P N Gadgil Jewellers Limited (PNGJL) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to the PN Guard Guild Journalist Limited Q4FY26 Earning Conference Call. As a reminder, all participant lines will be the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Ayush Adudkir from NUAM Wealth Management Limited. Thank you, Anu, to you, sir.

Thank you, Julius. Good afternoon, everyone. On behalf of NUAM, it's a pleasure to welcome you to PN Gardgal, JOLOS 4Q, FY26, on this conference call. So, on the management today, we have Dr. Saurabh Gardgal, Chairman and MD, and Mr. Deepak Vijay, CFO. I would like to hand over the call to the management for their opening remarks. Over to you, Sarut.

End of full year. Before I take you through the. Thank you. FY26 has been truly a defining year for PNG, a year in which we crossed several meaningful milestones. We reinforce the depth of our 194-year-old legacy. Most importantly, F526 marks the year in which we crossed 10,000 crores of revenue, a milestone for the first time, reporting a full-year consolidated revenue of 10,739 crores, a growth of 40% year-over-year. This is a moment of great pride for the entire PNG family, an aspiration we have nurtured for many years, and one which we are deeply humbled to have achieved. Thank you. This was meaningfully supported by an outstanding fourth quarter in which the total consolidated revenue grew by 23% year-over-year to 3544 crore, a clear reflection of the strong, festive and continued demand across each quarter. A record-breaking event, let's say it. Starting with the Foundation Day, we recorded a sale of 365. This was followed by Godipadwa, a cultural... with our customers, in which we deliver a sale of 220. Thank you. Of Q4, 2026, we added 12 new stores. Thank you. Q4-F526 versus Q4-F525. Thank you. The three factors primarily which can identify to this are a higher share of gold bars and coins in the overall sales mix. The share of gold bars and coin sales in the overall revenue mix rose 28% in Q4FY25 to 40% in Q4FY26. In value terms, I mean, I'll pray as honest. And welcome to the call. The elevated contribution compressed the consolidated gross margins due to consumer shift of gold from consumption to gold for investment in Q4FY26. I want to once again reiterate that all the gold bar and coin sales in this period are purely B2C to customers and there is no refinery or B2B business in this. Continuing the same point, in Q4 of FY26, Thank you. The marketing, promotion, and trade discounts were in excess of 50 crores, which again had an impact on the margins. So these three together have been able to demonstrate why there have been margins in Q4. But if you look at it on a year-on-year basis, we are still able to stick to an estimate of 12% gross margin and almost a 3.75% to 4% PAT level. Going ahead. There was also a question on the Q4, F526 versus Q3 of F526. Here, too, I would like to point out that the franchisee sales proportion had gone up by almost 200 crores in this quarter as we added five new franchisees, and the franchisee gross margins are in a range of 2.5 to 3%. So this was, again, one of the reasons why the margins saw a dip as compared to Q3 versus Q4. And the margins it came. In terms of value, it would have, the gold bars and coins in Q3 were. The spread ratio went down by 1%, which again had a negative impact on the margin in Q4. As far as the company's hedging is concerned, our monthly sales is in the range of around 600 kilos. The inventory we hold is around 2,000 kilos. I think by 10 to 12 percent. In Q4, FY26 was $45 crores, and in Q4, FY26 was $20 crores. So it's for another reason why we have seen the dip in the margins. But having said it, the company remains committed to the gross margin guidance of around 12 to 13 percent, with a width of 7 to 7.5 percent and a path of 4 percent, which also is in line with the current year's performance. I will now ask RCA for a talk to further continue with the comments ahead.

Thank you, Sahra, and good afternoon, everyone. I will take you through the financial performance of PNCAT Visuals Limited for Q4 and the full year ended March 31, 2026. We are pleased to have crossed the landmark of 10,000 crore revenue milestone during FY26 and defining achievement in the company's growth journey. For FY26, consolidated revenue grew 40% year-on-year to 10,739 crores. Gross profit grew 83% year-on-year to 1,302 crores, with gross margin expanding by 200 bps.

We'll now begin the question and answer session. Anyone who wishes to ask question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assemble. The first question is from the line of Yuchitja from Bhimana Capital. Please go ahead.

Hi. Thank you, sir, for taking us through the presentation. I just had one quick question. Due to the recent increase in customs duty and the advance authorization that was announced yesterday on import of gold, do you see any impact on the sales or margins on account of this?

Yeah, thank you for the question. As far as the advance authorization is concerned, it is mainly for exporters, people who are importing gold for exporting jewellery. We don't fall in that category, so it is not applicable to us. Our business is purely domestic. As far as import duty is concerned, it is directly passed on to the consumer, so it will not have impact on the margin. But what it may have a positive rub-off is it may induce people to buy less of bars and coins, which typically carry lower margins and may push the interest further to gold jewellery by exchanging old jewellery for new. So we are hoping that the jewellery sales will see a further uptake in the year and would be a positive contribution to margins.

Thank you, thank you.

Thank you. The next question is from the line of Yashon and Priya from Edwish Public. Thank you, Anu, to you.

Hi, I think thank you for taking my question. Yash from Edwish, this side. So, thanks for the detailed press release, by the way. So, I have a few questions. Basically, in the press release, as you already mentioned about the gross margin impact because of different advertisements or the schemes we provided. So, earlier you have guided about the BTL, like 1.5% we budget for advertisement cost. How should we think about budgeting ATL, like what you provide as a scheme, because we are entering into new regions. So, how you guys budget for the same?

Thank you for the question. This was not really regarding more of our advertising spend. It was on the trade discount offer which we had for the Godipadva and primarily for a foundation and gratitude date. So these offers were discount on making charges. So we had a fixed making charge of 390N rupees per gram. This is the one-time impact for Q4, so we don't see this impact being carried forward ahead. Guiding on the A&P spend, both AT&T and BTL, 1.5 is what we would stick to or, in fact, we would try to go a little lower considering the year wherein we are seeing the import duty where the focus will move more towards exchanging old gold for new gold.

Got it, got it. Which means, ideally, going ahead, the schemes which we will provide on different festivals will also be included in this 1.5% budgeting.

Absolutely.

Got it, got it. And my second question, please correct me if I'm wrong, but basically, the lifestyle business was not in our base, and that is right now 5-6% of our revenue, which is like 30% plus studied ratio. So, ideally, still YOY, the decrease in studied ratio. If I adjust for lifestyle, the studied ratio has decreased more in the core business. So, is my understanding correct? And follow up on that, any assessment you would like to provide how to think about this?

Yeah, so the lifestyle business is like around a 70 crore business. So it's only 0.7% of the entire turnover. It's not what you're talking in the range of 30%. So out of this, around 30% would be studied. So it's a very small portion of the entire studied business.

Thanks for taking the question. Thank you.

Thank you. The next question is from the line of Bharat Dhyani from MC Research. Please go ahead.

Yes, sir. Thank you for the opportunity. So, first question is, what was the inventory, the proportion of inventory hedging in FI26? And what is your plan going forward in FI27? Because typically we have seen when the inventory hedging is on the lower side, there is, you know, a fluctuation in the margin, which is not liked by the markets. So, just wanted to understand your strategy on the hedging side, what the top portion was in FI26 and what is your plan for FI27. Thank you.

Mr. Bharat, please continue.

Okay, sir, I'm audible now?

Yes, sir, you are. Hello.

Yeah. Yeah, okay. So, my question was regarding the proportion of hedging that was there in FF26 and, you know, what is your plan for FF27? Because, as we have seen, like, you know, when the hedging is on the lower side, typically it leads to margin volatility, which is not liked by the market. So, that was my first question. What was your hedging proportion in FF26 and what is your plan for FF27?

Hi, Bharat. When people are here, I would like to take this question.

Sir, the 67%, just to hop on this further, the 67% you gave, that was for quarter four. Actually, I wanted the hedging margin, hedging portion for the entire FI26, like Q1, Q2, Q3, Q4 combined for FI26. And FI27, you have already given an indication that you'll probably try to move to 75% to 80%. So, you just wanted hedging number for FI26 entire year. This is what I'm getting from MC Research. My question was that the 67% hedging percentage that you gave, that was for quarter 4, so I wanted the hedging proportion for entire year after 26, so all the four quarters combined, what average was the hedging proportion for entire year after 26?

So, last year in quarter four, last year we were at 57, so we gradually increased to 63 in quarter three. Thank you.

Okay, and this, you plan to take it to 75% to 80% in this year, FI 27, right?

Further, we plan to take it to 80% to remove the company's volatility in the margins.

Okay, so this 80% will be by FI 27 or will it take more time?

No, no, see, we are already at 67-70%, so this is what we want to continue ahead. So next year, we should be at 75-80%.

Okay, okay. And sir, last question from my side. What is your sense that because of the customs duty increase, how will it impact the demand in the short term? And any comments you would like to give on the side?

We have already launched a program called Swaraj, where we are trying to encourage people to come up with old gold, lying in lockers, lying into homes, to remake into new jewelry.

Thank you and all the best. Thank you. The next question is from the line of Palvi Deshpande from Sashmiga. Please go ahead.

Yes, I just wanted to know what is the share of the old gold exchange in your mixed-race item? And second, what will be the share of customized daily shares in the total?

40% of our entire business, and we're expecting that the old gold trend picks up. We should be at around 50% plus as far as old jewelry to new jewelry is concerned. I think that should continue at the same level. Maybe, you know, if we're looking at a greater exchange...

My last question would be, what would be the share? I mean, you mentioned in FY25, there were some inventory gains, so if you could share the absolute amount, it would help us in the analysis and the absolute amount for FY26 and FY25.

Q4 of FY25, the gains were in the range of around 70 crores, wherein if you look at Q4 of FY26, the gains were around 20 crores. So, as we increase hedging, the gains have come down.

Right, sir. Thank you, sir.

Thank you. The next question is from the line of Ankur Arora from Invite Research. Please go ahead. This call will be recorded.

Yeah, hi, sir. I'm an audible.

Yes, sir. Yeah, please go ahead, sir.

Yeah, so sir, I have a few questions. Sir, what is our volume growth in Q4? And if you can share your outlook for volume growth for the next year?

We have grown on the quarter-on-quarter. 27% on the entire gold.

And if you can just highlight what will be the outlook on the volume I am talking about here.

So part of this has been due to a new store addition and also like Deepak had mentioned before, the same store growth also has been, you know, quite strong. So it's a combination of new store and the same store growth. So in volumes, we have grown by 27% in gold volumes.

And any outlook on volume for the coming year, FY27?

FI27 volumes are a percentage of jewellery and bars and coins. I think bars and coins would see a slowdown in this year. So it's very difficult to talk on the exact volume side. But we feel that margins which come from making charges should be healthy. And I think when you look at the level of gross margin, EBITDA, and PAD, I think the guidance can be on that front. Net volumes which include jewelry and bullion exactly to quantify right now is difficult because we have just been, you know, it's only been a week after import duty has been hiked. So let us see, you know, how much of new gold is being, fresh new gold is being bought.

Understood, sir. Understood. I think another question would be, sir, you had earlier guided for a 12,000 crore top line for FY27, but in your initial opening comments, you have mentioned for a 13,500 crore of top line. So, what would be driving this higher growth, or why have we revised our guidance afterwards? What would be the driving force for this?

Sir, for the year ended, we have... We are guided for a 9,500 crore top line. We crossed that by 1,000 crore, and we are at 10,700. The good factor has been the response which was received outside Maharashtra, primarily in UP, where the non-Maharashtra states will contribute 10% of the entire business. Also, the same store growth has been very healthy. So, we feel looking at these positives, we feel that 12,500 can be stretched to 13,500. And that's where the guidance is coming from.

Understood, sir. That would be really great, sir. Another question would be on the side, I think our B2B bullion sales have increased significantly. So, how should we think about this segment going forward and can explain the nature of this business?

So, see, this is not B2B. You know, pre-IPO, we had a component called, you know, old gold which was sold for refining. So, we sell gold to refinery and purchase back new gold. As of September 30th, 2024, that has been discontinued, and of course, we have not had any sales of refinery gold. This, primarily this year, the hike has been due to... We have been able to gather a lot of new customers.

Understood, sir. And just a follow-up on this, like, I think your gold bars and coins share was around 40% in Q4. So, that has impacted our margin. So, what would be the contribution going forward from this gold bars and coins?

We always were in the range of 25 to, you know, previously it was 20 percent, you know, with gold going up as interest, it had gone to 25, 28 percent. Q4 had been exceptional, it had gone to 40 percent. I think this year it should again stabilize back to the 25 percent or even lower level. And that is what we have been always saying that, you know, this year is going to be a year of a lot of new jewelry being bought using old jewelry. And bars and coins as a category this year will see a slowdown. We should be at around 25% for this financial year.

Got it, sir. That would be great, sir. Lastly, my question would be, on the front of QIP, I think you had told that the progress is going on. So, if you can just highlight what's the progress on the QIP?

I mean, in terms of progress, like I said, there's an enabling board resolution, which is till the end of August. So, that is where we are. We haven't really thought on, you know, going ahead on that front. At this point of time, we had a good year, so as we move ahead now, there's something which we will want to explore, but QIP is not an impediment for us to grow our business. The business is self-sufficient, so that's something which we will address as time goes by, looking at the market condition and looking at the sector.

Sorry for interrupting, Mr. Ankur. Please rejoin the queue for the MOV question. Thank you. The next question is from the line of Nitin Jain from Fair Value Equities Advisory. Please go ahead.

Yeah, thank you for the opportunity. So, my first question is the clarification that the management has provided for the margin drop. So, quite a few reasons appear more structural than one-off. For example, discounts that you mentioned on Foundation Day and Deep Anwar, there is a high likelihood that they might repeat next year. Also, discounts you mentioned in the new market, as the company expands to newer geographies, there is a likelihood that they will also continue. And the last point is the franchise share. As we open more and more franchise stores, focus stores, that share also should eat up. So can you elaborate why we think of them as one-offs?

That's a good observation, but if you look at it from the entire year's perspective. This has more affected the entire annual margins. When you look at the margins for the entire year, this has already been absorbed into it. This was primarily Q3 versus Q4, and Q over Q, where we have seen that we had a lot of franchisee openings in one quarter. That has led to the franchisee margins being low, has impacted margins. I have rightly mentioned that discounts are a part of it, but this Foundation Day offer where we offered gold making at $3.99 and the gratitude offer, these were only one-time activities, they are not an annual calendar activities. So I was saying that these instances for the year are kind of not strategic. Like I mentioned, you know, firstly, the impact is only half a percent when it comes to the discount side of it. What really has been the major driver which has got margins down has been the bars and coins, which typically are in a range of 25 to 26 percent, which for the... Q4 had gone to 40% because of people's interest in looking at gold from the investment perspective, and we have garnered a lot of new customers on that front. We also expect that these customers would eventually convert into jewelry in the coming years. The gratitude day sale and the foundation day were only one-time activities. Gratitude mostly was thanking people for the 75-store success of P&G. Most of these numbers would not be strategic, and that's why if we look at the entire year, they have been factored into, and the entire year numbers, margins look on track as what we are projecting. Right. Sir, you mentioned as one of the corrective measures, you will be calibrating the gold coin sales.

So, can you elaborate how exactly you will be doing that?

Sorry?

You mentioned in your clarification that you will be calibrating the gold coin sales, gold bars and coin sales exposure, and you will reallocate the capital towards jewelry. So, can you elaborate how exactly you would be doing that?

It is being done by the industry where jewelers are encouraged, you know, of not selling more than 5 grams of gold coins to customers on a B2C level and looking at more lightweight jewelry and looking at getting old for new, so encouraging people to buy or to exchange old gold jewelry for new. So I think this would be effort across the industry. Also, the import duty hike will have a natural impact on gold investment demand going down. And this is what we're seeing, that jewelry demand is kind of inelastic, but investment demand is elastic. And when, you know, the duty has gone up, we'll see a dip in people's interest in gold as an investment in bars and coins.

My next question is on the guidance for FY27. We have guidance for 13,500 crores. So what impact do you think this import duty hike might have on this guidance?

Yeah, import duty hike primarily would have an impact on the bars and coins sale. Like I mentioned before, we don't see an impact much on the jewelry side. So if you look at our business in terms of sales, you know, there will be a portion of bars and coins, which would see a negative impact. And I think that should be in the range of 20-22% of the total sale. The balance 80% would be jewelry, and that's where we're seeing, we'll see a jump. So I think there would be a positive impact as per import duty is concerned. We are also toying with lighter weight jewellery and lighter caratid jewellery, the company which is on the cards for this year. So we are looking at 18 carat jewellery, also 14 carat jewellery. So all this will ensure that the jewellery sales remain intact and will not have a negative impact on the margin.

Yeah, I would also like to add a few numbers here for you for a better understanding. So, in particular, retail, we have closed down the year as around about 8,000 crores. And the next year targets and the guidance for the retail which we have taken in our AOP is around about 9,800 crores, which is a 23% increase. Now, if I break this down into how this has come up. This year, we have seen an FSSG of 43%, family driven by the wrap-up of the stores which are not matured for more than one year and two years. For the stores which we have opened for more than three years, we have taken an SSHG of in the range of 5% to 10%. For the newer stores, the wrap-up is annualized, so that's very healthy, and similar for one and two years when we increase our stock turnover from that. So, this 23% on a base of 8,000 crores is very much achievable, and we also don't plan to open too many cocoa stores here.

Yeah?

I will promote the next participant, which is Dr. Chaudhary from Pinchwell. Please go ahead.

Hello. Hello.

Yeah, go ahead.

Yeah, sir, my question is that, you know, we have been seeing that inventory turnover ratio has been declining for us compared to the previous year, and also if we see the trend. I just wanted to understand, is it due to that, you know, the investment done in the new stores, that is why the inventory is high, and is why our turnover ratio has been dropping?

Yeah, absolutely. You are right there. So, if you see, most of our stores are open in Q4. We have opened roundabout eight stores in Koku category in Q4 itself. That is what is not matured into the sales right now, and that's why you see an impact on the stock turnover for the year. But having said that 3.8% in this industry is an early start. On the entire world as a commodity. 3.8 is what we have closed the year on. But finally, you are right, the impact of new stores which we opened in H2 is the primary driver of this coming down compared to last year.

Okay. Sir, I just wanted to ask then, you know, currently if we see that, you know, mature stores, you know, flagship stores, so if you see that over the past 2-3 years, have our inventory turnover ratio that has been stable or have we seen decline or, you know, increase on it?

It has been gradually being flat and declining a bit, but not too significantly. Because of the quarter four this year, which we have taken the store, which opened predominantly in quarter four, has been the major impact in the stock turnover.

Mr. Jeff, you mind.

Sorry for interrupting, Mr. Prince. Please rejoin the queue for the move question. Ladies and gentlemen, in order to ensure that the management is

able to address questions from all the participants in conference,

please limit your question to two. The next question is from the line of Janil Bharat from Prudent Corporate Advice. Please go ahead.

Hello, am I audible?

Yeah, you are. Please go ahead.

Yeah, please go ahead. I just wanted to know the gross margins for the gold coins and bars segment and the normal jhurti segment.

So, on the gold bar and coins, we operate on a very thin margin in the range of half a percent to one percent. And on the normal jewelry, on the gold jewelry, which is not studied, which is not studied jewelry is in the range of. 12% to 13%. 12.5% to 13% is the right

number to place on the margins for the gold jewelry. So, there's a delta of 12% to

12.5% between bullion, gold bar, and the jewelry. So, what we have been trying to also explain that that's with the major driver for the margin drop, and once the sales goes down, which is anticipated for the next quarter, in next year because of these recent appeals from the Honorable Prime Minister, the margin should anyway pick it up. That's the guidance.

Franchisee, gross margins, I think I heard it was around 2-3%, am I right?

That's right. So, their kind of franchisee is like a fall-through, all the costs are won by the franchisee, but the gross margins are almost like neck margins.

And it also improves the return on capital employed heavily with a lighter balance sheet.

What would be the ROC on our own stores and the focus store sector?

So our ROC for this year, just a few minutes, okay?

The ROC is 30.5% for this year, and ROE is 21% for this year. And on the franchisees, pretty much there is no investment. So everything which goes through contributes to the uptick in the ROC and ROE. questions from my side, sir. Okay. Thank you.

Thank you. The next question is from the line of Paras Karkar from Finance Arkti. Please go ahead. Yeah, am I audible? Yes, sir. Please go ahead, sir.

Yeah, so my question is the peers in the industry, they have reported their gross margins EBITDA. Like in the normal range as compared to Q3. So I just wanted to understand what has led specifically the decline on our side. Is it like on the jewelry segment we are facing some competition, the demand is low, just wanted the insights on it.

So, I think we'll have to recheck that at your end also, but what we have seen, the results, the big players who are leading the industry, the gross margins have dropped for the quarter, FY26 was the last year quarter, is in the range of 600 BIPs. That's what has the numbers which we have looked at, translated. Also, the other players also have shown the similar trajectory. In terms of the margin drop, especially in this quarter.

Like I mentioned, it is primarily due to the change in product mix, which I think is primarily Q4 had a lot of interest in gold investment, which had transferred into a big rise in bars and coins. So that really has been one of the major factors. But like I said, given the guidance going on, I think this should be neutralized.

Okay, thank you.

Thank you. The next question is from the line of Yersh Sonantia from Advice Public. Thank you. Please go ahead.

Hi, thanks for the follow-ups. Just a quick follow-up. Like you said, 10% of your revenue is from non-Maharash region or state. So just want some like-to-like number like what is the make-to-order mix and inventory turns over there. I know it's too early to... Get any view, but still any like-to-like number.

See, made-to-order is a little lower there than compared to Maharashtra, but still it's a good proportion. Around 22% of the entire sales outside Maharashtra are made-to-order, while in Maharashtra, the number is at 30% to 32%.

Got it, and inventory turns?

Yeah, so I will take the question. On the annualized stock turns, while most of these stores have opened only for like 6 months, 8 months into the year, at the close of the year, we have already crossing stores which are in Bihar at 1, UP at 1, surprisingly, and to our surprise also, Indore has performed at 1.4 on annualized basis. So, these are very healthy for the new stores outside Maharashtra, and this gives us encouragement to also venture into digital markets.

So, like our guidance, we had projected around 0.8 stock terms for the year one, so we have surpassed the guidance, and all the stores in primary UP, Bihar, and MP, are doing analyze stock terms of one in the first year itself.

Thank you.

The next question is from the line of Sandeep Abange from LKP Securities. Please go ahead.

Yes, actually, thanks for taking my question. I wanted to check on the outlook of newer store openings in upcoming FY27. If you can just throw some light on the newer store, which are going to come in, some number of stores, as well as on the non-Maharashtra store count in FY27, how many stores are you planning to open?

Yeah, hi. I will take the question, Sandeep. So, in our outlook, we have planned for five cocoa stores, two P&G legacy stores, and three light style stores. The locations which we are venturing into is in Gurgaon, stamping a position in Lucknow. And we have also venturing into Gujarat. We will see now with the new strategy what happens, but these are the newer locations which we are venturing into. Most of, all of them which we have planned this year is outside Maharashtra. So we plan to open 5 Coco and 20 franchises for this year.

So like I mentioned, we still, we on the asset right model for the year, so of 25 stores, we try to do 5 to 7 COCO and the balance will be FOCO. But we would be expanding, further spending in the state of UP, Bihar, MP, but adding, but adding Gujarat this year. And we'd be also looking at, you know, Burga, which again is a, I mean, neighboring to UP, but Haryana.

Okay, okay. So, overall, you just, to confirm, is it 25 stores, right? And 20 would be approximately Foco.

So, we also have a lot of demand for franchises. So, right now, evaluating it. But it looks on track.

Okay, okay. Okay, thank you. Thank you so much for taking my question. Thank you. Thank you, Shanti.

The next question is from the line of Bharat Jani from MC Research. Please go ahead.

Yeah, thank you for the opportunity to answer, sir. Sir, just two questions from my side. Sir, one, you said that the proportion of gold bars and coins in quarter four was close to 40%, but I wanted the figure for the entire year. After 26, what was the proportion of gold bars and coins in our overall sales?

Hello. Hello. Yeah, hi. So, overall, here, my old, uh, the...

So, one more thing, this related to this QIP, I mean, the purpose of QIP was that we will raise, obviously, capital for growth and also... Bring down the shareholder, promoter shareholding to the 75% requirement. But then since, so I just wanted to check on the promoter shareholding. We have time till September 26 or we have more time for that? September 26.

So we have three years. So we have time for September 24. So we have time for September 2027.

Okay.

Thank you. Due to the time constraint, we take this as a last question. I now hand the conference order to management for the closing comments.

Thank you, everyone. We truly appreciate all the participants for taking the time out to join us today and for a thoughtful and insightful question. We hope you are able to address your queries to your satisfaction. If you have any further queries, I would like to know more about the company. Please feel free to reach out our investor relations partner, XB4 Advisory. Wishing all of you a wonderful evening ahead. Thank you so much.

Thank you. On behalf of Noor Wealth Management Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.