Ladies and gentlemen, good day and welcome to Netweb Technologies Limited Q4 FY 2026 earnings conference call hosted by ICICI Securities. 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 a touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Seema Nayak from ICICI Securities. Thank you. Over to you, ma'am. Thank you. Good afternoon, everyone. On behalf of ICICI Securities, I welcome everyone to Netweb Technologies Q4 FY 2026 earnings call. We have the pleasure of having with us the senior management team of Netweb Technologies led by CMD, Mr. Sanjay Lodha; Whole Time Director, Mr. Navin Lodha; CFO, Mr. Ankit Kumar Singhal; Chief Sales and Marketing Officer, Mr. Hirdey Vikram; Chief Strategy Officer, Mukul Kedia; and Head of Uirtus Advisors, the IR advisor to Netweb Technologies, Mr. Sanjeev Sancheti. Without further delay, I'd like to hand over the floor to Mr. Sanjeev Sancheti. Over to you, sir. Thank you, Seema. 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 the presentation thoroughly before the Q&A starts so that you are aware of the same. Thank you and over to you, Mr. Lodha. Thank you, Seema Nayak and Sanjeev Sancheti. Good afternoon, and warm welcome to all of you to Netweb Technologies India Q4 FY 2026 earnings call. We are pleased to announce that Netweb Technologies delivered a landmark year with a revenue from operations reaching INR 21,836 million in FY 2026, reflecting a strong year-on-year growth of 90%. This record annual performance underscores the strength of our business model and accelerating demand for high-end computing systems in India. For Q4 FY 2026, revenue from operations stood at INR 7,737 million, growing at 86.6% year-on-year, demonstrating strong execution momentum as we close the year on a high note. PAT for the quarter stood at INR 706 million, representing 65.7% year-on-year growth with a PAT margin of 9%. For the full year, PAT stood at INR 2,058 million, up by 80.9% year-on-year with a PAT margin of 9.3%. These results reflect not just top-line momentum but disciplined margin sustained across our businesses. The defining highlight of FY 2026 has been the performance of our AI segment, which grew by 459.6% year-on-year. This growth was a result of years of focused in-house R&D, enabling us to design and manufacture some of the world's most powerful latest generation AI systems, combined with disciplined planning and execution of large, strategically significant national scale orders. AI systems contributed 43.4% of our total operating revenue in FY 2026. A transformational shift from a revenue mix that firmly positions our Netweb's. Our total operating positions Netweb at the center of AI infrastructure build-out. The other two core segments, HPC and Private Cloud, continues to exhibit robust demand, reinforcing the breadth and resilience of our technology portfolio. The performance is direct reflection of Netweb's unwavering commitment to in-house design and manufacture of next-gen high-end computing system. This fully aligns with global phenomenon of sovereign compute infra needs, which is very well addressed by Netweb's... Netweb and country's Make in India vision. We take immense pride in creating significant impact in strengthening India's emergence as a credible global hub for high technology manufacturing, which will benefit the nation for decades to come. Beyond our own performance, we believe India stands at a threshold of generational opportunity in artificial intelligence. With the world's largest pool of digital users, a fast maturing data ecosystem, the major boost to indigenous foundation models and decisive policy momentum through India AI Mission supported by Make in India, the country is poised to emerge as one of the most prominent AI economies of the world. Central to this vision is government's clear focus on sovereign AI infrastructure, ensuring that the compute, data, and models powering India's digital future is built, owned, and operated within the country. The build-out of indigenous AI compute is no longer aspirational. It is a strategic national imperative tied directly to economic competitiveness, data security, and technological self-reliance. As India's only full-stack domestic provider for high-end computing systems, Netweb is uniquely positioned to power this transition. Our strategy remains firmly anchored on our three growth pillars: HPC, private cloud, and AI systems, supported by our established technology leadership in high-end computing system space for large order pipeline. As we step into financial year 2027 from a position of strength. With a firm order book of around INR 2,100 crore and a L1 inclusive order book of INR 2,400 crore, day one of financial year 2027, we already have on our books, more than what we had built for all of last year. We see a long runway of growth ahead. We remain committed to investing in R&D, manufacturing depth and talent to ensure India's AI ambition are built on strong foundations, and that Netweb continues to create durable long-term value for all our stakeholders. I now request Ankit to take 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 will provide a brief overview of the financial performance for the quarter and the year gone by. I trust by that 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. First, on the quarterly numbers, our operating income for Q4 FY 2026 stood at INR 7,737 million, showcasing a growth of 86.6% YoY. Our adjusted operating EBITDA for Q4 FY 2026 stood at INR 1,018 million, showcasing a growth of 71.8% YoY. Adjusted EBITDA includes the impact of mark-to-market losses on certain payables against which corresponding hedging gains were recorded. As per accounting standard, MTM losses are recognized within expenses while related hedging gains are classified under other income. To better reflect the operating performance, hedging gains of INR 52.4 million have been added back to EBITDA to the extent they offset the MTM losses on the same underlying payables. Our operating EBITDA for Q4 FY 2026 stood at INR 966 million, showcasing a growth of 63% YoY. Profit after tax for Q4 FY 2026 stood at INR 706 million, showcasing a growth of 65.7% YoY with a margin of 9%. Moving on to the annual numbers. Operating income for the full year FY 2026 stood at INR 21,836 million, showcasing a growth of 90% YoY. Adjusted operating EBITDA for FY 2026 stood at INR 2,901 million, showcasing a growth of 82.4% YoY. Operating EBITDA for the full year FY 2026 stood at INR 2,848 million, showcasing a growth of 79.11% YoY. Profit after tax for the full year FY 2026 stood at INR 2,058 million, showcasing a growth of 80.9% YoY with a margin of 9.3%. Now, I would like to throw some light on key balance sheet ratios. Return on equity stood at a healthy 32.9%, while return on capital employed for the same period was 37.5%. The gross fixed asset turnover ratio stood at 33.2x as on 31st March 2026. Our cash conversion cycle as at March 2026 stood at 84 days. Receivable days improved from 114 days in December 2025 to 86 days in March 2026, reflecting stronger collections. Inventory days increased from 60 days in December 2025 to 86 days in March 2026, primarily on account of buildup of raw material stock, both to support the execution of large strategic orders and to secure adequate inventory of key inputs in light of surging global demand of AI compute infrastructure. Our balance sheet strength is reflected by us being a zero net debt company. The company had net free cash of INR 833 million as on 31st March 2026. The net cash generated from operating activities was INR 1,715 million for the FY 2026. The board has recommended a dividend of INR 3 per share subject to shareholders' approval. Our strategic roadmap and growth priorities remain on track, supported by huge demand for high-end computing solutions, a healthy order book, and a solid pipeline. We are positioned to deliver consistent revenue and profitability in the upcoming fiscal year. Looking ahead, we remain confident of sustaining strong momentum and are guiding revenue growth of 35%-40% over the next couple of years. With this, I'll now hand over the call to Seema. Thank you very much, sir. We will now begin the question and answer session. First question is from the line of Renu Baid from IIFL Securities. Please go ahead. Yeah. Hi, good afternoon team. Congratulations for the good performance. The first question is, while we had alluded to the fact that sequentially execution will broadly flattish, can you throw inputs in terms of despite significantly higher share of organic growth coming in from the base business, our gross margins technically have not improved, the EBITDA margin sequentially were broadly at 12.5%. What has constrained the margin expansion despite significant jump up in base business revenues this quarter? Renu Baid, just a couple of things. One, that, it is not that the strategic orders have been lagging behind, it's just that they have spilled over to the next quarter. Okay, we are on track on that, and we enter the new financials with a very strong order book of about INR 2,100 crores plus about INR 350 crores of the L1. We enter with INR 2,400 crores, which is more than the last year's revenue. As far as the margins are concerned, I think you need to see the margin adjusted of the adjusted of the forex loss and gain. Actually, we've done better than the last quarter, and that is reflective of how the margin is proceeded to be, and it is within the guidance. Sure. Because I was looking at the gross margin level, which sequentially does not show improvement there. Understand. That's point number 1. Point number 2, how are we looking at the pipeline of order flows both for the base business, also on the strategic business, we haven't heard of any meaningful large order wins for L1 in the last couple of quarters. How is the order pipeline from the private service providers as well as from the direct government orders for the AI infrastructure here? Renu ji, actually, if you really see, what I said in my commentary very clearly, basically the way the business is looking to me is really fabulous, actually, really speaking. I'm showing a order book of around basically INR 2,100 crore, if I add the L1, it is INR 2,400 crore, which is more than the order, more than my revenue, current year's revenue. I think that itself is a very solid thing, if you really see. At the beginning of the year, we are entering a year with a very too heavy and too robust order book already. Okay, whatever has to be added will be added. Plus, as to basically organic business is growing, that means that our run rate and our other business is growing. The company is not dependent on strategic orders, as I have always been telling you. Primarily the company is running primarily on its own organic way and is growing in its organic way. The strategic orders we are announcing as and when it is coming. We have lot of discussions. You are aware about the kind of AI demand which is happening not only in India but across the world. It seems like it will go on for at least next 18 to 24 months. We have a huge pipeline wherein lot of opportunities are there. I think there will be no dearth of orders actually, really speaking. Got it. Basically, ex our strategic orders are orders of almost INR 16.5 billion. The base order book today is about INR 5 billion. Including the L1 orders, it should add up close to INR 900 crores or INR 9 billion, if I am right in terms of numbers. Does that broadly fall in place? Basically order book. I think the total order book, if you to look today, is INR 2,100 crores + INR 300 crores. INR 24 crores + INR 100 crores is the order book, including L1. To that you add INR 4,400 crores of pipeline. That will stack up to, let's say, about how much? Six and a half thousand. Six and a half thousand. Yeah. That's the total including pipeline and order book. Sure. No, I was just referring to the base orders excluding strategic. Strategic orders in the backlog is about close to INR 16.5 billion. If I knock that off from the INR 64 billion order book including L1, then today we have close to 800- Yeah, you are right. crores of base business revenue. Yeah, you are right, actually. Just saying that. Got it. Base business should be on track for 30%-35% CAGR growth that we have been suggesting. Yeah. Basically, I think seeing the order book, you yourself will get that conviction. Right. On the operating margins, do we think the cost headwinds on the current environment we have been fully able to pass through? EBITDA margins of 13.5% are they sustainable going forward for 2027, 2028? What would be your headline guidance for fiscal 2027 on revenue EBITDA margins and CapEx? Basically it will remain almost all the same. Actually, I will let Ankit answer this. Renu, on the operating EBITDA margins, we are guiding 13%-14%. If you understand that there is a high top line growth and we are still sustaining the EBITDA margin. That primarily gives the validation and the resilience in the margins we are maintaining. In this way, if you see with this growth, the leverage is already embedded in the margins. That's why we are guiding this 13%-14% range for next couple of years. On the revenue growth- Got it. On the revenue growth, we are guiding 35%-40% growth. CapEx for fiscal 2027, what are the plans there? With the current CapEx, we are able to sustain the growth. There is no CapEx ex-expansion, no significant CapEx is expected in this financial year 2027. There will be the routine CapEx that will be coming across. Okay. We can expect the INR 20 crores-INR 25 crores of base spending will continue? Yeah, more or less. Got it. Sure. Thanks much, sir. I'll get back in the queue with more questions. Thank you, and all the best. Thank you. Thank you. Next question is from the line of Seema Nayak from ICICI Securities. Please go ahead. Hi. Congrats on good organic growth. How will the timeline for execution of the remaining strategic order will pan out? That's my first question. Second question is regarding data center growth, which has slowed down. Can you share the reason behind it? Are we seeing increased competition there? What will be the target cash conversion cycle for FY 2027? These are my questions. Which question was that? First question was strategic order. Yeah. Basically, strategic order timeline, basically, it's, as, definitely as we have mentioned it, I think, it is expected it to be done quarter by quarter, and we expect that within the next three quarters, I think we expect it to be done. Okay. As regards the strategic order is concerned. The next question was? Next question was, the data center de-growth. I think you need to see it, ma'am, actually very clearly. There are three pillars of growth actually which we have. Just don't go by the name. The 1st is the HPC, that is super computing. That's already growing, that has been always been around 30% of our business. Since this year, AI became 43% of our business. Still it's 24% of our business, it's not growing. It's not stagnating, it's growing. Since AI is growing much faster actually. Actually the data center in our case is the private cloud and HCI. Please understand that. These are the three pillars. 1st is HPC, 2nd is private cloud, 3rd is AI. Private cloud is the data center business which used to be around 30%-35% of the business. That is showing as 24% because again, because of the AI. AI was 15%, it has become 43%. That's the reason you are seeing that number. In reality it is growing at a good momentum. Definitely not growing as good as AI, but definitely it's growing at a good momentum. The data center which you are saying there is no de-growth, the data center servers which you are saying, that's not a focus area for us because we are not into box selling. It was only some marginal 5% of the business, and it's around that, so we don't even track it. Our business, if you see totality, more than 95% comes from these three segments: HPC, private cloud, and AI systems. Third question? Sorry. Third question was the cash conversion cycle. Seema, our cash conversion cycle typically operates from 90 to 110 days. This is something which cannot be projected for next year at least, but we would like to say that the range will remain like that. There will be some increase in the inventory days projected for this year also. We will stay within the range of 90 to 110. That's what we feel. Got it. Thank you, and all the best. Thank you. Next question is from the line of Harindra Singh from Blackstone. Please go ahead. Yeah, hi. My question is basically on the India AI demand. India is somewhere around 1.5 GW current, and by 2030 the country plan is to go up to 9 GW. First question is, the way the industry as a country we are going to grow from 1.5 GW to 9 GW, do you see your industrial growth in line with the current country expectation? Second question is, a lot of hyperscalers like Amazon, Microsoft, they are going very aggressive in the country, and they are building up more than 1 GW capacity in Hyderabad, Mumbai. Like I saw Yotta as your one of the customer. Are you focused on hyperscalers or, like, do you have any growth plans going into directly hyperscalers rather than the colocation providers? Thank you. Basically, first thing is that IndiaAI Mission, you know, is based on many pillars. Actually, there are five or seven pillars out there actually, really speaking. Government, you know that Prime Minister's focus is very, very clearly on the. Basically, India has to become a leading country for providing AI solutions actually. The government has been very clearly focusing upon it, has been working very hard, and have been trying to bring AI on the forefront for the country so that India leaves an impact to the world on the AI space, actually. That is going on very well in track. Government's current spending budget, they are even ready to expand that also if they're able to do it. It's really the budget is not the main criteria there. The criteria is how fast they are able to spend the money and how fast they are able to get in the new infrastructure. There are two parts of it, as we have been telling you, telling every time, that one is basically government is trying to basically rent out GPUs from various new cloud providers like Yotta and others. Another is that government is trying to set up their own infra. Setting up their own infra is taking time, but definitely that process has also started. In the meantime, basically they are trying to take it in the RFB model. They are trying to take GPUs from various kind of new cloud providers. That is going on on track and that's happening very clearly. The government's own demand is also there. As regards your, particularly on the side of, what is the kind of spend is happening is basically it's a large amount. They were talking about 10,000 GPUs, which became 25,000 GPUs. Now they are even ready to go up to 100,000 GPUs also. Government's focus is very clear. Very clearly, they want to create AI infrastructure in the country, so all the AI startups and all the, all the people who want to work on AI, they don't feel the pinch of it, and the GPUs are made available to them so that they can really do their work. If you got a chance, you might have even seen the success of India AI Summit, the kind of traction it got, the kind of people who attending it. It was only targeted at 100,000 people, but more than 700,000 people really attended it. We kind of, basically the Prime Minister himself was there for three days, you can very well understand the kind of focus and attention they are trying to give it. As regards your question, basically, primarily that are we targeting hyperscalers? At this point of time, my answer is that at this point of time, we are not targeting really hyperscalers because India is a market in which basically still is not a hyperscaler-driven market. It's primarily more of a sovereign and those kind of market actually it is currently it is. Definitely if hyperscalers come, and if they are interested, we can definitely bid for them. We can definitely work with them. At this point of time, we are not targeting hyperscalers, and I don't feel like India is a hyperscaler market. They are trying to set up large data centers. It's still these are in greenfield projects. They will take time so as to basically come up. Maybe Hirdey can add. Yes, I think, you have already covered, all the details. As regards, you know, demand is concerned, Harindra, I can definitely tell you the way the, you know, investments are going up, especially from the government side and now the enterprise investment has also started coming in. It, it clearly paves the way for us, and we find a lot of headroom for us to grow. As you rightly mentioned that the currently the capacity which India holds in terms of data center, that is anyways going to go up. That clearly shows that, you know, there is no dearth in, you know, as regards the demand is concerned. We, we definitely want to, you know, engage the opportunity, and this is what we are doing. You can find, you know, a lot of good quarters coming our way. Yeah. Thanks. These are the two questions. The way the industry and the AI industry is changing, a lot of companies like TCS, they have come up with a company style like HyperVault, where they are serving these hyperscalers, providing them colo services, where they are making huge 50%, 55% on margin. In future, if you see growth into these business and happy to see you in other areas also where which are more profitable and you can add value because you are contributing to major part of the items which goes into the data centers. All these initiatives really add to our business actually. All the you see all these, we call them Global System Integrators actually or GSIs, like TCS, Infosys and Wipro and all these. They are all evolving, and they are all developing different kind of products so as to service the AI workload. All these offer us more opportunities, and all these are our customers or our probable customers. We are under NDA, so we cannot disclose which customer, what they are trying to do. All these definitely add because they need AI infrastructure, they need the AI stack and everything which needs to be done. On that basis, on that they offer the services to the customer. More and more AI workload is coming to them, and so that AI workload delivery is there, so definitely that's a good business opportunity for us. Yeah. 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 question queue, please restrict yourself to two questions per participant. Should you have a follow-up question, please rejoin the queue. Next question is from the line of Akshay from AK Investment. Please go ahead. Hi, sir. First of all, congratulations for the greatest great set of number. Actually, your voice is low. Your voice is low. Hi, sir. Am I audible? Yes. Okay. My first question is regarding the promoter stake sale in the quarter four. The promoter have nearly sold the 4% stake. What was the reason for the same? Do we expect any further dilution in the promoter holding going forward? I think, first answer the second question first. We are not going to dilute. This stake sale was done in the month of February. We are not going to dilute for 12 month from there. That's already confirmed. As far as stake sale, of course, it was done because there was some, there was a liquidity, there was limited liquidity. By this stake sale, we have been able to increase the liquidity of the stock. Okay. Okay, sir. Sir, my second question is regarding the presentation. There is one line in the presentation that we have commissioned the new state-of-the-art production facilities spanning across 15,000 sq ft. Is this the new manufacturing facility that we have commissioned? If yes, then how much capacity or how much incremental capacity does it bring? Yes, this is a state-of-the-art manufacturing facility which we have set up. You know, the largely the target was to, you know, start manufacturing the range of those systems which we had not been manufacturing earlier. Now, as you can see that we have introduced the new architecture of, you know, our latest emission systems as well. Keeping that in mind, this facility has been set up, and you'll be happy to know that with this facility we'll also be designing the complete range of liquid cooled systems as well. Now, you know, the idea was to increase the density per rack in our case, and that is what we have. You know, this facility has helped us, and now we'll be able to scale even beyond, you know, 150 kW per rack kind of an architecture. This facility was very important for us. That was in there, you know, in the process earlier. Now we have completed it, and we'll be targeting the larger deployments with the help of this facility. Okay, sir. Currently, what is the total revenue capabilities that we have from all our capacity? Basically, Akshay, you will have to understand the company very well. This is a technology company. This is not a capacity-driven company, actually. We are a capability-driven company. We have never said we never work on capacity. Our capacity utilization would be around 65%-70% only. Primarily, we are not driven by just a volume sale or something of that nature. You have to understand the basics of the company, actually. The company doesn't work on capacity. We work on capability. If, if tomorrow, NVIDIA's new Vera Rubin is coming up as a new. We are already set up for the partnership for that. Tomorrow, if we have to manufacture Vera Rubin-based servers and their racks and all that, then definitely we need to set up something, we'll definitely set up. Again, that will not be capacity-based. That will be capability-based. Okay, sir. Okay. All right, sir. Thank you so much, sir. Thank you. Thank you. Next question is from the line of Chi Ho Wong from Pictet Asset Management. Please go ahead. Hello, can you hear me? Yes. Hey, Sanjay, and management, congratulations on a good year. I have two questions. Number 1, globally, we've seen this agentic AI phenomenon, which year to date, driving up the CPU- Sorry to interrupt you. Your voice seems very low. We are unable to hear you. Can you be a bit closer to the mic? Okay. Can you hear me? Yes. Can you hear me? Yes. Yes. Okay. My first question is the agentic AI impact on the CPU. Year to date, we see a lot of demand after the OpenClaw launch, so driving a lot of CPU usage. We saw the Intel report a very strong earnings and outlook. For Netweb, I think the relationship is on the high-performing computing segment where you sell the CPU server. Last year, apparently the AI system is very good, but then the HPC segment is more steady. My question is, because of this agentic AI trend, do you see a much faster acceleration in the HPC segment revenue this year and maybe next year? That's my first question. Basically, telling you, Qi, thanks for your question. The agentic AI is definitely again one of the factors which is driving the AI actually. As regards to your relation between basically agentic AI driving HPC sales, I don't think that is going to impact in this current year, at least in this geopolitical region. What I personally feel, HPC in itself is growing very well. Basically, you are seeing HPC basically as growth around- 30%. It has grown by around 31%, which is not less actually. You are seeing the number low because the AI has grown too much, so that is showing it that way. Let me tell you, HPC because NSM, National Supercomputing Mission 2.0 is already there. Basically adoption of HPC and AI together is also happening across verticals, across. If you see the automobile industry is using it. There is quite a lot of use in the oil and gas and different areas. I personally feel that the HPC will keep on growing, but definitely AI will grow at a larger pace. As regards to your question on Intel's current development, I feel that will take some more time to create an impact to the HPC market growth in India as that's what I can understand. Okay. Understood. Thank you. My second question is regarding the healthiness of the IndiaAI Mission investment by the government. I saw some articles saying that the investment in the downstream data center, the take-up rate is quite low, so that some of these data centers, they have to rent it out to the other customers outside of the IndiaAI Mission. Can you, from your perspective, comment about how healthy is the downstream adoption of the IndiaAI Mission investment by the government? Thank you. Hi, Qi. To answer your question. As we have explained earlier also, Government of India is very clear at the moment that, you know, they want India to become the AI service industry for the world. For that purpose, you know, this process of India AI Mission has been going on for last, you know, almost half a decade. The process started long back. This mission is very clear that the investments are going on two fronts. One, that they want to basically build facilities through the CSPs. The second is that they want to build the facilities on on-prem basis. Investment outlays, whatever has been outlined by Government of India so far, has been as part of their first, you know, tranche of investments. That itself clearly signifies the efforts by the Government of India. That is going to, you know, that is anyways leaving an impact all over country because enterprises and CSPs all are putting, you know, putting across their efforts to build up the facilities. Now going forward, the expectation is that the investments are only going to go up from here by government also and by the enterprises. The opportunity gives us a lot of headroom to grow, and we are also, you know, welcoming the opportunity with, you know, with open hands. The kind of work we are doing, and as you can see, the new manufacturing facility which we have set up, that is also keeping in mind that we wanted to add a new capability of designing dense GPU systems which can serve such kind of requirements coming from both the fronts, be it CSP front or the on-prem requirement front of Government of India. We are, you know, absolutely capable, absolutely ready to address the requirement. I think this is quite a good opportunity for us. The data center investment also is increasing from the corporate side also. People are really interested because they have demand on hand. Government is a ready buyer, so people are trying to put it. It takes some time to put up the data center investment, as you understand that. People are already working, there is a lot of interest around that. If you see the current tax, the government taxation also which they announced, so they are promoting data centers. More and more data center investments are coming in. We are pretty sure the kind of basically the demand we are seeing and kind of interest from the government is seeing, so things will roll on very well. Okay. Thank you. Thank you very much. Thank you. Next question is from the line of Sandeep Shah from Equirus Securities. Please proceed. Yeah, thanks. Thanks for the opportunity and congrats on a good execution despite the supply chain management issue and its impact on the raw materials. Sir, the first question is, this guidance of 35%-40% and EBITDA margin of 13%-14%, both of which is for the base business excluding strategic deal, how to consider this guidance? The revenue growth, 35%. Excuse me. He's asking about the EBITDA margin. It's for the overall. Overall. Overall. This is the enterprise level guidance. Strategic orders, you are saying in the first three quarters it would be executed. That itself is a big growth driver for the coming year. Correct. The growth has to be higher than 35%- 40%, right? we on the revenue- No, no. We are guiding you the best case. Don't worry at all, Sandeep. Okay, okay. My question. We are entering the year with INR 2,400 crore already as an order book, including the L1. That itself is a robust signal that we are entering the year with an order book which is more than the last year's turnover. That is, there are more business addition will happen. You understand that we are not box pushers, Sandeepji. We are primarily more into proactive sellers rather than reactive sellers. We just don't want to become a box pusher also. Always the intention of the company has been to engage into more and more value-added kind of deals. If you see my customers also, 50% is government, 50% is enterprise. Enterprise customers are also large customers primarily. Basically those kind of business really takes time to completely loop in and get in. I feel the kind of revenue guidance which we are giving, we will like to maintain it at 35%-40%. Okay, okay. Sir, in terms of the current inventory level, it is fair to assume that the current order book to some extent can be compensated with the current inventory, which in turn to some extent will help you to maintain margin because the inventory could be built at a price lower than the current spot rate price. I think we will not like to guide on the inventory and the margin. Actually, overall, I like to guide you the margins will remain at the same 13%-14%. We have always been, you see that last year also we performed as per our guidance, and we are very sure that we will do it this year also. Okay. Just last question in terms of export sales, any development progress you want to share? What percentage of revenue it has formed? Sorry to interrupt. Mr. Shah, your voice is breaking. I will take this call. I understood Sandeepji's question. Sandeepji, basically, you know the AI demand is unabated. It's very difficult to fulfill the domestic demand itself. Really frankly speaking, we focus on exports. We are not getting time to do it. Currently the worldwide AI demand is unabated. Basically, let me first suffice the domestic demand, then we look into exports. It will remain around the 5% which we have been currently doing. It will remain around that only. Okay. Sir, last question. Apart from Google, even AWS and other hyperscaler are introducing their own chip. In this scenario, are we geared up in terms of tie-up beyond the top three chip providers or manufacturer? Because if this scale increases through hyperscaler produced chip design, can you share the progress how we are tying up and making sure that the motherboard design also meet a variety of chip designs? Sandeepji, this has been, you know, these efforts have been going on at their end for quite some time because, you know, emergence of TPU is not something which has happened just now. We are aware of the progress which is happening on the other side of the market as well. We are open to go in that direction also, as long as the significant development is being shown. As you know that we have got our in-house design teams also. That is the reason we were able to, you know, take up the RISC-based architecture so fast. Same way, we will be able to look at the other, you know, chip makers also, as long as there is a significant technological advancement at their end which has got an acceptance in the market. As a design team, as an OEM, we don't have any reservation to it. Okay. Thanks and all the best. Thank you. Thank you. Next question is from the line of Vinay Menon from Monarch Networth Capital. Please go ahead. Hi, sir. Hi, thank you for the opportunity, and congratulations on great execution this quarter, sir. A couple of questions on my side. On the component pricing, are you seeing any kind of softness or are we still looking at component prices being at these levels for maybe the next few quarters? Really speaking, I'm not supposed to guide on the component pricing on my call actually. Let me tell you, the AI demand is really unabated, that is definitely putting pressure on the components actually, really speaking. If it will remain unabated, definitely there will be pressure on the component prices and component supply chain. As I have always been saying that we are proactive sellers. We have good projection of what is going to come, what is not going to come. We plan our inventories and our contracts, our relationship with OEMs really basically are aligned that way, it doesn't impact us much. In case there is a price increase we can always pass on to the, our new customers. Okay, thank you, sir. Just a couple of more things. One is, you know, we are seeing demand move from, you know, training to inference, you know, last few quarters. That is obviously less GPU dependent and more as, you know, like Sandeep mentioned, maybe TPUs are also coming in. How are we gonna get impacted in terms of the demand shifting? Are we gonna see more demand with inference demand improving, or how does the economics work for us there? Menon, thanks for the question. First of all, you know, as regards, you know, our readiness is concerned, we have always been ready to address the demand coming from the training and the inference side, both sides of the market. That's the reason, you know, that was reflected in our new introduction of our products as well, because we have kept on adding those products also which can take care of inference exclusively or even the products which can take care of training and inference both. From the readiness perspective, we have been, you know, you know, seeing the market development and accordingly only we have designed our products basis on that. Secondly, as regards, you know, whether the requirement will go up from here or it'll go down, I can definitely tell you that the demand is only going to go up from here. Reason being, on one hand, the training kind of a work has already been going on in the country and outside already. At the same time, whatever development has been done on the training side earlier, now the time is that, you know, inference will also generate the additional demand. I think it is good for us that inference is also taking up, you know, this is only going to add to the overall demand. I think it is a good situation for us to handle. We are pretty much ready with both the type of products and both the type of solutions which can take care of the requirement. Okay. Okay, just one more thing. On the guidance of 35%-40% that is inclusive of the IndiaAI Mission deal which we will execute over the next 2-3 quarters? Guidance is inclusive of strategic. The guidance on the top line is not inclusive of the strategic order. It is the normal. Organic. Yeah, organic order, which is about 35%. Okay. Okay. That is helpful. That's all from my side. Thank you so much and all the best. Thank you. Thank you. Thank you. Next question is from the line of Pooja Seth from YES SECURITIES. Please proceed. Hi. First of all, sir, thank you, and congrats for having a good set of numbers. Sir, I just want a clarification. In the strategic order book, whatever when you guys checked it comes under your AI segment? Yes. Sir, as you are guiding us a 35%-40% growth, could you throw some light on the segment wise in which segment you are seeing except for AI, because HPC our core business that is HPC and HPS? We are expecting some more 20% of growth this year. How we are seeing this further on? I think we give guidance overall basis. It's too much of detail to be given for a guidance. We would like to stick to the guidance on an overall basis. Thank you. Sir, some sort of guidance like, in which segment you are seeing? Basically our all the three segments, ma'am, if you understand three segments today, please understand our core business, okay? You understand our business, our core business is HPC, our business is private cloud and AI. You tell me which segment will not grow, ma'am. I give you a reverse question. HPC is a segment which will grow very heavily. Private cloud data center is growing unabated, but AI is worldwide grown. All the three segments, 95% of business is coming, the company is into three businesses. All the three segments are really growing at a very good pace. Definitely that will grow. Definitely HPC and cloud, but AI should grow at a faster pace. I personally feel in future I was guiding that AI should be around 25%-30%. I can tell you that AI will remain around 35% of my business. Balance will be shared equally between the HPC and private cloud. Okay, sir. Sir, one more question. As per this quarter, we are seeing there was a net borrowing has increased about to INR 170 crore. Could you give a breakdown like why this happened? Basically to fund the strategic orders, we had been. These are very short-term borrowings. These are no long-term borrowings. These are primarily to execute the working capital required for any large strategic orders or at the same time, any regular orders which are going through. This gets settled in a very short span of time. I mean, you can take it that this borrowing is transitionary. Okay. Okay. Thank you. Thank you. Next question is from the line of Mansimer Singh Sethi from Sethi Capital. Please go ahead. Hello, sir. Yes, please go ahead. Sir wanted to know regarding our cash conversion cycle, like, I know it already been asked the question. The thing is, the cash conversion cycle is more than 100 days. So don't you think, with increasing ROE and ROC, you know, it'll be difficult for us, like we'll be, you know, that we need to reduce the cash conversion cycle drastically for that? Drastically? No, no. No. Just a minute. I don't think it is 100 days. I think we have shared the presentation. If you would have had a look at the presentation, it is 84 days. Primarily because of inventory, which we have, you know, which we have created an inventory for our large orders which we are carrying in hand as of date. Ankit, you can add to that. Yeah, correctly mentioned by Sanjeev, sir. It's not 100, it's around 84. Still the increase is because of the inventory days. If you see the receivable days from the last quarter, it has significantly improved, and inventory days has gone up on the account of stocking the critical components for potential and large orders. Plus, basically, we have always guided that our, basically our kind of business. 90%. It will remain between 80-90. I think this is not a surprise. Okay. Actually, it was guided here only in the con call, like more than 120. That's why I was asking. It has come down. 90-110 is our standard guidance. Yeah, but. We have maintained it actually. Maintained it. Yeah. I think we'll be okay with that. Okay. Okay. My last second question is regarding our exports, sir. In the last con call, you were saying that we are tracking different exports also. I wanted to know regarding that, any pipeline regarding our exports per se. As you could, you know, I hope you heard our answer earlier also that, you know, see the kind of market we see in the domestic space. We are right now, you know, trying to fulfill the demand coming from the domestic market itself because there is a lot of headroom for us to grow, address the, you know, the overall incremental growth in the market and all that. First, once we are, you know, able to address the complete market here in India, definitely we'll be going out as well. The priority right now is domestic. You know, since domestic is anyways giving us the required quantum of growth, so there is no harm focusing on this. Yes, you know, going outside India is definitely, you know, in our, in our, pipeline, and we'll be focusing on that as well. Okay. Sir, my last question, like we have a INR 4,000 crore of pipeline, right? Can you tell me what% of that can be converted on a safer side in this financial year? 60%. 60%. Not this financial year. No, no. That is basically. Please. Yeah. Generally the conversion is about 60%, but this will fuel about 1.5 to 2 years of, you know. Yeah, 18-24 months. It's not that all of the 60% will happen this year. Okay. Okay. It is a different trend, right? Okay. it will take 18 to 24- Sorry to interrupt, Mr. Sethi. May we please request you to rejoin the queue, sir, for the follow-up question. Okay. 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 question queue, please restrict yourself to one question only. Next question is from the line of Vatsal Agarwal from... who is a retail investor. Please go ahead. Am I audible? Yes. Yes. Yes, Vatsal, go ahead. Yeah. Yes, sir. Sir, given the strong cash position on the balance sheet, can you explain the reason behind the increase in the short-term borrowings? It appears counterintuitive, sir. It's not that. The borrowings have some covenants. When we borrow the funds, we have to maintain the borrowing period for some period of time, and these are the numbers basis our reporting date. There are RBI guidelines where the WCDLs are supposed to be maintained for a certain period of time. To abide that's why it's coming here. We do have cash, but we cannot settle the borrowings with them. They are the commitments which are given to lender in the coordination with the RBI circulars. Secondly, sir, I was just trying to understand the business segment. Can you please explain the difference between our Private Cloud business segment and the AI Systems business segment, sir? We have talked about it, in, you know, the, in the earlier quarters also. The difference is just that private cloud is basically catering to a different side of the market, wherein, you know, where the convergence of compute network and, you know, memory happens. The AI side of the market, AI Systems is largely taking care of the AI workloads. If you are trying to know about what is the difference in the workload type from these two markets, then the answer is this. If you want to know about what is the difference in the, you know, from the business side of it. Who all are the probable customers from the private cloud and who all are the probable customers from the AI system side, my I can basically further explain. I hope I have answered you that, you know, the private cloud is largely for the convergence of compute network, you know, and hyperconverge put together in a single platform. Is for the private cloud and HCI, whereas AI system is largely meant for the purpose of AI workloads. No, sir, because my question is that for data centers, it should be in the AI systems business rather than the private cloud, if my understanding is correct. Data center as such, you know, see, one thing is very clear that data center is as such which cuts across all the verticals for us, product verticals. Largely, data center is largely, you know, focused around, you know, the private cloud and HCI for us. Reason being that the data center workloads what we talk about are the workloads wherein the convergence of compute with the storage and the, you know, network put together happens. That is basically dealt with in case of private cloud and HCI. That's the reason we don't count it as part of AI system, but we count it as part of private cloud, and that's how these two are related. Thanks a lot. Thanks, sir. Thank you. Thank you. Next question is from the line of Prajay from Wealth Wire. Please go ahead. Hello, am I audible? Yes, please go ahead. Yeah. My first question is that, as per what earlier Sanjeev had said that, out of your total pipeline, 60% would be converted, and out of that, some of the orders would be postponed to 1-2 years. Did I hear that correctly? I think basically, what we mentioned is. Wait a minute. Basically what we mentioned is that somebody asked us that pipeline, that how much time will pipeline be converted. Converted. Pipeline is a very, very dynamic situation which keeps on changing every day. Whatever on the reported date, whatever pipeline is, that pipeline 60% of it gets converted, but it takes around one and a half years, around 18 months to get converted. All of it. All of it, total of it. Okay. Just to explain you, the conversion happens, like, every day, right? Right. What he's saying that this pipeline which is sitting today may convert the 100% of it may get converted by one and a half years, but it'll happen in tranches. New pipeline will also keep entering into this. This is a very dynamic thing, right? Pipeline, someone will convert into order, some will go out of it, new pipeline will get entered. This is a very dynamic situation. Okay. Your order book, the amount is INR 2,400, including the L1. Ideally, as per what I'm able to understand it, like it's, like it gets executed in three to six months, right? The revenue visibility that, like, for this order book is three to six months only, or am I missing something out in this? Basically, as I, normally, our shipping cycle is very different. Our normal order cycle is somewhere around 10 to 20 weeks we normally ship out. Okay. It used to be 10 to 16 weeks, but it can be 10 to 20 weeks. It can normally go up. As regards strategic orders are concerned, we are not guiding on the execution. Basically what I said is that the strategic order should go in three next three quarters actually. And phase-wise. As regards organic order book is concerned, we feel that within 18 to 20 weeks it should get built out. Okay. I am sorry. Can you bifurcate the strategic order and the, your idle order to me? I am sorry, like, I mean your. That document is not. The presentation. Yeah, I see. It's mentioned very clearly. Yeah. INR 1,600 crores is the strategic order, INR 472 crores is the organic order, INR 327 crores is my L1. Which is again organic. Which is again organic. Okay. Okay, sure. Yeah. Okay. Yeah. Okay. Yeah. That was all from my side. Thank you, sir. Thank you. Thank you. Ladies and gentlemen, we will take this as the last question for the day. I now hand the conference over to the management for the closing comments. Thank you. Thank you for taking out time and joining us. Thank you so much. Appreciate your interest. Thanks a lot. Thank you, sir. On behalf of ICICI Securities, that concludes this conference. Thank you all for joining us, and you may now disconnect your line.