Ladies and gentlemen, good day, and welcome to Sky Gold and Diamonds Limited Q3 and nine months FY 2026 earnings conference call. 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 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 Mr. Parth Patel from MUFG Intime. Thank you, and over to you, Mr. Parth. Thank you. On behalf of MUFG Intime, I welcome you all to Sky Gold and Diamonds Limited Q3 and nine months FY 2026 earnings conference call. On the management side, we have Mr. Mangesh Chauhan, Managing Director, Mr. Siddharth Sipani, Chief Financial Officer, and Mr. Akash Talesara, President, Sales and Business Development. I hope everyone had an opportunity to go through our investor deck that we have uploaded on exchange on the company's website. I would like to mention a short disclaimer before we begin the call. This call may contain some of the forward-looking statements, which are completely based upon our belief, opinion, expectations as of today. These statements are not a guarantee of our future performance and involve unforeseen risks and uncertainties. Now I hand over the call to Mr. Mangesh Chauhan. Over to you, sir. Good afternoon. Mangesh Chauhan here, Managing Director of Sky Gold and Diamonds. First, I want to thank my team. They delivered a strong performance despite a tough market. I will assume you have reviewed our latest results and presentation. Sky Gold's journey has unfolded in three phases. In the beginning, our goal was to build a basic product portfolio and establish credibility by securing our first corporate client. We anticipated the shift from unorganized to organized retail very early, and that paid off. Similar shift is happening in jewelry manufacturing. Jewelry manufacturing is getting more organized. With IPO proceeds and internal cash generation, we were able to penetrate multiple clients and lease a large facility in Navi Mumbai. Once we raised preferential capital, we had guided our revenue, PAT, and ROCE of INR 5,000 crore, 3.5%, and 25% respectively by FY 2027. Since then, we have increased our guidance multiple times. We would be exceeding even our recent guidance also. In the third phase, Sky Gold's strategic focus shift to internal cash generation. Top-line growth, including volume expansion, remains central, we are equally committed to disciplined growth and robust cash flow, free cash flow generation. The first two phases were fueled by the mix of internal and external capital. Sky Gold 3.0, however, will be driven entirely by internal generated capital. Our guidance calls for a 30%-35% CAGR in revenue, alongside strong cash flow generation. By 2030, we expect to deliver INR 945 crore PAT and achieve a net debt-free position. The revenue growth will be capped at 30%-35%, since we would like to be net debt-free by FY 2030. There are not many businesses in India which can grow revenue at 30%-35% CAGR and convert 20%-35% of PAT to OCF. This also underscores the lean growth engine we have built. Considering the large addressable opportunity, we can easily grow at the 2x the pace and, but we would not be in a position to generate operating cash flows. The dual commitment to growth and cash generation discipline underscores our ability to scale while creating long-term shareholder value. When it comes to the jewelry industry, corporate governance is always a question mark. We would like to follow highest corporate governance. From April 1, 2026, global audit firm will be put in place. Kudos to Siddharth for leading this change. As promoter, we have agreed for zero salary compensation model from FY 2027. We will follow dividend-only compensation. Promoters would draw compensation exclusively through dividends, ensuring their rewards rise only when shareholder benefits. This structure fully signs promoter with minority, aligns promoter with minority shareholders, as payout depends on shared ownership outcomes. Dividend would be distributed strictly from operating cash flows, reinforcing financial discipline and long-term value creations. There are three main pillars in the company: creativity, technology, and manufacturing excellence. Now, let me request our President, Sales, Business Development, Akash Talesara, to explain our efforts in the merchandising space. Over to Akash. Thank you, Mangesh Bhai. Hi, this is Akash Talesara, President, Sales and Business Development at Sky Gold and Diamonds. I come with more than 23 years of experience in jewelry industry, with the past experience of working with domestic and export market, with all the jewelry categories like gold, diamond, lab-grown silver. When I joined Sky Gold and Diamonds, my first goal was to find the USPs and build on the company's existing strengths. Sky Gold is especially strong in making lightweight casted jewelry. We are a young company with modern 3D technology, laser cutting, stamping, that helps us produce high-quality, lightweight design efficiently. At that time, gold prices were rising fast and gold was becoming expensive, the customer preferred lightweight jewelry. This trend worked in our favor, Sky Gold was in the right position to meet this demand. The company also had access to growth capital, which helped us focus onto the right product categories and grow quickly in the market. This created a perfect ecosystem to make it as a one-stop shop for all the jewelry requirements. In the jewelry manufacturing, labor, raw material, machine, and are important. Co-creation and merchandising skill makes the real difference. Designing plain gold jewelry is very different from designing diamond jewelry. Both needs special expertise. Over the last 3 years, we doubled our merchandising and design team to around 150 people and built strength in many categories. We have now more than 25 different jewelry projects. We also started a diamond design studio in Andheri, near to SEEPZ, to use the local talent available there. Another important initiative we took was co-creating with the retailers. We work closely with the retailers to design products that match market trend. Our team studied their current portfolio and competitors, then prepare sketches, prototypes, samples as our proposal before they approve for the mass production. We measure success by how many designs get selected by the retailers. This database approach has given us one of the best selection rates in the industry and has helped us reduce the unsold inventory as well. Our teams are constantly co-creating with the retailers like Malabar, GRT, P.N.G., CaratLane, Joyalukkas, Reliance, Aditya Birla, Kalyan, and many more. Sometimes we create new, well-studied themes on our own and invite the retailers to choose from them. This creates a healthy competition and helps us understand what market really wants. It also changes our relationship with the retailer from just buying to selling, right from buying to selling to a true partnership. Generally, whatever is co-created has a better strike rate and sales. We also have made a custom sell in the organization, probably one of the biggest in India, as many end customers show photos and designs they want, and the retailer asks us to make them. Though the volume is small, this strengthens the bond between the retailers and the customer, which ultimately benefits us. One of the major achievement was onboarding Damas, which is one of the biggest retail chain in the GCC, in just 3 months. Their customer is mainly buying a 21 carat jewelry, which is very different from the Indian market in terms of design and workmanship. Our team studied their need carefully and created a special product range for them after studying the market. This shows how flexible and strong our merchandising team is. Sky Gold has recently received many merchandising awards, including the one from CaratLane and Aditya Birla. De Beers selected us as an exclusive partner for a couple of their campaign, which is My First De Beers and the Bestie Bracelets. Only 4 or 5 companies were chosen out of the 45 applicants. We have also partnered with World Gold Council, and our product were highlighted in the TV commercials and the ad campaigns, which further proves our leadership in innovation. Our product range has gone a lot through in-house effort and acquisition. Value-added products now contributes more than 50% of the revenue, compared to just 4%-5% 3 years ago. There are categories like 9 carat, 14 carat, 18 carat, rose gold jewelry are growing well. Even in the basic products like chains, we have added an extra value to improve the margins. To improve the customer experience, we created a focused CRM team for better sales support. We also launched a digital app where customer can see our design bank in all the categories and place orders directly from the app. Around 7%-8% of the orders already are coming through the app, and this will increase further in the upcoming months. Our sales team is also responsible for margins and collection to ensure healthy cash flow. Another step forward was creating a dealership network. Our next growth area is reaching to the smaller retailers through the distributors and dealers. We are in process of building region-wide dealership network. As South India is one of our key focus area, we opened a sales office in Thrissur to have a better grip on the South India. Further ahead, we wanted to increase our footprint in exports as well, so we opened an office in Dubai Gold Souk, the center of gold global trade. We hired an experienced professional team who has sold near about 200 kgs per month earlier with their past experience. This is a very important step for our international growth. Talking about manufacturing strength, I would like to thank Mahendra Bhai for improving the factory's efficiency, controlling gold loss. Our delivery time is 30%-40% faster than many competitors. The shift to direct casting, 3D printing, laser, hollow stamping, and other latest techniques and R&D, has improved the finish and made our jewelry 20%-30% lighter. Once again, thank you so much. Over to Mangesh Bhai. Thanks, Akash. Apart from Akash, we are fortunate to have another silent achiever, Tiru. Tiru brings over 3 decades of jewelry manufacturing expertise, including a decade at Titan in product development and a long tenure at India's largest jewelry manufacturer, implementing ERP systems. Since joining Sky Gold, he has reduced gold losses from 1.5% to 0.5% and continues to drive further improvements. Siddharth leads our finance team with dedication and focus. Tiru is leading ERP implementation across the organization. Tiru has already digitized the back end, monitoring productivity, order flow, and gold loss. While rolling out ERP at the front end is expected to be over in next 6 months. As first generation entrepreneurs, Darshan Bhai, Mahendra Bhai, and I have worked tirelessly to build this organization. We are proud of our achievements, yet recognize that our processes are still evolving. To strengthen and scale, we are bringing in external talent from leading organizations to help us implement world-class systems. Investor will appreciate the transformation as the company becomes fully digitized. Benefits will be seen across multiple fronts. Implementation of the jewelry ERP system is not a simple task. Siddharth has been instrumental in shaping our Vision 2030 or Sky Gold 3.0. The leading finance team in a fast-paced, working capital-intensive business is not so easy task, yet he has exceeded expectations. For the first time, we have gone down to the level of sales type, geography, and product level, an exercise never attempted before. Special thanks to our finance team for making this possible. When we charted our three-year strategy, our agenda was clear: drive gold growth while generating cash flow. I repeat, growth will not be compromised. In the next phase, our focus shifts to revenue growth rather than volume growth, since gold prices remain beyond our control. On the contrary, if gold prices falls, the entire jewelry market expands, and as a relatively small player, this works to our advantage. At 30%-35% revenue growth, we will position to generate sufficient PAT as cash flow, enabling us to de-leverage our balance sheet and achieve a net debt free status by 2030. My finance mentor, Siddharth, will take you through our vision. Thanks, Mangesh Bhai. Before we walk you through Vision 2030, let me address a common question about the impact of gold prices on our business. We are fully back-to-back hedged, so price movements do not directly benefit us. When gold prices rise sharply, end demand tends to soften, and unorganized manufacturers struggle with the additional working capital requirement. In these periods, we gain an indirect advantage. Capital is not a constraint for an organized player like us. Another common question is on the gross margin expansion. In the current year to date, our consolidated gross margin stood at 8.27% versus 5.97% in FY 2024, means an increase of 230 basis points. This has been mainly on account of impact of gold reduction by 100 basis points. Increase in advanced gold business, leading to improvement in gross margin by close to 60 basis points. Balance is on account of value-added products like 18 karat jewelry, 9 karat jewelry, diamond-studded jewelry, and various other co-creation designs. To summarize, our gross margin improvement has been mainly on account of gold loss reduction, increase in advanced gold business, increase in 18 karat studded jewelry business having better margin. Our revenue growth will be driven by three key levers: increasing share within existing corporate clients, expanding reach through distributor markets, and scaling exports. Strengthening our merchandising capabilities is central to this journey. We aspire to be a global leader in jewelry manufacturing. To achieve this, we must further build our merchandising team. In his previous role, Akash worked with leading clients such as Signet, Costco, Walmart, Macy's, and others, bringing valuable experience to our efforts. We are such a tiny player in the market that reaching INR 18,000 crore to INR 19,000 crore is not expected to be a challenge. We would like to pick the right battles so that we don't compromise on the gross margins and working capitals. Our margins are supported by three key levers: advanced gold, a growing share of value-added products, and improved manufacturing efficiency. In the advanced gold segment, job work is booked directly in top line with limited costs, which optically results in higher margins. Margin gains from value-added products and efficiency improvements are straightforward, while an additional benefit will come from financial deleveraging. As cash flow strengthens and debt is repaid, interest costs, currently at close to 1.2% of sales, will reduce to virtually zero. Even though we are optimistic about our PAT Margin expansion, we are also cognizant of the opportunities present. Let me explain the levers available for working capital reduction. First, advanced gold carry no capital employed. Secondly, export and distributor segments also operate on spot payments or receivable under 10 days. As these categories expand, working capital intensity will decline further, enhancing efficiency and resilience across the business. Directionally, we expect our working capital cycle to drop below 60 days. To summarize, we are looking at revenue of INR 18,000 crore-INR 19,000 crore, PAT of INR 5.2 crore+, OCF to EBITDA of close to 20%, and achieving net debt-free position by 2030. Promoters will take salary through dividends starting 2027. Our accounts will be audited by global audit firm, effective first quarter of upcoming financial year. I request the moderator to open the floor for any Q&A. 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 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is on the line of Deep Shah from Equirus Securities. Please go ahead. Hi, sir, thanks for the opportunity and congratulations on good set of numbers. Basically two questions. First is on the demand side. If I see the festival this time was good, volumes were healthy despite higher gold prices. After the quarter, there were some zigzag moves in the gold prices. Just wanted to check how has been the behavior at the retailer level, how has been the inventory level, and more importantly, if you, if you can highlight how has been the behavior at the ground level? Yeah, that's my first question. Sure. Sure. You can say gold prices have risen by, I think, 60%-70% in a year. We as a manufacturer, Sky Gold, and already our clients have also started taking steps 1 year, 1 and a half year back only, when gold prices were rising by 15%-20%. They have moved to 18 karat, 9 karat. Again, 22 karat is a leader in the market because it's a favorite of South Indians and all the Indians market, 22 karat is a leader. Nowadays you can say we have produced 19%-20% of 18 karat in this quarter, December quarter. 20%. 20%. They are shifting the karats, making the inventory lighter. When the when Sky Gold, you talk about the Sky Gold is making very lighter inventory. We are our ticket size is INR 55 thousand, INR 40 thousand, or INR 60 thousand. We are below INR 1 lakh. 80% inventory is below INR 1 lakh, and 20% inventory is INR 2 lakh, below INR 2 lakh. There is a higher impact on the higher jewelry, which is Kundan Polki and INR 5 lakh, INR 10 lakh, INR 15 lakh inventory. Coming to the lighter segment, there is a very less impact because of the budget of the customers. Again, we have in last, before fourth quarter only, we started by three dimensions, started reducing the lightweight. The inventory we were making in 10 gram, it is 8.5 grams. We have reduced by 15%, 3, 8, and 20%. Yeah, your question is perfect, and in January month, it was in 10 days only, it's rise very much. For 5-10 days, it was very little customer footfall was impacted, but when the gold price decreased in 10 days and it corrected by 15%, now there is a very good rush in the showroom to buy the jewelry because it got cheaper by 15%. They are also making the strategy of lightweight 18 karat, 9 karat, and maintaining the sales. Again, we are in the same boat. We are into lightweight jewelry, so we have very lesser impact, and we are on track. At the retail level also, because faith level of consumer has gone up. You can see consumer has gained 5-6 times return in 6-7 years. No product in the world gives the returns of 5-6 times in a 6 years or 7 years time. Where the customer faith levels have gone up, anytime jewelry is going to be buy. It may be in 9 karat, it may be in 14 karat, it may be 18 karat, some of them will buy in 20 karat, 21 karat. Some 50% customer doesn't matter the budgets, and 50% customer buys in the budget, so we fit that by the inventory lighter and all. Craze of jewelry in India is numerous, and they will keep on buying, but the gold rates have come down currently by 50%, so it's very attractive rate for the customers, and the showroom level customers are good. Basically, what I wanted to check was when there is such that moment, do customers wait for another correction? How does they generally buy? I understand will be. So those- with the retailers. Yeah. Yeah bullion or ETF, they see the screen and wait for the correction or wait for more correction. Coming to the jewelry, this is about the gifting, this is of the occasion, this is of the marriage season, Diwali, Navratri, Akshaya Tritiya, and it's about the buying of the lady buyer. At the home, they, when the ladies, they will. Jewelry is not about that, it will be correct more or whenever there is a need, they have to buy. If there is a gifting occasion, there is many Father's Day, Mother's Day, Valentine's Day comes and on the occasion they have to buy the jewelry as per their budget. It's a different market. ETF and bullion are buy it on the sentiment that it will collect more, it will go rise, whatever they assume. Got it. On the jewelry market side, there is no this, sir. Yeah. Got it, sir. Sir, with the very strong wedding pipeline and Akshaya Tritiya also coming in the first quarter, just wanted to check how has been the inventory at the retailer levels. Are the inventories at normal levels? Have they stocked up higher? Just wanted to check that. Retailers plan their inventory as per the stores, where they are located. Okay how are the sq ft of the showroom. They keep on maintaining the same budget of the inventory, same weight, kgs of weight. Got it. There's not reduced also, there's an increase also, because they have a plan that this showroom should hold 80 kg or 50 kg, whatever the size of the store, and whatever sales there, they fill that jewelry. Okay, got it. Sir, last one thing from my side. When I went through your presentation, I think actually I didn't find much around the gold metal loan. When we brought Siddharth, one of his key agenda was also to increase GML. Just if you can throw some light on how has been the trend-. Yeah, already we are using INR 80 crore of GML. We have INR 150 crore of GML limit. Some of the bankers doesn't have limits, so it takes time to give SBLC limit. Again, yeah, we agree that there is a slow process going on for GML, but sometimes when we have a order of a customer, GML, when we give the order of GML, they deliver us after 1 days or second, third days. In the market, we get it the same day from the banks. We have to wait for 2 days to start the production. We are going in that churn, and we have to adjust with the GML. Sometimes there is no unavailability of the raw material, sometimes it gives third day. Whenever it is the same day, we are utilizing. Whenever it is not available, it is available on third day, we have to go again to the normal limit. It's taking time process because some availability issues are there, but we are fitting in that journey, and we are trying it harder. Again, agree, we are doing it very slowly process. Yeah. What will be the target over year, next year, say FY 2027? we have a target of INR 350 crore or something in 3, 4 quarter. we are saying from last 2, 3 quarter, we accept, but some banks have that not have that products which we bankers hold. they give, take time to give SBLC to other banker and all the process are there. again, we are targeting it to take the in 3 to 4 quarters to INR 350 crore, 80% of the limit. Okay, thank you so much, sir. I will fall back into queue for follow-up. Thank you. The next question is from the line of Palash Kawale from Nuvama Wealth. Please go ahead. Yeah, thank you for the opportunity, sir. Congratulations, on the good set of numbers. Thank you. What was the contribution from advanced gold in volume and revenue terms? 12% was from advanced gold in this quarter. value maybe you can calculate. The advanced gold volume for the, in terms of total sales, it was INR 11 crores, sir. The total revenue for the advanced. making charges- Making charges, were got to INR 11 crores. Yeah, right, sir. Right. Got it. 12% was the value, yeah. Okay, okay. Got it, sir. Thank you. Thank you for that. Sir, my next question is on the Vision 2030 that you have given. What kind of assumptions you are taking in terms of volume and gold prices, and are you going to add new product lines and customers, and how would export look like? Some color on this, these assumptions would be really helpful. Yeah. Sure, we have taken many steps in last 4-6 quarters. You can see we have added client Aditya Birla, Reliance, CaratLane. Again, in the subsidiary level, Tanishq has came. These clients were not there one and a half year back, so they are all on advance gold model. We have opened office in Dubai, and we have onboarded Damas Jewellery, which is again a 67% holding of Damas Jewellery, and 67% of holding of Titan. Many clients already we have it. Right now we are holding every client of India or international major top client of Dubai, Singapore, Malaysia, but we are not into Europe and US market, already we have onboarded clients. Again, product level, we have launched 9 karat and 14 karat. We have launched, we have grown diamond jewelry one year back, one and a half year back. Studded jewelry, we have already launched. Because of the fundraise, we have done two times, we were able to launch every category and growing in that. We have taken every step for the product also. Now we are having each and every product in the jewelry, of gold jewelry or diamond jewelry or lab-grown diamond, and we have each and every customer. We have to just keep on going our wallet share. Our sales are coming in, the existing wallet share is increasing and new stores are coming. You can say 2,500 stores, new coming of the, all the brands in 18 months. We are expanding our sales in that also. Keeping in mind to 30%-35% growth, we are giving this guidance from the existing client also. Some new clients are also adding. Our focus is totally on corporates like Malabar Gold, Kalyans, Joyalukkas, those are coming in listing, Senco, Thangamayil, GRT Jewellers, Lalitha Jewellery, and again, SKDB Mark Groups and all. This corporate belt, CaratLane, Aditya Birla, Reliance and all. We have introduced everything, every product in the customer. First is advance gold business. We are considering much higher on that, because now we are in the stage that we can attract much advance gold from this last client. Second is on export side. We have opened office in Dubai. Export is going to be at 20% as this quarter, it was at 9%, 10% or something. We are expecting to go to 30%. Third is through the distributor level also, when, where we the moments of store we cannot serve directly, so we are appointing a region-wide distributor model also. That will also help us to achieve the growth. Sir, does this mean that distribution contribution in overall business could increase going forward? Right now it is 65, 35. You can see year-on-year, we were a totally distributor model, 12 years, 15 years back, and our corporate business is going up. The percentage of corporate is going up. You can see it will be distributor also will be at 30%-35%, and corporate will be at 65%-70%. Okay, sir. Okay. Sir, what about the working capital? How is the working capital by the end of 9 months? The working capital days as of September was 66 days per se. We have improved by 3%-4% on our overall working capital days. Okay, sir. Yeah, that's really helpful. That's it from myself. Yeah. All the best, all the best for upcoming quarters. Thank you. Thank you. Thank you. The next question is from the line of Anushka Vora from Viva Capital. Please go ahead. Yes. Hi. thank you for the opportunity, and congratulations on a great set of numbers, sir. my question was, what has been the 9-month CapEx? CapEx of nine months? In this nine months, what is the CapEx? Yes. CapEx of nine months, 70%, around 70%. Around it is INR 35-40 crore, excluding land. 35 to 40... Excluding land. Okay. Excluding land. Okay, INR 35-40 crores. My other question was already answered by the previous person. In September, your working capital days were 66, and you have now improved by 3%-4%, right? Can I get the split between the sectors and investments? We were at 66 days, now we are at 63 days. 60 days. 3 days we have improved- I think we have- we are expecting to. Three days. Yeah, yeah. We are expecting to go below 60 days, because in the coming quarter you can see our advance gold business is rising and we targeting it to go below 60 days. And further- Okay. Gold business. Okay, by FY 26 end, you will be at 60 days of working capital? What you are asking? By end of this year, you will be at, below 60 days, right? Of working capital. Yeah, we are expecting to be below 60 days, and we are expecting to be near neutral cash flow, getting it to neutral cash flow. So the, uh- Okay. At this point of time is to be cash flow neutral by March 2026, and further to be cash flow positive in the upcoming financial year per se. Okay, understood. Thank you so much. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to 2 per participant. Should you have a follow-up question, we would request you to rejoin the queue. The next question is on the line of Vaibhav Mishra from Finvestor. Please go ahead. Hello, sir. Congratulations for the fabulous set of numbers. sir. Thank you. questions when, first question is regarding the impact of gold prices on our margins. Like recently, gold prices rose to INR 1.9 lakh, and then they corrected to INR 1.5 lakh kind of, number. Correct. This type of fall, can this affect our margins in any way, or we are hedged to protect this kind of corrections in the gold prices? Yeah, we are already hedged back to back, and we are not exposed to any rate risk, so we are not affected. All right. All right, sir. Yes. The other question would be to. Yeah. In terms of the gross margin, as I have informed, in my earlier speech as well, that our gross margin has improved, per se, mainly on 3 factors. One is on the advanced gold business increase. If we take FY 2024 as base, we have improved by 2.3%, and this increase is mainly on 3 counts, per se. First is the impact of gold loss reduction by 1%. Increase in the advanced gold business has led to improvement in the gross margin by around 0.6%. Further increase in the value added products like 18 KT business and the deep-studded business, which has got better margins, have led to the overall improvement in the overall gross margin in 9 months of FY 2026 versus FY 2024. Understood. Understood. sir, the other question would be regarding the volume growth that we are targeting for FY 2027. I think in Q3 we had 631 kg per month kind of rate. How do you see that in FY 2027, say, in Q4 of FY 2027? We are now mainly focused on revenue because there are many carat changes going on, 9 carat, 14 carat, 18 carat, mix of 20. Earlier we used to sell 22 carat only. There will be a mix of volume and revenue. Approximately, we are expecting to be 750 kg average and the revenue guidance we have given INR 8,100 crore for the next year, and 750 kg on an average, we are expecting next quarter. Focus is on 30-35% revenue growth after that. This will be, the 750 kg kind of number is for Q4 of FY 2027. Exit. Exit. On an average, total of all the four quarter we are telling, exit may be higher, but on the average of total of the year, we are telling. All right. All right. One, sir, last question, small question regarding the guidance for FY 2027. In the investor PPT, you have mentioned that PAT margins, you have mentioned around 4.25%, but I think in FY 2026, 9 months, we have already clocked 4.4% kind of PAT margins. Yeah, correct. Are we being conservative or, is there any other reason for 4.25% mentioned for FY 2027? We are just being conservative. We have given a guidance of 4.25++ only, but we are just giving a conservative number on the PPT. 21st, 20% PAT will be converted to operating cash flow. It will be on, I think, good PAT. All right. Understood, sir. Thank you so much, sir. All the best for the future. Thank you. Thank you so much. Thank you. The next question is on the line of Smith Gala from SP- RSPN Ventures. Please go ahead. Yeah, thank you for the opportunity, and congratulations on a great set of numbers. In the presentation, as well as in your opening remarks, there was a aspiration to become a global jewelry manufacturer, and that implies that you will be entering into markets other than Middle East and Gulf going forward. You have mentioned in the presentation, you are looking for EU, UK and US. Are there any plans in place or any time period you are targeting to enter that markets, maybe 1 year or 2 years down the line? We are focusing mostly to Southeast Asia and Middle East because we have opened office there. Already we are serving from last 4 years to Middle East, Singapore, Malaysia and Dubai. In future, after 1.5 year, 1 year, we because opportunities are opened by our government, UN and Akash is there. From that background, he has served Signet and all this Costco and Walmart and all. It is very preparation period for them. We will prepare 1.5 or 1 year, and we'll enter after 1.5 year to this market, because this market needs very focused quality and concentration of the product and all. Akash is very I will give chance to Akash to speak about this. Hi, sir. Just to give you a little bit of a gist that right now our groundwork is happening in terms of product development, in terms of merchandising, in terms of creating the correct mix to enter this market. As Mangeshbhai rightly said, that once we are 100% prepared with our product line, with the entire team ready to get into other markets, with my experience, in the past with Signet and different other corporates across the globe, we'll be certainly looking out for entering those. Maybe from May 28, 29 is what we should be targeting as of now. We have enough opportunity in the domestic market right now, which still has to be catered. Our first focus is definitely getting into the domestic market and, you know, freezing those opportunity first. Once we are done with that, the next step is certainly what you have mentioned, sir. To answer you strictly, we will be focused mostly 85%, 80% on India, because India is a huge market of 150 crore population, and 15%-20% we can export to other countries like UAE and Singapore, and in the future, Europe or US. We will be not going as aggressively for 30%-40% or 50% exports, because we majorly relying on India market 80%. If there is any policy changes, we can help the sales to India. Sure, sure. That was very helpful. Any new markets as and when we are ready are always beneficiary. Secondly, to whatever guidance which we have taken for FY 2030, as well as FY 2027 and for FY 2026, INR 6,100 crores, what is the base gold rate which we have assumed for that guidance? We have assumed 1.04 crores as the gold rate on a blended basis per se, because the mix. 18, 9, 22 annual, 1, 105, 110 is our rate taken approximately. We are seeing that this quarter also, 18 carat is sold much, there will be average mix of rates and all. This is INR 1.05 or INR 1.1 lakh per 10 gram rate. Yeah, yeah. Which is the base rate taken? Yeah, yeah. Okay, thank you. Are we on track to give the exit rate of 650 kgs for Q4? Yeah, yeah. We already have done 630 kgs this quarter, and we are on track on that. Sure, sure. Thank you. That's all from my side, and congratulations, best of luck for the future. Thank you. The next question is from the line of Bharat Jinani from MC Pro Research. Please go ahead. Yes, sir, thank you for the opportunity. 2 questions. First is, we are targeting 20% of the EBITDA as the operating cash flows. Is that understanding right? I mean, from the presentation. Secondly, sir, dividend, we said that, you know, we are targeting FY 2027 to be a cash flow positive year. What is the kind of dividend yield that you are targeting? I mean, what is your dividend payout ratio that you're targeting compared to the earnings for FY 2027? That is the first question. Dividend amount will be very small amount, more, more from commitment perspective. As we have discontinuing from April to take the salary, dividend amount will be very small in the initial to 2027, in 2027 March year. We have a lot of opportunity to grow, so that's why dividend will be very smaller part. Okay. 20% of the EBITDA is being targeted as the operating cash flow, right? Yeah. Yeah. Okay. And sir- That it will be... Sorry, you were asking, sir. Yeah, yes. Yes, sir, please go ahead. we would be net debt free by 2030 and, between 2026 to 2030, on a sequential basis, we expect that the cash flow generation to increase and we would be, we expect to reach 20% of OCF to PAT by 2029 or 2030 maybe No, sorry, I didn't get the 20%. Is it EBITDA to OCF or OCF to PAT? I mean, just a bit of clarification on that. That is, the 20% that we are saying is OCF to EBITDA. Basically, 20% of the EBITDA will be the operating cash flow, that is the right assumption? That is what is our long-term vision, which we have outlined as Sky 3.0 vision statement. That is by FY30. Okay. Sir, just a related question, I missed, probably. Working capital, what it is currently expected in FY26 and by FY30, what is the working capital target that we are planning? Basically we are looking at sequential improvement in the working capital cycle, and that would be achieved by improvement in the profitability and by improvement in the working capital days. We expect that the overall working capital days should be less than 60 days going forward. Sir, currently, what would be that number as of end of December, I mean, sorry? as of September, it was around 66 days. In December, it is 63. December, it is 63 days. Okay. Okay. Okay, sir. Thanks, and all the best. Uh. Thank you. The next question is on the line of Raj Saraf from Finvestor. Please go ahead. Yeah, thank you, sir, and congratulations, first of all, for this great set of number. Can you please bifurcate your subsidiary, Starmangalsutra, Spatika, and the recently acquired, I think, Ganan Golds contribution in this 631 kg volume per month? Yeah. basically, it was for the Star and for the newly incorporated SRG, it was around 86. ... KGs. For Sparkling gems, it was around 65, and for Speed, it was 51. 51. Guidance for next year utilization, out of our existing capacity and any concrete plan we are having, on expansion with the fund availability, keeping our 2030 Vision in view? Sorry, can you repeat the question? Not very clear. First of all, the guidance for next year utilization of our existing capacity and any concrete plans with fund availability, keeping our 2030 Vision in view. Yeah, yeah. After rainy season, Diwali, we are planning for the thing. We are into the planning phase and keeping the cash flow positive. As we guide for the PAT, we are expecting to create more profits from the every year we are giving the guidance, and that extra profit will take to that factory part of INR 50 crore per year we need, and we what we have guided, we are expecting, like this year, we have guided for INR 225 crore, and already we have done INR 194. Every year we are expecting some extra profits from all the subsidiaries and all, and that will help us to plan our vision for factory and all, and keeping in mind the Vision 2030. With the calculations that you might have done the calculation of achieving INR 18,000 crore-INR 19,000 crore revenue by 2030, how much working capital we need? Basically, on the overall working capital, the target is to improve it and to move down below 60 days cycle per se, and the focus is to generate the cash flows and to improve on the overall cash flow generation, and to improve on the OCF to EBITDA% year on year per se, to reach 20% by 2030. Why I'm asking this question is, sir, are we having any visibility of any further dilution in our equity base or any fundraise you are keeping anything? We are all nicely funded, and we are guiding for cash flow, so we are not planning for any dilution at this point in time. Okay, till 2030, we are not planning any dilution or any fundraise. Yeah, yeah. Right now we are nicely funded and, again, we are improving our working cycle. We, the fund needed will be from the internal accruals only for the business we are going, doing right now. Okay, just confirm me, sir. Yeah. You have taken this INR 19,000 crore revenue by keeping 18 karat gold in view at a rate of INR 105,000. Am I correct, sir? yeah, it's a mixed rate, INR 1,05,000. INR 10,000 is a mixed rate of 22, 18, 9, and 14. Right now we are having more exposure to 18 karat or 22 karat, sir? 22 is the leader in market. You can see 80% jewelry sold in 22 karat in India. It was 100% earlier, it get down to 80%, now we are expecting that 22 will come down to 70% or something of India. Now we are at 20%. 20%. Of 18 karat. Earlier we were at 4%, 5%, and 22 karat we were 95%, now it is 80%. Target will be much to grow 30%-35% revenue growth, because karat is like 9, 14, 18, and 22. All the mixed way we have to sell to the customers. If the gold price shoots up, then we will lower volume sales, then target will be 35% revenue growth. If gold prices drop, then volume growth increases. It's a vice versa. Just the last question, if you would, if you can please allow me, sir. Sir, this recently concluded FTA with Europe and the U.S. This category will be duty free, as I'm. Yeah, yeah. Seeing by the news. Are we planning to explore those areas in Europe and U.S. to have advantage? Yeah, the doors are open for us. Right now, we don't have the design and the product that is needed in Europe and US, because from last 15, 20 years, we are focusing on India and 20% on UAE and Singapore, Malaysia, where the clients are Asian customers only, and the consumer, end consumer are also Asian. The European customers and US customers, we have not made that product, but now we have got the new standards back only of both the countries. In going future, it takes a time of 1 and a half year to plan and execute. It will keep, our doors are open for the U.S. and Europe market. We'll not aggressively go there, because we have already opened Dubai office, and we have taken orders of Titan Damas, CAN Jewelry, and many clients are onboarded right now in last 4 quarters. We have to serve them and increase the wallet share in them. Right now, our focus is to increase the wallet share in the existing customer, large customer we have onboarded in India, also in Dubai and Singapore, Malaysia also. The main focus is in this country and going for future, when further we will see if we are going to connect it in that country, but we are positive about that. Okay. Are we still trying to have Tanishq on board or? already we have onboarded in our subsidiary, Star Mangalsutra, and we are getting 50 kg on an average advance gold business from Titan. Expecting good business in subsidiary sometime. From Tanishq, sir? Tanishq Jewelry, yeah. Okay. Thank you, sir. Thank you very much. Best of luck. Thank you. In the interest of time, this will be the last question. I would now like to hand the conference over to the management for the closing comments. Thank you so much, my shareholders, investors, and my management team, and again, my brothers, Darshanbhai and Mahendrabhai, who are supporting this in this journey, and hoping to grow more in future. Thank you all of you, the investors and shareholders of Sky Gold and Diamonds. On behalf of Sky Gold and Diamonds Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.