Ladies and gentlemen, good day and welcome to MTAR Technologies Limited Q3 FY25 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 the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your dashboard phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Parth Patel from Orient Capital. Thank you, and over to you, sir. Thank you, Muskan. Good morning, everyone. On behalf of MTAR Technologies Limited, I extend a very warm welcome to all participants on Q3 and nine months FY25 earnings discussion call. Today on our call, we have Mr. Srinivas Reddy, sir, Managing Director and Promoter; Mr. Gunneswara Rao, sir, Chief Financial Officer; Ms. Srilekha Jasthi, Head Strategy and IR. I hope everyone had an opportunity to go through our investor deck and press release that we have uploaded on Exchanges and the company's website. I would like to give a short disclaimer before we begin the call. Please note that some of the forward-looking statements, which are completely based upon our belief, opinion, and expectations as of today. The statements are not guaranteed for our future performance and involve unforeseen risks and uncertainties. With this, I would like to hand over the call to Srinivas, sir. Over to you, sir. Hello and good morning, everyone. Thank you for taking the time to join us today. Today on the call, I'm joined by Mr. Gunneswara Rao, Chief Financial Officer, Ms. Srilekha Jasth i, Head of Strategy and Investor Relations, and Orient Capital, our Investor Relations Partners. We have uploaded our updated investor deck, press release, and results highlights on the stock exchanges and company website. I hope everybody had an opportunity to go through the same. I'm pleased to share that this quarter we have delivered a good revenue growth of 47.4% year-on-year growth in revenue and 39.4% year-on-year increase in EBITDA. Our EBITDA margins came in at 19.1%. There has been a sequential improvement in margins thereafter due to operating leverage and commencement of volume production for MNC customers. We have also received significant orders of more than INR 400 crores in clean energy and aerospace sectors recently, strengthening our order book. So far, this is an inflow of INR 817 crores of orders across various sectors in FY25. Furthermore, we have received orders worth INR 2.7 crores at the beginning of the relationship with Fluence Energy, which we always spoke about, to exclude the proto units. And once we complete the proto units, probably by the end of June, we are expected to move into the progressive growth in volumes. We anticipate to receive orders from Kaiga 5 & 6 reactors soon, and also from the various refurbishment reactors, almost close to five reactors which we are looking forward to. We're looking forward to a very strong Q4 as well, and following in line with the guidance given by us, with 700 crores plus revenues overall, with EBITDA of 21%± 100 basis points for FY25. The company has been taking strategic measures over the past years by adding several new customers and expanding the product base that will start benefiting us in the quarters to come and the years to come. Currently, we are executing first category orders for various MNCs like Fluence, IAI, and Weatherford, etc. We expect to enter into volume production with various customers in a progressive way starting from FY26. Based on the kind of work we have done over the last couple of years, looking at the future roadmap for the company, we project a 30% revenue growth in FY26 and similarly an equivalent kind of growth moving forward for the next two years as well, with a progressive improvement in EBITDA starting with 24% for next year, FY26, and 2% percentage basis points, like 200 basis points improvement each year moving forward as well, ending up with FY28 at 28% EBITDA percentage based on the revenue growth and the kind of work we have been doing over the past couple of years. We'll be able to bounce back very comfortably with larger revenues and higher EBITDA margins, as mentioned earlier, and we expect to enter into clear volume production for new products in various clean energy and aerospace sectors. Now, I would like to give a detailed overview of all the sectors. In clean energy, fuel cells, we have executed around INR 300 crores orders year to date, comprising power units, heat cycle assemblies, and enclosures for Bloom Energy. There shall be around INR 100 crores of execution or more in Q4. The outlook of Bloom Energy looks quite optimistic. Bloom has signed a supply agreement with American Electric Power for up to one gigawatt of its products, the largest commercial procurement of fuel cells in the world today. AI-powered data centers are a huge use case for Bloom Energy, as per various market sources. With such AI-powered data centers, a project will require one gigawatt power for their products. We expect to execute more than INR 430 crores in fuel cells moving forward for the next year, for which we have already received the majority of the orders, and there could be an upside to this based on the commencement of execution of AEP orders. We continue to witness phenomenal growth in space and MNC aerospace division. We have delivered INR 24 crores of orders year to date for ISRO, and INR 24 crores of orders year to date for MNC aerospace. We expect to deliver another INR 25 crores of orders for MNC aerospace and INR 15 crores of orders for ISRO in Q4. Our closing order book stands at 187 crores in this particular segment at the end of Q3. We are projecting around 125 crores of execution for MNC aerospace and around INR 50 crores of execution for ISRO in FY26, backed by strong in-store orders. As you're all aware, we have signed a long-term agreement with IAI. We have received around 38 crores of orders so far from IAI this fiscal year. IAI remains a key strategic customer for us, and we are expecting orders for various other projects from them. Currently, as I mentioned earlier, we are working on the first articles for IAI and also with respect to the other MNC customers, and we expect to commence back production for next fiscal year. In addition, we have executed around 8 crores of orders for GKN Aerospace in FY25, and we expect to ramp up increased volumes with this MNC customer significantly from FY26. While we have executed 16 crores of orders year to date from Spirit AeroSystems, we expect to execute around 30 crores of orders in Q4. The execution of FY26 is projected to be around 35 crores, as we have built there. We are in progress for existing orders that shall be dispatched in FY26. Moving on to defense, the revenue stands at 12.2 crores year to date, and annual execution is estimated to be around 30 crores. This year, we have witnessed an increase in flow of orders, and our defense order book is expected to grow further over the coming quarters, because of which we shall have an exponential growth in defense starting from FY26. We project around 40 crores plus of execution FY26 as well, and we have initiated the execution of developmental orders for combustion assemblies of scramjet engines for hypersonic missiles. In addition, we have been declared L1 in some of the projects in which we are dealing with defense in the recent times. Products vertical continues to register significant growth with an execution of around INR 100 crores year to date. We expect another INR 30 crores of revenues from products in Q4 FY25. This vertical is projected to record revenues of more than INR 170-INR 180 crores in FY26. We continue to improve our cash flows and our net working capital days. We have generated a positive operating cash flow of INR 102 crores, which is far, far higher than what we were able to do in the past few quarters, and our NWC days have also come down to about 222 days by end of Q3, in line with our target. We target to improve further the operating cash flows and NWC days over the coming quarters. We are focusing on strengthening our product portfolio, diversifying our customer base, and improving our margins, which we believe will be reflected in our performance over the coming quarters and over the coming next few years, as I mentioned earlier. Now, I will request our CFO, Mr. Gunneswara Rao, who will discuss in detail on the financial performance of Q3 FY25. Thank you, Mr. Srinivas Reddy, and good morning, and warm welcome to our earnings call. I would like to extend my gratitude to all the shareholders and prospective shareholders for your continued trust and support. Today, I will be discussing key financial performance metrics for Q3 FY25 on a standalone basis, along with our strategic priorities around expansion into potential growth sectors, increasing value share of existing customers, cost optimization, and operational efficiency. Now, the financial performance YoY Q3 FY25 versus Q3 FY24. Revenue from operations stood at INR 174.5 crore in Q3 FY25, as against INR 118.4 crore in Q3 FY24, reflecting a 47.4% year-on-year growth. EBITDA was INR 33.3 crore in Q3 FY25, compared to INR 23.9 crore in Q3 FY24, registering a 39.4% increase. Profit before tax stood at INR 21.4 crore in Q3 FY25, up from INR 12.9 crore in Q3 FY24, representing 66.3% growth. Profit after tax increased 52.8% year-on-year, reaching INR 16 crore in Q3 FY25, compared to INR 10.4 crore in Q3 FY24. When it comes to the strategic focus and operational improvements, as we continue our strong growth trajectory, we anticipate further improvement in EBITDA margins from Q4, supported by operating leverage and increased revenue scale. The company has been strengthening its financial position with a reduction of INR 10 crore long-term debt, bringing it down to INR 142.4 crore-INR 132.5 crore. The total repayment obligation for FY26 stands at INR 46 crore. Cash flow from operations was robust at INR 102 crores in Q3 FY25, significantly outpacing FY24's total annual cash flow from operations of INR crore. The improvement was driven by efficient working capital management, with INR 58 crores generated through reduction of receivables and increase in payable days. The net working capital to revenue days stood at INR 222 days, which is in line with our targeted working capital days by end of FY25. So, as explained by our MD in detail, we are in exciting growth phase as of now, actively expanding our market presence and strengthening our position across multiple sectors. Under the leadership of our MD, the company is focusing on key strategic initiatives to drive the growth and risk mitigation, including expanding our customer base, increasing value share of our existing customers, and we are commissioning 100% of installing the equipment in the aerospace facility in Hyderabad to cater to the growing demand in the sector. Also, we are venturing into oil and gas and battery storage systems, and we are expanding our presence in aerospace in a big way, and also other priority sectors to diversify our revenue streams. Looking ahead, we remain committed to sustaining EBITDA margins in the range of 24%, supported by an anticipated 30% revenue growth in FY26 compared to FY25. So, with this, I open the floor for discussion and welcome any questions you may have. Thank you, everyone, for your time and thanks. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star one on the touch-tone telephone. If you wish to remove yourself from question queue, you may press star two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue is handled. The first question is from the line of Vipraw Srivastava from Phillip Capital. Please go ahead. Hi, I'm audible, right? Yes, sir. All right. It's just a quick one on the guidance. You have quoted for 30% revenue growth. Can you just say how much you expect the industrial energy valves to grow in FY26? Hello? Hello, can you repeat your question, please? Yeah, what I was saying was that you have guided for 30% revenue growth in FY26. How much do you expect the clean energy valves to grow YoY? Basically, we're looking at a conservative estimate of 30% revenue growth, not only for FY26, but the kind of work we have done over the last couple of years with various customers in terms of first articles, not only in clean energy but also in aerospace. We would expect a similar revenue growth over the next three years with improved EBITDA margins. As I said, starting from 22%-26%, we end up with 28% by FY28. Now, clean energy segment looks very comfortable numbers, whereby the hot boxes have been streamlined. We're adding more wallet share into the system with the customer as well. So, we're looking at almost close to about INR 500 crores plus in terms of sales that we will be doing with respect to clean energy for the next year. Okay, sir. And sir, in terms of hot boxes, how much will be? See, Hot Boxes would be close to about INR 470 crores and up for next year. Okay. Okay, sir. Fair point, sir. Actually, secondly, since we are seeing a quick ramp-up on the aerospace and defense side, so, I mean, what kind of numbers you are seeing in this business? When you see this business ramping up, FY27, is that correct? Yeah, see, basically, we have some of the customers who are already into the ramp-up into the volume production, and some we are doing first articles as well. So, it will be a mix of first articles and volume production for FY26 and FY27. You would really see a major volume breakthrough, especially in the MNC aerospace sector, since even our new plant is getting commissioned by the end of this month. That's nice. And sir, the number for the division here, I mean, I'm not guiding, but what's the trend range you are looking at in FY27 for A&D? For which one? For Aerospace and Defense, A&D. Yeah, so Aerospace and Defense would really drastically improve. Like, for example, next year, we'll be doing around close only in MNC aerospace itself, we'll be doing about INR 125 crores next year, which is a phenomenal growth, right? And that's a combination of first articles and volume production, and then FY27 will be much larger than that. So, that's where we stand as of now. And all these efforts, I would appreciate my team that have done a great job, especially in the last one and a half years, to actually build this vertical. And also, we are getting certified by Nadcap and also by the various MNC customers for our special processes and for our new plants, aerospace plants as well, which is very critical for aerospace. Right. And sir, the global tailwind is also helping, right? I mean, the whole aerospace and defense industry is in a tailwind because of these wars, so that also helps, right? Yes, definitely. Sure, sir. And sir, lastly, on the nuclear orders, so when do you expect to get them, the nuclear orders? Look, there are two types of orders that we are expecting, which I would like to explain. One is on the Kaiga 5 & 6. Recently, I think the LOA has been given to Megha Engineering for Kaiga 5 & 6. So, hopefully, we'll be having those orders coming in probably by end of March or beginning of next quarter. That's the major orders, which I've said at least INR 500-INR 600 crores. And then there are five refurbishment reactors where tenders are getting floated shortly. I don't want to get into the numbers there because of being a tender, open tender, but there are substantial orders that will flow in over the next three to six months. So, overall, we're expecting close to, in history, it never happened, but finally, it's happening now, close to about INR 1,000 crores of orders which can flow into MTAR over the next six months. Okay, sir, and the last question from my end. Government of India, there's still the Liability Act, which was repealed by the Government of India for nuclear sector, so now foreign companies can also participate in India's nuclear sector, so do you see any impact of that, positive or negative? What's your take on that? It has to be positive. You see, basically, we have on our plate with our domestic nuclear reactors, right? PHWR reactors, what we're working on, and other specific research projects that we're working on right now. So, any MNCs who would like to participate, obviously, MTAR will contribute to them in a big way. So, let's see how it happens. So, as it is, we have on our plate right now with our own reactors, which are being expected to come more and more reactors are expected to come. So, we're actually thinking of having an exclusive plant for the nuclear division as well, the kind of orders which are flowing into the company. Sure, sir. Sure. Thank you, sir. Thanks a lot. Thank you. The next question is from the line of Balamurali Krishnan from Oman Investment Advisors. Please go ahead. Hi, good morning to everybody. Congratulations on good numbers, sir. So, on the electrolyzer parts, sir, so from the Fluence Energy order, do we have any electrolyzer order also, or it is all about hot boxes? No, electrolyzers would take some time, as I said earlier. But as of now, we have enough on our plate in terms of the regular hot boxes that we are doing for them and also adding additional wallet share into there. We are slowly moving into the assembly part of the business with Bloom. That's going to add more wallet share into the system. So, that's what I'm trying to explain. So, whenever electrolyzers happen, we have already proved it. We have exported to Bloom. They have also proved it to the customers. So, hydrogen is something which would take a little time, but it will happen. So, I won't be able to comment much on that right now, but if it happens, it's great. So, let's see how it goes. Some electrolyzer manufacturers, sir, participated under that PLI scheme for manufacturing the electrolyzers. Whether that kind of business is different from us, or we are also eligible for that one? Do you want to participate in that PLI or not? No, we can. Other than we get the orders and how we can progress, not only for supplying within India and internationally, then probably, yes, we can do that. Okay. And then on nuclear parts, sir, so we are expecting INR 1,000 crores of orders in maybe next 12 months. So, what kind of CapEx is required to execute those orders? How much amount of it? We already have the CapExes in place for nuclear division. We have been doing for the last 35-40 years. Except for a few bottleneck machines here and there, to address that kind of orders, we are fine with that. Okay. Lastly, on this mass production, so we have supplied, we are supplying the first articles to the customer. How much revenues can we expect from this mass production for these first articles in this next fiscal year FY26? That's what I said. We are looking at almost like INR 125 crores of revenues coming in from MNC aerospace itself for next year, based on a combination of first articles and batch production for FY26, and then for FY27, it will be a much higher number because we have established the first articles for some more customers, so we are focusing on growing the aerospace sector in a very big way, and our new plant also is getting commissioned by the end of this month. T hat's a very positive trend, and a lot of effort has been done over the last one and a half years to get where we are today, and also, all the certifications of Nadcap are in progress. We also got Nadcap certification recently for pre-treatment processes and special processes, and hopefully, we should get it by April. We are on track with all this, and all these are the efforts of the last 18 months what we have done. Okay, sir. That's all my thoughts, sir. I'll do this. Thank you. Thank you. The next question is from the line of Balasubramanian from Arihant Capital. Please go ahead. Good morning, sir. Congratulations for a good set of numbers. Sir, I just want to understand about input content for our raw material side. And you're mentioning about 28% kind of EBITDA margin by FY28. What are the key triggers to achieve those margins? See, the most important thing is, as I mentioned, we have been investing in our team leadership over the last one year, and that's looking at the future growth of the company. As the revenues grow, our employee benefit expenses will drastically drop. We have been investing ahead of time for that. Obviously, we need to do that. We're looking at the future roadmap for the company. Also, our margins could improve more because we are diversifying into aerospace, and we're doing more of the nuclear division orders, which are of higher margins. We have better operating leverage with volume production with various MNC customers that we are working on right now. So, by FY28, you would see a comfortable 28% kind of EBITDA margins based on all this work that we have done in the recent past for the future growth of the company and to achieve better EBITDA margins moving forward. What's the input content, sir? Which one? Input, input content, percentage terms. Any target to achieve? Input content. See, inputs. We do very few input content like Inconel and all those raw materials that we import. But most of the materials, we are trying to localize it and trying to buy from various companies within India as much as possible. But some of the moving forward, we'll also evaluate and see how much less we can import so the company can benefit better and better, especially with the forex fluctuation that we have today. Okay, sir. So, like a new vertical area like oil and gas, I think we have started exhibiting on first articles. And how do we see in this business over next two to three years? And you have mentioned about the battery storage systems. So, it's good to throw some light on that. What are the opportunities we have? See, one is on the battery storage systems. We have been talking about Fluence Energy for quite some time, but fortunately, finally, we are designing and developing along with them the new battery storage systems for them, which we have received the purchase orders already. And that, we're hoping that by June, we'll be able to complete all the prototypes, and then we slowly move into volume production. But we will see the real ramp-up happening, which will be close to about INR 250 crores plus in FY27 with respect to the battery storage systems as well. So, this is the kind of growth we are looking at. A lot of effort is being made in terms of getting qualified and moving towards the growth phase for the next three years. And what is the next question on the oil and gas? Oil and gas. Yes, sir. We already received the purchase orders for the first articles, which we are doing now. We are establishing an exclusive plant for oil and gas, which will translate into volume production from FY27, partly in FY26, but mostly in FY27, close to about INR 150-INR 180 crores in the first year, FY27, and then we move on to close to about INR 250 crores in FY28, so that's the kind of planning we have done in terms of how to achieve our growth parameters in various divisions that we are working on right now. Okay, sir. Sir, I think the nuclear side, we have seen a lot of good announcements from the budget, and sir, what's the update on this Kaiga 5 & 6 nuclear reactor orders? I've just mentioned it right now that we can expect those orders sometime by end of March or beginning of next quarter, which are substantial, more than INR 500 crores plus. And there are also another five refurbishment reactors pending that are being floated in a month or a couple of months. So, we're expecting close to about overall INR 1,000 crores worth of nuclear orders coming in over the next three to six months. Okay. Sir, just a bookkeeping question. What's the cash balance and debt side for Q3? GR, can you answer this, please? Yeah. Our long-term debt is INR 132.5 crores, and the cash is INR 25 crores we have. That also, we received on the last working day of the financial year, and another INR 20 crores we kept as a deposit for the bank guarantees, the 10% margin money. Got it, sir. Thank you. Thank you. Thank you. The next question is from the line of Nikhil Agarwal from Kotak AMC. Please go ahead. Good morning, sir, and thanks for the opportunity. Sir, just wanted some clarity on the guidance that you have given for FY25. If you could repeat it, it would be very helpful. Yeah, sure. So, FY25, you said we will achieve revenues of about INR 700 crores plus with EBITDA margin of 21% plus minus 100 basis points. That's what I've mentioned earlier, which we are on track with what we have said earlier. And we should have a better Q4, much better than Q3 as well. And then the margins also, to maintain that margin, we would be expecting close to EBITDA margin of 24% for Q4 is what we're looking at, plus minus 100 basis points. So, that's how we'll be able to achieve the overall annual margin guidance what we have given and the revenue guidance what we have given. Moving forward, FY26 to FY28, based on what I've explained earlier in the call, with the various projects and qualifications that we are going through, we are expecting a comfortable revenue growth of 30% year-on-year basis, consistently for the next three years, and with improved margins of 24% in FY26, and then moving on to 26% in FY27 and stabilizing at 28% in FY28. Sure. Understood. And sir, you mentioned INR 1,000 crores of orders in FY26 from nuclear only, right? Which includes the refurbishment as well as Kaiga orders. Yes. Yeah, that's right. So, basically, you have the order breakup from Kaiga 5 & 6, and also there are five reactors which are coming into refurbishment, which MTAR specializes in that. One is two reactors of Tarapur, one in Rajasthan, one in Kaiga as well, and another one is in MAPS reactors. So, basically, there are five reactors which are getting into refurbishment mode. So, all these together, we have enough on our plate over the next six months. Knowing the procedures, within three to six months, we'll have these INR 1,000 crores of orders flowing into the company. That's the latest update that we have on the nuclear side. The refurbishment order, what time would that take to actually translate to revenue? It's about 18 months. So, what we are looking at here is what's most important is all these orders have to be executed in a three-year period. If you look at Kaiga 5 & 6, it's a fast-track project which the government of India is looking forward for, right? That's how they're structured on one company and then subcontracting it. So, overall, if you look at it, refurbishment reactors are 18 months, and the Kaiga 5 & 6 is maximum of three years. Three years. Yeah. All right. All right, and sir, lastly. We see a major revenue growth happening by the time these orders come in. We get the raw material and all that. So, you'll see a part of the revenues growing in FY26, but a majority of the revenues will kick in in FY27 and FY28. 28. Nice. Nice. And sir, lastly, any impact of DeepSeek on the Bloom Data Center business? Have you heard anything from them regarding this? Absolutely not. And I've not heard anything of that. And in fact, not only they are looking at improved volumes, which they will keep updating us from time to time. And also, they are increasing our wallet share within this moving into the assembly mode as well with us. So, there is no such information of any impact as far as data centers are concerned. Because, sir, as far as I remember, in the previous calls, you've mentioned that the next big trigger for growth for Bloom would be the data center business. And with DeepSeek coming in, I've read that it's a major threat to data centers all across the world. So, that's why I was a bit curious about this. No, that's not going to really affect the way Bloom is moving forward with the data centers, especially the kind of orders they have received. And they've held back a lot of information because they are expecting a lot more orders kicking into their system over the next couple of quarters, is what I've heard. All right. All right. Okay, sir. That's it from me, sir. Thank you so much. Thank you. Thank you. Before we move to the next question, a reminder to all participants, you may press star, then one, to ask a question. The next question is from the line of Ayush Bansal from Niveshaay Investment Advisors. Please go ahead. Hi. Am I audible, sir? Yeah, you are audible. Please go ahead. Good morning, sir. I would also like to ask about the Kaiga units 5 & 6 nuclear reactor. In the previous phone call, you mentioned that MTAR has exclusive capabilities in 14 packages. So, can you tell us more about those areas? And does no other company have these capabilities to execute those areas? So, there are two aspects to it. One is, on the capability side, MTAR is obviously rated number one in all these 14 packages. There are a few companies which, in a few of the packages, they can get qualified, which is listed in the tender. But what is most important is the execution time because these are fast-track projects with a lot of LVs which will get imposed on the main contractors. So, it's important that these projects have to be executed, especially Kaiga 5 & 6 on a fast-track basis within the given time frame. So, we have proven in the past that we have done projects where NPCIL has given us three years, we have done in one and a half years to two years or even less. So, we have a major advantage in terms of execution of these projects if you look at the overall bigger picture of the entire project as well. So, that's why we are pretty confident of getting these orders through over the next couple of months or three months. Okay, sir. And as we know that these are the first two reactors in the line of 10 reactors to be built in India. So, can we expect similar orders for other reactors as well? Yes, definitely yes, and either it might be direct orders or it can be indirect, so it all depends on how NPCIL will look at it, but definitely yes. We are part of the whole system in which we are part of the whole nuclear core reactor technology, which we have excelled over the last 30-35 years. We definitely will be part of the future reactor sector. Sir, will MTAR benefit from the INR 20,000 crore being allocated by government for nuclear sector in this budget? Yeah, definitely yes, right? So, whatever nuclear reactors, the government can allocate the budget, but there is a time frame for everything. It depends on how the tenders are floated and how it is done, when it is done. Obviously, if you look at a 3- to 5-year roadmap, we'll have enough order books from the nuclear division that what this country needs. MTAR has always worked along with NPCIL to develop all these nuclear reactors over the last 30, 35 years. We worked jointly on the core reactor group, fuel group. Basically, MTAR is going to get benefited based on how it proceeds moving forward. Okay, sir. And any update on the roller screw segment? Roller screws have already been qualified. In fact, probably from next month or so, they might have this import substitution done certified with us. And once that is done, we are through with it. So, it's a process by itself. They do various tests. Right now, the final tests are going on. It's already through with what they have told me. So, once that is done, then the roller screw from Sweden will be stopped. Government of India will stop importing it. And if they are import substitutes, then MTAR will start supplying the roller screws for all the requirements. Okay, sir. Thank you. That's all from my side. Thank you. The next question is from the line of Mamta Agarwal from ABS Investments. Please go ahead. Hello. Thanks for the opportunity. I had a couple of questions. Have you been seeing orders which we have received from Bloom as well as from Fluence for first article orders like? No, your voice is breaking and too much of disturbance. Can you repeat your question, please? Hello. Now, are you there now? Yeah, a little bit. Please go ahead. Slowly. Because there's a lot of noise coming in, that's why. Okay. Sir, is it okay now? Yeah, please. Yes. Yeah, please go ahead. I have a question regarding the nuclear orders which we have received from Bloom as well as other first articles from Sweden, better called IAI. So, if you could give a sense of what the quantum of nuclear orders which we are expecting from this first articles order, this would be helpful? Okay. Whatever I could hear from you, you're talking about the first article orders from IAI, Weatherford, GKN, etc. So, basically, IAI, we have signed a very long-term agreement with them for 15 years, which I mentioned earlier as well. We already received orders for about 28-30 crores of orders from IAI for first articles to be done from various project groups. Similarly, with GKN, we are doing a combination of volume production plus further projects we're doing first articles. Weatherford, right now, we are doing the first articles. So, what it translates to is a much higher number moving forward. That's what I've explained earlier. If you look at Weatherford, we're looking at 150-250 crores of volume production over the next three years, year-on-year basis. Similarly, with IAI, we're looking at more than 100-150 crores doing execution of the projects. GKN is close to about $10 million. So, these are all the efforts of the team over the last 18 months to see where we are today. So, today, we are pretty confident of looking at the company where it is going over the next three years with a consistent revenue growth of 30% year-on-year basis is a reflection of what we have done in the last one and a half years to build the various other verticals and with improved margins as well. Okay. Sir, just to follow up on this. These orders are like an entry value for our competitors. What efforts are you putting in to get more value from the customer? I am really not able to hear you. There's a lot of disturbance, noise. I didn't get your question. Sir, I was asking about what are our efforts to get more orders from the community? From more orders from where? From MNCs. From L&P? MNC. Can you repeat that? Sir, more orders from this first articles other MNC? Yeah, yeah. See, it's a continuous process. I understood you now. See, MNC business, as I said, we are working with various MNC customers. In fact, we have a number of visitors. I'm not even talking about those customers right now. Because as and when we move forward, we'll be adding more of the first article orders with various other MNC customers as well. Okay. Okay. Fair enough. Thank you. Thank you. A reminder to all participants, you may press star, then 1 to ask a question. The next question is from the line of Ayush Bansal from Niveshaay Investment Advisors. Please go ahead. Sir, can you just broadly lay out the margins which we have in the hot box segment, nuclear and aerospace segments? GR, you want to explain that? What, sir? At the margins, across all divisions, we are pretty much having similar margins. Less than 20% margins we don't take normally. But in case of space, we have a little bit more margins, say around 5%-7% because of the free-issue raw material. Like some four, five years, three years back, maybe Bloom is lower margin compared to it. But today, with operating leverage, Bloom is also in line with the other margins, even domestic margins, in EBITDA margins I'm talking. So, gross margins may be lower in case of Bloom, whereas domestic gross margins are higher. So, across all divisions, we have pretty much the same EBITDA margins. Sir, the margin for Yuma hot boxes and Santa Cruz hot boxes are in the same line? Yes, same line because it is almost 95% the same only. There is not much difference in terms of the pricing and also in terms of the bill of material. Okay. Okay, sir. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Sahil Vohra from MNF Associates. Please go ahead. Good morning, sir. Thank you for the opportunity and congrats on the good set of numbers. My first question is, we have been trying since a few quarters to bring down our working capital days close to 200 odd days. But then it's shifted to 250 odd days. How do we see the same in the near future since now we have completed the first articles for a few of our customers? Yeah, actually, our working capital days for this, as of December, is 222 days. And we have projected around 225 days by end of this financial year. We are trying our best to reduce their inventory levels, increase the payable days. As you know, since we are in various sectors and also the credit terms with the customers of Bloom and other things, so we are planning in the long run, we wanted to reduce to 175 days, maybe FY27 onward. But 200 days is required because of the various projects and the increased revenue, 30% increased revenue we are projecting in FY26. But as of now, 222 days is our working capital days, not 250. Okay. Understood. Got it, sir. Sir, my next question is, where do we see our debt levels going ahead? Do we foresee or reduce debt levels as we move ahead, or are we largely comfortable at the current levels? If you can shed some light on that. Our debt levels are very low, like 132.5 crores is only long-term debt we have. Every year, repayment obligation is 46 crores we have for next two years. After that, it is 25 or so because of some loans we are repaying in next two years. After that, some other loans are there. So, 132 is not a big number because of the growth. See, all this establishment of aerospace sectors, fabrication, sheet metal last two years, we have a lot of internal accruals we have put in this in the company. So, definitely, our aim is to reduce the debt. And again, as and when, suppose the oil and gas, we are doing the first articles now. As and when we sign the contract, we get the orders for the batch production. We will have to incur a separate hangar for that. As explained by our MD earlier, we are setting up a new facility for the oil and gas sector. So, for which, I think around INR 60-80 crores of CapEx is required to set up at 100%. But that is not going to be incurred in the same immediately next financial year starting of the financial year. So, over the next nine months, we will incur that money. And also, some of the there is a bottleneck missions across all the plants. And also, sustenance CapEx is required for us. So, next year, we are planning to take a debt of around INR 60-80 crores for the oil and gas and other areas. And remaining, we will spend from our internal accruals. And we repay INR 46 crores and take maybe INR 60-80 crores of debt. So, incremental debt may be INR 25 crores or INR 30 crores next year. But the most important thing is we have put a lot of internal accruals in the system over a couple of years for our growth projections. Okay. Thank you. Thank you so much, sir, for this. That's it from my side. Thank you. Thank you. Ladies and gentlemen, in the interest of time, we'll take this as a last question. I would now like to hand the conference over to Mr. Srinivas Reddy for closing comments. Over to you, sir. Hello. That's it. Just a minute. Thank you very much. Thank you, everyone, for joining the earnings call today, and as I mentioned earlier, we are indeed in a very nice space right now in terms of what we have done over the last 18 months to ensure that we have a consistent growth moving forward over the next three years, and we continue to make our best efforts to improve our margins, as I mentioned earlier, year-on-year basis, and also to adhere to the revenue predictions what we have given as guidance over the next three years. Thank you so much. Thank you. On behalf of MTAR Technologies Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.