Q3 2026 Foods and Inns Ltd Earnings Call

February 13, 2026

Speaker #3: Should you need assistance during the conference call, please signal an operator by pressing * then 0 on your touch-tone phone. Please note that this conference is being recorded.

Speaker #3: I now hand the conference over to Ms. Dipali Kumari. Thank you, and over to you.

Speaker #2: Hello, and good afternoon to everyone. On behalf of Orient Capital Markets Ltd., I thank you all for joining the Q3 FY26 earnings conference call of Foods and Inns Ltd. Today, from the management, we have Mr. Milan Dalal, Managing Director; Mr. Moloy Saha, Chief Executive Officer; and Mr. Anand Krishnan, Chief Financial Officer. So, without any further delay, I would like to hand over the call to the management for their opening remarks.

Deepali Kumari: Hello, and good afternoon to everyone. On behalf of Orient Capital Markets Limited, I thank you all for joining the Q3 FY26 earnings conference call of Foods and Inns Limited. Today from the management, we have Mr. Milan Dalal, Managing Director, Mr. Moloy Saha, Chief Executive Officer, and Mr. Anand Krishnan, Chief Financial Officer.Without any further delay, I would like to hand over the call to the management for their opening remarks. Thank you, and over to you, sir.

Deepali Kumari: Without any further delay, I would like to hand over the call to the management for their opening remarks. Thank you, and over to you, sir.

Speaker #2: Thank you, and over to you, sir.

Anand Krishnan: ...Hi, good evening. This is Anand here, the CFO at Foods & Inns. We have with us, Mr. Moloy, who is the CEO, as well as Mr. Milan Dalal, who is the MD at the company. Thank you for joining us today. Q3 FY26 was a very steady quarter, operationally, marked by stable volumes and continued progress across our growth platforms. While overall sales tonnage in Q3 remained flat, this was largely due to deferred call-offs from US customers amid tariff-related uncertainty. Average realizations were lower on a year-on-year basis, reflecting sales from inventory produced during 2025 crop season at significantly lower raw material costs. As highlighted earlier, our pricing continues to remain a pure pass-through of raw material movements, with no structural impact on absolute gross margins.

Speaker #3: Hi, good evening. This is Anand here, the CFO at Foods and Inns. We have with us Mr. Moloy, who's the CEO, as well as Mr. Milan Dalal, who's the MD at the company.

Speaker #3: Thank you for joining us today. Q3 FY26 was a very steady quarter operationally, marked by stable volumes and continued progress across our growth platforms.

Speaker #3: While overall sales tonnage in Q3 remained flat, this was largely due to deferred call-offs from US customers amid tariff-related uncertainty. Average realizations were lower on a year-on-year basis, reflecting sales from inventory produced during the 2025 crop season, at significantly lower raw material costs.

Speaker #3: As highlighted earlier, our pricing continues to remain a pure pass-through of raw material movements, with no structural impact on absolute gross margins. Across our core fruit and vegetable pulping business, export demand for mango products remains strong, supported by the onboarding of new customers. Early indicators of favorable Totapuri flowering suggest continued softness in raw material prices in the upcoming season, enhancing India's competitiveness versus other countries.

Anand Krishnan: Across our core fruit and vegetable pulping business, export demand for mango products remained strong, supported by onboarding of new customers. Early indicators of favorable Totapuri flowering suggest continued softness in raw material prices in the upcoming seasons, enhancing India's competitiveness versus other countries. In tomatoes, crop procurement commenced with a slight delay compared to prior years due to seasonal factors and is progressing as of now. Our frozen food business continues to demonstrate strong growth momentum, with Q3 volumes up approximately 35% YOY, and nine-month FY 2026 volumes up around 37%, on a YOY basis. Improved realizations were driven by a higher contribution from value-added products in the frozen category, and during the quarter, we commenced supplies to two large, financially strong airline customers. We remain optimistic on sustained global demand growth in this particular category.

Speaker #3: In tomatoes, crop procurement commenced with a slight delay compared to prior years due to seasonal factors, and it is progressing as of now. Our frozen food business continues to demonstrate strong growth momentum, with Q3 volumes up approximately 35% year-on-year and 9-month FY26 volumes up around 37% on a year-on-year basis.

Speaker #3: Improved realizations were driven by a higher contribution from value-added products in the frozen category, and during the quarter, we commenced supplies to two large, financially strong airline customers.

Speaker #3: We remain optimistic on sustained global demand growth in this particular category. In line with our focus on building scalable and differentiated platforms, we have initiated a spray-drying capacity expansion of 120 metric tons per annum and are progressing on the international expansion in Tetra Ricart, with improving capacity utilization and repeat orders.

Anand Krishnan: In line with our focus on building scalable and differentiated platforms, we have initiated a spray drying capacity expansion of 120 metric tons per annum, and are progressing on the international expansion in Tetra Recart, with improving capacity utilization and repeat orders, and are strengthening our brands through targeted marketing and digital initiatives. Alongside this, investments in automation as well as solar energy at our Vankal and Gunde plants and our pectin project continue to reinforce our focus on efficiency, sustainability, and long-term value creation. Finally, our FY25 incentive claim has been submitted to the Ministry of Food Processing, with all required documentation completed before December 2025. As we speak, we are awaiting disbursement at any point of time. It could be either tomorrow, the next week, or probably in a month's time, that we expect.

Speaker #3: And are strengthening our brands through targeted marketing and digital initiatives. Alongside this, investments in automation as well as solar energy at our Wankel and Gunde plants and our Pectin project continue to reinforce our focus on efficiency, sustainability, and long-term value creation.

Speaker #3: Finally, our FY25 incentive claim has been submitted to the Ministry of Food Processing with all required documentation completed before December 2025, and, as we speak, we are awaiting disbursement at any point in time.

Speaker #3: It could be either tomorrow, next week, or probably in a month's time—that we expect. Overall, we remain focused on disciplined execution, cost efficiency, and leveraging structural tailwinds across our key verticals to drive sustainable and profitable growth.

Anand Krishnan: Overall, we remain focused on disciplined execution, cost efficiency, and leveraging structural tailwinds across our key verticals to drive sustainable and profitable growth. With that, we'll be happy to walk you through the details and take your suggestions. The forum may be open for questions. Thank you.

Speaker #3: With that, we’ll be happy to walk you through the details and take your suggestions. The forum may be open for questions. Thank you.

Speaker #1: Thank you very much. So, we'll now begin the question and answer session. Anyone who wishes to ask a question may press * and 1 on their touch-tone telephone.

Operator: Thank you very much. So we'll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kaushal Sharma from Equinox Capital Ventures Private Limited. Please go ahead.

Speaker #1: If you wish to remove yourself from the question queue, you may press * and 2. Participants are requested to use a handset while asking a question.

Speaker #1: Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kaushal Sharma from Equinox Capital Ventures Private Limited.

Speaker #1: Please go ahead.

Speaker #4: Hello. Hi, Anandji. Very good evening. Am I audible?

Kaushal Sharma: Hello. Hi, Anandji. Very good evening. Am I audible?

Speaker #3: Yes, you are. Good evening.

Anand Krishnan: Yes, you are. Good evening.

Speaker #4: Yeah, so just want to get some clarification on Q3 flat volumes. So could you please tell me what percentage of revenue is coming from the US, and what kind of tariff was earlier in exporting to the US, and what is the current status?

Kaushal Sharma: Yeah. So just want to get some clarification on Q3 flat volumes. So could you please tell me what percentage of revenue is coming from the US, and what kind of tariff was earlier in exporting to the US, and what is the current status?

Moloy Saha: US volume, overall annual basis, approximately 10 to 12%. But overall, we see the business is growing. In last 1 year, it has grown, and though due to the tariff, it is temporarily paused and again it started. And it's likely to increase because we are getting good traction on the frozen category business from US.

Speaker #3: US volume overall on an annual basis is approximately 10 to 12 percent, but overall we see the business is growing. In the last one year, it has grown, and due to the tariff, it was temporarily paused and then again it started.

Speaker #3: And it's likely to increase because we are getting good traction on the frozen category business from the US.

Speaker #4: So, was there any tariff on our products that we are exporting to the US because of the receivable tariff earlier?

Kaushal Sharma: So, is there, was there any tariff on our products we are exporting to the US because of the reciprocal tariff earlier?

Moloy Saha: It was, at the peak time, it was 50%, including the additional tariff on Russian oil, 25%, so it was 50%. Now, mango pulp had reduced to 25%, but frozen category still continuing 50%, but, with the recent development, likely to be it, 19, 18 or 19%, but, that formal notification yet to receive.

Speaker #3: It was at the peak time. It was 50% because, including the additional tariff on Russian oil, 25%. So it was 50%. Now, mango pulp has reduced to 25%, but the frozen category is still continuing at 50%.

Speaker #3: But with the recent development, it is likely to be 18 or 19 percent, but we have not yet received a formal notification.

Speaker #4: So just to clarify and add more on this, we were not impacted with our orders. It's just that the call-offs were slightly slower, basically because there was lack of clarity, because the government of the US has actually now promised some tariff refund to the importers there as such.

Anand Krishnan: So just to clarify and add more on this, we were not impacted with our orders. It's just that the call-offs were slightly slower, basically because there was lack of clarity because the government of US has actually now promised some tariff refund to the importers there as such. So there was some slowness to that, but most of our customers were happy to actually—not happy, but then they were willing to actually take some hit at their side so that the business could continue.

Speaker #4: So there was some slowness to that, but most of our customers were happy—or actually, not happy, but they were willing to actually take some hit on their side so that the business could continue.

Speaker #4: Thank you, sir. And sir, we are expecting a good call-off in Q3 as per the last call. So, what is the status going forward with respect to call-offs?

Kaushal Sharma: Okay, sir. Sir, we are expecting a good call-off in Q3 as per our last call. What is the status for going forward in respect of call-offs?

Speaker #3: So in terms of the local demand, Q4 is expected—Q4 and Q1 are supposed to be the best, as has happened historically, and we are in line with that, as we actually have seen in the months of January and February.

Anand Krishnan: ...So in terms of the local demand, Q4 is expect. Q4 and Q1 is supposed to be the best that happened historically, and we are in line with that, as we actually have seen in the month of January and February.

Speaker #4: And sir, could you please tell me any guidance on the absolute EBITDA and the gross profit in the next two years, as our raw material cost has been reduced and our absolute margin is hit?

Kaushal Sharma: Sir, could you please tell me any guidance in the absolute EBITDA and the gross profit, in the next two years as our raw material, the cost has been reduced and our absolute margin is hit. So can you please guide me any guidance on absolute number of gross profit in growth terms?

Speaker #4: So, can you please give any guidance on the absolute number of gross profit in growth terms?

Anand Krishnan: Thank you, that you are actually, first of all, asking for the absolute number, but I mean, at least, I understand that you've understood our business, right. But having said that, there is no guidance that we would want to stick to this, but rest assured, as much as you want incremental EBITDA and gross margins on an absolute basis, there is a target that we have internally to achieve. And, I mean, all of us are in our jobs just to have that incremental number in. So, you can be rest assured that those are different targets that we have.

Speaker #3: Thank you that you are actually, first of all, asking for the absolute number. But I mean, at least I understand that you've understood our business, right?

Speaker #3: But having said that, there is no guidance that we want to stick to this, but rest assured, as much as you want incremental EBITDA and gross margins on an absolute basis, there is a target that we have internally to achieve.

Speaker #3: And I mean, all of us are in our jobs just to have that incremental number in. So you can be rest assured that those are decent targets that we have.

Speaker #5: However, there would definitely be so.

Milan Dalal: Our endeavor would be definitely to-

Kaushal Sharma: Could you give any guidance on your target? That would be very useful for us to track.

Speaker #4: Could you give any guidance on your target that would be very useful for us to track?

Speaker #3: Sorry, sorry, I didn't get your question.

Anand Krishnan: Sorry, sorry, I didn't get your question.

Speaker #4: When you said you have a target to achieve in absolute terms, could you please give me the absolute or the target that you have so that we could track on that basis?

Kaushal Sharma: As you said, you have a target to achieve in absolute terms, so could you please give me the absolute or the target that you have so that we could track on that basis?

Anand Krishnan: We don't want to give a public guidance, that's the only thing, so,

Speaker #3: We don't want to give a public guidance. That's the only thing. So, Anand, I would just say that the team will have to endeavor to do better than the current EBITDA margins.

Milan Dalal: Anand, I would just say that we, the team, will have to endeavor to do better than the current EBITDA margins.

Speaker #5: Marginally, absolute. Absolute.

Anand Krishnan: Margin? Nahi, absolute. Absolute.

Milan Dalal: Absolutely, yeah. Sorry, yeah, absolute.

Speaker #3: Absolute. Yeah, sir. Yeah.

Speaker #4: So, it. Got it. Thank you very much for answering my question.

Kaushal Sharma: Okay, sir. Got it. Thank you very much for answering my question.

Anand Krishnan: We are internally looking at anywhere between 10 to 15% growth on EBITDA as well as gross margin on a minimum basis, on a year-on-year basis. That's the internal targets that we have, but that's not a guidance, please.

Speaker #3: We are internally looking at anywhere between 10% to 15% growth on EBITDA, as well as gross margin, on a minimum basis on a year-on-year basis.

Speaker #3: Those are the internal targets that we have, but that's not a guidance, please.

Speaker #4: 10 to 15 percent in EBITDA, and 20 percent in what?

Kaushal Sharma: 10 to 15% in EBITDA and 20% in what?

Speaker #3: I said around 10 to 15 percent in both gross as well as EBITDA is the internal target—not the margin, the growth. Absolute EBITDA and the—

Anand Krishnan: I said around 10 to 15% in both gross as well as, EBITDA is the internal target, not the margin, the growth. Absolute EBITDA and the-

Speaker #4: I understood, sir. I am talking to you in absolute terms—that you are targeting 10% to 15% in EBITDA and gross, right?

Kaushal Sharma: I understood, sir. I am talking to in the absolute terms that you are targeting 10 to 15 in EBITDA and gross, right?

Speaker #3: Correct. Correct. No, I'm sure you have understood, because you have understood, you've asked me the right question. Just for the clarity of others, I'm just repeating this.

Anand Krishnan: Correct, correct. No, I'm sure you have understood because you have understood. You've asked me the right question. Just for the clarity of others, I'm just repeating this. That's it, Kaushal.

Speaker #3: That's it, Kaushal.

Speaker #4: Okay, sir. Thank you very much, sir.

Kaushal Sharma: Okay, sir. Thank you very much.

Speaker #3: Yeah.

Anand Krishnan: Yeah.

Speaker #1: Thank you. A reminder to all the participants that you may press * and 1 to ask a question. The next question comes from the line of Venkatesh Ranganathan from Banana Capital.

Operator: Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Venkatesh Ranganathan from Banana Capital. Please go ahead. Mr. Venkatesh Ranganathan from Banana Capital, please proceed with your question.

Speaker #1: Please go ahead. Mr. Venkatesh Ranganathan from Banana Capital, please proceed with your question.

Speaker #6: Namaste. हमारा आवाज़ आ रहा है?

[Analyst] (Banana Capital): Namaste. ienia...

Anand Krishnan: Yes, Ranganathan. Namaste.

Speaker #3: Yes, आ रहा है। Namaste.

Speaker #6: Sir, आप लोग अभी कुछ कर रहे हो? In terms of strategic partnership, कहीं पे किसी के साथ?

[Analyst] (Banana Capital): Sir, aap log abhi kuch kar rahe ho in terms of strategic partnership, kahin pe kisi ke saath?

Speaker #3: Venkatesh ji, we always keep on exploring all these options, and a lot of things are actually going on in the company with respect to exploring options.

Anand Krishnan: Venkatesh Ji, we always keep on exploring all these options, and a lot of things are actually going on in the company with respect to exploring options. But unfortunately, till the deal is signed, we might not be able to tell you anything on it.

Speaker #3: But unfortunately, till the deal is signed, we might not be able to tell you anything on it. देखिए, ये कोई भी.

[Analyst] (Banana Capital): Customer list mein aap Dubai mein kisko supply karte ho, UAE mein? Who is the major customer there in UAE?

Speaker #7: आप लोग के कस्टमर लिस्ट में, आप दुबई में किसको सप्लाई करते हो? यूएई में? Who is the major customer there in UAE?

Milan Dalal: Lakinor is, we sell to Lakinor for our mango pulp, and we have a lot of other retail traders. We have agents who are now working with various airlines.

Speaker #3: We sell to Lucknow for our mango pulp, and we have a lot of other retail traders. We have agents who are now working with various.

[Analyst] (Banana Capital): Any MNC companies? Any MNC companies or any listed group that you supply to in the UAE?

Speaker #7: Any MNC companies? Any MNC companies or any listed group that you supply to in the UAE?

Milan Dalal: No, MNC listed, we have MNC companies in India whom we sell to, like Unilever, Nestlé, etc. But Middle East, we see tremendous scope in our frozen foods and Tetra Recart and other areas. Lakinor, of course, has been our client for over 45 years.

Speaker #3: In India, we have MNC companies whom we sell to, like Unilever, Nestlé, etc. But in the Middle East, we see tremendous scope in our frozen foods and other areas, Ricart and others.

Speaker #3: Lucknow, of course, has been our client for over 45 years.

Speaker #7: And Mr. Venkatesh, we are exploring with large retailers based out of the Middle East as such. I wouldn't want to name them as of now.

Anand Krishnan: Mr. Venkatesh, we are exploring with large retailers based out of Middle East as such. I wouldn't want to name them as of now. Once the deal is signed, probably you might be able to know about it.

Speaker #7: Once the deal is signed, probably you might be able to know about it.

Speaker #6: When is that deal expected to be signed? Are you in talks to sign any deal?

[Analyst] (Banana Capital): When is that deal expected to be signed? Are you in talks to sign any deal?

Speaker #3: Sir, it is not one side.

Anand Krishnan: Sir, it is not one-sided.

Speaker #6: You have a timeline for that?

[Analyst] (Banana Capital): Any timeline for that?

Speaker #3: Decided. Sir, as Mr. Anand communicated, sir, for any company, we look for all the bit of better opportunity. Many things we are working on it.

Milan Dalal: Sir, as Mr. Anand communicated, sir, for any company, we look for all the better opportunity. Many things is, we are working on it. When appropriate time, I'm sure the company will be able to convey all the good news with our shareholders.

Speaker #3: At the appropriate time, I'm sure the company will be able to convey all the good news to our shareholders.

Speaker #7: Yeah. So Mr. Venkatesh, and as I already told in the opening remarks, as well as in the investor presentation, we have already signed up with two large, financially sound airlines.

Anand Krishnan: Yeah. So Mr. Venkatesh, as I already told in the opening remarks, as well as in the investor presentation, that we have already signed up with two large financially sound airlines. So, in tune with that, we are actually working on some other, I mean, strategic partnerships as such. Hopefully, everything should be in place, and we will be able to announce.

Speaker #7: So, in tune with that, we are actually working on some other—I mean, strategic partnerships as such. Hopefully, everything should be in place and we will be able to.

Speaker #6: Are the airlines from the Gulf region, or are they from the US region?

[Analyst] (Banana Capital): These airlines are from Gulf region or are they from the US region?

Speaker #7: We don't want to give any details as of now due to, I mean, competition data. That's, I mean, we don't want competitors to go there as of now.

Anand Krishnan: We don't want to give any details as of now, due to, I mean, competition data. That's, I mean, we don't want our competitors to go there as of now. We have cracked a few airlines, is all that we can tell you.

Speaker #7: We have cracked a few airlines; that is all that we can tell you.

Speaker #6: And sir, ये US के टैरिफ अपने बिजनेस को अफेक्ट किया, तो ये कितना अफेक्ट किया? मतलब पहले कितने टका ड्यूटी लगता था और अभी कितना टका चेंज हुआ?

[Analyst] (Banana Capital): And sir, US ke tariff ne business ko affect kiya, toh yeh kitna affect kiya? Matlab pehle kitne percent duty lagta tha?... Or abhi kitna percent change hua? What is the percentage terms?

Speaker #6: What is the percentage terms?

Speaker #3: Venkatesh ji, this question was asked by your previous caller. I would request you to—

Anand Krishnan: Venkatesh जी, this question was asked by your previous, by the previous caller. I would request you to-

[Analyst] (Banana Capital): I'm sorry, I might have joined late, so that is why I'm asking you.

Speaker #6: I'm sorry. I might have joined late, so that is why I'm asking you.

Moloy Saha: Just repeat, you sir. There is no cancellation of any order. In fact, order, volume, and value is increased compared to last year. However, due to this non-clarity on the tariff situation, temporarily, customer had paused the dispatch. But all the develop-

Speaker #3: Just to repeat, sir, there is no cancellation of any order. In fact, order volume and value have increased compared to last year. However, due to this non-clarity on the tariff situation, the customer has temporarily paused the dispatch.

Speaker #3: But all the.

Speaker #6: And the percentage difference—you didn't, I don't know if you got my question right. I'm asking you the percentage difference. Before the tariff, it was how much?

[Analyst] (Banana Capital): I'm asking the percentage difference. I don't know if you got my question right. I'm asking you the percentage difference. Before tariff, it was how much, and after tariff, it is, it will be how much? What is the percentage difference in both the way?

Speaker #6: And after the tariff, how much will it be? What is the percentage difference in both ways?

Speaker #3: Duty was up to about. Duty.

Moloy Saha: Duty you are talking about? This duty?

Speaker #7: Yeah.

Anand Krishnan: Yeah.

Speaker #3: Okay. Earlier, before the tariff, it was 0.06%. When the tariff...

Moloy Saha: Okay.

[Analyst] (Banana Capital): Yeah.

Moloy Saha: Earlier, it was... Before the tariff, it was 0.06%. When the tariff-

Speaker #6: That is in quarter two? Are you talking about quarter one?

[Analyst] (Banana Capital): That is in Q2, you are talking, or Q1?

Speaker #3: Quarter one.

Moloy Saha: Quarter one.

Anand Krishnan: Prior to Trump having announced the-

Speaker #7: Prior to Trump having announced.

Speaker #3: Trump having the tariff.

Moloy Saha: Trump having the tariff.

Anand Krishnan: The peak tariffs were 50%. Now we will be down between 18 to 25%, but final clarity would come. General guidance given by the trade department, the Indian and the US says it would be around 18%. Having said that, our clients were accepting at 50% as well, but with a delayed cut-off. Now, with things getting little better and the possibility of them getting a refund and all that, we, our orders, which were put on hold, are now likely to be dispatched soon enough.

Speaker #7: The peak tariffs were 50%. Now we will be down to between 18% to 25%. But final clarity would come from the general guidance given by the Trade Department. India and the US say it would be around 18%.

Speaker #7: Having said that, our clients were accepting at 50% as well. But with the delayed call-off, now with things getting a little better, and the possibility of them getting a refund and all that, our orders which were put on hold are now likely to be dispatched soon enough.

Speaker #6: And our total market share out of the revenue top line that we were doing—what is the US-related revenue?

[Analyst] (Banana Capital): And our total market share out of the revenue top line that we were doing, what is the US-related revenue?

Moloy Saha: Around 12%.

Speaker #3: Around 12%.

Speaker #6: Oh, only 12%?

[Analyst] (Banana Capital): Oh, only 12%?

Speaker #3: Yes.

Moloy Saha: Yes.

Speaker #6: Okay. And sir, what about tomatoes? You said they are coming with the late season. So we did not make the required sales in this quarter's results.

[Analyst] (Banana Capital): Okay, and sir, what about tomatoes? You said they are coming with the late season, so we did not make the required sales in this quarter results. Will that be translated into the sales in the Q4 results?

Speaker #6: Will that be translated into the sales in the Q4 results?

Moloy Saha: Partly, yes, and partly can-

Speaker #3: Partly, yes. And partly.

Moloy Saha: Partly, yes, and partly can-

[Analyst] (Banana Capital): Q4, already 45 days are over and another 45 days are pending. So how much was the order of which is executed in the 45 days, and how much will be executed in the next 45 days?

Speaker #6: Quarter four—already 45 days are over, and another 45 days are pending. So, how much was the order which is executed in the 45 days?

Speaker #6: And how much will be executed in the next 45 days?

Speaker #3: Sir, very different. Very difficult question you have asked, because as we.

Moloy Saha: Sir, very difficult-

[Analyst] (Banana Capital): Of the total order.

Moloy Saha: Very difficult question you have asked, because as we-

Speaker #6: Okay. Tell me, what is the total order of tomato that we have?

[Analyst] (Banana Capital): Okay, tell me, tell me, tell me, what is the total order of tomato that we have?

Speaker #3: Sir, already, since the season is going on, order negotiation is under process, and we are.

Moloy Saha: Sir, already it's, since the season is going on, order negotiation is under process and we are-

[Analyst] (Banana Capital): As on date, while we are speaking, how much order you have?

Speaker #6: As on date, while we are speaking, how much order do you have?

Speaker #3: Sir, we won't be able to give an absolute figure. Again, I'm highlighting.

Moloy Saha: Sir, we won't be able to give absolute figure. Again, I'm highlighting.

Speaker #6: Sir, how can you not give, sir? We are the shareholders. You are putting all disaster results from many quarters, according to me. I'm not getting any value appreciation when I'm asking you a question.

[Analyst] (Banana Capital): Sir, how can you not give, sir? We are the shareholder. You are putting all disastrous results from many quarters. According to me, I'm not getting any value appreciation. When I'm asking you question, you say, "We cannot tell you." This is not how a company works.

Speaker #6: You said we cannot tell you. This is not how a phone call works.

Anand Krishnan: You are not letting him answer the question-

Speaker #3: We are not letting you ask a question, and you are ready—like, doing it. Just have patience. Let him answer, and then have a counter question.

[Analyst] (Banana Capital): We have to be transparent.

Anand Krishnan: You are ready, like, doing it. Just have patience, let him answer, and then have a counter question. Kindly don't interrupt-

Speaker #3: Kindly don't interrupt.

[Analyst] (Banana Capital): He's saying, "I cannot give. I cannot give." What is this, "I cannot give?

Speaker #6: I think I cannot give what it is. I cannot give.

Anand Krishnan: This is the answer.

Speaker #3: This is the answer.

Speaker #7: Okay. How much is the revenue?

Moloy Saha: Okay, can I-

[Analyst] (Banana Capital): How much is the revenue?

Speaker #3: Revenue, still, for the three quarters, we are able to get around ₹65 crore from tomato paste and other tomato-related products. And we are able to, I believe that if we are able to produce—now we have started—it can increase by another, say, 20%.

Moloy Saha: Revenue, till three quarters, for the three quarters, we are able to get around INR 65 crore from tomato paste and other tomato-related product. I believe that if we can able to produce, now we have started, it can increase by another, say 20%, but our overall order position is much higher than that. And tomato product-

Speaker #3: But our overall order position is much higher than that. And tomato product.

[Analyst] (Banana Capital): What is the order position? What is the balance order position as on date we are talking or the latest that you have?

Speaker #6: What is the order position? What is the balance order position as on date we are talking, or as of the latest data?

Moloy Saha: Sir, if you don't allow me to talk, then how can I? Continuously, you are pausing me and asking. Let me allow now. If you have some patience, na. You just allow me finish, and then you ask me. I'm very happy to give all your answers, sir.

Speaker #3: If you don't allow me to talk, then how can you continuously—you are pausing me and asking. Let me talk if you have some patience.

Speaker #3: You just allow me. Finish, and then you ask me. I'm very happy to give all your answers, sir.

Speaker #7: No, not necessary, Venkatesh. If you are going to talk so rudely, we don't necessarily need to give you answers. It's your choice to either be invested in the company or not.

Anand Krishnan: No, not necessary, Venkatesh. If you're going to talk so rudely, we don't need to necessarily give you answer. It's your choice to either be invested in the company or not. It's about our strategy to actually say as to what we need to do with our business and what information is public and not public. So I don't expect you to actually speak to us in this manner.

Speaker #7: It's about our strategy to actually say as to what we need to do with our business, and what information is public and not public.

Speaker #7: So, I don't expect you to actually speak to us in this manner.

Speaker #6: You have been saying, 'I cannot say, I cannot say.' And you see your own performance from the past two years, three years, you will come to know.

[Analyst] (Banana Capital): You have been saying, "I cannot say. I cannot say." You see your own performance from past 2 years, 3 years, you will come to know.

Speaker #6: And you have been invested for so long. You will also come to know.

Anand Krishnan: What-

[Analyst] (Banana Capital): You've been invested for so long, you will also come to know.

Speaker #7: We understand what we are doing. There are certain times there are problems in certain businesses because of certain different reasons. Not everything can be explained to a shareholder.

Anand Krishnan: We understand what we are doing. There are certain times, there are problems in certain businesses because of certain different reasons. Not everything can be explained to a shareholder, and it is not necessary to explain everything to a shareholder.

Speaker #7: And it is not necessary to explain everything to a shareholder.

Speaker #6: I just asked you for the tomato order that you have as on date. That's all.

[Analyst] (Banana Capital): I just ask you the tomato order that you have as on date? That's all.

Speaker #3: Sir, again, I'm repeating the tomato order. I told you that already—we have how much we have sold in three quarters, and what is the likelihood to happen in next quarter also.

Moloy Saha: Sir, again, I am repeating the tomato order. I told you that already we have how much we have sold in three quarters and what is likely to happen in next quarter also. Already I answered this. Now, you are asking that tomato, what is the things? I told you that everything is under negotiation, because during the processing time, negotiation is always there will be negotiation, and once the season is over, then the final order always crystallized and signed. So unless both the parties sign the contract, it will not be a right for my side to give you the figure, because that is the industry's practice. Industry never get order during the season time. When the season is over, then only all the orders get crystallized, because this is a agricultural commodities.

Speaker #3: Already I answered this. Now you are asking the tomato what is the thing. I told you that everything is under negotiation. Because during the processing time, negotiation is always there—there will be negotiation.

Speaker #3: And once the season is over, then the final order is always crystallized and signed. So, unless both the parties sign the contract, it will not be right on my side to give you the figure.

Speaker #3: Because that is the industry's practice. Industry never gets orders during the season time. When the season is over, then only all the orders get crystallized.

Speaker #3: Because this is an agricultural commodity, pricing of raw material will be fixed once the season is over. That's the standard practice, sir.

Moloy Saha: Pricing of raw material to be fixed once the season is over. That's the standard practice, sir.

Speaker #6: So, my question was again—I'll repeat it. What is the balance order as on date that you have in hand? Which I still have not received a reply to.

[Analyst] (Banana Capital): So my question was, again, I'll repeat it: What is the balance order as on date that you have in hand? Which I still have not received a reply to.

Speaker #3: I just told you, sir. We already have around ₹60–65 crore, and this quarter we will be able to do another 20%. I already gave this answer to you.

Moloy Saha: I just told you, sir, we already have around INR 60-65 crore, and this quarter we'll be able to do another 20%. I already gave this answer to you.

Speaker #6: Okay, I'm sorry. I did not hear that. So my understanding is 65 crore.

[Analyst] (Banana Capital): ... Okay, I'm sorry, I did not hear that. So my understanding is INR 65 crore is the balance order-

Speaker #2: Mr. Venkatesh, we have to execute, right? Mr. Venkatesh, you can join the queue.

Operator: Mr. Venkatesh, Mr. Venkatesh.

[Analyst] (Banana Capital): that we have to execute, right?

Operator: Mr. Venkatesh, you can join the queue.

[Analyst] (Banana Capital): Current question going on, I just want the clarity. Please don't cut me here.

Speaker #6: The current question going on, I just want the clarity. Please don't cut me here.

[Analyst] (Banana Capital): Current question going on, I just want the clarity. Please don't cut me here.

Speaker #3: Sir, we have if you allow me to tell, I'll tell you. Anyway, continue. Okay. I think something is telling. Tell me, sir. Any other things from your side?

Milan Dalal: Sir, we have, if you allow me to tell, I'll tell you anyway. Continue. Okay, I think, something is telling. Tell me, sir, any other thing from your side?

Speaker #6: Yeah. So my understanding is Rs. 65 crore is the unfinished order we have in hand for tomatoes. Am I right? Is my understanding correct?

[Analyst] (Banana Capital): Yeah. So my understanding is INR 65 crore is the unfinished order we have in hand for tomatoes. Am I right? Is my understanding correct?

Speaker #3: Sir, your understanding is wrong.

Milan Dalal: No, your understanding is wrong.

Speaker #6: Okay. So is this.

[Analyst] (Banana Capital): Okay, so if you-

Speaker #3: Sir, we have already sold worth ₹65 crores, Mr. Venkatesh. Why are you unnecessarily being aggressive about it? This is a commodity. And we cannot dictate to nature what tomato, at what date, we will get.

Milan Dalal: We have already sold worth INR 65 crore, Mr. Venkatesh.

[Analyst] (Banana Capital): Okay.

Milan Dalal: Why, why are you unnecessarily being aggressive into it? This is a commodity, and the nature cannot. We cannot dictate to nature that what tomato and what date we will get. Our customers and we will sit together and de-

Speaker #3: Our customers and we will say to these—are you going to let me finish this stuff? Please do not interrupt me. You asked a question.

[Analyst] (Banana Capital): I think we have misunderstood.

Milan Dalal: Will you let me finish, sir? Please do not interrupt me. You asked a question; you better have the patience to listen as well. So our CEO has told you that as, as in our Coca-Cola contract with for mangoes, it is at the end of the season that the final contract and the final pricing is done. He's told you INR 65 crore has already been executed, and 20% more is expected. Now, if the procurement can happen more, there would be further order book position. If there is a delay in it, there would be an overflow to next year.

Speaker #3: You better have the patience to listen as well. So our CEO has told you that as in our Coca-Cola contract for mangoes, it is at the end of the season that the final contract and the final pricing is done.

Speaker #3: He’s told you ₹65 crore has already been executed, and 20% more is expected. Now, if the procurement can happen more, there would be further order book positions.

Speaker #3: If there is a delay in it, there would be an overflow to next year.

Speaker #6: Okay. Now I get it. Thank you. I'm done with my questions.

[Analyst] (Banana Capital): Okay, now I get it.

Milan Dalal: Yeah.

[Analyst] (Banana Capital): Thank you.

Milan Dalal: Okay.

[Analyst] (Banana Capital): I'm done with my questions.

Speaker #3: Thank you.

Milan Dalal: Thank you.

Speaker #2: Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Saket Kapoor from Kapoor & Co.

Operator: Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Saket Kapoor, from Kapoor and Co. Please go ahead.

Speaker #2: Please go ahead.

Speaker #8: Namaskar, team. Hope I'm audible.

Saket Kapoor: Namaskar team. Hope I'm audible?

Speaker #3: Yeah, you are audible.

Milan Dalal: Yeah, hi. You are audible.

Saket Kapoor: Sir, firstly, if you could just explain to us the seasonality aspect, quarter, on a quarterly basis and pertaining to the nature of the business, and then also, to the debt levels that we are carrying. I think so our finance cost payment is to the tune of 11 to 13 crores on a quarterly basis. However, there has been a significant reduction from this number for December 2024 and 2025. So these are my first two questions.

Speaker #8: Sir, firstly, if you could just explain to us the seasonality aspect on a quarterly basis pertaining to the nature of the business.

Speaker #8: And then also to the debt levels that we are carrying. I think our finance cost payment is to the tune of ₹11 to ₹13 crore on a quarterly basis.

Speaker #8: However, there has been a significant reduction from this number for December 24 and 25. So these are my first two questions.

Speaker #3: Hi. With respect to the interest cost reduction, I'll take that answer first. I'll take that question first. Sorry. That there was a basis point reduction that the RBI actually did around 100 to 125 basis points.

Anand Krishnan: Hi, with respect to the interest cost reduction, I'll take that answer first, I'll take that question first, sorry. That, there was a basis point reduction that the RBI actually did around 100 to 125 basis points. So that, that benefit has actually come on to us. So if you see on a YOY basis, the interest cost has come up, come down. But with respect to the long-term debt, we had actually paid down around INR 20 crore as compared to what it was in the last year, same quarter. So, all in all, that, that's where the mix have actually changed and the interest rates have interest cost has actually come down. So if I've answered this question right, and if you've understood, then probably I'll move on to the next.

Speaker #3: So that benefit has actually come on to us. So if you see, on a year-over-year basis, the interest cost has come down. But with respect to the long-term debt, we had actually paid down around ₹20 crore as compared to what it was in the last year, same quarter.

Speaker #3: So, all in all, that's where the mix has actually changed. And the interest rates—the interest cost—has actually come down. So, if I've answered this question right, and if you've understood, then probably I'll move on to the next.

Saket Kapoor: Sir, sir, then you provide me with the net debt number, sir, whether with the breakup of both long-term and the working capital requirement.

Speaker #8: Sir, can you then provide me with the net debt number, sir, including the breakup between both long-term and the working capital requirement?

Speaker #3: Okay, just a second. As of now, my total debt is around ₹460 crore approximately, on long-term and short-term put together.

Anand Krishnan: Okay, just a second. As of now, my total debt is around INR 460 crore, approximately.

Saket Kapoor: Okay.

Anand Krishnan: All long-term and short-term put together.

Milan Dalal: Long-term will be around INR 90 crore.

Speaker #8: Long-term will be around 90?

Speaker #3: No, no. Long-term is only around 50.

Anand Krishnan: No, no, long-term is only around 50.

Speaker #8: 50.

Milan Dalal: Fifty.

Anand Krishnan: Yeah.

Speaker #3: Yeah.

Speaker #8: So, long-term is ₹50 crore, and the balance is our working capital requirement—short-term.

Saket Kapoor: So long-term is INR 50 crore?

Anand Krishnan: Correct.

Saket Kapoor: The balance is our working capital requirement, short-term.

Speaker #3: That's right. So it increased from 360 to 410 recently. It is basically because of the incremental production in tomato and all that we have actually done.

Anand Krishnan: That's right.

Saket Kapoor: And then-

Anand Krishnan: It increased from 3 to 410 recently. It is basically because of the incremental production in tomato and all that we have actually done, and the other inventory, which is still there in the books.

Speaker #3: And the other inventory, which is still there in the books.

Speaker #8: Okay, sir. Then could you please now explain the seasonal aspect of the business, and how should investors look at our performance on a quarterly basis with the peak and the lean quarters?

Saket Kapoor: Okay, sir. Then you please now explain the seasonal aspect of the business, and how should investors look on for our performance on a quarterly basis with the peak and the lean quarters?

Speaker #3: Okay. Quarterly is going to be very difficult because, basically, mango is a summer fruit, and production happens in summer. And basically, our clientele is a juice manufacturer.

Anand Krishnan: Okay. So,

Milan Dalal: Quarterly is going to be very difficult because basically, mango is a summer fruit, and production happens in summer. And basically, our clientele is a juice manufacturer, and generally, especially in India, not necessarily around the world, but in India, it's a summer drink and not necessarily a winter drink. So our typical contract goes over 15 to 18 months, and the call-offs do happen. Production has to happen around summer, but there is extended summer, there is short summer, and generally, the pattern is anywhere from April to July is the time. As far as tomatoes are concerned, there are two seasons, and it's more in the colder times like winter, which is, it should have started by end December, was slightly delayed and has started in early February.

Speaker #3: And generally, especially in India—not necessarily around the world—but in India, it's a summer drink and not necessarily a winter drink. So, our typical contract goes over 15 to 18 months.

Speaker #3: And the call-offs do happen. Production has to happen around summer, but there is extended summer, there is short summer, and generally, the pattern is anywhere from April to July is the time.

Speaker #3: As far as tomatoes are concerned, there are two seasons. And it's more in the colder times, like winter, which should have started by end of December, but was slightly delayed.

Speaker #3: And has started in early February. Having said that, quarter to quarter is not a great way. Yes, we have to come up with our quarter-to-quarter performance and report.

Milan Dalal: Having said that, quarter to quarter is not a great way. Yes, we have to come up with our quarter-to-quarter performance and report, but year to year, we are almost comparable by way of our production, by way of our sales. If anything, Moloy or Anand want to add? Anand, if you want to add then.

Speaker #3: But year to year, we are almost comparable by way of our production, by way of our sales. If anything, Molloy or Anand want to add.

Speaker #9: Anand, if you want to add anything.

Anand Krishnan: So, with respect to the seasonality of the business, basically, what you need to understand is that since the raw material is available only three months of a year, and our production needs to be done, so you cannot look at this business typically on a quarter-over-quarter basis. You have to look at it as to what the company is doing on a year-long basis. So, lot of our contracts are more than a year long. Say, example, Coke and all that we actually deal with have a 15- to 17-month contract window that we actually have. So ideally, it's that contract period that you have to see to, actually assess the business. But having said that, it's very difficult to assess it that way.

Speaker #3: So, with respect to the seasonality of the business, basically what you need to understand is that since the raw material is available only three months of a year, and our production needs to be done, you cannot look at this business typically on a quarter-on-quarter basis.

Speaker #3: You have to look at it as to what the company is doing on a year-long basis. So, a lot of our contracts are more than a year long. For example, Coke and all that we actually deal with have a 15- to 17-month contract window that we actually have.

Speaker #3: So ideally, that contract period that you have to see to actually assess the business. But having said that, it's very difficult to assess it that way.

Speaker #3: So it's the year-on-year absolute growth in gross profit, absolute growth in EBITDA, that you should actually track to see how the business is doing.

Anand Krishnan: So it's the year-on-year absolute growth in gross profit, absolute growth in EBITDA, that you should actually track to see as to how the business is doing. So, that's the best way for any analyst to track this business.

Speaker #3: So that's the best way for any analyst to track this business.

Saket Kapoor: Just to get to that point, sir, then what factors have alluded to the drop in profitability and the revenue for the nine months if we compare the nine months performance?

Speaker #8: Just to get to that point, sir, then what factors have alluded to the drop in profitability and the revenue for the nine months if we compare the nine months' performance?

Saket Kapoor: Just to get to that point, sir, then what factors have alluded to the drop in profitability and the revenue for the nine months if we compare the nine months performance?

Speaker #3: Sorry, sorry. Can you just repeat the question? Can you just repeat?

Anand Krishnan: Sorry, sorry. Can you just repeat the question?

Saket Kapoor: Nine months, there's a-

Anand Krishnan: Can you just repeat?

Saket Kapoor: Sir, I am pointing towards. Yeah, yeah, definitely, sir. For the nine months ending 31 December 2025, our revenue has been to the tune of INR 580 crore, which was INR 610 crore for the previous year, where the profitability has taken a toll from, it has dipped from INR 20 crore to INR 12 crore. Whereas, there has been savings in front of for finance costs also, but then also the profitability is lower. So what explain these dips in the business, the turnover as well as profitability for the nine months?

Speaker #8: I'm pointing towards—yeah, yeah, definitely, sir. For the nine months ending 31st December '25, our revenue has been to the tune of ₹580 crore.

Speaker #8: Which was ₹610 crore for the previous year, where the profitability has taken a toll as it has dipped from ₹20 crore to ₹12 crore, whereas there have been savings in terms of finance cost also.

Speaker #8: But then also the profitability is lower. So what explains these dips in the business, the turnover, as well as profitability for the nine months?

Speaker #3: Okay. So the standalone numbers, if you actually see, the gross profit.

Anand Krishnan: Okay.

Saket Kapoor: The key reasons.

Anand Krishnan: With reference to the standalone numbers, if you were to actually see, the gross profit-

Speaker #8: Console number, sir.

Saket Kapoor: Consolidate numbers.

Speaker #3: I'm just talking about the main business first, and then we can actually come to the console if you want. So it's important to understand the main business, right?

Anand Krishnan: I'm just talking about the main business first, and then we can actually come to the consol, if you want. So it's important to understand the main business, right? So that's why I'm stressing on the standalone numbers for now.

Speaker #3: So that's why I'm stressing on the standalone numbers for now. So if you see the standalone numbers, the gross profit has actually increased from ₹216 crores to ₹235 crores.

Saket Kapoor: Please, okay.

Anand Krishnan: So if you see the standalone numbers, the gross profit has actually increased from INR 216 crores to INR 235 crores. So there has been a 8.7% increase in the gross profit, on a nine-month basis. But you are right in actually saying that the EBITDA has actually gone down, wherein it is down by around 10 odd crores in the ninth month basis. So a part of it, a large part of it, can be explained by the M2M margin. That's the M2M Forex loss that we actually incurred, wherein we had hedged the exports that we had actually done at a certain rate, and because of the depreciation in rupee, that has actually hit our mark-to-market in the business.

Speaker #3: So there has been an 8.7% increase in the gross profit on a nine-month basis. But you are right in actually saying that the EBITDA has actually gone down, wherein it is down by around ₹10 crore on a nine-month basis.

Speaker #3: So a part of it, a large part of it, can be explained by the M2M margin—that’s the M2M forex loss that we actually incurred—wherein we had hedged the exports that we had actually done at a certain rate.

Speaker #3: And because of the depreciation in rupee, that has actually hit our mark-to-market in the business. So that's necessarily not a cash loss in the business.

Anand Krishnan: So that's necessarily not a cash loss in the business, but then, since the exchange is booked, we receive only that much of inflows, right? So that's what has actually happened. So optically, that's looking like a loss. So that's one part of it. The other part has also been because of the freight-related things that have actually happened and the other operational expenses that have increased. But having said that, come Q4, I think we should be in a much better position on the EBITDA basis with a growth as compared to what it was last year. That's something that you can take for granted.

Speaker #3: But then, since the exchange is booked, we receive only that much of inflows, right? So that's what has actually happened. So, optically, that's looking like a loss.

Speaker #3: So that's one part of it. The other part has also been because of the freight-related things that have actually happened and the other operational expenses that have increased.

Speaker #3: But having said that, come Q4, I think we should be in a much better position on the EBITDA basis with the growth as compared to what it was last year.

Speaker #3: That's something that you can take for granted.

Speaker #8: Sir, now can you give the color for the console part? I am trying to make sense. When we are valuing the company, we are always looking at this as a consolidated entity.

Saket Kapoor: Sir, now can you give the color for the consol part? I am trying to make sense. When we are valuing the company, we are always looking this as a consolidated entity.

Speaker #3: Perfect. So what you need to understand is that between the standalone and the console, it's only a difference of revenue on a full-year basis of around 22–23 crores, because Kusum is the business that actually adds on to the console, right, as of now.

Anand Krishnan: Perfect.

Saket Kapoor: So, so-

Anand Krishnan: So, what you need to understand is that, between the standalone and the consolidated, it's only a difference of revenue of, on a full year basis, around INR 22 to 23 crore, because Kusum is the business that actually adds on to the consolidated, right? As of now. And that business is slightly at an EBITDA loss as we speak today, basically because we are actually expanding our footprint geographically, and we are trying to invest into the brand, Kusum as such. So I deliberately excluded that just so that you could understand the core business as well as the Kusum business. I mean, if you were to just understand that.

Speaker #3: And that business is slightly at an EBITDA loss as we speak today, basically because we are actually expanding our footprint geographically, and we are trying to invest into the brand, Kusum, as such.

Speaker #3: So, I deliberately excluded that just so that you could understand the core business as well as the Kusum business. I mean, if you were to just understand that.

Speaker #8: Sir, I got your point there. But a small point—and then I may join the queue—is that I'm trying to just work out that on the top line, a decrease from 609 to 580 means the profitability has gone down by ₹8 crore.

Saket Kapoor: Sir, I got your point there, but a small point, and then I may join the queue: is that I'm trying to just work out that on a top-line decrease of, say, from INR 609 crore to 580 crore, the profitability has gone down by INR 8 crore.

Anand Krishnan: Okay.

Speaker #8: So if you could just give that mix—what has attributed to this decline—and then, on a comparable basis for the year as a whole, last year we had done closer to ₹50 crore of profit.

Saket Kapoor: Just if you could just give that mix, that what has attributed to this decline, and then on a comparable basis for the year as a whole, last year, we have done closer to INR 50 crore of profit, PBT number.

Speaker #8: PBT number. So to do this performance, this gap is going to continue for this financial year. So for this year, we are not expecting any growth on the profitability.

Anand Krishnan: Right.

Saket Kapoor: So to keep this performance, this gap is going to continue for this financial year. So for this year, we are not expecting any growth on the profitability?

Anand Krishnan: No, we are. So you can expect, the gap to be closed and be bettered by Q4, is all that I'm trying to say, because what is there in that INR 50 crore is basically the, PLI income as well.

Speaker #3: But you can expect the gap to be closed and be bettered by Q4, is all that I'm trying to say, because what is there in that ₹50 crore is basically the PLI income as well.

Speaker #3: So, the PLI income is going to be coming, and our PLI incentives are at a much higher number than what it was last year.

Saket Kapoor: Right.

Anand Krishnan: So the PLI income is going to be coming, and, our PLI incentives are at a much higher number than, what it was last year. That's number one. Number two, our Q4 is supposed to be one of our stellar quarters. Historically, that's been how the business has actually performed. So, Manish, if you need to add something.

Speaker #3: That's number one. Number two, our Q4 is supposed to be one of our stellar quarters. Historically, that's been how the business has actually performed.

Speaker #3: So, Emes, if you need to add something.

Speaker #8: Yeah, no problem. There are two major— I think, sir, we'll be able to—what you told, that last year, total profit before tax is around 52 crores, I believe.

Moloy Saha: Yeah, no problem. There are 2 million. I think, sir, we'll be able to, what you told that last year, total profit before tax is around INR 52 crore, I believe. And though this year, revenue is a challenge because our realization is lower, compared to earlier years, but we are expecting a higher volume, if we consider the projected sale of Q4. So one, there will be a higher volume, but revenue will be under stress due to the lower realization, but profitability will be maintained and likely to be better than last year.

Speaker #8: And though this year revenue is a challenge because our realization is lower compared to earlier years, we are expecting a higher volume if we consider the projected sale of Q4.

Speaker #8: So overall, there will be a higher volume, but revenue will be under stress due to the rural realization. However, profitability will be maintained and is likely to be better than last year.

Speaker #8: Okay. And the last point on the PLI front, sir, what is the number that we have factored for the last financial year? And what should be factored for the current year, FY26?

Saket Kapoor: Okay. And the last point on the PLI front, sir, what's, what is the number that we have factored for the last financial year, and what should be factored for the current year, FY 2026? March 2026, how much are we factoring in, in terms of PLI deals?

Speaker #8: March 26, how much are we factoring in, in terms of the PLI deal?

Moloy Saha: The PLI amount for the current year... last year, we have given around INR 25 crore. This year, we have submitted our application. It is under process. So today, we may not be able to give the exact figures, but... We believe that, based on the, our sales and all these things, it will be similar like last year, maybe little higher than last year.

Speaker #3: The PLI amount for the current year—last year, we had given around ₹25 crore. This year, we have submitted our application; it is under process.

Speaker #3: So, today, we may not be able to give the exact figure. But we believe that, based on our sales and all these things, it will be similar to last year.

Speaker #3: Maybe a little higher than last year.

Speaker #8: Yes, higher than last year is what the number is. We don't want to confirm the number because it is all government-related. So, we have applied for a certain number.

Anand Krishnan: Yes, higher than last year is what the number is. We don't want to confirm on the number because it is all government related. So we have applied for a certain number. We are 99% hopeful that that should be the number that we should get, so.

Speaker #8: We are 99% hopeful that that should be the number that we should get. So that's very— And that same amount, we have received, sir?

Saket Kapoor: Okay. And last year, the amount we have received, sir, INR 25 crore for FY 2025?

Speaker #8: 25 crore for FY25?

Speaker #3: Correct.

Anand Krishnan: Correct.

Speaker #8: Sir, not in FY25. That was for FY24.

Moloy Saha: Sir, not in FY25. That was for FY24.

Speaker #3: Yes, that was for FY24, received in FY25.

Anand Krishnan: Yes, that was for FY24, received in FY25.

Speaker #8: Okay. And the figure for ₹25 crore that we have factored for March 25, has that money been received by us, or is that still pending?

Saket Kapoor: Okay. And the figure for INR 25 crore that we have factored for March 2025, that money has been received by us or that is still pending?

Speaker #3: It has been. We approve on an actual basis, on a cash receipt basis.

Anand Krishnan: It has been.

Moloy Saha: Yeah, we accrue on actual basis, on cash receipt basis.

Speaker #8: Come again, sir?

Saket Kapoor: Come again, sir.

Speaker #3: We booked the income in P&L since it's a government-related thing. We booked that on actual receipt basis.

Anand Krishnan: We book the income in P&L. Since it's a government-related thing, we book that on actual receipt basis.

Speaker #8: Okay. Okay. Okay. And lastly, sir, out of the ₹50 crore long-term debt, can you please put forward the reasons for which the long-term debt is there? For what kind of capacity addition or product mix change are we anticipating?

Saket Kapoor: Yes. Okay. Okay.

Anand Krishnan: Yes.

Saket Kapoor: Lastly, sir, out of the INR 50 crore long-term debt, can you please put forward the reasons for which the long-term debt is being there, for what kind of capacity addition or product mix change we are anticipating? How is this money going to be utilized?

Speaker #8: How is this money going to be utilized?

Speaker #3: Sorry, the long-term debt that actually we have repaid is around 20-odd crores.

Anand Krishnan: Sorry, the long-term debt that actually we have actually repaid around INR 20-odd crore.

Speaker #8: No, no. Fifty crore for what purpose? It's there.

Moloy Saha: No, no, INR 50 crore for what purpose, if they are-

Anand Krishnan: So the-

Speaker #3: So basically, we are getting incentives under the PLI, right? So we have invested under the PLI as well as outside the PLI—I mean, for the growth of the business as such.

Moloy Saha: PLI.

Anand Krishnan: So basically, we are getting incentives under the PLI, right? So we have invested under the PLI as well as outside the PLI, I mean, for the growth of the business as such. So, it was for that related CapEx that we have done.

Speaker #3: So that's something that we have been talking about in all the previous investor consults that we have actually had. So it was for that related capex that we have done.

Speaker #8: Sir, I missed it again this time. My manager’s line was not clear—I could not hear you out completely. Can you come again, once more?

Saket Kapoor: Sir, I again missed it sometime. My, the line was not. I could not hear you out completely. Can you come again, once again?

Anand Krishnan: I'm saying-

Speaker #3: I'm saying that the long-term debt was actually taken for the capex that we had done for the incentives that we are receiving under PLI.

Saket Kapoor: About the-

Anand Krishnan: That the long-term debt was actually taken for the CapEx that we had done for the incentives that we are receiving under PLI.

Speaker #3: So, there were certain commitments that were done. If you see our investor presentation, the greenfield plants have actually been given. If you want to even see the annual report, the greenfield plants at Wankel is one of the capex that we actually did.

Saket Kapoor: Okay.

Anand Krishnan: So there were certain commitments that were done. If you see our investor presentation, so the greenfield plants have actually been given. If you were to even see the annual report, the greenfield plants at Vankal is one of the CapEx that we actually did, apart from a few brownfield CapEx that we did at Gonde for the spray drying plant, for the cold, for the cold room, for the frozen food factory, and all those things. So all of it is a part of that PLI. Apart from which, non-PLI investments was the tomato processing plant that actually was commissioned around November of 2024, as such. So all the CapEx was actually a part of the INR 50 crore long-term loan that you actually see.

Speaker #3: Apart from a few brownfield capex that we did at Gunde for the spray-drying plant, for the cold room, for the frozen food factory, and all those things.

Speaker #3: So all of it is a part of that PLI. Apart from which, non-PLI investments was the tomato processing plant that actually was commissioned around November of 2024 as such.

Speaker #3: So all the capex was actually a part of the ₹50-crore long-term loan that you actually see.

Speaker #8: Okay. And last point is, what is precisely our cost of funds? I'm just trying to make sense of the fact that we paid ₹58 crore as the finance cost on a consolidated basis for March '25.

Saket Kapoor: Okay, sir. And last point is, sir, then what is precisely our cost of fund? I'm just trying to make sense that we paid INR 58 crore as the finance cost on a consolidated basis for March 2025. This year would be, if I think so, on the lower side, since nine-month number is INR 36 crore. So, are other factors also that has been embedded in this finance cost? Any bank charges or something more than the working capital and the long-term finance cost that is being embedded in this number, INR 58 crore last year and-

Speaker #8: This year would be, I think so, on the lower side since nine months' number is 36. So, are there other factors also that are being embedded in this finance cost?

Speaker #8: Are there any bank charges or anything more than the working capital and the long-term finance cost that is being embedded in this number, ₹58 crore last year?

Speaker #3: Yeah, yeah. The bank charges—whatever is a part of that—is actually a part of this interest cost.

Anand Krishnan: Yeah, the bank charges, whatever is a part of that, is actually a part of this interest cost.

Moloy Saha: Yeah, entire bank-related cost, everything comes in this.

Speaker #8: Yeah. In their bank-related cost, everything comes in this. Sir, what is the blended cost of fund then? And our current rating?

Saket Kapoor: Okay. What is the blended cost of fund then, and our current rating?

Speaker #3: The current rating is triple B as per CRISIL, and the current interest range is around 9.22% to 9.8%.

Moloy Saha: Current rating is triple B, as per the CRISIL, and current interest range is around 9.2% to 9.8% range.

Saket Kapoor: Okay. And when is this rating due, sir? The revision.

Speaker #8: And when is this rating due, sir? Revision?

Moloy Saha: Uh, April.

Speaker #3: April.

Speaker #8: April 26. The.

Saket Kapoor: 26 April.

Speaker #3: Yes. Yes, sir. After the financial year.

Moloy Saha: Yes, sir. Yes, sir, after the financial year.

Speaker #8: Okay. Right, sir. To have a better understanding post the call, sir, is there any window or medium by which we can have an interaction going ahead?

Saket Kapoor: Okay. Right, sir. To have better understanding, post the call, sir, is there any window or medium by which we can have an interaction going ahead? Where do we-

Speaker #8: Where do we need to?

Anand Krishnan: You can just write a mail to us, we'll be happy to respond.

Speaker #3: You can just write an email to us. We'll be happy to respond.

Speaker #8: Correct, sir. Thank you, sir. And I'll join the queue. Thank you, sir.

Saket Kapoor: Correct, sir. Thank you, sir, and I'll join the queue.

Speaker #3: Thank you.

Speaker #1: Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Natasha Singh, an individual investor.

Anand Krishnan: Thank you.

Saket Kapoor: Thank you, sir.

Operator: Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Natasha Singh, an individual investor. Please go ahead.

Speaker #1: Please go ahead.

Natasha Singh: Yeah, hi. Thank you so much. So sir, I have a few of the questions. One is that recently that you have foraged into Hong Kong, Finland, and the Gulf region. Which of these geographies is showing the-

[Shareholder] (Private Investor): Yeah, hi. Thank you so much. So sir, I have a few of the questions. One is that recently that you have foraged into Hong Kong, Finland, and the Gulf region. Which of these geographies is showing the-

Speaker #9: Hi. Thank you so much. So, sir, I have a few of these questions. One is that recently you have had fraud in Hong Kong, Finland, and the Gulf region.

Speaker #9: Which of these geographies is showing the...

Anand Krishnan: Not clear. Can you probably speak on a phone directly? Maybe I don't know whether you are using a speaker or something, or an earphone.

Speaker #3: Not clear. Can you probably speak on the phone directly? Maybe I don't know whether you're using a speaker or something, or earphones?

Speaker #9: Am I clear now?

Natasha Singh: Am I clear now?

[Shareholder] (Private Investor): Am I clear now?

Speaker #1: Yes, please come closer to the mic if you're using your mobile phone or your headset.

Operator: Yes, please come closer to this mic if you are using your mobile phone or your headset.

Natasha Singh: I'm using my phone, and which is on my ears.

Speaker #9: I'm using my phone, and it is on my ear.

[Shareholder] (Private Investor): I'm using my phone, and which is on my ears.

Speaker #3: Now it is better. It's better.

Anand Krishnan: Now it is better.

Operator: All right.

Anand Krishnan: It's better.

Natasha Singh: Yeah? Yeah. So I was saying, so, yeah. So recently, you have gone to the international market, where you have forayed into Hong Kong, Finland, and the Gulf region. Which of the geographies is showing the strongest initial traction for your B2C brands like Greentop and Madhu?

[Shareholder] (Private Investor): Yeah? Yeah. So I was saying, so, yeah. So recently, you have gone to the international market, where you have forayed into Hong Kong, Finland, and the Gulf region. Which of the geographies is showing the strongest initial traction for your B2C brands like Greentop and Madhu?

Speaker #9: Here. Yeah. So I was saying, so yeah. So recently, you have gone to the international market, right, where you have forayed into Hong Kong, Finland, and the Gulf region.

Speaker #9: Which of these geographies is showing the strongest initial traction for your B2C brands like Green Top and Madhu?

Moloy Saha: As of now, if you ask me, I think we are doing quite well in Russia.

Speaker #3: As of now, if you ask me, I think we are doing quite well in Russia.

Moloy Saha: As of now, if you ask me, I think we are doing quite well in Russia.

Speaker #9: Okay.

Natasha Singh: Okay.

[Shareholder] (Private Investor): Okay.

Speaker #3: Middle East has also. Middle East just started as, but it will take some more time. Hong Kong is steady. It's a steady growth.

Anand Krishnan: Middle East has also-

Moloy Saha: Middle East just started as, but it will may take some more time. Hong Kong is steady. It's a steady growth, not a big growth, but yes, we launched our product, we got the repeat order, it's multiplied by 2x. But since the base is low, so it may not be a quite substantial figure. But we are expecting that Hong Kong likely to be more in near future. We have added new products, but our B2C Russia is doing quite well now. And soon we may start in US also, our B2C product in Tetra Recart pack....

Speaker #3: Not a big growth, but yes, we launched our product. We got the repeat order. It’s multiplied by 2x, but since the base is low, it may not be quite a substantial figure.

Speaker #3: But we are expecting that Hong Kong is likely to be more in the near future. We have added a new product. But our B2C Russia is doing quite well now.

Speaker #3: And soon, we may start in the US also our B2C product in Tetra Record Pack. So, I think I must say to Natasha that Tetra Record is something that is giving very encouraging visibility for the company.

Moloy Saha: I think, I must say that, and Natasha, that Tetra Recart is something is giving a very encouraging visibility for the company, not only in our own brand, but as well as a private label from US customer, from Russian customer, from Europe customers. So, we see a good opportunity in near future.

Speaker #3: Not only in our own brand, but as well as at a private level from USA customers, from Russian customers, from European customers. So we see a good opportunity in the near future.

Speaker #9: Okay, okay. So, sir, recently your packing has been approved by the large MNCs, right? So, what is the current status of converting these approvals into commercial contracts?

Natasha Singh: Okay. Okay. So the recently your testing has been approved by the large MNC, right? So what is the current status of converting these approvals into commercial contracts, and what portion of the INR 15 crore revenue potentially is expected to be realized in financial year 2026?

[Shareholder] (Private Investor): Okay. Okay. So the recently your testing has been approved by the large MNC, right? So what is the current status of converting these approvals into commercial contracts, and what portion of the INR 15 crore revenue potentially is expected to be realized in financial year 2026?

Speaker #9: And what portion of the ₹15 crore revenue potentially is expected to be realized in financial year '26?

Speaker #3: Yes, it's a good question. Last call also, we told that we have submitted our sample and the sample is getting tested at their site because it's a long process.

Moloy Saha: Yes, it's a good question. Last call also we told that, we have submitted our sample, and-

Natasha Singh: Mm-hmm.

[Shareholder] (Private Investor): Mm-hmm.

Moloy Saha: The sample is getting tested at their site because it's a long process. As you know, this is, this product is used in their processing very minimal quantity. So unless they complete the consumer testing, we may not be able to start the commercial supply. So as of now, we from the only couple of customers, we have some visibility that in the month of March, we may get some commercial order. But major customers are likely to come from the Q1 of next year. So it's a long process. It's almost six to seven months process before we get the final order. So that's the concern. But this year may not be substantial.

Speaker #3: As you know, this product is used in their processing in a very minimal quantity. So, unless they complete the consumer testing, we may not be able to start the commercial supply.

Speaker #3: So, as of now, from the only couple of customers, we have some visibility that in the month of March, we may get some commercial order.

Speaker #3: But major customers are likely to come from Q1 of next year, so it's a long process. It's almost a six to seven months process before we get the final order.

Speaker #3: So, that's the concern. But this year, there may not be substantial sales—I mean, revenue—in our KT. But next year onwards, we are expecting that at least 70–75 percent of our capacity we will be able to utilize.

Natasha Singh: Mm-hmm.

[Shareholder] (Private Investor): Mm-hmm.

Moloy Saha: - sale, I mean, revenue in our kitty, but next year onwards, we are expecting that at least 70 to 75% of our capacity we can able to utilize.

Speaker #9: Okay, okay. And sir, in your last quarter, the financial year ’26, your volume growth was 35%, and the addition of two airline customers has been done.

Natasha Singh: Okay, okay. And sir, in the last quarter, the financial year 2026, your volume growth was 35%, and the addition of 2 airline customers has been done. So, what is the current capacity utilization for the frozen food lines at Sinnar and Vankal?

[Shareholder] (Private Investor): Okay, okay. And sir, in the last quarter, the financial year 2026, your volume growth was 35%, and the addition of 2 airline customers has been done. So, what is the current capacity utilization for the frozen food lines at Sinnar and Vankal?

Speaker #9: So what is the current utility capacity utilization for your frozen food lines at Sinnar and Wongkal?

Moloy Saha: I must say, well, now Vankal is a vegetable processing.

Speaker #3: I must say, now Wongkal is a vegetable processing. Whenever vegetables are available, it's 100%. If vegetables are not available, we are unable to run. But since we have installed Wongkal, vegetable processing is utilized more than 65 to 70 percent, and we expect that it will likely grow.

Moloy Saha: I must say, well, now Vankal is a vegetable processing.

Natasha Singh: Mm-hmm.

[Shareholder] (Private Investor): Mm-hmm.

Moloy Saha: Whenever vegetables are available, it's 100%. If vegetable not available, we are unable to run. But since we have installed Vankal vegetable processing, it utilized more than 65 to 70%, and we expect that it will likely to grow. And snacks line in Nashik, and Indian bread, snacks, and some of the part of the vegetable in Nashik facility is fully running. In fact, we are, I mean, I must say, we have a over, I mean, larger order than our capacity. So that's why we are running three shifts now, night shifts also working. So it's a very good moment for the frozen.

Speaker #3: And snacks line in Nashik and Indian bread snacks, and some of the part of the vegetable in Nashik facility is fully running. In fact, we are, I mean, I must say, we have a, I mean, larger order than our capacity.

Speaker #3: So that's why we are running three shifts now. Night shifts are also working. So it's a very good moment for the frozen, and whatever report we are having and statistical report, as well as customer feedback, we strongly believe this segment is likely to grow at the same pace for the next three to four years.

Moloy Saha: Whatever report we are having and statistical report as well as customer feedback, we strongly believe this, this segment is likely to grow in the same pace for next 3 to 4 years across the world. So,

Speaker #3: Across the world. So for the company, I think we must very seriously look in this sector and continue to grow, and wherever we need to do tweaking of the capacity, we are looking into it as a short term and as a long term.

Natasha Singh: Mm-hmm.

[Shareholder] (Private Investor): Mm-hmm.

Moloy Saha: For the company, I, I think we must very seriously look in this sector and continue to grow. And wherever we need to do tweaking of the capacity, we are looking into it, as a short term, as a long term. Short term and long term both, we are looking how to increase the capacity to fulfill the commitment.

Speaker #3: Short term and long term, both, we are looking at how to increase the capacity to fulfill the commitment.

Natasha Singh: Hmm. Okay. And then the last time you spoke about this tomato pulping, right? And because of some delay in tomato crop because of the seasonal factors, so how long this delay will impact your ability to meet the, you know, more than the doubling of your market share?

[Shareholder] (Private Investor): Hmm. Okay. And then the last time you spoke about this tomato pulping, right? And because of some delay in tomato crop because of the seasonal factors, so how long this delay will impact your ability to meet the, you know, more than the doubling of your market share?

Speaker #9: Okay. And sir, the last time we spoke about this tomato pulping, right? And because of some delay in the tomato crop, because of the seasonal factors.

Speaker #9: So, sir, how long will this delay impact your ability to meet the goal of more than doubling your market share?

Moloy Saha: Yes, yes, as you rightly said, doubling the market, not market share, our capacity, we'll be able to, I mean, targeted double, but unlikely this year we'll be able to do, because already crop delayed. Then, as of now, we have started getting whatever is our per day requirement, and we hope to continue the same thing till April. As being agricultural commodities, we do not know, but we are quite hopeful that till April, we'll be getting the same pace. If we able to produce till April at the full capacity, which we are doing currently, I believe that we can able to recover substantially. As of today, may not be able to tell you how much we are to do, but substantially we are to cover.

Speaker #3: Yes, yes. As you rightly said, doubling the market, not market share. Our capacity will be able to— I mean, targeted to double, but unlikely this year we will be able to do because already the crop is delayed, and then as of now, we have started getting requirements.

Speaker #3: And we hope to continue the same thing till April. If, being agricultural commodities, we do not know. But we are quite hopeful that till April, we will be getting the same pace.

Speaker #3: If we are able to produce till April at the full capacity which we are doing currently, I believe that we can be able to recover substantially.

Speaker #3: As of today, may not be able to tell you how much we will do, but substantially, we will do cover.

Speaker #9: Okay, okay. That's it from my side. And thank you so much for answering the question. Thank you.

Natasha Singh: Okay. Okay, that's it from my side, and thank you so much for answering the question. Thank you.

[Shareholder] (Private Investor): Okay. Okay, that's it from my side, and thank you so much for answering the question. Thank you.

Speaker #3: Thank you, Natasha.

Moloy Saha: Thank you, Natasha.

Speaker #9: Yes.

Natasha Singh: Yes.

[Shareholder] (Private Investor): Yes.

Speaker #10: Thank you. The next question comes from the line of Kaushal Sharma from Equinix Capital Venture Private Limited. Please go ahead.

Operator: Thank you. The next question comes from the line of Kaushal Sharma from Equinox Capital Ventures Private Limited. Please go ahead.

Speaker #11: Thanks, sir. Just one follow-up on our borrowing. Like you said, currently, we are having ₹410 crores of short-term borrowing. And as compared to March, we had around ₹362 crores of short-term borrowings.

Kaushal Sharma: Hey, sir, just one follow-up on our borrowing. Like you said that currently we are having INR 410 crore of short-term borrowing, and as compared to the March, we have around INR 362 crore short-term borrowings. And, the total borrowing probably has fallen significantly, and you have mentioned in Q1 FY26 that the working capital requirement should be less. So, I just want to know why the inventory is being increased or why the borrowing is increased in that form?

Speaker #11: And the total prices have fallen significantly. And you have mentioned in Q1 financial '26 that the working capital requirement should be less. So I just want to know why the inventory is being increased or why the borrowing is increased.

Speaker #11: In that form?

Moloy Saha: As you know, we are more focusing on non-mango business. Non-mango business means we are focusing on guava, tomato is the big bet, then chili, garlic, ginger, these are all seasonal. During the season, we have to produce, and that same stocks we need to hold for call off for next, average next 6, 7 months, and other than mango. So as we produce, we need to have the stock built up, we need to have the working capital requirement. So, this scenario is going to continue as and when we are diversifying our business other than mango. If there's a mango, then there's a clear graph that between April to July, maximum utilization, then from October onwards, working capital blockage likely to reduce.

Speaker #3: As you know, we are more focused on non-mango business. Non-mango business means we are focusing on guava; tomato is a big bit, then chili, garlic, and ginger.

Speaker #3: These are all seasonal. During the season, we have to produce, and that same stock we need to hold for call-off for the next, on average, six to seven months.

Speaker #3: And other than mango, as we produce, we need to have the stock built up. We need to have the working capital requirement. So this scenario is going to continue as and when we are diversifying our business other than mango.

Speaker #3: If there's a mango, then there's a clear graph that between April to July, maximum utilization. Then from October onwards, working capital blockage is likely to reduce.

Speaker #3: But if you add more non-mango business, then definitely you need more funds to produce during the season period, and as a call-off takes place.

Moloy Saha: But if you add more non-mango business, then definitely, you need more fund to produce, during the season period and as and when call off take place. So, I believe that, this cycle will be much more clear to all, everybody in two years' time, when we have a multi-product in our kitty. So that time, we'll have a very clear picture that, we are producing season and then selling and again recovering. So, like, you have a more visibility. As of today, as I, as you rightly said, it is a little confusing when we are telling one way that mango price has reduced, other way, working capital has increased. This is basically for the non-mango business product.

Speaker #3: So, I believe that this cycle will be much more clear to everybody. In two years' time, when we will have a multi-product in our KT.

Speaker #3: So at that time, we will have a very clear picture that we are producing during the season and then selling, and again recovering. So you have more visibility.

Speaker #3: As of today, as you rightly said, it is a little confusing when we are telling one way that mango price has reduced. Other way, working capital has increased.

Speaker #3: This is basically for the non-mango business product.

Speaker #11: What amount of non-mango inventory do we have currently as inventory as of December 2025?

Kaushal Sharma: What amount of non-mango inventory do we have currently, overall inventory, as of December 2025?

Speaker #3: As of today, we are around 26% non-mango and 74% mango. But our objective is to see how soon we can get to mango 60% and non-mango 40%. We are all working in that direction.

Moloy Saha: As of today, we are around 26% non-mango, 74% mango, but our objective is that, how soon we can do mango 60%, non-mango 40%. We are all working in that direction.

Speaker #11: Sir, since we have a majority of inventory coming from mango and the price has been reduced significantly, from 33%, it has been corrected.

Kaushal Sharma: But still, sir, we have a majority of inventory coming from the mango, and the price has been reduced significantly from 33%, it has been corrected, and the challenge is just grew 11%. So is there, I guess, there is some mismatch, I don't know why it is getting.

Speaker #11: And the tonnage has just grown, grew 11%. So is there—I guess there is some mismatch? I don't know why it has increased.

Speaker #3: No. You know, being a multiple call, we have communicated that mango production is in the months from mid-April to July. Okay. So I'm giving an example.

Moloy Saha: No, you know, being a, as, as multiple call, we have communicated that, mango, production in the month of mid-April to July. Okay, so I'm giving example. We have produced mango in the year 2024, when the price is in higher side. And that stock still we are carrying forward, because as per the order of Coca-Cola, PepsiCo, it is likely to be completed by the month of June, because it's a 21 months to 24 months contract. So we are still carrying forward their stocks, which is to be billed at 2024 agreed price. Now, unless that product is fully sold, you will be seeing the inventory valuation, not in 100%, not in lower value.

Speaker #3: In the year 2024, we have produced mango when the price was on the higher side. And that stock we are still carrying forward, because as per the order of Coca-Cola and PepsiCo, it is likely to be completed by the month of June.

Speaker #3: Because it's a 21-month to 24-month contract, we are still carrying forward their stocks, which are to be billed at the 2024 agreed price. Now, unless that product is fully sold, you will be seeing the inventory valuation not at 100%, not at a lower value.

Speaker #3: Some of the products are lying at higher value of 2024, and balancing 2025 mango, which is a lower value. That's why you are seeing this mismatch.

Moloy Saha: Some of the products are lying at higher value of 2024, and balance in 2025, mango, which is a lower value. That's why you are seeing this mismatch. And-

Speaker #3: And such

Kaushal Sharma: So in the next year, in the next year, we are seeing a, yeah, less, less, blockage in the working capital, right?

Speaker #11: Let's blockage in the working capital, right?

Speaker #3: Pardon, sir? I could not hear you.

Moloy Saha: Pardon, sir, I could not hear you.

Speaker #11: In the next year, like you said, the inventory you are carrying for financial year '24 is on the higher side.

Kaushal Sharma: In the next year, like as you said, that the inventory you are carrying for financial 24, so now, which is on a higher side, but in the next year, we have the lower price of inventory, so the blockage would be-

Speaker #11: But in the next year, we have the lower price of inventory. So the blockage would be.

Speaker #3: Yeah, yeah, yeah. Some lower price, but mango season is to start in the month of April. We do not know how the price looks like.

Moloy Saha: Yeah, yeah, yeah. Some lower price, but mango season is to start in the month of April. We do not know how the price looks like. As of today, looks a good crop, but if the price goes up, again, there will be inventory or high valuation. So this cyclical effect is always there in our business.

Speaker #3: As of today, it looks like a good crop. But if the price goes up again, there will be inventory or high valuation. So this cyclical effect is always there in our business.

Speaker #11: So, this is not a thing that we have currently. It may rise in the future as well, as you said.

Kaushal Sharma: So this is not a preset that we have currently. It may rise in future as well, as you said.

Speaker #3: Yeah, yeah. It may rise, sir. But yes, I think if this quarter, we believe that till June, there is a good summer expected as per various reports we are getting from brands like Coca-Cola, PepsiCo, and even Unilever.

Moloy Saha: Yeah, yeah, yeah. It may rise, sir. But yes, I think if this quarter we believe that till June there's a good summer expected as per various reports we are getting from brands like Coca-Cola, PepsiCo, and even Unilever. If that is so, then I think we can see a very good sales till June. That will give us substantial reduction in our working capital blockage as the stocks moves out.

Speaker #3: If that is so, then I think we can see very good sales till June. That will give a substantial reduction in our working capital blockage as the stocks move out.

Kaushal Sharma: Okay, sir. Thank you very much for that.

Speaker #11: Okay, sir. Thank you very much, sir.

Moloy Saha: Okay. Thank you, sir.

Speaker #3: Okay. Thank you, sir.

Speaker #10: Thank you. The next question comes from the line of Kaushal Shah, an individual investor. Please go ahead. Mr. Kaushal, please go ahead. Mr. Shah?

Operator: Thank you. The next question comes from the line of Kaushal Shah, an individual investor. Please go ahead. Mr. Kaushal, please go ahead. Mr. Shah, are you there on the line? Mr. Kaushal Shah, are you there? We'll take the next question from the line of Saket Kapoor, from Kapoor and Co. Please go ahead.

Speaker #10: Are you there on the line? Mr. Kaushal Shah, are you there? We'll take the next question from the line of Sakib Kapoor, from Kapoor and Co.

Speaker #10: Please go ahead.

Speaker #12: Yeah. Yes, sir. Sir, hello? Yeah, yeah, sir. Sir, my question is pertaining to the Pepsi project and the Tetra Ricard project. So if you could just explain to us how much we have invested in these two verticals and what has been the contribution for nine months and going ahead?

Saket Kapoor: Yeah. Yes, sir. Sir, now for... Hello.

Moloy Saha: Yeah, hi.

Saket Kapoor: Yeah, yeah, sir. Sir, this is—my question is pertaining to the pectin project and the Tetra Recart project. So, if you could just explain to us how much have we invested in these two verticals? And, what has been the contribution for nine months and going ahead, what are the growth pillars for these two segments, sir?

Speaker #12: What are the growth pillars for these two segments?

Speaker #3: Okay, so with respect to the investments, basically, the Pectin project is around ₹12 to ₹13 crore of investment that we have actually done. And with respect to the Tetra Ricard, basically, it's a ₹30 crore investment that we did, broken up into ₹24 crore for the equipment and the balance ₹6 crore for the infrastructure that we built.

Moloy Saha: Okay. So, with respect to the investments, basically, the pectin project is around INR 12 to 13 crore of investment that we have actually done. With respect to the Tetra Recart, basically, it's a INR 30 crore investment that we did, broken up into INR 24 crore for the equipment, and the balance INR 6 crore for the infrastructure that we built. The infrastructure is such that it can house 3 more machines of the same kind as such. Having said that, the capacity utilization in Tetra Recart is very low as of now. In the nine months, we would have reached around INR 4 to 5 crore of revenue as we speak. But,

Speaker #3: But the infrastructure is such that it can house three more machines of the same kind as such. But, having said that, the capacity utilization in Tetra Ricard is very low as of now.

Speaker #3: In the nine months, we would have reached around 4 to 5 crores of revenue as we speak. But a lot of things are happening, and we are hopeful that we might be able to do better in the coming quarters.

Anand Krishnan: ... a lot of things are happening, and we are hopeful that we might be able to do better in the coming quarters. But till in the nine months, the actual figure is around INR 5+ odd crores, is what the number is for the Tetra Recart. With respect to the pectin, as we have already said during the call, this year was actually wherein we submitted our actual production to all these large brands who had already accepted our lab run test. And till the point of time, they don't make formulation changes, it is not going to translate into commercial revenue for us. But we are hopeful that it should happen in FY 2027. So in terms of revenue, it is nothing to write home about with respect to pectins.

Speaker #3: But till in the nine months, the actual figure is around ₹5-plus odd crores, is what the number is for the Tetra Ricard. With respect to the Pectin, as we have already said during the call, this year was actually when we submitted our actual production to all these large brands who had already accepted our lab-run tests.

Speaker #3: And till the point of time they don't make formulation changes, it is not going to translate into commercial revenue for us. But we are hopeful that it should happen in FY27.

Speaker #3: So, in terms of revenue, it is nothing to write home about with respect to pectin.

Speaker #12: But if you could just give us some color on the type of potential, because in your opportunity column you have mentioned that pectin will be considered as one of the safest food additives.

Saket Kapoor: But if you could just give us some color on the type of potential, because in your opportunity column, you have mentioned about it is pectin will be is considered as one of the safest food additives. So if you could just give us some color, what is our the the the optimum capacity that you will be running the plant, and taking that into account, once the approvals are received, what kind of revenue this unit can can exhibit?

Speaker #12: So if you could just give us some color, what is the optimum capacity at which we will be running the plant, and taking that into account once the approvals are received?

Speaker #12: What kind of revenue can this unit exhibit?

Anand Krishnan: So with a discount to the import parity prices, basically, pectin is actually INR 350 crore to 400 crore market in India, as we speak, and 95% of it is actually imported. Basically, if we were to run our pectin plant on a single run basis, then we can generate around INR 15 crores of revenue. But that INR 15 crores would be actually split into 50/50, wherein we would be consolidating only 50% of it because it's a joint venture per se. So, on a single shift basis, it can do around INR 15 crores of revenue, to answer your question. But it's a highly scalable business, basically, because we have more than enough raw materials for pectin, as compared to the plant size that we have put up initially.

Speaker #3: So, with a discount to the input parity prices, basically, pectin is actually a ₹350 crore to ₹400 crore market in India as we speak, and 95% of it is actually imported.

Speaker #3: And basically, if we were to run our pectin plant on a single-run basis, then we can generate around ₹15 crores of revenue. But that ₹15 crores would actually be split 50-50, wherein we would be consolidating only 50% of it because it's a joint venture, per se.

Speaker #3: So, on a single-ship basis, it can do around 15 crores of revenue, to answer your question. But it's a highly scalable business, basically because we have more than enough raw materials for pectin as compared to the plant size that we have put up initially.

Speaker #3: I just would like to highlight one point, where I understand the repeated question on the pectin, because we are talking on this project for a long time.

Moloy Saha: I just would like to highlight one point. I understand the repeated question on the pectin, because we are talking on this project for a long time. Sir, these are the product is very high-end product. It's, it's not just like a commodity. It's something that, as I just, before that I was talking to, in this forum, that to produce, say, 1,000 liter of a juice, this pectin may require only, say, 10kg. So you can understand, if anything goes wrong with the product, the 1,000 liter product goes wrong. So that's why whenever any change require at the customer end, they will not just change in a month or two or three.

Speaker #3: Sir, these are the products are very high-end products. It's not just like a commodity. It's something that, as I just before that, I was talking to in this forum, that to produce, say, 1,000 liters of juice, this Pectin may require only, say, 10 kg.

Speaker #3: So you can understand if anything goes wrong with the product—the 1,000-liter product goes wrong. So that's why, whenever any change is required at the customer end, they will not just change in a month or two or three.

Speaker #3: They will carry the product. They will do the trial. They will do the consumer testing. And then only the brand will change for a new ingredient.

Moloy Saha: They will carry the product, they will do the trial, they will do the consumer testing, and then only brand will change for a new ingredient. So that's the reason it's taking more time. But once it's established, as I told you, it's a high-end product, once it's approved by any vendor, then quickly they don't change unless there's a substantial commercial benefit to the brands. So we are very, very confident, though it's taking time, but this is a game changer for us because waste to waste, what is talking everybody, and we are also in the similar line. Today, we cannot show the revenue generation because it's taking time, but in near future, you will be able to see a significant margin or EBITDA benefit for this product, as well as I mean good benefit on overall basis.

Speaker #3: So that's the reason it is taking more time. But once it's established, as I told you, it's a high-end product. Once it's approved by any vendor, then quickly they don't change unless there's a substantial commercial benefit to the brands.

Speaker #3: So, we are very, very confident, though it's taking time, but this is a game changer for us because waste to wealth, what he's talking, everybody, and we are also in the similar line.

Speaker #3: Today, we cannot show the revenue generation because it's taking time, but in the near future, you will be able to see a significant margin—or EBITDA—benefit for this product, as well as, I mean, good benefits on an overall basis.

Speaker #3: So that's why we are very hopeful, and we believe that it's a very good platform for us to present ourselves to the world market on the circular economy.

Moloy Saha: So that's why we are very hopeful, and we believe that it's a very good platform for us to present us to the world market on the circular economy.

Speaker #12: Right, sir. And sir, on the Tetra Ricard part, sir, if you could just explain to us—therein, sir, are we only doing these boxes, or can you explain what is the scope of work exactly in this part?

Saket Kapoor: Right, sir. And sir, on the Tetra Recart part, sir, if you could just explain to us.

Moloy Saha: Yes.

Saket Kapoor: Therein, sir, we are only, we are only doing these boxes or, I mean, can you explain what is the scope of work exactly, in, in this part, and we are doing B2B business, here in this vertical?

Speaker #12: And we are doing B2B business here in this vertical.

Speaker #3: Okay, I'll give a—sorry, I mean, I may take a little time to explain to you since you are asking. So, Tetra Ricard is basically a new generation packaging solution alternative to cans.

Moloy Saha: Okay, I'll give. Sorry, I mean, I may take little time to explain you since you are asking. So Tetra Recart, basically, a new generation packaging solution, alternative to can. We all know, in the market, can product available. Okay, whether it's a Heinz baked beans or some other products, everything is available. Now, over a period of time, world is trying to get out from the can business. The reason is that it, it is high probability when you open the can, foreign particle go into the product from the tin. So plus, can discard after usage is a big challenge across the world. So Tetra Pak has come with a solution. It's a Tetra Recart. It's a similar shelf life, but retention of color and the product taste is much, much better than can.

Speaker #3: We all know in the market, canned products are available. Okay. Whether it is hinge, baked beans, or some other products, everything is available. Now, over a period of time, the world is trying to get out from the can business.

Speaker #3: The reason is that it is high probability when you open the can, foreign particle goes into the product from the tin. So, can discard after usage is a big challenge across the world.

Speaker #3: So Tetra Pak has come up with a solution. It's a Tetra Ricard. It has a similar shelf life, but retention of color and the product taste is much, much better than a can.

Speaker #3: Now, worldwide, this concept is very well accepted. The US has almost six machines. Argentina has seven or eight machines, something like that. And recently, Sri Lanka also installed one more machine.

Moloy Saha: Now, worldwide, this concept is very well accepted. US is having almost 6 machines. Argentina is having 7, 8 machines like that, and recently, Sri Lanka also installed 1 more machine. Now, India, when you bought it, and we have tried to work with the many brands, but I think awareness about this whole packaging is taking time. Tetra Pak also jointly working. Meantime, we have changed our focus from India market to export market, where we are seeing that export market already very well aware about this product, easily acceptability. So we are able to gather a momentum, which was temporarily paused since we are focusing on domestic market. Now we are getting good traction. We got a large order from US customer, and we are also getting good order from Russia. We are already started repeating order in Europe.

Speaker #3: Now, in India, when you bought it, and we have tried to work with many brands. But I think awareness about this whole packaging is taking time.

Speaker #3: Tetra Pak also jointly working. Meantime, we have changed our focus from India market to export market. Where we are seeing that export market already very well about this product.

Speaker #3: And easily acceptability. So we are able to gather a momentum, which was temporarily paused since we are focusing on the domestic market. Now, we are getting good traction.

Speaker #3: We got a large order from a US customer, and we are also getting good orders from Russia. We have already started repeating orders in Europe.

Speaker #3: Now, your question is whether it's B2B or B2C. If you tell me it's a private label, so likely to be B2B for the export market.

Moloy Saha: Now, your question is whether it's a B2B or B2C? If you tell me it's a Private Label, so likely to be to B2B for the export market. But we are also trying to explore in B2C, in India market, which may be little slow, slow pace, but first we want to gather our momentum in export market so that we can quickly recover the revenue loss, whatever it happened earlier, we can able to recover. That's all.

Speaker #3: But we are also trying to explore in B2C in the India market, which may be at a little slow pace. But first, we want to gather our momentum in the export market so that we can quickly recover the revenue loss, whatever has happened earlier.

Speaker #3: We will be able to recover. That's all.

Saket Kapoor: Sir, what have been the revenue booking? I mean, how much revenue we have booked as of now? Is it in very nascent stage for the revenue?

Speaker #12: Right, sir. What has been the revenue booking? I mean, how much revenue have we booked as of now? Is it at a very recent stage for the main?

Saket Kapoor: Sir, what have been the revenue booking? I mean, how much revenue we have booked as of now? Is it in very nascent stage for the revenue?

Moloy Saha: Yes, sir. I think Mr. Anand told, it's around INR 5 crore so far.

Speaker #3: That's the thing Mr. Anand told. It's around ₹5 crores so far.

Saket Kapoor: 5 crore, yeah.

Speaker #12: 5 crores, yes.

Speaker #3: And next year onwards, we are expecting that it can be 5 to 6x of the current volume.

Moloy Saha: Next year onwards, we are expecting that it can be 5, 6x of current volume.

Speaker #12: Okay. And sir, just to add to it, the scope of work is only the job work type that we will be doing—sourcing the material and doing the packaging and the labeling—or what is the exact scope of work in this packaging part?

Saket Kapoor: Okay. And sir, just to add to it, the scope of work is only the job work type that we will be doing, sourcing the material and doing the packaging and the labeling, or what is the exact source or core scope of work in this packaging part?

Moloy Saha: We are not doing any job work, sir. Everything is under contract manufacturing for B2B, so it's not a job work. We do not do any job work. So we have to buy... Recipe is ours, raw material is ours, everything is ours, and then we'll be manufacturing for them, and in their, in customer label in the export market, likely to sell. For domestic market, is yes, we are looking our own brand.

Speaker #3: We are not doing any job work, sir. Everything is under contract manufacturing for B2B, so it's not job work. We do not do any job work.

Speaker #3: So, we have to buy the recipes ourselves, raw material is ours—everything is ours. And then we'll be manufacturing for them, and at their customer level, in the export market, likely to sell.

Speaker #3: For the domestic market, easiest. We are looking at our own brand.

Saket Kapoor: Okay. So there will be two types of billing. First is the one on the material sourcing to the finished product margins, and then the packaging part. So that-

Speaker #12: Okay. So there will be two types of billing. First is on the material sourcing to the finished product margins, and then the packaging part.

Speaker #12: So that is what the understanding should be.

Moloy Saha: Yes.

Saket Kapoor: That is what the understanding should be.

Moloy Saha: Yes. Yes, sir. Yes, sir.

Speaker #3: Yes, yes, sir. Yes, sir.

Speaker #12: Okay. Okay, sir. And sir, lastly, on the frozen food and the spray drying part of the story also, therein also the similar conceptualization is there, sir, when we look at your frozen food part.

Saket Kapoor: Okay, sir. And sir, lastly, on the frozen food and the spray drying part of the story also, there is also the similar concept, conceptualization, that when we look at your the frozen food part, it is the sourcing of, I mean, how... If you could just explain to us these two verticals also and the scope that we have currently, I think. So in the spray drying, you have mentioned about capacity of 1,100 metric ton. So if you could just explain these two verticals also.

Speaker #12: It is the sourcing of—I mean, how—if you could just explain to us these two verticals also, and the scope that we have currently.

Speaker #12: I think, so in the spray drying, you have mentioned about a capacity of 1,100 metric tons. So if you could just explain these two verticals also.

Speaker #3: Okay. Frozen food is B2B, similar kind of thing. We have been in the frozen food business since 1993. So we are doing private label.

Moloy Saha: Okay. Frozen food is B2B, similar kind of thing. We are, since to 1993, we are in frozen food business. So we are doing private label for export market. Initially started with UK, but now it has expanded to across the globe, like US is a big business, Canada is quite a big business, and Australia, we have started. Now we are starting, Gulf countries also. So it's a pure B2B business. And in India, we have started our own brand called Green Top, but not in a big way. We have started. We are, geography, small, small geography, we are considering and trying to concentrating our product in that geography. So it will take lot of time. But, export market is growing in a phenomenal pace, so it will be a B2B segment.

Speaker #3: For the export market, we initially started with the UK, but now it has expanded across the globe. The US is a big business. Canada is quite a big business as well.

Speaker #3: And Australia started. Now we are starting Gulf countries also. So it's a pure B2B business. And in India, we have started our own brand called Green Top.

Speaker #3: But not in a big way. We have started. We are geography. Small, small geography we have considering, and trying to concentrate our product in that geography.

Speaker #3: So it will take a lot of time. But the export market is growing at a phenomenal pace. So it will be a B2B segment. And spray drying, sir, spray drying is 100% B2B.

Moloy Saha: Spray drying, sir, spray drying, 100 percent B2B, because this is not a final product. This is an ingredient for seasoning. Like, any confectionery or any snacks industry, they need the seasoning. Seasoning, basically, I'm sure you are having a lot of potato chips. On the potato chips, there is a, on the top, there will be a dressing, a powder type product, like Lays potato chips or Balaji. So that dressing is our product, and our product goes for making the seasoning. So it's a 100 percent B2B.

Speaker #3: Because this is not a final product. This is an ingredient for seasoning. Like any confectionery or any snacks industry, they need the seasoning.

Speaker #3: Seasoning, basically, I'm sure you are having a lot of potato chips. On the potato chips, there is—on the top, there will be a dressing.

Speaker #3: It's a powder-type product, like Lays potato chips or Balaji. That dressing is our product, and our product goes into making the seasoning. So it's 100% B2B.

Saket Kapoor: Okay. And here in, sir, you have mentioned about robust capacity in place. So currently, what is the contribution from this segment, and when, when are we expecting to scale up our optimum use of the capacity?

Speaker #12: Okay. And here, sir, you have mentioned about robust capacity in place. So currently, what is the contribution from this segment? And when are we expecting to scale up or reach optimum use of the capacity?

Moloy Saha: For the spray drying, we are using 100% capacity, and as we mentioned in the investor note, we are expanding our capacity by 120 metric tons in a year. Construction is already started, and likely to complete in another 9 months period. We are going in a slow pace, but we are under discussion with a strategic, some kind of strategic relationship we are also trying to do with some customers, for the further bigger expansion. So it is a small expansion, we are doing it, and if everything goes smooth, then in future we may go for a bigger expansion in this sector.

Speaker #3: For the spray drying, we are using 100% capacity. And we are expanding. As you mentioned in the investor note, we have expanded our capacity by 120 metric tons in a year.

Speaker #3: Construction has already started, and it is likely to be completed in another nine-month period. We are going at a slow pace, but we are under discussion.

Speaker #3: And with the strategic, some kind of strategic relationship, we are also trying to do it with some customers. For the further bigger expansion. So it is a small expansion.

Speaker #3: We are doing it. And if everything goes smoothly, then in the future, we may go for a bigger expansion in this sector.

Saket Kapoor: Okay. And sir, if you could just mention the name of some of the clients we are doing business with, big giants like ITC also. They are also big into this food and all category where you have mentioned.

Speaker #12: Okay. And sir, if you could just mention the names of some of the clients—we are doing business with big giants like ITC.

Speaker #12: Also, they are also big into this food and all category where you have mentioned.

Speaker #3: Major clients for us are PepsiCo. For their layers, we are supplying. We are also supplying to Unilever for some of their products. We are supplying to ITC.

Moloy Saha: Major client for us is PepsiCo. For their Lays, we are supplying. We are also supplying to Unilever for some of their product.

Saket Kapoor: Okay.

Moloy Saha: We are supplying to ITC, we are supplying to Dabur, Nestlé, so lot of customers. Many, most of the MNCs are... Our customer base, if you see, most of the customers, are from MNCs. That's a good part of us. In fact, if you see our revenue, 65% of revenue comes from, almost 12 MNC companies.

Speaker #3: We are supplying to Dabur, Nestlé—so a lot of customers. I mean, most of the MNCs are our customer base. If you see, most of the customers are from MNCs.

Speaker #3: That's a good part of us. In fact, if you see our revenue, 65% of revenue comes from almost 12 MNC companies.

Saket Kapoor: Okay, sir. And sir, can you give me a fair comparison also in the space where, wherein we can look at the margins comparison and the business profile?

Speaker #12: Okay. Okay, sir. And sir, can you give me a fair comparison also in the space wherein we can look at the margins comparison and the business profile?

Saket Kapoor: Okay, sir. And sir, can you give me a fair comparison also in the space where, wherein we can look at the margins comparison and the business profile?

Anand Krishnan: Very difficult. So, the only listed company which is actually there, in this case is basically Jain Irrigation, but, they have a subsidiary of that company, which is called as Jain Farm Fresh.... As far as I understand, they are expected to actually list that company separately, is what they have actually indicated in the pre- I mean, recent investor call and all those things which have happened. But there is no direct, numbers that you can actually get from them.

Speaker #3: Very difficult. The only listed company which is actually there in this space is basically Gen Irrigation. But they have a subsidiary of that company, which is called Gen Farm Fresh.

Speaker #3: As far as I understand, they're expected to actually list that company separately, is what they have actually indicated in the, I mean, recent investor call and all those things which have happened.

Speaker #3: But there are no direct numbers that you can actually get from them, because the product baskets are different for everyone. So that's the difficulty.

Moloy Saha: Because the product baskets are different for everyone, so that's the difficulty.

Saket Kapoor: Okay. Okay. Thank you-

Speaker #12: Okay. Okay. Thank you for all the elaborate answers, sir. So our answers are being addressed by Mr. Anand, our CFO, and Mr. Moloya, the Chief Executive also.

Moloy Saha: Okay.

Saket Kapoor: Thank you for all the elaborate answers, sir. So our answers are being addressed by Mr. Anand, our CFO, and Mr. Moloy, the Chief Executive Officer.

Moloy Saha: Yes, and also, sir, also is there. He was also contributing as an... So three of us on the call.

Speaker #3: Yes, there also—he was also contributing as well—so three of us were on the call.

Speaker #12: It's a team that works at Foods and Inns. So whether I'm silent, there are people who have to play the silent role as well.

Milan Dalal: It's a team that works at Foods & Inns. So whether I'm silent, there are people who have to play the silent role as well. When they're doing well, why bother them?

Speaker #12: But when they are doing well, why bother them?

Saket Kapoor: No, sir, I'm new to the team, so-

Speaker #3: No, sir. I'm new to the team, so I wasn't involved in that type of operation.

Milan Dalal: No, no, no problem.

Saket Kapoor: You're right.

Milan Dalal: So I've, yeah, because it was quite an elaborate thing. They have already replied, but as and when I'm always available.

Speaker #12: So yeah, because it was quite an elaborate thing. They have already replied. But as and when, I'm always available.

Moloy Saha: You know, Mr. Milan, recently one movie came, it's called Silent. The entire two-hour movie is silent.

Speaker #3: And you know, Mr. Milan, recently one movie, Slighten—not one movie, recently came. It's called Silent. The entire two-hour movie is silent. Yeah. There is no talk.

Moloy Saha: You know, Mr. Milan, recently one movie came, it's called Silent. The entire two-hour movie is silent.

Milan Dalal: Really?

Moloy Saha: Yeah.

Milan Dalal: Okay.

Moloy Saha: There is no talk, only on in the direction. It's very nice. Talking. Sorry for later.

Speaker #3: Only one direction. It's very nice. Sorry for the delay.

Saket Kapoor: On a call? We can't do that on a call. We'll have no problem.

Speaker #12: On a call, we can't do that on a call. We'll have no problem.

Milan Dalal: Yeah. Yeah.

Speaker #3: Yeah. True, true, true.

Moloy Saha: True, true, true.

Milan Dalal: Yeah. Go, go ahead. Yeah, yeah.

Speaker #12: Yeah. Go ahead. Yeah, yeah.

Saket Kapoor: Yeah. Yeah, yeah. No, sir, thank you. Thank you for the elaborate answer today. But we'll, we'll dig deeper and get further understanding, and-

Speaker #3: Yeah, yeah. No, sir. Thank you. Thank you for the elaborate answer today. We dig deeper and get further understanding, and we'll get back to the team in case of any further.

Moloy Saha: Thank you.

Saket Kapoor: We'll get back to the team in case of any further.

Speaker #3: And all the best, sir. Thank you, sir. And please do continue with the calls so that we get an opportunity to participate.

Moloy Saha: Thank you.

Saket Kapoor: All the best, sir. Thank, thank you, sir, and please do continue with the call so that we get an opportunity-

Moloy Saha: Yeah, of course.

Saket Kapoor: -to participate.

Speaker #12: Thank you very much.

Moloy Saha: Thank you very much.

Saket Kapoor: Thank you, sir, and all the best to the team. Namaskar, sir.

Speaker #3: Thank you. Thank you, sir. And all the best to the team. Namaskar, sir.

Saket Kapoor: Thank you, sir, and all the best to the team. Namaskar, sir.

Speaker #1: Thank you. Ladies and gentlemen, as there are no further questions, I would now like to end the conference and hand it over to management for closing remarks.

Operator: Thank you. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to management for closing remarks.

Speaker #3: Thank you so much, guys, for all the questions that you guys actually put forth. I mean, we might not have been able to answer all questions, basically because some due to competitive reasons, some due to certain reasons at the operational level as such.

Anand Krishnan: Thank you so much, guys, for all the questions that you guys actually put forth. I mean, we might not have been able to answer all questions, basically because some due to competitive reasons, some due to certain reasons at the operational level as such. But having said that, your continued support is of great, great value to us, and we hope that you will continue supporting us and, we'll hopefully deliver value to you pretty soon. Thank you.

Speaker #3: But having said that, your continued support is of great value to us, and we hope that you will continue supporting us. We'll hopefully deliver value to you pretty soon.

Speaker #3: Thank you.

Speaker #12: Thank you so much.

Milan Dalal: Thank you so much.

Speaker #3: Thank you.

Moloy Saha: Thank you.

Speaker #13: Thank you.

Operator: Hi. Thank you. On behalf of Arihant Capital Markets Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Speaker #14: Hi.

Speaker #1: Thank you. On behalf of Orient Capital Markets Limited, Ted concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Speaker #3: Thank you.

Anand Krishnan: Thank you.

Milan Dalal: Thank you.

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