Yes. Over many quarters and years, actually you have been very fair and consistent in guiding about the character of the business and inherent up and down character of the business, so that quarterly kind of precision that unfortunately investors are looki ng for all the time is something which is not inherent in the business. And you've been very, very fair and consistent in guiding the kind of rough gravy trend the Neuland business is. You made a comment that compared to FY24, FY26 has finally registered a meaningful growth. If you regard FY25 is a blip, but after all the ups and downs over this 2 -year period, the growth is about roughly 10% compounded over this 2 -year period when we measure it from FY24 to FY26. So, for all the so much volatility, relative underlying velocity of output finally is somewhat underwhelming? Or am I being unfair in saying this?
Questions across 5 calls
Bharat Shah
BCS Capital Ideas Limited
Neuland Laboratories Limited
Dixon Technologies (India) Limited
Atul ji, I'm just kind of reflecting on the past and kind of drawing the line ahead , for the longest period, we have done wonderfully well in terms of -- across many areas , but mobile phone has been one . And we're able to not only grow with it but throughout we maintained financial hygiene of the balance sheet and capital efficiency...
Is this better now?
Multi Commodity Exchange of India Limited
Hearty congratulations for very distinguished and defining results. I had 2 questions. The first one, in this very -- what prima facie appears to be a win -all kind of scenario where volumes are rising rapidly. We have increased number of market intermediaries. We have increased number of clients through those intermediaries? And our product engine is working well. And all of this is resulting into dramatic growth rates across our product lines and the businesses. In such a very positive scenario, what can go wrong if something has to go wrong? And what can actually unravel or disturb the kind of great velocity that the engine has acquired?
Praveena Ji, I did not mean routine or regular threats, whether management competence will be there to match the competition. Obviously, that remains an ongoing issue of vigil, both within MCX as well as by the outside investors. Whether there can be regu latory oversight, which can curtail the remit of the business, obviously, some -- such issues will always be there in the horizon. I did not really mean things of this kind. I mean, operational routine risk, competitive risk, these are given. I mean they have to be there for any good management to deal with and to fight on. What I meant was, for example, if you look at IEX, the en ergy Exchange, out of the blue, the market coupling issue has come. And that is very clearly derailed the situation because market price discovery is the key function of an Exchange. And when that gets taken away, then the role of liquidity and management in order to facilitate that efficient discovery becomes commoditized. And therefore, Exchange becomes commoditized. And we are seeing how IEX is struggling with that issue. If you look at, for example, in the equity market, 3 years back, in the options, the share of BSE was next to nothing. I mean it was just a shade above 0. And today, in about 3, 3.5 years, it has climbed to, on an incremental basis, to almost about 37%, 38%. I mean, that kind of a change is truly a dramatic one. So, issues which are not in the realm of recognition because when things are good and healthy, risks don't look very real, and they appear distant in the horizon, but that’s actually where the….
Adani Power Limited
The operational cash flow when we talk about last 2, 3 years, the operational cash flow in '23, '24 was about INR14,000 crores. I'm talking of purely operational cash flow. And '25 and '26 has been about INR21,000, if I look at our EBITDA, they are INR22,000 to INR24,000 crores in last 3 years, '24, '25, '26. So, when do we see our EBITDA kind of touching INR50,000 crore number? Is that something a matter of 4 years or a matter of 5 years? This INR24,000 crores, INR25,000 crores EBITDA, when do we see it essentially doubling to INR50 odd thousand crores in 4 years' time, 5 years' time, when do you think this is most likely to be the case?
Okay. Fantastic. Secondly, given the fact that while we are, of course, incurring a decent amount of capex, INR25,000 crores in '26, '27 and INR33,000 crores in '27, '28. But essentially, the business is throwing a lot of cash and as we complete our expansion program, I think the level of cash would be rising. So, what are broad thoughts? I'm sure you will find the way to invest in. But given the fact of large upcoming cash flows that the business will generate, any broad thoughts on the deployment plan subsequently?
Acutaas Chemicals Limited
Congratulations, Naresh bhai and the entire Acutaas team. Once again, very robust delivery. I had only one suggestion to make and which is, in genera l, the feature of Indian corporate sector per se. You see a lot of businesses which have been successful over a period of time but remain underinvested in building the future by underinvesting into the innovation pipeline, underinvestment into research and development capability. In short, building the future. Software services business is an example of that where huge cash flows, but very limited investment into building the future technology. And therefore, the struggle is evident as we are seeing. Similarly, we have seen in consumer businesses in India, which have been very successful, but invested in the new consumer-facing technology and the way of delivering. Even our -- a lot of banks are underinvested in technology to build it in the contemporary manner. Therefore, Acutaas, which has displayed a remarkable capability in a relatively smaller size of our operation, I don't think we should remain limited in ambition by our current size. If we want to build the future, I think meaningful intelligently ki nd of plan withi n our balance sheet capability. But sustained investment in building future is absolutely vital, especially in our chemical business like this because otherwise, the business will get commoditized at some stage. To kind of summarize, if we don't want the business to be commoditized, investing into the future to build it is an absolutely very vital one. And we have done very well by taking up intelligent bets and we have to consolidate. So I think we shouldn't get deterred by our current size in order to build our future, which can be very exciting. I thought I'll just put in that word, Naresh Bhai. But once again, hearty congratulations, I mean, delightful results and the entire team deserves the credit. And congratulations.