Ladies and gentlemen, good day and welcome to Xtranet Technologies Limited Q2 and H1 FY’27
Earnings Conference Call hosted by Valorem Advisors.
As a reminder, all participants’ 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 “*” then “0” on
your touchtone phone. Please note that this conference is being recorded.
I now hand the conference over to Ms. Purvangi Jain from Valorem Advisors. Thank you and
over to you, Purvangi.
Purvangi Jain:
Thank you. Good evening, everyone and a very warm welcome to you all. My name is Purvangi
Jain from Valorem Advisors.
We represent the investor relations of Xtranet Technologies Limited. On behalf of the
company, I would like to thank you all for participating in the earnings call for the 2nd Quarter
and first half of the Financial Year 2027.
Before we begin, let me mention a quick cautionary statement. Some of the statements made
in today's earnings call may be forward-looking in nature. Such forward-looking statements are
subject to risks and uncertainties, which could cause actual results to differ from those
anticipated. Such statements are based on management's belief as well as assumptions made
by and information currently available to the management. Audiences are cautioned not to
place any undue reliance on these forward-looking statements in making any investment
decision. The purpose of today's earnings call is purely to educate and bring awareness about
the company's fundamental business and financial period under review.
Now let me introduce you to the management participating with us in today's earnings call and
hand it over to them for their opening remarks. We have with us Mr. Sukhbir Singh Kukreja –
Managing Director and Promoter and Mr. Chetan Anand – Group Chief Financial Officer.
Without any delay, I request Mr. Sukhbir Kukreja to start with his opening remarks. Thank you
and over to you, sir.
XtraNet Technologies Limited
(Previously known as XtraNet Technologies Private Limited)
(An ISO-9001:2015, ISO/IEC 27001:2013, ISO/IEC 20000-1:2011 & CMMi Level-5 Certified Company)
HO: - Z-24, Zone-I, M.P. Nagar, Bhopal – 462 011 (M.P.) INDIA Tel.: +91-755- 4223295, +91-755- 4229295, 4209295,
CIN: L72200MP2002PLC014956, Web: www.xtranetindia.com, Email: compliance@xtranetindia.com
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Sukhbir Singh Kukreja:
Good evening, everyone, and thank you once again for joining us for the Xtranet Technologies
Limited Earnings Call.
This is our 2nd Quarter and first half of the Financial Year 2027. We appreciate your continued
interest in the company and welcome all our shareholders, investors and other stakeholders
for this Earnings Call.
Before discussing our quarterly performance, I would like to briefly touch upon the evolving
industry landscape and the opportunities available and present for our organization. The Indian
data center industry is entering into a significant growth phase driven by the adoption of
artificial intelligence, cloud computing, enterprise digitalization, rising data consumption.
India's installed data center capacity is expected to increase nearly fivefold to approximately
7.5 gigawatts by March 2030, supported by the investment of more than INR 3 lakh crores over
the next four, five financial years. This expansion is expected to create opportunities across
data center infrastructure, cloud hosting, network infrastructure upgrade and managed IT
services. The broader Indian IT service industry is also evolving with a growing demand for AI
cloud adoption, cybersecurity and enterprise digital transformation projects. Revenue growth
for Indian IT service companies is projected at 3% to 5% in FY’27.
While near-term growth is expected to remain measured, the adoption of emerging
technologies and the enterprise modernization initiative offers meaningful and long-term
opportunities for the sector. Against this backdrop, we believe that the companies with
integrated capabilities across data center infrastructure, enterprise applications, digital
transformation services and proprietary technology platforms will be well positioned to
address the evolving technology requirements of the business. Xtranet is strategically
positioned to address these evolving requirements through its integrated technology
capabilities.
Xtranet Technologies Limited is an integrated technology solution provider working with over
24 years of experience catering to the government, institutions, public sector undertaking and
private enterprises. Our business spans the technology life cycle encompassing data center
infrastructure and IT operations, enterprise applications, digital transformation services and
proprietary platform built by Xtranet. Through our platform Synergy which enable low-code
digital transformation and XtraTrust which is a compliance and trust PKI-based authentication
solution, we further strengthen our integrated service offerings. Our largest business vertical
data center infrastructure and IT operation remains a key growth driver.
Our capabilities in the segment cover data center and disaster recovery infrastructure,
infrastructure modernization, cloud infrastructure, ongoing IT operations and enabling us to
support clients across their critical infrastructure requirements. Through our enterprise
application segment, we provide end-to-end ERP related solution and services beginning with
solution selection and design followed by configuration, customization and implementation.
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Our solution cover business functions include finance, human resource, supply chain,
workflow, change management, and other related modules. In our digital transformation
services segment focus on enabling organization to transform from legacy system to scalable
and integrated digital platform. Through our application, cloud and analytics capabilities, we
also leverage the technology such as artificial intelligence, internet of things and blockchain to
facilitate automation, enhance security, enabling real-time monitoring and support data-driven
decision making.
Our proprietary platforms present another important dimension of our business. XtraTrust
provides solution for secure authentication, digital signature, trusted digital transaction,
particularly across regulated environments. XtraTrust is among the certifying authority
approved by Ministry of Electronic and Information Technology, GOI, Government of India and
is authorized to issue digital signature certificate and also provide e-sign certificates. Its
regulatory position combined with a mission-critical nature of digital trust applications provide
a foundation for long-term adoption and customer relationship.
Over the years, we have established a strong execution track record having delivered 175 plus
projects during three financial years, including more than 50 plus data center related projects.
Our operation extends across 15 plus states and 10 plus industries, reflecting our diversified
presence across customer segments and geographies. Government and PSU's clients are
contributing approximately 47% of our FY’26 revenue. We are supported by the workforce of
more than 500 permanent employees and 350 plus contractual employees, providing the
execution capabilities required to service our diversified project portfolio.
An important differentiator of our business is the combination of project-led execution with
opportunities in securing managed services and platform-based offerings. Our solutions are
strengthened by establishing relationships with leading technology partners and our
experience in executing complex technology projects. Going forward, our presence across egovernance, digital trust, smart cities, and enterprise infrastructure provide us with the
exposure to several important areas of technology-led transformation. We remain focused on
leveraging our integrated capabilities, strengthening our customer relationship, and expanding
our participation in mission-critical technology projects.
With that overview, let me now take you through the key operational and business highlights
for the quarter and half year under review:
We delivered a successful quarter with exceptional growth and robust execution momentum
across all our business verticals. During Q2 FY’27, we secured fresh order of approximately Rs.
90 crores, taking our order book to around Rs. 390 crores. Our bid pipeline also remained
strong at over Rs. 2,000 crores, providing opportunities to further expand our business. During
the quarter, we also secured order from the BFSI segment and extension of existing customer
mandates, further strengthening our client relationships. Our integrated four-vertical business
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model continues to be an important competitive differentiator. Through data center
infrastructure and IT operations, enterprise application, digital services, and our propriety
platforms, we are positioned to address a wider range of technology requirements through
integrated solutions. This approach also creates opportunities for cross-selling, deeper
customer engagement, and longer duration of engagements.
An important strategic development during the quarter was the formation of Xtranet Data
Center, a dedicated subsidiary focused on developing and operating data center infrastructure.
Through this initiative, we aim to address the growing requirement of our existing enterprise
and BFSI institutional customers across hosting, cloud infrastructure, and managed services.
This represents an important step towards expanding our infrastructure capabilities and
building opportunities for recurring annuity-based revenues.
We are also focused on scaling our proprietary technology platform, XtraTrust and Synergy,
which together contribute 14% of our revenue. XtraTrust addresses opportunities in digital
signature, e-sign, authentication, PKI, secure digital transformation, particularly across the
BFSI, government, and enterprise segments. Synergy offers AI-native intelligent automation,
agentic AI, and no-code, low-code solutions that help enterprises to streamline workflows and
accelerate digital transformation using the AI platform. We see opportunities to expand these
platforms alongside our existing services, deeper customer relationships, and grow recurring
revenues.
On the international front, we continue to explore business opportunities, technology
partnerships, and strategic collaboration leveraging our integrated capabilities across
infrastructure, digital services, proprietary solutions, and PKI solutions to gradually expand our
market reach.
Looking ahead, our focus remains on accelerating the execution of our existing order book,
converting the substantial bid pipeline of around Rs. 2,200 crores into the confirmed business
and strengthening our procurement, supply chain, delivery capabilities to support higher
business volumes. We remain equally focused on improving profitability, operating cash flows,
and capital efficiency as we scale our business operations through H2 FY’27 and FY’28.
Overall, we enter the second half of FY’27 with encouraging business momentum, a healthy
order book, and a substantial pipeline of prospective opportunities. Our priority remains to
build on our integrated technology capabilities, strengthen customer relationships, and
translate these opportunities into sustainable long-term growth.
With that, I would like to hand over to our Group CFO – Mr. Chetan Anand, to take you through
the financial performance for the quarter and half-year under review.
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Thank you all once again for attending the Earnings and Investor’s Call for the FY’27 H1. Over
to you, Mr. Chetan.
Chetan Anand:
Good evening, everyone.
I am pleased to share that Xtranet has delivered a strong financial performance during Q2 and
H1 FY’27, with significant growth in revenue, substantial improvement in profitability, and
continued expansion in operating margins.
During Q2 FY’27, our consolidated revenue increased by 63% year-on-year to approximately
Rs. 110 crores, while operational EBITDA grew by 144% to approximately Rs. 22 crores, with
margins improving to 20.42%. Our PAT increased by 111% to approximately Rs. 14 crores, with
PAT margins increasing to 12.49%. For H1 FY’27, revenue grew by 42% to approximately Rs.
160 crores.
Operational EBITDA increased by 123% to approximately Rs. 33 crores, with EBITDA margins
improving by 749 basis points to 20.49%. PAT doubled to approximately Rs. 20 crores, with
margins improving to 12.37%. What is particularly encouraging is that our profitability is
growing significantly faster than our revenue, demonstrating improved operating
performance, execution efficiency, and the strength of our integrated business model.
Another important development is the continued diversification of our customer base.
Historically, government and PSU business represented a significant portion of our revenues.
However, with increasing traction from private enterprises, BFSI institutions, and other
corporate customers, our government business contribution has now reduced to
approximately 30% to 35%. This is an important structural shift for Xtranet as it creates a more
diversified revenue base, reduces concentration on government projects, and provides
opportunities for deeper enterprise relationships, recurring services, and sustainable growth.
During the first half, we have strategically strengthened our procurement and supply chain
arrangements to support accelerated execution in the coming quarters. Our focus has been on
securing timely availability of hardware and software, improving procurement certainty, and
protecting projected margins against supply disruption and pricing fluctuations.
While this has temporarily increased our working capital requirements, we believe these
investments will support stronger execution, revenue growth, and profitability during H2 FY’27.
We are continuously strengthening our billing, collections, and working capital management
processes with the objective of improving operating cash flow generation as execution
progress. Our order book currently stands at approximately Rs. 390 crores, supported by fresh
order wins of around Rs. 90 crores during Q2.
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In addition, we have a prospective bid pipeline exceeding Rs 2,000 crores+. With this order
book, a strong opportunity pipeline, and our improving execution capabilities, we are well
positioned to pursue accelerated growth in the second half. The momentum achieved during
H1 gives us confidence in our full-year performance, and our ambition is to surpass our original
revenue guidance while sustaining strong EBITDA and PAT margins.
To conclude, Xtranet is entering an important phase where our focus is not merely on
increasing revenue, but on building a larger, more profitable, and financially stronger
technology company. Our priorities remain clear – accelerated growth, improved profitability,
a diversified customer base, stronger operating cash flow, and disciplined capital allocation.
We believe the foundations being established today will support sustainable growth and longterm value creation for our shareholders. Thank you.
Moderator:
Thank you so much sir. Ladies and gentlemen, we will begin with the question and answer
session. First question comes from the line of Anil Joshi, an individual investor. Please go ahead.
Anil Joshi:
Good evening, sir. So, my question is new data center subsidiary following the formation of
dedicated data centers subsidiaries, what is the proposed investment outlay, implementation
timeline, and funding strategies? And additionally, what is the capacity and revenue
contribution this management envisages from the business over the medium term?
Sukhbir Singh Kukreja:
We have created a subsidiary because it is an asset-intensive business and initially we are
planning to start with the 2MW with the expansion capacity of around 10MW. So, we have
already formed a separate subsidiary and are organizing the investment for that particular
business. Specific to the numbers, Mr. Chetan will give you the answer on the numbers for this
particular subsidiary investment. Over to you Mr. Chetan.
Chetan Anand:
Sir, initially we are looking for putting up a 2MW data center which will be needing roughly
around Rs. 130 crores, Rs. 140 crores of investment which will come partly from our internal
accruals and partly from the money which will be raised through debt also. But going forward,
the plan is to take it to 10MW for which we are working on a different financial model because
we want to keep it very asset-light model. So, we are working on different parameters. But as
I said you that overall our guidance will remain on the higher side what we want to achieve.
And the specific numbers we will keep on updating in the next updations as we move forward
in creating and closing the operational process for this data center.
Anil Joshi:
Okay, sir. Got it. Thank you. And my follow up question is how does the company intend to
differentiate its data center infrastructure and cloud service offering from established
operators particularly in the terms of capabilities, pricing, customer acquisitions and project
execution? Can you please explain it?
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Sukhbir Singh Kukreja:
These are the specific requirements. We already have a hosted capacity of more than 1MW
and we have the demand of around 2MW for our internal projects. So, the application-led
software as a service business demand is already available and we are already catering using
the third-party data centers. So, these all will be hosted on our own platform and will be then
coming up with our own cloud setup also. And we will take care of all the in-house initial
requirements and then will release it for the public also as a public cloud.
Anil Joshi:
Okay, sir. Got it. Thank you.
Moderator:
Thank you. Our next question comes from the line of Dhruv Shah, an individual investor. Please
go ahead. Dhruv, you may please proceed ahead with the question. Dhruv, if you can hear us,
please proceed ahead with the question. As there is no response from the participant, we will
move to the next participant. Next question comes from the line of Rohil, an individual investor.
Please go ahead. Rohil, I am sorry but your voice is breaking. We cannot hear you properly.
Rohil:
Hello, am I audible?
Moderator:
Yes, you are now. Please go ahead.
Rohil:
That is good. So, my question was, following the improvement in EBITDA margin from
approximately 17% in FY’26 to over 20% in Q1 FY’27, what are the primary drivers of this
expansion and how sustainable is the current margin profile as the business volume scales?
Chetan Anand:
So, the prime reason for this is like we have a four business model wherein we have enterprise
application, data center, digital services and our own proprietary platform. So, in the past,
enterprise used to be around 34%, 35% and rest was the other one. The enterprise has come
down which is a lower yield margin to roughly around 25%, 26% margin and the highly
contributing models which is towards our digital services, my own proprietary platform and
the data center have grown tremendously. So, we believe that as we move forward, we will
keep on maintaining the EBITDA margins at 17.5%, 18% seeing the different kind of transaction
which happens on the global scale as well. But these are very much maintainable and as we
grow forward and we have our own services which are growing, we can always keep on
maintaining these kind of EBITDA margins as well.
Rohil:
Yes. So, just a follow-up question on that, on the working capital front. The working capital days
has increased to 67 in FY25. Before that, it was 50 in FY26. So, what were the principal factors
behind this movement and what working capital levels are you looking at?
Chetan Anand:
There was a little bit of disturbance in the voice but I think I would have been able to gather
what you are asking. So, the last year, my working capital got on the better terms because the
mix of the model has changed. We used to do around 75%, 80% government business. Last
year when we closed, we were at around 50-odd government, 50-odd enterprise. And in this
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H1, we are at roughly around just 30%, 35% of the government business. The rest is coming
from BFSI and the enterprise sector. So, this is one part where it is helping us to improve our
working capital and as we move forward and for this year-end also, we will improve our overall
working capital cycle by around 15 days, 20 days as compared to FY’26.
Rohil:
Okay. So, that is it from my side. Thank you for your time.
Chetan Anand:
Thank you.
Moderator:
Thank you. Our next question comes from the line of Riya Shah, an individual investor. Please
go ahead.
Riya Shah:
Hello, sir. So, I would like to ask a question about the current order book status and I would like
to know about what proportion represents from the fresh business as well as new customers
versus what are the repeat orders from the existing clients?
Sukhbir Singh Kukreja:
Overall, if you see, we had the order book of around Rs. 350 crores while beginning of the year
and we have added close to Rs. 180 crores of the new order. So, nearly Rs. 200 crores of new
order came in and accordingly, some of the orders out of this Rs. 200 crores, around 25% orders
are from the existing customers and 75% is from the new logos. So, this we have added and we
have executed close to Rs. 160 crores and currently Rs. 390 crores is already in hand which is
under the execution and mostly 50%, 55% will get billed in the current financial year only. So,
this is the basic split of the order book as of now which you want to know.
Riya Shah:
Okay. Got it. And I have actually one more question regarding the order book itself. So, I would
like to know which, I would get a segment-wise breakdown of which business verticals are
expected to drive the incremental growth of the order inflows in the coming quarters?
Sukhbir Singh Kukreja:
We are focusing on data center and IT operations as well as we are majorly focusing on digital
transformation and AI-led projects as well as our own proprietary platform. These are the core
focus area where we are increasing the focus to increase the revenue. And our business
pipeline, more than 50% is from the first vertical only and around 25% to 30% is from the
proprietary platforms and digital transformation projects.
Riya Shah:
Okay. Okay. Got it. Thank you.
Moderator:
Thank you. Next question comes from the line of Prateek C, an individual investor. Please go
ahead.
Prateek C:
Hello, sir. Next question is order execution. So, how consistently has the company converted
its historical order book into revenue within the originally envisaged timeline and what factors
could potentially lead to execution delays?
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Sukhbir Singh Kukreja:
Majorly, it is 25% to 30% of the pipeline is generally getting converted into the firm order book
and execution has already started. Initially, first quarter of this financial year was a little bit
low, but now all the supply chain system is also streamlined and we have also added more
towards our own platform, our own service also. Services business has increased significantly
and much less depending on the supply chain ecosystem. However, we have participated in
many orders, many projects, especially in the data center segment where we are procuring the
OEM products. Different leading industry players have now started giving the products timely
and hopefully, there would not be any impact on the current supply chain related issues on
this.
Prateek C:
Sure. Thank you. So, my second question would be what are the typical execution and revenue
recognition timelines across the four business verticals and how does this vary between
infrastructure projects and the service-oriented ones?
Sukhbir Singh Kukreja:
So, look, there are different projects. If you take any infrastructure-led projects, initially the
project duration is deployment from 90 days to 18 months is the initial deployment period
depending on the nature of the project and size of the project and then it is under the operation
maintenance for a period of five years or seven years or 10 years kind of thing. The services
part will also come in. So, CAPEX, OPEX kind of projects are there. However, in the enterprise
application digital transformation, initial deployment is of around four to six months and then
that will be under the support and services period for similarly five, six years and especially the
PKI business, in this we have B2B and B2C both the options available. We have currently close
to one million subscribers already onboarded on our platform for B2C and B2B also we have
added close to 80 plus clients where we have integrated the complete PKI and digital signature
and all 100 plus government portals are also accepting our digital signature related business.
So, in that the deployment time is ranging between 30 days to 90 days for the B2B project
where we deploy the end-to-end solution for integration of our compliance and trust layer and
digital signature and e-sign system to the PKI component to their application. That is for the
B2B and for B2C it is the completely available for individual and they can any day go on our
portal mobile app and then procure the services. So, this is a subscription model for one year,
two year and three-year kind of system where we raise the invoice end-to-end.
Prateek C:
Sure sir. Thank you for that detailed answer. Another question I have in terms of the egovernments, so what specific technological capabilities and you know execution credentials
or customer relationship provide the company with a sustainable competitive advantage in
smart city and the e-government projects?
Sukhbir Singh Kukreja:
So, there are different projects in the smart city. If you see that in our experience where we
have created seven data centers, integrated command and control centers, integrated with
different various e-governance applications and different citizen centric applications, maybe echalan or ITMS. We have integrated our solution, integrated command center and data center
with those solutions as well as we have also built the e-governance and citizen centric
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application for municipal use where we have already given, deployed it to few of the clients for
the smart cities purpose converting the digital service citizen services into the digital platform.
Prateek C:
Got it. In terms of the expansion, so what tangible progress have we made in the international
markets like particularly across Middle East or Africa, Asia specific and are there any signed
contracts or active commercial engagements that could contribute to revenue over the
medium term?
Sukhbir Singh Kukreja:
Yes, it is medium to long term. We have already participated in few proposals in Middle East
and in Africa also six countries we have submitted the proposals and under the negotiation.
We will definitely disclose this once we formally sign all the contracts. These are all the long
term contracts for over a period of 10 years to 15 years would be the contract deployment and
the support period would be there. Those are purely related to all our four verticals. There are
digital transformation and AI led solution, citizen centric solution, data centers and disaster
recovery site, integrated command centers would be there, security operation centers are
there, network operation centers are also a part and we have developed self-service kiosks and
citizen services systems on top of our Synergy platform. That is also a part of these proposals.
Prateek C:
Sure, sure. Thank you.
Sukhbir Singh Kukreja:
The revenue contribution will start hopefully from the Q4 of this financial year.
Prateek C:
Sure, sure. Thank you.
Sukhbir Singh Kukreja:
Thank you.
Moderator:
Thank you so much. Our next question comes from the line of Dhruv Shah, an individual
investor. Please go ahead.
Dhruv Shah:
Yes. Hi sir. Thank you for this opportunity. Sir, I just wanted to understand the Xtranet’s current
competitive standing in India's license certificate authority market and how does this platform
differentiate itself from the established players in the digital signature certificate insurance. So,
just wanted to get some hints on this.
Sukhbir Singh Kukreja:
It is purely on the technology and services from the beginning of April’22 when we have
launched our platform. It is around the clock 24 into 7 available for our clients. We have
integrated with all the leading agencies including PAN, Aadhar, GST, banks, telecom companies,
logistic companies, TRAI. Everything, every system is totally online and there is no manual
process available. And we have delivered the services within a period of 15 minutes to 30
minutes. We have a strong ecosystem of 24 into 7 support for all our subscribers. And we have
availability on all the three platforms, web, Android, and iOS. And we were the first ones who
have brought in the entire system on the iOS platform where the user can do all their
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transactions as well as issuance as well as integration available on this. We have also launched
our own e-sign as well as brought in the blockchain technologies also and also integrated to
different government platforms for ease of requirement.
Dhruv Shah:
Okay sir. Got it. And so just one last question I have is that what is our key means competitive
advantage of the companies in this XERP offerings against the established players like Oracle
and how does it play out in this such competitive market?
Sukhbir Singh Kukreja:
I will just tell you, we have a very fair enterprise application practice on Oracle and IFS. So we
have deployed multiple Oracle and IFS related solutions. However, when the things come to
the small and mid-market, there is no established player and Oracle and IFS SAP kind of
solutions are out of their reach. The cost and the maintenance cost deployment cost is very,
very, very high and large enterprise can only take care of that. So we have focused XERP for
the small and mid-market organization. Currently, we have built the solution of extra banks
also on top of XERP and deployed in around 60 plus banks. 70 plus different users were also
using the XERP and we are now bringing it over the cloud so that the SME and mid-market can
use the entire XERP and there are around 100,000 MSMEs are available. Those are required to
be given the equal and similar feature of AI enabled ERP solution so that we are secure, smart,
future ready. This technology we are bringing for the MSMEs of India. So that is the core focus
on the XERP deployment.
Dhruv Shah:
Okay, sir. Thank you so much and all the best for your future.
Sukhbir Singh Kukreja:
Thank you.
Moderator:
Thank you. Next question comes from the line of Yogesh Soni with NJ Wealth. Please go ahead.
Yogesh Soni:
Sir, a very good evening. Good evening, sir.
Sukhbir Singh Kukreja:
Good evening. Good evening.
Yogesh Soni:
Yes, sir. I have five important questions to ask you. What is the exact order book as of the 30th
September 2026 and how much was executed during the H1 and why did the operating cash
flow turn negative despite strong PAT and what is the expected collection timeline for Rs. 24.38
crores increase in receivables and why has the Rs. 8.48 crores IPO capital expenditure allocation
has not been utilized and what are the individual revenue EBITDA and recurring revenue
contributions of XtraTrust and Synergy?
Sukhbir Singh Kukreja:
If we note it down one by one, Chetan, if you can just note it down, we can respond to all the
questions.
Yogesh Soni:
Yes. Please note down, sir.
Page 11 of 14
Sukhbir Singh Kukreja:
Yes, tell me.
Yogesh Soni:
Should I repeat again?
Sukhbir Singh Kukreja:
Yes, yes, tell me.
Yogesh Soni:
Yes, yes. I am repeating again my questions. What is the exact order book as of 30th of
September 2026 and how much it was executed during H1 and second question, why did the
operating cash flow turn negative despite strong PAT growth?
Sukhbir Singh Kukreja:
Execution
Yogesh Soni:
During H1.
Sukhbir Singh Kukreja:
Okay.
Yogesh Soni:
And why did the operating cash flow turn negative despite strong PAT growth?
Sukhbir Singh Kukreja:
Yes, noting, I am noting. What is the next one?
Yogesh Soni:
Yes, what is the expected collection timeline for Rs. 24.38 crores increase in receivables?
Sukhbir Singh Kukreja:
Receivables increase.
Yogesh Soni:
Yes. And why has the Rs. 8.48 crores IPO capital expenditure allocation has not been utilized?
Sukhbir Singh Kukreja:
Okay.
Yogesh Soni:
And last question, what are the individual revenue, EBITDA and recurring revenue contribution
of your XtraTrust and Synergy Limited?
Sukhbir Singh Kukreja:
You wanted the breakup of all the revenue. I think all these details are already available on the
presentation we have uploaded. So, the order book executed, we have, yes, the latest one, if
you see that, these complete details are already available on the, we downloaded the
presentation, we have uploaded it.
Yogesh Soni:
Okay, okay. So, in these five questions, which are the details are not present in the presentation
that, please answer with that questions.
Sukhbir Singh Kukreja:
Yes, we will definitely answer. The order book is of around Rs. 390 crores as of now on 30th
September. The execution is of around Rs. 160 crores for all the, and this thing. And then, but
you were asking that Rs. 8.48 crores is not allocated. It is for the capital expenditure or the
equipment. And we have already made available our IT park setup is going on. And on that IT
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park setup, we have already aligned these expenses and the material deployment process is
going on. So, once that IT park is ready, our first block of IT park of 42,000 square feet is already
aligned. And hopefully, this will also be allocated in the current quarter and will be getting
executed. And in the receivables, what you wanted to know exactly? Yes, receivables is
increased, right? So, we have collected also, I will just tell you the exact numbers.
Yogesh Soni:
Rs. 24.38 crores increase in your receivables.
Sukhbir Singh Kukreja:
Yes, we have raised the, we had the receivables for the last quarter also. And on the 31st March
also, that also has been collected. And we have raised certain invoices. You can understand
that over a period of time in the current financial quarter, in the last 15 days also, few projects
have been delivered. Again, those projects, the invoices were raised in the last week, mostly in
the last week of the September. So, these will be all collected in the month of October and in
the current quarter itself.
Moderator:
Yogesh, have you done with the question?
Sukhbir Singh Kukreja:
We will answer all these details if you can just send me the data.
Moderator:
Thank you. No response from Yogesh. Next question comes from the line of Sajal Raj with
ZenFlow Finance Private Limited. Please go ahead.
Sajal Raj:
Hello, sir. I am audible?
Moderator:
Yes, you are.
Sajal Raj:
Yes, thank you for the opportunity. Sir, I have only one question. In previous conference call,
you have given the guidance of Rs. 500 crores for FY’27. So, how much optimistic you are for
achieving that guidance?
Sukhbir Singh Kukreja:
Yes, as compared to the previous quarter and if you compare with the previous financial year
also, our major execution of project is being done in the Q3 and Q4. This will be heavily loaded.
And accordingly, we are hopeful that we will be achieving that target.
Sajal Raj:
Okay, sir. Thank you so much.
Moderator:
Thank you. As there are no further questions from the participants, I now hand the conference
over to the management for the closing remarks. Thank you and over to you.
Sukhbir Singh Kukreja:
Thank you all for taking the time and participating in our earning calls today. I hope we have
been able to answer your questions satisfactorily. If you have any further questions or would
like to know more about the company, please reach out to our Investor Relations Manager at
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Valorem Advisors and send the details. We will be able to answer all your queries in writing
also. Thank you. Thank you very much.
Moderator:
Thank you so much, sir. Ladies and gentlemen, on behalf of Valorem Advisors, that concludes
today's call. Thank you for joining us and you may now disconnect your lines.
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