Thaai Casting Limited ($TCL)

Good afternoon, everyone, and thank you. I'm Vaishnavi Vaity on behalf of AKMIL Strategic Advisors. I welcome you all to the H2 FY '26 and FY '26 Earnings Conference Call of Thaai Casting Limited. Today, we are joined by Mr. Sriramulu Anandan, Managing Director; Mr. Anandan Shevaani, Whole-Time Director and CFO; and Mr. Ramakrishnan sir, Whole-Time Director. We also have Mr. Prasad, Financial Adviser. With this, now I would like to hand over this call to Shevaani ma'am to introduce further. Over to you, ma'am.

Good evening, everybody, and thank you for joining us today. On behalf of Thaai Casting Limited, I warmly welcome all investors, analysts, stakeholders joining us for our H2 FY '26 and '27 earnings conference call. Joining me today, we have Mr. Sriramulu Anandan, our Chairman and Managing Director; and Mr. Ramakrishnan, Whole-Time Director of the company. FY '25 has been a defining year for Thaai Casting Limited as we continue to strengthen our position as a trusted fashion engineering and advanced manufacturing partner for leading OEMs and tire customers. Despite a dynamic operating environment, the company delivered steady operational performance, expanded its manufacturing capabilities, secured significant new business wins and enhanced its long-term growth visibility. During H2 FY '26, the company reported consolidated total income of INR 83.88 crores, reflecting a growth of 21.9% year-on-year. stood at INR 15 crores, registering a growth of 25.3% year-on-year with EBITDA margin of 24.3% while net profit stood at INR 6.58 crores up to 15.6% year-on-year. For the full year FY '26, Thaai Casting reported and consolidated the total income of INR 16.36 crores, reflecting a growth of 18.9% year-on-year. EBITDA stood at INR 36.48 crores, up by 19.29% of year-on-year with EBITDA margins of 24.3% while net profit increased from INR 12.75 crores, reflecting a growth of 15.2% year-on-year. One of the major highlights of FY '26 was the strong momentum in order inflows and customer additions. During the year, the company secured multiple domestic orders across automotive and nonautomotive segments, including approximately INR 126.5 crores to be executed over the next 16 months. In addition, we have received fresh domestic orders worth approximately INR 76.6 crores, along with the further orders of around INR 3.76 crores and INR 12.43 crores during the year. Operationally, the company maintained healthy utilization levels of approximately 75% to 80% across casting and machining divisions, while continuing to invest in automation, smart manufacturing systems and advanced machining capabilities. During the year, we further strengthened our presence in high-growth and technology-driven verticals, including gear shaping, heavy machining, injection hardening, gas nitrating and precision ferrous machining. We also continued expanding our infrastructure and technology capabilities with investments in advanced CNC and VMC machining systems, robotic automation initiatives and backward integration strategies aimed at improving productivity, quality consistency and operational efficiency. Another significant highlight during the year was a substantial improvement in operational cash flow generation. Net cash flow from operating cash flow increased significantly to INR 35.4 crores in FY '26 and INR 1.19 crores in FY '25, registering a growth of 2.7% year-on-year and reflecting improved operational scale, stronger cash conversion and better execution efficiency. In line with our long-term expansion strategy, the company also undertook aggressive capacity enhancement initiatives during the year. Total fixed asset assets, including capital WLP increased by approximately 73% year-on-year to INR 178.53 crores in FY '26 from INR 103 crores in FY '25, reflecting our continued investments towards future growth and manufacturing scalability. The company total asset base expanded to approximately 42% year-on-year from INR 282 crores from INR 203 crores, demonstrating our commitment towards building a future-ready engineering platform. The services and sectors also increased by approximately 38% year-on-year, further strengthening the company's balance sheet and long-term financial position. Our participation at Eurogus 2026 in Germany marked another important milestone in our global expansion journey. The company provided -- the exhibition provided our company with an opportunity to extend its capabilities on international platform and strengthen relationships with global customers, suppliers and strategic partners. We also believe these initiatives will support export ambitions and international business development in the coming years. Another important focus area during the year was strengthening our emerging sectors such as EV components, renewable energy, mineral gearbox applications, aerospace, defense and heavy engineering. With one of the India's largest gas hydrating furnace and advanced gear shaping capabilities, we believe Diecasting is well positioned to capitalize on evolving industrial opportunities. During FY '26, the company also strengthened its financial position through a capital raise of INR 3.49 crores via preferential allotment. The capital infusion is aimed at supporting future expansion, technology upgrades, automation initiatives and long-term strategic growth. At Thaai Casting, we firmly believe that sustainable growth is built on engineering excellence, customer support, operational discipline, innovation and long-term partnerships. With a strong order book and continued investment in technology and infra, we remain confident about the long-term potential growth. Going forward, our focus remains on scaling operational efficiency, expanding our product portfolio across high-value gindsaring segments, increasing export opportunities and strengthening relationships with OEMs and Tier 1. We are committed to building a scalable and future-ready manufacturing ecosystem of delivering high-pcision manufacturing solutions. I sincerely thank our customers, employees, shareholders, partners and all stakeholders for their continued trust and support. We remain committed to creating a long-term value with strengthening Thaai Casting's position as a global competitive precision engineering company. Thank you.

Thank you, Anandan. We will start with the presentation.

So can we now go to question to -- can I request Rahul sir to present the presentation...

Yes, yes. He can.

MD sir also joined with Rahul sir, Ramakrishnan sir. So they both are joining. Ramakrishnan sir...

I could not connect. I joined with Ramakrishnan. I could not connect from my laptop. I joined with Ramakrishnan.

Okay, sir. So are we presenting this? Or can we move to the question and answers?

Ramakrishnan sir, can we present that investor presentation? Vaishnavi ma'am just will take the slide, just read out the details. Vaishnavi ma'am, please proceed. We've already discussed the financials. So I think we'll skip to this, and I will go to the operational...

Good afternoon all. So Thaai Casting Limited is established in 2011, and we have different verticals. We are into die casting, high-pressure die casting in gas and machining of ferrous and nonferrous. And recently, we have moved towards gearing and heavy machiny.arious certification from ISO 1401 and various other certificates. And we have in and around which comp around plus acres of land. And we have a good partnership with a lot of OEMs like Tata, Hyundai, we are also recon we are 15 years of operation into this business, and we have one subsidiary group, which is a wholly owned subsidiary of Casting Limited that is nitdingasiting in that. And we have 50-plus and 40-plus customers is a milestone that 2011, we have started our die casting as a partnership firm. And in 2014, we entered into Hyundai by getting ISO and I certifications. And we have also expanded our machining operations. In 2019, we entered into Mi Suzuki to produce parts to them by green certified vendor. And we also got the best award from T. And then 2021, we moved from rental area to the area, which is currently 9,000 square meters. And we also strength increased our capacity from then onwards in terms of machining and casting -- in 2022, we got best awards from RSansmissions and we got a lot of new customers and recognized with global OEMs. In 2023, we converted to Public Limited. And we also got GEova,Eindmill sector approval for induction army. And we also got the best award from -- for the quality from. In 2024, we completed listing and we also passed 4-pillar audit, which is a European-based audit. And we also got BAS approval for high die casting. And we also certified with ISO 45001 and 14001 -- and we also commissioned one of the India largest gas furnace. And in 2025, we entered into heavy machining and [indiscernible] segment, where the machines are from completely European makes and then high precision machineries. And our current order book stands at over INR 600 crores, and we also got best award from RSB transmission. Next ma'am. We can skip ma'am.

Vaishnavi ma'am, only the important [indiscernible] just please keep that.

So you can see these certifications, ISO [indiscernible].

Vaishnavi ma'am, please go to the next slide.

And these are the awards and recognition we got from our customers. In [indiscernible] die casting, we have about 20-plus machines ranging from 125 tonnage to 1,300 tonnage, where we can produce from 9 grams to 9 plus kgs of components as for [indiscernible]. And in machining of nonferrous after casting, we are doing BMC and CNC machining for our aluminum parts. So a lot of critical operation may involve in this. So in machining of ferrous, we have recently moved towards gear shipping and heavy machining, where we have invested in European ultra-precise machines. So we got the machining setup of Milton machines and vertical turning centers, HMGs and [indiscernible] trainings for our ferrous machining. Induction earning, we have [indiscernible] set up of machine ranging from [indiscernible]. You can move to the next slide, Madam? So there is a recent expansion towards gear shipping and heavy machining. So we have been awarded 5 years project for one of the main wind mill gearbox shafts and planetary career. So this project is undergoing and the plant has been almost ready 90% and all the works has been ready and machine is on installation stage. So there's nitriding furnaces. So it is one of the India's largest furnace and we can do [indiscernible] of up to 2.5 meters in diameter. And we have 3 furnaces right now installed and running in a full phase production. And then further, we have got orders for another 3 furnaces, which is in pipeline and furnaces are getting ready. Next, madam. So we have 6 plus -- we have 4 plants in and around [indiscernible] which compels around 6-plus acres, and we have rigorous certification systems and [indiscernible] parts on the direct [indiscernible] basis. And we have advanced both 4 axis and 5 axis, C&C setups. Yes, madam, next slide. So this is a glimpse of our heavy machining that we have recently purchased from European make. So all of these machines are very highly advanced machines that is of recent technologies. And all of the controllers are very recent and can able to micro adjustment of the every part. So one is WFL machine, which is we call is Milton machine. It is a multi-access machine. So we can produce part up to 4.5 meters in length and 670 mm in diameters. And the next machine is Tarak, which is vertical turning machine. So we can do turning as well as milling operation in this machine. So that has a table capacity of 17 tonnes. We can do parts up to 17 tonnes and diameter of 2,800 mm. And another machine is [indiscernible] shipping. So there is used for all the spline or being -- sorry, spline, helical and all those kind of gear systems we can make in the machine. This is also very highly advance and very precise machine. So for testing all these components, what we are producing in this machine, we have invested in CMM machine, which is called as coordinated measuring machine. So all the parts will be inspected in those machines, which is -- the CMM bridge-type machine also, it's one of the latest and very few one have in south, these kind of machines. So we can measure parts from 3-meter to 4.5 meters and [indiscernible] about 2.5 meter in height, we can able to measure in this machine. Yes, madam. So these are the lathe facilities we have -- we are using in our gas nitriding system. We have micro [indiscernible] microscopic for our white layer measurements and portable hardness stress test and much more. So these are our glimpse of our production systems. You can just run through, madam. Run through it.

Thank you. The floor is now open for Q&A session. [Operator Instructions] So we have first question from Mr. [indiscernible].

Sir, first, I wanted to understand what is the volume that we did in FY '25 and FY '26. If you could just give me the numbers.

Yes, in FY '25, we did around INR 123.10 crores , sir. And in FY '26, we did around INR 146.36 crores.

Sir, I wanted to understand the volume numbers. So I'm looking at your annual report, sir. So is it -- did we -- 1,200 metric ton volume for FY '25? And what was it for FY '26?.

Yes, sir, in the sense you were asking in the sense tonnage, Sir?

Yes, sir. Production volume, yes, exactly.

In terms of volume, it is difficult to explain, sir, in terms of value only, you can say, absolutely, sir.

Got it. Sir, so my question was from, sir, if I look at our FY '23 and FY '25 numbers, we did INR 123 crore revenue and based on our annual report, we did close to over 1,200 metric ton volume. So is our per ton realization closer to INR 10 lakh, is that a fair understanding? Or is it -- what would be per ton realizations that we do in these aluminum plus machined products, casted plus machine products?

Sir, if you don't mind -- can I -- may I know that where you are getting that 1,200 tons, sir?

Sir, I'm getting it from your FY '25 annual report. So I think on -- in that, I think, we have mentioned that out of the 2,500 tonne capacity, 1,200 was utilized for, I think, FY '25. So there -- that's where I'm coming. Sir, no problem. I'll take this offline. Firstly sir, I wanted to understand regarding what this gas nitriding and induction hardening. So suppose we make X amount of realization on a normal machine plus casted product, what is the incremental realization we make after the castings goes through this process?

Yes. So it's a job work kind of thing, sir, as of now. And we are getting -- it is contributing to the group around 25% PAT, sir. So Ramakrishna sir, can you explain our investor and operational aspects.

Yes, sir. So about gas nitrating, we have about 3 furnaces right now. And another 3 furnaces in pipeline. Our customer has given order last year, but due to their construction side issues, we are not yet able to implement that 3 furnaces, but maybe within 3, 4 months, we'll get an approval and we can able to implement those another 3 furnaces.

Sir, so currently, 2 things I wanted to understand sir. What is the -- so currently, are the castings that are used for these induction furnaces? Are they produced in-house by Thaai Casting or these...

No. casing is a separate vertical. In gas nitriding, we only use steel. It comes from customers. The product comes from the customer. We only do service basis. We only do induction -- gas nitrating, and after that dispatch the parts to customer. So casting parts doesn't come here to nitriding.

Okay. So this is done on stainless and -- okay, stainless steel. Okay.

No, no. It's carbon steel.

So now coming out, sir, what is the charges that we charge our customers for this process that we do for them on a per metric ton basis. And with these..

Per kg basis.

Yes. Per kg. So what is the charge that we charge to these guys?

That thing we cannot be able to disclose it, sir.

Okay. No problem. Sir, what kind of margins do we make in this segment?

35 plus.

Sir, independently is contributing 25% PAT, sir, around.

Sir, so if I were to ask you from an operating margin perspective, what would be the operating margin for this service that we provide to our customers?

We maintain around more than 30%.

Okay. 30% plus. 30% plus operating margin. Now, sir. So this looks very attractive [indiscernible] why is no one else doing this in India and Thaai Casting is like the largest player in this, is it because this is a new technology? Or is it difficult to process these equipments or is it difficult to -- difficult technical knowhow. What is the issue? Why there are so less players in this market?

It is both. It is a very complicated system as well as it is also a risk-based method because we use ammonia and nitrogen gases. There's a lot of certification required for this. And for designing the furnace itself it's very complicated one because we almost took 2 to 3 funds to do a lot of R&Ds and these furnace manufacturing, we also involved our customer who is one of the key personnel in Germany. So he has also contributed towards furnace manufacturing. So combinedly, we worked together and build up this furnace. So usually, these bigger furnaces, we could not be able to achieve the uniformity of temperature. That is the main key factor here. So if you want to heat the part to 515-degree sensors, you will be having parts of 13 tonnes inside the furnace. So all the 13 should be equally -- uniformly heated to 515 degrees celsius. If one thing heated below that or -- if there is a varying in temperature, there will be different in your results, and it could not -- it could happen to a rejection of the components. So the furnace manufacturing is one very key point. And the second is the system, what we have implemented. It is completely SCADA system and we also introduced a digital system. So there is no human interventions required for the system. So whatever the gas flow required for that particular -- so if you load into the furnace, only after 3.5 days we take it out the parts. So it's [indiscernible] for completely 3.5 days, and there is no manual intervention and completely it is controlled by digital flow meters and digital system. So it is monitored 24/7 anywhere anytime. So by all this method, we could be able to control the process and we could be able to achieve the results.

Got it. Now sir, the 13 metric ton capacity is for the 3 furnaces and we'll be adding another 3 furnaces sir, so how much will be your capacity post the addition of these...

No, 13 metric ton is per batch in a furnace. If you're loading per batch into the permanent, which is going to run for 3.5 days, I can load 13 tons. In this 13, 10 ton is my part, what I'm going to load and the 3 ton is for ficturing. To hold the part, there will be a ficture. So that is 3 ton, complete total of 13 tons.

Sorry to interrupt [indiscernible]. Can you please get back into queue?

This is final question, and I'll get back in the queue. So with these 6 furnaces, what kind of revenue can we achieve from this segment?

We are not sure about the volume for another 3. But with these 3 furnaces last year, [indiscernible] sir, can you able to let them the figures?

Yes. Nearly we did INR 10 crores with these 3 furnaces, sir.

Next question is from Mr. Prateek Jain.

So first question is how much of our revenue comes from gas nitriding and heat induction as of today?

Revenue [indiscernible] last year, we did almost INR 10 crores. So induction earning -- sir, we have a diversified figure for induction, Rajat sir?

So for gas nitrating, we did around INR 10 crores, sir, for this by bifurcation, we'll give you shortly, sir? Nothing. So Thaai Casting alone as a consolidated figure is readily available.

Sure, sir. Sure. And so I mean, you did mention about what is your right to win in this segment. But -- and just want to push you further -- I mean, ask you furthermore is that what is the rationale for customers to outsource these services to you? I mean, why can't they do it in-house? Is it the cost? Or is it something else for them?

No, it's -- cost is one thing. When we're looking for customers, cost is not a matter. One thing is setting up the systems because they need to monitor 24x7, and it's a risk in all the process since they are into assemblies and all of those things happening in their production line. So they are focusing to divert these kind of critical parts to their vendors so that they could able to concentrate more on the assembly lines. So since their business also getting increased and they are investing more into assemblies and lot of test benches and all of these kinds. So they are not focusing on these because these kind of parts what we are doing, like this, there will be -- if you see as a gearbox, there will be a lot of -- 1,000-plus number of parts. So all of these parts, they cannot able to keenly focus to manufacturing in-house. So it will be a lot of supply chain issues and a lot of issues creating for them. That's why they are focusing towards vendor-based systems.

Okay. And who are our customers in this segment for just gas nitriding and heat induction?

Customer, I could not able to disclose, but they are Chennai-based only. There doing one of the -- they are major in gearbox for windmill sectors. For them, the end customer is, Vestas and GE is the main customer for them where it contributes around more than 78%, I guess. And other customers are Nordex, Inox, Adani. So they cater to all of the major windmill sectors.

Got it. Got it. And now -- sir, specifically coming to Automotive segment. As of today, what is our peak revenue potential we can do basis the current gross block?

Sir, regarding casting, Durga sir and Shevaani Madam will answer.

Right now, we can do in between INR 13 crores to INR 15 crores per month.

got it. Got it. And sir, on the non-wind -- I mean, non-auto side, where are we in the -- what is the status of us -- of our in the wind journey segment? I mean, is the brand on stream? And is the commercialization on track?

Yes, for the heavy maching, the plant 3, we have already the machine has come. The 2 machines are already installed. And the CMM mission what I said earlier for the -- inspection machine, that is also installation completed only yesterday. And 1 machine, which is [indiscernible] arrived 3 days back only. So that installation will take place around 3-plus months because it's a huge machine, 1 machine carries of 26 packages and of 8 containers.

Okay. Got it. And when do you expect this wing segment to ramp up? I mean whatever CapEx we have done, when do you expect to commercialize it?

Sir, expecting this year onwards, sir. I think in '26, '27, it may come, sir.

[Operator Instructions] Next question is from Mr. Shiva from [indiscernible].

Firstly, what is the current order book now?

Sir, it is around INR 800 crores, sir.

Right. And this order book, it includes both gas nitriding and the gear machining -- gear shaping that we're doing.

No, no. It is excluding gas nitriding, sir. It is including remaining verticals.

Got it, sir. Got it. And sir, for this gear shaping facility that we are setting up, so this is just going to be for machining. So what about casting, sir? So is there any possibility that we can get to do that as well for our clients?

No, no, that machining is exclusively for that specific items, sir. So only for machining purpose only, we have set up that facility.

Right. So the casting -- the client will provide us the casting and we'll do the machining.

Yes, yes. Products -- as of now, customer is supporting, and we will do just maching.

Okay. Understood. And sir, in our presentation, we mentioned about planning to getting AS9100D certification, which will get our entry into aerospace and defense. So is there any time line we are looking over here? Like how soon can we do that?

Ramakrishna, sir.

I guess he's speaking, but we are not able to hear him. Ramakrishna sir, can you please check your mic? Prasad sir, we can't hear him.

I think, there is some technical issues at that plant. He is in different plant. Sir, we'll get back to you, sir.

Sir. I'll just move on to my next question, sir, then. Sir, so we had also mentioned about getting an approval for a defense order, I believe. So what is the update on that? Like could you talk about what kind of product we are doing and which customer or how much the purchase order is valued at.

I think it is somewhat sensitive information, sir. We'll update in the right time and right -- with the right information.

But will we be seeing traction this year, sir? Will there be because I think it's been a while since we mentioned about this and we haven't seen an order inflow yet.

So regarding this particular thing, we'll update first to the stock exchange, and then we'll come back to you, sir.

Got it. Got it. Got it. And one last question, sir. So in our financial statements, we mentioned about Simtech CNC subsidiary, which was divested this year. So this -- how much sales did Simtech do this year?

Around INR 16 crores, sir.

So our consolidated revenue includes the INR 16 crores.

Yes, around INR 13 crores to INR 14 crores it includes, sir.

Next question is from Mr. Manoj Shetty. Manoj sir, please unmute your line and ask your question. Okay. We'll take next question from Mr. Prabhat Kumar.

Sir, my first question is that we have divested Simtech C&C company. C&C company sir -- that business is booming in India. So what was the reason for this divestment.

Yes. It is like -- they are into our backward integration business. So they are a little bit unhappy with our presence in their management. So because some -- most of our competitors is also their customers, and they're a little bit worried. So that's why we came out with the request of that Simtech management.

Okay. And second question is that in our investor presentation, one thing is mentioned that means whatever value addition that we are doing in aerospace turbine blades, right? So as far as my node is concerned, there are very few companies in the entire world who can manufacture aerospace turbine blades. So what specifically are we doing for turbine blades? What value addition are we doing in this?

Sir, as we discussed in the earlier call.

[indiscernible] sensitive information. All the details, first, we will give to the stock exchange regarding what is the product and everything once it is completed. So then we'll have a different con call for the same. We will have better discussion there.

Only thing you can clarify me that are we going to manufacture turbine blades? Or are we going to add some value addition work in that?

In aerospace, some specified products we need to...

We'll take next question from [indiscernible] capital. Please introduce yourself and ask the question.

This is Mithun from MM Capital. I have a question with regards to the defense. In the last con call, we have mentioned that we will -- we are expecting some trial orders for 23 products. I wanted to know the current stage or state of that particular project.

Anand sir.

Ramakrishna sir, we can't hear you. Your voice is very low. Prasad sir, can you please check?

Sorry for the inconvenience. Actually, the team is in a different plant. I think the signals are weak I think so. So we'll get back to you, sir, on these aspects.

Sir, I have another question about the Brazil project. You guys supposed to deliver some components to a car company in Brazil, and it got postponed. So is it done for this -- in this half year or can we know the current status of that particular project also?

Can you come again, sir.

We had a project for export in Brazil basically. We are supposed to deliver some components for a car, and it got postponed. So I wanted to know whether it got postponed and was completed in this half year or it was not completed at all.

Yes, sir. Right now, the [indiscernible] approval of the project has been staggered, sir.

Okay. So we intended to complete in this year, FY '27, is it?

The commitment volumes from the customer haven't received yet, so we have given initial trial samples. So post that, they will give the tentative schedules.

Investors due to some technical snack, we are unable to answer your questions, but I promise you that in due course of time, we will come back again and all your questions will be answered. We'll have -- I have your numbers and your names. I will personally invite you all for that meeting. Is it okay with you? Please write in the chat box. And within shortest time, we'll arrange a investors meeting again because there's a technical snag at the plant when Mr. Ramakrishnan sir is sitting.

And sir, for the better sake of the investor, we just ask that the query that they want or the question they want to ask. Please write an e-mail to [indiscernible].com. So will respond them.

Sir, wait, wait. Please write it to [email protected], and we'll come back to you. Thank you very much. And sorry for the inconvenience caused. Please write to [email protected], and we'll come back to you and we'll inform you also about the date and time of the meeting. Is that okay?

Yes, sir. Yes, sir. So we are closing this session for the moment. Thank you very much for attending. Yes.

Now MD sir is speaking. Is it audible, sir?

Yes, it is audible. Who is speaking now? Can you put on the camera?

Anand sir is speaking, but his voice is not coming.

That is why I told you...

I can able to hear all of the voices, but I couldn't...

Okay. I have said sorry to investors, and we'll have -- Anand sir, I request you to have one investors meeting, again, who have joined our earnings call. Is it okay with you, sir, Anand, sir?

Yes, okay. But from last half an hour, I can able to hear all the voices, but when I speak, I don't know none of them not respond, I don't know.

That is what. I told them that it is a technical snag somewhere.

I'm in fourth plant.

So any one or two investors, can we do now, we can do them.

Please raise your hand. Mr. Anandan sir is there now.

Sir, it's okay. Now most of them have left the meeting. We'll have an investor meeting afterwards.

[Technical Difficulty].

Sir, we can't hear you. [indiscernible] sir, can we conclude this session as most of the participants have left.

Thank you so much for joining the con call today. So due to some technical glitch, MD sir and Ramakrishnan sir not properly presented our views. So mostly, as confirmed by Milind sir. So we'll have an investor meeting in next week or within 15 days. So we'll take all your queries and we'll -- I'll request Milind sir to note the investors who joined today. Well specifically ask them to join the meeting, and we'll definitely take their questions.

I assure you that each one of them who had joined for this meeting, will be present in that meeting. I assure you that. Okay, sir.

If you have any query, they can write the e-mail to the akmail. So we'll get back to them.

Yes, I have told him. Okay. I'm concluding the session now. Thank you very much.

Thank you so much for joining.