Ladies and gentlemen, good day and welcome to Solar Industries India Limited Q2 NH1 FY26 Post Results Conference Call, hosted by Antik Stock 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 star then zero on a touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sanjeev Zarbade from Antik Stock Broking Limited. Thank you, and over to you, sir. Thank you, Operator. On behalf of Antik Stock Broking, I would like to welcome all the participants in the Q2 FY2026 and H1 FY2026 Conference Call of Solar Industries India Limited. Today, we have with us from the Senior Management of Solar Industries, Mr. Manish Nuwal, Managing Director and CEO, Mr. Moneesh Agrawal, Joint CFO, Ms. Shalinee Mandhana, Joint CFO, and Ms. Aanchal Kewlani, Senior Finance Manager and Investor Solutions. So, without taking further time, I would like to hand over the call to Ms. Aanchal Kewlani. Over to you, Ms. Aanchal. Thank you so much, Sanjeev. A very good morning to our dear stakeholders and well-wishers. My name is Achal, and I would like to welcome you all to Solar Industries' second quarter and half-yearly conference call for FY 2026. This call's recording, including the transcripts, will be available on the site. The financial statements, quarterly fact sheets, investor presentation, and press release are also available on our website. 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. Please remember that such statements are only predictions. Actual events and results may differ materially, and our websites will be updated with all relevant information timely. Now, I would request Solar's MD and CEO, Mr. Manish J. Nuwal, for his opening remarks on the company's performance, followed by a question-and-answer session. Over to you, sir. Thank you, Aanchal. Dear esteemed investors, a very good morning. I manage to welcome you for this earning call. Second quarter ended 30th September 2025. The second quarter of this year once again brings us the privilege of announcing record achievements across key metrics. We are pleased to announce that we have achieved our highest-ever quarterly EBITDA of INR 582 crore and profit after tax of INR 361 crore in quarter two and INR 1,146 crore and INR 714 crore in half-year, respectively. The company's turnover stood at INR 2,082 crore and INR 4,237 crore, registering an increase of 21% and 25% in quarter two and half-year of the previous fiscal year. The results reflect our strong financial performance and operational success despite sluggishness in the domestic market due to prolonged monsoon activities and operational challenges. We are pleased to report that our defense revenue crossed INR 500 crore in this quarter and INR 900 crore in the half-year, reflecting a year-on-year growth of 57% and 79%, respectively. The company's portfolio expansions and ability to deliver quality products have gained strong demand from India and international defense markets. Solar Industries is strategically positioning itself as a global supply chain partner in the defense sector. A strong defense order book of around INR 15,500 crore and the beginning of Pinaka Rocket commercial sales starting in the third quarter provide us the confidence to achieve our annual targets. Our international business continues to thrive with the strong growth momentum across key markets. This quarter, our international business has recorded a year-on-year growth of 21%, and in terms of quarterly numbers, it stands at INR 960 crore, recording the highest-ever quarterly sales. It is achieved on the backdrop of our continuous efforts and focus on penetrating new markets globally. By strategically diversifying our product offerings and geographically de-risking our operations, we have built a robust and adaptable business model capable of navigating dynamic market conditions and external pressures effectively. We can see these efforts in our customer sales breakup. Heavy and prolonged monsoons, which in some cases were the heaviest in the last many years, led to a considerable drop in the coal mining activity and has impacted the demand of explosives in this quarter. Amid a quarter characterized by macroeconomic volatility, geopolitical frictions, the persistent uncertainty of tariffs, and record rains impacting mining and infra verticals, we delivered good results, with quarter three marking the beginning of our new growth phase in defense. With the current order book, we are optimistic of reaching our FY2026 guidance. We remain committed to a high-performance culture, which helps the company to create value for our stakeholders. Thank you for your continued trust and partnership with us. Thank you. Over to Aanchal for presenting the financials in detail. Thank you so much, sir. Coming to the quarter results, we have shared the investor presentation carrying all necessary information for your purposes. Key highlights for the quarter and half-year will be run simultaneously to save time. The consolidated revenue for the quarter is INR 2,082 crore versus INR 1,716 crore, and for half-year, it is INR 4,237 crore versus INR 3,401 crore. The percentage of the sectors in the customer basket are as follows. CIL is down in the basket to 8% from 10%. Non-CIL and institutional is at 13%, which is intact. HNI is at 8% from 11% in the basket due to the reasons mentioned by our MD, sir. International business is almost similar in the basket at 46% from 47%, and defense has massively increased to 24% from 19% in the basket. In the half-yearly basket, we see CIL is down in the basket to 9% from 12%. Non-CIL and institutional is intact at 15%. HNI is at 11% from 16% in the basket. International business is almost similar at 42% from 41%, and defense, yet again, gaining prominent position, is increased to 22% from 15%. Coming to the cost breakup, raw material consumption for the quarter stands at INR 988 crore versus INR 843 crore, and for half-year, it stands at INR 2,082 crore versus INR 1,713 crore. Employee cost for the quarter stands at INR 195 crore versus INR 145 crore, and for half-year, it stands at INR 378 crore versus INR 276 crore. Coming to the other expenses for the quarter, that stands at INR 347 crore versus INR 283 crore, and for half-year, it stands at INR 688 crore versus INR 518 crore. We reported EBITDA at INR 582 crore versus INR 475 crore in the same quarter previous year. We reported half-yearly EBITDA at INR 1,146 crore versus INR 949 crore. Interest and finance costs are at the same level, stands at INR 31 crores versus INR 30 crores, and for half-year, stands at INR 58 crores versus INR 57 crores. Depreciation stands at INR 61 crores versus INR 44 crores due to increased CapEx. Half-yearly cost stands at INR 117 crores versus INR 84 crores. PBT stands at INR 490 crores versus INR 407 crores, and for the half-year, it stands at INR 971 crores versus INR 808 crores. We reported highest-ever quarterly PAT, which stands at INR 661 crores versus INR 304 crores, and for half-year, it stands at INR 714 crores against INR 604 crores in the previous year. These were the number updates for the quarter and half-year. This is all from our side 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 touchstone telephone. If you wish to remove your answer from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, in order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit the questions to two per participant. Should you have a follow-up question, please rejoin the queue. 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 Goldman Sachs. Please go ahead. Yeah, hi. Good morning, everyone. Thanks for the opportunity and congratulations for a good set of numbers. A couple of questions from my side. The first one is essentially on defense, where you have mentioned in the prepared remark that Q3 would actually herald the new growth phase. Just wanted to understand a bit more on this, what new developments can we expect going ahead? Of course, the state of global ammunition industry as you see it. That is my first question. You can continue and ask the second question and third question, so we will answer at one go. Okay, sir. The second question is on the international business. Again, congratulations for a very strong set of numbers from this particular segment. Just wanted to understand, again, what the new geographies that we might be thinking of penetrating in the next six to nine months, and also whether there were some specific geographies where we saw improvement in performance that drove the stellar performance in this quarter. These are my two questions, sir. Okay. If you talk on international markets, like we have been sharing over the last couple of quarters or last three years, we are ramping up the facilities at the countries where we are present, as well as turning them around from losses to profits like South Africa. In this quarter, we have seen the results of those efforts which we were putting in the last many years. If you see the performance-wise, the international business has grown a lot, and in this quarter, we have made record sales. As such, if you talk about any specific country, then we will share the details on an annualized basis or at the time of annual results. Otherwise, the countries like South Africa, Turkey, Ghana, Nigeria, Tanzania, all are doing quite well. We are putting efforts to start our operations in Australia and Kazakhstan, and we are also trying to enter into Saudi Arabia. These are taking some time, but in the coming 6-12 months, we will see those countries to be operationalized. As far as the defense market is concerned, in this quarter, we have already crossed INR 500 crore, which was almost an annualized number a year before. The point which we mentioned is that we will see from coming quarters or Q3, a new phase of growth in defense. If you look at the order book of around INR 15,000 crore from defense and the ramping up of Pinaka, which has already started, initially, there are certain challenges in ramp-up because of complexity involved in defense products. Since it is settling, we believe that from Q3, commercial sales of Pinaka will start. At the same time, the orders which we have generated for other products will also start ramping up from Q3. That is why we mentioned from Q3, we will see a significant growth from defense, and we believe that we should be able to cross the four-figure mark from defense section itself quite soon. Okay, sir. Just some comments on, sir, global ammunition market seems to be in quite a bit of shortage, and we have orders in hand of high-energy materials. Just a little bit of flavor over there. Yeah. Out of almost INR 15,500 crore, almost INR 8,000 crore is from international markets, and we are likely to receive more orders as we move ahead. There is definitely a big shortage of these products in the global ammunition markets, and we have qualified many such products which can be used as a raw material, intermediate, or finished products. We believe that things are quite good for us to utilize our products or facilities for India as well as global markets. Okay, sir. Thank you so much, and all the best. We'll come back in the queue. Thank you, Amit. Thank you. The next question is from the line of Vikas Singh from ICICI Securities. Please go ahead. Hi, sir. Thank you for the opportunity. Sir, I just wanted to understand what are the key upcoming projects where we are putting our focus on in India? We have not heard any tie-ups with the global partners which we are planning, basically, because some of these projects are technically pretty difficult. If you could throw some light on those aspects, it would be really helpful. If you look at the last 10 - 12 years of the journey of Solar, there are very few tie-ups with international players. Despite that fact, we are developing the products either on our own or in association with DRDO. We are pretty comfortable in continuing that model, but we are not shying away from having any kind of global tie-ups. As far as the products and the facilities which we have created, they are state-of-the-art, and we are happy that we are already supplying many such products to global customers. Indirectly, we have global tie-ups and orders as well, and commercialization has also started. If you talk on the focus on particular defense products, then Pinaka is one of the key focus products where we have already received orders, and we have participated in the guided Pinaka rockets also, which we believe that in the coming one or two quarters, we should get the commercial orders. That will lift the revenue from Pinaka rockets as such. Apart from this, the other focus area was energetic materials. We have also started, and we have received plenty of orders. Apart from these, there are other products like medium caliber, which is 23, 30, and 40. We have participated in RFPs, and we were waiting for the orders. There are a couple of other products like lighting ammunition, counter-drone systems, and we have also participated in missile programs, especially in the programs like Kusha, where we have received trial orders that we can participate with DRDO's development program. There are many such programs where we have participated, and we keep sharing as we have some material development on that front. Noted, sir. My second question pertains to now for the year guidance of the defense revenue. The asking rate is almost double of what we have done in the first half. Pinaka is one thing which would propel basically revenue. What else is basically there? Any update on the 155 Shell project? Have we received all the approvals? Yeah. We have started the trial production of 155 Shells, and we will start supplying those products for the technical qualification. We believe that from Q4, the commercial production will also start for that product. Apart from that, the order book which we already have of around INR 15,500 crore, even if you leave the INR 6,000 crore from Pinaka, there is another INR 8,000 crore which we have to materialize in the next three to four years. Those things are shaping up quite well. Based on this, we have said that very soon we should see the INR 1,000 crore mark crossing in the next coming two quarters. We should be able to reach around our annual guidance of INR 3,000 crore from the defense section. Noted, sir. And shell projects, sir, 155 Shell projects, we completed and got the orders? Like I said, that we have started the trial production, and we will start supplying for technical qualification. Once it is over, we will share the updates as time progresses. Noted, sir. Thank you for answering my question, and all the best for the future. Thank you. The next question is from the line of Garvit Goyal from Nvest Analytics Advisors LLP. Please go ahead. Hello. Am I audible? Yes, please go ahead. Sir, just one question on lighting ammunition. In a recent trial, we showcased our product, and one of the Hyderabad-based companies also participated and demonstrated their capabilities. I think they won the trial as well. Can you spend a few minutes on what is happening, particularly on the side of lighting ammunition? I am seeing a lot of new players are entering into the space, demonstrating their capabilities and outperforming significantly. Can you spend some time on explaining what are the dynamics changing in this particular space? What kind of demand outlook are you people seeing there? As far as lighting ammunition are concerned, we have successfully supplied the products in the last year, and those were used in recent conflicts also. We have received the repeat order also. Apart from lighting ammunition on the counter-drone, specifically like Bhargavastra, we are developing this product. Initial trials, whatever we have done as of now, were quite successful. More trials are likely to be done in the next coming months, and we are expecting that by March 2026, we should finish the field trials. We are quite confident that these products are a game changer for our country's border security, and we are confident that we will perform quite well. As far as other companies are, what they are doing, where they have reached, I cannot comment on that. What kind of size of opportunity as a whole do you see, particularly from lighting ammunition side, in the next, say, two to three years? We are also expecting to understand the size of opportunity. Since these are defense products, it is sensitive from a security perspective. Nobody shared what they are likely to procure. Because of these facts, it is difficult for us also to give any firm number or indicative number to give any target market for these things. We have to wait for the developments to convert into the reality, and that is how defense works. Got it. And just last question. This year, target is INR 3,000 crore from defense, as you mentioned. What is the next year tentative number? You can refer to my annual quarterly call, and that will give you guidance on that side. Good. Thank you, sir. Thank you very much. Thank you. The next question is from the line of Ravi Naredi from Naredi Investments. Please go ahead. Thank you very much, sir. Sir, for the space plan work, whether we hire the right person to complete the project or start the project? Second, INR 12,700 crore with Maharashtra government, did we start anything CapEx in this matter? As far as hiring of people are concerned, it is very difficult to say that whether we have hired the right people or the wrong people. We try to hire the right people always. If you look on our last 27 years of existence, we have delivered on the performance side. It is a combination that you always get the right people by and large. Sometimes if you get the wrong people, we have to take them away. As far as other questions on the space, INR 12,700 crore section, MOU with the Maharashtra government. Definitely, the CapEx which we are doing for defense section is part of that. In this six months, how much CapEx we did out of INR 12,700 crore? Naredi, this I cannot specifically answer because those 12,700 is not for a one-year program. This is for a two-year program. Definitely. Definitely. It is not one year. I knew it, sir. If I just my last annual on-call numbers, you will get figures out. This financial year 2026, you are telling the INR 3,000 crore top line from defense. Financial year 2026 top line, we may cross INR 10,000 crore? We still believe that we should reach to that number. Okay. That is fantastic. Thank you very much, sir. Thank you very much. Thank you. The next question is from the line of Dipen Vakil from Phillip Capital. Please go ahead. Hello, sir. Congratulations on a good set of numbers. My first question is relating to I wanted to understand if there are any expected orders in the near term and some status on the new product development. You mentioned that Bhargavastra is there where field trials are expected to complete in March 2026. Any other new products which are under development and expected orders in the near term? Bhargavastra was already well captured in the media articles. We have specifically mentioned that by FY 2026, we should be able to complete the trial program. As far as other products like the 155, we are likely to start commercial production in the next two quarters after our technical qualification. There are many other programs in which we have participated. As those convert into the orders, we will definitely share with you. As far as fresh orders are concerned, definitely, we are expecting more orders for defense products in the coming weeks or months. We should be able to get new orders. Any quantum that you would like to provide as to what kind of opportunities that we are looking at? We cannot provide any specific quantum which we are looking for. Okay. When I mentioned about the new product development, specifically, I was looking at an update on Rudrastra and also the male UAV program that was in news where Solar could be participating. Any updates like what kind of progress are we seeing in Rudrastra and male UAV platform? We will share the exact progress of such kind of strategic programs with MOD directly. We cannot share on these kind of platforms. Got it, sir. Sir, thank you so much for answering my question, and good luck for a second half. Thank you. Thank you. The next question is from the line of Prateek from RNL Wealth Private Limited. Please go ahead. Yeah. Manish, congratulations for a solid set of numbers. I would just like to ask, as we know in our industry, the order flow is lumpy. But since now, as per your PPT, we have a large share of revenue coming from international business. So how do you see the international business environment considering all our business verticals and with too much noise in the global context which we are going through? So what is the real business environment? I would like your thoughts on that. Yeah. You are very right. We observe that there is plenty of noise around the tariffs and impact in the international market. We also face all such kind of challenges. Based on our some of years' experience, all countries are not getting impacted from such kind of things at one go. You always see impacts in one country at one quarter, another country at another quarter. That is why we have diversified our product portfolios. We have diversified our customers. We have diversified ourselves in multiple countries. That is why we can see that despite all such challenges where mining growth, especially in India, was negative in this Q2, at the same time, we have faced lots of currency availability in African markets. Despite these stiff challenges, and always there are lots of entry restrictions wherever we entered in the new market. These are challenges. Despite them, we have performed quite well. Like we always mentioned, we are aiming to grow around 15% on an annualized basis, and we still believe that it is doable as far as Solar is concerned. That is very nice. Sir, as we have seen, you have just highlighted that we will be meeting our guidance, and from Q3 onwards, the acceleration in our defense vertical will start. It is very heartening to read that and listen from you. Also, just last point, how is the government's stance regarding the defense expenditure? Has it changed? Has it become positive, or have they stepped back due to any reason? I just want to get an idea of that. The government is quite serious on border security-related issues and putting a lot of trust to make our country dependent. There are plenty of policy support available for the defense players. As a result, you can see that three years back, our annualized revenue was around INR 250 crore. Now, Solar has reached almost INR 500 crore in quarters, and we are expecting INR 3,000 crore on an annualized basis. It is all because of government support. We believe that this will be more on high-priority initiatives or list of targets where we will get support from the government of India. Because of that support, we are able to penetrate the international market. Excellent. Excellent. Congratulations and all the best for the future. Thank you. Thank you. The next question is from the line of Harshit Kapadia from Elara Capital. Please go ahead. Yeah. Hi, sir. Congrats for a great set of numbers. A few questions from my side. Sir, first of all, looking at the anti-drone system that you have developed, is it a soft kill, hard kill, which has been approved and which you have already seen the trials? Can I get some details on that? As of now, we are developing the hard kill solution. Very soon, we are developing a solution which will be a mix of hard kill and soft kill as well. Okay. By timelines, anything that you can say, will it be FY 2027? My dear friend, defense products' timelines are definitely everybody expects it to happen like overnight or within a month or a couple of months. These product developments take their own time. We need to be patient on that front. Fair enough. Fair enough. Secondly, sir, what has been the update on the emergency procurement, sir? Have we received all the orders, or we are yet to receive some orders on the emergency? Whatever orders we are getting, we are sharing with our shareholders, and you can look into that side. Any total quantum that you can suggest, sir, that this much of pool is something which can come to you based on what product has been used? We cannot do that. Okay. Fair enough, sir. No issues. Just wanted to check, sir, when you enter any country in terms of, like you mentioned at the start of our call, you'll be entering a few more countries for your mining-related operations. How does the scale-up happen? Can you help us understand the cycle for your business, sir? As I said, there is no firm timeline of scaling up because every market has different challenges and different dynamics. It is difficult to give any firm timeline. Normally, it takes three to four years. Okay. Okay. Would you be able to share what would be India's market share on the explosive side, sir? We don't have any specific number on this one. No problem, sir. Wishing you all the best for your future, sir. Thank you. Thank you. Thank you. The next question is from the line of Chirag Muchhala from Centrum Broking. Please go ahead. Thank you and good morning to all. Sir, two questions from my side. First, on the domestic market, H1 FY 2026 has been impacted by heavy rains. Considering the outlook for the second half, can we still expect a double-digit growth for industrial explosive in the domestic market? That is the first question. Second question is, sir, in the first half, our operating cash flow is actually relatively on the lower side compared to the historical average that we are having. We are at around INR 95 crore compared to last year's first half, when we were at INR 545 crore for the operating cash flow. Sir, the key reasons for the same and its outlook going ahead? If you look at the basic fact that in this quarter, mining, coal mining, and OB removal has impacted very heavily due to the monsoon. That has impacted the demand for our explosives. At the same time, we have started ramping up the production of various products under defense sector. As a result, working capital got impacted. As we move forward, it will fall in line of around 90 days by March 2026. We do not see it as much issue as of now. It is part of the business cycle where sometime something gets struck, and as a result, inventories pile up. Collections are a little slower than the timeline we expect. These things will improve from Q3 and Q4. We should be able to reach to the targeted levels of around 90 days of working capital. We do not see much problem on that side. As far as demand from the coal sector is concerned, Q1 and Q2 both were hit because of some various factors. In Q1, you have seen that the summer was not that harsh, which normally, and rains have started earlier in the month of or end of May or mid of May. In Q2, we have seen strong rains across the country. As we move forward, we will see that more demand from the power sector will be there. At the same time, more mining will happen. We do not see much issue, and things should improve significantly from Q3 and Q4 of this financial year. Okay. So sir, will it be fair to assume a double-digit growth for this year in the domestic market? In case it does not happen, then for our annual guidance, can we still get offset by rising sales in overseas markets? Like we always mentioned, the explosive market in India and overseas should grow around 15%. Sometime it happens that India market may grow at 10%, overseas may grow at 20%, sometime overseas grow at 10%, and domestic may grow at around 15%-20%. These small fluctuations keep happening. If you see that in this quarter also, the overall growth rate is around the same level which we were targeting. Due to monsoon, we impacted. We see that India, we should grow on double-digit level quite comfortably based on the second half of the year's demand projection. That should not be a problem to achieve the annual guidance. Okay, sir. And sir, this net working capital of 90 days that we are sustaining, so even let's say a couple of years down the line when defense as a business scales up even further, even after that, this 90-day cycle is sustainable? When defense was on an annualized basis INR 250 crore, and now we will be touching around INR 3,000 crore in this year. Despite all that, we are saying that we should be reached to 90 days. We are confident that we should be able to maintain that kind of working capital cycle. Sure, sir. Sure. Thanks. Those were my questions. Okay. Thank you. Thank you. The next question is from the line of Varun Jain from Dolat Capital. Please go ahead. Yeah. Hi, sir. My first question was, in H1, you have done a CapEx of INR 760 crore versus guided of INR 2,500 crore for FY 2026. Will you be doing INR 2,500 crore in FY 2026 and in H2? Where all will it go towards? We have faced a couple of challenges due to the heavy monsoon. Things were not happening at the pace which we wanted. As a result, we may see a little bit of deferment of CapEx, what we have planned for this year. Okay. So then total FY 2026 CapEx will be like INR 2,000 crore in that range? We will share the final CapEx number at the end of the financial year. Okay, sir. Sir, you mentioned about this coal demand. In H1, basically fiscal year 2026, housing and infra was hit more than Coal India Limited demand. What is the indication there for H2? There was a dullness, especially from housing and infrastructure market. From Q3 and Q4, we will see a surge in demand, and we should do a good growth from that sector also. Any housing and infra-specific guidance for FY 2026 you would like to share? You would like to have guidance for each sector separately? No, just housing and infra. Why are you so much interested in asking the growth guidance for each sector separately? There is no point in that. Okay, sir. No problem. Thank you and all the best. Thank you. Thank you. The next question is from the line of Vishal Baria from Bandhani AMC. Please go ahead. Hi. Congratulations on a good set of numbers. Sorry to interrupt, Vishal. Your voice is coming muffled. Is it better? Yes, please, loud and clear. Please go ahead. Thank you. Congratulations on a good set of numbers. If I look at the Bhargavastra... Sorry to interrupt again. It is not audible, actually. Please, can you speak a little louder? Okay. If I look at the three counter-drone systems, the Bhargavastra, Nagastra, and Rudastra, could you give us the potential market size for each on a combined basis? Do we have the approvals for these already? We have developed the product. We received commercial orders. We successfully supplied also. We have repeat orders also. Bhargavastra is in development phase, like Rudastra. As we complete the qualifications and once we receive the commercial orders, we will share with our stakeholders. As far as the total potential of this market is concerned, it is yet to be confirmed by the end user how much they will require finally. All these things come in the public domain, and we have to look on those numbers only. We do not have any specific answer to your question at this stage. Okay. How big would be the market in Australia that we could look to cater in a couple of years once we establish there? We don't give the market potential or our guidance for each country-wide. What we have mentioned is that from the international market, we are expecting around 15% growth on an annualized basis. That is how we run our business. All right. Thank you. Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star and one on the touchstone telephone. The next question is from the line of Siddharth Maimuri from Caprize. Please go ahead. Hi, sir. I apologize for joining a bit late. I'm not sure if this has been discussed already. My question is, given the advancement in loitering munitions, could you just share your perspective on the current market scenario, sir, for especially low-range LMs like Nagastra? Also, could you throw some light on who are the competitors domestically and how big you think the market would be in the near to medium term? Actually, your question, the same question has already been asked by another participant. Once this call ends, you can refer to the conference call, which we have already answered to this question. Thank you. Yes. Thank you. The next question is from the line of Aaditya Tambe from Abyro Capital. Please go ahead. Hi, sir. Thank you for taking my question. Just to understand, this Australian competition, there's a player which is already operating there internationally. Do we offer the same product to the customers, or are the products different? I need to understand, is that company our competition, or are we providing some other product? It depends on the customer requirement. Many times, the customer has some specific requirement to suit their mining application. We need to customize products based on user or some countries. Sometimes we offer a general product as well. It is a combination of both. Okay. Competition? Competition. Whenever customers float any RFP, we also participate along with the other competitors. Everybody has to offer their own product. That is a normal process for any kind of procurement of such products. Okay. Whenever we enter a new geography, like a new country, we try to enter. What is our thought process? What is your thought process? Do we try to compete on price, like you mentioned, the participant attendance? Or is there a demand to make that any new capacity or any new player which comes up is able to get orders? It's quite usual that whenever customers float RFP, many of us like to participate. Based on techno-commercial, the customer decides to whom they should give to what percentage. The techno-commercial study at the customer end covers all these points. We have to participate and push on our technical strength and commercial offering. It doesn't mean that the product price has to be lower. Sometime it is the overall value proposition which the customer looks at. That is what is the reality. It's not only the price which is being looked by the customer. Some customers like Coal India and Singareni Collieries, they always work on L1 basis rather than on overall value proposition. We have to position ourselves based on different market, different customers, that's all. Got it. Thank you. Also, just your thought process on this 155 Shell. Like we decided to do the shells ourselves, but we could have taken a different approach by just providing the energetic material to the different players who are making these shells. What was our thought process? Why did we decide that we should do it in-house? We cannot comment on this question. Thank you. Okay. Thank you, sir. Thank you. Thank you. A reminder to all participants, you may press star and one to ask a question on your touchstone telephone. The next question is from the line of Sanjaya Satapathy from Ampersand Capital. Please go ahead. Yes. Thanks, sir. Can I just ask that do you see upside to your margin from current level? Sorry to interrupt, Sanjay. Your voice is breaking, actually. Yes, sir. Can you hear me now? Yes. It is loud and clear. Please go ahead. I just want to know that with the revenue mix shifting so much towards defense, is there upside possibility to hit the 27%-28% kind of margin that you were seeing earlier? The EBITDA margin for the quarter stands at around 28%. We are very happy to announce that we have performed as guided at the beginning of the year. As far as margins are concerned on quarter-to-quarter basis, we operate in so many different sectors and geographical environments. The average margin and the potential what we have covered for this year stands at around 27% plus. Lastly, that 155 that you were talking about, will it be mostly the explosive side, or you are looking to fully manufacture the whole thing at complete value chain? Definitely, our intention is to make a complete round of 155 shell. We are moving towards that. Is that something which will be a strategy that will be followed for many of your other new products that you are getting into? I didn't understand. It would say that you are no longer just assembling those products or just on the explosive side, but you are getting more and more on the other mechanical and electronic side. I just wanted to confirm. I cannot answer it in this fashion. The purpose and the reason is that once you decide on any specific product strategically, it is a combination. Sometime we may do hardware. Sometime we may align with our critical stakeholders or supply chain partners. It is a combination of that. Thank you, sir. Due to time constant, that was the last question for today's conference. I would now like to hand the conference over to management for closing comments. Over to you, sir. Thank you so much, everyone, for being with us and supporting us. We'll see you in the next quarter. Thank you. On behalf of Antik Stock Broking Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.