, good question, and you are very right. We were saying last quarter that we will be able to close three of them, but those got really postponed. We are still on those projects. We have three L1 projects at this point in time. I won't provide you a number attached to those L1, but those would be any day we would be able to get those orders. We have one order, which is the LOI. We have started executing that, delayed because we haven't got a firm order. As the timeline is very challenging, so we have started up executing those. Having said that, Q1, what we were anticipating, again, it got slipped to Q2. I agree to your statement. Q2, definitely, we have a strong pipeline. I can boast you that what we have closed in 2026, we will surpass that in Q2 itself. That's my statement. Remember that. We have a strong pipeline with infrastructure space. When I say infrastructure, it's on the roadside, it's on the metro side, and other building customer side. Those are all big pipelines. We usually have a different life cycle of project or bidding. We will get one or the other domain picking up and getting. As government funds and government handouts comes, accordingly, even the business runs. It's a natural phenomenon. Similarly, water took two years because JJM was there funding it. The infrastructure side on the highways, on the metros, and similarly, the ports and these kinds of projects are coming up. We are very much lining up for them, and we have bid a few of them. Definitely, we'll win those projects because we see that we are pretty competitive and we have other advantages that we may likely to win those. Got it. Yeah. Got it. Basically, in Q2, what we're trying to say is by Q2, we should have order inflow of more than FY 2025, which was around INR 354 crore. Is that a fair assessment? We will be able to match what we closed in FY 2026 by Q2, more part, and then we will be able to surpass what we achieved in FY 2026 by Q3. Gunit, thanks for your continuous kind of interest. I can also substantiate that earlier, the run-rate business, which was not supported with the order book, was small. Now the run-rate business has also increased substantially. I think what we are trying to build is a sustainable business where we don't need to rely on orders on a one-time order. I think in the beginning of the meeting also, I mentioned that we have two divisions, which is mobility and product solutions where more than INR 150 crore worth of orders. Our execution is not backed by order book because they are a run-rate business. I think that we are confident about the growth as what we have been pursuing. Got it. Thanks. I just want one clarification. Did you mention that the order inflow by Q2 would be equal to the order inflow in FY 2025? Is that what you mentioned? Come again. I didn't get you. What is that? Basically, you mentioned that by Q2, the order inflow that we will see will almost equal or exceed the order inflow in whole of FY 2025. Is that what you mentioned? No, for the FY 2026 we just closed, we may exceed to that by Q2 or half of Q3. Okay. In terms of order inflow, right? Order value. Cumulative value of all orders received. Not the number of orders. We closed FY 2026 at INR 800 crore order book. I don't understand exactly what you're trying to say. No, that's the revenue. Yeah. Gunit, I think what he mentioned is that during the years FY 2025, FY 2026, we had new orders of almost INR 350 crore. In Q2, Q3 beginning, we should at least go and get those new orders of that value. Although we are not able to quantify because we don't give the numbers, but as and when we will get the confirmation, the same will be kind of intimated. I think the pipeline is substantially good, and as Abhay sir already mentioned, there are three large orders where we are L1. Perfect. Thank you very much for clarifying. If we talk about the bid pipeline, what kind of bid pipeline are we looking at currently, and how does it compare if we were sitting at the same time last year? Is the bid pipeline healthier? If you can throw some light on that. Yeah, Gunit, what usually happens, the bid pipeline firms up when you work for two quarters or more than two or three quarters. You get the RFPs published and then the bid submitted, and it's about to close up, become an [admin]. These are long-term processes, usually take three quarters. What has happened this year, what we have done in the last two quarters, those are getting matured, and we are about to get some bids published. Whatever bids we have bidded or whatever RFPs got published in Q1, we just got those getting closed end this quarter or early quarter through. It's a really good pipeline, what we have. We have done a lot of hard work because when we saw that 26 is not converting into the right kind of closure. We started working on new projects, new areas, and then whatever new funds which were given by the central government and the state government. Those projects we tapped, and then we were able to publish some of the projects or some of the RFPs for those projects. There is a good bid pipeline, and we have already created some RFPs. Unlike what Q4 and Q1 we have. Got it. My next question is regarding the unbilled receivables that we have, about INR 330 crores. These seem to be growing at a very fast rate. I want to understand what is the reason. Why are we not able to bill our clients at the milestone, number one, so there's a mismatch? Are we doing some aggressive accounting currently? Because the unbilled revenue seems to be growing at a very fast rate. As on date, how much of this INR 330 crores as of March 31st, how many of this has actually been billed, and how does it work? If you can help us understand in detail what's going on here, that will be really helpful. I think I have already explained this unbilled revenue of 31st March 2026. Yes, the number is higher side on 31st March 2026 because the milestones which are required to bill has not been attained at 31st March 2026. We will be attaining those milestones in the first quarter and second quarter, and those unbilled revenue will get converted into billing, and we will recover the funds in these two quarters. There is no aggressive kind of accounting. What we are doing, it is normal, as per Ind AS accounting is being done. The amount which you are looking in unbilled revenue is just because the milestones in government projects. We have a milestone wherein only we can bill once the milestone has been achieved and the certification process is done by the government. We are expecting that it is in process and we are expecting that to complete in this Q1 as well as Q2. This unbilled revenue will come down substantially in these two quarters. At the same time, the new work will happen, the new execution will happen, so another new unbilled revenue will also come. It's a continuous cycle. Gunit, also you should appreciate that the turnover is increasing by almost 58%. Unbilled revenue, because the cycle of execution will continue, and obviously, when you are working with at least 10 major projects and almost 50 small projects, every project has a different timeline or milestone for billing. I think that's a normal practice. When we grow, if we talk about comparing ourselves before two years and now, I think the numbers itself, the baseline itself has changed. They are part and parcel of business. Got it. Thank you very much for the clarification. For this subsidiary, which is loss-making, I think if we go from standalone to consolidated figures, our EBITDA falls by INR 26 crore. By when do you think that this will break even, the loss-making subsidiary? If you can throw some guidance on how the business is going there. If I can just recap, we have been communicating about these business developments in last three, four, five quarters, about our efforts in business development, because these were acquisitions and we wanted to grow. These investments into BD, and we also developed some IPs, which have been expensed out in the subsidiary at the end, and therefore the consolidated results have shown lower results than the standalone. However, in Q1, as I think in the earlier question I already mentioned, that in Q1 this year, there is a visible improvement. We have seen new orders, which I also mentioned, one new fresh order of INR 4 crore, another order of Georgia of INR 22 crore, which is also because of the sustained efforts of business development. As per the business plan, which is envisaged for this year, we are expecting a good turnaround and no negative profit. We will be in breakeven in this financial year. We are targeting to have that breakeven in these subsidiaries, but we may also incur certain expenses towards BD, in this financial also. Yes, the numbers will substantially change in this financial year. That's great. We can expect the standalone consolidated margins to tend more towards. Yes. Standalone. Right? That's right. Was the INR 40 crore investment technology, was that expensed out? Yes. Except for INR 12 crore, which we have capitalized, the other expenditure has already been expensed out in the subsidiary. Got it, sir. Thank you very much, and I appreciate the work that you're doing, and wish you all the best. Thank you. The next question comes from the line of Shubham, an individual investor. Please go ahead. Hello, am I audible? Yes, Shubham. Yeah. Sir, congratulations on the good set of numbers. I have a couple of questions. The first question is with respect to the tax rate in FY 2026. What I could see is that the tax rate has been dropped sharply with respect to FY 2025. It was around 29%, and then it dropped to 14%, 15%. Sir, what was the reason for this, and what is the normalized tax rate that we can assume for FY 2027 and FY 2028? No, that is not the tax rate has gone down. We have got a refund of INR 8 crores, INR 9 crores, which has been received in this financial year. We have reversed the excess provision, which we have done in income tax in 2024/2025, which got reversed in 2025/2026. That's why there is the difference. There is no change in the tax rate. The tax rate applies to the company is 22%+ surcharge plus cess. I think FY 2027/2028, it will be 25% tax rate. Normal. Normal tax rate. Got it, sir. The second question is that, I think, as you mentioned in your opening speech as well, that technology solution segment has seen some decline in revenue as well as EBITDA in Q4. Sir, is this temporary or is it indicating that there is some moderation in demand? How do we see this going forward? No, it is completely temporary. In fact, the overall mix of technology solutions in the contract has been more than 55%-60%. As it happens, during a particular quarter, maybe I have not achieved the milestone for recognizing the revenue. Therefore, the percentage of the technology solutions revenue is slightly lower. If you see the overall annual percentage, I think we have grown 41% on the technology solutions also. It's temporary. Every project has elements of technology solutions and engineering solutions. In a particular quarter, technology solutions for that contract may have been less, and therefore, you see the percentage falling. On an overall number, you would have seen at least the last five, six quarters, the Technology Solutions percentage has increased, and I also mentioned in my opening speech that our AI ML-enabled solutions, which is a part of the Technology Solutions turnover, will further enhance the turnover in the coming quarters. Understood, sir. This was a temporary thing. Sir, another question is that, we know that our company is primarily in AI, ML, geospatial opportunities, right? These are all very tech-focused segments. How much revenue today that is coming is actually coming from proprietary IP/platforms, versus how much is coming from manpower like engineering services? You can give that split at least in terms of percentage. First of all, let me clarify, we don't do any manpower services. We are all solution providers only. There are certain projects which are created on the OEM platform as required by the customer. What happens is that there will be certain customers who want a particular solution based on a particular software or OEM. It could be Autodesk, it could be Bentley, it could be Esri. The AI-enabled solutions are all proprietary because we have the IP already applied for that. There are certain open source applications also, which we have developed, which we are providing for some of the solutions. I think it's a mix of OEM-based solutions and the open source solution, and it is all guided by the customer's requirements. Wherever there is a possibility that customer doesn't specify any specs, then obviously we'll try to prefer our open source applications. The open- source application turnover is also steadily growing because of the enabling of the AI and ML based on some of the products which we have developed. Understood, sir. Sir, thanks for clarifying. Sir, just a last question. Sir, we see that there are a lot of additional tailwinds that has come in, like for example, Jal Jeevan Mission has been extended, and then obviously then oil exploration is also related to that, and a lot of schemes have been introduced by the government. I feel that we are somewhere at the center of this, where we are able to make benefit from all of this. I just wanted to understand, the future outlook, would still be like how we have been growing? Obviously, we have done a very good job for the last two, three years, but are we still being conservative in giving the growth numbers, or can we expect that the growth can be faster in the coming years? Any commentary on that, sir? Whatever you can. No, you are mentioning two domains. Are you connecting that growth to these two domains only, or you want the entire- Sir, overall, I'm asking. Like overall. We've not been very conservative, but not been very agile. We've been very steady, and we've been projecting and trying to achieve what we have said. If you see three to four years, we've been gradually growing as far as order book growth and even the revenue side. We plan it properly. Every year, we do some brainstorming and decide to do some kind of induction to some of those departments where we see the funds are going to come, and this huge technological intervention going to happen. By virtue of those, we create our entire funnel, entire roadmap, and accordingly, we go to the department, and we hire people and create our entire business development funnel. We start creating the RFPs and start winning the projects. It's a long-run process, but we've been very much on the job. What we see is that next five years, how are we going? Accordingly, we are hiring people; accordingly, we are even trying to see the government funds, how they are coming and building up our entire business this thing. Progress, yeah. I hope I addressed your question. Yeah, sure, sir. Thanks. Thanks for answering all the questions. Thank you. Participants, please press star and one to ask a question. The next question comes from the line of Ashish Soni from Family Office. Please go ahead. Sir, what is happening to our collaboration with Tech Mahindra? Are we getting any business? If you can throw light, and are we having some bigger pipeline or just joint solutions with them? Yeah. I will answer that. Tech Mahindra, we've been exploring what the areas are, which are the domains, which are their individual domains and where we can intervene. We have already done a few POCs. We are doing some projects with them, some POCs in U.S. with them. They won some project, and they are going to give those project to us. I cannot spell out the names of those projects. We've been collaborating. Telecom, we have begun with. Slowly, we'll move into the other domains like energy and water. They wanted our assistance in telecom, and we've been providing them what they want. We have already done a small project, but we'll grow this over the years. They are also committed for this partnership, and we're very optimistic about that. You'll see numbers growing very soon. Okay. Another question is, I think management alluded earlier that your international business will be a good chunk of maybe over a period of time, in the next two, three years. Do you still see that trajectory moving in that direction and dependency on maybe Indian government schemes to be reducing? Where do you see in the next two, three years that progressing? Yeah. The first part, Ashish, here rightly handled and addressed it elaborately on how we have grown and what the plans are for the next two to three years, and how Rahul has taken over and he is handling that international piece. My question is, trajectory-wise, do you see international business becoming a good part of your business and dependency reducing in the next two, three years? That's the question. Yeah. Abhay, you may be in a network zone, which may not be quite clear. To answer your question, yes. In fact, if you look at our vision statement before more than one year, that is our vision that we want to expand into international, reduce government dependency, but still grow both simultaneously. I think that's what we are doing. Any other senior management hire you are looking for achieving that, or everything is in place in terms of your international expansion? No, we are already completely onboarded with the team. Internal expansion, international expansion team has already been there for last more than two quarters now. In fact, a few of them were there before, two, three, four quarters. The team is already in place. The orders are already coming. The execution has already started. I think in the sense the new orders execution also started. We have taken those steps, and I think right now the team is adequate enough. The team will grow as the business will grow. Yeah. Right now the team is available to meet the at-present requirements of business. Okay. I think somebody mentioned about some IP development in U.S., I think when Gunit or somebody spoke about the question of expending out expenses. Can you just highlight anything new in terms of IPs you have developed over the last one year or which will help in the business going forward? We have developed two IPs which are already applied for. We are expecting maybe a registration soon. In fact, we have also been using those product solutions for not only POCs but also commercial utilization. I think the focus for the current year will be to build more IP products. In this one and two years, we want to invest more into that. I think there is a focus of enhancing the IP portfolio. How much will that expenses be for the development of IP? In the recent AOP, we have identified at least three major IPs where the expenditure outlay is targeted to be in the range around INR 12 crore-INR 15 crore. That is also part of our revenue expenditure. Okay. Any risks and challenges do you see for your growth in the next one or two years? What's the plan to mitigate them? It's a normal SWOT analysis for any company. We have taken our action plan to ensure that we expand ourselves in line with the demand. Therefore, you see that we have been able to be fungible to move from, let's say, energy to water, and now we are trying to refocus on where new investments are coming into infrastructure, digital twin or transport, and also a little bit focus on how to enhance the satellite defense and all. We have been, I would say, adjusting to the domain where there is demand and there is outlay. We are taking our adequate care that the risk obviously will always be there for any business, but we are trying to have a mitigation plan for that purpose. For that matter, we have an adequate base of various domains. We're not confined to one individual domain wherein we put all our eggs. Every alternate, or sometimes you have other one domain performing and other domain going down. Because, as per the government demands, as per the market, things come into the picture, and accordingly, you get your business. That way, we also plan, and we have our plans created for the next two, three years. How the individual domains will perform, we have those ideas. Taking the numbers of the market, how the market has expanded, how the government has promulgated, like the National Geospatial Mission, National Geospatial Policy. It has enabled a lot of new areas of opportunities. Likewise, we create our funnel, and we focus on the market. Yeah. The next question comes from the line of Maitri Shah with Sapphire Capital. Please go ahead. Yeah. Hello. Am I audible? Yes, you are. Yeah. Good morning. Most of the questions have been answered. Just a few. Firstly, on the growth side, so for the last two years, we're growing upwards of 60%, and again, we're saying that we'll grow in line with those targets. Where do you see which domains are you focusing on more? Also, currently in order book, how much contribution are you getting from Jal Jeevan Mission and any new Jal Jeevan Mission contracts you are bidding for? There are three questions. I would answer two. One answer I think Dr. Abhay will give. The current order book percentage of Jal Jeevan Mission is less than 15% or 20%. I have not exactly calculated, but these are less than 15% now. That is one. Second is, the domain-wise, we are changing our as we already mentioned that we keep on shifting the focus based on the focus where the government spending is more because these are all infra projects and infra projects require large expenditure, and therefore we kind of modify ourselves to that. As regards Jal Jeevan Mission, Abhay, the new BD, are you able to hear, Abhay? Sir, Abhay Sir has got disconnected. I will reconnect him. Okay. The new pipeline is not focused on Jal Jeevan Mission except for some of the projects where there is expansion and enhancement. There are a few projects where we have already implemented some of the projects, and maybe the ambit is getting expanded, or there are projects where the time limit is getting extended. There are a few projects where we are expecting enhancements in those Jal Jeevan Mission projects. Most of the new initiatives are into domains like the infrastructure, or transportation, or energy, or even some of the initiatives which we are taking for defense. Okay, that's it. Also, you mentioned that once our VTS has a positive EBITDA, we'll stop the drag on the consolidated. Where do you see this business getting our consolidated EBITDA margin at a steady level up to? This year itself, the CFO has already explained that this year we expect to be a break-even. The drag on the consolidated results are not expected at the year-end. Obviously, because of the margin improvement, next year onwards, we can see the positive results from the subsidiaries also. The growth on the 50% stage, will you maintain that for the next few years, because we are entering new domains where we're seeing better focus now coming forth? We don't commit any numbers on growth. We keep on pushing ourselves. It will be difficult for me to answer the numbers or the percentage growth. The three projects where L1 and are currently in these new domains that we're targeting. Is that correct? Sorry, three projects, what did you say? The three projects that we are L1 in, these are in the new domains we are targeting? Yes. Not new domains, but some transport, energy, and those sectors. Those sectors. Okay. Yeah. Thank you very much. All the best. Thank you. The next question comes from the line of Amit Kochar with Padam Investments. Please go ahead. Good noon, sir. My question was regarding Mr. Tarun Raisoni, who was a strategic investor and an advisor to the company. Is he associated with the company for advising any of the AI or means in any way, or is he not associated right now? No, he is a strategic advisor, so he does give his input for our AI initiatives. In fact, he has also been developing a new venture in U.S. as well. He is obviously on our board for advisory, and he does give input for any expansion related to any IP project. I think he's a good input, he always keeps on giving. All right. If I'm not wrong, Rare CP is their company, or is it someone else's? The investor. Rare CP is a U.S.-based fund, and obviously, the promoter is, I think, they are U.S.-based. Mr. Raisoni and Mr. Mehta. Yeah. They may be joint promoters, but this is something which they have invested, I think, before 2024. Right. The warrants are being converted right now in 2026, even. Yeah, they are already converted, fully converted. It is fair to believe that they are associated with the company. They are. Right. Thanks. That's all from my side. Yeah. Thank you. The next question comes from the line of Gunit Singh with Counter Cyclical PMS. Please go ahead. I want to understand the tax rate going forward. What should be the steady state tax rate? Do we have any more credits left? No, the tax rate is 25%. Credits, it was a one-time feature, and therefore, tax rate will continue to be at 25%, which is including surcharge, et cetera. Got it. With regards to the projects with L1, and the margin profile would be similar to our margin profile since you mentioned that there are some in energy and transport. Yes. What the margin provides. Yes, margins are typically almost similar in all the domains where we operate. We don't have a sector-wise drag of any one domain onto others. I think every project has a decent margin, which enables us to keep up the overall EBITDA margins. Got it. In terms of the long-term view, say, over the next three to five years, where do you see the company standing? Do you have some aspirations in terms of top line and bottom line, or a mix of government versus international projects? I just want to understand what is the strategic direction of the company for the coming three to five years. I think long-term vision, we have already shared once, our idea is to grow. Obviously, I can't quantify. Grow in both the segments, which is the International segment as well as India segment. India segment continues to be kind of contributed more by government business. Grow international faster, grow India business at its own pace without taking much exposure or risk, and still have a combination of changing the mix from the present of government business from, let's say, average 70% to less than 50% over the next two to three years, while continuing to grow. Got it. Obviously, you haven't given a number of the kind of growth that we should expect. Yeah. Considering that the beginning order book is low, so do we still feel that the company will actually grow at least for the India business this year? I think even international business will grow. We have already pulled up our socks. We already got some opportunities. I think Abhay has already mentioned about the three L1s and new projects. I don't see any problem in execution targets for this year. All right. We should expect the company to grow at a good rate this year as well. That's a fair understanding, right? Yeah, absolutely. That's correct. All right. Thank you very much. Thank you. Ladies and gentlemen, we will take that as the last question for today. I would now like to hand the conference over to the management for the closing remarks. Thank you, Arihant Capital. Thank you all for participating in this earnings conference call. We hope that we've been able to answer all your questions satisfactorily. If you still have any further questions and you want to know more about our company, please reach out to our IR managers at Valorem Advisors. Thank you once again, everyone, and Arihant Capital. Thank you, sir. Ladies and gentlemen, on behalf of Arihant Capital Markets, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.