Ladies and gentlemen, good day and welcome to Solar Industries India Limited Q3 FY25 earnings conference call hosted by Centrum Broking 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 the star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Chirag Muchhala from Centrum Broking Limited. Thank you, and over to you, sir. Yes, thank you, Steve. And good morning to all of you, and welcome to Solar Industries India's Q3 FY25 results conference call. From the management we have today, Mr. Manish Nuwal, MD and CEO, Mr. Suresh Menon, ED, Mr. Milind Deshmukh, ED, Mr. Moneesh Agrawal, Joint CFO, Ms. Shalinee Mandhana, Joint CFO, and Ms. Aanchal Kewlani, Senior Finance Manager. So now I hand over to the management for their opening remarks and post that we can take questions from participants. Over to you. Thank you so much, Chirag. A very good morning to our dear stakeholders and well-wishers. My name is Aanchal, and I would like to welcome you all to the Solar Industries third quarter and nine-monthly conference call of FY25. New Year has brought pleasant surprises for us, and well-wishers. We break all our quarterly records on revenue, EBITDA, and PAT. This call's recording, including the transcript, will be available on the site. The financial statements, quarterly fact sheets, investor presentations, and press releases are also available on our website. To begin with, I would like to remind you that during this call, we might make projections for other forward-looking statements regarding future events and about the future financial performance. Please remember that such statements are only predictions. Actual events or results may differ materially, and our websites will be updated with all relevant information timely. Now, I would request Solar's CEO and MD, Mr. Manish Nuwal, for his opening remarks on the company's performance, followed by Q&A. Over to you, sir. A very good morning to one and all. I'm Manish Nuwal, Managing Director and CEO. Welcome to all to Solar Industries quarterly earnings conference call. Thank you for joining us today. To start with, I am delighted to announce that we have registered a strongest quarter yet with growth in revenue by 38%. Our Q3 performance reflects the successful execution of our strategic initiatives, propelling our net revenue from INR 1,429 crores to INR 1,973 crores year-on-year basis. This impressive surge is attributed to the efforts by our Solar team in explosives and defense sector. Our international business has delivered a very positive third-quarter performance, which has grown by 21% year-on-year basis and has reached the best-ever INR 758 crores in revenue terms. Solar's defense business quarterly performance has picked up. As we have discussed in the previous quarterly calls, the growth is around 578%, which is the highest-ever quarterly defense revenue in Solar history. Now, it is at INR 409 crores. While domestic demand has been subdued due to the general and state elections in many parts of the country, and we have observed a very heavy monsoon season in this year, which has resulted in some kind of subdued demand in the mining sector. But our long-term growth trajectory remains robust, driven by our strategic diversification. The government's active promotion of private sector participation, driven by the Atmanirbhar Bharat initiative, is fueling modernization and innovation. Solar Industries, recognizing the potential of this sector early on, strategically made huge investments in building its defense capabilities, securing an early-mover advantage. On this backdrop, the company has signed an MOU with the Government of Maharashtra for investing ₹12,700 crores in the next 10 years to establish an anchor mega project in the state of Maharashtra. The nod from Cabinet Committee on Security for a procurement deal with Solar Industries to supply Pinaka enhanced rockets and area-denial rockets to the armed forces will drive the revenue growth, open new possibilities, and further establish Solar Industries' prominence in the Indian defense sector. We have already made our presence felt in the global defense market also. With a clear vision and a strong foundation, we are confident in our ability to deliver enduring value for our beloved stakeholders. Thank you for participating in today's earnings call. Now, I will request Aanchal to share the detailed financial numbers. Thank you. Thank you so much, sir. Thank you for the detailed and deep insight. We will now begin with the quarterly financial update, followed by the nine-month update. Highlights for the quarter were: we have achieved the highest-ever quarterly revenue at ₹973 crores, up by 38%; highest-ever quarterly EBITDA at ₹536 crores, up by 46%; and PAT at ₹338 crores, up by 52%; highest-ever defense revenue in the quarter recorded at ₹400 crores plus; highest-ever order book in the quarter, that is around ₹7,100 crores plus. Now, let's quickly review the quarter in detail. The top line grew by 38% from ₹1,429 crores to ₹1,973 crores coming to the cost. The raw material consumption is almost the same, from 52.59% to 52.13%. In absolute terms, the material consumption cost is ₹1,029 crores versus ₹752 crores in the same quarter previous year. Employee cost is around ₹151 crores versus ₹111 crores. Other expenses cost is INR 267 crores versus INR 210 crores. The interest cost is approximately INR 31 crores versus INR 28 crores. The depreciation cost is approximately INR 47 crores versus INR 39 crores. Coming to the customers' basket, revenue from CIL was INR 259 crores against INR 235 crores. Revenue from non-CIL institutions was INR 278 crores versus INR 245 crores, up by 13%. Revenue from housing and infra is INR 257 crores versus INR 251. Export and overseas revenue is INR 758 crores versus INR 624 crores, which was highest in the third quarter. Defense revenue was quarterly highest till date at INR 409 crores versus INR 61 crores, up by a massive 570%. Coming to the highlights for nine months, the registered revenue to the tune of INR 5,374 crores versus INR 4,459 crores, up by 21%. Highest nine-month EBITDA at INR 1,485 crores versus INR 1,042 crores, up by 43%. Highest nine-month PAT at INR 942 crores versus INR 633 crores, up by 49%. Now, we would be happy to take any questions, comments, or suggestions that you may have. Over to you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Amit Dixit from ICICI Securities. Please go ahead. Amit Amit, your line has been unmuted. Please go ahead with your question. Yeah, hi. Good morning, everyone. Congratulations for a good performance, sir. I have a couple of questions. This one is on revenue side. I'm sorry to interrupt. Mr. Amit, your voice is breaking a little bit. Can you use your handset? Is it better now? Yeah, I'm using my handset a bit. Can you go again, please? Yeah. Is it better now? Hello? Yes, yes. Please go ahead. Yeah. So my first question is, if you look at the export orders that we have received over the recent past, particularly the last one that we received, it was like INR 2,000 crores. So just wanted to get a sense on the international export market. How do you see it panning out over the next 12-15 months? Are we seeing some more opportunities over there? And is it possible to just give the categories that we are seeing such as high-energy explosives or Pinaka, for instance, or something else that we might be getting in? That is my first question. Yeah. If you have seen that what we are working in different sectors on a variety of products. One of them was high-energy materials, for which we have received a lot of orders from the international markets and which we have shared with all the stakeholders whenever we are getting such kind of significant orders, but as far as the orders from the Indian defense market is concerned, we were waiting for the Pinaka orders to come in, which is one will be which is the biggest orders for the history of Solar. So like CCS has cleared the procurement of these products, and we should be able to sign it at any moment. So let us wait for that, and as of now, the total order book of defense is INR 4,971 crores. And once Pinaka comes in, it will be around, say, INR 6,000 crores approximate number. And if you add these two, then the total order book will be ₹11,000 crore plus, which will happen very soon. So if you summarize that, the facilities which we have established for the whole defense spectrum is being properly utilized in the coming periods. So like high-energy materials, we have started giving results. Propellants, we have started. We are supplying to BrahMos. We are supplying to many PS defense public sector enterprises. And we have participated in many development programs on the basis of which, like we are getting orders for Pinaka kind of rockets. And we are also participating in many other rocket programs. So once those start getting developed or anything materialize happen, we will definitely share with our stakeholders. Wonderful, sir. Can you just go back properly? It was news from India that being gifted and army actually laughs at. When can we say and which worst case we are in when we can see a possible ordering or some more development on this point? As far as Nagastra is concerned, it is one of the product range for which we were working. It falls under the loitering munitions. So initially, we developed the loitering ammunition, which is like a suicide which can work as a kamikaze mode, which we have received order and supply also. We were the first company in India which has developed this product on its own without having any kind of foreign knowledge or foreign supply of the critical component. It was almost 100% sourced in India, which was practically our ratio of domestic content was plus 80%. And in the same line, we have started development on the anti-drone systems, which will be a hard kill, and we may have a soft kill also in the future. So the recent trial which has happened at the Balasore, which we have seen that the results were quite encouraging. This product we are developing on our own, and within two years of development, we have reached to this stage. Based on these trials, we will definitely are likely to get some kind of positive traction from the end user because the whole knowledge and development is within India. This will help the security forces a lot from a strategic angle. We may see that in a two years' time, we should be able to start commercialization of this product. Wonderful, sir. One bookkeeping question, if I may. What was the cash flow from operations in nine months and capex so far in nine months? Can we share it later? Yes, sure. That helps. Thank you so much and all the best, sir. The next question is from the line of Amit Zade from Aegis Federal Life Insurance. Please go ahead. Mr. Amit, your line has been unmuted. Please go ahead. Mr. Amit Zade, your line has been unmuted. As there is no response from the current participant, we'll move on to the next. It's from the line of Ravi Naredi from Naredi Investments. Please go ahead. First of all, Manish, thank you very much for nice results you have delivered again. Sir, the company has signed with the Government of Maharashtra for investing INR 12,700 crore in the next 10 years to establish an anchor mega project. Please say more few words about this project and how the company will arrange the funding. The recent signing of MOU with the Government of Maharashtra is in line with our strategic initiative to have a strong defense product portfolio in our company's basket. It is in line with that we have signed this MOU with the Government of Maharashtra. This is a tentative plan that we should be able to deliver or execute these projects in the next 10 years. We are confident that we should be able to do all these investments in the next 7-8 years' time. If you look at the current profitability of the company, which if you take the nine-month figure and if you convert it into a 12-month figure, the yearly profit after tax is around INR 1,250-INR 1,300 crores. As we are going forward, the profit after tax will also keep increasing because of the orders which we are going to receive plus the international subsidiaries which are going to enhance their business. In India also, we are expanding a lot. So if you plug all these three, the healthy cash profit will keep generating to sustain all these investments. Exactly, what is the project, this one? Project is basically to set up the facility for manufacturing of defense products for the security forces. And it is only for Maharashtra government, or it will be for Pan India working? No, defense, it is only the Government of Maharashtra. Government of Maharashtra. Sir, thank you very much. Keep it up. Yes, sir. Thank you. The next question is from the line of Dipen Vakil from PhillipCapital. Please go ahead. Thank you for the opportunity, sir, and congratulations on a great set of numbers. First, of course, your defense growth has been phenomenal for this quarter, and we earlier had guided for a revenue top line of close to around 20% contributing from defense, and that was something around close to around INR 1,500 crores, so any revision on that guidance that you would like to present? So yeah, annual guidance we had given around 1,500. And for the nine months, we have reached INR 975 crores. So we feel that the annual guidance is sustainable. There may be some 5-10% plus minus in the same. But we are sure of reaching the guidance. Got it. So my next question is in the line of, sir, our core explosive business. So this quarter has been largely flattish when we look at the domestic explosive number. So when do you expect the market scenario to change? When do we expect the pickup in the execution to start coming in even in the explosive segment? The volume in the first half of the year had been good. We had around 12% growth in the volume of explosives. However, we have observed that due to subdued demand due to above-normal monsoon and general state elections overwhelming the country, slower mining activity had been there, which has impacted the volume in quarter three. As we go ahead, we've observed demand picking up from FY25, which should help in better volume from now onwards. Got it, got it. And any more orders in the pipeline in the defense sector which are there in the near- to medium-term? Pinaka, so as Manish has spoken, we already had the CCS confirmation, and we should be signing the order. Once that comes, we'll be announcing. Got it, got it. So execution timeline for the INR 7,900 crore of order, what would be the execution timeline for INR 7,900 crore? And once Pinaka is confirmed, what would be the execution timeline for the INR 6,000 crores of Pinaka? There are a few orders in that. Every order has different timelines. It may range around 8-12 years. Eight to 12 years with Pinaka. So the other defense is also eight to 10 years? Yes, and for the Pinaka, which we are speaking about, for the rest of the orders, I think it's three to four years. Okay, okay, okay. Got it, got it, got it. Got it. Thank you so much for answering my questions and all the best. Thank you. The next question is from the line of Narendra from Robo Capital. Please go ahead. Hi, sir. Thanks for the opportunity. And congratulations on a good set of numbers. So my first question is regarding our overall guidance that we have of 30%, if I'm not wrong, top line growth. So given that we are on the cusp of signing the MOUs for the Pinaka orders, do we see any upward revision in the guidance? So, like we've given guidance that in this year, the revenue growth should be around 30%. But, like we have said, because of some slowdown in the domestic market, there is a reduction in volume growth, and that is impacting the revenue growth also. But if you remove the domestic part, in all other sections, we are doing very good, including the defense section. So as far as the revenue guideline is concerned, definitely we are falling short of 30%. But initially, the EBITDA margin and the PAT margins, which we have said that in this year we should do better than the last year. But we are doing even better than what we have given guidance at the start of the year. So if you take both the things together, revenue is not increasing to that level which we have expected, but profit or EBITDA margin are reaching to even a better level than what we have shared at the start of the year. Yes, I understand. I actually wanted to know two or three years down the line, do we continue to expect a 30% kind of figure year- on- year for the next two or three years, given that we have such a big order coming in? And also on the margin front as well, we have been continuously doing better than what we have guided. So could we see this 26%, 27% kind of margin sustaining going ahead as well? So I cannot predict for next three years. And normally, as a practice, we give guidance at the start of the year. But yes, because of the increase in defense sales, which we are lagging in the last many years, and increase in international operations, we see that these margins we should be able to maintain around. Okay, okay. Thank you so much and all the best. You are aware that business increments and business dynamics keep changing. So these are our ambitions to reach or achieve even better. But sometimes 2%, 3% plus minus is not a big thing for our kind of industry. Yeah, yeah, I understand. That's why I ask for a longer term view, right? Thank you so much. Yeah. The next question is from the line of Sanjaya Satapathy from Ampersand Capital. Please go ahead. Yeah, hi sir. Sir, two questions. First of all, this margin improvement that you have seen again in this quarter, do you see further upside to it, or is it sustainable? So we cannot comment whether there will be improvement or sustainable at this moment. But like I just answered, that if you look at the increase in defense sales, better realizations of facilities in the international market, and upcoming new facilities in the domestic market, we should be able to do in the similar levels of margins. Like I said, business dynamics can keep changing, which we have seen in the last many years. So this is our guideline. But we cannot commit that this we will achieve on every quarter, and we will improve it further on every quarter basis. Understood. Sir, you have seen some good order inflow in this quarter. Can you just give us some color on what were the key driver of this order inflow? I mean, which all segments were the key contributor? We have already shared that. The order inflow mix I'm talking about? Yes, we have already shared the orders. Because whenever we are getting any material orders, we are sharing with all the stakeholders. If you just go to all our declarations to the exchanges, you can see all those numbers. Okay, okay. And last thing, sir, you mentioned that you may fall short of your guidance of 30% growth somewhat. But are you seeing improvement again in domestic market and from January onwards? Yes, it is much better than the previous last four months. Thank you, sir. The next question is from the line of Ankur from HDFC Life. Please go ahead. Yeah, hi sir. Good morning. Thanks as always for your time. Just on the same question on the domestic volume growth, what would be your guidance for FY25? Where do you think you will end up with on domestic volume growth? We expect that instead of 15% guidance, which we have given at the start of the year, we should do around 8%-10%. Okay, okay. Sir, that's helpful. And also, any outlook on ammonium nitrate prices? They seem to be kind of settling down and getting better. So how do you see that kind of playing out? No, the ammonium nitrate prices, which are currently running are the sustainable numbers. So there can be plus minus of 5%, not more than that. But I don't foresee any increasing ammonium nitrate prices going forward. Okay. So largely stable is what you're looking for? Okay, okay. Stable or, like I said, plus minus 5%. Sure, sure. Okay, okay. Fair. And just on your export and your overseas business, clearly we've seen this very strong growth last two quarters. So if you could help us, what geographies or what's really happening there? What is driving this growth? How do you see this going forward as well? So like we mentioned, that the sales from our international business has grown up quite significantly. On a nine-month basis, it is almost INR 2,136 crores compared to INR 1,869 crores. So which is quite a big number, 14% increase. And in the last quarter, which is Q3, the increase was of 21%. So we think that this momentum should keep going up in the years in next year also. And any countries or, sorry, yeah. Sorry, go ahead, please. Please tell me. So which region? So what's helping you grow this so strongly? What I was trying to understand, which region, geography is kind of driving this growth? It's a mix of all that we are doing better businesses in our existing territories. We are entering in new territories also. And that's why we are having better results. Okay, okay. Fair. Okay, great. Thank you. Thank you. The next question is from the line of Rakesh Roy from Omkara Capital. Please go ahead. Hi, good morning, sir. Regarding, sir, defense business, especially in Pinaka, the standard Pinaka is, as you said, 10,000 square. How much is for the company? You were saying we had to 6,000. Am I right? Yes. Okay. Sir, keep on Pinaka. Sir, the demand for Pinaka in the international market is increasing, especially for Armenia and like the country. So how do you see the demand for our company, our supply, or do you get any order or do you get any inquiry from them? So we cannot answer on or we cannot share the details about each inquiry. But by and large, like we said, that we already have some export orders for Pinaka rockets, which we have started supplying. At the same time, in India, for which this program was started, so we have received the CCS clearance, and we should sign the order anytime soon. So once we have these numbers, so definitely the interest of international more countries will start growing. And once it grows, so definitely we will get some kind of better utilization of our facilities. But these kinds of orders from international market or Indian market takes time. Nothing happens in one year or one and a half years. Right, sir. Sir, just to go further, this enhancement of Pinaka, is it the replacement for old Pinaka, or they are just adding more? Just to understand, how much material they are expecting, sir, for defense? We can discuss it separately, please. Okay. Right, sir. And sir, you are saying you are currently we have to 5,000 crore orders, plus 6,000 you are expecting for Pinaka. And how much you are looking from the BrahMos? Because demand from BrahMos is export, domestic market is increasing. So how much is looking from the BrahMos and Nagastra? Like I said, the total order book in defense as of now is INR 4,971 crores, and the Pinaka order should be around INR 6,000 crores. The total order book will be around INR 11,000 crores. These INR 11,000 crores include all Pinaka, BrahMos, Akash, mines, grenades, Nagastra, everything. And okay, sir, last question to you. Are you sure you have access to UAV? Where do you stand currently, sir? So we have intention to start these programs on which we have already started working. So if anything significant or material happens, we will share with you. Okay, sir, and one last question from last question. Over the next three, four years, where do you see defense business, where do you see our revenue overall total revenue in defense business? So, like for this year, we have given a guidance of INR 1,500 crores. So we have almost crossed INR 900 crores, and we should do around INR 1,400-1,500 crores in this year. So in the end of Q4 or once we will give guidance for the next year, we will share you that what we can achieve in the next financial year or in next year, something like that. Okay. Thank you, sir. Thank you, sir. Mr. Rakesh, does that answer your question? Yeah, yes, sir. Thank you. Thank you. The next question is from the line of Pratik Mukasdar from RNL Investments. Please go ahead. Manishji, congratulations for a wonderful set of numbers. You guys are continuously raising the bar up, so it's very heartening to see. I want to ask one question. Now that U.S. has a change of reins and Trump has come in, so does it really change the global sentiment as far as our business goes, or that is just the headline and below the headline work is going as usual and it is even getting better? So, like we have seen in the announcements or the intention of the United States to stop the recent conflict which is happening between Russia and Ukraine. But if you have to connect all the dots, that's what he is also saying that the NATO countries should increase the defense budget to 5% from an average of 1.6%-2%. So if all NATO nations have to increase the defense budget to 5%, so what is the purpose for that? So if you look at the current situation and the recent scenario where practically the war's ammunition in those countries has almost wiped out or almost became zero level. So they have to fill up them again, which will not take less than seven to eight years. That is also assuming that the conflict will come to a standstill. There will be no use of any ammunition in any part of the world. If you look at the realistic situation, we believe that next 7-10 years should not be a big change in the demand of ammunitions and related products. Okay, okay. And how do you see the mining space? Like last year, as you mentioned earlier also, because of the extended monsoon, the growth was slightly subdued. But in coming years or for the coming period, how do you see it going forward? You see that the drop in, say, 5% from our estimation in this year, we should be able to do around more than 15% in the next year. So we should be able to make up all the deficit which we are seeing this year. Okay. Fantastic. Thank you. Congratulations, one more time. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. Ladies and gentlemen, if you wish to ask a question to the management, you may press star and one. The next question is from the line of Bharat Shah from ASK Investment Managers. Please go ahead. Yeah. Hi, Manish. Hearty congratulations. Manish, on what we've discussed many times before, given all the opportunities in the international markets, plus the defense where we have now made significant progress after many, many years of effort to build that activity, would we say that 20% plus kind of revenue growth for the next three to five years, that vision remains intact, right? Sir, like we have discussed in the previous call also, we believe that 15% volume growth should not be a big issue for us, barring some one or two quarters on a horizon of three, four years. So if you capture around 15% growth in our traditional market, and if you top up that with the defense opening up for us in a big manner, we don't see that 20% should be a problem for us from any angle. So definitely we should do 20% plus as far as top line is concerned, and bottom line, definitely, as we move ahead, the margins are already at a very healthy level, or you can say a very, very good level. Even if we maintain those levels and if we enhance our efficiencies and utilization, the margin will be very good to maintain and sustain at those numbers. So 20% growth should not be a problem at all for us. Sure. And which will mean that compared to our quote and guarantee institutional and the other domestic infra business, both defense and international business, I suppose, would be growing at defense clearly, but even international business should be growing much better than that 15% growth that you have talked about, right? So if you look at the current international business space, in this year also, in nine months, we have did around INR 2,100 crores. And the domestic market, we have done around INR 2,300 crores. So by and large, both are well divided and almost near to each other. So I think that 15% growth in the both sides should not be a problem for us. Okay. Which means about 20% plus growth over three to five years in top line, and either maintaining margin or getting some more gains due to efficiency and operational strength, plus the mix of the business favoring relatively better yielding businesses, should be the kind of broader picture. Some quarter in between can pose a challenge, but that's part of the game. Absolutely, sir. Absolutely. Yeah. Thank you, Manish. Thank you. The next question is from the line of Ravi Naredi from Naredi Investments. Please go ahead. Sorry, Manish, to disturb you again. This Maharashtra project, 13,000 crores, how much top line it gives on one crore investment, and what will be our margin, and when we start this investment on this project? Like what I said, that it's an MOU which we are signing, not a final contract with the Government of Maharashtra. Once we have a final detailed plan, then we will discuss with our stakeholders. Okay. Thank you very much. The next question is from the line of Rakesh Roy from Omkara Capital. Please go ahead. Yes, sir. My one question is regarding, sir, are we working on a new product apart from current product? As we have been speaking that the topics we have been undertaking year- on- year is to increase the geography, increase the product portfolio, and increase our geographical presence in domestic market also. Manish, just I try to understand, especially in defense business, any product we are going to add in near future? Yes, we have been adding various products and the ammunition ranges, so as and when the products qualify and receive the orders, we inform our stakeholders. Okay, and my last question, sir, is there any planning to ramp up our defense business in the next three-to-four years? Sorry, can you just repeat your question? Is it possible from Kokottama Solar Energy, is it possible to spin off or demerge our defense business in the next two to three years? Currently, we have defense in our group as a whole for Economic Explosives. We have the main defense business, so that will continue. Okay. Okay. Thank you. The next question is from the line of Yash from Stallion Asset. Please go ahead. Hi. Thank you for the opportunity. So my question is on your defense segment, what is the current EBITDA margins that you're making, and will they improve from here? The current EBITDA margin for our company is around 20%. We believe that it should continue in the coming period. I'm just talking specific to defense, sir. You can ask such things, but we will answer only one thing, that we as a business as a whole, we are achieving around 27% EBITDA margin, and we should be able to continue with similar margins. Got it. Got it. Got it. And sir, what would be your guidance for our CapEx for FY 26 and 27? That we will give in the end of Q4 results. Okay. Okay. Got it, sir. And regarding the 3,000 crores of Pinaka orders, so this will be like they will be materializing in your order book in FY26 once you sign the documents, or are they in process? Like what is the status of it? Yeah. We should be signing the contract anytime soon because after the CCS has cleared basically the procurement of these products from Solar, and at the same time, there is another defense PSU government undertaking. So once they are cleared, it's a matter of time, and we are expecting it to get it signed very soon. So we will definitely share the news with our stakeholders once we sign the contract. Sure. Sure. And so my last question is again on the MOU with Maharashtra government. So this project will have products which are not your conventional products related to missiles or explosives. Will it be something completely new that you're working on? So just go through that MOU which we have shared for notification with the exchange. You can see the things which we have already covered. So those things will give you very good questions. Okay. Okay. Got it. Got it. Thank you, sir. All the best. The next question is from the line of Alisha Mahawla from Envision Capital. Please go ahead. Hi. So good morning. Thank you for the opportunity. A couple of clarifications. Earlier, we mentioned that the order book, the existing order book ex of Pinaka execution should be 3-4 years. Is this for defense or the total INR 7,000 crore order book? Second, for Pinaka, if you could help us understand that while the execution is 8-10 years, what kind of milestones or how will the ramp-up happen? And third, what will be the incremental investments that would be required for Pinaka that we may probably have to undertake? Thank you. The total order book from non-defense is around 2,151 crores. That is 2,151 crores. Those orders are for next two years. And as far as defense is concerned, the international orders are in a timeline of three to four years. And once Pinaka comes in, the order will vary from 7 to 12 years' time. So once those come in, we will share the details. And as far as investments on Pinaka thing is concerned, we give an annual we have already shared that in this year, we are going to do a CapEx of around 1,200 crores for the group as a whole. So that covers all those investments. Sure. While I understand the execution timeline of seven to 12 years, will it be possible to maybe also share a little bit color of how will the ramp-up be happening? Color means what you want to understand? Will it be starting from 2026 onwards and if there is any milestone or maybe is it going to be slightly back-ended, it will ramp up and maybe only be meaningful for us from a revenue perspective, say 2028 and beyond? We will see that once we sign an order, within six months, the deliveries will start, and we are geared up for that. And there will be practically consistent deliveries of the products unless otherwise that if there is any special situation emerges which requires us to delay the supply or due to any kind of supply chain disruption. So those are natural business scenarios. But apart from that, we should be able to deliver the product based on because there are two products in this order. So one order will be for seven years. One order will be for 12 years. So ramp-up will start from next financial year from Q3. Understood. Great. Thank you and all the best. Next question is a follow-up question. It's from the line of Dipen Vakil from PhillipCapital. Please go ahead. Hello, Mr. Dipen. Your line has been unmuted. Please go ahead with your question. Yeah. Am I audible? Yes. Yeah. So my question is along the lines of our ammunition side of business, sir. So we are seeing some huge growth potential coming on the ammunition side of it. So can you highlight what kind of orders are anticipated here or what kind of growth are we seeing in the ammunition side of it now and even going ahead? Actually, until I have answered these questions repeatedly in this call, you can go through the transcript, and you will get the answer. Got it, sir. I'll look into the transcript then. Thank you. Thank you very much. The next question is from the line of Nishant Chauhan from Geojit. Please go ahead. Hi, sir. I'm audible. Yes, yes. Sir, on the defense orders, we've talked about our current order book of around INR 4,971 crores. So just wanted to know, are these more export orders or they are for the domestic consumption? They include domestic and international. Okay. Because I think last quarter, we mentioned about two big orders which were for export orders itself, so it would be largely export-oriented or international? Yes. As of now, the orders are mainly for international. Okay. Thank you. And sir, secondly, we've talked about entering Kazakhstan and Thailand as per our annual reports. Any update on that, sir? We have the unit that Thailand has already started. Kazakhstan, we should start in the next two months' time. Okay, sir. Thank you. Thank you for your time. Thank you. Thank you. Are there any further questions from the participants? I now hand the conference over to Mr. Chirag for his closing comments. Yeah. Thank you to all the participants for their presence, and thank you to management for giving us the opportunity to host this call. Sir, would you like to make any closing remarks? Yes, Chirag. We appreciate your participation and interest in our company's performance, and we will be very happy to see you again in the closing quarter of FY25. Thank you so much, everyone. Thank you all. This concludes this quarter's call. On behalf of Centrum Broking Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.