Ladies and gentlemen, good day, and welcome to INOX India Limited Q3 FY 2026 earnings call, hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the 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. Mohit Kumar from ICICI Securities Limited. Thank you, and over to you, sir. Thank you, Diksha. Good morning, everyone. On behalf of ICICI Securities, I welcome you all to the Q3 FY 2026 earnings call of INOX India Limited. Today, we have with us from the management, Mr. Deepak Acharya, CEO, Mr. Pavan Logar, CFO. We'll begin with the opening remarks from the management, which will be followed by Q&A. Thank you, and over to you, sir. Thank you, Mohit. Good morning, everyone. I welcome all our shareholders, investors, analyst friends to our Q3 and nine-month FY 2026 earnings call of INOX India Limited. I trust you had the opportunity to review our results, earnings release, and investor presentation, which are available on the stock exchange and on our website. Joining me today is our CFO, Pavan Logar, who will later take you through the detailed financial performance, following which we will open the floor for the questions. Macro and industrial context. As we move towards the close of FY 2026, India's macroeconomic outlook remains robust, supported by strong domestic fundamentals and sustained policy focus. Amid a period of global uncertainty, India has emerged as a relative bright spot, offering a narrative of resilience and cautious optimism. As per the first advanced estimate released by the National Statistical Office, real GDP growth for FY 2025-2026 is estimated to be 7.4% higher than the previous year of 6.2%, underpinned by resilient consumption, steady investment activity, and continued infrastructure momentum. Growth continued to be led by the service sector, which remains the primary engine of the economy, while manufacturing and constructions are expected to grow at around 7% from 5.25% previous year, reflecting stable momentum in the secondary sector. Healthy growth of private consumption and gross fixed capital formation highlights sustained demand and investment confidence. These trends remain well aligned with the INOX India strategic focus on cryogenics, LNG, industrial gases, scientific infrastructure, and beverage packaging solutions. We are well positioned to play a meaningful role in India's economic expansion, supporting the cryogenic demands of growing manufacturing base. Business performance overview. The third quarter and the first nine months of FY 2026 reflect sustained execution momentum for INOX India, supported by robust order inflows, deeper customer engagements, and increasing acceptance of our products across the globe. Our diversified business model, strong export orientation, and focus on technologically complex and high-value products continue to strengthen our competitive position and a long-term growth visibility. Now, I will take you through the segmental highlights. The industrial gas solutions. The industrial gas segment delivered an outstanding performance during Q3 and the first nine months of FY 2026, marked by a record order wins, volume growth, and global recognition. During the quarter, we received an order from a leading U.S.-based aerospace company for two cryogenic storage tanks, 1,000 cubic meters each. This order underscores the customer confidence in INOX India's engineering capabilities and product reliability in highly critical applications. We achieved the highest ever quarter order intake for our liquid nitrogen containers product category under the brand name, Cryoseal. It's an order quantity close to 20,000 units in Q3. Cryoseal orders for the first nine months reached to excess of 50,000 units, exceeding the volume achieved in the entire previous financial year. Liquid cylinders demand also remains exceptionally strong. During the quarter, we received orders exceeding 1,700 liquid cylinders, taking the cumulative nine-month figures to more than 2,300 units, representing the highest ever volume for the product line. In disposable cylinders, we secured high value order during the quarter, despite the tariff. This includes order exceeding 700,000 disposable cylinders from a U.S. customer during this quarter, highlighting sustained demand and our ability to remain competitive in challenging trade environment. LNG solutions. The LNG segment continued its strong growth trajectory during Q3 and the first nine months of FY 2026, supported by rising adoption of LNG as a clean and cost-effective fuel across marine, industrial, and transportation applications. During the quarter, we received an LNG marine fuel tank order from a European customer for two tanks of 150 cubic meters each. The marine segment is regaining momentum globally, with an increasing number of vessels being converted to LNG, creating a long-term demand opportunity. We also secured orders for LNG storage tanks for LNG terminal projects in Africa, comprising two tanks of 500 cubic meter each from South Korean customers. In India, we crossed a significant milestone with over 250 LNG semi-trailers now operating on Indian roads, commanding a market share of over 85%. Strong traction continue for our most efficient 46 KL LNG trailer. In the U.S., we introduced 48 cubic meter LNG semi-trailer with DOT approval, opening up new opportunities in North America market. On the LNG fuel tank front, we also commissioned a fully automated serial production line for LNG fuel tanks at our Kalol plant to meet the stringent quality requirement of automotive OEMs in India. We are witnessing encouraging traction from OEMs, and we expect this momentum to translate into a stronger demand in the coming quarters. I'm happy to share that our group company, INOX Air Products, flagged off its first PESO-approved LNG-powered cryogenic tanker following regulatory changes permitting LNG-fueled vehicles. Built in Gujarat and powered by 4 50-liter LNG tank supplied by INOX India, this tanker is expected to reduce CO2 emissions by 25% and particulate emissions by 95%, enabling more sustainable industrial gas logistics while delivering significant cost savings. This milestone should open up a growth avenue for LNG fuel tanks in the cryogenic transportation space as well. Additionally, the Petroleum and Natural Gas Regulatory Board has highlighted a significant opportunity for LNG in the heavy transport sector. As per PNGRB, LNG has the potential to replace 30%-40% of diesel usage in heavy vehicles over the next 5-7 years, which could result in substantial saving in imports and meaningful environmental benefits. Cryogenic division. Cryogenic division continued to strengthen its position as a trusted partner for complex global scientific infrastructure projects. We continue to receive repeat orders from ITER France, reflecting our strong execution track record at the site. During the period, we received orders for installation of work of X, Y, and W cryo lines and warm lines, refurbishment of lower cryostat thermal shield, and fabrication installation of bio-shield shim plates. We are proud to announce the successful completion of several highly precise and prestigious milestones at the ITER site. INOX India achieved a benchmark by cooling down the magnet cold test bench to 4 degree Kelvin, and Sector 3 was successfully lowered and installed inside the tokamak pit. These achievements reinforce our technical expertise and execution excellence in mission-critical cryogenic applications. Beverage keg. The beverage keg business delivered important strategic wins during Q3 and the first nine months of FY 2026. We received our first-ever order from Heineken for supply of kegs to European market, making a significant entry into Europe and opening the door for large opportunity ahead. INOX India has also been approved by Molson Coors of USA, one of the world's leading brewery, brewing company. With approval from Heineken, AB InBev, and Molson Coors, we are now approved by global breweries representing over 40% of the global beer market. This positions our keg business strongly for scale-up geographies in the coming years. Recognition. We are also proud to share that INOXCVA received a significant global recognition at the Gasworld Global Innovation Awards. INOXCVA was awarded the winner of the Most Impactful ESG Initiative for our sustainability practices, and was also recognized for the launch of India's first ultra-high purity ammonia ISO tank, winning the Innovation in Distribution category. These awards reinforce our leadership in purposeful innovation, sustainable driven engineering, and global thought leadership. Further, we were conferred with the prestigious CII Industry Academic Partnership Award 2025 in the Platinum category, the highest tier of the award at the group level. This recognition was based on our impactful collaboration with IIT Bombay, IIT Delhi, IISc Bangalore, and ITM University, focused on advanced research, building excellence, and skill development. The social and intellectual impact created through these initiatives clearly stood out at the national level. Outlook. As we look ahead, our strong order pipeline, expanding global customer base, increasing share of high-value engineered products, and capacity augmentation initiatives provide us with strong confidence in sustaining our global growth momentum. We remain focused on operational excellence, innovation-led growth, and delivering long-term value to all our stakeholders. Thank you for your continued trust and support. I will now hand over the call to Mr. Pavan Logar, our CFO, to take you through the financial highlights. Thank you, Deepak, and good morning, everyone. I will now take you through the financial highlights for the quarter and nine months ended thirty-first December, two thousand and twenty-five. For this quarter, total income stood at INR 436 crore, representing a growth of around 27% YoY, driven by strong execution across key segments, making the highest-ever quarterly sales. Company also reported highest-ever quarterly export revenue of INR 271 crore. Adjusted EBITDA stood at INR 102 crore, which is up by 34% YoY. The highest ever adjusted EBITDA, reflecting improved operating efficiency and better product mix. Adjusted profit after tax was INR 68 crore, growing 32% YoY, supported by margin expansion and robust volume growth. For nine months, FY 2026, total income for nine month revenue stood at INR 1,157 crores, with growth of 20% on YoY. Adjusted EBITDA for nine months at INR 281 crores, with growth of 23% on YoY. Adjusted PAT for nine months to date a hundred and eighty-nine crores, registering a growth of 23.7% over the same period last year. As of December 31, 2025, our order backlog stood at INR 1,457 crores, providing strong revenue visibility for the coming quarters. Of this, 63% is from exports and 37% from domestic market, reaffirming our strong global presence. Our total fund availability as on Q3 FY 2020 stood at INR 160 crores, providing ample pre headroom to support future capacity expansion, ongoing project execution, and other strategic initiatives. That concludes my remarks on the financial performance for the quarter and nine months. I would now request the moderator to open the floor for question and answers. Thank you. 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 touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Abhinav from ICICI Securities Limited. Please go ahead. Yeah, hi, sir. Good morning. Congrats on a good quarter on execution front. My first question is on the order inflow front. We have been in the range of about INR 350 crore-INR 400 crore of quarterly order inflows consistently, now near INR 400 crore, with one of large order wins, which has pushed the order inflow above INR 450 crore for the quarter last year. When can we expect order inflow above INR 450 crore, on a consistent basis? That will be my first question. Yeah, we are very positive about increasing order flow, and we wish that you will see substantial good results in Q4 and next year going forward, because we are waiting for some high-value orders, which are not materialized in Q3, but we are very close in Q4 and maybe the first quarter of the next year. So we are hopeful that after that, we'll get good orders inflow. So this, I mean, order inflow of about INR 450 crore, will it be driven based on only large value orders, or we can see, the inflow consistently above INR 450 crore near INR 500 crore? There are always, like, some big orders. 30-400 is our standard. This is the cross-talking. Sorry, sir, I missed you. I think the line was not audible. Thing is going on. I... Can you stop that? So I'm saying around 300-350 is our standard order, and one of two, one or two bigger orders can move us to more than INR 500 crore going forward now. Understood. So my second question, last time, you mentioned that, you know, about close to INR 900 crore will be executed in the second half of FY 2026, which will roughly entail about INR 470 crore of, Sorry to interrupt, Abhinav, sir. Your voice is a bit muffled. Yeah. Now is it better? Yeah. Please go ahead. So my question is on the execution. Last time around, we had mentioned that about INR 900 crore of revenue will be executed in second half of FY 2026, which entails about INR 470 crore in the last quarter. So are we on track to achieve that, or will we exceed it? We are absolutely on track, and we can perform perhaps better than this. Understood. So my final question on the gross margin front. This quarter, gross margins have been lower. Is it due to rise in commodity prices? Can you explain that? Yeah. Actually, you know, this gross margin will also, you know, 1%-3%, we are always telling that it is not possible to track exactly. So ±3%, you have to take it granted, actually. Sometimes in some project, it is lower, but otherwise, commodity doesn't affect us because, you know, my maximum big orders, we are taking the orders on the basis of the formulas only. So, automatically, the rates are adjusted according to the commodity rates. So, normally, commodity rates are affecting our company. Only small in case of small orders in which the formula is not there, some little bit effect may be there, but, you know, ±2%-3%, we have to keep as a normal thing in the data. Understood. That was helpful. Thank you, sir. All the best. Thank you. The next question is from the line of Prakash Kapadia from Kapadia Financial Services. Please go ahead. Yeah. Thanks for the opportunity. I think, you know, it would help if you could give us some sense on, you know, the LNG side. How is the demand shaping up for, you know, LNG fuel tanks on the OEM side? I think in the opening, remarks you mentioned about, you know, market share being 85%. So what is the potential on, you know, the semi-trailer side? If you could give some more insights, that'll be helpful. And secondly, you know, government has huge plans of, you know, launches, so I think Vikram-1 is, you know, going to be launched in, you know, mid-2026. Did we have a role in that? Government is talking of, you know, huge, increase in, you know, space launches. Vikram-1, Skyroot is investing more than INR 1,000 crore. So are we placed for that opportunity? Did we have a role in that? If you could comment on that also, that would be helpful. Yeah. If you see LNG, LNG fuel tank is not the only business. It is a smaller business, I can say. The major business lies in the LNG fueling stations, LNG, LCNG stations, and LNG satellite stations. So if you see, total out of 65 stations, LNG fueling stations are either have started or in operation or maybe under final stage of commissioning. We are almost like 69% market share into fueling station, and we have LCNG station out of 64, fully commissioned, fully equipment supplied are around 23 by INOX India, which is almost like 36%, and balance, we have partially given some equipment from our side. On LNG satellite stations, we have 88 satellite stations all over India. Out of that, we have supplied 64 stations, comprising of 73% of the total sales so far happened in India. So overall, if you see the average, 65%-70% market share for these products, which are the major products. Besides that, the fuel tank, what you rightly said, we are the only Indian manufacturer in India as on today, and we have enhanced our capacity by a serial production line for the LNG fuel tanks, and we are supplying to the all the majors. However, in the last quarter, we could not see much of a impact of requirement from fuel tank, but this quarter, that is Q4, we have received a good amount of tank requirement from the major OEMs, and we'll be supplying those fuel tanks on road. One such important change which has happened, PNGRB has now allowed a use of LNG fuel tanks on the pressure vessel as well. For example, we have the cryogenic tank, which is installed on the truck, which is a part of a pressure vessel. So earlier, pressure vessel, the small pressure vessel, that is fuel tank, was not allowed, but now it is allowed, and we have installed the first such tank in our company, INOX Air Products, under the approval from PESO and RTO, and that is giving a substantial good result. So if this exercise is fruitful, so we are just watching the performance for next two, three months, so there can be a very big demand for even retrofitting of these fuel tanks. Okay. That is helpful on the LNG side. On- On the space side, yes, we have a variety of projects which are going ahead. The lunar project, which is likely to come, the RFQ will be coming before March, and we are very well placed into this, because we have done the second launch pad for the ISRO, where we have supplied all the ground equipment. Besides that, there are two, three more projects which are coming in, such as Indian test facilities, their propellant tank manufacturing is there, or 50 tons ASU plant requirement is there. So we are all bidding for such projects for ISRO. And, Skyroot, Agnikul, and all the many other small, you can say, startups, we are associated with them from the beginning, and we supply them a lot of equipment. And even we supply info... Tell them about the various activities what we are doing. They can use our facility for some testing because of there are some financial constraints are there. So we are helping them to grow faster because that will help us in years to come for further development, and if, as they grow big, we will also do more business with them. That is our philosophy. Understood. You said the March, this tender should open or it should close? What is the timeline from the... Yeah. RFQ will come now. RFQ will come. And then that should be, what, a 3-6-month process for closure from the government side? Normally, it will be three months. Three months. So maybe the kick of the next year, the quote will be, we have to supply the, give the final quotations. Okay, understood. Thank you. I'll come back if I have more questions. Thank you, Prakash. Thank you. The next question is from the line of Jay Gandhi from Ambit Capital. Please go ahead. Hi, good morning. I hope I'm audible. Yeah, yeah. Okay, great. So, sir, earlier you confirmed that our large supply contracts are normally linked with price variation or an escalation clause. I just wanted to confirm that. Is there any cap on it, or the complete commodity inflation can be passed on to the customers? No, we have like, the formula which we already worked upon, and if there is a around 3% increase, decrease, maybe there are many factor like wages is there, steel prices is there, inflation is there, commodity prices is there. So that formula is there. If there is an increase in around, three percent, plus minus, then we automatically, increase our pricing or decrease our pricing, depending on that. But if it is a totally long one-year contract or like that, but when for a particular project is there, it is a fixed contract, and we book our material, when we, get the order immediately. So we don't have to have any risk of increase in pricing or any other things into the contract. Understood. My second question is, do we have any update on the small-scale LNG bids that we had made for Indonesia, Philippines, Andaman? It would be good if we have a current status. Yeah. Or a finalization timeline. I understand your anxiety, but somehow the process is a little slow. We are very much on the verge of getting a final offer, final tender from the Andaman and Nicobar. But Indonesia and Malaysia, it's still under active consideration only. The tenders are not released. Okay, understood. Thank you so much. I'll get back in the queue if I have more questions. All the best. Thank you, sir. Thank you. The next question is from the line of Amar from Radiant Capital. Please go ahead. Hello, my audience. Yeah, slightly louder will be better. I wanted to ask you is that what was the order inflow in Q3? Q3 order inflow, it was around INR 392 crore. Okay. Where will you close this FY 2026 at? Like, what will be the order? We'll be meeting our targets, whatever we have planned around 1,700. Okay. Any guidance in terms of going ahead FY? Sorry to interrupt, Amar. Your voice is muffled. We are unable to hear you. Is it fine now? No, it's still the same, sir. Still same. But okay, you continue. Yeah. I was asking this, would you like to give any guidance for FY 2027? FY 2027, at least whatever we are targeting around 18%-20% growth will continue, and we have various opportunities we are looking ahead. We'll definitely meet the target of around 18%-20% growth. Okay. And one last question, what will be the execution timeline of the current order book, sir? Depending on the size of the project, the normal standard projects are there, which is like tanks are there, which is 3-4 months, slightly complex is around 8 months, and big project like mammoth and other thing, it takes from, one year to 18 months. Oh, thank you so much. That's all from my side, sir. Thank you. Thank you. The next question is from the line of Divyam Doshi from 93 Capital. Please go ahead. Hello, sir. Congratulations on the great set of numbers. I just wanted to know that, now we have the approval from Heineken and AB InBev, we have approx, 40% exposure in the market, right? Correct. So, are there any other approvals planned for this coming quarter and- Yeah. We were working upon AB this Carlsberg and Asahi, and somehow we are pushing them, but they wanted to come in January now, but I know they'll be slightly delayed now. But yes, we have bided for the Carlsberg requirement, and though they have not visited us, once they allocate the order, they will definitely come for the audit. Okay. What is the lifeline of the keg that we make? It depends on the use, but roughly 20-25 years. Okay, okay, okay. I have one more question that, right now we have a very strong export, export growth for this quarter, right? Yeah. What is the margin difference between the domestic and the export that we do? It's normally 2%-3% higher on exports. Okay. And, you mentioned that, the LNG for ocean, right? Ocean vehicles, right? Ships and everything. Mm. So how long does that last? For example, you had mentioned that for commercial vehicles, normal vehicles last 500-600 km, while we assemble 2 tanks, so it lasts approximately 900 km. Yeah. What about ships? Ships, it's like depend on how much movement is there. But the ships, they normally, it's a, at least one tank of 800 cubic meter they fill in. And the possibility is there now, we have designed the ships, so the bunkering can happen on the sea itself. So that is not a constraint, that how much kilometer it has to travel. So, they get the information that, okay, the tank is getting empty, so the bunkering vessel will come and fill it on the sea itself. So that is not a constraint. Okay, sir, last question: in the two concalls before this, you had mentioned you are planning to build some products for data center cooling opportunity. So, is there any update on that? Yes, we are very close to a discussion with one of the German company, who is manufacturing this sort of a big racks for the IT industry. And we will provide them the cooling system, and they and to us together, we are expecting a small prototype to be developed first, and then we will go in a big way. But the chances that it will happen is around 6-8 months in next coming few months. Okay. What would be the margins in this? It's too primitive to tell you about this, but substantial margins will be there because the present cooling is through air conditioning or water, and this will substantially save them the energy cost. And it's a very complex, you can say, mechanism. First time will be introduced in the market, so definitely it will have a good margin. Okay, okay. Thank you so much, and all the best, sir. Thank you. Thank you. Thank you. Thank you so much. Thank you. The next question is from the line of Mohit Surana from Monarch Networth Capital Limited. Please go ahead. Sir, thank you for the opportunity, and congratulations on the good set of numbers. So my first question is with respect to the Savli plant. Mm. Sir, wanted to understand, when can we reach optimum utilization in this plant? I believe beer kegs for this quarter was only 1.4% of total sales. Mm. Although we have bid for the orders from these global alcoholic beverage companies, we are yet to see growth in that. By what time I think there will be a slow ramp-up of utilization, but by when can we expect optimum utilization at the Savli plant? The Savli plant is not only the keg plant, we have- Mm-hmm A lso the shop there. And, as you know that the keg plant has the capacity to produce around 300,000 kegs on an annual basis. Presently we are having order book around 65-70,000 kegs. So our utilization is that low. But we have already occupied one part of that shop into for CST work. And we are... Hello? We are getting orders from Heineken now. We have received from Bulgaria, Croatia, and we are expecting few more as well. But the volume is not increasing to our expectation, but hopefully around maybe around 80,000-100,000 order by March end, we should be getting. So our utilization into the keg plant is little less, as you have rightly said. But on the cryo shop, we are almost at 70% full now, and we have a lot of orders we are pumping in, and it caters to the domestic as well as the international market. So whatever is surplus for our Kalol Kandla facility, we are shipping, are transferring it to Savli facility. So, we don't find any capacity utilization issues in Savli, barring the inflow of orders for the keg plant. Understood, sir. So that 80-1,000 orders that you mentioned for Q4, those will be new orders or for the full year? For the full year. For the full year. Right. Right. Understood, sir. Sir, one more question with respect to the semiconductor opportunity. Mm. I think we supplied cryogenic tanks for Tata Semiconductor facility in Assam. Yes. If you can give some details on the order value and the kind of opportunity that you see in this space going forward, and have you visibility for more such orders for the upcoming financial year? Recently, even the Ministry of Transportation and, I think, Waterways, they have published that such a small waterways are available for shipping the tanks. So we have recently supplied 250 cubic meter into two tanks to the Assam project. We also supplied some vaporizers, piping, feeds, and other things. The roughly value for this is not so big, but around INR 8 crore. And we have also received order for a Dholera project now, with VBT tanks, some storage tanks, piping, and feeds, roughly around INR 10-12 crore. So slowly and steadily we are entering into this area, and whatever initial requirements are there, so we have started supplying. Perhaps, we are the only one, you can say, in this sector now, because, we have demonstrated our capabilities in semiconductor industry to the Korean, to the Japanese and Singapore market earlier. Understood, sir. Great. So that's really helpful. Thank you. My next question is with respect to another project that you executed for Indian Railways. Yes. I think we also supplied LNG tanks for retrofitting in a train. Yes. Maybe, maybe in Ahmedabad. So wanted to understand, was it a hybrid DL, diesel and LNG use? Yes. Or it was in a complete transition to LNG? And did that require a change in the engine of the train? Yeah, yeah, very good question, and this is not happened. Although we have supplied the equipment earlier, this news has come in quarter four now. Mm. We supplied 200-liter LNG storage and regasification system for integration- Mm I n 1,400 HP dual power unit cars, that they call it the DPUs- Mm-hmm. Of dual-fuel, that is diesel and LNG trains. So, this was one of the first initiative we took, almost a year back. So we have already supplied two such installations to LNG for two railways, and the trains are working from Ahmedabad to Mehsana, and other Sabarkantha and other areas. Their basic idea is that, wherever there are coal-based trains which are still there, they want to and electricity lines are difficult to lay. So in that area, railway is trying to put this LNG powered train. And we are successful in doing that. RDSO approves, now they have received. They have placed four more orders to us, and two of them we are just on the verge of dispatch, and two are under construction. So once that is well proven, I think the ministry also and many railway authorities have shown that it's a substantial saving and almost 40% they are depending on the LNG and 60% balance on the conventional diesel. So going forward, we see wherever there is a possibility, railway will convert the engine to this dual-fired technology. So we are very hopeful that this business will grow much faster. So, sir, this dual-powered technology does not require any change in engine of the train? They, they require some modification in the engine, and that is being done. Understood. Understood, sir. That's very helpful. I think that's another growth here for the company. Yeah, absolutely. Even railway is very bullish about it now. Right, sir. So just one last question. We have seen the Indian currency depreciating recently. And since around 60%-65% of our revenue this quarter came from exports, do you think? Mm-hmm T here can be some lever for us to improve our margins, for Q4? Certainly, slight improvement will be definitely there because we have the orders in hand from either U.S. dollar or Europe or euros, and both the currencies are almost like going mad now. There's almost like 25% increase in the European and around 10%-12% in U.S. dollars. Mm. So whatever advance we have received, it is in the older rates, but the new things which would come definitely with the new rates. And we'll have some slight margins improvement as we dispatch this in quarter four only. Understood, sir. That's very helpful, sir. Thank you so much, and all the best. Thank you so much. Thank you, Mohit. Thank you. The next question is from the line of Arvind Arora from A Square Capital. Please go ahead. Hello, am I audible? Yeah, yeah. Yeah. First of all, thank you, sir. Thank you for all your effort and, like, thank you to you and your team for all the efforts that we can clearly see in revenue numbers and margins and everything. So thank you, first of all. Thank you. Sir, I have two questions. One is like, what is our capacity utilization just now? So we have four plants to that extent, and our Kalol and Kandla facility is almost like 85%-90% completed, full. And our Silvassa also is almost 90%. And our Savli plant, there are two main plants. One is cryo plant and another is keg plant. Our keg plant is almost like 25%-30% utilized, whereas our cryo plant is 70% utilized, and this is the first year of our cryo shop. So going forward, definitely, we will like always to work around at least 90+ for the capacity utilization for all our plants. And we have enough space in Savli, and we are looking for some space at Kandla also. So as the opportunity increase, definitely we will expand our facility at both these two locations. How much time will it take, like, for expanding the capacity? See, basically, as the land is already acquired, or is in our hand, it takes around 6-8 months to build the shell and the machinery, and it takes around 3-4 months to streamline the whole operation. So almost a year, you can say, consider. Okay. So, okay, understood. And sir, like, our revenue is coming from order book only, or is there any kind of revenue where we get the order and we can execute within few days or weeks, something like that? I could not understand your question. The revenue always come from the order booking. From the order book. Routine orders also come, like the, you know, disposable cylinders. So we are getting the orders, and it is produced in a day or two. Even the similar fast-moving items. Fast-moving items are also there, cryo series. So we have multiple product line, you can say. We have cryo series, we have disposable cylinders, we have vaporizers, we have liquid cylinders, we have fuel tanks. These small products are very fast in moving that way. For disposable cylinders, rightly said, you start in the morning and finish in the evening, and next day you dispatch. So that is the speed of the disposable cylinders. Whereas some bigger- What is share of these kind of revenue, sir? They're almost like 30%, 30%-40% is this, through these products. Okay. So your order book, what we can see as of now, December is like would be around 70% of your next revenue, correct? If we just try to- Yeah C alculate. Yeah, yeah. Okay. Sir, last question, like, when you are giving guidance, like you are giving guidance of 18%-20%, okay? And when we see, when we discuss, when we understand the updates from you, it's like there are lots of tailwinds that we are having in the business. So why we are, like, sticking to only 18%-20%? Like, is it, is it like a conservative guidance that you are giving, or how it is? So it's a very difficult question to answer, but yes, we are slightly conservative in giving these numbers because the lumpy orders are there, which we can't commit, you know? So whatever is the standard growth and some risk in those orders that we can commit, whereas something comes up, big projects like third launchpad or many such projects are coming in, if that goes, then it will be a substantial growth. No problem. Okay. Thank you, sir. Thank you so much. Thank you. Thank you. The next question is from the line of Pravesh Kochar from Four Lion Capital. Please go ahead. Hi, thank you for the opportunity. Hi. Just wanted to check on the aerospace additional order that you have mentioned? Yeah. Is it the same amount as the one in last quarter, or? Can you just give some more color on what this is, this more than tanks or is it just tanks, et cetera? So the last quarter was 1,500 cubic meter, so it was slightly bigger. These tanks- Mm. are 1 cubic meter into 2 tanks. So from the same customer in U.S., which is very well-known party in aerospace in U.S. So we're expecting few more as well from them now. These will all be in the tank side, or are we gonna do more components for that, for that space station? I mean, it is mostly storage tanks for variety of their applications and maybe oxygen, nitrogen, or many other gases. So depending on the requirement, we design the equipment. Even we are designing some heat exchangers for them also. So, but we have not received any order so far, but inquiries are coming from them now. So there are very mega projects coming up in U.S., and they're finding it difficult that such type of huge tanks, manufacturers are also very less in the world, so we have got that advantage now. Got it, makes sense. And with now the tariff sort of also rationalized- Mm. Is the negotiation moving quicker than what it was, let's say, last quarter, or Yes. Are you seeing some change there? We are thinking a lot, and now they are not thinking. They are just releasing now. Okay, lovely. My second question is on, you know, Mr. Edward Monser visit. Any update on if that would open up new partnerships with the sister company, Air Products, going forward? Yeah, we are working with them for a variety of requirements worldwide, and we will be working with some projects which they have in line, but not yet materialize everything, but very positive discussion is going on. Got it. Lastly, on, you know, a lot of capacities coming on, cell manufacturing on the, solar module side, at least Air Products is, you know, putting out a lot of, press releases to that extent. Just wanted to understand what would be our participation in, the cell capacity that's coming online, you know, across India now from a variety of, solar module manufacturers. Thank you. Yeah, mainly solar modules manufacturing, they are using ultrahigh purity ammonia, which we have already supplied 8 units to them, and we are recently received additional 5 units. Going forward, there is a substantial requirement of this ultrahigh purity ammonia for solar applications, and we are again the first in India to develop such product because it's a very critical product, and we have developed that, and we are hopeful that not only INOX Air Products, but there are many such companies who are entering into it. And even we are supplying equipments to the solar glass manufacturers like Vishakha, then Saint-Gobain, and many other people. So this is a good requirement which is coming up, and we are catering to those requirements. Understood. Thank you so much, and have a good day. Thank you. The next question is from the line of Het Shah from Dalal & Broacha. Please go ahead. Yeah, thank you for the opportunity, and congratulations on a great set of numbers. So a couple of questions. Firstly, in terms of the LNG segment, in Q1, you had given a growth guidance that it will be bare minimum of 20% growth. What I see is, nine months, this nine months itself, we have exceeded FY 2025 numbers. So where do we see LNG in terms of revenue for this coming year? And secondly, it's specific to the kegs division. So in Q2, we had a target of about 100,000 units for the- Mm. Full year. Mm. So where are we in terms of that, in terms of quantity as well as nine-month FY numbers? Thirdly, with respect to disposable cylinders. Mm. In the last concall, you had said, we had an internal target of about 2 million units. Mm. So where are we in terms of that? Because H1, we were at about 500,000 in terms of production units, correct? So. And how much of it is towards national refrigeration? So, yeah. I'll answer the- Sure. Third question first, perhaps. The disposable cylinder, we are doing very well... and we will cross our target of 2 million cylinders this year. One of the important customer from U.S. has placed their quarter one, quarter two requirements, more than 700,000 cylinders to us, and we'll be delivering them as on the schedule. So we are quite hopeful that this whole cylinder business is going to cross the last year's what we have achieved in volume as well as in the revenue. The next question was on your, Kegs. Kegs, okay. So kegs, since we, order book was around 15,662 units, and sales was around 15,241 units. And in nine months, we have order book of around 67,000+ and sales of around, thirty-six thousand so far. And we have still in Q4, we have order book, which is there. So we'll finish that. We'll try to order book of around, hundred thousand, and, sales of around 60,000-70,000 we will try to achieve in Q4, because it's continuously working now. We have received orders from, Heineken, from Croatia and Bulgaria, and, few more orders are in pipeline now. We are supplying to Germany, South America, and, other countries. Thank you. Just, one thing regarding the Carlsberg approval. So the sample that we sent in November, they've been approved, right? Only the audit has been further delayed, which was already delayed in the last quarter. Yeah, they have delayed their visit. However, but they have sent us the tender, and we have filled that tender, and the results are likely to come shortly now. Got it, sir. Thank you. Thank you. Before we take the next question, a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Kunal Bhatia from Dalal & Broacha Stock Broking Limited. Please go ahead. Yeah. Hi, sir. Congratulations on a very good set of numbers. Sir, just one question in terms of, Sorry to interrupt, Mr. Bhatia. Can you use your handset mode, please? Yeah. Can you hear me now? Yeah. Yeah. Yeah. Thank you. Yeah. Yeah. So, so congrats on a good set of numbers. So just, one question in regards to the, Industrial Gas division. So, sir, this order from the U.S. aerospace, company, sir, could, could you give us some sense on how big is the opportunity for, say, the next, two to three years? How well we are penetrated, within that client? So, do we enjoy, a good, market share vis-à-vis the other, global players, in this, specific opportunity? Could you give some sense on that? Because industrial gases is one of our large, revenue contributors. Yeah. As you know, this aerospace company is one of the top leading private company in the U.S., and they are spending huge amount of money for the future. And you can say many heavy-duty rockets they are going to launch, for which they require a huge amount of facilities. And they are just scouting all over the world to see how they can get quick deliveries for the equipment. So that is the key of everything, and definitely the quality and reliability of the products. So in last 1 and 1.5 year, we have been working very closely with this company, this company, and we are regularly meeting their technical people, their operation people, understanding their pain areas. They are now very close to us to give their requirements or even the product development, what they want. Most likely, they will also visit our facility to see our future expansions and how big vessels, because mammoth vessels of 1,500 cubic meter is under progress. So they would like to see our facility. And they have given us a very big RFQ for next six months now. So once they are clear about our capabilities and if we can deliver this equipment as per their schedule, I think we have a very good opportunity working with them. Okay. So just trying to get a bit more on the financial per se. Just wanted to understand, say last year, we had X from there, from them in terms of our revenues. Would it be, say, 1.5x or 2x this year, and that could scale up to a, say, a 3x by next one or two years? Could you give some kind of a color on the same? Two, three times, three times. We are even ready for five times as well. No problem. Whatever the challenge they throw on us, definitely we will make our best to see that we cater their requirements. What we know is very clearly that for such a huge requirement, there are very few manufacturers in the world who can really handle- Right. The requirements. So they have to depend on us. At least 50% of their requirement will be ours. That much I can tell you. Okay. And sir, this opportunity would be much larger than the ISRO opportunity, if I'm not wrong? No, ISRO is a different ballgame. There, there is not a storage tank. There are many such equipment. Yes, but totally the investment, what they are looking at is very high. Mm. How much we can really do and what is their speed at which they want it is more important. But yes, the ISRO is smaller as compared to these opportunities. Okay, okay. Sir, lastly on the same thing, the margins from this client would be slightly higher because they're, it's more of a time constraint commitment vis-à-vis on integrity on one or two percentage. If you see the last quarter, in spite of 50%, they have given us the order, and now we are 25% almost, putting that steel component and the additional duty because of the Russian oil and all that. So it is now coming to 20 under 25%. So we are very hopeful that they will give a very big share for their requirement to INOX India. Okay, okay. Perfect, sir. Thank you so much, sir. Thank you. Thank you. Ladies and gentlemen, due to time constraint, that was the last question for today. I now hand the conference over to the management for closing comments. Thank you, everybody, for joining this call. I hope we have answered all your queries, and if something is pending, we can still continue to discuss over mail or maybe call, and we will be happy to answer your all queries. We hopefully will meet again in Q4 with still better numbers and better performance. Thank you so much for your kind hearing, patience. Thank you. Thank you so much. Thank you very much. On behalf of ICICI Securities Limited, that concludes this conference. Thank you all for joining us today, and you may now disconnect your lines. Thank you.