Ladies and gentlemen, good day and welcome to the Netweb Technologies Q1 FY 2026 earnings call hosted by IIFL Capital Services 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 touch-tone phone. Please note PAT this conference is being recorded. I now hand the conference over to Renu Baid from IIFL Capital Services Limited. Thank you, and over to you, ma'am. Thank you. A warm good afternoon, everyone. On behalf of IIFL Capital, we'd like to welcome you to the 1QFY 2026 earnings conference call of Netweb Technologies India Limited. From the management team, we have with us Mr. Sanjay Lodha, Chairman and Managing Director. Mr. Navin Lodha, Whole-Time Director. Mr. Ankit Kumar Singhal, Chief Financial Officer. Mr. Hirdey Vikram, Chief Sales and Marketing Officer. And Mr. Sanjeev Sancheti, Uirtus Advisors LLP, the IR Advisor to Netweb. Without taking much time, I now hand over the call to Mr. Sancheti. Thereafter, Sanjeev can open with his opening comments. Thank you, and over to you, Mr. Sancheti. Thank you, Renu. Good afternoon to all the participants. Before I hand over the call to Mr. Sanjay Lodha for the opening remarks, I would like to draw your attention to the safe harbor statement in the earnings call presentation. I request each one of you to go through that presentation before the Q&A starts so that you are aware of the same. Thank you, and over to you, Mr. Lodha. Thank you, Renu and Sanjeev. Good afternoon and warm welcome to all of you to Netweb Technologies Q1 Financial Year 2026 earnings call. We are pleased to report yet another strong quarter, continuing our growth momentum. Revenue from operations grew by 102% year-on-year to INR 301 crore, with an operating EBITDA rising by 127% year-on-year to INR 448 million, and that increasing by 100% year-on-year to INR 30 crores. The result reflects the strength of our business model, disciplined execution, and robust demand across our four segments. Additionally, in the quarter gone by, we successfully executed a large AI order in the critical defense sector. This deployment contributed to key national initiatives, reinforcing India's strategic capabilities and underlining the growing role of AI in safeguarding national interests. India's AI ecosystem is evolving rapidly, fueled by strong enterprise demand, adoption of domain-specific LLMs and SLMs, and government-led initiatives aimed at building sovereign digital and compute capital. With integration of AI into digital public infrastructure and rollout of AI Mission, the rise of indigenous compute and edge-ready Gen AI use cases, the nation is entering into a transformative phase. This shift underscores the growth need for trusted high-performance systems, and Netweb is well-positioned to support this evolution with a focused approach across three growth pillars: high-performance computing, private cloud, and AI systems. AI continues to be a major growth driver this quarter, contributing 29% of the operating revenue, with a 300% year-on-year growth, highlighting growing enterprise adoption across the sectors. Reinforcing our progress in this space, we launched Skylus.ai in financial year 2025, a unified composable GPU orchestration platform that enables rapid deployment and optimization of AI infrastructure. Skylus.ai strengthens our capabilities in AI systems and contributes to India's vision of becoming the AI factory of the world. With a strong order book, expanding product portfolio, and continued investments in capability building, we remain confident of sustaining our growth trajectory in line with our medium-term guidance. I now request Ankit to take you through the financials. Thank you. Thank you, Mr. Lodha. Good afternoon, ladies and gentlemen, and thank you for joining our earnings call. Before we open the floor for Q&A, I'll provide a brief overview of the financial performance for the quarter and the year gone by. I trust that by now you have had the opportunity to review our earnings presentation and press release. While our CMD has already discussed the macro outlook, I will elaborate on the financial performance, providing a more detailed analysis of the quarter. Our operating income increased by 102% on YoY basis, reaching INR 3,012 million in Q1 FY 2026. Our operating EBITDA for Q1 FY 2026 increased by 127% YoY, reaching INR 448 million, while the operating EBITDA margin for Q1 FY 2026 was 14.9%. Profit after tax for Q1 FY 2026 grew by 100% YoY, reaching INR 305 million, while the PAT margin stood at 10.1%. Return on equity for the Q1 FY 2026 was 22.4%, while return on capital employed for the same period was 30.6%. Our balance sheet strength is reflected by us being a zero net debt company. The company had net free cash of INR 475.2 million as of 30th June. We remain focused on our strategic roadmap and growth priorities. With encouraging momentum in the year so far, supported by a strong order book and a healthy pipeline, we are well-positioned to drive consistent revenue and profit growth in the current fiscal. With this, I now hand over the call to Renu Baid. Yeah, we can now open the session for Q&A. 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 the touchscreen 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. We have our first question from the line of CA Garvit Goyal from Nvest Analytics Advisory LLP. Please go ahead. Hi, am I audible? Yes, Mr. Garvit, please go ahead. Good afternoon, sir, and congrats for a decent set of numbers. My question is on the margin front. Our margins are pretty decent in this quarter. So what is the ongoing trajectory for next few quarters in terms of EBITDA margin? The margins, basically, because the guidance from us on the margin is around 14%. Basically, our guidance will remain the same, actually, because basically in quarter, sometimes margins can be a little bit up by a few basis points and down. But overall, the guidance on the EBITDA will be around 14%, and the PAT will be around between 10% and 10.5%. All right. So right. So in this particular quarter, what is driving these significant margins? So I'll explain, Garvit. During the quarter, the margin performance was benefited by a favorable mix of small-sized order and a medium-sized AI deal, which actually led to an uptake above 14%. Got it. And secondly, on the AI part, what kind of trajectory do you see now? Because in this particular quarter, our growth percentage is very high. And you mentioned it is mainly because of the AI, right? So how do you see AI as a segment going in the next couple of quarters, considering the kind of evolution we are seeing in terms of LLMs and all? Yeah, Garvit, actually, you know that basically the traction of AI is not only restricted to India or something. It's all over the world, and India has decided to become the AI factory of the world, and basically, government is putting a lot of momentum, and a lot of impetus is being provided on that. The industry adoption is really heavy. The better you adopt to AI, you increase your efficiency, so that is the real situation, actually. So basically, definitely, if you remember, AI used to be 7% of my business. Last year, it became 15% of my business, but I like to guide that AI will be around 20%-22% of my business. So basically, my earlier guidance was around 20%, but I'd like to raise that guidance to maybe 22%. Because we'll have to understand, my other segments are also growing. The three segments which we have are all growth segments. Today, there's supercomputing, the private cloud on HCI. You see how the data center is growing. You see how an NSM 2.0 is coming. So other segments are also growing, though AI is growing at a better rate. So basically, still, we feel I would like to commit that basically I'd like to say that by the end of the year, it would be around 22% of the total share will be occupied by AI. Got it, sir. And lastly, on the guidance part, this year we were having a guidance of around 30%-35% growth, but this quarter has been really good for us. So would you like to revise the guidance for this year? Yeah, actually, the guidance we have already said that we are not revising the guidance, but it is 35%-40%, which we have been saying will be definitely growing by that, basically. And if you see, I think this is the ninth quarterly result I have presented after the listing. And you might have seen that we have been consistently growing at that rate, actually, without failing even in one quarter. So primarily, we plan to maintain that. Also, I would like to add here that we don't want to get into short-term guidance. We will guide once a year and will follow through on that. Got it, sir. That's it from my side and all the best for the future. Thank you very much. Thank you. Thank you, Garvit. Thank you. The next question is from the line of Shubham Agarwal from Yes Securities. Please go ahead. Hey, hi. Am I audible? Yes. Please go ahead. So in AI system and enterprise workstations, I can see the growth is almost INR 600 million year-on-year. So can you tell me how much is it from private enterprises and how much is it from space and defense sector? Basically, yeah, can you answer? So if we talk about this quarter, so it's close to like 23%-24% came from the government, and the rest was from the enterprise. In the AI system and enterprises you are talking about, or is it totally just? Yes, AI systems. Correct. Okay. Okay. And just similarly for private cloud and HCI? Come again? Did not get you again? Yeah. In private cloud and HCI? Overall revenue from the government this quarter was around, I think, 60% was from the government and 50% was from enterprise. Overall revenue. I got it. So in AI system and enterprise growth, so 20% was from government and the rest was from enterprise. That's what you told. And in HCI, similarly, how much would be from government and? I don't have those numbers, but HCI mostly is enterprise, and HPC, basically the government share is more. Overall, I can tell you that in the total turnover, basically of INR 300 crores, 40% revenue came from enterprise and 60% revenue came from government. Okay. Okay, and just one more last question. Then is this government work in AI system, is this a repeatable work or is it a one-time order kind of thing? Basically, most of our business because we really don't work on any kind of business. We work on complete solution deployment. The solution deployment has been done. And basically, so the projects which were on hand, those have definitely been orders that have been built. So it is not repeated. So, the nature of our business is such that please appreciate that the nature of our business is that we don't do any business. Every order is unique, and then we get refresh orders in future. So it's not that the same order will again get repeated. Next time maybe some other business, some other solution, some other customer, some other solution. Got it. Got it. Got it. That's it from my side. Best of luck and thank you. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please limit your questions to one or two per participant. Should you have a follow-up question, we would request you to rejoin the queue. The next question is from the line of Akshay from AK Investment. Please go ahead. Hello, sir. Thanks for giving me the opportunity and congratulations for the great set of numbers. Sir, my first question is about the orders, larger AI orders in critical defense sector that we are talking about. Can you put some more light on that, how the customer profile or something like this, and whether that was a government order or private enterprise order? As you said that we got 23%-24% from government in AI segment, and the rest is the private enterprise in Q1. So can you put some more light on that? And are there any other projects in pipeline for the subsequent quarter for AI workstation? Yeah. So basically, to answer your question, primarily we don't specify the particular order details on our calls because of confidentiality reasons. Okay. So basically, we have already mentioned that around 23% the amount of orders which have been from government. It was not a single order. It was multiple orders. There was a large order from defense side in interest of nation and in interest of company secrecy also. We would not like to divulge the details of exactly the dynamics of the order very clearly. But to answer your question, is there such orders featured in the order book? Definitely, if you see my order book and you see basically the L1 kind of a thing, which is around INR 700 crore, that would be having a good number of AI systems segment order as well. As I have already mentioned to you, I have guided already that the business would be around 20% for the whole year, so we will definitely, my funnel, my order pipeline, everything is in that direction. Okay, sir. Okay. Fair enough. And my second question is about balance sheets. So our net current assets have gone up sharply by 48% in QoQ basis. So what might be the reason, whether it's the inventory or something like that? Can you come again? You were not that audible. Yeah. Hello? Am I audible now, sir? Yeah, yeah. Tell me. Sir, our net current assets was 302 crore in March 2025, and it is 445 crore in June 2025. So it has gone up sharply by 48% QOQ basis. So what might be the reason for the same? So it is due to the increase in the receivables. That is the prime reason. Lastly one. And why it happened? Because the sale generally happened in the later part of the quarter, which led to the increase in receivables. And that's why the net current assets is looking a bit higher as compared to March. Okay, sir. All right. And last one, short question is whether our pipeline, order pipeline includes the India AI Mission orders or some visibility? No, I have been categorically saying that India AI Mission is not included in my pipeline. Okay, sir. Thank you so much and all the best for the future. Thank you. Thank you. The next question is from the line of Renu Baid from IIFL Capital. Please go ahead. Yeah, hi. Thank you for the opportunity, sir. My first question is, if you look at the cumulative value of order book and order pipeline, for the last couple of quarters, it has been ranging at just about INR 700 crore or sub that level. Based on your reading on the order pipeline, how do you see growth coming in the cumulative book for us, both L1 as well as order backlog closing position? If you can also highlight key segments, where do you see the pipeline building up for the next six months for us? That's the first question. Yeah. So Renuji, actually, the thing is that our kind of company really, the order book will not be able to give you the visibility of our growth, actually, because as you know that our order book gets closed between 8-12 weeks, actually. Okay. So basically, the real business outlook, basically, we are a pipeline-driven company, and pipeline is INR 4,000 approximately odd crore, which is a huge number, actually. So basically, that pipeline has been growing substantially. And you know that around 60% of the conversion ratio we have primarily on the pipeline. And pipeline basically takes around 6-18 months to convert. So that gives me the very clear confidence that we will keep on growing at 40% CAGR. And if you see the pipeline mix is also somehow basically mixed in the same way of the three segments, that is supercomputing, cloud, and AI. We are seeing more opportunities in AI. That's the reason the AI growth is more than the other two segments. But all three segments are growing, and we have our focus and niche is helping us to concentrate and to build our pipeline also accordingly. Right. And how about certain large ticket size government projects on the HPC side? How is that part of the business shaping? Are there any material large ticket size projects, which could be a couple of billion rupees plus in ticket size? Yeah. Actually, the thing is that basically the projects are definitely there. You know that NSM, National Supercomputing Mission 2.0, is on the verge of rollout. Okay. So basically, so new allocations, new things will be there. Definitely, there is a lot of adoption of basically primarily HPC on the enterprise side also. So large ticket side orders are there, but basically even the medium and small ticket side orders and the number of orders have increased quite phenomenally. So basically, that is helping us. If you see, we are doing HPC for 20 plus years. Still, basically 35% of the total revenue comes from HPC. So that, as you see, this is not a trend which changes quarter by quarter. It will remain around that only. It will be basically 35% is the average kind of a trend. If you see, if you really we have been maintaining that. So basically, there is enough demand in the market. The market is growing. You know HPC adoption is increasing day by day because the compute requirement is phenomenally increasing. Today, basically, you talk about anything, anything basically needs compute. And you know how compute has been able to basically make our lives more efficient. And supercomputing plays a major role in that segment. So I personally feel supercomputing is an area which will keep on growing. The second area, we are into private cloud and HCI, which you are aware how today the data center market is growing. You guys know better than me how the data center market is growing and how data center companies are doing better. So basically, I think it's very difficult even to gauge the total market which is available to us, actually, at this point of time. Private cloud and HCI has been a great booster for us. AI systems and enterprise, as I mentioned to you two years back, it was around 7% for us. It became 15% last year. Basically, but I'm guiding it for somewhere around 20% this year. So basically 20% or maybe I like to revise the guidance to 22% or something of that nature. So that's how basically all the three segments are really robust, and they will keep on growing. We are very, very confident on that. Sure. So second question is on the working capital cycle while 1Q is not the right parameter, but if you see on a YoY basis, we have been able to reduce it by close to 17 days. So as looking at the order pipeline and projects which we have on books, how should we expect the year-end working capital to turn for us? Thank you. So Renuji, so our working capital cycle typically operates around 90-100 days. Okay. So again, Q1 is just the start of this fiscal year. And working capital cycle, why it's appearing in June is because it's directly attributable to the robust sales momentum that we achieved in the June quarter. So broadly, the entire portion of these sales had sat in our receivables for June. Okay. So that's the reason that the working capital cycle is appearing like this. So my question is for the year-end, should we expect this improvement to sustain till March? Or broadly, we should be at similar levels like last year in terms of cash conversion cycle? Actually, it is very difficult to predict a cash cycle at the year-end. However, we expect that it will range between 80-100 days only. That's how our business nature has been going. The way we had been managing our working capital, it will range within 80-100. Got it. And lastly, I know while none of your order pipeline or order book includes NSM-related projects, but in your view, by when should we expect these orders to trickle down? And both with respect to localization, where are they placed? Any incremental CapEx or broadly, whatever we have done until last year will take care of all the local content requirements? Yeah. Basically, we have been constantly working in that direction, and we are part of the entire basically we are trying to see what best inputs we can give to the policymakers also. So we are working towards that. And plus basically none of my order book and pipeline is including of the AI Mission, as I mentioned to you very clearly. I think basically the momentum will start definitely this year, which will continue for a few more years. Got it. Sure. Thank you and best wishes, sir. Thank you. Thank you. The next question is from the line of Anand from Ksema Wealth Private Limited. Please go ahead. Good afternoon, sir. Can you hear me? Yes, Mr. Anand. Yes. Yeah. Congratulations on the great set of numbers. I have two or three questions. One is the contribution from the industry vertical. The growth from space and defense has grown phenomenally from INR 9 crore to INR 83 crore, around 80%-81% growth, Y on Y. So I'm just asking basically what will we see a number in the contribution from space and defense as the time goes on? Because right now, I guess the number is around 28% of this quarter. So where would you see this number going forward from the contribution of space and defense? So, basically, what happens, sir, is that basically you cannot judge our business primarily from one quarter. Okay. Because basically this quarter, we had a large order from AI, on space and defense that had pushed up the space and defense sector share, actually more overall. But overall, basically, it will remain in the similar lines as we have been showing earlier. Space and defense business segment will remain on the similar lines, actually. Okay. And regarding order book, I just want to confirm the exact numbers. What is the current order book as of this quarter and from the previous quarter? Just a clarification on that. We have already covered this in our presentation. Current quarter order book is close to like INR 230 crore. And L1 happens to be INR 460 crore for the quarter. So, L1 and the order book together will be around INR 600 crores. More than INR 600 crores. INR 700 crores. Also every quarter, we disclose this for the previous quarter. You can check the in terms of time for everybody. You can check the presentation and you will get the numbers. Okay, okay. And another last question is, okay, HPC, you guys have been doing it for the last 20 years or so. But do you have any plans of getting into the quantum computing realm by any chance? Yeah. Basically, I will not like to comment at this point of time. Definitely, we are working on some strategy on that. At the right opportune moment, we will disclose that. Okay, so basically, you guys can confirm that you are somewhat working on quantum computing, but you're working on strategies for that. Yes, sure. Yes. Okay, okay. That's all my questions. Thank you. Thank you. The next question is from the line of Vinay Menon from Monarch Capital. Please go ahead. Thank you. Thank you for the opportunity. Congratulations, sir, on a great set of numbers. So a few questions from my side, sir. We launched Skylus.ai. So are we seeing any deals where we are able to sell that product across? Or is the deal? Yeah. So your question is, can you please come again? Yeah, yeah. I just wanted to understand that are we seeing any deals which bundles Skylus.ai as a product, which is already coming? Yes, yes, yes, yes. Skylus.ai, I mean, we had envisaged this product first of all to cater to the market in such a way that we can create a unified layer for the customers so that they don't have to hop into multiple software to manage the AI infrastructure. And that is the reason the acceptance of this product is going on very well. And the recent orders which we have disclosed in the results, so those all are basically having a contribution of Skylus.ai as well. And the pipeline, the funnel, we have got excellent funnel and pipeline for Skylus.ai. So the acceptance in the market is very high. Okay, okay. Yeah. I hope you understand it's an appliance-based product which we are providing to our customers. It's a combination of hardware and the complete unified layer sitting on top of it. Yes, yes. I get it. Yeah, yeah. Thank you. Sir, this deal which we announced in defense for AI systems, can you just elaborate a bit more about the deal? What kind of deal was it? Deal size or what kind of work did we do? We just mentioned we responded to a question a little, I think two or three questions back, that citing the confidentiality and all. We are unable to disclose those details, especially over the call. Sorry about it. Okay. Okay, no worries. We've had this history of doing one-third in the first half and two-thirds in the second. Will that continue or are we seeing some smoothing out because we have more of enterprise deals? Yeah. So basically, I think seasonality basically is changing. The world is changing. The seasonality is changing. Basically, overall, I would like to guide you that basically the growth which I'm seeing, because you can understand that. In today's world, we are presenting the ninth quarterly results. And consistently, we have seen 40% growth, actually, quarter after quarter, actually, clearly. So definitely, I think that we will grow that momentum, definitely because things are not under our control. One quarter or some quarter can be higher, can be lower, or something of that nature. Our business is not that kind of a business. It's primarily more of high-end enterprise kind of a business. So it's very difficult to see that. Okay. And one last question, sir. AI Mission RFP, we had kind of said that second half of the year we will start seeing them start. So any kind of tentative date where we can start seeing some deal wins from this for us? And will any of it flow in FY 2026? Yeah. Actually, because from all my guidance, I have kept AI Mission separate, actually, up till now. Okay. But basically, definitely, we are very sure that some traction will start on AI Mission this year itself. Okay. Okay. That helps. Thank you so much, sir. Thank you. Thank you. The next question is from the line of Srinivas from TI. Please go ahead. Hi, sir. Thanks for the opportunity. My question related to the previous participant's question about monetization of the Skylus.ai, sir. So what is your roadmap for the next two years on extending the stack to full container-level orchestration with Kubyts? See, this is something which is very clear that when we are offering the complete stack, it is a combination of Kubyts, Skylus.ai, and there are two more utilities which we provide while offering our solution to the end customers. So as regards monetization, since you asked how we have a plan to monetize and all, so as I mentioned just a question back, that we are not selling Skylus.ai as an independent software or standalone software. We are only providing it in the form of an appliance wherein we tightly couple the hardware and the software stack. So answering your question, Skylus.ai is being supplied to our customers in the coupled format only, and we have got no plans to decouple that stack. So our plan is to basically continue with the appliance strategy. That is one. Second is that you mentioned about whether we are planning to integrate it with Kubyts and all. So it is already having plugins which allow us to integrate it with the other utilities which we already have. And that becomes the integral part of our solutions for AI as well as for supercomputing. So that way, Kubyts and TPS and the other utilities which we have are very well integrated with Skylus.ai. I see. Thank you. And is it currently a perpetual license or subscription-based? Yeah. Actually, it is sold. It's not a subscription-based license. It's a perpetual license, but we don't charge the customer for the software as you know that. Our model is an appliance kind of a thing, and basically, once we sell a product, the software goes along with it, actually, but so basically, it doesn't stop working after the warranty period is over, though the support is stopped, actually. Okay. The reason why I'm asking this question is currently you are having AI and HCI both are firing like anything. One is growing 300%. The other one is growing at 71%. So since Skylus.ai is embedded in both of these, so I'm just trying to understand whether the margin levers are there in going forward? So, margins, actually, if you can understand, we have pricing power. And basically, the margins will remain at the. We are always guiding that the margin around 14%. Because basically, we want to show the value for money to our customers. If you see my customers also, if you see in the government side, they are all basically large government R&D and large enterprises, actually. And as regards enterprises are concerned, they are all basically large Indian companies. So we are not presenting with the SMB and all those areas. So we want to show value for money to our customers. So basically, and we are very comfortable working at around 14%. So basically, we are not guiding also higher margins. Definitely, AI or something, we can definitely charge more money. But basically, that is helping us to increase our market share to help our deeper penetration. Plus, basically, someone is an HCI customer today, but basically, once they are looking for AI, they definitely look at us, so those kind of benefits which we get, so that is basically our strategy. Our strategy is not to just increase margins. Understood, sir, so with the current H100, Sir, I would request you to please rejoin the queue. There are several participants waiting in the queue. There's a follow-up question, sir, actually. Sir, with current H100, H200 spot prices are falling. Do you see that is going to impact the margins? Sir, H100, H200, basically, you know that the first thing is that the GPU pricing really doesn't go down for NVIDIA. You may be having some other information. But basically, what happens is that once a new GPU is available, people start buying the new GPU. Basically, today, the same thing as it happens for Apple iPhones. Maybe once Apple iPhone 16 will come in, you'll definitely like to go for 16. You will not like to go for 15. So it's the same. And basically, here, that may be for consumer. But in case of production, you get better performance. So people are shifting to B200s and all those kind of Blackwell, actually. So I don't think because there is hardly any H100 or H200 available these days. Getting itself is a problem. So basically, falling prices is not really any concern at all. Thank you, sir. Thank you. The next question is from the line of Sandeep Shah from Equirus Capital. Please go ahead. Equirus Capital. Yeah, sir. I think this is Sandeep Shah. We know you, Sandeep ji. We know you. Whatever name they say, we know you very well. Sir, congrats once again for a very great execution and a quarter, both on margin as well as revenues. Just the question in terms of supercomputers, whether the supercomputer segment has diversified set of industry or still it is largely concentrated in the government segment? Any new verticals being added in the supercomputer? So basically, Sandeep ji, if you ask me, still the dependence of the segment is on the government. But there is a lot of adoption which is happening on the enterprise side of it. One is, as I mentioned to you, oil and gas, even consumer durables company also like Dabur is also using supercomputing now. So basically, automobile is using it. Oil and gas is using it. So a lot of different kind of industry verticals and domains are using supercomputers. But if you ask me frankly, still I think more than 70%-75% of that segment is still dependent on the government, actually. And basically, it is looking behind because NSM 2.0 is just about to be launched. NSM 1.0, National Supercomputing Mission was there earlier, but National Supercomputing Mission government is focusing upon, and 2.0 should be soon launched. So that will be a great demand booster. Okay. Thanks. And just on the export side, any vision, any target can you share in next two to three years or five years where you want which country and what contribution it may derive in the next three to five years? Yeah. So Sandeep ji, last quarter, last year, if you see our exports were around 5-6%. Okay. And basically, this quarter it was low, but basically, it's very difficult to do it quarter basis. But on a year basis, we like to predict around 5-6% of export. Because I'll tell you, we are seeing a huge domestic demand. Okay. So basically, the first target is to settle the domestic demand. And so I personally feel over a period of next two to three years, exports should be around 10% of the total turnover. But I don't see it going beyond that. Because domestic demand is predicted to be very high in all the three growth segments which we are working upon. Okay. Okay. And just on the last question on AI Mission, you said some growth momentum may start in this financial year. So you expect it may be a part of the pipeline and the deal wins in the coming quarters? And second, in terms of private-side AI adoption, is it you believe the domestic players, especially on the enterprise side, have started ramping up in terms of creating an AI and LLM-led infrastructure? Yeah. Basically, that is very true. Because basically, AI is everywhere, if you really see. If you really see all the enterprises everywhere, if you really see, you talk about any large enterprise, everybody is talking about AI infrastructure these days. They all want to have their infrastructure. They have even the large ITS companies, they want to develop their stack so that they can service all their customers, even India or abroad. So basically, on the LLM side of it, people are getting funding because they are trying to work on primarily newer AI models and all. So definitely, we are seeing a lot of traction around it. And definitely, that will give momentum to the demand. The question on the India AI Mission of the government, do you believe it could be a part of pipeline and order wins in the coming quarters? Possibly I can say that. Up till now, it is not included. But once we see more light, actually, we may start sharing that. Okay. Okay. Thanks and all the best. Thank you. Thank you. The next question is from the line of Anush Kashyap from A3 Capital. Please go ahead. Hello. Good afternoon. Good afternoon. Congratulations for Virat Kohli type of consistency. Thank you. Half of my questions have been answered. Just I wanted to know is that annually, what type of R&D expenditure we are doing? And what are the avenues we are looking at while we are doing R&D kind of expenditure? Actually, in our kind of business, R&D is very important, sir. Actually, really speaking, the company today has really progressed so well because of its investments into the R&D. And basically, so R&D spend, as I have always been saying, that we keep R&D budget of around 3% of our turnover very clearly. And that has been the policy from the very beginning. And we keep on doing it. And since basically our base is growing, we are having more money to spend on R&D. So R&D basically primarily in the software side, the R&D team is around 75 people. On the hardware side, we have around 22 people. These are very focused because so many we are working with. Please understand, we are working on the latest designs, actually. Whichever is being launched in the world, that same product is being manufactured and designed and manufactured in India. So definitely, we have to invest quite a lot into R&D. And R&D is our main focus. And plus basically, as you know that we are into niche segments, we don't get into everything. So basically, we focus on all the three domains and on the new products, on the new lines which basically we need. And both on the software and hardware side, we do R&D expense continuously. Yes, sir. That's good, sir. And sir, what I want to know is you said 3% of the annual turnover we do on R&D. What is more remunerative to us, whether it is software side or the hardware side? Both is a combination. Both is a combination, actually. Both is a combination because you know that we don't sell our software separately, and we are able to because today, if we are able to take 14% EBITDA margin, whereas my competition is all on single-digit margin, that is because of my R&D. I personally feel so. Yes, sir. That is your strength, definitely. Yeah. Yes. Thank you, sir. Best of luck, sir, again. Thank you. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please limit your questions to one or two per participant. The next question is from the line of Kartik Soni from Soni & Associates. Please go ahead. [Foreign language] [Foreign language] Mr. Kartik, please go ahead. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign langauge] [Foreign language] [Foreign language] [Foreign language] [Foreign language] Okay. Okay. Thank you, sir. All the best. Thank you. That was the last question for the day. I now hand the conference over to Renu Baid from IIFL Capital Services Limited. Over to you, ma'am. Thank you. I would like to thank the management of Netweb for giving us the opportunity to host this call. Sandeep ji, any closing remarks from your side? Thank you so much. It was really, I would like to thank IIFL for hosting this call for us. It was a good quarter for us. We expect that the same support which investors have shown on us, that will keep on, they will continue ensuring their blessings on us. Thank you so much. On behalf of IIFL Capital Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect the line.