Sir, I have only one question. Most of the questions have already answered. On the current order book position, what is the execution period -- execution timeline and how much we can execute in F27?
And how much we can see execution in F27?
Questions across 12 calls
Manish Ostwal
Nirmal Bang Securities Private Limited
Jyoti CNC Automation Limited
I've listened to your initial commentary on the industry and we all understand the industry has a very strong outlook in terms of growth. But when I look at, sir, our order book position especially this year compared to the last year performance, last year FY '25 we started an order book of INR34 crores, INR38 crores and end up INR43 crores, INR46 crores, 26.4% growth. Whereas in this YTD basis in this particular financial year, order book growth only 5.5%. So order book growth has disappointed materially. So can you make detailed comment why the order book growth is not happening and what is our current capacity utilization in the business?
Understood, sir. The second question on our capex plan of the new capacity. I believe we have taken term loan of INR300 crores from Union Bank. So how much we have used it for this capacity expansion program and how much we need to spend more through term loan?
My question on our capex program of 10,000 machines. So first of all, how much amount we need to incur for this expansion? That's the question number one. And the subset of this question is, sir, we have a current order book of INR4,300 crores, and you outlined almost 12 industries where we are catering. So based on the end user demand outlook, how do you see the execution of this order book and the overall revenue growth for the company in '26, '27, that will be quite helpful.
Okay. The second question on the cash flow side, sir. The operating cash flow is negative. And if I look at our balance sheet, there is a sharp increase in the trade receivables as well as the other financial assets. So when you see, our growth is translating into cash flow generation also. So can you comment on that why it is not reflecting in financials so far, and how...
Azad Engineering Limited
Yes, sir. I joined the call a bit late because I was under the impression of 12:00. So my question might be repetitive. I just wanted to understand your thought process around the working capital management and the cash flow generation of the company. We have invested a lot of money in the capacity building, but how we are managing working capital? And what sustainable cash flow we can think of in our business?
All right, sir. I'll go through the entire transcript after the call.
Adani Energy Solutions Limited
Yes, sir. Thank you for the opportunity. I have a question on the balance sheet leverage. So sir, if you look at our cash flow for the year FY26, we have operating cash flow of INR10,000 crores -- almost INR11,000 crores, and we are having capex of INR14,431 crores. So effectively, our free cash flow negative INR7,500 crores. So what is your view on the balance sheet leverage, where we are comfortable? Can you guide us on that front, sir? That will be helpful for us.
Transformers And Rectifiers (India) Limited
Yes, sir. Thank you for the opportunity, sir. My question on our order book and the inflow number, so I am confused with that number. So, like, it is mentioned Q1 number, because Q1 is also INR665 crore only. So, is it a typo error, or you can confirm this Q3 order inflow was INR665 crore only?
There is no typo error. Okay. Sir, if you look at the Order Book of last quarter, it is INR5,478 crores, and we executed the order, the revenue in this quarter INR737 crore. So, if you knock off that and take the closing order book, the order inflow works out to INR708 crore. So, why is there a mismatch in the mathematics?
Yes, sir. Thank you for the opportunity. My question on your improvement in working capital this year compared to last year. So how do you see this is sustainable or what is the sustainable working capital we can think when you talk about $1 billion revenue?
Belrise Industries Limited
Yes, sir. Thank you for the opportunity and this is my first call of Belrise Industries. So, pardon me if I am asking the basic thing. So, sir, I was just looking at slide number 5 of our presentation where we mentioned the revenue from trading of goods around INR430 crores. So, can you explain what exactly we are doing in trading and I mean what are the activities we are doing in trading and what kind of trading margin we operate generally?
Okay. The second thing on the capex plan, which you mentioned on the call, INR800 crores of capex we have envisaged. So, how we are planning to fund that thing? Can you make a comment on that? Thank you.
Kaynes Technology India Limited
Good set of numbers given the macroeconomic conditions globally and locally. My question on the recently raised capital. So can you talk about in terms of area of future investment in terms of category, organic or inorganic, where we see the investments the company will be making?
Yes, sir. The second question on the -- I just confused with your comment on the working capital side. Earlier you shared the sub 70 is the number we will achieve by F '26 versus 87 reported in F '25 and the current quarter is 132. So -- and then you said sub 100, it is better than the 100 days. So can you just clarify what is the actual aim to achieve the working capital side for F '26 by the management?
HFCL Limited
My question on both the BharatNet and BSNL opportunity in the domestic market as well as the international market, you said in your initial remarks the inquiry a nd pipeline is very, very strong. So first, what is the size of opportunity both with respect to BSNL as well as BharatNet for us in the next 2 to 3 years? And how much order visibility we have on the domestic market? And secondly, international side, we have a lot of capability built over the time. And now when we can see a meaningful order inflow for us to have a sizable revenue from international market at a consolidated level?
Okay. Secondly, sir, on the margin side, since you indicated the product revenue will increase over the medium term. So current margin, which is H1 number is 15.86%, so where do you see the medium-term margin settle down or even for the full year F '25, what is our guidance on the margin side?
Engineers India Limited
Sir, my question on the pipeline prospects for the order bookings in the coming quarters, and so can you take -- talk you about that thing? And secondly, in terms of margin of the Consultancy and the Turnkey, what is the sustainable margin on a yearly basis for both the businesses, sir?
Okay and Consultancy?
Ramkrishna Forgings Limited
My first question, this inventory-related issue. So, the reported number is much higher than what we said at the time of the last call and in the notes to account, the management said they does not see any significant impact still the joint fact-finding committee report is not finalized. So, on what basis we are saying that? And secondly, can you comment on the higher number than what we indicated earlier?
Quite a statement, sir. And the second question on this gross debt and the working capital increase we have seen during the year in March 2025 versus '24. So, any specific reason of this kind of working capital increase? And where do you see the working capital days to settle in F Y '26 and over the medium term, sir?