Ladies and gentlemen, good day and welcome to the Data Patterns India Limited Q2 and H1 FY 2026 Earnings Conference Call hosted by Go India Advisors LLP. As a reminder, all the participants' lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchstone telephone. Please note that this conference is being recorded. I now hand the conference over to Monali Jain. Thank you, and over to you, ma'am. Thank you, Anjali. Good morning, everyone, and welcome to Data Patterns India Limited Earnings Call to discuss the Q2 and H1 FY 2026 Earnings. We have the senior management of the company on call, Mr. S. Ranga rajan, Chairman and Managing Director, Mr. Venkata Subramanian, Chief Financial Officer. We must remind you that the discussion of today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risks that the company faces. I now request Mr. Ranga rajan to take us through the company's business outlook and financial highlights, subsequent to which we can open the floor for Q&A. Thank you, and over to you, sir. Thank you, Monali. Good morning, ladies and gentlemen. I'm delighted to welcome you all to the Q2 and H1 FY 2026 earnings call. I trust you had a chance to go through our earnings presentation available on our stock exchanges and on our company website. Before Venkata takes you through the financial highlights, I'd like to begin with a few key business updates and strategic insights from our side. We delivered strong revenue growth during Q2 and H1 FY 2026, with top-line more than doubling year-on-year at INR 407 crores compared to H1 of last year, along with robust growth in EBITDA and profits. Margins were lower during the period owing to the execution of a strategic project amounting to INR 180 crores during the quarter. The contract was taken at a competitive price, considering long-term possible opportunities. Despite this, our profitability remains healthy. EBITDA and PAT stood at INR 100 crores and INR 75 crores, respectively. Our order book, including the orders negotiated and the pending receipt, stands at INR 1,300 crores, with fresh order inflows of INR 351 crores during H1, including significant orders from BrahMos and ECIL. In H1, we also secured EW orders developed through QAP Fund. So far, we've utilized approximately INR 122 crores from the QAP proceeds for product development. The products are at an advanced stage of development. We expect more high-value orders in the coming quarters as our technology and products gain wider acceptance among customers. Our export order book remains healthy at around INR 80 crores. The Transportable Precision Approach Radar, TPAR, exported to European customers has successfully completed site acceptance. We expect some positive traction from international markets. At Data Patterns, we are proactively developing systems well ahead of formal requirements to ensure we are ready as and when these opportunities emerge. We effectively participate in MOE tenders. It is essential for companies to have products that are already developed and internally audited. Our approach focuses on anticipating future defense needs and building indigenous solutions in advance. This strategy not only enhances our eligibility for high-value tenders but also positions us as a preferred partner. As we pursue growth, our focus on profitability remains intact, and we continue to prioritize quality margins over short-term expansion. The company is transitioning from a subsystem supplier to a full systems integrator, designing complete radar and EW systems with in-house expertise, creating a strong differentiation in the market. We also continue to focus on investing in people and infrastructure catered to the future expansion. Looking ahead, the overall business environment remains encouraging both in India and international markets. With a healthy order pipeline and strong execution visibility, we are confident of achieving earlier guidance on revenue and margins. With that, I now request Venkata to take you through the financial performance in detail. Thank you, sir, and good morning, everyone. I will take you through the key highlights of our financial performance for the quarter and half-year ended 30 September 2025. Q2 FY 2026 revenue stood at INR 308 crore, up by 238% year-on-year and 210% quarter-on-quarter, driven by strong execution across multiple programs. H1 FY 2026 revenue grew 109% year-on-year to INR 407 crore, reflecting sustained operational momentum. EBITDA for Q2 stood at INR 69 crore, up 100% year-on-year. H1 EBITDA was INR 101 crore, higher by 41% year-on-year. Net profit for Q2 was INR 49 crore, up 63% year-on-year. For H1, it was INR 75 crore, a growth of 18% year-on-year. Q2 gross margins stood at 39%, while EBITDA margins were 22% and PAT margin was 16%. Margins for the quarter were lower due to the execution of a strategic low-margin contract explained by our CMD. However, the core profitability remains healthy, and margins are expected to improve in H2 with more balanced product mix. Working capital is well controlled at 343 days. We expect to collect most of our current receivables in H2 and aim to maintain the working capital days at a similar level for the full year. Strong H1 growth demonstrates our execution strength and robust demand environment. With a solid order book and encouraging inflows during the first half, we remain confident of achieving our full-year revenue and EBITDA margin guidance. Thank you, and now we open the floor for questions. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to withdraw 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. Ladies and gentlemen, in order to ensure that the management is able to address all the participants in the question queue, please restrict yourself to two questions per participant. The first question comes from the line of Amit Dixit from [Goldman Sachs]. Please go ahead. Yeah, good morning, everyone, and thanks for the opportunity. Congratulations for a very strong set of numbers, sir. A couple of questions from my side. The first one is on the strategic order that we executed. Essentially, as it seems to the financials, it was a short-term order executed in real quick time. Do we expect to participate in more such orders as and when they come? If so, can you mention where do you think you will bid for these orders? I believe it is in the radar in this case, but whether it will be radar, EW, I mean, which segment you are looking for to bid, and how do we see this going ahead? I mean, because that is certainly margin dilutive, but revenue-accretive. See, I can't discuss much on the strategic order. That's why it's called a strategic order. We took this contract because there is a large potential for multiple such contracts. What we need to say from our side is that the product has been executed very well. Customer is happy on the performance of the product. There are two things to take away from this product. One is there is a future potential. I can't explain the potential at the present moment due to the nature of the contract, but there is a future potential. Point two, this is the first time the company has taken such a large contract which involves power systems, building, construction, mechanical systems, design of something like 140 tons of material as a payload which can be moved. This is a whole very complex mechanical, electromechanical system. The electronics also is state-of-the-art, world-class. To do all this, we need to put a large team to see that we can execute this contract with customer focus and satisfying the customer needs and meeting the complete specifications. We could do that. This itself is a good thing because going from a smaller product company to a large systems company, this development or capability development is very important. I think we have managed that. That is the second important thing which we could achieve in this. This is all I can say at the present moment. As regards future such contracts, similar contracts, etc., obviously, when something happens, when we believe it is strategic and gives a technology perspective as well as revenue growth and bottom-line future growth, we will obviously participate. It is a competitive environment. We may or may not be able to get all these contracts. Yes, Data Patterns wants to grow in this line of business, complete systems. We are working both on the radars and EW and other areas of avionics as well. We do take up strategic contracts in all areas of applications, not necessarily only in radars. I hope it answers your question. Yes, sir. Thank you very much. The second one is on our consortium for AMCA. This consortium is with BML and Bharat Forge. Just wanted to understand the rationale of participating with these two partners and what is our scope in the consortium. I know it is very early, but if you could just highlight the kind of share we will get out of total value of AMCA or whatever metrics you want to quantify, that would be very helpful, sir. Like you said, it's a bit too early. It's RFI response. After RFI, shortlisting takes place and RFP happens, and then the contract goes to somebody. It's only one company who gets the contract. It's very early for me to comment on it. Why are we in this is because Bharat Forge is a large Indian company with a lot of capability, building complete systems, and well-positioned for growth. They're also similar to us in the sense they do want to do everything in India. That makes us, in terms of alignment, very good. The second area is that our focus has been in avionics, and we do state-of-the-art avionics in the country. Matter of fact, the more what we do, nobody else in India does in terms of avionics range. We have the cockpit solutions. We have radars. We have electronic warfare. We have a whole lot of other systems which can go into any fighter aircraft. We can add value in all of them. Also, electronic integration, which is necessary, is part of this. Exactly what role each one will play will have to be decided based on how the overall thing pans out. I think it's a good fit. We need to wait and watch what the customer says and whether there's an opportunity for us to get a contract or not. We should be able to talk about it a bit later as more clarity arises in the situation. Okay, sir. Great. Thank you so much and all the best. Thank you. The next question comes from the line of Jayakant from Bandhan Alternatives. Please go ahead. Hello. Good morning, sir. Thanks for the opportunity. Very strong set of numbers. Sir, I just wanted to ask you, there was this recently DRDO had come out with this RFI for shared aperture antennas where there will be merging radars, EWs, and communications. I don't know how much you can share about this. I just wanted to get your opinion with regards to how Data Patterns is going ahead with that. Plus, I just wanted to get a sense from you for the jammer pods for the Super Sukhoi, if it is possible by Data Patterns, if whatever is being planned by the MOD. Yeah. That's all my question. Regarding the first one, RFI, I'm not clear exactly which one you're referring to. What is shared aperture radar? I'm not very clear about that. This is under the DRDO TDF where they are planning to have this shared aperture radars for merging the radars, EWs, and Comms to Slash RCS on battle platforms, especially for your air force and your navy ships. Yeah. And ground vehicles. I'm not aware of a particular requirement you're talking about, so I'm not able to comment on it. As regard the jammer pod, yes, we have developed the pod for the Super Sukhoi, and that testing is happening in-house. We've already offered this to Air Force. There's an Air Force team also addressing this and understanding what we've done. The process is on at the present moment. That's all I can say. I don't know what else you want me to say because I think we meet the requirement specifications. We have brought this developed. It is used for QAP funds and developed the system. It's just not the pod, but also the complete EW suite for the Super Sukhoi. Pod is part of it. Yes, it is under evaluation and further development along with reps from Air Force. Sir, one more thing. There was this news wherein the radars which were used for your MiG-29s, there were some issues. Are we going to be supplying some of it? See, these are all a lot of things comes in the newspaper and article comes. I can't comment on so many articles is coming because where the origination of the article, I really don't know. We have developed our own radars which can be fitted into MiG-29 as well as Su-30 and such similar fighter aircraft. We have a program running which is internally funded, and we are building the products. These are all in advanced stage of development. How it will pan out, where it really goes, is really we can't comment on it because there's a lot of this is based on Air Force and Navy requirements. How the paper will proceed, people are aware that we are doing things, but that's all I can say. We continue to complete development and take it to a level of completion so that then it can be considered for their requirement. Thank you, sir. I'll join back to the queue. Thank you. Thank you. The next question comes from the line of Dipen from Phillip Capital. Please go ahead. Thank you for the opportunity, sir. Congratulations on a very great set of numbers. Sir, my first question is I wanted to know, how are the order wins which are expected in 2H and beyond? Any large or high-value platform or platform-related subsystem expected because your guidance is close to around INR 1,000 crore in the second half and INR 2,000 crore-INR 3,000 crore in 18 to 24 months. Any high-value color on high-value platforms would be helpful. I do not want to talk about specific future contracts on an open line. I should say yes, there are more orders expected as you go along in H2. That is why the guidance of what has been given. We expect more contracts to happen in the next three to four months' time. That has to happen. Regarding the rest of the year beyond that, I think at the present moment, I would not want to comment. We will consolidate for the year now and understand what the order book is going to be like next year, what new pipeline we are looking at next year. That will come on the earnings call probably post this year because we will give you some guidance. We do not have any particular guidance beyond that at the present moment. Got it. Sir, any updates on BrahMos seeker? We were expecting to get some trial contract in this quarter. Any updates there? Yes. Negotiations are completed. The contract has to come. We are already in advanced stage of product development. Yeah, we are very keen to see that contract comes and be delivered because there is likelihood of production orders in this. There is a high focus on these contracts. Got it, sir. Sir, last question on the export orders. Sir, you mentioned that earlier you have already gotten an export order from a European region. Any other region opening up or you're seeing traction for your products in the export region? Europe was one. Any other areas that are showing some traction? Yes. There are other interested customers. We have, they're going through Europe, specifically for addressing the requirement in Europe and outside Europe also, in South America and things like that. They're making active proposals in all these areas. We've got to wait and watch really what happens and how each country develops it, the requirement shapes out. Yes, there is one. Second is we also have, this is what we expect on TPAR, which I told you. We also are looking at other contracts, which is from the U.K., which we have regular order, which we're executing. We expect there will be increase in that volume business also. Third, we're also looking at co-development for worldwide requirements in certain areas of radars and EW, with large foreign multinationals. That also is in the phrase so that not only we develop for India, we also want to develop for the world in some areas where we have competency. We have signed such agreements also on co-development to see that we invest ahead for not only India requirement, but also worldwide. Things are happening. We're also looking at the export market very seriously now. We're going to put a team for export and see how we can build an export market for ourselves. It's all necessary because we're doing parts and pieces at the earlier days. Now the complete systems are happening. Whenever systems are completed, I would like to see that this is exportable and look at export markets as we go along. There is going to be focus on export going ahead. It's going to take a bit of time. The size of business here in India is large. Nevertheless, we need to see that we not overly stress only on India, and we must have a pan-world product offerings. There is going to be, there's an intent management to see that pursue such requirements. Got it, sir. Thank you so much for answering my questions. All the best for second half. Thank you. Thank you. The next question comes from the line of Lavina Quadros from Jefferies. Please go ahead. Yeah. Again, congrats on a good set of results. Just an extension of that export question only. When I've gone through your presentations, you're already exporting radars. You've always mentioned that. This particular quarter, you ever mentioned that it's the first fully developed radar on the export side by Data Patterns. Any sense you can give on how it changes your export market potential? Does it change it at all? Can you get more inquiries because of this that you all have fully developed it? Just want to understand that bit. Thanks. Yes. That's what I answered last question also with Capital. See, one is doing a part of the system for some OEM that is based on OEM's actual requirements, and they keep ordering the parts for this, which is already developed for them. The other one is when we build a full system, there are requirements outside India. We can address that requirement also. This is the second way of doing it. Actually, mostly large systems are only exported outside, not parts of it. It gives a larger opening for us to actually build products for the rest of the world. The focus should be there as we go along. We've started with subsystems, and now we've gone into systems. We'll focus on both of them. As soon as the products are ready here in India, we'll also look at export markets outside of India also. The important thing is once we test in India, this is also then the additional markets we're looking at. This is how it is. Of course, the TPAR order came originally from export. We modified the existing position for radar we did for Air Force and Navy in India. It's completely redesigned for a transportable application. India doesn't have this. Now that we've got European contracts and some other contracts, maybe India will look at it also as we go along. To answer the question, yes, there will be opening up more orders, hopefully. If these products work well, delivered works well, then I think this is a gradual way of getting into exports as we go along. These are complex systems. There's not much competition worldwide for these kind of systems. Thank you. Thank you. A reminder to all the participants that restrict yourself to two questions per participant. The next question comes from the line of Jyoti Gupta from Nirmal Bang. Please go ahead. Good morning, sir. Congratulations on a good set of numbers. Two questions. One, what percentage of INR 667 crore, which part of your receivables will be realized in H2? Could we see anywhere between like 80% of that of INR 667 crore? The other thing is, do I increase my revenue guidance from H50, which I have taken INR 2,000 crore this year? Margins would be sustained close to 40%, or will it be slightly higher? I believe your upcoming contracts will have higher margins. This INR 180 crore is one-off, and we do not see any such low-value contracts in the next two quarters. Also, how low were the margins from this contract? Was it like sub 20%? You have had a very good rollout in terms of your contracts that you have been actually executing in the last three, four years that I see. Okay. The exact percentage of collectibles, I really don't have an answer off the top. A large portion of the collectibles will be collected in the next H2 is what we think, whatever is collectible. Venkata, would you agree? No, no. She was asking about how much of the current order book will be delivered. No, no. She's talking collectibles, I thought. Jyoti, do you have collectibles, or are you talking the debtors or order book? They're collectibles, sir. You're not audible, sir. Can you be a bit loud? Most of it, yeah. Most of it should be able to. 75%-80% of the. Exact numbers I do not know we want to give, but then, yeah, most of it will be collected during the H2. That is to answer question one. Question two, we remain with the guidance given earlier. I do not want to, obviously, there will be slightly upward movement on the revenue guidance because there is this contract which is executed. On the bottom line guidance, we remain whatever we have told earlier. We do not want to modify it at the present moment. Regarding exactly what we got in this contract, we are not in a liability to say exact margin and all that in an open call. You will understand that this is not practical for me to say this. What are the other fourth question you asked? I remember only three of them. Sorry. I have two questions which I'll take offline, sir. Maybe since you're not comfortable, we can actually discuss it offline. Okay. Thank you. Yeah. Thank you. The next question comes from the line of Sumant Kumar from Motilal Oswal. Please go ahead. My question regarding the working capital. We are still a cash conversion cycle of 345 days. I understand the nature of the business, okay? In any way, what is the key steps, key initiatives we have so we can reduce this cash conversion cycle to a lower level? What is our target for, say, ne xt two to three years for this? See, what happens is we're doing a lot of development contracts. This takes a longer time for cash conversion. Once we deliver automatically from tests, then we have integration and things like that and testing, field testing. It takes a longer time to really achieve the cash conversion cycle. Once we move from larger development contracts to production orders, it's yet to happen. Something happens, but it's not the way we ought to have one. We need to have a lot of order book where we can do quarter-to-quarter sales. Production orders get you maybe a few months collectible, etc. Unless that happens, the cycle will not change so drastically. Going ahead, I think gradually from 345 days, it will come to 270 days. Maybe go down further depending on the kind of contracts we get, nature of contracts. In all of these contracts, there is a lot of advance given by the customer. That goes towards funding of the contracts really. We still remain a debt-free company. Yeah. Okay. So that is not included in this cash conversion cycle? Pardon? No, that is not included. Okay. So considering that, what is our cash conversion cycle? Mr. Sumanth, I'm sorry to interrupt, but we cannot take more than two questions. Okay. May I request you to join the queue again? This is the second question, I think. Can we answer this? What is your question? No, you just. My question here is, yeah, the advance you are getting from the customer, if you consider that, what is the cash conversion cycle for us? Yeah. If we exclude it, it'll be around 310 days-315 days is the thing at current position. Going forward, the new contracts that we are expecting or expected to have more advances, then obviously the cash conversion cycle is expected to net off that advances. Cash conversion cycle will be better than what you see as a number now. Okay. Okay. Thank you so much. Thank you. The next question comes from the line of Hardik Rawat from IIFL Capital. Please go ahead. Thanks for the opportunity and congratulations on a good set of numbers, sir. My first question would be with regards to the strategic order. Now, I understand that you cannot share much more details on the specifics of the project. From a margin standpoint, would it be safe to assume that had we not X of this project, our EBITDA margins for the current quarter would have been in the guided range of 35%-40%? Yeah, definitely. Got it, sir. For the disclosures given in the PPT, roughly INR 200 crores of execution has been done for the DRDO in this quarter. Would it be safe to assume that a large part, if not all, roughly 75%, would be towards this large order? What would be the overall contribution? Yes. All right. It's a large part of it. The second question would be with regards to our order book, which currently stands at roughly INR 640 crore. Could you please mention three or five large orders which are priced in this and what would be the value of those contracts? I don't have the list of orders on hand with me to answer this. I don't know whether the specific contract bias I want to really share it. We normally don't put it on the website because of this reason that we accumulate. We don't do this week to week when the order comes. We don't push it. We don't share such information. No worries. The large contracts I mentioned also, there's some large contract from BrahMos and one from ECIL. I also mentioned that in the part of the opening remark itself. Then the number of other contracts which we have, and some more are expected. We have quoted, negotiations happen. Some more contracts are also expected in the next three to four months' time. Okay, sir. That's helpful. My one last question was with regards to the disclosed INR 550 crore worth of orders which have been negotiated but just not confirmed. Should we expect that these orders should get confirmed in the coming month or two? Or a part of it has already been confirmed as on date? No, no. We expect the next two, three months. This is the rest of the year. We should have, sometimes it takes time. The contract, once we negotiate, it takes a few months, sometimes two months. There are MOD contracts which are taking some time. Some of the reason it's getting postponed. We expect, yes, in the next two, three months, we should get the contracts. Got it, sir. With that, these orders confirming our total order inflows would stand at about INR 350 crore plus INR 550 crore, so roughly INR 900 crore. How do you look at the order inflows picture for FY 2026 as a whole and in absolute terms? Should we be, are we well poised considering not looking for any guidance here? Do you seem confident in crossing that INR 1,500 crore mark since the order inflow order awarding trajectory has been pretty good this year? Yeah. Got it. I have more questions, but sorry. Sorry, sir. Yeah, you were saying? Yeah, yeah. We expect more than that contracts in the next few months for the whole year. Okay. Okay. That's very. Yeah. Got it. Got it. That's very helpful. I have more questions. I'll fall back on the queue. Thank you so much, sir. Thank you. The next question comes from the line of Garvit Goyal from Nvest Analytical Advisory LLP. Please go ahead. Hello. I'm Arvind. Yeah. Good morning, sir, and congrats for a good set of numbers. My first question is on I just want to understand and know about the new products that are currently into development. And maybe in the next 6 months- 12 months, we are going to launch these products. So can you put some color on this area, sir? We're working on radars, on a number of them, actually. Various kinds of radars. One is airborne fire control radars. There are ground radars for detection and, what is that, even detection as well as fire control. We're also looking at EW programs for airborne podded and unpodded versions. Also for drone detection on the ground. We have advanced products in the road detection and passive as well as other products which will also jam the drones. Already, we participated in a number of trials. Products maturing very well. Out of which, already we've got one or two orders from MOD. This also will get executed in the coming year. There are a number of products in those areas where we are addressing requirements of our country. We're also doing some communication systems. This is also in advanced stage of development. Fourth is a lot of glass cockpit and a whole lot of other things for avionics is also under development. There is a variety of programs and products which we're doing. Overall, if you look at the landscape, it will be in products in radars, EW, avionics, ESM, electronic intelligence, and such similar requirement, and also drone detection and jamming. These are all the areas which we're working on. All the products. We have other areas also, seekers. We are building the next generation seekers. That is also happening. Good to hear, sir. All these products that we are currently developing, this is for both Indian and export opportunity, right? Not all of them. Some are only for India. The specific programs which we can't export also. Some of them are generic. See, we have a standard approach ever since inception. What we've been doing is building blocks. Because once the building blocks are ready, it is easier to develop future systems with light modifications, add and subtract, we can get a full system up. To address the market. Second is in a zero-one kind of tender markets, it's also risky to develop products. If we can use building blocks, then we de-risk ourselves in the development area. This is the second area why we do this. We've continuously done this all through from inception. We continue to do that. The building blocks itself can be configured for various applications, which also are exportable. They are looking at some opportunities like that also. They are working with partners outside India to see how to address their requirements. We are doing both, yes. Sir, overall, what is the expected time for all these programs? It's my second question only, ma'am. I think you can allow me. Yes, sir, just to understand what is the expected time for all these programs with the products that are currently under development, sir? Can you confirm? We are trying to look at is about INR 15,000 crores-INR 20,000 crores. Sorry, sorry. The time is large. That is, the development happens in some instances. Pardon? I missed that number. INR 15,000 crores-INR 20,000 crores or beyond. Okay. Understood. We will be the first one who are developing in India. Pardon? We will be the only one in India who are developing these kind of products, isn't it? See, it's what we believe. We do not know what is happening in the backyard. Really, none of us know. We believe what we're doing. And we commit ourselves to doing what we're doing. Yeah. This competition is not only India. It comes from abroad also. There are mature products abroad which also do a work share and are offered in India. India actually imports more than 70%-80% of our requirements. You should not forget that. You can't say it's not made in India. Only Data Patterns are doing it, so he'll get all the orders. That also doesn't happen. People tie up with foreigners and we offer the products in India. Got it. Thank you very much, sir, and you're welcome. Thank you. Thank you. The next question comes from the line of Vishal and a shareholder. Please go ahead. Hello. This was regarding the AMCA program. Now, there is also one other consortium of L&T and BEL who are also bidding for the contract. What are the probabilities in case the final contract goes to that consortium? The a vionics portion may again flow back in some form or other to Data Patterns. Is there a probability? We hope so. We don't know. Because the nature of the RFP is still unpublished. Until we know the RFP and what really comes in the RFP, it's only RFI now. I can't comment on what is really planned on delivery in the first five prototypes, what avionics is planned, and how they are asking us, the so-called partners or RFI responses, to buy and integrate it. This is all not visible at the present moment. Sir, the probability is higher. The probability is higher, right? I even don't know whether they are planning what they're planning. The RFP is not out, so we do not know. Okay. Okay. Okay. Sir, what is the broad timeline you would put for the AMCA program? You said the timeline is not still sure, but it would be maybe one year or so or maybe more than that? For more clarity on this. I believe they want to place the contracts early. It's in less than a year, maybe six months is what they're saying. So we need to wait and watch how the process goes. Okay. Okay. Thank you, sir. Thank you. That's all. Thank you. The next question comes from the line of Vandit Jain from SageOne Investments. Please go ahead. I have just one question around the AMC contracts that we see as part of the order book, around 31%. Can you explain the nature of these AMC contracts, particularly with respect to BrahMos? What business are they? See, we've delivered BrahMos fire control systems, ground-based launchers, airborne launchers, the test systems for BrahMos missiles. We've done this from 2006. We've been delivering these systems. Some of them from 2013 or 2018. I think what we've got here is mostly ground systems. We have a maintenance contract where we would keep the uptime guarantee and deliver it to a season. We already have people distributed, our service engineers around India to take care of immediate response and satisfy the customers, quite happy. In continuation, we've got some contracts for the next five years. That's the plan. Okay. So it So it does not require any further CapEx or any investment from our side? No. Got it. Thank you. Thank you. Due to time constraint, the last question comes from Yash Poddar from Vaishiv Ventures. Please go ahead. Hi. Am I audible? Yeah. Hi. My question was about the, I would like to flip the lens on the strategic contract order and ask the question regarding, we have taken this at a competitive price because there is a strategic reason behind it, and that also brought down the margins. If we normalize this, if we assume that going forward, we are to get repeated orders within this category itself, irrespective of the quantum, it could be the same, it could be larger, what would be the actual normalized margins for this type of a strategic contract order if you had taken it at a regular rate and not the competitive pricing? How much further would that take up our margins? This has to be negotiated with the customer. I think you would ask that question to him, not me. As soon as the requirement comes, the inquiry comes, we quote, and the negotiation happens. It is a question that today is not answerable by any of us. It will happen only when it really happens. We believe we stand a chance because the contract size should be larger. Maybe we should be able to get a reasonable margin. Exactly what it is, I have no idea at the present moment. Okay. My second question was about that in the presentation, we are seeing that you are estimating INR 1,000 crore inflow for the remaining part of the year. In this current quarter, the larger component has come out to be a developmental revenue. The remaining INR 1,000 crore expected inflow, is that going to be more towards, can you tell us the breakup between the production, development, and AMC side? How will that be split up, the remaining INR 1,000 crore? I have not really actually don't have the papers in front of me to answer this level of detail. I don't know if INR 1,000 crore in the next few months. I don't know whether what has been given. I don't know. See, that is including the INR 552 crore of contracts that's already negotiated. That's right. Which we are expecting to come. Most of it is all product-related, something maybe development and something maybe production contracts, but not on AMC and things like that. Not service, basically. There is going to be a production contract which happens. A sizable contract should happen. In the next two to three months, we should know. We're expecting more orders to happen. Again, let me say that. Whatever guidance we're given, we will accomplish and exceed the guidance on contracts. Okay. So if I understood this right, I'm just double-checking my understanding that the INR 1,000 crore that is expected to come may be primarily production and development and not services. That's what Venkata is saying. Yes. Right. Okay. Thank you so much. Thank you. Due to time constraint, that was the last question for today's conference. I now hand the conference over to management for closing comments. Thank you all for tuning in and asking the questions and being on the earnings call. We believe we're on the right track as a company. We're investing ahead to build products to address the large markets. In India, we've always relied on imported products all through. Very few companies actually build products except in government agencies like DPSUs and DRDO. Mostly DRDO-driven programs for DPSUs. That is where the products really come in. Other companies, large companies, collaborate with foreigners to build the products in India. We've taken a different approach to build indigenously our products with IP-driven, capability-driven products. We'll continue to focus on such programs and products where there is a bottom-line business also as we go along. We have taken QAP funds to invest on such programs and products. I think we are on the right track. We're very bullish on the future as we go along. We're also working very closely with DRDO on very strategic programs and products which are to deliver to customer on an urgent basis. The requirement for mission-mode projects in DRDO also has increased considering the geopolitical situation in India. Based on this, the requirement to convert into the contracts and into products early, seeing that it reaches the customer early, is also felt as a built need in DRDO and other parts of our users. We are addressing such urgent requirements ahead of time so that we are always ahead of time in delivery. The second area is we're building very competitive, very capable products, world-class systems. Any product designed here is world-class, quadruple technology. We're building an organization to continue to go on this building products for India and outside India. Like I said in one of the calls, we're also trying to work in partnership with outside large multinationals to see whether we can do co-development. There are options, possibilities, because suddenly there is a situation there also in Europe and other areas where investments are being made in defense, which is either too not even thought about there because of the existing environment worldwide. There is a need for addressing market requirements urgently. We're trying to see what is it we can with our competency address those requirements. We're getting into serious discussions in face-to-face meetings. They're coming here. We're going there to discuss to see whether we can address the worldwide requirements at a speed in which they themselves cannot do. Probably at one-third the time of their addressing requirements, we can do this faster. It finds favor with our customers abroad. Also that we're willing to co-invest in such product development is also finding favor. I think that's the second area where we will focus on and get into exports in a serious way. The advantage of exports is that we work with private sector there. Also the requirements are very large. Unlike here, where we talk about one product, it takes two years, three years, go through qualifications, five years to wait for an actual contract to happen. We're able to do this in one to one and a half years to two years' time. We're able to get into production mode much faster. The requirements are large and immediate and current, so we can address this. We believe that scaling up is faster in such requirements. The size of business accessible is not as big as we can do in India. This can be a longer-term and also a via media solution to see that we grow the business. This is the second area we're focusing on. To enable this, also to see that we can continue to go on this journey, we also have to see that the required manpower is built and competencies are built. That is why we're continuously recruiting people. You'll see that in our P&L also, the staff salary and all that. You see there's a substantial increase in salaries and things like that. This is basically because we're taking more inputs. We also have to have people, training them. That is also happening. We're also working on CapEx to see that whatever products we develop, we are actually future-ready. The products develop, once developed, when the production order comes, we are ahead of time in delivering the production order. We're not wanting, we're not doing it stage by stage. We're doing it in parallel to see that we can deliver quickly. Our ambition is to see that we grow fast and deliver quickly to see that we can scale the company much faster. All this is what we're thinking and based on which the management is working to see that the various pieces are in place, the foundation is in place, and the strategy in place to see that we can address this. I think we are going the right track at the present moment. The big contract should happen. Maybe in another year, a couple of years, two years, three years, it'll happen. We can really propel the growth of the company for far higher heights than what we've been able to do in the last few years. We've been growing at 20%-30% year on year. I think with the large markets, we should grow faster as we go along. We're taking some directives and investments to see that we drive the business to a faster growth stage as we go along two-three years down the line. That's all I want to leave you with. We are very serious about what we're doing and committed to trying to build a modern company with IP-driven organization. We are in that process of what we're doing. We hope that the future is addressed with the confidence that we have. Maybe it'll work out the way we want. Thank you again for joining us in this earnings call. If you have any further questions, please address it to Monali Jain and Go India Advisors. We would be happy to see that we give you the right answers, whatever we can in an open forum. What we can, we'll definitely see that we give you the right answers. Thank you once again to all. Thank you. This brings the conference call to an end. On behalf of Go India Advisors, we thank you all for joining us. Thank you, and you may now disconnect your lines.