Softtech Engineers Limited (SOFTTECH) Q4 2026 Earnings Call Transcript

Good morning, ladies and gentlemen. I'm Akash, moderator for the conference call. Welcome to SoftTech Engineers Limited Q4 and FY26 earnings conference call hosted by Go India Advisors. As a reminder, all participants will be in 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 touchstone telephone. Please note, this conference is being recorded. I would now like to hand over the floor to Ms. Priya Sindh from GoIndia Advices. Thank you and over to you, ma'am.

Thank you, Aakash. Good morning, everyone. It's my pleasure to welcome you on behalf of SoftTech Engineers Ltd. Thank you for joining us today for Quarter 4 and FY26 earnings call. This is SoftTech's Made in Con call, and it's my pleasure to welcome you all. We have on the call Mr. Vijay Gupta, Founder, Chairman, and CEO, Mr. Deepak Bang, Chief Financial Officer, and Ms. Adishri Apte, Company Secretary and Compliance Officer. Please note that today's discussion may include certain forward-looking statements and must, therefore, be viewed in conjunction with the risk that the company faces. I would now like to hand it over to Vijay, sir, for opening remarks. Thank you, and over to you, sir.

Thank you, Priya, and good morning, everybody. And I really... I would like to have a warm welcome to SoftTech Engineers Limited's earning hearing conference calls. On behalf of the team of SoftTech Engineers Management, I would like to really be grateful to all the investors, the analysts, and the stakeholders for joining the call today. I would really appreciate your interest in this company and the time you've taken for joining with us to understand the company and much more. I'm sure some of you will be new to the company besides a lot who are already associated with the company. And for the benefit of the new, I would like to give a brief overview of the company. I myself, Vijay Gupta, founded this company about three decades back after having passed from IIT Mumbai in structural engineering and added with computer science. I worked for multinational companies before founding SoftTech, and the vision of SoftTech was to build world-class technology products for the build environment. We begin the journey with a product called STRS, which was actually structural analysis, design, and drafting product. It was a path-breaking product for concrete buildings design, and actually today it is actually kind of completing the product of Bentley, which is stayed actually in the structural engineering space. We were actually kind of competing this product in the Indian and Asia-Pacific countries and could get about. 29 to 30% of the market share in India especially, but we came through a company called CSC UK, and we sold this structural division in 2011, and this is a part of now you may be knowing about Timbal, who is the world leader in the industry. But our focus towards technology in the architectural engineering and construction operations domain remains very high, and this is where we have been continuously developing and broadening our scope towards digital governance ecosystem. Over the last three years, we have actually been innovating products in the space, what we call as architectural engineering, construction, and... Operation Space, and one of our Flaxseed products which we came out in the year 2006 is a building permit solution, and this solution is something which has actually changed the way people think about permitting. You know, like, say, we started a journey with a product named Auto DC at that time, and in that product, the uniqueness was we checked the CAD drawings, you know, like for any building to get. You need to get architects appointed, architects create the building plans, and the building plans are submitted to the authorities, and they are checked for the permitting. What we have done through this technology is we have really been able to take out a complete kind of CAD. And then from the CAD drawings, we check the entire objects and map to the building control regulations and tell the deviations automatically. This was kind of a very strong AI application in 2006, and now it has actually been working all across the country. We have penetrated it in more than about 1,500 cities and 18 states in the country today, and this is really a kind of technology which has been adapted very deeply throughout the country. Our last three decades have been towards building technology solutions, helping the governments, urban local bodies, infrastructure agencies, developers, and the construction companies. Just with the motive of improving their efficiency, bringing significant transparency, and making the decision process very, very informative and across the entire project life cycle. The solutions which are actually working towards design, approve, build, and operate... Our now, which are actually kind of independent products in initial years, have now been moving towards a comprehensive platform. And this comprehensive platform today is called a civic suite of solutions, which addresses a wide range of requirements spanning from urban governance, infrastructure project monitoring, construction management, and sustainability. Our objective remains very simple, I would say, to use technology to help our customers plan better, build better, execute faster, and govern more effectively. And this is a huge amount of opportunity with SoftTech has today. The opportunity is... Very, very big and expanding across the country and beyond the country, I would say. We are witnessing increasing amount of investments into infrastructure, which we all know about, because the industry, the country is actually on the boom side as far as building infrastructures on all fronts, roads, bridges. Metros, and so and so. There is a rapid urbanization. There is a greater adaption of digital governance from the government side. And there is a growing emphasis onto the technology-led project management. Because the kind of huge investments cannot be controlled without actually a very strong project management in place. And this is where SoftTech comes in with the technology solutions. These teams are creating strong demands and creating an environment where we can improve our compliance requirements for the projects. We can improve the speed at which the permits are issued. We can improve a great level of visibility, and we can make the decisions oriented towards data approach. We can call it a data-driven decision-making processes. One of the key milestones into F526, which was actually a very, very encouraging year for us, is strengthening our position across the governance, infrastructure, and enterprise technology, as we have received a mandate from The biggest organization like Airport Authority of India, we have got a mandate for creating a digital platform where all the airports construction projects can be monitored and governed through our product called Civit Infra. So this is something which is, in fact, a very good breakthrough, and we are confident to really make our solutions work with helping governments in terms of monitoring these huge investments which they are making and accelerating the execution of the projects at a faster speed. The platform will help real-time monitoring of all the infrastructure projects on all the airports, and will be giving a real-time dashboard information, milestone tracking, and one of the most important thing is it will have digital, BIM-based visualization and field-level reporting. So, it's a kind of working, if I talk in the technology terms, it's kind of going to work like a common data environment for entire... List of projects, and that's something which we are kind of very fascinated about in terms of helping Airport Authority of India in building the nation smartly. Our recent path-breaking development is our engagement as the technology partner for eTDR platform, what we call as CIVIT-TDR. And CVTDR has been launched by Mumbai Municipal Corporation, and it has been mandated. For the interest of those who don't know what TDR is, you know, like for all infrastructure projects, the government has a mandate of acquiring your land. And against acquiring this land, they give you either a compensation in cash or they give you a certificate which is called TDR. And this certificate is like exchanging and it's kind of a commodity. You can sell it to another person who can be owner of TDR or you can use it into your construction projects at additional FSI. So, we have created a... Exchange platform, wherein buyers and sailors can exchange the TDRs and do online trading of that continuously. This is a kind of path-breaking platform, unique and first time in India, and we look forward to making this. Through this system, a very transparent and visible TDR transactions throughout the country. It has a very great level of transparency, efficiency, and scalability provisions which will really shape the urban landscape of the country. In the governance segment, we are pleased to launch our building permissions systems at multiple places, like including we have recently got a further mandate for civic permit into the state of Gujarat, and we have been working with J&K and with GIS-based master plan, regulatory compliance, and single-video platform. This is kind of, I would say, we are quite at home and we have been working with multiple governments for making the permit as an experience, permit as easy, because permit is something which is the backbone of the country in the process of development. And the huge amount of investments of the developers is stucked up if permitting is not faster. We all know about it. So we have been really helping the governments very strongly through the help of technology. We have recently been working with National Highway Electrical Vehicle Unit to really create a kind of infrastructure platform, wherein, you know, like charging stations for EV, electric vehicles, is very, very important aspect for making electrical vehicles to come onto the ground at speed. And we are helping governments in terms of deciding the regulations for the charging stations. And also deciding the protocols which are to be followed, a procedure, standard operating procedure for getting the permits on the charging stations with the government has poised and has actually significantly been investing for providing land to the charging station owners and providing all the single window clearance platform for getting the permits. And we have been working with National Highway Electrical Vehicles Authority for creating this infrastructure portal where we have positioned all the land available for charging stations. We will keep working on enhancing this experience so that the government would be able to really manage the permits faster. Encouraging development besides the government side is actually our Civic Build has started taking up very good shape in the private sector. We have won some good projects from the construction enterprises, which were leading construction enterprises for entire construction lifecycle management through our product called Civic Build. And these are good. The wins which we have got, and we look forward to expanding this further. We have already been working in Middle East and other countries, African countries, with this product, but the wins in India, basically, with the kind of size of the business which we have now generated and the passion which we have been looking into in the construction sector for automation is really exciting us a lot with our technology platforms. While actually these all-important milestones are individually and collectively reflect something more meaningful, they definitely demonstrate, I would say, a versatility of our platforms and growing acceptance of our solution across governance, across infrastructure and enterprise customers. So, our aim towards Civit is we connect the entire ecosystem from the private contracting companies, from the consultants like architects and the fire consultants and MEP consultants, HVAC consultants, to the governments, and on a single platform, we can bring all of them together for their entire need of architectural, engineering, construction, and operations domain. We would remain focused, we would remain keep working, expanding our adaptions to these platforms and offerings, and we will keep adapting new, new technology like, I would say, like BIM, GIS, and blockchain, IoT, etc., for our products. We have really been made a very, very good successful, and very recently, we have come out with a technology called Civit Twin, which has recently been launched by Mumbai City, Honorable Chief Minister of Maharashtra, Sri Devendra Fadnavisji, launched this just a few days back into Mumbai TechFest, With AI-powered agent solutions in the presence of Honorable Municipal Commissioner and Mayor of Mumbai City. So this CVTwin is something which we are seeing as a path-breaking AI-enabled, AI-agentic technology-enabled solutions for pre-checking your entire plans and simulating the entire process of what is happening at the government side when you are putting your applications for permitting. So, this will help architects, builders, and all the consultants to really simulate and twin the process which is followed at the government side before they really submit the applications for getting the required approvals. And this AI-based... Agentic AI-based 12 agents will be working 24 hours to really help them out in terms of checking the relevant building codes and help them out in terms of shaping what are the documents needed in terms of understanding the reading the documents automatically through AI technologies. And this is going to be significant impact towards permitting space in the country and the world. We have launched the similar version of this for the German market, and we are looking forward to a big breakthrough in the same area there as well. We have been getting continuous healthy traction in our pipelines and are highly encouraged and excited by the opportunities emerging across infrastructure development. Urban governance, modernization, and the construction digitalization. The government's continued emphasis onto infrastructure creations, urban development, digital governance, and more importantly, ease of doing business. It aligns very well with our expertise. To the audience today, I would like to really brief them again that we have really helped the government of India in terms of ranking their ease of doing business up from earlier 183 to today's about 20-odd. So basically, that's the huge amount of impact which we have brought in terms of permitting speed with the governments actually deal with and have really brought a great deal of pride to our nation in terms of lifting the construction permits ranking. And that's something we are committed to and committed to make the governance very, very smart. As organizations is looking into digital processes, improved visibility, we are quite positioned in terms of transforming the organizations, leveraging especially technology like Digital Twin for simulating the entire of your infrastructure projects and mapping them towards controlling the performance of the projects, Leveraging IoT as a technology, AI, of course, as a part of it, and multiple other technology pieces for security like blockchain, etc. Given the scale of opportunities before us and the momentum we are seeing across the business sector in this industry, we are confident to have a very strong long-term business growth prospects. Over the next three to four years, I am targeting that we touch a number of about Rs. 300 crores. As a revenue, without really losing the focus onto the profitability, which is around the same numbers, like between 25 to 30% minimum as our EBITDA, and supported by continuous. New products additions, new customer additions, deeper engagements, and existing customers increasing digital transformation waves. And that's where is going to be our stress. We have really been moving towards connecting the construction industry to the manufacturing, and that's where we are working on Civic Metaverse as one of our... Extended product, I would say, from Civit Plant, to Civit Build, to Civit Infra, to Civit Sustain, and now Civit Metaverse, where we will connect the automation of plants, producing construction, like, you know, like most of the construction nowadays, slowly is moving towards. Construction done at factories, like, you know, like all metros, the construction is done at factory, brought onto the site, and then all these payments are laid, besides bridges construction there. So, basically, that's where the industry is also looking at kind of connecting the construction at site to the construction happening at factory, and there is an ecosystem, and that's where our Civit Metaverse technology would work very, very well. With this, I think we have huge potential, and I am really grateful to your support all the time in terms of looking at the company continuously. I would like to now hand over to my colleague, Mr. Deepak Bank, our CFO, who will take you through the financial performance for the fourth quarter and for the year ended, 31st March. 2026. Over to you, Deepak, to highlight the financials, and then we can move forward to the question and answers.

Thank you, Viva, sir. Thank you so much. I welcome you, all of you. First of all, good morning. Now, I will take you to the financial performance for the fourth quarter and full year ended 31st March 2026. So, starting with our quarterly performance, revenue from operations for Q4 FY26 stood at 46.6 crores as compared to 31 crores in Q4 FY25. Registring a healthy growth of 50% year-on-year. The strong performance was driven by continued execution across our product portfolios and growing adoption of our platform lead solutions. Abita for the quarter stood at Rs.10 crores compared to 4.7 crores in the corresponding quarter last year, reflecting a growth of 110%. Habitat margin improved to 21% from 15% in Q425. Profit before tax increased significantly to 4.1 crores from half crores in the corresponding quarter last year. While profit after tax stood at Rs. 2.7 crores as against Rs. 0.1 crores in Q4 FY25. On a sequential basis, revenue grew by 43% over Q3 FY26. PBT increased by 113% and PAT grew by 133%. It reflects strong execution and improved operating leverages during the quarter. Moving to our full-year performance, the revenue from operations for FY26 stood at Rs. 132.9 crores as compared to 95.2 crores in FY25, representing a growth of 40%. EBITDA for the year increased to 32.2 crores from 22.3 crores in FY25. It registered a growth of 45%. EBITDA margin also improved to 24% as compared to 23% in previous year. DDT rose to 8.9 crore from 3.3 crore in FY25. It grew at 173% as compared to last year. FAT stood at 5.3 crore as compared to 1.3 crore in the previous year, reflecting a growth of over 300%. Also, would like to update that the company had improved its day sales outstanding. It was 372 days in FY25, which now improved to 260 days in FY26. Also, our cash collection cycle improved to 169 days from 270 days in previous year. Overall, financial aid 26 was a year of strong growth, improved profitability, supported by healthy business momentum, improved operating efficiency, and increasing transactions across our key platforms. As of today, our total order book stands at approximately 232 crores, while opportunity pipeline remains healthy at around 436 crores. The strength of this pipeline coupled with the increasing adoption of our solutions across governance, infrastructure, and construction provides us confidence in our growth outlook going forward. With this, we conclude our opening remarks and would now be happy to take any questions that you may have. Thank you so much. Akash, we can now open the floor for questions and answers.

Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on the telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. Ladies and gentlemen, if you have any questions, please press star and one on the telephone keypad. The first question comes from the line of Mr. Abisha from Siddhi Technologies. Please go ahead.

So, yeah, I have a couple of questions. So, first one is regarding the order book. So, as you mentioned, the 230 crores of order book. So, can you just provide me a split on how much of that is transaction based and project based? And also on the 400 crore order pipeline, which you have mentioned on the PPT, what would be a conversion rate? And also, you have mentioned that a huge breakthrough is soon in the Germany expansion you are planning. So, what kind of order book or revenue can we expect and when can we expect, especially in this Civit Metaverse segment? And any update on the Oman order book? And my last question would be on the US side. You haven't mentioned anything on the US forefront. So, and it has been fixed to seven years. So, what can we expect a breakthrough? When can we expect a breakthrough in the US forefront? Yeah.

Yeah, so I'll go one by one. Maybe Deepak will tell about the breakup of out of order book, but normally like our order book of is consisting of. About 200 odd crores out of the 60% will be booked almost this year in the revenue. And that 60%, I think, would be about 40% recurring revenue. And Deepak, you can correct me if the numbers are extremely important. Yeah, and about out of 400, as odd as our pipeline, I would say this is a very strong pipeline. What we saw as a pipeline is actually after we have got a real number of tractions, we have been actually, if it is at RFP, then we are almost at the level where we are competing very strongly in front of other competitors, And we have actually been contributing in terms of... I would say aligning to the business needs very well. So the probability level of conversions here are very high. More than about 60% is what I can place it with the numbers. On the next, as far as Germany market penetration is concerned, we have made a good breakthrough last month when we had actually presented our solutions to the multiple authorities and architects' communities there, and it was very well accepted. Now, in the next three months, we are aligning to a specific set of, I would say, Prototyping customers where we are implementing our products with them for checking it for the complete process. Mapping, because see, this is a new country, a lot of new rules, and there is a strong level of process mapping which is required in the system. And we would like to go through a complete due diligence before we go openly into the market. So we see that another six months would be Kind of order of the period where we can start getting traction on the conversion of this in commercial science with authorities there or architectural community there. And we are going to launch both our twinning platform as well as the government permitting portal simultaneously. I can say there is a huge traction and appreciation towards the technology, and we look forward to a significant potential in the market in Germany. More so because our German investor partner Mr. Thomas Wolfe. He is very deeply into the construction tech automation. His entire 30 years have gone into a product called R.I.B., which was actually kind of leaders into construction vertical in Germany, and his understanding of the German market is very, very strong, and based on his guidance, we are moving forward in the market, and we look forward to his potential. As far as update on Omani's concern, this is, of course, like taking a significant time, and VAR has further delayed this, already taken a long time, but we are still standing on L2 level. We are from the pricing front, we are at L2 in the tender, which was there in Oman. But from the technology front, we were T1. So our potential of like technology proving is very high there. But at the same time, since our costing has gone higher than the other bidder, who is from Singapore, we are the customer is wanting that somehow we negotiate further. We have given our negotiated bids also. Now it is to be taken by the tender community. So this is already there on the portal of Oman government, and they need to select one out of these two tenders now. But war has actually made a lot of things uncertain, and we don't know what is going to happen. On the U.S. front, there are a lot of tractions we're getting into. Of course, U.S. market, if you look at U.S. market, it is very, very promising from the services point of view. But when we talk about Indian products taken to the U.S. market, it is a very tough market, I would say. But we have made good dance there. We have made good presentations. We have made POCs which are successful. And still we can say we are at a very, very leading position. We are participating into multiple. And recently we have got a good partner traction also there which we will kind of looking forward with association there. So our product now is almost aligned to all the regulations of U.S. which we call as IBC, IRC and so and so building codes. But, yes, we are looking at good level of traction there. From the private sector in US, we have started getting good initial leads, and we have already generated revenues in 25-26, though it is little, but I can see there is a traction from the subsidiary point of view. And in 26-27, we see that we will get better revenues in US on that front. And we are confident because of uniqueness and because of unique positioning of technology of this space, we are confident we will be able to win the market significantly. Hope I have answered all your questions.

Okay, and one last question. It's regarding a bookkeeping question. So, on the cash flow front or cash flow statement front, so there is an increase in the provisioning. So, what kind of provisioning are you doing? Like, it has increased from 45 lakhs to around 2.5 lakhs. So, can you shed some light on that and whether it is recurring or it's a one-off?

So, Deepak, you would like to answer this question?

Yeah, so basically the provisioning is a few is which the policy which we started last year. So here provisions, there are few provisions which, so basically in government businesses, the government uphold some 1%, 2% of our invoice values, which they will process after a certain period of time. So there are few amounts laying in those buckets. So for the better presentation in front of the investors, so based on the accounting standards, we have taken a provision for those amounts in this financial year as well. So, that amount will basically recovered in due course. So, that provision will be reversed. But, yes, we had taken those provisions in this financial year.

Okay, so, but there would be need to put these provisions in futures too, right, and would be recovered after that.

Yes, so I think we are quite good in position in terms of saying that definitely some of them will be recovered and we'll bring it back as revenues generated again. But as a prudent policy which we want to follow in terms of... Like, keeping a provision of long dues, like more than three years or so, is something which we want to kind of do it. But we are quite confident after a strong fall-offs again, and after a due course of time, because as Deepak mentioned, there are certain percentage of maybe sometimes security deposits or sometimes retentions, etc., which are actually accumulated in a period of time. and government taking them back takes time. Sometimes even seven years.

And one more thing would like to update that there are certain provisions which we have taken against the gratuity based on the, you know, revised Labor Act which came into the picture in November 25. So that also increased the gratuity liability of the organization. So, that also included into that.

Okay. Yeah, that's it. Thank you for answering all my questions.

Thank you. Thank you so much, sir. The next question comes from the line of Mr. Yesh Modi from Ashika group. Please go ahead, sir.

Good morning, Vijay Ji. Good morning, Deepak Ji and to the team. Congratulations on a great set of numbers. So my first question is with regards to the airport authority order that you spoke about initially. So by the looks of it, so the initial 17 crore order that we announced, including GST, so do you expect that order to be further enhanced in value because whatever you announce seems like 16, 17 crore is a very small order for that kind of work that you're doing. First would be that question, sir.

Yes, so airport authority, as you know, is a very big account in terms of infrastructures and all. So, yes, 16 crores, 17 crores is not a big amount from the perspective of... Investments we say the Port Authority wants to put for the digital transformation, but we look forward to successfully implementing this product very well and then announcing it further with new further digital transformation like digital tweening, controlling the digitally, remotely projects, etc., etc. As a matter of fact, the first phase The first phase of the first project actually has gone very successful, and it was highly appreciated by none other than the Minister of Civil Aviation and the Chairman of Airport Authority of India. It was announced one and a half months back, and now you can see that all the projects are even monitored by them. Online through their mobile apps, which we have provided. And this will be definitely been seen as a futuristic multiple projects, which we can target from Airport Authority of India, including maybe digital training of the entire construction lifecycle.

Sure, sir. Thank you. Secondly, congratulations on actually monetizing your Civit Sustain product. As I see, you've written that you've gained some traction in some Mitsubishi order and Gip City pipeline. So, if you could elaborate on this Mitsubishi order and the Gip City pipeline that we have for our Civit Sustain product.

Yeah, so, see, we sustain as a, as a enhancement of our product lifecycle from plant to build to. Operate and sustain and energy management, etc. We have actually been working on civet sustain as a product, and I'm really happy to announce here that we have got the first order for civet sustain from none other than Mitsubishi, because we work with Mitsubishi very well. Mitsubishi, why? Because Mitsubishi is providing their controllers to L&T for the water management of the multiple cities. And for water management, the most important thing as the infrastructure, water infrastructure management, the important thing is The managing the infrastructure projects of water pipelines, water distribution network, water quality, and also important is the pressure of the water such that as per the government's target of, you know, like everybody should have water reached to them. It is very important that we control the water pressures at different pipelines distribution. So what we have done using Civis Sustain as our technology is, we leveraged IoT, we leveraged water network simulation as a digital twin of water network, and used the data created from the controllers of Mitsubishi, which are actually used by L&T for spreading water network. For providing the real-time monitoring of entire water network in a city. And this is a project for Delhi Jalwood, first project. And we have really been looking forward to enhancing this space along with Mitsubishi for multiple cities where they are working in the water project. Not only in country, but yes, of course, it will go very big way. We have not announced this formally because Mitsubishi has its own process of kind of getting the approval for publicity, etc. So we have put in a request for their Japan headquarters. Sure, sure. And about the gift city pipeline? Give City, we are working with them on controlling this thing. Still, we are waiting for them to give a mandate for controlling, yeah. Got it.

Now, for the most exciting bit, which you have got the most excited, the Civit TDR thing, if you could tell us how many people have registered on the platform, what is the status of, has any trade taken place, and you've written the presentation that you look to replicate this to other cities as well. So if you could let us know about your plans of replicating this, can this product be replicated at a municipal level at a lot of other cities in India? Because like you said, you have 80% market share in permitting. So if that were true, how big can the market actually be? Something on that front, sir?

Yeah, so I would not be able to give you the exact number of registrations done as on date or as on this time, but they're good. I mean, I think about 100-odd registrations are already done, and we have already done some few transactions also, which are actually good on the platform, and we look forward to very good numbers. You know, like, say, last year, the transactions on TDR was about 8,000 crores in Mumbai City itself. So that's where we see a good potential of transitions onto this, but you know, like when the platform is made mandatory from 10th of May, all the transitions will now happen onto the platform, but the transitions which have happened before 10th of May are still in use. So the speed of transactions will increase as we go forward in next two, three, four months significantly because it is made compulsory from 10th of May by Commissioner of Mumbai. Now, as regards to the potential of this going forward in multiple cities and multiple places in the urban governance space, entire country is now looking at TDR as one of the major requirements because without TDR, infrastructure projects cannot move, and TDR is something which is attractive for the investors also. Because, see, what happens is, if... If I suppose I as a layman or I as a common man have a land, and if that land is acquired by government because it is coming in the path of a highway, I as a... Common men do not know what to do with this TDR or what to do with the certificate given by the government and where do I sell it. And so that's where this system was very non-transparent before ETDR. So this is the transformation which we are bringing here in terms of citizens coming on the platform saying I have this much TDR given by the government and anybody interested can buy it out. So all the municipal corporations, basically, especially the promising cities where urbanization is very much as a high growth, would be looking at it. We have already started talking to multiple of them. It would not be right at my part to really declare where all we have started working on, but I am pretty confident that a lot of...

Sure, sure, sir. And because we have generated this TDR on our platform, we are at an advantage to get these contracts with a technology partner. Say for BMC, most of the TDRs that would have been generated in Mumbai market for the past 4-5 years would have been done on our platform. Is that the correct understanding?

Yes, because TDR, actually, whenever the land is given to the authority, authority... It has a process which is followed for generating TDR certificate. That is called generation, allocation, and utilization. These are the three processes followed. In the generation process, there is a governance guidelines and all, which we have already automated, and we have been automating it through our add-on of our permitting solution in multiple cities, actually, including Mumbai, of course. So, the advantage and uniqueness position for sub-tech is we have been helping in terms of creating this generation process, utilization process, identification of joining regulations process, and so and so.

Got it. Got it. I'll fall back in the queue if I have other questions. Thank you so much for the answers.

Thank you. Thank you so much, sir. The next question comes from the line of Mr. Nilay Parekh from Perpetuity Interest. Please, Goecha.

Hello, sir. Good morning. Am I audible? Yes, yes, please.

Good morning, Nilay.

So, my question was regarding on this tax rate. So, as I see, you have given a tax rate for FY26. And 25 at around 40 to 60%. So, so may I know, uh, how this tax is calculated?

If I can understand your question, whether you're asking about the 26, 27, 40% crores, right?

So I would be asking regarding this tax

expense that was at around 40 to 60% during this FY25 and 26. Tax expenses, okay.

So yeah, Deepak, can you answer this question, please? So see, the tax expenses is purely the calculation of current tax as well as the deferred tax processes. It is something which the percentage cannot be, you know, fixed. It depends on the transaction. It depends on the transaction happened during the year, okay, and those transactions fall under which category? I mean, does it come under direct tax, current taxation process, or do we consider those expenditures or incomes and deferred tax? So based on that, the calculation comes for tax expenses. Okay. And also one additional question from this business understanding perspective, can you just let me know more about this paper

use transaction and how it is actually helping us this reducing are these DSODs based on these products and how we are looking. I'm just implementing this on a business level scale.

Okay, so transaction-based revenue is basically, if I tell you that in FY20 or 25, our transaction-based revenue was 22, 23 crores. Okay. And this year, the transaction-based revenue amount is 31, 32 crores. So year on year, if you see, it's almost a growth of 40, 45%. Okay. So this transaction-based revenue is directly, you know, comes in our account. So this improves our cash flow. So our working capital cycle will improve by this transaction-based revenue. And because we got this on transaction-based, but frankly speaking, this does not overall impact on my DSO, but because these are invoiced and collected, so it doesn't come in my receivables.

Right. So, and if you are asking the question, let me first tell you about what is this transaction-based nature. You know, like say, in the permitting solutions, we can do one time plus AMC as a contract solution. Or what we started from few years back is we Don't give software to the organizations like governments and all. We put it onto a cloud. We do entire customization, whatever required from our side as a capital investment, and we make it run through our sources. And we charge from the customer based on the permits issued through the application on the required basis. That is the one nature of transition-based model here. And this is charged directly from the applicant. The applicant is an architect. Or a building owner. Okay. So they will put an application and once the scrutiny is done through our system, they will have to make the payment based on what is the rate decided. And the advantage of this system is like basically the money is paid as soon as we have delivered the service. And so as Deepak mentioned, this actually improves our cash flow positions. This improves our, actually, the delays which happen, the government is avoided here because the payment comes. Either directly or through a treasury of government directly to our account. And there is no question on approval cycles which will go because it is already decided by the tenders. And this transaction has definitely improved and we look forward to continuously upgrading our all existing clients also towards that as much as we can. And we are really progressing in terms of improving the transactions more and more towards this area. Hope this answers your question. Yes, yes, yes. Okay.

Thanks a lot.

Thank you so much, sir. The next question comes from the line of Mr. Nikhil Chandak from Sangvi Family Office. Please go, sir.

Yeah, hi, thanks. So, you know, couple of questions. One is, you know, you did elaborate on the payments being on time, but, you know, a large part or almost all part of your India revenue is government-linked. So is there, is that the only way this will work? Or is there any product which you've kind of done, which is, you know, directly B2B kind of a product? So that is the first question. I'm just trying to understand the business a little bit better, because, you know, government linkage beyond the limit can create an issue at some stage, you'll have to negotiate with so many municipal corporations and so on, so forth to get the product, you know, accepted. That is one. The second part I wanted to check is, when I see the statement of asset liabilities, there's a lot of intangible, fairly large number, other intangible assets of 70 CR, intangible assets under development of 19 CR, other financial assets of 12 CR. So what exactly are these? And at the same time, there's also a large trade receivable number of almost, you know, 34 CR, which is like, you know, out of 20 crore top line, 34 CR is trade receivable. So if you could explain this part also a little bit better. And the third question was, you know, where do you see the revenue growth? Say, or the revenue number, say, 2-3 years down the line, you are roughly at 120 CR kind of a revenue. So, if you look at, say, FY28, FY29, where do you think this revenue as a business plan really goes to? Thanks.

Yeah, so first I go through the India government business, and that is definitely something where we have plus and minus both combined together. Plus is the size of the business is very big. The government is looking into digital transformation for the grant, but definitely trade receivables in government are not that encouraging. So, that's where I would say that the government is an opportunity in terms of creation, and government is also, I would say, a risk-free business in a way. But the challenge is collecting at time, which, of course, is something which is important to take care of. So, we have in our... Private sector space, actually, we have already aligned, I would say, all our businesses are connected from government, but delivered through private sectors. Like our current TDR system basically is a B2B kind of a business, but of course connected through government because TDR is approved, generated by the government, utilized through the permitting applications to the government. But it is actually a trading community for the business communities, mostly like either floor donors who have actually been acquired or a business house like builders and real estate developers. So, that is one thing. Second thing is our civic build as a construction enterprise solution has got a very good significant impact because, as you know, like construction industry earlier was relatively less techno-savvy, but in the last two, three years, This is something where there is a path-breaking opportunity of digitalization and digital transformation in this vertical. Significant GDP, revenue creator, construction industry is now looking forward to the digital transformation, and so is our aligned thought of CIVIT Build and CIVIT Metaverse, CIVIT Twin for that matter, for permitting. It's something or TDR. These are the solutions which we are making for construction enterprises, for the real estate developers, and also looking forward to the production units who are creating construction materials and construction equipments. So basically, that's where our alignment is towards entire construction ecosystem. Certainly, B2B is something where we are looking forward to good potentials in the subsequent years. As far as assessed liabilities is concerned, where you had mentioned about intangibles. See, we are a product company. We have generated crores of rupees as a revenue or maybe some thousands in fact crores in terms of revenue by way of delivering our products. And when we keep thinking about innovations, when we keep thinking about the products, they are going to generate revenues in subsequent years. For example, our TDR work actually has been a work of about one and a half years of research which we have done in the last year. Yes, and this is something which has started yielding results now. And we keep improving products, we keep enhancing the products portfolios, and that's where we have a very strong amortization schemes, of course, like basically once the product is capitalized, we depreciate, amortize it within three years, so four years kind of period. But, yes, intangibles are actually part of those technology innovations which we keep doing, enhancing our product portfolios. Uh, uh, state receivables, though, of course, uh, as, as you, as you said, we give, we move more and more towards. Quality revenues through transaction-based model or recurring revenues-based model, it will keep going down, and this is what is the trend we have been seeing in the last three years. It is improving in that sense. But yes, this is certainly a challenge in the government, along with a huge opportunity landscape. So, revenue growth, the revenue growth will come from a targeted growth of about 300 crores, which we are targeting in the next three years, is something where most of the revenues will come from basically India and overseas business, especially overseas. German market is something where we are definitely tagging on to, and also, like, huge opportunities in terms of digital transformations from the governments here. We have started getting tractions from Middle East. So I would say we are targeting that we move about 50% revenues from India and maybe slowly we keep increasing our...

So, the revenue target is the top line of 300 crores by what, FI 29?

Yeah, three years, yes.

Okay, and what should one think about, you know, EBITDA margins once you've scaled up at that revenue line of 300 crores?

So, EBITDA, on a conservative side, I would say we will always keep maintaining about 20, between 28 to 30 percent. But it can go up also depending upon the margins which we get on the overseas segment and also the margins which we can get from our TDR initiatives. Actually, they are very high. But we are projecting to the level where we think we are confident of continuing with the margins here.

Just one last question, if I can. You know, so how large is your business development team and the software development team? Like, if I can understand.

We are a total team of about 550 people. And out of this... Like the research, development, implementation of this all includes about 70% more than that. And then business development team is about 25-30 people.

Okay. Okay. Thank you. Thank you very much.

Thank you so much, sir. In the interest of time and for fair chance for the participants are requested to restrict with three questions in the initial round and get back to the queue for more questions. The next question comes from the line of Ms. Nehal Shah, an Indigenous minister.

Please go ahead. Mr. Neher Shah, please go ahead with the question.

There is no response from Sahil Shah, ma'am. We are taking the next question from Mr. Ankur Gulati from Genuity Capital. Please go, it's all.

Vijay sir, your TDR, if you can help with the revenue model, is there a fees paid to soft track on the transaction volume? Or is it a fixed fee to...

No, no, this is purely a transaction model. This is, we get 0.5% of the transactions made on TDR exchange.

On each transaction?

Yes, for each transactions, yes.

And now this is mandatory for any PDR transaction in Bombay?

Yes, it is made mandatory from the end of May.

Within Bombay, is it BMC, the other municipalities, or all three municipalities?

This is currently at BMC, but we are working with multiple other municipalities in Mumbai. The MMRism, yeah.

So, if you can just again, sorry, help me, let's say in financial year 26, what was the value of total TDR transactions in BNC?

This was about 8000 crores.

So, if the same volume continues, then 40 crore revenue.

Yes.

And what is the margin on this one? I guess 70-80% because there is no cost, right?

I would not say there is no cost. The cost is of data centers and cost of application maintenance and cost of integrations and continuous upgradations of this and support also to some extent. But yes, you are right that the margins will be significantly high here. It could be touching about between 70 to 80 percent.

And, sir, this 8,000 crore is BMC or all three municipalities?

8,000 crore is entire BMC area.

So, MMRDA and Nami Mumbai and Brehmann Mumbai is still outside. That's additional.

Yes, MMRDA, MSRDC, Nami Mumbai, Versailles Vira, Mirabai and the... They are all other than this, yes.

Okay. Second, sir, on the airport authority again, is this one-time license or is it some sort of a SAS model that you've been trying to increase?

No, airport authority is one-time license, but we look forward to multiple... Enhancements of this project itself, plus announcing the project to the next level, like digital training and all.

So out of the 17 crore, how much of revenue is booked in FY26F at all?

FY26, FY27, Deepa, can you answer this also, please? Oh, I'm correct.

Yeah, correct me, if my understanding is correct, you are asking that out of this order since hand, how much revenue we are going to convert into this financially, right?

No, Deepak ji, airport authority's order, when will it be recognized in 17 croon? I am assuming a one-time installation fee is going to be a one-time installation fee, and then there will be...

Yeah, so out of that, airport authority's order, I think... 40% we already recognized.

In FY26?

Yeah, in FY26.

In March 26. And the remaining 60% is AMC over whatever, 5, 6, 7 years.

Yeah, so it will be in the next, I think, 3 years.

Okay, and Vijay, sir, if you can give more color on all the efforts which you've been putting in Europe and US, so any updates from that side?

Yeah, so I already described on the question of this, like Germany is something where we are actually very personally working on, and we are definitely looking forward to good news in the... May be quarter three of this year and quarter four of this year. And yes, we have started taking smaller, smaller orders continuously, but we look forward to bigger chunks as well. So there are definitely tractions, and you can see that consolidated results are not getting their power. I guess, yes, that's where we can see better protections coming from subsidies now, and we look forward to improving it significantly in the next three, four quarters.

So, just going back to the TDR part, and sorry, this is the last question, if I may ask operator to hold on. 130 odd crore revenue in financial year 26, so 40 CR of TDR at least comes in, that takes us to 170. Is that fair?

We have considered a revenue percentage, I am not able to give you a check number how much, but we are in 130 which we have, 130?

So 130 we are done in Fi26 and we are expecting a growth rate of 25 to 27% in this year. Hmm. And for the TDR business, the amount we consider.

Yes.

No, go ahead, Deepak, sorry.

So, so, so. We cannot give you the correct numbers, but yes, we considered from a TDR business as well in this figure.

Deepak Bhai, 133 is last year. 25% of that is, let's say, 34 crores, right? The TDR alone can be higher than that. So, that is what I am trying to understand that is the entire growth coming from TDR or what is the other business going to grow like?

So, this is a combination and growth of TDR also in the first year will not be entire you can consider, entire may not be something because lot of transactions have already happened This will be used in this year. So, when you are computing it to 40 crores, etc., I don't think we can get the entire revenue in 26-27. So, there will be some numbers which are taken from KDR in 26-27. But there will be a growth on existing business as it is. We have, of course, this is, in that sense, a kind of relatively pessimistic number. We may cross this as well. Yeah, this is kind of, we are targeting a normal growth of 20% into all ongoing businesses, and we are targeting that there will be some enhancements significantly in DDR. We are targeting some significant introductions, at least, kind of orders into the German market in this year. And U.S. and Middle East will also add some...

Thank you so much, sir. In the interest of time, we request the participants to restrict with three questions in the initial round and join the queue for more questions. The next question comes from the line of Mr. Nikhil Gupta from VAYU Capital. Please go ahead, sir.

Thank you for the opportunity. So, Vijayji, my first question is more in terms of our defensibility of product in terms of how AI is moving very fast, right? So, let's, it's, it's, the question is broad to all simulate products, but let's, for simplicity, let's assume permit business, right? Yeah. Mainly government is our customer here, right? So in terms of how AI is moving very fast, it's very easy to just replicate and build on the top of our existing technology and what all additional announcement features we want So how will you... I think the defensibility or mode we have apart from just the software or other, uh, other features we have. So can you give me, give us two, three, uh, modes or, uh, other features which are very difficult to replicate in this business?

Yeah, so basically, first of all, difficult or easy is one thing, but something is the data sets which we have is right now a kind of a goldmine for us. So we have been working with the governments for the last 15 years, a lot of permits, data sets available, and we are going to adapt AI anyway significantly. As we have already launched our Civid Twin as an AI platform, Leveraging 12 agents giving permits. And this can be kind of addressed very quickly by leveraging our data mine, which we have, which actually would be difficult for any other competitors to get in. Of course, you can create a very quick application using Cloud or using other applications of AI, but bringing that into the real environment in enterprise frameworks would need a lot of data, which actually is... They are with us and we want to leverage that significantly. So in next few years, I think our enhancement of our products will be significantly towards AI, significantly leveraging agentic AI and much beyond agentic AI where we can create like kind of a proactive support guidelines using AI. We can create proactive process. Even through AI, using digital tweening to simulate the entire practical ground situations onto the digital platform using AI. And all of that is something where we are enhancing and through our CIVIT platform. That is something we are doing anyway as a research. Now, of course, you can say that there may be some competitions who can come faster, but looking at the kind of deep penetrations in the enterprises and all, the challenges are much more for them to get in. And that's a good barrier which we think is available for soft tech to keep at pace. And of course, like our R&D will continue thriving towards adapting the better and better technologies for better and better services in the governance and the construction spaces.

Yeah, makes sense. So it is fair to assume that you mentioned you will adopt technology more going forward as well. So is it fair to assume that the 550 odd people we have, this is maybe the peak and since we will use technology more and maybe the team strength will not grow that much because in the technology landscape, if you really think like the Antarctic has just 2,000, 2,500 people and there are trillion dollars. Another market cap. So, my question is just on that basis, what do you think in terms of your T Center?

Yes, so this is possible, and this is what we are trying also. It is not that we will reduce people at this moment, but we can have more growth with the same set of people or aligned to same numbers of people. Could be a little more inductions may be needed in terms of people from outside for expertise areas, like say, when we are getting into metaverse space, we need experts from metaverse besides AI experts and all. So there will be some alignments of new recruitments, etc. But yes, you are right that the percentage growth versus percentage number of people is not required to be that much.

Okay, the last question for my side is on the digital to inside. So the data collection part in this segment, so are we outsourcing that particular part or we are deploying our own sensors, own drones or other products to capture the data?

No, no, we are partnering with the people, like we are partnering with the companies who are actually providing, putting sensors, etc. Our platform will get the data from those sensors. I see. So what we are doing is we are creating a platform where IoT framework will capture the data, but the network and putting sensors on the site or putting controllers onto the site will be a part of partners, basically. Or I would say it would be a part of some other assignment given by the government.

I see. Thank you so much. Best of luck.

Thank you so much, sir. The next question comes from the line of Snehal Shah, an Indian investor. Please go ahead.

Hello. Am I audible?

Yes, Snehal, good morning.

How are you, Vijay ji?

Very good, very good, sir. Thank you.

Sir, looks like that after many years of famine, it double-fished ho hai hamaril investors ke li hai.

Thank you, sir. Your support is continuous, sir.

We are having fun. Basically, which sort of company would we benchmark ourselves internationally? Because in India, I can't think of any company which is sort of comparable to what we are doing. We want to see what is the potential of software for the next 5 and 15 years. What sort of company can we look at?

So, we would say, like, say, if you look at Procore as a company in the international market, this is something they are providing solutions for construction management in the U.S. And this could be something where we can say is kind of our... to to watch about and to learn from or to mentor us in terms of growth. From the technology perspective, I would say we are very closely watching companies like Autodesk, where we definitely leverage their technology. But at the same time, they are our guiding principles also in terms of how they are addressing the architectural engineering construction and operations domain. So, the way they are batching their design and make platform for making it work in the AC vertical, we parallel work on bringing them onto the ground, aligning their technology to our customers the way our customers want it. So, this is something where we can see that how AC Vertical is moving towards how they are adapting AI as a technology or multiple others. So, Autodesk, Nameschek from Germany, they are something which are our guiding principal companies, and Procore is something in the construction management process. Thank you. Thank you.

Thank you so much, sir. The next question comes from the line of Mr. Palaneet from SGA Investments. Please, Goethe.

Yes, sir. Thank you for the opportunity. Sir, I'd like to start out by understanding the overall customer churn date so far. I understand that we have a lot of new customers also in the past. I just want to understand, have we ever lost any customer, and how is the overall churn date right now and in the past?

As far as... So, like, of course, like, this is a RFP business, so at some point of time, we definitely lose, but most of our RFPs or most of where we say a pipeline, we work very consciously on having an opportunity to win, and when I say this, I say this because We get engaged with the customer before RFP is published. We tell them the values, and we work on specific opportunities only rather than going with all different types of RFPs. So, yes, the answer to this would be yes, we have lost some in the past, but most of the opportunities where we work, we are always kind of... I'm a winner in that. Good, good percentage of winning propositions.

Sir, could you quantify the percentage on what is the exact churn? You mentioned already that we keep losing time-to-time basis, right? So what is the exact churn in terms of us losing customers? Could you give a number?

It's difficult to give percentage, but normally, like, if I give a guideline, it could be about 70% winning and 30% sometimes losing because of cost or something. Mostly, we lose only if it is a cost parameter which comes in.

Understood. So all the customers probably we've lost or lost is because of then someone else underbidding us.

Underbidding, yes.

Understood, sir. So, one more question I wanted to understand in terms of our RIB partner, like, let's say, German partner. We have partnered with them in terms of some or other form, like, since 2019. I wanted to understand what happened with the partnership over the last six, seven years. So, we've been talking about Germany being a huge opportunity for the longest time. I wonder what happened over the last seven years that we are expecting it has finally turned now.

Okay, so R.I.B. actually is a company which was founded by Thomas Wolff, and he's a German. He's a very veteran, like kind of, I would say, in construction vertical digital transformation. So, he, as the chairman of RIV, invested into SoftTech. As a convertible debentures, I would say. Okay. And we opted not to convert them because of maybe at that time we thought like the valuation should be higher. So we opted to buy them back while we were returning the debentures and that option we had also. So, I mean, after they invested as the ventures, we took them out, and then we paid the money back. By that time, actually, RAB was acquired by Snyder in $2.5 billion. And Tom came out and he started his own family, this family fund, two family fund, and that's where he decided, looking at the kind of potential which Softech could generate for him in Germany and for, of course, Softech's technology, already evaluated by him as the chairman of R.I.B., he decided to invest into Softech through his... Family Fund, and that's how it is right now, and we are working very closely with them for the German market now, and we are very optimistic about nurturing that business along with associated experience with Tom Wolfe brings in the construction vertical there. Hope it answers your question, yeah.

I want a little more new answer in terms of understanding a working relationship. So you mentioned that there was a previous lecture, the debenture firm, was it only financial or was it also operational in terms of expanding taller geographies?

No, that was purely a financial. So the convertible debentures was only a financial. And there was no other relationship, but except for, of course, we were thinking about connecting it to their RAB platform. But the things got changed because RAB was acquired by Snyder. So we did not connect our platforms to them for permitting. And the idea was we will actually connect our CIVIT platform of permitting with RIBA as a platform, but since this got changed after Snyder acquired, so there was no other relationship as far as commercials are concerned, as it were investments from them.

Got it, sir. So in terms of operational, that's a relationship that we already established right now. So how did it exactly build up? So do we have a sales team along with them in Germany? Or what is the exact relationship between, let's say, Tom and us? And how are we exactly expanding? Like, would it be, I understand it usually will be permitting. Could we explain the landscape of how exactly you'll be entering the market and growing there?

So we have created a subsidy, and we have recruited a German sales leader, and we are in the process of recruiting more people there. Of course, like, so the responsibility of creating business will be along with this team only, which is actually a hundred percent subsidy of SoftTech Engineers Limited there. But the kind of network, kind of guidance, kind of team support in terms of approaching to the clients, et cetera, et cetera, arranging seminars and also like a very important aspect of like culture of Germany with the language, et cetera, that all benefits we get through him as our. Uh, well, we saw an associate partner in terms of establishing business over there.

So, so the acquisition, let's say we made with Mr. Miss Sandy Moser, was it the sales executor?

So, Sandy actually is basically a person there which was actually holding a company because instead of creating a new company, we just bought that company to incorporate our 100% subsidiary.

Got it, sir. So in Germany, what are the tentative, let's say, revenues, and how exactly are we entering this market? Sorry to interrupt, sir.

We would request you to join back the queues of our questions.

Okay. Thank you.

So we have one final question from Ms. Diyah Jain from Saffir Capital. Please go ahead.

Hi sir, am I on it?

Yes, yes, please. Good morning, good afternoon.

Good morning. So, can you share the revenue mix that we are expecting for FR27?

Revenue mix from the geography perspective or from the products perspective?

From the products.

Okay. So, yeah, Deepak, can you highlight that on presentation?

Okay, so for FY27, the revenue mix would be our flagship product civic permit would be higher side. So this year, civic permit was 50% of our total revenue, and we expect the same percentage in next FY27 as well. Maybe it would increase from that, because There are a few more projects which are going live in this financial year, and those are transaction-based. So that increased the revenue of Civit build, Civit permit. Then the second one would be Civit infra, which is 25% this financial year. And we hope that it will... These at same level or maybe slightly reduced in next financial year, and the remaining would be where our rule buddy, our civic build product, our services like BIM, GIS services, those will be taking care between 15 to 20 percent.

And in this, basically, we have to realign our business plans after TDR success here. So basically, I would say our major success and alignments will be towards Civit Permit, Civit Infra, and Civit Sustain in the government side, Civit Build, and TDR, and now Civit Twin. From the private sector's perspective.

Okay, sir. And we are targeting 25% to 27% growth rate for FI27, right?

Right, right.

Can we expect higher EBITDA margin ratio?

Yeah, we would like to keep it as much as we can. But yes, I mean, from the target perspective, we are very conservative in terms of saying that at least this percentage will continue. But as you said, like if the transitions in TDR increases, the EBITDA margin in TDR is quite high, and that is very exciting numbers which you can see here.

Okay, sir. Thank you, and all the best.

Thank you.

In the interest of time, that will be the last question for the day. Now I hand over the floor to the management for the closing comments.

Thank you very much, and I would like to really thank you, everybody. For joining this call today and your continued interest into SoftTech Engineers Limited, we assure you we will remain committed towards delivering the best possible technologies for this vertical, what we call as architectural engineering and construction vertical, and we remain highly excited in terms of opportunities, landscape which we have been seeing from all across, from the government side, from the private side in terms of transformations with the construction industry is looking forward and we are committed to creating a long-term value for all of our stakeholders and promise to give our best possible towards this endeavor. We look forward to keep interacting with you again and again, because the interactions, your questions will make us better and better in terms of correcting wherever we need, and we will keep updating you on to all the progressives forward in every quarter. Have a great day, and thank you very much again for you all to join this call. I hand it over to you, Priya, if you want to. Otherwise, we close the call. Thank you very much.

Thank you so much, sir. Ladies and gentlemen, this concludes your conference for today. On behalf of Go India Advices, we thank you for your participation and for using Dursama's conference call service. You may disconnect your lines now. Thank you. Have a pleasant day.

Thank you, Akash. Thank you, everybody. Bye.

Thank you, Akash.

Bye.

Thank you, sir.