Ladies and gentlemen, good day and welcome to the Solar Industries Q4 FY25 earnings call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the call over to Mr. Amit Dixit. Thank you, and over to you, sir. Yeah, hi. Thank you, Aisha. Good morning, everyone. And on behalf of ICICI Securities, I welcome all the participants for Solar Industries Q4 FY25 conference call. At the outset, I would like to thank the management for giving us an opportunity to host this call. From the management today, we have 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, SGM and IRM. So without much ado, I will pass it on to Aanchal to take it up. Over to you, ma'am. Thank you so much, Amit. 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 concluding conference call of FY25. To begin with, I would like to remind you that during this call, we might make projections or other forward-looking statements regarding future events and about the future financial performance of the company. Please remember that such statements are only predictions. Actual events or results may differ materially, and our website will be updated with all relevant information timely. Now, I would request Solar's MD and CEO, Mr. Manish Nuwal, for his opening remark. Over to you, sir. Thank you, Aanchal. Dear esteemed investors, a very good morning. I, Manish Nuwal, Managing Director and CEO, welcome you all to Solar Industries' earnings call for the fourth quarter and financial year ended 31st March 2025. FY25 has been a pivotal year for Solar, a year where strategy, scale, and execution aligned perfectly to deliver the highest-ever revenue and profits. We are happy to report the highest-ever sales for the quarter and year at INR 2,167 crores and INR 7,540 crores. We have also achieved the highest-ever quarterly EBITDA and PAT at INR 546 crores and INR 371 crores, registering a growth of 47% and 42% year-on-year, and highest-ever yearly EBITDA and PAT at INR 2,031 crores and INR 1,288 crores, registering a robust growth of 44% and 47% in the year FY25. We have achieved around 27% EBITDA margin, which is more than our annual guidance. Solar's international business is gaining good momentum, and as a result, registered an 18% year-on-year growth. Solar's ability to expand its global footprint and forging strong relationships with its customers as a trusted partner underscores the company's strength in identifying and capitalizing on global opportunities. The defense sector revenue has increased from a small base of INR 517 crores to INR 1,355 crores, showing a growth of 162%. Years of strategic efforts in building state-of-the-art facilities, developing a wide range of products, and qualifying products across the customers have positioned Solar as a strong player in defense in the global market. This is reflected in the substantial increase in our order book to over INR 15,000 crores, including a landmark order of INR 6,084 crores for Pinaka rockets and contracts of around INR 8,500 crores from international markets. A historic milestone was the inauguration of our state-of-the-art loitering munitions and testing range by Honorable Prime Minister Shri Narendra Modi Ji, a testament to Solar's growing capabilities in defense and aerospace. Hosting Honorable Prime Minister of India was a moment of immense pride for our Solar team, which has boosted the morale of our team to do even better in the coming years. We are propelling Solar to the next frontier. Further, to our CapEx of around INR 1,200 crores in this financial year, a massive plan to do a CapEx of INR 2,500 crores in the coming year will unlock new opportunities, scaling existing capabilities, upgrading technologies, and expanding the product portfolio, including advanced munitions and aerospace solutions. Aligned with India's Atmanirbhar Bharat initiative, Solar has signed a INR 12,700 crore MOU with the Government of Maharashtra to invest in defense and aerospace over the next decade. Now, Solar is entering in FY26 on a strong footing, driven by a growth of 15%-20% from the explosive sector and a robust target to surpass 3,000 crores from defense. Supported by this momentum, we are targeting total revenues of 10,000 crores in FY26. With this, defense contribution in total revenue will be crossing 30% from the current share of 18%. I am sure these sets of numbers will satisfy our esteemed shareholders. Reflecting our financial strength and commitment to shareholders, the company has proposed a dividend of INR 10 per share for FY25, up from 8.5 per share in FY24. Our vision is bold, our fundamentals are strong, and our dedication to stakeholders' value creation is unwavering. I sincerely thank all our esteemed investors and analysts for joining us today. Thank you for your continued trust and partnership. Over to Aanchal for presenting the financials in detail. Thank you. Thank you so much, sir. Before beginning, I would like to quote that this year, as mentioned by our MD, has been a very remarkable year in Solar's journey, where we have achieved significant milestones. Needless to mention, keeping the aggressive foundation for continuous growth, we have given a strong return to our stakeholders by entering the INR 1 lakh crore market cap. Now, we have shared the investor presentations, carrying all the necessary information for your purposes. Hence, we run through the same very quickly. Key highlights for the quarter and the year are as follows: Sales, the consolidated revenue for the quarter is INR 2,167 crores vs INR 1,611 crores. For the year, it is INR 7,540 crores vs INR 6,070 crores. The percentage of the sectors in the customer basket are as follows: CIL is at 13%, non-CIL and institutional is at 14%, H&I is at 16% in the basket, international business at 36%, defense is 20% in the basket, SOM 12%. In the year, the domestic basket comprises of 44%, international business at 38%, and defense business at 18%. Coming to the cost verifications, raw material consumption for the quarter stands at INR 1,165 crores against INR 829 crores. For the year, it stands at INR 3,907 crores vs INR 3,196 crores. The employee cost for the quarter stands at INR 174 crores vs INR 119 crores, and for the year, it stands at INR 600 crores vs INR 433 crores. Coming to the other expenses, for the quarter stands at INR 288 crores vs INR 309 crores, and for the year, it stands at INR 1,073 crores vs INR 1,071 crores, which is almost similar despite the huge rise in sales. Coming to the EBITDA, we reported a quarter EBITDA at INR 546 crores against INR 371 crores. We reported yearly EBITDA at INR 2031 crores vs INR 1414 crores. Depreciation cost stands at INR 50 crores against 37, and yearly cost stands at INR 182 crores vs 143. Interest and finance charges cost for the quarter is at INR 29 crores vs INR 32 crores, and for year, it stands at INR 116 crores vs INR 109 crores. Coming to PBT, which stands at INR 464 crores vs 305, with a fantastic increase in PBT margins, and for the year, it stands at INR 1,739 crores vs INR 1,161 crores. Coming to the PAT, it stands at INR 346 crores vs INR 243 crores. For the year, it stands at INR 1,288 crores vs INR 875 crores. These are the updates for the quarter and year, which are explicitly given in the presentations shared with you. We are now open to the questions. 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 your touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mr. Ravi Naredi from Naredi Investments. Please go ahead. Thank you very much for giving me the opportunity. Manish Ji, congratulations for the best result so far in the history of the company and the inauguration of the state-of-the-art loitering munitions testing range by Narendra Modi. We congratulate you and your team for the fantastic result and everything. Sir, my question is, 2,500 CapEx you have planned for this current year, so how do you arrange the funds, either from internal accruals or as well as debt? Thank you, Ravi. The CapEx program for this year is for INR 2,500 crores, and this will be arranged through our internal accruals and a little bit of debt from the bankers. Right. Okay, sir. And second, we are targeting handsome growth of 10,000 crores top line this year. So what net profit expectation do we have this year? And can you bifurcate the net profit margin between coal and defense separately? As far as margins are concerned, like we have last year, we have given a guidance of 23% + EBITDA margin. But in fact, we have achieved around 27% in this financial year. So if you look at the past history also, in the last five years, our revenue has increased by 3x +, and EBITDA has also increased by 4x, and profit after tax also increased by 4.5x. So looking at the margin side, we believe that our international business is doing better, and defense is also gaining a good momentum. So we expect that we should be able to maintain or improve these levels of EBITDA margin and PAT margins. And as far as the margin differentiation is concerned, we treat business as a one unit, so we give guidance based on business as a whole. Thank you. Okay. Wonderful, wonderful. Thank you, Ji. Thank you very much. The next question is from the line of Ashish Kumar from Ampersand Capital Investment Advisors. Please go ahead. Yeah. Thanks for the opportunity. My first question is on the margins again. We are expecting a good mix improvement in the case of defense business. So do we expect significant improvement in our margins from the current 27% levels? And the second question is the breakup of CapEx that we have given 2,500. How much is it for defense and how much will be for explosives? Yeah. As far as margins are concerned, like last, I will repeat again, last year, we have given a guidance of around 23% + as far as EBITDA is concerned. So this year, we have already achieved around 27%. But as you know, the business dynamics keep changing. But still, based on our defense and international business, we are confident that we should be able to deliver similar margins in the future also. And as far as the differentiation on defense CapEx or explosive CapEx, so totally, we have allocated around 2,500 crores to be made on different opportunities. So that's all. Okay. Thank you. That's all from my side. Thank you. Thank you very much. The next question is from the line of Umesh Rath from Nomura India. Please go ahead. Hi, sir. Good morning and congratulations for the strong set of numbers, and also, many thanks for the systems which we have developed contributed significantly in recent escalations. Many thanks for that. I have a strategic question. I think you are mentioning about closer to INR 12,700 crores of investment in terms of MOU. Your voice is not clear. Hello. Am I audible now? Hello? Yeah. Now you are better. Yeah. So my first question is pertaining to your strategic investment of about INR 12,700 crores in terms of MOU signing with the Maharashtra state. So could you please share some insight which all areas that you want to target apart from loitering munitions within defense space, and how are your addressable opportunities over there? So as far as our earlier shared information that we have signed an MOU, and the total amount will be around INR 12,700 crores to be invested over a period of 10 years. So these are the broader timelines and investment amount. But we are confident that looking at our current position in the ammunition market, or say you can say defense market, we are pretty confident that these amounts will be invested much earlier. And as far as products are concerned, you are aware that what kind of products we are manufacturing. Like we have the energetic materials, we have rockets, we have missiles, mines, and as we are going forward, we are expanding the loitering munitions ranges for different applications. So this is what we all are doing, and from the current level of capacity, we are enhancing to a multiple level in the coming years. Got it, sir. My second question is in terms of investment into research and development. So I understand that you have a significant capacity expansion plan. But at the same time, how are you looking at R&D in terms of percentage of sales going up from here on? And would you be dependent more or less on DRDO, or you are also planning to kind of develop an in-house R&D department in your company? If you look at the history of Solar in the last 10 years, we have always been working on developing the variety of products. And those developments were in association with DRDO. At the same time, we were developing many of the products on our own. We will continue those efforts for our national security, and that is what I think will give a reflection of what Solar has been doing as far as research and development is concerned. As far as a particular number or figure which you may be expecting us to give, we don't bifurcate the expenses into R&D or other things. All the expenses are being part of our P&L, regular expenses. Got it, sir. My last question is pertaining to recent news source where it was indicating that there could be fast tracking of ordering closer to about INR 24,000 crore-INR 25,000 crore purely because of recent escalations. So are we expecting any fast tracking of major programs for us in terms of Nagastra or possibly new orders for Bhargavastra as well? So if you look at the current geopolitical situation, these things are obviously bound to happen. And we always read all these articles from the media. So based on those information and the interactions we have, we think that the defense program will be on a fast track now. Got it, sir. Thank you so much for your response. I'll run back with you. Thank you very much. The next question is from the line of Jyoti Gupta from Nirmal Bang. Please go ahead. Good morning, sir. Thank you so much for the opportunity and great set of numbers. Two questions. One, of course, the emergency procurement orders which is going to a lot of defense companies, and as you said that you are also aware and possibly, I mean, and the defense devices which have been used in the Pak War, I believe, would you be getting repeat orders for that? The other thing is, please throw some light in terms of the timelines for the domestic procurement plan orders and the international, because as I understand, international orders would have possibly a delivery timeline of two- four years. While if I look at the Pinaka ones, which is like for 85% in 10 years and the rest in the next 15 years or the remaining part of the year, if I have to just bifurcate the entire order between domestic and international, what kind of timelines, average timelines do we see in domestic orders and international orders? The question is quite long, but I will try to capture this. If you look at the current geopolitical situation and media articles, definitely government is trying to buy many items on emergency procurement route. So we all are waiting for those items to be shared, and it depends at which products we can readily cater to. And if we have the ready-made facility and the raw materials to cater to them on really emergency route, we will attempt for them. So once it is there in our order book, we will definitely share. As far as the orders of Pinaka is concerned, we have already shared that the Pinaka order is of around INR 6,084 crores, and which by and large to be delivered over the next 10 years. You can consider an annualized revenue of INR 500-600 crores based on the two Pinaka variants for which we have already received orders. There will be many more variants coming up in the future. Once those are converted, we will share. As far as energetic materials orders are concerned, those orders are for a period of four-to-five years. I have addressed your question. Yes, sir, and could you just throw some light on the as-at date, what kind of order book we have and what do we expect in FY26? So as we receive orders, we will definitely share. But as of now, the total order book from defense is around 15,000 crores and around 2,000 from non-defense. 17,000 crores on 20 billion. Around INR 1,000 from non-defense and INR 15,000 crores from defense sector. I missed out that, sir. Again, there was some crack in the voice. So 15,000 from defense and 2,000 from non-defense. Total order book is INR 17,000 crores. Okay. Got it. 15,000 is from defense. Okay. Thank you so much, sir. That will be all. Thank you very much. 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. So my first question is, can you share us the split between our India revenue and out-of-India revenue, including defense and explosives both? We don't share those breakups, but like we have said, that total orders are around INR 18,000 crores from defense and 15,000 out of 17, 15 is from defense, and out of 15, INR 8,000 crores is from India. The rest all is from international market. Okay. So can you throw some light on the new product development in the defense side, namely Nagastra, Bhargavastra, Nagastra 2, and what kind of timelines are we expecting in terms of their preparedness and getting the approvals? So can you throw some light on these fronts? Yeah. Like we have already developed and supplied Nagastra 1. We are expecting repeat orders in the coming period of the same product. And we have also developed Nagastra 2 and Nagastra 3. So likely to receive orders for those products in the coming year. And once we receive, we will share. As far as Bhargavastra is concerned, it is in we have passed the two trials at different levels for different applications. So those trials were very successful. And as we move forward, we are expecting that this product should be ready in this calendar year. Got it, sir. So just one last accounting question. Can you just give us your total employee count? And that will be also my question. We have shared the total employee cost in our financial numbers as well as that we will discuss later. Okay. Thank you so much and all the best for FY26. Thank you. Thank you very much. The next question is from the line of Raj Rishi from Development Consultants Private Limited. Please go ahead. Yeah. Hi, sir. How much of a positive impact can this supposed increase in defense spending by EU? We are talking about taking the defense spending to something like from 2%-5% of their GDP. How will it benefit Solar? Like we have already shared, the total order book of our defense is around INR 15,000 crores. And out of 15,000, the domestic orders are in the range of 8,500. And internationally, balance point of view. So as we move forward, we are expecting that since our products are well qualified in the international market, we are expecting more and more orders from the international markets. So already out of 15, more than half is from international market. And that gives a glimpse of our current stature in the global markets. And definitely, any kind of increase in the defense budget is giving us a big opportunity to expand ourselves, not only in India but outside India also. Okay. And sir, whatever your CapEx plans, do you have any equity-raising plans? I think the current INR 2,500 crores plan in this year can easily be met with our current cash position plus the internal accruals. Okay. Sir, how entrenched are you with the BrahMos program? We are supplying some of the intermediate products to this product, and we are part of that program. So I can't share more. Okay. Okay, sir. Thank you. Thank you. Thank you very much. The next question is from the line of Hiten Choksey from DRChoksey Finserv. Please go ahead. Hey, hi Manish. Good morning. First of all, congratulations on a stellar Q4 and FY25 and just the phenomenal success of our products in Operation Sindhu. It is testimony of the capabilities we have built over the last decade at Economic Explosives. So keep up the good work with Nagastra, successful testing of Bhargavastra, and the continuous indigenization and the product profile which you plan to develop in the coming years. Just the testimony for the fact that just from supplying core ammunition, you are integrating the entire supply system. So keep up the good work and best wishes. Nothing beyond that. Just one question on the BrahMos project. We've seen a lot of companies or a lot of countries showcasing interest in acquiring BrahMos from the Indian government. What is your outlook on this, and how do you think the new munitions which you have developed can be of a significant contribution in this project? So I will thank you, Hiten, for your compliments for our achievements and what we have done as far as providing the best-in-class products for our countries' border security. So definitely, it gives a big compliment to our team members, and it's a satisfying moment for our team members or company that our products were being used as a part of this operation. So I would like to just share some basic glimpses that if you look at the last 10 years or 20 years of geopolitical situation, very few companies in this market have really spent on building capacities for defense products, and Solar is one exception which has kept investing in developing the products, developing the facilities. In the last seven years, we were supplying to many of the international customers, qualified the products, a lot of technical challenges, a lot of improvements, a lot of developments were part of those qualifications. After reaching to that stage, if you look at the opportunity side, three years back, there was no discussion on the war side. Now, Russia, Ukraine, Israel side, and now India, Pakistan side. Those are natural things to happen. If you look at last after World War II, there was no big event happen. Sometimes these things can convert, and conflicts can convert into the bigger things or bigger wars. Nobody wants them. For ourselves, we as a country or all the nations would like to invest in this sector or keep the products ready for defense. So we are one of the few companies which is part of the global supply chain, and we have developed a lot of products for our country as well. So as we move forward, we will have many opportunities where we can participate and become part of the security solutions. Great thought, Manish. Thank you so much and best wishes for FY26 and beyond. Thank you. Thank you very much. The next question is from the line of Amit Vijay Saoji from Abans Investments. Please go ahead. Congratulations for the numbers, and a big thank you for the team for the role in Operation Sindhu. My question on a lighter note is, if you can tell, is there any policy for bonus issues? I've been managing more. Thanks for the compliment. We are aware of our investors' expectations. They are expecting bonus from the company, but we will address this wish of shareholders at an appropriate time. Thank you. Thank you. Thank you very much. The next question is from the line of Hardik Rawat from IIFL Securities. Please go ahead. Hello. Thanks for the opportunity, and good morning, Manish. Manish, I had a couple of questions with regards to our defense order book now that has scaled up beautifully to about INR 15,000 crores. We are targeting roughly INR 3,000 crores worth of revenue in FY26. I wanted to know what is the possibility that in how many years do you think we can possibly execute this order book of INR 15,000 crores? Which order book? So our current defense order book of 15,000 crores. Yeah. So So like I said, this total order book is INR 15,000. Out of that, international is around INR 8,500. So this international will be delivered in the next four- five years. And the domestic INR 6,500, apart from Pinaka, the other items are very small. So Pinaka is a bigger program, which is around INR 6,000 crores, will be delivered by and large over a period of 10 years. And based on the current order book and the expected orders in this financial year, we expect that INR 3,000 orders or revenue from defense should not be a big issue for us. Right. So my next question was with regards to our NWC or net working capital intensity. While we had a substantial increase in the mix of defense in the current year, our NWC intensity has more or less remained the same, marginal increase, but nothing major. Just wanted to understand that as our mix shifts more towards defense, 30% in FY26 and possibly higher in the years to come, how do you see the net working capital intensity for the company going forward? We are not very much concerned on that part because we have always been saying that once the defense product starts stabilizing, the working capital cycle starts reducing. But if you look at the last year's working capital cycle, although defense sector has increased, the sale from defense has increased from 9%- 18%. But despite that, our working capital cycle is not going up. Rather, it has shown improvement. So I believe we should be able to address these pointers. And we have a variety of products to be delivered to the Indian customers, defense PSUs, and international market. So we are not very much concerned. The reason that point is well taken, the reason that I'm asking is because your peers in the defense space, unlike us, they are more focused towards the domestic defense, which I think is probably creating the difference. How would you comment on the kind of receivable cycles you see in the domestic defense contracts that you execute and the international defense orders that you execute? I think I have answered to your question. And frankly speaking, you have invested in Solar, not in you might have invested in other companies and Solar as well. So we are a different company than others. We don't want to compare ourselves with any other PSUs or other things. So we have a blend of products, a blend of customers across the global market. So that gives a kind of reflection on what we are operating at. If you look at my 20 years of performance also, how we are changing the landscape of customers' profile. So that gives a reflection. Right. So that helps. Thank you so much, and all the very best for the years. Thank you. Thank you very much. The next question is from the line of Chirag Muchhala from Centrum Broking. Please go ahead. Thank you, and congratulations to the entire Solar team for a landmark year. Sir, firstly, I wanted to discuss on the explosive business. So for both domestic market and for overseas market, if you can provide your outlook for FY26 and for overseas markets, some of the key geographies, if you can speak about how it will progress. Yeah. So like we have said in the last previous quarter commentary that as far as domestic market is concerned, demand was quite subdued, which you are also aware of if you look at the other products like cements and steel. So we are also part of the similar value chain. So the market demand was not up to the expected level. But if you look at the current volume with Q3, there is a significant improvement, and we have shown a growth of 14%. And I think as we are entering into the FY26, the volume should be quite good. And similarly, in international market also, last year on revenue terms, we increased our business by 18%. And combined together for FY26, we expect that we should be doing around 15%-20%. Okay, sir. And specifically regarding some of our large international geographies, it is possible to comment regarding the profitability like Australia, Indonesia, South Africa, etc. And even the ProBlast acquisition that we had done, so how is that progressing? So we have multiple subsidiaries. We have a large presence in different countries. So in the last year or till last year, or you can say from last four or five years, we were trying to stabilize our operation, gain a good momentum. So we were having certain subsidiaries where we were making certain losses also. But in this financial year, we have turned around all the subsidiaries, and we have profits in all the geographies. And based on the current momentum of the current platform which we have built, we expect very good sets of numbers from international markets in the coming years. Okay. That's heartening to hear, sir. And the last question is actually on initiating systems. So is it possible to view its revenue for Q4 or FY25, whichever is possible? If you look at the total revenue from initiating systems, it is less than 5% of the total revenue. It doesn't make any sense for us to continue commenting on the initiating systems or the volume part. So let us stay with these numbers, and we have to work on these numbers and our future projections. Okay. Sure, sir. Okay. Thank you. Thank you. That's it from my side. Thank you. Thank you very much. The next question is from the line of Mohit from ICICI Securities. Please go ahead. Yeah. Hi. Good afternoon, sir. Thank you, and congratulations for the great set of numbers. I just need a clarification. Does your guidance of INR 30 billion of the defense revenue include possible benefit of emergency procurement order, or the emergency procurement order is over and above the stated guidance of INR 30 billion? So if you look at our company's style of working, we capture all such kind of developments into our planning and then factor all those things and then give a guidance. We can't expect a company like Solar to give a guidance, then every couple of months we keep on changing. So we know what the things on the ground and what we can expect. So as a shareholder, we want to give a very prudent and very conservative or the realistic view on what we have seen on the ground and what you can expect from us. So we as a company believe that in this year, we should be able to cross 3,000 revenues. So that is based on our international exports, domestic markets, Pinaka orders, and some of the emergency procurement which can be allotted to us. Those can be converted in this financial year or maybe to the next financial year. So all those combinations we keep in our mind while making any kind of guidance. So for you, you can consider INR 3,000 crores as a ballpark number for guidance from defense sector for FY26. Yeah. Sure, and so the second question is, how is the business performance in Kazakhstan and Saudi? Also, are we planning to enter any new geographies in this financial year? Thank you. We have not yet started Saudi. We are in the process to set up the facilities. We are working on that front. As far as Kazakhstan is concerned, we have almost finished the plant. Next three, four months' time, we should be able to start the operations. As far as other geographies like Thailand, we have already operationalized. Indonesia is operationalized. Tanzania, we are doing more expansions. Zimbabwe, also, plant is in commissioning stage. Ghana, we are expanding. Nigeria, we are expanding. That is what we are doing. Sure, sir. That answers my questions. Thank you. Thank you. Thank you so much. The next question is from the line of Kunal Tokas from Fair Value Capital. Please go ahead. Mr. Kunal, please go ahead. Hello. Am I audible? Yes, sir. You're audible. Okay. Just one quick question, sir. What sort of exposure do we have to Turkey, either business done in Turkey or through Turkey? And what's your outlook on that? Yeah. Out of our total revenue of INR 7,500 crores across, the total revenue from Turkey is less than 10%. And profits are also 5-6% of the top line of the total profitability. All right. Got it, sir. Thank you. Thank you very much. The next question is from the line of Aniruddh Singh from Dalal & Broacha Portfolio Managers. Please go ahead. Hello. Good morning, sir, so I had a question on our capacities. What will be the utilization right now, and this new CapEx that we're doing of INR 2,500 crores, when would that come into production, and what will be the asset turnover there? The Capex program of INR 2,500 crores is for various initiatives. And there are multiple things like buying the land, investing in new technologies, doing automations, developing new products. So it's a variety of initiatives. And every initiative will deliver the returns either in one year, two years, three years, four years, or five years. So the business nature is like that. As far as asset turnover ratio is concerned, in my industry, there is no point in discussing that because we have thousands of SKUs. Every SKU is being measured in different terminologies or different units of measurement. It is very difficult to give any sets of capacity utilization numbers. Okay, so just post the CapEx, what could be a peak revenue? Difficult to answer. Okay. Sure. Thank you. Thank you. Thank you very much. The next question is from the line of Rakesh Roy from Boring AMC. Please go ahead. Yeah. Morning, sir. So this year, for defense business, we did very well. So FY26, you are targeting 3,000 crores. If you look for next three years, how much revenue you are targeting in next three years for example, for FY28 or FY29 from defense business? My first question is this. Any other question? Please, you can ask. I will answer them at once. Yeah. Sir, my other question is, government is doing a lot of missile program. Apart from BrahMos or Pinaka or Akash, any other program you are targeting or you are expecting to get the same like BrahMos type? Any other question? No, sir. Thank you, sir. Thanks. We have a lot of facilities and a lot of programs on which we are working. And a few of them are products like Pinaka. And we are also being part of these BrahMos programs. And we also would like to be part of various ATGMs and air defense missile systems. So as we move forward, once we receive any big commercial orders, we will keep sharing. Apart from this, because these products are quite sensitive in nature from geopolitical angle, we cannot answer. One cannot give a specific input on each product separately. So that is what it is. And as far as revenue from defense is concerned, we have given INR 3,000 crores in this FY26. And if you look at the past trajectory, that we have increased our revenue from, say, 5% of total revenue in 2021, we have increased it to, say, 18% in this year. Next year, we are expecting 30% of the total revenue. As far as revenue straight away from defense is concerned, 2026, INR 3,000 crores. We are aiming for, say, around INR 8,000 crores in next four, five years. Okay. Okay. Thank you, sir. Thank you very much. The next question is from the line of Bharat Shah from ASK Investment Managers Limited. Please go ahead. No, hearty congratulations, Manish and the team Solar. While, of course, this moment is a moment of great pride, but I am witness to the strenuous hard work and efforts and vision displayed in building this business to where it is today. I remember the struggle days of building the defense activity. And now today, it is the stellar piece in what we are doing. So hearty, hearty congratulations for that very visionary view of the opportunity and the picture and preparing organization for that delivery. Just one question, Manish. This 10,000 crores turnover in the current year, would it be reasonable to assume that it will probably double in three years' time from now? So, say, 20,000 crores by about 2029, given all the opportunity, given all the capacity raising and the capability preparation within the firm. Will that target look reasonable in three years' time? Thank you, Bharat Shah, for being with us during these difficult times as an investor. We all are proud of what we have done for our country. That is our duty, actually. But it is good that some of our products are being used by the armed forces for securing our borders. We all are proud of that. Sir, this year, definitely, we are very confident that we should do 10,000 crores plus as far as revenues concern. If you look at the last couple of years of our trajectory, or you can say last 20 years since our listing, our revenue has increased by 50 x and EBITDA by around, say, 55 x and profit after tax also around 58 times. In the last five years also, our revenue has increased by 3x+ and PAT also by four and a half times. Sir, I think if you take next five years from this year, so at least we should, say, three- four years, we should double the revenue from INR 10,000 crores. I don't see that unless we do a blunder or if economy growth rate goes down drastically low or if something wrong happens to everyone. Then it's a different scenario. But by and large, from INR 10,000 crores making it to INR 20,000 crores over a period of four years should not be a very impossible target for us. We are aiming for that only. Fantastic, Manish. Once again, really a lot of big things from the country, and hearty, hearty congratulations for the resounding performance of the team Solar and your leadership. Thank you, sir. Thank you very much. Thank you very much. The next question is from the line of Pratik Mukasdar, Roha Asset Managers. Please go ahead. Manish ji, congratulations for a fantastic set of numbers. I have two quick points. Firstly, we had updated on the exchanges that we are considering some acquisition opportunity or something like that. Would you like to is there any progress on that? One. Secondly, in the last quarter, what material prices of majority products have been very low? So do as a I'm sure you, as a good management, must be focusing on opportunities to stock up more or how do you look at that situation? These are my two questions. Can you repeat the second question again? Basically, all raw materials and commodity prices are low. So how do we, as a firm, try to capitalize that? And what is your view on that part of our business? Do you see raw material prices remaining stable or what is your view? Yeah. So as far as acquisition is concerned, we always look at multiple options across the globe. And we have a team now to look forward or looking for the merger and amalgamation opportunities if it gives a fit for our business or which gives us a decent return on our capital employment. So that is a standard or this is what we are doing. So once anything happens, we will definitely share with our investors. And as far as our raw material, the current trend which you have mentioned that the current raw material prices are low. Yes, I agree that some of the raw material prices are on the lower side. But if you look at the business nature that whenever the prices go down, we have to reduce the prices. Or whenever prices go up, we have to increase the prices. There can be lag in both the trends, but if you look at last 20 years, which I was just explaining in this call, so in the last 20 years, profit has increased by 58 x similar to the revenue of 50 x in 20 years, so EBITDA margins are always healthy, and we are doing this business from the last 29 years, so we know what to do during the low tides or high tides. Great. Great. So, Manish ji, thank you once again and congratulations. You and your team have delivered on both the agendas, that is, Atmanirbhar and Atma Raksha. So congratulations to you once again. Thank you very much. Thank you very much, ladies and gentlemen. Due to time constraint, this is the last question. I now hand the conference over to Mr. Amit Dixit for closing comments. Yeah. Hi. Thanks, everyone, for attending the call and a very fruitful discussion that we had with Manish ji this morning. I would now like to turn the call over to Manish ji for any closing remarks. Over to you, sir. Thank you, Amit. We are very happy to host this call for Solar Industries and very, very proud of being part of Make in India, Atmanirbhar Bharat, Make for World. We expect our well-wishers to keep supporting us, boosting our confidence just the way they've been doing since years. Thank you so much. Thank you very much. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.