Sejal Glass Limited (SEJALLTD) Q2 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Sejal Glass Ltd. Q2 and H1 F527 results conference call hosted by Kirin Advisors, Private Ltd. As a reminder, all participant line 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Karan Thakur from Kirin Advisors, Private Limited. Thank you and over to you, sir.

Good afternoon, everyone. On behalf of Kirin Advisors, I welcome you all to the Q2 and H1 FY27 earnings conference call of Stichel Vibas Committee. We have with us the senior management of the company, led by Mr. Amrut Gada, promoter, and Mr. Chandresh Rambiya, Chief AFO. We will begin with the opening remarks from the management, followed by a Q&A session. I would now like to hand over the call to Mr. Amrut Gada for his opening remarks. Over to you, sir.

Yes, thank you, Karan. Good afternoon, everyone, and welcome to the Q2 and H1 F527 results. Conference call of Sejal Glass Ltd. On behalf of the management team, I would like to thank all our investors, analysts, shareholders, stakeholders for their continued interest and confidence in the company. Shagel Glass has been steadily evolving from its traditional glass business into an integrated architectural glass manufacturing company with an expanding presence in specialized and well-divided products with manufacturing facilities across Silvasa, Taluja, and Erode in India, along with our operational in Russell-Khema, UAE. We now have a four-state-of-the-art along with our manufacturing plant network with an annual production capacity of approximately 61.94 lakhs square meter for all products put together, that is tempered, laminated, and insulated glasses. Our focus remains on strengthening this platform by improving capacity utilization, expanding our product portfolio, enhancing operational efficiency, and increasing our presence across domestic and international markets. Coming to our financial performance for the Q2 of F527, on a consolidated basis, total income stood at 139.86 crore compared with 105.04 crore in Q2 of F526, registering year-on-year growth of 33.14%. Our consolidated EBITDA increased by 43.44% to 25.66 crore from 17.89 crore in the corresponding quarter of the previous year. Consolidated EBITDA margin improved to 18.35% from 17.03%, representing the expansion of 132 basis points. Consolidated net profit stood to 14.42 crore compared with 8.11 crore in Q2 F526, registering year-on-year growth of 77.61%. The net profit margin improved to 10.31% from 7.73% and expansion of 258 basis points. Earning per share increased to 12.52 from 7.95 in the corresponding year last quarter. For the first half of FY27, consolidated total income reached to 259.29 crore compared to 182.81 crore in H1 of 26, reflecting a growth of 41.84%. EBITDA increased by 43.79% to 43.68 crore from 30.38 crore, while EBITDA margin improved to 16.85% to 16.62% and expansion of 23 basis points. Consolidate net profit for H1 F527 to 21.63 crore compared to 12.53 crore in H1 of F526, registering a growth of 72.6%. Net profit margin increased to 8.34% from 6.86% and improvement of 149 basis points. Earning Corsair increased to 18.79% from 12.28% representing growth of 53%. H1 F527 performance improved margin expanded manufacturing net. Operationally active priority is the continued integrations and ramp-up of our Taloja and Erode facilities, acquired through the GlassTech business acquisition in April 2025. Following the initial integrations and machine overall, our focus is on increasing utilization, improving production efficiency, and generating a better operating leverage across the network. Our established Silvasa facility continues to provide a strong domestic manufacturing base, while our UAE operation remains an important contributor to the group's overall performance. Going forward, we expect improved capacity utilization across our facility and a more balanced contribution from India and the UAE to support sustainable growth. We have also continued to strengthen our order pipeline. In July 2026, our UAE subsidiary secured five significant architectural glass orders, aggregating approximately 80-27.6 million, equivalent to around 71 crore for hospitality, residential, and healthcare projects. In addition, we secured domestic architectural glass projects, aggregating approximately 150 crore across commercial, residential, and institutional applications. Our UI order book reached approximately 78 million AED in September 2026, providing visibility for execution over the following 6 to 9 months. This project reflects continued customer confidence and strengthen our presence in the GCC region. On the product development front, we are progressing towards a higher value product mix. Our digital printing capability has expanded our offering in decorative and specialized architectural glass, while our bullet resin glass has progressed through the testing in India. We are also an approved vendor or for railway grade glass that are participating in the tender opportunity. Business is currently at an early stage. We expect it is our entry into fire rated glass. Manufacturing line SOC technology has been imported and are being installed at our factory facility with the trial production and approval progress towards the commercial production target to end of Q3. We see promising opportunity across real estate, healthcare, and other applications where fire safety requirements are important. As these specialized products scale up to our revenue and product mix, while supporting our strategy of moving towards higher-value glass processing solutions, looking ahead, FI27 remains constructive. Based on our assessment of market conditions, real asset activity, infrastructure development, and progress of our operations, we continue to expect year-on-year revenue growth in the range of 25 to 40%. We also remain focused on sustaining EBITDA margin at around 18% and maintaining a margin of approximately 10%. Supported by better capacity utilization, operational efficiencies, and gradual increase in the broader priorities under the luxury 2030, vision remains centered on speed and our domestic presence, expand our reach across the GCC and other export markets, improve manufacturing efficiency. We believe that our expanded manufacturing footprint established customer relationship and increasing capability in specialized glass positions has well to participate in the opportunity emerging across residence and commercial, construction, hospitality, healthcare, infrastructure, and transportation. At the same time, we remain focused on discipline execution, cost management, working capital efficiency, and prudent capital allocation as we move into that. I would like to thank all our investors, stakeholders for their continued support and confidence in schedule. Over to sharing further to the moderator for the questions and answer session. Thank you very much.

Thank you very much, sir.

We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. 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 Gaurav Shukla from Finlisters. Please go ahead.

Am I audible, sir? Am I audible, sir?

Yes, yes.

Thank you, sir, for giving me the opportunity and congratulations for a great set of numbers. Sir, as we see that Q2-FI27 has shown strong growth in both revenue and profitability, could you please explain how much of this improvement is sustainable, particularly after the integration of Taloja and Erode Facility in 2026? What revenue growth and EBITDA margin do you expect from FI27? And how will the company improve cash flow and reduce debt while funding further expenses?

Yeah, hi. So, overall, the performance improvement is on account of our implementing COGS. So, we had used many product mix to improve the margins. So, our EBITDA is above 18% and we are expecting by FI27 to remain above 18%. And, as you said that, the improvement in all the areas, so we try to control the cost, improve the capacity utilization, and that's how we will be able to mitigate our guidelines for 27.

Definitely, sir. And, sir, what percentage of current revenue comes from specialized products such as fire-rated, bullet resistance, railway grade, a digitally printed glass? What contribution do you expect these higher value products to make revenue margin by FY28?

So, as of now, the contribution from railway grade or digital printed glass are very minimal. But yes, we are concentrating more and more. We are participating more and more in the tenders. So, there is a process which will take some time. So, in 28, we are expecting a good growth in the form of railway-grade glass supply as well as digital-printed, fire-rated, or bulletproof. Fire-rated, we are expecting to start from the quarter 4, as a commercial say. In quarter 3, we are expecting to have a trial run or a product on the floor. Okay, sir.

Sir, one thing I want to ask about the Thaloja and Erode facilities were integrated during the 526. What are their current utilization levels? And there will be contributions in any bit of one.

So, as we see that the capacity utilization in Thaloja and Erode, both the plants have been now improving. So, in Erode, we are positive EBITDA of around 10%, whereas in Thaloja, we are more or less on the still on the breakeven side. So, the capacity, yes, on the product side has been improved. Like, from last quarter, it was 55% on tempering in Thaloja. Now, it is 69%. On IG Glass, it was 24%. Now, it is almost 40% in Thaloja. Similarly, in Erode, the utilization of tempering line was 13%. Now it is more than 24%. And on IG Glass, it was less than 5% in last quarter. Now it is more than 18%. So on a quarter on quarter, we are concentrating to improve the capacity utilization. That will definitely add to our EBITDA because the fixed cost will get absorbed.

Thank you, sir.

One thing, as revenue growth is 33% in Q2 and profit growth is 28%. What is the main principal driver of this growth?

So the first, capacity utilization in Erode as well as in Taloja, that was the one thing. Secondly, efficiency improvement in our Dubai operations where the COGS has been improved to 3% and similarly and other costs are been absorbed because of the revenue growth and the efficiency has been improved in terms of manpower as well as in terms of machine. And apart from that, all the turnover absorbs the incremental cost of salary increments, year-end increments, other expenses. And the another factor is the facade division in UAE, which has also contributed in this quarter in the EBITDA.

Okay, sir. Sir, management has guided in annual report growth outlook of 35%. Sir, we are with that?

Yes, we are expecting between 25 to 40% by year end. Minimum 25%, maximum 40% we are expecting a growth.

Okay, sir. Thank you, sir, for giving me answers very clearly. All the best for future. Thank you, sir.

Thank you.

Thank you. The next question is from the line of Deesha from Sapphire Capital. Please go ahead.

Am I audible?

Yes, very much.

Yes. Thank you so much, sir, for this opportunity and congratulations for a good set of results. Oh, please, sir, no, yeah, EBITDA margins, sir, you're targeting EBITDA margins of 18%. Is this for the second up or for the entire year, FY27, you're targeting 18% sort of EBITDA?

Sorry, I didn't get your question.

You mentioned that we are targeting 18% EBITDA, so is it the second half that we are looking at or for FR27 as a whole we are looking at an 18% EBITDA?

We are at 18 plus right now in quarter 2 and we are expecting to be more or less above 18% in the second half also. So overall our margins will be above 18% as a whole year.

And so you mentioned that the part of this increase in EBITDA is also because of the product mix. Could you elaborate a bit more on that?

On account of?

The product mix, the change in the product mix.

So product mix in the sense that the raw material composition has been changed to certain extent where we are trying to negotiate more on the purchase front, where we try to use more different kind of product like in silicon or in BBB, where the different vendors worldwide has been tested and utilized. So, that way, the composition has been changed to a certain extent, which has resulted in COGS less compared to last quarter.

Okay, okay. And so, or are Dubai, the third, the KPEG is supposed to come online by the third quarter? Are we on track?

More or less, we are on track for the third line of tempering as well as the pirated.

Okay, okay. And so, what will be the order book for the India business currently? It is around 85 crore. And UAE is around 200 CR, right?

Yeah, it is 78 million AD.

Okay, and in terms of this peak revenue, I think from the existing infrastructure, we're expecting around 600, 650 CR. Any sort of internal target by when are we planning to reach that number?

I think, sir, we'll be able to reach in 28.

So next year. Okay, and some of the specialty segment, the 5-rated segment, could you just elaborate a bit more on what sort of market size are we looking at, what's the margin differential, like what sort of EBITDA will we be earning here, and what sort of revenue contribution are we looking at for the next year?

So that we'll be able to give the guidance only in the first quarter of the 28th, because right now once the product is out, we'll be testing and then we'll be considering in the market. Margins will be definitely more, in terms of EBITDA, it is more than 30% because it is a very value-added product.

And what sort of market size, can you comment on that?

Market size, it is as of now, it is difficult to say. Approximately, our understanding is above 500 crore, including India and UAE.

Fair enough. And so just the last thing from my perspective, what sort of peak utilization levels do we target? The map that we can reach for our plants.

So, peak utilization in terms of capacity you are saying for India?

Yeah, across all, like, what's the most utilization that we can achieve?

More than 85% in IG, laminate, and tempering, because tempering, in a way, the product is also used for the production of IG and laminate. Our tempering capacity should be utilized near to 100%, and our IG and laminate glass should be more than 80-85% on a peak level.

Thank you so much, sir. That is all from my hand. Thank you and all the best.

Participants may press star and want to ask a question. The next question is from the line of Streyash Jain from Mangal Keshav. Please go ahead.

Am I audible? Yes. Yeah, sir. So, my first question is, so, can you please let me know which all segments have a higher gross margin in your market of products and what percentage of revenue is coming from that city?

Product-wise, margins are always better in terms of IG glass and the laminate glass.

Okay. So, it will come like a higher margin? Higher margin. Okay. And my second question is, so do we expect that part of the business to grow at a higher speed as compared to the others, and which would give us a higher barrier to entry, like higher growth margins and hence higher EBITDA margins?

So which segments per products?

No, I didn't get your question. Yeah, I'm asking, which part of the business to grow at a higher speed as compared to the

Ladies and gentlemen, the line for the management has been disconnected. Please hold while we reconnect. Ladies and gentlemen, the management line has been reconnected. Over to you, sir.

Hello.

Yes. Am I audible? Yes, yes. Yeah, so my question is, so do we expect that what part of the business to grow at a higher speed as compared to others, and which would give us a higher cost margin and hence a good margin for EBITDA?

So, as I said, that value-added products will definitely give a good EBITDA margin in terms of like supply of decorative glass, digital tinted glass, spirited glass, bulletproof glass. So, these are the niche margin products, and as compared to competitors, we are definitely working more towards UGS, which will enhance our gross margins and EBITDA. So, the laminate glass and IG glass is always a priority in selling these products. So, UAE is completely selling IG glass and laminated glass. So, India, gradually, this product mix is changing from only plain tempered to IG and laminate glass.

Okay. Okay. Thank you, sir. Yeah.

Thank you. The next line will be from Abhi Jain from AJ Capital. Please go ahead.

Hi, good evening. I hope I'm welcome.

Yes, yes.

So, congratulations on a good set of numbers. My first question is that, you know, I've been tracking your business, and you have always been outperforming whatever you've guided for. I think in TV interview, you also decided that maybe, you know, maybe we'll be able to grow top line this year by almost 40-50% when you're tracking that. I just want to understand more about the business because, you know, You're saying something that is in a very niche market, and since you're not the last manufacturer, we want to understand how sustainable the advantages of the business are. You have been doing fantastically well in the last few, three years, but want to assess whether this growth can continue for the years to come. One part is that Dubai, you are almost operating a 95% capacity. You are being able to, you know, do 350. You were almost on track to do your 360 goals offline this year from Dubai itself. But could you help us understand your India business better, whether you're getting traction, whether, you know, you see the same kind of growth that you've seen in UAE coming in India business? Because I think that next leg of growth will come from India. Can you help us understand how does the next two, three years look for phases from here on?

So, as you said, rightly said that UAE, yes, definitely we are working about 90% in capacity in terms of IEG glass. And second line, we are also expanding in tempering capacities which is coming in the quarter three. So, that will add up our capacity. And apart from that, India, we have already three plants where Erode and Taloja is still underutilized in terms of capacity. And considering the potential in India real estate infrastructure, development of high-rise residential and commercial projects, so that will definitely add up the revenue in our sales and the capacity utilization.

Okay, so this 80 crores order book that you have in India right now, what is the timeline where this has to be executed? Are these for FI27 or some of this will flow into FI28 as well?

Yeah, so there are actually the order book is always keep on adding and something will be keep on delivering. So basically, these projects are in the range of six to eight months of timeline of deliveries. And generally in our industry, it is a make-to-order product And it is very specific product. So, the sizes are generally released from the architects or the facade consultants. And then after the product is made and delivered to them. So, it is a continuous process where the projects will be added and something will be delivered. So, these are in the range of 6 to 8 months of timeline. Generally, the sizes are released by the architects and the facade consultants. So, every month the new projects are added, and again, against the old projects, some of them are delivered to them.

So, yeah, I want to understand you, since you've been running this business very efficiently, and you yourself have seen, you know, say it will grow. The FY27 is almost you can see what, you know, the company will look like. But I just want to understand from you whether you can also build for the future. You can look into FY28, FY29. Do you see this growth continuing? What sort of business do you see Stagel becoming in two years? Can you just help us understand what you are seeing on the ground? Yeah, because it's a very niche industry. I don't have any macro markets also to look at to, you know, draw some comparison that Stagel would be able to grow by this much, etc. So, just wanted an inside out.

Yeah, so we are expecting 25% year-on-year growth in this, on the same capacities. If we keep on adding some capacities in our coming years or in the coming quarters, that will definitely add up further to our business. So, considering the India, the 2047 targets of government on a big street, Bharat, so definitely there is a huge growth and potential in terms of the industry. So, India industry in terms of glass is more than US dollar, 3.9 million, a billion dollars. So, and in this also, if you see the architectural glass or the processed glass is more than 60% in contribution. Definitely, the industry looks like bright, and considering the space at which the market is growing, real estate, infrastructure, development, this will definitely help the company to grow.

Thank you. Thank you.

The next question is from the line of Parag Shaf, an individual investor. Please go ahead.

Hello. Yeah, hello. So, my first question is, what is the strategy to increase India's share of consolidated revenue and move towards a targeted 60 to 40 ratio in India or India UAE revenue mix?

India UAE revenue mix is, as we said, that it will be 60-40. 60% is from the UAE, 40% from India. Yeah, but what is the strategy to increase India's share? The strategy is that capacity utilization of Thaloja and Erode units, so that will help us. Apart from that, we are also looking at opportunities in terms of growth for acquisitions for capacity addition in the coming quarter, in the coming year.

Any, you know, expressable plans? We are working on it.

Nothing as such concrete to disclose as of now.

Okay. And how are the exports to Africa and Europe progressing? What's the revenue contribution? Can this market generate over, you know, 12 to 18 months?

So it is less than 5% as of now, the export to Europe or in Africa. So we are also developing a market in Africa. We have one salesperson to market our product over there. So again, it is a time-taking process because it is not that mature market. Africa is still on a very lower side in terms of the product and quantities to be exported.

Okay, and what's the remaining CAPEX requirement for the UAE tempering and fire rated glass line?

The tempering third line and the fire rated and the other facilities to be required to make this operation is around in the range of 20 million AD of our total investment in terms of capital.

Okay, and source of this investment and how it is going to be funded?

Sorry?

How it is going to be funded.

From the internal accruals to a certain extent, and to a certain extent, we will be looking for a banking finance also. So, in the range of more or less 60-40%, 60% from our internal accruals, 60% from our banking finance.

Okay. We have indicated that the specialty products could contribute 5% to 7% of FI27 revenue and 15% to 20% in FI28. So, is this guidance unchanged?

No, more or less the same thing. We are expecting 5% in this year from the value added products and the next year 15% or 20%.

One last question from my side. What is the current order inflow for railway grade class? Are you seeing any increased traction from the Porsche manufacturers or Vandebahar or Rata railway applications?

So the railway is actually a continuous process where you have to bid for continuously process on the tendering. So, as of now, the tenders are, so there are more than 100 crores of tenders every quarter comes from the railway side, which we participate, where the other criteria is of, apart from L1, L2 criteria, how frequent suppliers and that has also been considered. So, as of now, we are, whatever, in terms of tendering, we are participating, we are getting small orders. Once this process will continuously happen, and the number of orders delivered is more, so this percentage, the order allotment will increase.

And what's your generalized bid-win ratio?

Sorry?

What's our generalized bid-win ratio for these tenders?

Tendering generalized, as of now, 5% conversion.

Okay, fine. I will get back to you too. Thank you.

The next question is from the line of Pankaj Kumar, an individual investor. Please go ahead.

Hello, sir. First of all, I would like to congratulate you on great state of numbers.

Yes.

My question is that your major business part is in UAE. So, is geopolitical instability disturbing your business in any way?

What is disturbing?

Geopolitical situation in Middle East, sir?

Many of the developers or the facade companies are still going on. So they are also in the process of completing their targets or delivering to their customers.

And my second question is that is there any debt reduction plan in future?

Sir, as of now, the debts are more of like long-term debts from the banks, which are being paid as on the EMI system and regularly. So, right now, as such, nothing on that front to reduce that or making a prepayment to the bankers.

Thank you, sir. Once again, congratulations for great results.

Thank you. The next question is from the line of Rachna Kukreja from SIMPL PMN. Please go ahead.

Thank you for the opportunity and congratulations on a good set of numbers. My first question would be on gross margins. On consolidated levels, gross margins have been the highest this quarter. So, what would be the key reasons for the same, and is it sustainable from a long-term point of view, and how gross margins would look in the rest, second half of the year?

So, the gross margin, this time, as I said that, the COGS has improved in UAE plant because of some product mix has been changed. We have better negotiated certain items of input cost, and the rest is the efficiency improvement in our manpower as well as on the machine side. Apart from that, in UAE, we have a facade division where this has also contributed in this quarter, and we are expecting that this will continue in the next quarters, and it is a very much sustainable gross margin. We are, in fact, trying to more and more improve our EBITDA margin.

So, it is more from a cost perspective and not from a product mix perspective?

So, product mix on a sales side, it remains more or less same. As such, the IG is the highest in terms of sales in UAE. In India, of course, as the capacity utilization changed in Erode and the Taloja, this has helped us to get better margin.

Okay. What would be the key drivers for improving the IGU utilization in Silvasa from 43% in Q2? We have seen 43% in Q2 F527, and we are targeting 50% by F527. So, what would drive that?

It is actually a project sale, project-based sales. So, we are getting more and more project sales of this product, IG and the laminate. So, it is more for real estate projects? Correct. Infrastructure real estate, which includes commercial, residential.

Okay. Last question. As per our luxury 2030 plans, what would be our specific initiatives that we are taking on the speed to market and execution front? And if you could give me a broad view of how does our execution capability stand as of today in India compared to three, four years ago, and what measures are we taking in export markets, including UAE, to improve speed and execution and stay ahead of competition in export markets?

So, in export market, earlier in 2-3 years back, we were not there. From India, we were not exporting to any country. But since last one year, we have started exporting to Israel or to Cyprus. This year, we are supplying to Sri Lanka as well. So, our definitely marketing network has been enhanced on that front. So, the quality product which we are supplying And that's how we are expecting more export orders. We are price competitive as well. We are trying to make our margins in that range where we can offer better price to the customers. And in terms of our 3S, that is speed, sustainability, scale, and sustainability, we are working towards 2030 target. So, everywhere, speed in our action, whatever we decide, we should immediately implement those things. Sustainable, by sustainable, we mean a sustainable business and growth to continue for a long-term vision of the group.

No, I mean, speak to execution in India markets, what would be our internal effort in terms of reaching to the market? So, I understood about the UAE business, but more on the India front, what would be the execution initiatives we are working on currently?

So, execution initiative in terms of we are reaching more and more towards bigger projects. So we are supplying now in Bangalore, we are supplying now in Hyderabad, we are supplying to Bombay or in Gujarat. So that's how we are reaching out to a bigger project. We are trying the meeting with the all the good architects, consultants, third companies. So they need a constant supply on a timely supply and a quality product. So, these three parameters, generally, they want any glass, architectural glass company to deliver. So, on that front, we are delivering on time. And that's how our execution is much 99%, whatever the date has been committed, we are trying to fulfill that. So, that speed, we are implementing our day-to-day business operations.

And more on the working capital fund, our margins have been improving, but our cash flow still remains little weak. So just on the working capital fund, if you could give some color on how are we improving on our working capital?

So, working capital as a UAE market is more on the trade market as always. So, there the PDC concept still exists. Everything works on the PDC. But we are the company who is investing on a LC term. So, our 25% business is still from the LC, where we get the LC from the customer and we get a discount to improve our working capital cycle. In India, the larger projects, of course, you need to buy the goods or the glass in advance because the specified glass, which are coated or reflective glass, where the manufacturer like Saint-Gobain has their own run. So, by that time, when the run is there, you have to buy that glass and you have to keep it in inventory and when the sizes are released from the companies or from the end user, we will produce the glass for them. So, like that. So, that's why the little bit of blockage in the working capital is seen. And we are managing within the internal resources the working capital. So, whatever the profits are there which are flowing back in the working capital.

Okay. Understood. Thank you and all the best.

Thank you very much.

Thank you. The next question is from the line of Bimal Panchal from Bimal Panchal and Associates. Please go ahead.

Hello, congratulations. You answered all questions very optimistically. I just want to know, do we have presence in solar glass panel or are we exploring to enter into it?

No, no, we are not into solar glass panels. Solar glass is a different product. We are into architecture glass and to railway grid glass.

Okay, and one of the previous participants has asked one question that is bid to win ratio, and you replied as 5% conversion. I think that question you almost understood. Bid to win, suppose if you fill 10 tenders, how tenders do you avoid it? That was the question.

Plus than 5%. So, in 10, if you say, if I bid for 100, I will get 5%.

You got 5%, okay.

5 tenders in your field.

Is that competitive or highly competitive that much?

So, competitive as of now, because we are the new entrant over there. So, there are some criteria in the railway supply. There are categories of C, B, C, category of supply, or the vendors. Once we will cross from C to B to A, definitely the tender flow will be more, the order will be more, because they have some criteria on that front, that who is something on the regular side, who has completed more of this supply project.

Okay, okay. And do we lose habits on tender fees on something?

There is no such tender fees or anything.

You directly work with the architect or the PMC like that?

Directly on the portal.

Okay, right. So is any planned visit possible?

We will be arranging very soon.

Okay, because that gives any good interaction with the management just for our facilities and all this. Yeah, lots of questions you asked very nicely. Thank you very much.

Thank you very much.

Karan, can we conclude this call? Yes, thank you. That was the last question for today. I now hand the conference over to Mr. Karan Thakul for closing comments.

Thank you.

Yeah, thank you everyone for joining the conference call of Azure Glass Limited. If you have any further queries, you can write us at research at serenadversions.com. Once again, thank you everyone for joining the conference.

Yeah, thank you very much.

Thank you. On behalf of Kirin Advisors Private Limited, that concludes this conference. Thank you for joining, and you may now disconnect your lines.