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Millworks Technologies Limited – InveSt★r Conclave | Investor Connect Summit 2026 — Transcript

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0:05Good morning everyone. Myself Shikha
0:07Panda on behalf of Kin Advisors. It's a
0:10pleasure to welcome you all to investor
0:12conclave investor connect summit 2026
0:15powered by a mentors and co-powered by
0:18Kin Advisers. Today marks the second day
0:21of our two-day summit featuring a
0:23powerful lineup of focused management
0:26meetings to conclude the journey on a
0:28high note. This is the first interaction
0:30of the day with me works technologies
0:32limited. From the management team, we
0:35have with us Mr. Shridar Achara sir,
0:37managing director and promoter of the
0:39company. Good morning and welcome, sir.
0:41>> Good morning.
0:43>> We have with us Mr. HK Madu, promoter
0:46and team director of the company. Good
0:48morning and welcome sir.
0:50>> Good morning.
0:53>> We have with us from Ainto team. We have
0:56with us Mr. Avin sir. Good morning and
0:58welcome sir.
1:00>> Yeah, good morning. Uh
1:02>> with that I hand over the floor to sir.
1:05Over to you sir.
1:07>> Yeah. So good morning everybody and
1:09welcome to the virtual investor uh you
1:12know conclave. Uh Mr. Shedder, Mr. Madu,
1:14it's a pleasure for me to talk to you. I
1:16think we are eagerly awaiting your
1:17public issue. Uh very interesting
1:20company. So you know just to tell uh the
1:22viewers who are uh listening to this
1:24call and seeing it uh Milworks is
1:26basically a Bangalore based company into
1:28precision engineering components. I
1:30think more details will be shared by Mr.
1:33Shrar and Mr. Madu. So without wasting
1:35time I would give the you know charge to
1:37both of them. Sir please start with
1:39giving a brief profile about your
1:41company and what are the applications
1:43how did you all start this you know
1:44company the something on the business
1:46journey if you could tell us and then
1:48you all can start. Thank you. Thank you
1:50Ainar G. Uh thank you Gian Advisers. Uh
1:53let me start off uh you know uh our
1:57growth journey story. uh myself uh and
2:01Madu we met together uh way back in 2015
2:05uh in Chennai and uh from there uh we
2:09were working in corporate companies and
2:11uh this is the time when we thought that
2:12we will move into an entrepreneurial
2:14journey and uh CNC machining and uh
2:18sheet metal uh component was uh uh one
2:22of our uh you know uh very much interest
2:25and we had carried uh those experience
2:28all our life we start we thought that we
2:30will uh get into the entrepreneur
2:32journey. This is the time when we uh you
2:36know from Chennai to Bangalore we
2:38relocated and uh invested in a small
2:41company called V3 technologies. This was
2:44a uh a partnership company and uh for
2:48more than 6 years uh we grew the company
2:51organically year on year from five
2:54machines, seven machines and up till 18
2:56machines we kept on adding uh uh
3:00organically. So this was a time in just
3:03before covid we thought that uh this is
3:05the time that we grow exponentially when
3:08the same customers asking us you know to
3:11grow big. So this is the time when uh we
3:15decided let's make it a private limited
3:18company. So V3 has been a very common uh
3:21name and uh the ROC was difficult to get
3:25us the name. So we coined this new name
3:27called Milworks Technologies Limited and
3:30uh we moved all the assets and customer
3:32base everything from V3 to Milworks. So
3:362021 November onwards uh we are now
3:39called as Milworks Technologies Limited.
3:42So initially we had only one unit with
3:45around uh 15 to 16 machines in 2021.
3:49Uh but COVID year has been uh you know a
3:52really good year for us. We doubled our
3:55top line and also the margins
3:58uh you know and uh from 2021 you know we
4:01have been growing at a much faster rate.
4:04So in uh presently we have four units uh
4:08all the four units are based out of
4:10Bangalore uh with more than 75 CNC
4:13machines and uh giving you know working
4:17for uh more than uh uh 40 customers
4:21worldwide. We've been exporting uh uh
4:25defense components, rail components and
4:28um aerospace components to around uh 16
4:32countries. uh in Europe and uh in the
4:36US. So uh our business model has been
4:40into a build to print and uh build to
4:43spec. Build to print is nothing but the
4:46customer gives us uh a very clear u u uh
4:523D drawing and a 3D model of a component
4:56and uh we may we manufacture the
4:58components as per the print. Build to
5:02spec is uh something the customer gives
5:05us uh uh a concept and then uh we design
5:10uh the component as per the application
5:12and uh then it moves to a prototype and
5:15then uh this moves uh into the
5:18manufacturing. So from the prototype to
5:21the manufacturing uh normally uh the
5:24lead times are much higher. So if you
5:27see
5:28uh build to spec and uh build to
5:32uh print you know there's a more uh you
5:35know enormous difference of uh the way
5:38we manufacture. So build to spec uh the
5:41lead times normally it takes between 6
5:44to 8 months and those are all the
5:45projects you know where the CNC
5:47machineing sheet metal bought out items
5:49we assemble them test them and give them
5:52to the customer. So normally built to
5:55specs are growing at a much uh you know
5:58higher weight. All the defense products
6:00which we are now working they're all
6:03built to spec projects and uh the rail
6:06components whatever we are making they
6:08are all uh uh they are all built to
6:11print uh models. Uh in last uh couple of
6:16years we got opportunities for uh
6:18smalltime uh acquisitions.
6:21uh we made a small acquisition uh in a
6:24aerospace uh company called Vidwan
6:27Aeronautics. We initiated this
6:29acquisition. Uh this is into uh arrow
6:33and aerero tooling component
6:35manufacturing based out of Bangalore. Uh
6:39then we also made a small investment in
6:42a spring manufacturing unit called
6:45Hindustan Springs. Uh the springs was uh
6:48uh based out of this company was based
6:51out of Mysore and uh this spring was
6:54purely into automotive but now we moved
6:57this automotive springs to uh recoil
7:01springs in the defense industry.
7:03Presently we are making trials for the
7:05defense industry.
7:07>> [clears throat]
7:07>> uh last year uh June and July we also
7:10got an um you know uh opportunity to
7:14invest in a drone company based out of
7:18uh NOA called Quickpay drones. So we
7:21made a small investment in this uh
7:24company. Presently they are executing a
7:26large order for uh 1,950
7:30drones a loitering minion drones and
7:33Milw is helping them uh you know build
7:36those drones with our own capability and
7:40uh this uh is uh ready for delivery in
7:43another uh 10 days to the ministry of
7:46defense.
7:48So uh from a component manufacturer to
7:52uh you know to an assembly this has been
7:55a growth journey and uh we have been
7:58working with uh defense industries. So I
8:01will ask Madus to talk a little bit
8:04about uh you know our journey with HL
8:07and the defense industries now how we
8:09are working uh thing. Madus why don't we
8:11talk about uh the HL?
8:15Yeah, well said. Like we have started
8:17with the small part manufacturing for
8:20the uh customers requirement especially
8:24for HL and some of the other customers
8:26including Bramhos and Islu
8:30customer used to give us the drawing and
8:33prints we used to manufacture based upon
8:35the prints. Uh now with Atmanar Bharat
8:40indigenization project we started
8:42getting into projects. So we have
8:44already won more than uh uh six uh
8:49tenders. So from the uh these projects
8:51these are all high value projects. So
8:54which we are in the race apart from like
8:57uh there is a big large tender this is
9:00on the fused lag. Uh so that we are in
9:04the almost in the final stage. This is
9:07for uh the wing substructure which is
9:10completely has to be manufactured. So
9:13the concept here is like uh HL provides
9:16us the composite
9:18material parts and uh the complete wing
9:22has to be uh the wing parts has to be
9:25manufactured in the Bangalore because of
9:27the logistics uh restrictions they just
9:30avoided other uh uh suppliers from other
9:34regions. So, so hence we have a lot of
9:38opportunity in this segment especially
9:40on the wing substructure uh complete
9:43manufacturing assembly and delivery uh
9:46to the HL. So that is one of the large
9:49uh part which we are working and apart
9:51from for many companies we already
9:55started manufacturing the parts for
9:58missile systems and missile launchers.
10:01So this is including Lbit system and uh
10:04II these are all in the pipeline
10:06already. We do have the PO. So the
10:09development activities are going on at
10:12our facility.
10:16So uh thank you Majasir for uh you know
10:19updating on this thing. Presently we uh
10:22presently we are working with seven
10:24divisions of HL which includes uh uh
10:27NASC engine division in Bangalore uh a
10:31DC helicopter uh Lucknau uh and KPUR.
10:35All these divisions uh we have been
10:37working at the component level but very
10:39recently we have been uh selected for
10:42the assemblies s subasssemblies
10:45uh and we have been winning uh smalltime
10:48uh tenders in uh these units. So uh what
10:52we see uh this tremendous growth which
10:55is happening in the defense sector and
10:57Milworks uh wants to be part of uh uh
11:02this growth journey in uh the Indian
11:04defense sector as well as uh Israel
11:07being our uh um close partners uh you
11:11know we have been working with them for
11:13some years now. So we have been uh
11:16working very closely on larger projects
11:18uh from uh Israel. So apart from these
11:22uh in the aerospace uh industry we work
11:26uh presently with Vipro aerospace uh and
11:30then couple of more companies uh in
11:32India where in which we are tire two for
11:35Boeing and Airbus. So we are presently
11:38not at 1 for uh Boeing and Airbus
11:41because uh we are presently not
11:44qualified in terms of uh revenue numbers
11:47as well as infrastructure for these uh
11:50two companies. uh our intention uh in
11:54next 3 years to become uh uh a tire one
11:59supplier for Airbus and uh to get
12:01qualified for Boeing uh once we have the
12:04infrastructure and uh
12:08uh infrastructure and uh the capability
12:11uh to build the aeros components. So
12:16this is a small brief about Milworks
12:19technologies. So uh I think uh I will
12:22open up for more questions rather than
12:25you know you know you know keep talking.
12:32>> Thank you so much sir for giving the
12:34brief introduction of the company and
12:36thank you Madusa. So we'll start the Q&A
12:39session now. So participants you can
12:42drop your question in the question box
12:44or also you can raise your hand for any
12:46questions. So sir I think we have a
12:48questions from Disha ma'am. So Disha
12:51ma'am we can go ahead with your
12:53question.
12:56Hello. [clears throat]
12:57Hello audible sir.
12:58>> Yeah.
12:59>> Yes you have audible ma'am.
13:01>> Yes. Thank you so much sir for this
13:03opportunity and thank you for the
13:04introduction sir. Couple of questions
13:06sir. Firstly on our current order book.
13:08So you mentioned there's a lot of
13:09traction that we see in both the
13:10aerospace and the defense segment. Could
13:12you help me with what is the current
13:13order book right now?
13:15Uh presently we have uh 145 crores of
13:18order book and uh in 145 crores uh 110
13:23is in the aerospace and uh defense and
13:27uh the rail components uh where we work
13:30very closely with also seammens and vap
13:33uh that is to the tune of around 35
13:36crores. So 145 is the present order
13:39book. But then what happens is uh uh we
13:42have not counted in this 145 the
13:44schedules. The schedule is something but
13:47uh where the customer uh keeps uh gives
13:50us a schedule where in which the orders
13:52are for the entire year and we are
13:54supposed to deliver them every month you
13:56know this uh this is in the rail sector
13:58and uh some of the defense sectors. So
14:02uh schedules are not counted. So 145
14:04crores is uh the order book which we
14:07have which we are supposed to deliver in
14:10next 6 months.
14:16>> Okay. Okay. And what sort of pipeline
14:18are we looking at? What sort of orders
14:20are currently in the advanced stage? Any
14:22sort of light on that?
14:23>> So so uh out of uh you know we are
14:26presently working on uh some of the
14:29Israel projects. We are working on uh
14:31one large uh saddle project with Elbit
14:35systems where we are expecting an uh
14:38order of 200 plus cres uh where in which
14:42partially it'll be executed before uh
14:45March uh 2027 and the remaining will
14:49percolate to next year. This is one
14:51project from Elvit Systems. uh we have a
14:54trial order and presently uh the trial
14:56order is uh being executed in our
14:59factory. Uh this is uh for the only one
15:02order. Then we are as Madusar also
15:04mentioned we are working on a hus large
15:07uh systems for HL where that is uh uh
15:11the project is worth around uh 71 crores
15:14and uh we have become L1 and then uh any
15:17moment we are likely to get the prior
15:20order which has to be executed in this
15:23current year.
15:25>> So what sort of
15:26>> yeah please go ahead. What sort of
15:28growth sir do we look like for this
15:30year? Because we have lot of projects
15:32that are scheduled for delivery this
15:33year and given the small base. So how
15:35should one look at the growth for FI27
15:37and also higher?
15:38>> Yeah. So
15:39>> and also how is FI26 been for us sir?
15:42>> I think we were expecting 120 K we able
15:45to do that? Yeah, we we already crossed
15:47that in uh FY26.
15:50uh uh we are ready with the RHP filing
15:53in next uh one or two days and uh we
15:56have closed at 146 crores
16:00and uh and uh for uh 2627
16:05uh we have a target of around 247 crores
16:09and uh you know all the pipelines you
16:12know we want to restrict to our own uh
16:14projects and presently which we are in
16:16which which we have orders and the trial
16:19orders for execution. So this will
16:21suffice us uh to achieve the target of
16:25247 crores.
16:27>> Okay. And so if I look at the margins, I
16:29think for the 8 months FI26 the data
16:30that is released there are around 43%
16:33sort of EITA margin. So how sustainable
16:35are these margins sir? And what is
16:37driving these high margins? Because I
16:38understand defense and aerospace are
16:40very highly complex projects. So they
16:42have higher margin but 43% is a very
16:44high number. So is that sustainable?
16:47the you know that uh number of 43% was
16:51uh for the 8 months uh project but uh
16:56you know as we have been uh closing on
16:58uh to
17:00>> uh you know on the 26 we have uh you
17:04know we have matured to around 35%.
17:07So our final numbers of uh 20
17:11uh 26th March it is coming to around 35
17:15and we will keep up that uh this thing
17:18for 26 27 35% is a realistic number.
17:27>> Okay. Okay. That is fair enough sir. And
17:29how should one look at the overall
17:30growth of FI28 and years going ahead and
17:33also on your capacity our current
17:35capacity what is the utilization that
17:37we're running at and what is the peak
17:39from there
17:40>> the current capacity we are uh running
17:44more than 75% now we have very few uh
17:47capacity left as part of our objectives
17:50which we have now given to BC is uh you
17:55know we are investing in 31 new CNC
17:59machines and putting up putting up this
18:02facility in our unit 4 where we have
18:0520,000 ft² space uh available. So the
18:09entire uh 31 machines in next 6 months
18:12will be installed
18:14uh in this facility. So uh to add back
18:18to your question the capacity wise we
18:20are already running more than 75%.
18:23And uh you know we are running short of
18:27time in in ordering machines. All the
18:29machines are already ordered now and
18:31they're all expected in August. So we
18:34are just waiting for the IPO to finish
18:36off and uh we just add the capacity and
18:40uh this capacity we have planned for 26
18:4427 as well as uh 2728 to achieve uh uh
18:51to the tune of around 280 crores. The
18:54new machines
18:56maximum capacity we can actually
19:01go up till 280 crores
19:04>> from the new machines that we put in
19:05>> in the new machines. Yes.
19:08>> Okay. Okay. So any sort of what what
19:10sort of valuation are we targeting for
19:12the IPO and any sort of timelines that
19:14one should look at? uh I think uh that
19:17uh you know separately off the line
19:20kirin advisor or my you know merchant
19:22bankers will get get you that valuation
19:25part I really don't know at this moment
19:27right now
19:29>> okay okay sir I'll get back in thank you
19:32thank you
19:34>> okay thank you Risha ma'am for the
19:35question
19:37so sir we have a question from another
19:40attendees also so I think is having a
19:42question please go ahead with your
19:54Say you're not audible.
19:56>> I'm audible.
19:58Hello.
19:58>> Yes, you're audible now but little bit
20:00like your voice is not coming.
20:02>> Okay, now it's better.
20:04>> Yeah.
20:05>> Yes. Yes.
20:06>> Yeah. Uh thank you for the opportunity
20:09and a very good wonderful practice
20:11presentation. It was sir. Uh sir uh just
20:14can you give me the revenue split uh for
20:17the defense aerospace and the rail comp
20:19rail part the two sectors that we are
20:21into forc
20:23>> so yeah what I will do is I will talk
20:26about in percentage right now uh what
20:28has happened is uh uh 65% of the
20:32business has gone into uh you know uh
20:35aerospace uh defense and uh only around
20:3930% is uh the railways the remaining uh
20:43components are in the semicon industry
20:46than uh you know other engineering
20:48industry. So to give a very clear uh
20:51this thing 65% has come from aerospace
20:54and defense and uh 30% from the rail and
20:59this will continue for the next year
21:01also and uh uh you know to 20 you know
21:06for 26 27 and 27 28 also aerospace
21:10defense will grow at a much faster rate
21:12and rail will not grow the way aerospace
21:15and defense is growing.
21:18Thank you sir. So my another question is
21:21regarding a business model that's built
21:23to print and build to specs.
21:25>> Yeah.
21:26>> So how much Yeah. How much is a
21:27percentage means what's uh generally
21:30whatever that we receive?
21:31>> Yeah. So for uh for uh 20 FI 256 uh what
21:38we completed this uh 146 uh crores uh it
21:42has been more of a more build to uh spec
21:47model you know the customers have given
21:49us the drawings they have finalized
21:52uh you know uh build to print you know
21:54I'm sorry build to print so the customer
21:57has given us the 3D models uh assembly
21:59drawings uh three uh you uh 2D drawings.
22:02So we made as per the print and uh you
22:07know build to spec has been very little
22:10you know it's uh 7030 build to print was
22:1470 build to spec was only 30 but uh this
22:18year onwards we are focusing you know we
22:21are building up cap capability in
22:22engineering and then we want to be uh we
22:26want to give more of build to spec and
22:30uh you
22:32Continue with the build to print models.
22:35Build to spec advantages and
22:38disadvantages are you know one is that
22:40the margins are very high. Uh the
22:43disadvantage is guest station period to
22:45convert uh uh the prototype or the ideas
22:50into production is between 8 to 10
22:53months. It is worth the margins are
22:56worth the
22:58you know the product uh development.
23:02>> So that is for the first time initially
23:04once the prototype and everything is
23:06clear
23:06>> and we get a repeat order then it's it's
23:09a it's a
23:10>> cherry on the cake.
23:12>> Yes. You know all my Israel customers
23:14are built to spec. the customer is
23:17giving us uh you know an idea of a
23:19product and uh we we make you know
23:23multiple uh drawings and other things to
23:26them. Then they then we work together on
23:29those drawings and move towards the
23:31prototype and once the prototype uh you
23:35know is accepted it moves into the
23:37production. So all my you know we work
23:39with 11 customers in uh Israel uh apart
23:43from uh Elvic systems, II, Bach engines,
23:47palbam you know like this uh uh many
23:50companies we are working with them most
23:52of them are you know they are coming in
23:55uh built to spec models
23:59you talked about couple of orders one is
24:01for the 200 of order so that is built to
24:04specs and HL yeah they are all built to
24:07specs sir you know an idea is given and
24:09then uh there is a lot of engineering is
24:11there and then we work very closely with
24:14the customer in fine-tuning the
24:16specifications once the specifications
24:19are fine-tuned uh we move into the
24:20prototype
24:22>> okay and sir just ballpark what is the
24:26margin sir I know that is it is better
24:29but
24:30>> so another uh you know 3 to 5% uh you
24:34know if I talk about uh uh build to
24:37print if it is the margins are uh around
24:4033%. So 5% more you will get in build to
24:43spec.
24:44>> Okay. And FI27 sir the build to specs
24:47and build to print should be 50/50.
24:49>> It'll be it'll be no it'll be uh 7030
24:52but you know we are trying to bridge the
24:53gap. Yeah. 50/50 is that's our idea.
24:56You're right.
24:58>> Okay. Okay. Uh good sir. Uh so one last
25:02question is regarding the payment cycle.
25:04>> Yeah.
25:04>> So yeah in both the way in in the
25:07railway order and in this also in
25:09>> Yeah. I will tell you the uh normally
25:11the payment orders are something uh you
25:14know the payment cycles between all my
25:16customer bases are uh between 90 to 120
25:20days uh payment cycle. Uh initially what
25:24happened is uh before this uh war in
25:28Israel, there are many shipments which
25:30we did by ocean and uh they are all
25:34container load of uh shipments which uh
25:38got stuck in uh different uh places like
25:42in Colbo port or in Chennai port or in
25:45Nawasha port. uh some of them was stuck
25:49in uh you know in a hifa port also for
25:52Israel. So the delivery of uh these
25:54items reaching in Israel or my European
25:57customers which went by ocean was uh you
26:00know it took more than 8 months to 10
26:03months but in February and March some of
26:06them started easing out they started
26:09getting uh those so uh the customer
26:12doesn't want to pay without seeing the
26:15component itself. So but they have been
26:18they have been working with us for a
26:20longer time. So this has been an
26:22exceptional year for us that uh we got
26:25uh delayed payments. Uh but what we did
26:29was in uh in in March in order to
26:33sustain ourselves we started asking them
26:36uh the customers advanced payments. So
26:39most of my Israel customers and European
26:41customers they have started paying us
26:43advanced payments to the tune of around
26:4630 to 50% of the order value. So this is
26:49going to we will continue with that
26:51model and uh the 50 the remaining
26:54balance amount is on delivery. So we
26:57will continue. So uh FY 26 27 our uh uh
27:05you know payment cycles and all will be
27:07much uh easier and the working capital
27:11uh will be much better compared to the
27:14earlier year.
27:16>> Okay. But sir since the way under the
27:19atma theme there are many companies they
27:22are into this critical components of
27:27>> defense and everything. So then we get
27:28this
27:30advanced payment really a niche product
27:34or it's what it is exactly
27:35>> sir I'll tell you the Israel uh
27:37customers we have under control now we
27:39don't have control with uh the
27:41government of India projects see we are
27:43working on a large project for drone uh
27:46assembly for uh the artillery we have an
27:50order which I mentioned earlier for an
27:5285 cr order uh this thing the government
27:56doesn't give us uh any benefit in you
27:58know uh the government of India see if
28:01we have to be there in defense business
28:04we really have to put in all the working
28:07capital uh requirement from us see apart
28:10from that we have to give an advanced
28:12PPG you know performance bank guarantee
28:14of 10% of the order value
28:16>> and uh all the payments are after
28:19delivery only you know it's not you know
28:22you won't get advanced payments for any
28:24of the defense projects this is uh uh
28:27problem you know you know what we uh
28:32what we have been working uh with the
28:34government you know for the you know the
28:37so we have to live with this system if
28:39we have to be in the defense business
28:41>> got it sir thank you sir thank you for
28:44patiently answering on the answer to my
28:46question sir I join in the kos thank you
28:48very much and best of luck for sir
28:50>> thank you sir
28:52>> thank you sir for the questions
28:57So sir, next question I have from Mr.
29:00Priyank I guess. Priyanch sir, please go
29:02ahead with the question.
29:06>> Yeah. Hello sir. Hope I'm audible.
29:08>> Yes pri.
29:10>> Yeah sir my first question on the
29:12revenue split that you mentioned for
29:14FI26. Uh so you mentioned uh 65% from um
29:18a aerospace 30% from railway.
29:21>> Yeah. But if I recall correctly sir uh I
29:23think uh two months back when we uh had
29:25a inter uh one more uh discussion right
29:28I think for 8 month 26 uh uh 47% was
29:33already from defense and uh 37 was
29:36already from uh railway
29:38>> so so let me tell you uh the 3 months
29:41you know I'm I'm talking about the full
29:43year now so the full year uh we had a
29:47lot of invoicing done in February March
29:50for the defense sector
29:51especially at the component level on uh
29:54on the defense sectors. So the game plan
29:58uh right now for us is to more move more
30:01more into aerospace and defense rail is
30:04uh there but you know rail as we have
30:06been working only with the OEMs like
30:09seammens and also and all so that will
30:11continue to grow. So here I have
30:14combined aerospace and defense together.
30:16So earlier you know we had uh split you
30:19know between aerospace uh defense uh
30:23semicon and others and railways you know
30:25four different sectors we had now in
30:28order to make our uh you know there's a
30:31very thin line between aerospace and
30:33defense so because the similar
30:34components like HL you know uh I would
30:38call it as defense some will call it as
30:40aerospace so you know so I've tried to
30:42combine aerospace and defense so
30:44aerospace defense has been
30:46Last year when we have completed for
30:48March 31st has been 67 65
30:52around 30 is rail and all others are you
30:56know semicon machineries and uh you know
30:59other uh businesses uh altogether.
31:04>> Okay understood sir. So um one more
31:07follow up on the split part also sir
31:09like uh if I see from FI23 to 25 right
31:13like uh uh we had like a huge dependency
31:16on railways right uh railway growing
31:18from 20% of our revenue to almost 70% by
31:2125
31:22>> correct
31:23>> so u will going ahead like aerospace and
31:27defense will be the key segment that we
31:29uh looking to pursue or there could be a
31:32uh seasonality also
31:34>> no uh I'll tell you uh you know it's a
31:37good question you asked. See uh we were
31:39in a growth stage in uh uh in 23 24 in
31:44early stages different sector uh this
31:47thing you know to get into vendor
31:50registration and getting the approvals
31:52in Israel and all it's a time consuming
31:54and you require a lot of patience you
31:56know and get so we did all this basics
31:59in uh uh 24 and 25 so now we are seeing
32:04those order orders coming in you know
32:06backto-back orders coming from the
32:07aerospace defense
32:08So when you actually prove them you know
32:11you now start getting orders see in rail
32:14sector what is happening is um you know
32:18there's a stagnation uh which is coming
32:20in uh you know the types of components
32:25and the projects which we are coming so
32:28European uh rail you know like uh also
32:31or semens or they're all presently
32:34because of the economic conditions what
32:36is happening many of the projects are
32:38going slow. So, uh railway will not grow
32:43the way aerospace and defense is uh
32:45happening. You know, that will be only
32:47around 10 to 15% uh annually we'll be
32:50growing uh in the rail sector. So
32:53aerospace and defense there's ample
32:55growth you know and uh the type of
32:59projects which we handle uh we see
33:02backto-back inquiries coming in on
33:04similar projects and uh presently we are
33:07not geared either on uh infrastructure
33:11uh to handle large projects uh because
33:14uh as I also mentioned to become an
33:16Airbus or a Boeing we require a
33:18controlled atmosphere factory. The
33:20entire factory has to be uh air
33:23conditioned factory. Presently we don't
33:25have that. So we are going to build in
33:27next 6 months a controlled uh
33:30temperature factory once this factory is
33:33up. So we are open up for you know
33:36either Rolls-Royce because we are seeing
33:38Rolls-Royce name coming up uh you know
33:41in the news uh they're setting up uh
33:45bigger plants in Bangalore and in Hosur
33:47and all. So we have ample opportunities
33:49you know in uh aerospace defense. We
33:52will focus on this growth in the coming
33:54years.
33:56>> Understood sir. Uh yeah this is very a
33:58prudent strategy sir. One more uh number
34:01that I want to understand is uh how much
34:03Israel as a overall revenue basket could
34:07contribute to.
34:08>> So presently it is around 20%. Sir
34:12>> 20%. uh it will grow up till uh 30 to
34:1635% in uh 2728 it will grow very fast.
34:22>> Okay. Given the uh pipeline and the
34:24order visibility.
34:25>> Yes. Yes.
34:27>> Okay. Sir one more question. Uh out of
34:29this uh aerospace and defense what is a
34:32split between the sub assemblies and the
34:35component u for
34:38>> 26. So for 2526
34:41uh component level is uh uh is around
34:4660% and assembly is around 40% right
34:48now.
34:50>> Okay. Uh any guidance s how this split
34:53will look like in next one or two years.
34:55>> So you know we are focusing more on
34:58assemblies now uh rather than the
35:02component level but we are not leaving
35:03any opportunity on the component level
35:05also. uh when we start manufacturing
35:08components for engines you know we are
35:10making uh components for engines which
35:13is uh uh there's a company called BHSH
35:17engines in uh
35:20uh in Tel Aviv uh those are all will go
35:23a component only it will not go as a sub
35:26assembly or an assembly when it comes to
35:28missiles missile carriers or missiles uh
35:31systems or uh launchers or such type of
35:35defense projects it will go as a sub
35:38assembly or an assembly.
35:41>> Okay, understood sir. Sir uh um we
35:44discussed about the railway but we miss
35:45out on the semiconductor part right? So
35:48the PCBs that we make that also goes
35:50into aeros.
35:51>> No no we are not making PCBs we are
35:53making uh components for the machines
35:57which manufacture PCBs. So the
36:00components uh we supply to a company
36:03called ASM technologies. they
36:05manufacture machines for Tata
36:07Electronics or Micron or any of those
36:10you know or Apple uh iPhone
36:12manufacturers. So they make machines I
36:15make components assemblies sub
36:17assemblies uh to the machine
36:20manufacturer.
36:21So since these machines are used in
36:24semiconductor industry so we are just
36:27you know for our own convenience we have
36:29categorized as semicon industry.
36:33>> Okay. So sir the focus will be there
36:35also going ahead or
36:37>> yeah we are not focusing much on this uh
36:39because we are uh we have been uh an
36:43approved customer for uh these two
36:45customers you know and they are
36:47receiving backto-back orders. So any
36:50inquiries coming in we are taking up
36:51because we don't require a separate
36:54infrastructure for manufacturing this
36:56this will go along with uh aerospace and
36:59defense uh projects. So we take up as
37:02and when uh the projects are coming from
37:04uh these customers.
37:07>> Okay. So the pro product that you built
37:10for these two semicon company sir uh
37:12like do you have other competitor also
37:15uh like in India?
37:17>> Correct. So there is a company called
37:19Micron Industry which is setting up a
37:21massive plant in uh uh in uh Ahmedabad
37:25in uh in Gujarat in Saland area. And
37:29then uh of course Tata Electronics is
37:31building up new new plants in Gojhati.
37:34So there's massive orders for
37:36manufacturing these machines uh with
37:38these companies. So we are trying to
37:41work with them. We see that there is a
37:44growth potential but uh because of our
37:47limited uh uh capacity right now we
37:51would like to focus on uh the aerospace
37:54defense itself. So that will only be a
37:58you know uh anything which comes it'll
38:00just add into our top line.
38:04>> Okay. So in your next year estimate uh
38:08240 C or something. So that is not
38:10accounted right. Uh
38:11>> that is that is very small uh it is less
38:13than 3%.
38:15>> Okay.
38:16>> Okay. Thank you sir for answering my
38:18question.
38:18>> Thank you Priyan.
38:20>> Thank you Priyan sir for the questions
38:22and thank you Shras for the answer. So
38:25sir, we have a next question from Mr.
38:27Rahul. So they have raised their hand.
38:30So Rahul sir, you can go ahead with the
38:32question.
38:37>> Yeah. Hi, I'm audible.
38:39>> Yes.
38:40>> Yeah. Good morning sir. Uh first of all,
38:42thanks for the brief introduction. It
38:44was very helpful. I'm I'm a bit new new
38:47to the company. So just a few basic
38:48questions to start with. uh if you can
38:50just please take me through this sales
38:52growth that we have seen in this year 22
38:54kores in 25 and 140 kores in 26 this is
38:58a very large growth if you can maybe
39:00specifically take me through which
39:02programs which customers led to this
39:04growth yeah
39:06>> okay so uh the the first and the second
39:09number which is small number this is
39:11purely 100% rail business and a very
39:14small business of HL
39:16>> now the third number is there are in uh
39:20in between uh 24 25 we were building lot
39:24of build to spec projects you know uh
39:26all trial orders and all this got
39:28converted into this current year so you
39:31will see a bigger number
39:32>> in this year then the major project
39:35which we started working on is the drone
39:38project where we built the all the
39:41mechanical components for the our small
39:44acquisition which we did in uh NOA so
39:47the major
39:48portion is come from the artillery
39:51division where in which we manufactured
39:54all the components for the loitering
39:57minion drone. So we did all the
40:00component level subasssembly level for
40:02this uh drone projects. So that has been
40:05a substantial growth for the uh 25 26
40:09year. Uh added to this we also executed
40:12some large orders for uh Elvbit systems
40:15and uh a company called Palbam in
40:18Israel. Those are all new customers
40:20added in the
40:22uh financial year. So these all orders
40:25uh built up these numbers for this uh
40:28140 plus CR.
40:30>> Got it. Uh if I may just uh cross
40:33question a bit on this answer. Uh I
40:36believe the drone business that our
40:38acquired company got was approximately
40:4180 crores right 80 85
40:43>> 85 yeah 85 crores
40:45>> so in that our component would be what
40:4815 20 kores at max not
40:50>> no it no it'll be somewhere around uh
40:52around 35 36 crores
40:55>> okay 35 36 crores got it and the second
40:58thing that you said was BTS helped us
41:01scale in this year we had a lot of
41:02programs which converted into commercial
41:05this year, right?
41:06>> Correct. Correct. This is for the Elvit
41:07systems uh H
41:10>> and uh
41:12then the then we had a company called
41:15Pulbomb. Then we also have a company
41:17called BCH Engines.
41:19>> So like this you know all these got
41:21converted into orders that will be
41:23somewhere around uh uh another 40 45 CR.
41:28>> Okay. 40 45 CR from this side also.
41:31>> Correct. A rail business also grew up. M
41:34>> rail business also grew up to the tune
41:36of around 40 45
41:40>> but then I believe in the answer to the
41:43previous participant you said that BTS
41:45was a smaller contribution than BTP this
41:48year
41:49>> see you see the uh you see the entire
41:51year's numbers the numbers are all uh
41:54coming exactly to the tune of what I
41:56have made so uh there's a again you know
42:01uh build to spec has been with uh some
42:04of the Israel customers. You know what I
42:06mentioned and uh in this uh drone uh
42:10assemblies also some of the electronics
42:13and subasssemblies also we have done all
42:15the specification designs specification
42:19uh you know because it took us more than
42:21a year for us to build all those spec
42:24you know all those uh capabilities.
42:26>> So so there is a thin line between uh
42:30those numbers here. So you should not
42:33worry much about this but we will have
42:36we will have a bigger
42:38>> doubt about that. So my main query for
42:41asking this was because defense
42:43customers usually take a long time to
42:45scale and exactly we have seen a rather
42:49well of course we have we have gone
42:50through that trial phase development
42:52phase but then suddenly we have seen a h
42:55youth spike so hence I was surprised as
42:57to what suddenly changed with these PSUs
42:59and larger companies. Yeah, but if you
43:01see uh this coming year also uh the
43:04projects which will get converted into
43:06orders this year uh these projects all
43:09the trials are being uh done in 25 26
43:12itself but you will not see many any
43:15numbers at all. So you will see those
43:16numbers only in this uh current year and
43:19next year. So since the guest station
43:21periods are much higher so you know and
43:24uh uh approvals take a longer time so we
43:28require to have and modifications also
43:31you know lot of changes happens in the
43:34design itself you know based on the
43:36requirement so we should have yeah we
43:38take a you know a lot of patience and do
43:41it slowly.
43:42>> Got it. Just to continue on this
43:44approvals part so like I said I'm a bit
43:45new to the business. I just wanted a bit
43:47more understanding on the business
43:48quality. From what I understood that we
43:51are primarily into machining, right?
43:54Would that be the right thing to say?
43:55>> So I would say uh our bread and butter
43:58we started off with machining. Then we
44:00moved into sheet metal component. Then
44:02we have a 3D printing facility for uh
44:05the drone systems itself.
44:07>> Then we also built a a little bit of uh
44:12integrating electronics into the you
44:15know mechanical part. Then we are now a
44:18completely an assembler. You know we can
44:20assemble electrical, electronics, sheet
44:23metal components, machined components,
44:27uh test them and give them as an
44:29assembly.
44:30>> Got it. So my question here is that we
44:33are making significantly high margins
44:37when I look at compared to other players
44:39and being in the more of the mechanical
44:41area being the machining part. uh there
44:45would be a lot of players who would be
44:47in our segment competing with us. So if
44:50you can share more on that from that
44:53perspective as to what is the complexity
44:54in our business, how are we able to make
44:56such margins? Uh maybe if you can add in
44:59the approval process or something, how
45:01long does it take because I feel a lot
45:03of people can get into the segment.
45:06>> Uh you're right on this. uh uh the thing
45:10is uh our uh you know we want to be
45:13slightly different from our competition.
45:16Uh there are three aspects we are giving
45:18uh them uh you know we have built up a
45:20strong engineering uh uh base in our own
45:24system. So when an inquiry comes we work
45:26very closely uh with the customers uh in
45:30fine-tuning the specifications. So the
45:32customers uh come to us you know
45:35sometimes you know it is a mutual uh uh
45:39understanding of the product itself you
45:41know what we understand and you know
45:43based on our experience and their
45:44experience we try to build a you know a
45:46new product itself this is from the
45:48engineering side second thing is a top
45:51you know milwork is known for the
45:53topnotch consistent quality between
45:56batch to batch we have been giving
45:58consistent quality so the customer is
46:00completely ly happy with the the
46:03consistency of the quality and the third
46:05thing is on the uh identification of the
46:09supply chain of the raw materials or any
46:12of these things. So we are able to get
46:15hold of our supply chain you know
46:17whether it is a uh you know special
46:20grade of aerospace material or any of
46:23those we are able to get those raw
46:25material at a much faster rate with a a
46:28strong supply chain base. Then end of
46:30the day customer wants a top-notch
46:33quality and on time.
46:35>> These two things you keep uh them and
46:38then the repeat orders is uh not a
46:41problem. And we see that uh many of our
46:45peer groups you know are not able to you
46:48know give a consistent quality and uh uh
46:52on-time delivery. So they miss out on
46:54some some tier you know some some
46:57important projects. So that will be the
47:00key and that we will continue to hold on
47:02in the coming years that we want to make
47:05it as a mantra in our own uh you know in
47:08our the way we work.
47:10>> Got it. Very clear. So maybe that we can
47:12also understand this question in another
47:14way. Uh if we can uh like you told me
47:17the customers that led to this growth in
47:19this year. Maybe if you can specify the
47:21key programs for example a particular
47:23aircraft or a particular defense vehicle
47:26or something that led to this uh what
47:30were the key programs for us this year?
47:32>> So so there I would like to mention
47:34about this two programs. One is uh we
47:37are working on a it's called as a saddle
47:39project. This is a missile carrier
47:42system for an F-16
47:44uh or an F-35 aircraft where a carrier
47:47is used to hold the missile onto an
47:50aircraft.
47:51>> So this is a sheet metal part uh which
47:55has uh plenty of uh machined components
47:58assemblies subasssemblies riveting
48:02>> uh you know and then you know it's it's
48:04a assembly itself. So
48:07>> um all the F-16s uh in Israel you know
48:11Israel is having around 200 F-16 and
48:13F-35 aircrafts
48:15>> okay
48:15>> uh that requires an uh overall you know
48:19MRO activity or the fitting of all this
48:22this career will fall off along with the
48:24missile. So extensive use of this
48:26aircraft right now in this uh Middle
48:28East war. So they require all backups
48:31you know they require a lot of stock you
48:34know. So uh we have been one of the
48:37strong players a strong supplier for uh
48:39these type of uh projects.
48:41>> Very
48:42>> uh yeah and this will grow in a much
48:44faster rate. Even though it is a small
48:47pie right now they are trying to you
48:50know find out uh a new supplier base in
48:53India you know being milworks being a
48:55predominant one but their existing
48:57suppliers are all in France. So they are
49:00trying to move all those because of the
49:01volumes and other things they trying to
49:03>> move to India. Uh the other important
49:06significant project which Madus
49:09mentioned we are working with um
49:12uh H for a fuselage project and this
49:16will actually
49:19>> uh this is for an ALH uh aircraft
49:22>> helicopter.
49:23>> Yeah. So this is called as a fuselage
49:26project which we are presently uh become
49:29L1 once uh once we get this order and uh
49:34you know this will change the Milwork's
49:36way you know we'll be in the big league
49:38like Dynamatic Technologies or
49:42>> Azad Engineering so
49:44>> I know that should happen in uh you know
49:472728
49:49>> got it no so uh what you said were the
49:52programs that are going to drive us for
49:53this year and the next and the future
49:55but I want to understand the existing
49:57programs that have driven this one.
49:58Yeah, the existing one I mentioned about
50:00the saddle project you know that uh
50:03itself but the future is with the h. So
50:06there are smaller projects which we
50:08worked uh with Elbit systems and other
50:11uh this thing in Israel. They're all
50:13very smaller projects. They're all
50:15specific project name is not there
50:18because of the
50:19>> of course
50:19>> client confidentiality.
50:21>> Of course. No. So the reason was uh to
50:23to ask this was to understand the number
50:26of vendors that we compete with usually
50:28with our customers. Is it like a huge
50:31base since we are doing a rather uh not
50:34as complex work since we are doing more
50:37of sheet metal more of
50:39machining are there more vendors per
50:41customer for our product or
50:44>> yeah I I'll tell you uh this uh see the
50:48the customers are very same customers
50:51for many of the peer group like Azad
50:54engineering also works with Elbid or uh
50:57you know Dynamatic also or sanssara
51:01engineering you know they all work with
51:03the same but on different projects
51:06>> so the pi is you know much bigger so you
51:09know I think uh there's space for
51:11everyone to grow
51:12>> got it
51:13>> so you know and uh we are at the right
51:15time uh being part of the spy
51:18>> very clear and just coming to these
51:20orders that we are planning to win the
51:22Israel 200 cr order the HL 70 cr order
51:26if you can give more info about this but
51:28the timelines means uh the 200 cr order
51:31is the same F-16 program or some other
51:34program.
51:34>> Yeah, it's a F-16 F-35 program.
51:38This uh is presently on the trial base.
51:40You know, we have a trial order and
51:42advance amount paid for the tooling.
51:44>> The customer already has done that and
51:46presently it is under execution. So
51:48trials is likely to be con completed end
51:51of September this year. Okay. And uh the
51:54approvals will come by October end and
51:57uh Israel team is going to be here in uh
51:59in July. They will help us uh you know
52:02build this entire project. So three
52:05member team you know they will help us
52:07set up the fixturing line or production
52:09line everything in July. And our idea is
52:13to you know out of the 200 crores at
52:15least 100 crores to be you know to
52:17dispatch before March.
52:22>> So you are saying that that you will get
52:23approved in September October and
52:25>> within
52:27five months you will sell 100 C.
52:29>> Yeah. Yeah.
52:30>> Okay. And uh the 240 K number that we
52:33are guiding for FI27 100 K will be
52:36>> will come from this. Yes.
52:38>> Okay. Got it. And then uh we are working
52:41on uh this HAL project as Musar
52:44mentioned on the fuselage project. That
52:47uh timeline is uh you know we are likely
52:50to get a trial order uh in the month of
52:53July or first week of August and then
52:56the trial order will uh extend up till
52:59December this year
53:01>> and uh at least 35 to 40 crores we will
53:05be building in this year out of the 71
53:07cr. So, so these are all only the two
53:11projects which we have mentioned but
53:12there are many projects which we have
53:14bid you know and uh we will you know
53:17those are all at the smaller uh levels
53:19you know it's around 12 crores or 20
53:21crores you know this and all will add up
53:23so if any of these these projects fell
53:25apart or delay or anything there are
53:27other projects to fill up these numbers
53:30>> got it okay and so that's what I was
53:32going to ask next as we know our
53:34business would be more of driven program
53:37to program and hence very lumpy. If for
53:40example one program ends as we know
53:42usually the defense
53:44pro procurers procure it uh for one
53:49particular batch of aircrafts or one
53:50it's not a recurring order basically.
53:52>> No no this uh Elvid project what we are
53:54talking about the saddle project it is
53:56for a 15-year program and uh we we are
53:59signing off uh for 5 years. So this is
54:04uh you know and there'll be backtoback
54:06similar projects coming in uh with
54:09different ranges you know different
54:10sizes of those carriers you know missile
54:12careers. So
54:14>> there will be backto-back projects. So
54:17it's it's only you know how much uh we
54:19can uh uh you know take it up and
54:23deliver.
54:24>> You have a five year signed commitment.
54:26You are saying
54:28>> we have yeah we have Yes. Yes. We have
54:30>> annual procurement is how much
54:34in value terms?
54:35>> Uh annual
54:36it is a minimum of 200 cr on this
54:39project alone. Annual procurement 200
54:42kores for the next five years that 100%
54:44locked in.
54:44>> Yeah, exactly.
54:46>> Okay, got it. And uh what is this pro
54:49product called exactly? I just couldn't
54:51hear you clearly.
54:52>> This is called as a missile carrier.
54:55>> C A R R I E R. Correct.
54:58>> Missile carrier for the F-16 and also
55:00the F-35.
55:03>> Correct, sir.
55:04>> Got it. Uh okay. Okay. But any large
55:08programs uh for this 140 kores that were
55:11in FI26 that will not repeat in FI27
55:15maybe those were one-off programs that
55:17only came in FI26 anything like that
55:19>> right right now none of the projects we
55:21are working like that we are working on
55:23all minimum fiveyear projects because
55:25there the customer is investing on the
55:27tooling itself so tooling itself is will
55:30come to around four five crores and uh
55:32the customer will pay in advance so they
55:34are very clear this this tool Yeah,
55:36these tools needs to be used for a
55:38longer term.
55:40>> Okay. So, the tooling for the F-16 and
55:42the F-35 is being provided by the
55:44Israeli customer to us.
55:46>> Correct. Yeah, they will pay for us.
55:48>> And just one last question. Sorry to the
55:50moderator. Just one last question.
55:52Initially the plans for FY28 were much
55:55lower. I believe we were not targeting
55:57as much based on our previous
55:59interactions. But now we are targeting
56:01much more. So, what has changed now? So,
56:03so I'll tell you in last two three
56:05months uh many Israel teams have visited
56:09our factory now
56:10>> and uh we have given them all the
56:13projections our our unit 4 is going to
56:16be a world-class factory and for every
56:19uh interaction with uh any of our
56:22customers they are asking us to build us
56:24a air conditioned fully temperature
56:27controlled factory presently we don't
56:29have
56:30>> and uh we have put up a blueprint we are
56:32just waiting for uh uh the IPO's uh
56:36closure. Once this is closed, we will be
56:39ready with this uh in 2 months you know
56:42temperature controlled and we al yeah
56:44and this is a minimum requirement
56:47because
56:48>> uh these parts are all some of are made
56:50of titanium and all you know you they
56:53they don't like you know it it needs to
56:55be a very clean you know atmosphere to
56:58manufacture this.
56:59>> Agreed.
57:01But what about the machines? We will
57:03also need to import machines. That will
57:05take a lot.
57:05>> Some machines. Some machines we have
57:07already ordered, sir. They're all on the
57:08pipeline. Some of them
57:10>> I believe the plan is for 46 machines.
57:12How many do we have in hand already?
57:14>> 31 is uh we have ordered already 31 and
57:19some of them we have paid advances.
57:21Others and all are you know let me be
57:25very honest we don't have money right
57:26now. Once post yeah post IPO we will get
57:30all those
57:31>> and just one last question sorry again
57:33uh what is the name of this drone
57:35company that you have acquired how much
57:37have you acquired of that company and
57:39what is the name that you are saying
57:41>> yeah it is a quick pay drones Q quickay
57:46drones
57:46>> quick
57:47>> this is yeah this is based out of uh
57:50Nida
57:51>> okay
57:51>> and uh this uh they have been working on
57:54this drone for last 5 years
57:56>> okay And uh they uh they they work only
58:00on three specific uh category of uh
58:05drones. One is the one drone is uh
58:09>> uh the loitering union drone or the
58:12kamakazi drone. Yes.
58:14>> Which uh we are presently executing an
58:16order right now.
58:18>> Okay.
58:18>> And uh that order will be invoiced uh by
58:21quick pay to the artillery next next 10
58:24days.
58:25>> Okay.
58:25>> Okay. And uh the second drone is uh uh
58:29this is called as ibot. This drone is
58:32presently uh used in uh in CNN and
58:36Pangong Lake and all. We have an
58:38exclusive you know we are the only
58:40approved army uh drone supplier. This uh
58:45drone can identify uh the dead bodies or
58:49any of those soldiers in the border
58:51areas to the tune of 15 m. Pra depth
58:57any of those uh buried our drones can
59:01identify and help the uh rescue team.
59:04>> Okay.
59:05>> So this drones uh we have already
59:07supplied around 12 drones in last two
59:09years and uh presently we are working on
59:13another large order for the eastern
59:16command
59:17>> for the kami kazi or for this one this
59:20particular
59:20>> I bought I bought this.
59:22>> Okay. How much do we own of this
59:24company?
59:26>> So, uh this company uh last year did
59:29they did around 12 crores. They were
59:31very small. Now they are uh growing. Now
59:35they are working on uh uh another uh
59:38shine type of drone you know. So that is
59:42under development that uh drone will be
59:45ready uh in 2728.
59:48>> Okay. But would we be owning more than
59:5050% of this company?
59:52>> No, we are we are presently owning uh
59:55only around uh 8 and a half% presently.
59:58>> Yeah, presently we are owning uh this
1:00:01thing. So for Milwork's numbers I have
1:00:04for this current year I have not taken
1:00:06any of those drone projections but uh
1:00:09the you know as we progress because uh
1:00:12uh those are all subjective defense
1:00:14orders you know. So we are working with
1:00:17uh strong content contenders in that
1:00:20area like solar industries or you know
1:00:23all those. So but specifically for these
1:00:26uh three drones we are focusing uh this
1:00:29thing we are spending we are spending
1:00:31lot of uh time uh resources and all on
1:00:34the development of these drones.
1:00:36>> Great Sedar sir it was great interacting
1:00:38with you. Actually I have a lot more
1:00:40questions but I'll get in touch via GY.
1:00:42Sure. I I would love to get on a call
1:00:44with you and understand the
1:00:45>> Thank you Rael. Thank you very much.
1:00:47>> Thank you Ra sir for your questions.
1:00:50Actually due to I'm concerned we are
1:00:51having another investors. So thank you
1:00:54sir. So sir actually kana can we take a
1:00:58questions from question box because
1:01:00there are questions in the Q&A session.
1:01:02>> Yeah I think uh we have crossed almost
1:01:05an hour and I'm in the airport. So uh
1:01:08you know please help me with some
1:01:10>> asked one or two questions. Uh Mr. Sh I
1:01:12think you know after that we can close
1:01:14the
1:01:14>> please sir.
1:01:15>> Yes we'll take one or two questions from
1:01:17chat Q&A box then we'll conclude the
1:01:20session. So we have one question from
1:01:22Mr. Vishar Ma. What were the revenues
1:01:25and packed for March 26? What sort of
1:01:28growth are we expecting for financial
1:01:30year 27 and 28 in terms of revenue Aida
1:01:33going forward?
1:01:37uh 14 145 and uh 34
1:01:42uh and then uh for uh
1:01:47for uh 26 27 it'll be 247 and I don't
1:01:52want to comment on the numbers right now
1:01:54for the next year. Okay. So next
1:01:57question please.
1:01:59>> Yes. So next question we have from again
1:02:02Shah Ma only. How is the spring division
1:02:04growing?
1:02:08Uh I lost you in between. Can you please
1:02:10repeat the question?
1:02:12>> Yes, we have again one question from Mr.
1:02:15Vishal Ma. How is the spring division
1:02:18growing?
1:02:19>> Uh the spring division which we uh
1:02:22acquired last year. Uh this is uh all
1:02:25the springs in the defense sector which
1:02:27we are making for the recoil springs.
1:02:29They're all in trials in Israel as well
1:02:31as ordinance factories in India.
1:02:33Presently a very small uh business which
1:02:36we are doing for the automotive sector
1:02:39but uh this will reflect in numbers only
1:02:42in uh 26 27
1:02:46>> and thank you sir.
1:02:49>> Can we take one last question then we
1:02:51come to the session?
1:02:52>> Yes.
1:02:52>> Okay. So there is an anomalous question
1:02:54that if there was impact of Gulf War on
1:02:57your sales operations and how do you
1:02:59make sure you are insulated from such
1:03:02things in future?
1:03:04>> Uh the projects which we are presently
1:03:07working are not only dependent on the
1:03:10Gulf uh situation. See this is the
1:03:14reason uh we are in multiple sectors.
1:03:16Rail sector is always an ever evergreen.
1:03:19uh aerospace and defense is uh you know
1:03:22even though the defense sector is
1:03:24growing in India uh and across the world
1:03:28this uh um the the conditions in Europe
1:03:33as well as uh in the border situation it
1:03:36is going to be there for a longer time
1:03:38and defense is going to be uh the sector
1:03:41is going to grow uh it will not uh come
1:03:45down in the you know in the near future.
1:03:49future but it will open up uh bigger
1:03:51avenues bigger markets for us uh for the
1:03:54exports. Uh coming back to how we are
1:03:58going to sustain this uh numbers and uh
1:04:03thing is uh there are projects which we
1:04:06have been working for you know last 6 to
1:04:088 months already and this will get
1:04:10converted into orders now. So, so you
1:04:13know continuing you know it is not
1:04:15dependent on this Gulf War alone. You
1:04:17know if Gulf War stops also we have
1:04:20enough projects to work on.
1:04:24>> Thank you so much Sidas for answering
1:04:26the questions and I think we have
1:04:28covered majority of the questions. So
1:04:30participants I request you all if you
1:04:33have any questions any concern kindly
1:04:35please reach out to us at corporate
1:04:37access at the corporate.com
1:04:42okay and thank you sir for giving your
1:04:45time and participation and thank you sir
1:04:48for mentoring this session.
1:04:51>> Thank you very much madam
1:04:52>> I think it was a pleasure to hear you
1:04:53and Mr. Madu you also thank you
1:04:56>> thank you sir for joining yeah a sir if
1:04:59you have to be in Bangalore please visit
1:05:02our factory
1:05:02>> definitely I will definitely get in
1:05:04touch and we'll definitely catch up
1:05:06thank you sir thank you very much sir
1:05:07you have a nice day
1:05:08>> thank you all thank you sir thank you
1:05:11bye sir bye

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